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It was December of 2021. I had COVID and was on the verge of being officially diagnosed with prostate cancer. Things were pretty bad and suddenly got worse: I noticed Fire Gasparino trending on Twitter not because I had made up a story, or defamed someone.

My sin was reporting, continuously and accurately, that an investment cult had formed around the stock of the troubled movie theater chain known as AMC, pushing its shares well above where they should be. And like most cults, this one wouldnt end well.

The abuse lasted through Christmas. I guess I could have wilted and joined some of my colleagues in heralding the small investor-led movement around the stock as something biblical. David slays Goliath.

I didnt and kept reporting the story behind one of the most absurd and now costly stock pumps in recent history.

These days, Im glad I did.

Yes, I survived COVID, my cancer diagnosis and getting vilified by a Twitter mob just fine. In fact better than fine because of what happened next: The stock imploded as I reported it would. AMC was burning loads of cash, heading for bankruptcy or massive dilution to raise much-needed capital, neither good for shareholders.

Shares are down 95% since December 2021. About 10 days ago,  the stocks crash and burn was complete as the company took concrete steps toward the issuance of a ton of new shares (aka diluting existing shareholders) and stay out of bankruptcy. Were it not for a bit of financial alchemy in a 10-for-1 reverse stock split, AMCs stock price would be reading just above $1.

Im not taking joy in people losing money but in people saving some. Anyone who followed my reporting on AMC saved themselves some real money. Those who followed cultists, the self-described AMC Apes or the cheerleading pseudo-journalists are paying the price.

Phil Graham, the brilliant but troubled former publisher of The Washington Post, came up with the truism about the profession of journalism as being the first rough draft of history. That was back in the early 1960s before he killed himself in a fit of depression.

I wonder what Phil Graham would call what goes down on the rebranded Twitter site X or any of the other instantaneous social-media feedback loops that are now competing with real reporting. A really, really, really rough draft of history?

Social media is great in so many ways. Yes, its a draft of history, even if its really rough, and that often serves a purpose through the exchange of ideas to make an informed judgment. Its also an outlet for people desperately searching for purpose, and while theyre at it, indulging in their worst instincts and behaviors. Its a breeding ground for the cult.

How cults are created is an age-old question. The result is deadly and near deadly stuff like Jonestown and Pizzagate    and the financially deadly stuff that surrounded the stock of AMC. The weird notion that a cabal of greedy hedge funds, hell-bent on destroying the nations largest movie theater chain, were shorting the stock (betting its price would collapse) in dark corners of Wall Street does seem appealing.

That average people could buy this stock, and destroy a bunch of nasty hedge funds while becoming rich, even more so.

Just one problem: Nothing close to what the cult was blathering about was true. The evidence of this scheme thrown around Twitter or the Reddit message boards was of the wackadoo variety. And If you dared question the illogic, as I did, be prepared for harassment like youve never seen before.

The power of social media is intense and crazy, of course, and it made this cult particularly nasty and resilient over the past two-plus years. That is until the hammer finally fell just days ago and the AMC cult ended like they all do   in disaster.

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Its a shame more reporters didnt call this out. It was so obvious based on what you can find on a balance sheet. Short sellers made hundreds of millions of dollars in August because AMCs finances included massive cash burn, lots of debt and movie attendance that due to streaming hasnt returned to pre-pandemic levels.

CEO Adam Aron, not exactly a short seller, recently explained AMCssituation in a call withanalysts. Business is getting better Barbenheimer was a box office hit; a Taylor Swift film coming to AMC theaters in October is crushing it in pre-sales. But he said that if he cant raise money by selling more stock, Chapter 11 is almost inevitable. He recently beat back an Ape-inspired lawsuit challenging his dilution plan, because they believe AMC is really doing just fine and doesnt need the money.

It does, of course, and the coming dilution is why AMC, for now, and maybe for the foreseeable future, is still in business, even as its stock is battered and bruised.

Some of the Apes are still HODL (holding on for dear life, in the lingua franca of the cult), and still attacking those they see as backing the evil hedge funds. Thats scary.

Even more scary: Far too many reporters over the past three years sought the cults approval because it feels good to be applauded on social media. It also helps you build your followers, which is also idiotically important to reporters these days.

They are truly sellouts to the profession, because they should know, based on the history, cults never end well.

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Ted Cruz blasts ‘mafioso’ threats over Jimmy Kimmel suspension

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Ted Cruz blasts 'mafioso' threats over Jimmy Kimmel suspension

American Senator Ted Cruz has broken ranks with fellow US conservatives and
hit out at talk show host Jimmy Kimmel’s suspension, saying it was “mafioso” behaviour.

Disney-owned ABC has been widely criticised after it pulled the long-standing host of Jimmy Kimmel Live following comments in his show about the alleged gunman charged with right-wing activist Charlie Kirk’s murder.

Kimmel implied the suspect was a Maga Republican, despite the man’s mother telling police he had “started to lean more to the left”.

As a result, Federal Communications Commission chair Brendan Carr threatened Disney and local broadcasters with investigations and regulatory action if they aired Kimmel’s show – which led to dozens of local TV stations affiliated with ABC pulling it.

US President Donald Trump, who appointed Carr, lauded the decision.

But Mr Cruz criticised the threats as “dangerous as hell”.

“I got to say that’s right out of ‘Goodfellas’,” he said, evoking the Martin Scorsese gangster movie. “That’s right out of
a mafioso coming into a bar going, ‘Nice bar you have here.

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“It would be a shame if something happened to it’.”

Senator Ted Cruz. Pic: AP
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Senator Ted Cruz. Pic: AP

Explainer: What did Jimmy Kimmel say about Charlie Kirk?

The senator, a former constitutional lawyer, then adopted a broad mafioso accent to quote Mr Carr’s comments about broadcasters this week: “We can do this the easy way, or we can do this the hard way.”

Mr Trump fired back, telling reporters in the Oval Office on Friday that he disagreed with Mr Cruz – one of the most
powerful Republicans in Congress – and calling Mr Carr “an incredible American patriot with courage.”

Demonstrations against his suspension have sprung up. Pic: AP
Image:
Demonstrations against his suspension have sprung up. Pic: AP

The Texas senator’s remarks are a rare example of a prominent member of the president’s own party publicly
criticising the actions of the administration, highlighting deepening concerns over free-speech rights and Mr Trump’s threatened crackdowns.

Prominent Democrats and civil rights groups condemned the Trump administration’s pressure to punish Kimmel and others who speak negatively of the president.

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US talk show titans speak out

Kimmel’s fellow late-night hosts have rallied around him, as did former US president Barack Obama, who wrote on X: “After years of complaining about cancel culture, the current administration has taken it to a new and dangerous level by routinely threatening regulatory action against media companies unless they muzzle or fire reporters and commentators it doesn’t like.

Barack Obama on Jimmy Kimmel Live in 2016. Pic: Susan Walsh/AP
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Barack Obama on Jimmy Kimmel Live in 2016. Pic: Susan Walsh/AP

“This is precisely the kind of government coercion that the First Amendment was designed to prevent, and media companies need to start standing up rather than capitulating it.”

Conservative activists had been angered by Kimmel’s comments on his show that they were using the assassination to score “political points”.

Right-wing influencer Charlie Kirk was shot dead on 10 September as he took part in a public debate at a college campus in Utah .

Tyler Robinson, 22, was charged with aggravated murder, weapon, and obstruction of justice offences.

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Prosecutors: Witness in Miami murder case found

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Prosecutors: Witness in Miami murder case found

Florida prosecutors confirmed in a hearing Friday that their key witness in the murder case of a former University of Miami football player is alive and was contacted Thursday by officers where he lives in Kentucky.

ESPN reported Thursday that, despite prosecutors stating July 17 that they tried every effort to locate 81-year-old Paul Conner and had a report from a commercial database he was dead, journalists found Conner alive at his apartment in Louisville.

Conner is the only eyewitness in the case against former Miami football player Rashaun Jones, who is facing second-degree murder charges in the 2006 shooting of teammate Bryan Pata. Jones, who was arrested in 2021, has pleaded not guilty.

Miami assistant state attorney Cristina Diamond told Florida 11th Circuit Court Judge Cristina Miranda that, after the ESPN story was published, her lead detective reached out to police in Louisville and asked them to go to Conner’s last-known address — where ESPN reporters had found him.

“They were able to make contact with Paul Conner. So at this time, what I can tell the court is that Paul Conner is alive,” Diamond said, adding that she had reviewed the officer’s body camera footage. “I think the state needs to do a little bit of further investigation. It appears that he was very confused and is not certain what the case is about.”

When ESPN reporters interviewed Conner on Aug. 25, he said he did not remember details about the case. Miranda had ruled in July that, assuming Conner was dead, the state could present jurors a videotape of prior testimony he gave in 2022 in a bond hearing in the case in lieu of having him testify in person.

If a determination is made that Conner is not competent to testify, she said, “we may still be in the same situation.”

Conner first spoke to police shortly after the Nov. 7, 2006, shooting, and he picked Jones out of a police lineup. Police reinterviewed him in 2020. Conner also recounted what he saw at the 2022 bond hearing and in a 2023 deposition with attorneys.

At the time of the shooting, Conner lived in the same apartment complex as Pata. He said during his 2022 testimony that he heard a “pop” and saw someone “jogging” away from the parking lot entrance near where Pata, a likely high pick in the 2007 NFL draft, was shot once in the head.

How the confirmation of Conner’s status affects the case, which is scheduled for trial Oct. 6, is to be determined after attorneys argued in court Friday about what steps to take next regarding questioning Conner and going over the evidence of the state’s prior efforts to find him.

Jones’ attorney Sara Alvarez told Miranda that she wanted to request a hearing to determine if prosecutors violated the rules of evidence, saying she thought the false conclusion of Conner’s death “may have been intentional.”

Diamond rebutted that accusation, saying Miami-Dade officers made multiple attempts to reach Conner.

“This is our key witness in the case. This is somebody we want,” Diamond told the judge. “The defense is accusing me of making misrepresentations to the court. Every representation made to the court was based upon a conversation with an officer who I was prepared to have testify.”

Diamond was referring to officers from the Louisville Police Department who she said went to Conner’s address over the summer and “spoke to someone but believed it was not the witness.” She said she had a copy of the body camera footage as well. She said those officers told her they also spoke to someone with the apartment’s leasing office who did not find Conner in their records.

She said they did not locate a death certificate in Kentucky but relied on the third-party commercial database that stated Conner was deceased. Jones’ counsel asked for a copy of that report along with other records that would verify the state’s efforts.

The Louisville officers did not testify Friday, as the judge decided to give the attorneys some time to correspond with each other and decide how they wanted to proceed.

ESPN had asked for records or information from the Louisville Police Department regarding efforts to locate Conner, and a department spokesman said there were no records of any officer going to Conner’s address this summer prior to a July 22 request from a former colleague who had called for a welfare check on Conner after being contacted by ESPN reporters.

ESPN made multiple requests to police and the Miami-Dade State Attorney for records of their efforts to find Conner. After initially saying they had no documents, they eventually provided an email exchange in which lead detective Juan Segovia wrote that he left 15 voicemail messages with Conner since May. Segovia added that he also sent emails to an address that officers had used with him previously. They also provided a copy of a June 6 letter addressed to Conner at his Louisville address that asked him to contact their office.

They provided an email exchange with a Louisville police officer, but it had no information about Conner or efforts to find him, and they provided a copy of a subpoena for the officer to testify. ESPN reached back out to Louisville police with the name of the officer and a request for further information and is waiting on a response.

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Sources: MSU set to have top WR, RB vs. USC

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Sources: MSU set to have top WR, RB vs. USC

Michigan State wide receiver Nick Marsh and leading rusher Makhi Frazier are expected to play at USC on Saturday night, sources told ESPN’s Pete Thamel on Friday.

Marsh had a leg injury in last week’s win against Youngstown State, and Frazier suffered a lower-body injury. Both are cleared and in line to play in the Spartans’ Big Ten opener, sources said.

Through three games, Marsh has caught 16 passes for 194 yards and three touchdowns, which is tied for second among Big Ten wide receivers.

Frazier began his sophomore season by rushing for 103 yards and a touchdown on 14 carries in Michigan State’s win over Western Michigan. Through three games, he has totaled 206 rushing yards and two touchdowns.

Both Frazier and Marsh will face off against a USC team that is also 3-0 and boasts a defense that has forced seven turnovers this season.

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