The Questions I Ask About BBBY

While the community is debating the topic of alternate conversions (I have no opinion yet as I haven't read the filing in detail) for the new financier, I have been pondering two questions:

Why didn't BBBY do another ATM offering?

At $7 on Monday, BBBY could have issued 30M+ shares and raised the $225M themselves without giving up any preferred shares + warrants. I don't know if the company can do this without a shareholder vote but I do recall reading that there would be no additional shares offered for 90 days which makes me believe that they could have done so.

Is RC advising BBBY?

I would think that BBBY needed someone more sophisticated than their current board and CEO to orchestrate this new preferred shares + warrants strategy. With the new hires, it also seems that there is a team behind the daily operations team that wants to realize this brick and mortar turnaround.

What is happening right now with BBBY isn't something they teach in business school nor is it an experience that every CEO goes through. This is some heavy shit with a team of A-list lawyers who have crafted a very strategic situation to protect the company and its shareholders.

I have to believe RC is still in the picture and is sharing his big brain with BBBY's management team to guide them through the stormy waters. He doesn't seem like the type that would just sell his shares and abandon a situation. His reputation is more important than a few million dollars and we can discern from his shit-talking tweets that he means business.