The most important roundup of news for AMC July 1 2021

1. Hedge funds perpetrated a massive, illegal, fake sell-off today.  Apes laughed and bought more.
2. Robinhood files for IPO.  Hmmm, I’ve never shorted a stock, but there’s a first time for everything.  Just kidding . . . it’s a bad idea, and possibly a trap-in-the-making.
3. Robinhood admits that it may shut down buying again!  Um, if you’re still with Robinhood, you may need to see a doctor.
4. The main AMC stock group in Reddit (r/amcstock/) surpassed 370,000 members!
5. Adam Aron dispels all rumors and FUD regarding his connection to Centricus (CENH):

While I’m cleaning up FUD today, about my Centricus Board seat. Centricus was created by my closest European friend of 20+ years, highly regarded former Chairman of luxurious Silversea Cruises.  It is a SPAC, a financial vehicle to acquire an existing operating company.

Centricus (NASDAQ CENH) raised $300+ million in the open market to do so.  I pay no attention to which institutional investors  own CENH shares, and have no contact with them.  My Director role is merely to ensure that CENH complies with all laws, its bylaws and SPAC norms.

I have no direct knowledge, but I hear that Citadel may be playing games with CENH, possibly arbitraging its stocks and bonds and is no friend to CENH.  But as I said, I have no direct knowledge one way or another.

CENH announced in May that it intends to combine with Arqit Limited, a leader in quantum encryption technology.  When it gets government and shareholder approval to proceed and does so, hopefully later this year, I would expect to leave its Board.

Adam Aron tweets @CEOAdam

6. AMC opened at $56.86, hit a high of $57.71, and closed at $54.22 (-4.34%).  I just looooooooove me some tasty dips!
7. New Mexico’s sovereign wealth fund files a federal antitrust lawsuit against “Big Banks,” claiming that Bank of America, Citigroup, Goldman Sachs, Barclays, Credit Suisse, Deutsche Bank, JPMorgan Chase, Morgan Stanley, Natwest Group Plc, BNP Paribas, and three industry groups rigged the credit default swap market by manipulating a key benchmark.

By rigging the ‘final auction price’ used ‘to value all CDS contracts market-wide at settlement,’ the banks have made ‘billions of dollars in cartel profits at the expense of non-dealer market participants.’