What's Matt Levine's take?
His Monday April 24th, 2023 newsletter, titled "Bed Bath Moves Beyond", covers the situation once again. It ends:
"Bed Bath saw that its retail shareholders wanted to throw their money away, and that its sophisticated lenders wanted to get their money back, and realized that there was a trade to be done that would make everyone, temporarily, happy. So it did the trade. It’s amazing. The lawsuits are gonna be great."
Why can you be sued because idiots convinced themselves you were a good buy while you were showing everyone your terrible finances?
BBBY did this in a roundabout way, by signing a deal with HBC, where HBC sells BBBY stock in exchange for cash...