0. Preface

The fact that Ryan Cohen has appeared in one of the Chapter 11 dockets has caused quite some excitement! However, it seems to me that many are not understanding in what context his name is being listed, and what that could mean. In this post, let's go through what that filing is, and why Ryan Cohen and a number of others are listed as an "Interested Party".
https://preview.redd.it/untw21fullxa1.png?width=765&format=png&auto=webp&s=5c2acf8f27f930e0cf21baf17cf8eb19f4f82d9a
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1. Disclaimer: Use of MSM info

In this post, I am going to present some information gleaned from MainStream Media sources. There has been a very high level of skepticism and mistrust of these sources in the past, both within this sub and others related to (so called) "meme" stocks. However, for BBBY at least, it is difficult to deny that the articles publised in financial media sources have, generally speaking, proven to be correct. For example, when it was rumoured in early February that Hudson Bay is involved, and which was subsequently proven to be true the following month:
https://preview.redd.it/a5k8yw03nlxa1.png?width=971&format=png&auto=webp&s=1473b8610e61f7f418a41443424805b8866b0b6c
That may be because in BBBY's case, the company themselves could have been leaking information to these media firms. With other firms such as GameStop that is highly unlikely to also be the case, but at least for BBBY perhaps they were feeding information to journalists themselves? In any case, for the coverage of BBBY it appears to me that the media have been correct more often than not. Some of you reading this may still feel skeptical about using these media and publishers as "evidence", but in the absence of other types of information sources, that is what I am choosing to use for this post.
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2. Where is this "Interested Parties" list from?

The list of "Interested Parties" stated above is in one of the documents (dockets) submitted yesterday, 2nd May, to BBBY's bankruptcy court. The full list of documents already submitted to the court, as a part of these proceedings, can be found here:
https://restructuring.ra.kroll.com/bbby/Home-DocketInfo
The specific document that most of the screenshots were shared from in this sub from docket number 179. This was submitted by David Braun of Gordon Brothers Group LLC. This is one of the firms that has been hired by BBBY to help them carry out the Chapter 11 restructuring of the company and its finances. The full list of companies that is assisting BBBY with these proceedings are:
https://markets.ft.com/data/announce/detail?dockey=600-202304290757PR_NEWS_USPRX____CG85634-1
- Gordon Brothers
- Hilo Merchant Resources
- Tiger Group
- B. Riley Merchant Solutions
You will see that these four companies have each submitted documents - dockets 178 to 181 - that each show an identical list of "Interested Parties". Therefore it is not only Gordon Brothers, but all four firms hired by BBBY to help with the Chapter 11, that are stating the same list of "Interested Parties" are involved. I assume that they have acted as a 'committee', coordinating to ensure that they are releasing the same information to both the bankruptcy court and the general public.
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3. What is an "Interested Party"?

In the context of a Chapter 11 filing, it should be noted that there is no real fixed definition of who or what can be considered an "Interested Party". The actual legal definition within the Chapter 11 regulations is somewhat vague:
https://www.law.cornell.edu/uscode/text/11/1109
https://preview.redd.it/isqnqbtsolxa1.png?width=870&format=png&auto=webp&s=7555a57e42e3ec7dc3c677e3223842be1bca9059
Therefore the use of the term "Interested Party" next to Ryan Cohen's and those others' names is unclear and undefined. Anyone who is saying it is definitely in the context of having an interest to purchase BBBY is incorrect, as we do not have solid evidence of that being the case. There has been some conjecture on the sub that his name is stated as an "Interested Party" due to lawsuits related to his 2022 investments in BBBY. So could that be the reason for his name being on the list?
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4. Ryan Cohen's BBBY Lawsuits

There are two active lawsuits against Ryan Cohen, both of which are alleging he instigated a "pump-and-dump" of BBBY stock in 2022. These two litigation actions are being carried out between the following parties:
SI v. BED BATH & BEYOND CORPORATION et al 1:22-cv-02541 in District Of Columbia District Court under Judge Trevor N Mcfadden
https://fingfx.thomsonreuters.com/gfx/legaldocs/byprlogrype/frankel-bbbclassaction--amendedcomplaint.pdf
https://preview.redd.it/khj4wxfzwlxa1.png?width=660&format=png&auto=webp&s=7d0ccde28faae37f2fb631e00f0b351fc93c5db2
IN RE BED BATH & BEYOND INC. SECTION 16(b) LITIGATION 1:22-cv-09327 in New York Southern District Court under Judge Paul G Gardephe
https://dockets.justia.com/docket/new-york/nysdce/1:2022cv09327/588738
https://preview.redd.it/42z0zgs1zlxa1.png?width=926&format=png&auto=webp&s=caa29bb32a12c7c7058f8a194546e17b2dd32c16
Cohen v. Cohen et al 1:22-cv-09733 in New York Southern District Court under Judge Paul G Gardephe
https://dockets.justia.com/docket/new-york/nysdce/1:2022cv09733/589523
https://preview.redd.it/dw36556yylxa1.png?width=942&format=png&auto=webp&s=2b1e4d1308cbb47a8c91ada98f34dde74c62cf58
Across the three litigation cases, the defendants are the following:
- Bed Bath & Beyond
- JP Morgan Securities
- RC Ventures
- Ryan Cohen
What do you notice is the only common defendant in all three litigation cases? That is correct: RC Ventures LLC. Is that one of the "Interested Parties"?
https://preview.redd.it/untw21fullxa1.png?width=765&format=png&auto=webp&s=5c2acf8f27f930e0cf21baf17cf8eb19f4f82d9a
JP Morgan appears to be there, in the form of their ticker "JPM". And you can also of course see Ryan Cohen listed there as well, but RC Ventures is absent from the list, along with BBBY. Now it may be the the case that BBBY is not there due to being the Debtor in the Chapter 11 proceedings, but why is RC Ventures not on this list if "Interested Parties" include those involved in a BBBY-related litigation case?
Additionally, if the "Interested Parties" list needs to include parties involved in litigation cases related to BBBY, then it should be noted that there are a number of other cases transpiring currently. These include the following:
- Former CEO Mark Tritton is suing BBBY for apparently failing to honour his severance payment (https://www.reuters.com/legal/bed-bath-beyond-is-sued-by-ousted-ceo-over-unpaid-severance-2023-04-01/)
- Former employee Michael Palmeri is suing BBBY for not giving advance notice of layoffs (https://www.retaildive.com/news/bed-bath-beyond-faces-lawsuit-over-harmon-layoffs/646886/)
- BBBY themselves are suing the shipping line OOCL (https://www.freightwaves.com/news/bankrupt-bed-bath-beyond-goes-after-container-shipping-lines)
So if the "Interested Parties" section has to include litigation related individuals/entities, then why are these others missing? My conjecture here is that the presence of Ryan Cohen and JP Morgan on the "Interested Parties" list is not in connection with the pending lawsuits. For if that were the case, I think it is reasonable to expect RC Ventures to also be on this list, alongside parties involved in other BBBY-related litigation. What do you guys think about this?
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5. Other "Interested Parties" connections to BBBY

In this section, I am going to go through the list of "Interested Parties" to see what MSM info is out there about potential connections to BBBY. There are 16 entities on this list, plus Ryan Cohen as the solitary individual, so let us go through them in turn to see what connections - if any - there are to BBBY.
Ares Management
https://www.aresmgmt.com/about-ares-management-corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to deliver consistent and attractive investment returns throughout market cycles.
There are only two MSM article that make a connection between Ares Management and BBBY:
https://www.axios.com/pro/retail-deals/2022/08/04/bed-bath-beyond-could-tap-private-credit-market
"A private equity or distressed fund will see value in breaking it apart, divesting buybuy Baby, and refocusing the business. It's hard to see how the company can continue without a major event," Gellert adds.
Of note: Private equity firms, including Ares Management and Carlyle Group, have aggressively raised funds earmarked for direct lending, as their buyout business shrivels up.
https://www.morningstar.com/news/marketwatch/20230425244/bed-bath-beyond-bankruptcy-these-companies-could-benefit-from-the-retailers-demise
Set against this backdrop, brand-management firm WHP Global would seem to be a top-tier acquirer and Toys 'R' Us and Babies 'R' Us would be a "synergistic pairing" with Bed Bath & Beyond's Buybuy Baby subsidiary, Spieckerman said.
WHP Global already owns the Toys 'R' Us and Babies 'R' Us brands. "WHP would also offer a compelling opportunity to gobble up Bed Bath & Beyond whole rather than it being sold off for parts," she added. "Bed Bath & Beyond would present a nice category-expansion play that would diversify WHP's holdings and give it a foothold in the home category."
The brand-management giant recently received a $375 million equity investment from the private-equity group of Ares Management Corporation (ARES). The transaction, which values WHP Global at $1.6 billion, provides capital for future brand acquisitions.
TLDR: Ares is an alternative investments firm. Since last year, there was speculation in the media that Ares could provide funding to BBBY. Additionally, that they may be in a position to purchase BABY through WHP, owners of Babies 'R' Us [USA], and whom Ares has already given hundreds of millions additionally to make new acquisitions.
Cerberus Capital Management
https://www.cerberus.com/our-firm/
Cerberus is a trusted partner to many of the world’s most respected investors in credit, private equity, and real estate. For more than three decades, we have provided capital solutions and operating expertise to help companies and properties around the world improve performance and drive value creation.
There are numerous media stories since last month about Cerberus being a potential buyer of BBBY, such as this one:
https://www.reuters.com/business/retail-consumebed-bath-beyonds-baby-products-chain-attracts-buyer-interest-wsj-2022-04-22/
Bed Bath & Beyond Inc is fielding interest from potential buyers for its Buybuy Baby business following activist pressure to sell the unit, the Wall Street Journal reported on Friday, citing people familiar with the matter. The suitors include private equity firm Cerberus Capital Management LP and Tailwind Acquisition Corp, a blank-check firm chaired by Casper Sleep Inc's former chief executive Philip Krim, the report said.
TLDR: Cerberus is a major private equity firm. There is heavy media conjecture that they will make a bid to purchase BBBY.
Putnam Investments
https://www.putnam.com/about-putnam/
At the end of March 2023, Putnam Investments had $169 billion in assets under management. Mutual fund assets were $81 billion. Institutional assets were $88 billion.
There were no articles I could find that make a direct connection between Putnam and BBBY. However, through my searching I did find the following very interesting August 2021 article:
https://www.thestar.com/business/2021/08/19/putnam-investments-to-buy-toys-r-us-and-babies-r-us-canada-from-fairfax.html
Toys “R” Us [Canada] and Babies “R” Us Canada are getting a new owner, who is already full of ideas for how to revamp the retailer. Putman Investments said Thursday that it will purchase the Vaughan Ont.-based brand and its 81 toy and children’s stores from affiliates of Fairfax Financial Holdings Ltd.
TLDR: Putnam is an asset management firm. Not much in the way of direction connections to BBBY, but they do own Babies 'R' Us Canada. Hence there is a compelling reason for this firm to put in a bid to try and acquire BABY, in my opinion.
Sleep Country Canada
https://www.sleepcountry.ca/en/about-us
Sleep Country is Canada's leading omnichannel mattress and bedding retailer and the only specialty sleep products retailer with a national bricks and mortar footprint and an online presence. Our commitment to providing Canadians with a better night’s sleep is unparalleled in the industry. Founded in 1994 by Christine Magee, Stephen Gunn and Gordon Lownds in Vancouver, British Columbia, the chain has since grown to over 265 stores across Canada.
I could not find any media stories linking this firm to BBBY. However given the focus of their business, very difficult to think their presence in the "Interested Parties" list as being in anything other than an acquisition context?
Authentic Brands
https://authentic.com/about
Authentic owns a portfolio of iconic and world-renowned lifestyle, entertainment and media brands. Headquartered in New York City, with offices around the world, Authentic connects strong brands with best-in-class partners and a global network of operators, distributors and retailers to build long-term value in the marketplace.
There are numerous articles talking up Authentic as a potential buyer of BBBY e.g.:
https://www.yahoo.com/lifestyle/authentic-brands-reportedly-discussion-purchase-162504712.html
Bed Bath & Beyond is entertaining potential buyers for its home goods store chain and its Buybuy Baby arm, according to a report in CNBC. The beleaguered retailer is also reportedly speaking with lenders to secure financing to sustain it during a potential bankruptcy filing. Potential buyers reportedly include Sycamore Partners, the owner Staples, Belk and Talbots, and Authentic Brands Group, the owner of Forever 21, Barneys New York, J.C. Penney and Reebok.
TLDR: Authentic Brands is a portfolio manager of many well known retail and apparel firms. There is a lot of news about them being in line to try and buy BBBY.
CSC Generation
https://www.cscgeneration.com/
We acquire overlooked store and catalogue based retailers and transform them into high performance, “digital first” brands through our proven omni-channel technology platform, operating expertise and scale.
Not much in the way of recent media stories linking to BBBY. However, this news from April 2020 below is well worth noting:
https://businessofhome.com/articles/one-kings-lane-s-new-owner-is-collecting-distressed-home-furnishing-brands
Home furnishings e-commerce company One Kings Lane confirmed an affiliate of CSC Generation has acquired the business from Bed, Bath & Beyond. CSC is a multi-brand technology platform and holding company and owner of Merrillville, Ind.-based DirectBuy and Z Gallerie, which have become the base for its home furnishings business. Bed Bath & Beyond CEO Mark Tritton announced the sale during an earnings conference call last week but did not disclose the price or the buyer.
TLDR: CSC Generation specialises in converting bricks-and-mortar retailers into eCommerce specialists. In 2020 they bought One Kings Lane from BBBY and, with that past history, it is highly likely their presence on the "Interested Parties" list is due to interest to buy all or some part of BBBY again.
Interweave
https://www.interweave.com/about-us/#:~:text=Interweave%20was%20acquired%20in%20June,informing%20them%20throughout%20their%20journey.
Interweave is one of the nation’s foremost art and craft media companies with businesses in magazine and book publishing, interactive and social media, television and video programming, online education, live events, and online shopping. Interweave delivers best-in-market content to enthusiasts when, where, and how they want. Interweave was founded in 1975 by Linda Ligon.
I could not find any media articles linking this company to BBBY. Interweave is also not listed as a 'Trade' entity within the same docket, which is the list of BBBY's partners and suppliers. In that context, it is difficult to find a connection between these two firms other than Interweave being a potential bidder for all or some part of BBBY.
Michaels Stores
https://www.michaelspressroom.com/about#:~:text=Michaels%20is%20the%20largest%20arts,%2Dit%2Dyourself%20home%20decorators.
Michaels is the largest arts and crafts retail chain in North America. In addition to our retail outlets, The Michaels Companies also own multiple brands that allow us to collectively provide arts, crafts, framing, floral, home décor, and seasonal merchandise to hobbyists and do-it-yourself home decorators. We believe anyone can make, and we’re on a mission to inspire and encourage everyone to unleash his or her inner maker.
As with Interweave, I also could not find any media articles linking Michaels to BBBY. They too are not listed as a 'Trade' entity within the docket as a partner or supplier. Hence one again it is difficult to find a connection between these two firms other than Michaels also being a competitor that is now a potential buyer of BBBY.
Blue Torch Capital
https://bluetorchcapital.com/objective/
Blue Torch Capital is a direct lender and investment manager that approaches US middle market companies as a solutions provider with the goal of providing financial and operational flexibility in order to build long-term value.
No media stories at all linking Blue Torch to BBBY. Any ideas on how they could be in the "Interested Parties" list, other than through being a potential bidder to buy the company?
Centerbridge Partners
https://www.centerbridge.com/
Centerbridge brings together experience across investment disciplines—private equity, private credit and real estate—in an effort to find the most attractive opportunities for our investors and business partners. We are an active partner dedicated to employing an all-weather approach to identifying and executing investment opportunities. Our proven philosophy is predicated on generating enduring value through economic cycles.
Again, no media articles linking this private equity firm to BBBY. However I once more ask: how can they be in the "Interested Parties" list, except in the context of targeting BBBY for an acquisition?
MidCap Financial
https://www.midcapfinancialic.com/#about
MidCap Financial Investment Corporation (NASDAQ: MFIC) is an externally managed, publicly traded, Business Development Company, focused on providing senior debt solutions to middle market companies. We derive significant benefits from our affiliation with Apollo, a global high-growth alternative asset manager, and its unique partnership with MidCap Financial, a leading middle market lender. Through MFIC, shareholders can access institutional quality private credit at an industry-leading fee structure.
I could not find any news articles connecting MidCap directly to BBBY. However, as their profile shows above, they partner with Apollo Management for most of their operations. There was this interesting story that links Apollo and BBBY during the dark days of 2008:
https://www.nytimes.com/2008/04/14/business/14apollo.html
Not long ago, when times were good, Leon D. Black spent $1.3 billion to buy Linens ’n Things, the home-furnishings chain. Now, as each day seems to bring more bad news for the economy, Mr. Black and his investment company, Apollo Management, are struggling to keep Linens ’n Things from unraveling.
Now debt is weighing on Linens ’n Things, the nation’s second-largest housewares retailer, behind Bed, Bath & Beyond. Apollo and two partners bought the company late in 2005, at the beginning of the recent buyout boom.
TLDR: MidCap is a debt provider, partnering heavily with Apollo Management. This firm was the owner of Linens 'n Things, and in the past were a major rival of BBBY. There are no media stories linking MidCap/Apollo to BBBY, but given they previously held Linens 'n Things, could MidCap and Apollo be interested to re-enter this area by acquiring BBBY?
Silver Point Capital
https://www.silverpointcapital.com/
Silver Point Capital, L.P. is a registered investment adviser focused on credit and special situations investments.
I could not find any media articles linking this company to BBBY. As with other financial services firms on this list, difficult to think of them being an "Interested Party" other than as a potential acquirer of BBBY.
SB360 Capital Partners
https://sb360.com/about-us/
Though we have never strayed from our original mission, transactions that span the globe have added depth of experience to our reputation as one of the more creative private merchant banking groups in existence today. Short- and long-term equity investments. Financial assistance. Commercial Real Estate investments. Asset recovery. Auctions. Liquidations. Event sales. New store opening projects. SB360 has grown since our founding, and our client services are more comprehensive than ever before.
No articles linking this private equity firm to BBBY either. But once more, not sure why they would be an "Interested Party" in BBBY, except as a potential bidder to but the company.
This just leaves two remaining corporate "Interested Parties":
- Citi
- JPM (JP Morgan)
It is difficult to say in what context Citi and JP Morgan make the list, given their role as Prime Brokers and with numerous business dealings with BBBY. However, by going through the other 14 entities on this list, it appears to me that they are pretty much ALL there due to being a potential bidder to acquire all or part of BBBY. Certainly, it is difficult to think of reasons why those firms would be there, except in that context. I am wondering what your thoughts are about that conjecture?
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6. So why is Ryan Cohen an "Interested Party"?

I cannot say with certainty, as that is not possible to say definitively without more information. But what I can say is that it is unlikely he is on the list due to the ongoing litigation following last year's dealings with BBBY. His Cooperation Agreement with BBBY has also ended for some time now, so that is also unlikely to be the reason. Additionally he sold his position in BBBY stock last August, hence unless he has bought back in, then that also cannot be the reason.
Through the process of looking at the other "Interested Parties", it appears to me that - with the exception of the investment banks Citi and JP Morgan - they are all there due to showing an interest to make a bid for BBBY. The majority of those entities are Private Equity firms, many of them with media stories linking them to BBBY or having similar competing businesses in their portfolios already. Therefore except for Citi, JP Morgan and Ryan Cohen, I think it is highly likely all the others are on the list in the context of targeting BBBY for an acquisition.
So what does all that mean for Ryan Cohen's presence on the list? As I said, without additional information, there is simply no way to know for certain. However based on the available evidence, in my opinion the likeliest reason Ryan Cohen is listed is because he too is a potential bidder. Of course he may be an "Interested Party" for numerous other reasons, but on the balance of probabilities...that seems the most logical reason. What do you think?
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7. Summary

• In this post, I explore the "Interested Parties" list submitted by four firms assisting in Bed Bath & Beyond's Chapter 11 restructuring.
• The legal term "Interested Party" has a very broad and vague meaning, so it is unclear under what context Ryan Cohen is in the list.
• One possible explanation made by a few members of this sub is that he may be on there due to the ongoing lawsuits related to his previous dealings with BBBY.
• However looking at who the defendants are on that lawsuit, and given the numerous other BBBY-related litigation cases that are also ongoing, it seems very unlikely that is the reason for Ryan Cohen to be present on the list.
• Next, I went through in detail about why 14 of the other 17 "Interested Parties" are present, the vast majority being private equity firms, competitors or the owners of competitors.
• It is very difficult to identify reasons for these firms to be on the list in a context other than as bidders to buy all of part of BBBY.
• This just leaves the investment banks Citi and JP Morgan as the only other corporate "Interested Parties", and there are many potential reasons for their presence on the list, due to the nature of how they have interacted with BBBY in the past and currently.
• With the vast majority of "Interested Parties" being listed due to probably expressing interest to purchase BBBY, I believe the most likely reason Ryan Cohen is also on the list is due to this same reason.

As with all my research posts, would very much like others to look at the information and evidence I am presenting here, and provide feedback and possible rebuttals.

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