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00:02besieged on all sides let's go over to an article from forbes here for a second
00:08this is for this is written a couple years ago but they wrote this when before the meme stock
00:12hit we're going to talk about the meme stock in a second movie theater operator amc entertainment
00:17had its moment as a meme stock at the same time it was staving off bankruptcy which illustrates
00:23how little the stock's rise was related to the firm's actual fundamentals apart from bankruptcy
00:28concerns amc business operations had been trending in the wrong direction even prior to the covet 19
00:34pandemic amc's core earnings fell from 114 million dollars in 2013 when the previous ceo was there
00:40to 30 million dollars in 2019 before there was ever any pandemic core earnings fell negative 1.8
00:48billion dollars in 2020 the firm burned through 5.2 billion in free cash flow from 2014 2019 and free
00:55cash flow was 3.9 billion in 2020 given the poor fundamentals amc earned the unattractive rating
01:00before the meme stock frenzy took off let's go back to this thing here they were on the on death's
01:08door
01:09they were being besieged by everything they were laying people off and you know what adam aaron did
01:14when they were on the brink of bankruptcy when they were getting ready to go under first thing he did
01:20was he laid off nearly 30 000 people okay okay you're going into survival mode he laid off almost 30
01:27000
01:28employees of amc theater which is a business decision and i don't fault him for that but in the midst
01:34of
01:34the company getting ready to go into bankruptcy and them laying off 30 000 people he gave him fucking self
01:40a nine million dollar bonus when the company's on the precipice of going under and they're taking away the jobs
01:48nearly 30 000 people this moron agreed and orchestrated from the board of directors to give
01:56unto himself a nine million dollar bonus i might be off by a few dollars for so forgive me if
02:03i i'm
02:03giving or taking a little bit here but generally speaking in the midst of all that game self
02:07i mean that's what adam aaron did the same adam aaron who took the stock from 33 a share at
02:12one point
02:13down to seven dollars before the pandemic hit then the pandemic hits which ain't his fault
02:20lays off 30 000 people gives himself nine million dollars and then people want to say he saved you
02:24want to know how he saved the company this is how adam aaron saved the company a bunch of guys
02:28on reddit
02:29created meme stocks and they artificially inflated the stock of amc thing we have they did with game
02:35stop and they did with amc theaters and all of a sudden in june of 2021 the stock price hit
02:42nearly
02:4260 they instantly sold a ton more stock raised 1.2 billion dollars in in capital for the company
02:53the executives and the board members at amc instantly sold most of their own stock because they knew this
03:00is a fluke i mean the the the thank you reddit guys who meme stock us and they made millions
03:06of
03:07dollars in selling their own stock in their own company and it put a ton of money into the coffers
03:13of amc theaters and they survived thanks to a meme stock created by guys on reddit not by adam aaron
03:25who led them from 30 plus dollars a share down to seven dollars a share not by adam aaron who
03:29gave
03:30himself a nine million dollar bonus when the company was on the precipice of bankruptcy
03:35they fell ass backwards and then when aaron and i were at cinema con this year adam aaron had the
03:42audacity the goal to get on stage at cinema con and brag ha ha people said amc was in trouble
03:53we have
03:54led them to a point where we have positive cash flow in our bank accounts and we're still here and
03:59stronger than ever and i wanted to stand up and shout at the top of my fucking lungs you asshole
04:04you
04:04fell ass backwards and look that a meme stock from from reddit saved your ass saved your ass and you're
04:13sitting up there taking credit like it was something you did then as the pandemic starts to wane and
04:22they've got all this this is like a movie into itself i can't wait to see where the climax goes
04:28and then with the positive cash flow that this meme stock gave them and they're coming out of the
04:34pandemic you would think that the number one responsibility the number one job may the number
04:37one priority this company would be let's entice these people back to the movies
04:42they slash show times and they raise prices
04:46they were the first major theater chain to cave to studio demands to shorten the theatrical window
04:53and now they're leading the way in creating a tiered ticket price system that does not benefit
05:00smaller films because the smaller films are still going to be charged they're exorbitant out of control
05:05high prices it's just that for movies like the batman we're going to charge you even more
05:10exorbitantly high prices when cineworld just showed when you give a price attraction people
05:20still want to come and that higher prices are keeping them away as per the story and variety
05:28adam aaron's next brilliant stroke of leadership
05:32is for a spacecraft filled with adamantium to fall to the ground and he can take it and invest in
05:36an amc
05:37stock and he raises prices again i have been the biggest cheerleader in the world for the theatrical
05:42experience nobody loves the movie going experience more than me i have been its champion for a long
05:46time i will argue for it i will fight for it i will it is a better experience watching a
05:51movie in a
05:52theater the way a movie filmmaker meant it to be seen it cannot be duplicated it is the best movie
05:57going experience but i am telling you right now the theatrical movie going experience is doomed as long
06:03as people incompetent buffoons like guys like adam aaron are in predominant places of leadership in
06:08the industry he is leading this industry off a cliff and here's the other thing too since amc is
06:15doing it now all the other chains are going to follow suit they're all going to follow suit
06:21it's the blind leading the blind
06:24and i've been saying for so long this industry can survive this industry can thrive this you just got to
06:28get the people back into the theaters give them what they need give them a positive experience and
06:31then you got guys like adam aaron and the current regime at amc theaters that continues to try to find
06:36creative ways to deter people from coming back to the movies they embody many of our core values of
06:41partnership integrity and excellence so fuck them and that breaks my heart amc theaters is my favorite
06:50movie theater chain it's my favorite we just went to go see batman in amc theaters yesterday
06:55and the presentation was gorgeous beautiful the amc prime theater is a revelation the amc a list is a
07:01fabulous program to the thing there's so many things i love about amc
07:06but yeah i'm destruct i'm vexed rob i couldn't tell i am very vexed anyway rob you're hearing about
07:13all this your thoughts on all it
07:18i too am a fan of the movie theater industry
07:23i think that you know we as as human beings have to decide what is it that makes life great
07:30existence at all is great i always say on my show each one of us in the cosmic infinitude of
07:35the
07:35universe there's only one of each of us and all of that the dr manhattan speech he gives in the
07:40watchman comic we're all unique we're the most valuable resource in the universe but what makes
07:45life worth living well when you can enjoy things and i am a big fan of what human beings create
07:51once
07:52we're here art you know music paintings novels whatever basket weaving my favorite art of choice
08:00is motion pictures and my entire life going into a theater and seeing images and seeing all the
08:07different art forms that come together to make movies uh writ large the big screen is something
08:13that i live for that experience is something that's been with me since i was a child i think
08:17it enriches my life i think it enriches the lives of other people and what we are doing in our
08:24society
08:25is denigrating all these forms to make them the easiest consumable way possible you know
08:31well just deliver it on a little screen don't all i need to know is what happens in the movie
08:36theater
08:36or what happens in the story so i can watch on my phone at the gym look you go see
08:41this movie last
08:42night the experience of seeing it in that theater is overwhelming you feel as a human being you feel
08:47things that you would not feel if you're watching something on a television screen you're literally
08:53feeling when the batmobile turns on and you feel the revving of that engine it's overwhelming you can't
08:58get that that experience anywhere else but in a movie theater with great projection and great sound
09:03if that experience goes away and everybody wants it to because it all costs we we in our in our
09:10pursuit
09:11of profit we are taking away some of the great things that make life worth living at the end of
09:16the day
09:16what is the point of being rich if you're not enriched and i think that's what we're doing across the
09:24board in our civilization and uh it's not just movie theaters that are going to go off a cliff
09:29it is what it means to be a human being is being diminished just saying you guys have anything
09:37you want to add to this i don't want to throw it to you uh when you don't but i
09:42i don't know any
09:42any thoughts i'm just gonna play devil's advocate here sure now i too disagree with this i too believe
09:53that life is beautiful and we should be celebrating art and we all should have the opportunity to do so
09:58that's the part i take issue with
10:03and and yes i i do think that um that adam aaron his decisions since taking over have absolutely driven
10:11amc's uh desirability as a company into the ground and um i would be livid if i were a stockholder
10:20and
10:21i would be livid if i were one of the 30 000 people who got laid off while he was
10:24giving himself
10:24a massive raise the guy seriously needs to go that being said oh
10:33no one ever said it was show friends everyone always said it was show business and rob you were
10:38the number one person who says that and i think that there is something to be said about paying a
10:45premium for seeing entertainment the way that you want to see it now granted sitting you know
10:50a hundred percent if you're sitting in a theater you should be able to have the same experience
10:55whether you're sitting in the you know middle or if you're sitting way in the back i completely get
10:59that but just like if i want to go and see the super bowl in person i'm going to pay
11:06thousands and
11:06thousands of dollars when i can just watch it for free uh you know on network television at my house
11:12and like on my couch and not have to pay for all the snacks and an argument could you could
11:16be made
11:16with that example that you could actually enjoy the super bowl more exactly so the what i what i would
11:23understand is if he said hey listen for a movie like the batman that is so popular that we know
11:31that we are going to be inundated for the first two weeks that we're showing the batman if you want
11:37to be one of the first people in line to see it we're going to charge a premium for that
11:41because those are really sought after tickets and it's really and and everybody wants if you want
11:47if it is so important to you to be in on the discussion the minute the movie comes out then
11:53that is going to have a premium but after two weeks we're going to drop it back down to normal
11:57prices
11:58is if he's saying that in perpetuity if three months from now the batman is going to have a price
12:03have a have ultimate you know a higher ticket price that i disagree with and again i'm not saying
12:08that i like this i'm not saying that i support it i'm just saying from a business person's perspective
12:14to stop donald trump we need a fighter who gets results