TCI
Transcontinental Realty Investors, Inc.
stock NYSE

Multiple stakes combined into a secret SPC would not remain separate if Cohen or GME funded, controlled, voted, or coordinated them. Courts have looked through nominally separate funds and derivative structures before, including in CSX v. TCI and 3G, where investors were found to have formed an undisclosed Section 13(d) group during a proxy campaign. The SEC could require corrected ownership disclosures and potentially aggregate the stakes for the 10% federal and 15% Delaware thresholds. A deliberate concealment scheme could trigger enforcement and give eBay grounds to seek an injunction affecting further purchases, voting arrangements, or the tender process. It would create major legal and financing risk, not a secret path to control.

Multiple stakes combined into a secret SPC would not remain separate if Cohen or GME funded, controlled, voted, or coordinated them. Courts have looked through nominally separate funds and derivative structures before, including in CSX v. TCI and 3G, where investors were found to have formed an undisclosed Section 13(d) group during a proxy campaign. The SEC could require corrected ownership disclosures and potentially aggregate the stakes for the 10% federal and 15% Delaware thresholds. A deliberate concealment scheme could trigger enforcement and give eBay grounds to seek an injunction affecting further purchases, voting arrangements, or the tender process. It would create major legal and financing risk, not a secret path to control.