Good evening trey, it is gorilla gang back in the house for what seems like the first live stream in two months with the silverback himself, ceo, adam aaron, adam. It's great to have you back again for another conversation and uh open discussion about the the company that we all love here for the apes ray it's nice to be with you. I enjoyed our two earlier interviews and i'm glad to be back heck yeah. Well, you know i'd like to start off by just making a statement for adam here in terms of what he can and cannot talk about.

There are legally binding things that tie ceos to things that they can and cannot talk about. With that being said, the questions that i formulated was with that in mind for anything that we discuss here today, so i think the most pressing question and important topic we have to start off here with is you know for for our last interview, there was a Reddit post that got blown up crazy amount of upvotes of you not wearing pants for the record. By the way, i want you to know that i was not wearing pants either in a good fun. I'm wearing my uh.

My my freaking little running shorts here too, are you wearing pants today. I think that's an important question. I actually did not know you're gon na ask the question but uh. Yes, i'm fully suited today, i'm not wearing a jacket, but i am wearing pants.

That's money! No naked shorts here here today awesome well we're just going to start off here and kind of briefly go over the earnings call, because there are some really great things you talked about. You know i think anyone that have a chance to listen to. That would be pretty pleased with the way that amc is up trending here. Lately you have two billion dollars in liquidity.

Your your total seats that you're feeling on a day-to-day basis, quarter of a quarter is increasing. You've got uh more seats, being sold less cash burn reduction, it's all great things, but with that being said, i kind of want to know this liquidity piece right, the two billion dollars that you guys are sitting on. So you spoke about potentially up to 10 movie. Theaters that should be able to acquire - and you know, increase revenues, but outside of that.

What do you plan to do with that 2 billion dollars? What are you able to speak on in terms of what you want to do to go on the offensive for the company outside of that over the next one to three years? Well, that's uh, there's so much in your question. Uh. Probably much of your question is my answer: right: the um um. We we're we're we're so pleased with the earnings report that we issued monday after the market closed uh, because uh our performance in the second quarter was really encouraging the you know it's no secret.

This pandemic was brutal on companies in lots of industries, including the movie theater industry um, and you can see that recovery looks like it's coming and you know we're not there. Yet we we lost money in the second quarter. Um and the delta variant is flaring up, especially in in the unvaccinated populations, but uh, but our performance in the second quarter was so much better than the first quarter so much better than the quarter before that our performance in 21, so much better than in 20.. You just have a sense that we're on the right path.

We did make the comment that if the industry box office comes in at 5.2 billion dollars domestically, then that should mean that we ought to be able to be cash positive at the theater cash flow level. In q4 that would certainly be another great step for us to to hit and we made lots of other news in the quarter so which i'm sure we'll talk about today, uh one bit of which is not small and that's our liquidity. So you look back in 2020, there were times when we were going to run out of cash, and we raised between five and six billion dollars between equity and debt and concessions and landlords and lenders and other entities close to the company. And that's what that raising of the money is what got us through all this um and we ended the first quarter, the march quarter, with a little more than a billion dollars of cash in the bank or undrawn revolver capacity, as it turns out that billion dollar Figure was the highest amount of quarter, ending liquidity that our company's ever had in 101 years and that record that it was a billion 20.

I'm it's it's between a billion 20 and a billion 25 and q1 and um that record of having the best quarter ending liquidity. The company's ever had well lasted 90 days technically less than um 91 days, because at the end of the june 30 quarter, we had over two billion dollars of liquidity, but again between 2 billion 20 million and 2 million 2 billion 25 million. So we doubled our liquidity position, um between quarter one and quarter two and uh boy, the the breathing room that it gives amc to get through that pandemic. It's enormous.

It also gives us a lot of cash to do things with, as we said, to go on the offensive and um. Some of the things that we want to do by going on the offensive don't require capital, but they do require staying power and the cash we have in the bank now gives us some staying power and we - and we announced several of those things on the call On uh earnings phil on monday afternoon, like accepting bitcoin as payment online for going to movie theaters um uh, going to explore and the investment stages, uh alternative programming like sporting events and concert movies - and i know those ideas are popular with your subscribers. Because i read my inbound twitter feeds and the number of times i'm getting suggestions to do things exactly like that, it's just it it i'm sure those are popular steps with our new shareholder base beyond that, though, there's also getting more theaters and we did announce um In mid-july that we were adding two very important former archlight and pacific theaters in los angeles, the grove at americana at brand. These two theaters were the second and fifth highest grossing theaters in los angeles just three years ago, and now they're going to be amc theaters, and we think that our brand is very strong in los angeles and in southern california, and that those theaters will do very Well for us in the amc network, beyond that, though, we also said that in mid-july we announced two theaters well actually, as of monday, we had six new theaters under either lease or sign letter of intent and we're in advanced negotiations on four more uh.

Eight of those ten theaters uh are former arclight pacific, theaters and arclight pacific only had eighteen theaters, so it's like buying half of arclight. That's an example without disclosing names. I can tell you that the ceo of at least two other major uh movie theater circuits have approached me about acquiring them. Whether we do that or not is a decision we have not made.

We would only do that if we could bring them in at what i would think would be bargain prices. There's no reason in given all the risk, that's inherent in the movie theater business for out for us to go out and stretch and overpay for an acquisition. But if an acquisition came along at the right price, we'd certainly consider that there are other ideas out there too, and whether we do any of these ideas. Only time will tell right is that's been suggested me by some of your subscribers, some of my shoulders that we should make exclusive content uh, as netflix did with house of cards and and and the crown we've done that before in amc's history, and we did it.

Uh successfully um, not not everybody in your audience knows, but a few years ago we had a joint venture that we owned 50 of something called open road films which made a movie called spotlight which won the oscar a few years ago, for best film of the Year, so we we're, we know something about that too. We've there's always the possibility that we could diversify our company and buy something else in uh, leisure and entertainment related, but it isn't a pure movie theater play again. We'd have to be very careful in what we we do, but we also talked on monday afternoon that we think there's opportunity for amc to get much more active in the world of cryptocurrency um uh, and we i'm sure you asked me about that later. So absolutely you know the cryptocurrency bitcoin and all these different uh potential business opportunities for amc.

I've essentially compiled the list of questions that came from. You know the apes out there, the retail investors - that i think are pretty good ideas and i just wanted to share with you. You know and get your opinion, because that's essentially what this opportunity is for um before we get into that i'd like to ask about say technologies, because it was a pretty interesting concept. You know it was able to.

Essentially you have a question that gets voted on. Upvoted - and it shows you how many investors uh upvote a certain question as well as how many shares are in that overall question. My two big questions for you: titan buddy, sorry about my cat. My two big questions for you are: what was the inherent uh concept? The idea behind you know essentially partnering with say technologies for that earnings call coming up and then secondly, there's something that people are speculating on that i'd like you to be able to comment on if you can regarding robin hood, buying seg technologies the day after uh, The earnings call because you know it's: it's speculation, there's there's obviously opinions about that.

I'd, say rightfully so, just based on timing, but obviously coming from your mouth it'd be the best opportunity to kind of get your opinion on both of those uh. Those questions, if you could answer sure, well look. I never heard it say technologies 60 or 75 days ago, but someone explained to us the their capabilities and that we would be able to take questions from individual shareholders on our earnings call, and that sounded like a great idea to us. We've certainly never done it before.

I don't know of any other company. I guess i guess. Maybe they have other customers, so hey somebody said it before, but i certainly haven't heard about uh companies taking questions from individual investors, but you know there's a difference between amc and all these other companies, as i've said over and over again since about april, the individual Investor now owns amc uh. You know it's it's more than eighty percent of our shareholder base, um.

Eighty percent of our shares are owned by millions of individual investors. So, of course, we should take questions from individual investors and say technology of this interesting feature. You know the uploading of questions, so we could see how much interest there was in each question and we we actually asked all we had so we answered. I should say my cfo asked on their behalf: um uh, sean read me the questions and we answered every single one of like the dozen most popular questions that were on the minds of our shoulders who participated in this thing.

So that's why we did it. We did it because individual investors, own amc now and in a public forum like that, we all thought it was a great idea to be able to talk directly to our individual investors and to hear from our individual investors you i'm going to come back to the Second, half of your question in a second, but it's really important for us to have a dialogue with the company's owners uh. You know that, in addition to these questions that we uh took and answered on the earnings call on monday uh in june late june, we announced amc investor connect where and uh just under 300 000 people have enrolled already, and you know in a month and a Half that's incredible: it shows there's so much interest in amc and um. You know we're putting in all sorts of things, rewards and freebies and discounts and exclusive early screenings and lots of communications from the company and from me uh in amc investor connect.

I also started tweeting again and um uh. I i think, i'm on average, i'm kind of tweeting once a day five days out of seven, you know. Four six days at seven depends on the week depends on how newsworthy things are, but my tweets have been read over 70 million times since april and i'm following uh about 2 000 people, most of whom are investors in amc. You want to see my inbound twitter feed uh, i'm getting uh, literally thousands of messages a day and it's become like a hobby of mine to read my twitter feed each day and i'm reading hundreds and hundreds and hundreds, if not thousands, of inbound tweets, because you Know what a message is you know what most, what everything is up to when i started tweeting in 2011 was 140 characters.

I think they're up to 280 now, but a lot of these messages are very short they've. You can read a message in a second or two: you can read a lot of messages very quickly, but it it really lets me have my finger on the pulse of what our shareholders are thinking, because they're telling me and i'm reading and i'm reading and nobody's Nobody's like reading my inbound feeds for me and summarizing it for me, i'm reading it myself, no one's writing those tweets for me. I'm writing them myself and um. So twitter has become a a very important way for me to get information out and to get information back from our shoulder base and um.

So because i said this on the earnings goal on monday, we have two goals in this one is we really do believe that there should be two-way communication between companies, senior management and the company's ownership? And you know: i've been very public since april when i learned that retail investors were pouring into our our ownership position and saying look i take all of your viewers very seriously like this is big business. Amc is a company that five and a half billion dollars of revenue in the year prior to the pandemic, and it's trader the new york stock exchange and you guys own it uh, and therefore we believe that you should know what we're thinking we should know what You're thinking um, what we say probably will shape what some of you think what you think will shape what we think and what we do uh so goal number one is to just really strong communication between the shareholder base and the company goal. Number two uh, i'm gon na, show my show all my cards. I'm going to declare my hand as they say in poker.

We have millions of shareholders. You know the last at the last count was 4.1 million shoulders. I want all 4.1 million to buy a ticket and go see a movie at an amc theater on saturday. Now, that's tough to do if you're in canada, because we don't mean theaters in canada, and it sounds like it's tough to do in europe except we're the largest movie theater chain in europe.

It's just not under the amc brand. We own 100 of odeon cinema group. So uh we're in the uk we're in ireland we're in finland, sweden, norway, denmark, germany, italy, spain, portugal, we're in the middle east under a variety of brand names. The best known is odion in the uk and ireland, for example, um uh, it's cinesa in spain.

It's uci in italy. There are a lot of a lot of the biggest movie theater chains in each of the scandinavian countries are ours, so you can buy a ticket even in europe if you want um, but we'd really love to uh, make sure that our company's owners who now have A big economic stake in the company and increasingly a big emotional stake in the company because they you know i'm reading over and over again i love amc. I love amc well, so uh the company would do better if you see movies in theaters and if you're going to see a movie in a theater make it at an amc. Theater.

Please we'd love to develop not only a financial ownership relationship with each of our shoulders. We'd love to develop a commercial relationship with each of our shoulders too. It's great when the lights dim and you see a dazzling image on a huge silver screen. Come on out to a theater.

You'll have a good time when you come to amc and you can look around, and you can say i own this place, which will also make you feel good and you'll also see that we're running our theaters really well. There's your cat, so yeah is that canada is that ken, an officer in the us army - maybe he sure, is his name's titan uh, it's miami's cats in thai means, diamond moon and i didn't titan just by accident. I i didn't know: that's what it meant, but i just like greek mythology. So that's that's what i gave him he's crazy.

Well, if you're, if your cat is an officer in the u.s army, i will thank your cat for his or her, which is his. I didn't know until probably a week ago, but i'm 95 sure it's a boy i'll uh i'll, thank him for his service to our country, while i'm at it i'll. Thank you for your service to our country, because you're, as i understand that you're a second lieutenant in the u.s army as well, yeah yeah. Thank you adam.

It's! It's! It's no biggie! I appreciate it. So those are the two reasons why um? No, but he says no biggie, it is a biggie. So i'm serious, thank you for uh, giving back to your nation um the um uh, but those are the two reasons that we're so into uh uh our efforts to interact with our shorter base. We think communication should be good and we'd love to see it as customers and guests at our movie theaters.

Now. The second part of your question was: why do i think about robin hood's announcement that they're buying say technologies? We obviously had no knowledge of that until it was announced. I guess two: was it tuesday, man, that's it and i must say we were quite shocked, uh to learn of that um. If you had asked me until the robin hood announcement, what i thought of the say, technologies, experiment that we tried on monday, i would say i thought it was great.

I thought it was wonderful that we a got questions from our showers, that we could that there was a way to determine which questions had the most interest amongst our shareholders uh and that we could answer them, but uh, so that, as you know, so that we Could verify that those were real shareholders asking the questions um there was some disclosure that you had to make as to who your brokerage firm was and how many shares you owned and the like and honestly. I just don't think it's appropriate for us to ask our shareholders to tell robinhood what brokerage firm they're doing business with and how many shares they own. So unless we can get some absolute iron-clad assurance um that there's some enormous wall between the information that say technologies gets and what robinhood gets. I can't see us doing it again now.

I can see it's answering questions from our retail shareholders again, but i can't see us using the say, technologies platform. If there's any fear that would be compromised, because it's it's now after monday, connected to robin hood, which monday it wasn't connected to robin to our knowledge, you've got a great pulse on the community adam. I think where a lot of people were concerned is is robin hood was tied up with a lot of the the problems you know, financial problems and and sort of i would go as far as to say. You know corruption that took place between january and now uh.

So it's good to know that that you've been paying attention to that stuff and have the same sentiment that the majority do you know, because, ultimately i think everybody's safety and their information is is important and i think that parties that you know certain people are affiliated With is also important, so that's uh before, but before you move on, i want to be really clear number one. What you just said came from your mouth, not from mine. Absolutely i don't. I don't speak for adam.

I don't want to make any comment at all about robin hood as a company. I don't want to make any comment at all about corruption um, it's not appropriate for me as the ceo of amc to be talking about those things publicly, but i do think i have my finger on the pulse of what our shareholders think um and - and now You can move on to your next question. Absolutely i speak for me. I don't speak for adam.

That's that's my own personal opinion, but we'll go on to the next question, regardless i'd like to talk about the the mandatory ownership in the company, because this is something that uh you spoke about during the earnings call that i found fascinating you you want to propose Something to the board about executives, owning a certain amount of years in salary, and i think uh, it's a pretty cool concept to be incentivized by how your company does right. It makes people want to work hard because it affects their lives. It's in their best economic interest. I suppose i'd like to iron out some details, because it's some i'd say confusion that i've seen around on twitter on youtube.

My discord, uh et cetera regarding that is: where do the shares come from? I'm assuming this is shares that they already owned or were issued in the past, that must equal up to for yourself, eight years worth of salary income or for the vice it'd be six years. You just want to speak on that a little bit sure um uh. Well, let's let unfortunately, i have to give you a slightly longer answer but uh when you look at the compensation of our senior executives for the and and our even our junior officers um the top oh 75 people in the company. Let's say, maybe maybe it's even slightly more than that uh somewhere between a a quarter and three-fifths of their annual conversation, comes in the form of amc stock uh.

In my own case, uh 62 and a half percent of my total compensation is a. It comes from shares uh that best over a three-year period and um. So already our people are working. You got ta, you got a cat who does not want you to share your affection.

That's right. Just put it put the cat on your lap and just pet. The cat, while we're talking all right that'll, do that'll do good good thinking, we'll see if hold still. I got him go ahead, go ahead, probably won't but uh so already uh.

Our executive corps is tied to the performance of the company and tied the performance of the share price and that's a very good thing. A lot of public companies uh have policies that require so-called insiders to own stock, and ever since i joined amc back in 2016, we had we had a policy similarly uh, that policy had to be suspended in the middle of 2020, because the share price fell so Low, it was actually impossible for us to own as much as much stock in the company, as i would like people to own now. The share price, as you know, has recovered from 2020 levels, and so it seems appropriate to put a policy back into place. That requires uh executives, not just to receive stock as part of their compensation, but hold stock and own it for a long time, and as you know, i i've this policy has not yet been approved by the board of directors and the board of directors will consider My recommendation of the next meeting - it is the first thing that i raised at the first board meeting uh after i was named chairman of the board by the board that i think we ought to go back and require senior officers by policy to own stock and To hold stock for a while, and my proposal is that i, as the ceo hold eight years of my salary in amc stock, that the chief financial officer holds six years of of his salary, that our executive vice presidents hold four years of their salary.

That our senior vice presidents hold two years of their salary. Actually, the proposal that i'm making to the board requires the top 19 officers of the company to hold a minimum amount of stock permanently. That's more than double the number of officers who are required to hold stock under the old policy that was in place until the middle of 2020. uh, and i just think it's a good thing.

I i think, there's nothing that aligns shareholder and management interest better than requiring managers to own stock when they own stock, they think like a shareholder and they have every economic incentive to uh increase the share price over time. Absolutely awesome. Well, that's that's a good answer. I i'm very happy with that, and i think that's something that a lot of people forget too is.

Is you guys have interest in how the stock price does maybe you're not able to speak on a day-to-day short-term basis, but the company does well and you guys do well. I mean everybody likes to to make money. So it's it's a good thing. I i think the the management and sec you know incentive equity program is is really huge.

So i'm glad that that's something you guys are having discussions about and i think that'll ease some minds, but i know it's different. You did ask me where the shares came from right. I didn't answer that question um. In prior years, uh shareholders voted that there be a certain number of shares that get put in the basket of the management equity incentive plan, and so those shares have been there.

For years and years i mean the first vote on that was 2013. I think there's another vote in 2017 or 18.. It's not that many shares actually uh, there's currently um. I think there's about you.

You know that uh, based on the numbers that we released in early june uh, it is our company's policy to release share, counts in advance of the every shareholder meeting, whatever they take place. So back in early june, we announced that for this july 29 board meeting uh annual meeting of shareholders, we had 501 million shares almost 502 and we issued another 11 and a half million shares shortly thereafter. So that brings us up to 513 million shares that are currently outstanding. I think there's maybe uh.

Five million shares that are sitting inside the the management equity incentive plan that we could issue in 2022 and in future years, um uh, and that, but that's that's the totality of what's. What's there um uh and that's kind of it we have. I think we have 46 000 kind of regular shares left and we have about. I in the neighborhood of 5 million shares sitting inside the the management equity incentive plan.

That's it. That's all the shares that we have, which is one of the reasons that i um did, want our shareholders to arm us with uh, more arrows to put in our quiver and approve some more shares, so that uh and we promised we wouldn't use any of them. This year, uh and the last time we did it was 2013. I think it took us eight years to use up that sheer authorization, but you know i'm a ceo once a big war chest so that i can go deploy it to create value for our shareholders and thanks to everything, that's happened so far.

We've we have a two billion dollar war chest now, i'm greedy, i would write a three billion dollar warchester, a four billion dollar war chest, but that ship has sailed. Um you're aware that uh i was reading all those inbound messages from our shoulder base and it was clear to me. Our shareholder base was split on this issue and i didn't want to drive a wedge through our shoulder base. I i like doing things that you know the vast you'll never get 4 million people agree on anything, but i'd love to see strong vast consensus emerge about strategy, one or strategy two, and i i don't wan na.

I don't wan na go pursue something that we might win. 51-49. That's technically you win, but you you you're winning the battle and you're losing the war, because i want our. I want our shareholder base uh to continue to have uh respect for amc and affection for what we're doing as a company, and i don't want to drive a web soon, but um so, but so we're not going to chase for more shares this year.

What we do in the future - i don't know, i guess it really depends as what opportunity is out there for us um, it's a very powerful, powerful thing for a company to be able to use stock as currency to make some bargain basement acquisitions. That can create enormous value for shareholders, but right now the size of our war chest is two billion dollars and i'll just have to rein in my appetite to that lead for now. You know this is actually uh a question that i have in a specific regard to offerings and such so as we know, there's a legally binding statement that adamer's made along with this company that they will not ask for any more shares in 2021. They won't issue any more shares in 2021, but i think well, wait.

Wait, wait! Theoret! It's true that we aren't going to ask for any more authorizations. Technically, we could issue 46. 000. 46.

000 right. Well, i don't think 46 000 shares is going to change our fortunes. All that much. What do you think yeah? I know i i think uh based on the daily volume.

I think, though, an interesting concept is this. The i think, where a lot of friction comes from by by the way. Why don't we just make some news here? We won't issue. These 46 thousand shares this year, either how's that that sounds great.

I like that anyway, where i was going with. That is, i think, the concept that you know a lot of the retail investors in the apes kind of split on is where these shares get sold to. So, for instance, you had obviously out of your control, you don't control. What moderate capital does you raise money? Uh, moderate capital purchased some shares they sold them immediately after they dumped them.

I think an interesting concept. I, like your opinion on it. Maybe you speak on a little bit as a rights offering where maybe, instead of offering shares to a third party, such as mud, rick, you can sell them directly to retail investors, who own 80 of your company and frankly, i think, have your best interest in mind. In terms of the the outlook of how amc does one year five year, 10 years down, the road is that something that the uh, the board of directors or executives or yourself have ever considered doing uh when the time does come that you do approve uh more Shares the shareholders approve more shares and you do sell them into the market.

So, yes, we have thought very hard about doing a rights offering and just for those of your listeners who uh don't know what a rights offering is. That means that you go to your existing shareholder base and you offer them the right to do something, and in this case your suggestion is, we offer them the right to buy shares from the company at some price market price higher than market price lower than market Price and whatever we thought very hard about it, uh you can't do a rights offering, though, if you don't have any shares that you can issue and right now, i can only use you 46 000 shares so uh that's kind of it um. No, so we go back to the first issue right, which is you remember. There was confusion way back when this started about the difference between authorizing shares and actually actually issuing shares.

The share authorization was not that we were actually going to issue. The shares right is that we would have the ability someday to issue the shares, um and um uh, and we weren't asking to issue shares. At the moment. We were asking just give us the authorization.

So that down the road someday we could and, as you know, i went on your program and i even said we're not going to issue any shares in 2021. um, but a rights offering is interesting and look hey. I read my twitter feed, so if our shareholders, who are watching your program, think that's a good idea, let me know if you think that's a bad idea. Let me know, but the good news i don't have to think about it for five months, because i promised everybody we're not going to do anything in 2021 and i'm much more focused on restoring the company to health.

Getting us through this coming winter, an adult variant and all that getting us from cash negative to cash, positive, restoring our ebitda to historic levels, that's much and whether we can use the two billion dollar war chest. We have to uh to grow the company, smartly! That's where my focus is right. Now it's not on issuing more shares awesome. That's that's cash money, i'm very glad to hear that adam and i i just thought it was an interesting concept, interesting question.

I've seen pop up more than once. I'm sure you have too so it's worth asking. I've got uh two more questions. I want to ask you and then i'll leave you with the the closing uh the closing question that we always give here on a trace trades interview with you.

The the first one is regarding this partnership with gamestop. You know that you guys have been talking about nothing set in stone, obviously uh, just something that you guys have considered looking into i'm curious as to what that partnership looks like in adam aaron's, mind in amc's, mind uh what what sort of uh goal would you Have in mind if you were to pursue and accomplish a partnership with gamestop well you're, ahead of the pack a little bit so um uh, i told you, i read my inbound messages and i see a lot of them and says you guys should partner with gamestop Uh and of the top 15 questions, i think two of them were what about doing a thing with gamestop, and i said i was going to answer shorter questions. I was going to answer them honestly. The question was, would you consider it, i said sure and we've given some thought to what we might be able to do, and there are some intriguing possibilities actually, but i also said it monday afternoon: we've had no conversations yet with gamestop and i think, out of Respect for that company, which itself is a big, proud american institution, i think we owe it to them to have a conversation with them in private.

Before we start discussing publicly, what could we do and what are the possibilities? Absolutely so, i'm going to nicely say it's on our radar. No conversations have taken place, yet i've said that we will reach out to them uh and we'll see where that goes and, as we know, more, we'll share it with you and your audience rock on hey. Well, i've got one more question for you and then we'll uh we'll leave you with the usual closing statement, but before i ask that there's uh there's something i just want to give to the viewers right now, uh, just as a respect in terms of you know, A question that i know they want me to ask and that's regarding the share recall: i'm not gon na ask you this. What i want to say is legalities and legally binding, uh statements that adam aaron makes affect him in a way that is different from what uh the average person can speak about.

So this is not a question. I'm gon na be able to ask adam out of respect. I hope that you guys understand that, but i do owe you guys that, at the very least, to know that i paid attention to that question, it's just not something that he'll be able to answer uh. So it's it's just not something that we'll be able to talk about here today, but i've got a question for you, and this is actually something from me.

Everything that i've asked you here today came from what i you know: pay attention to on twitter youtube whatever it may be. All the people who love your company, who, like the stock right, but this is something i want to know - is your shares. You you have owned a couple million shares of amc since 2015, when you joined the team over at amc, you haven't sold a single share and your net worth increased by 220 million dollars up to june. When it hit 77, your net worth was up almost a quarter billion dollars.

You didn't, sell a single share now. This is an interesting thing for me, because that's a lot of that's a lot of money. You know so just psychologically speaking. I want to know in adam aaron's mind why you didn't sell any shares.

Why uh? Is it because you thought the stock price would go higher down a couple years down the road? Is it just a moral ethical thing? Is it i just want to know what was the reasoning behind why you didn't lock in profits why you decided to diamond hands out the stock like the apes, have been hey? Look, i'm chief executive officer of the company. I've run this company for five and a half years, i'm going to run it for a lot more years. I ran a company called bell resorts in colorado for 10 years. I i didn't sell a single share until my 10th year, i just saw sinclair for nine years, uh uh.

I believe that chief executive officers ought to own a lot of stock in their company and um. You know yes, the stock went way up and we've given some of that gain back, but we started near 1.99, a share on january 5 and it was over 30 today. Last i checked. 30 is a lot more than 1.91 um.

I don't like selling stock in companies that i run um, i believe in the future of amc uh. Having said that, and so by the way i could have sold stock in march, i did. I did get some shares to my adult sons, they're 30 years old and it's time but i haven't sold. I didn't sell a share in march when i couldn't uh.

I didn't sell a share in june when the stock was in the 70s, when i legally could have the stock i'm allowed to sell shares right now, all the way through september 30, and i said publicly on monday - i'm not going to sell a single share now, But he also said on monday on the fall, much to my horror in september, i'm going to turn 67 years old, not a day, past 50. yeah! That's what i think and actually 34.. As far as i you asked me in my head. How old am i i'm 34 and i'm a very energetic, fella tracking, so i'm i'm, i i got more energy at 66 and 10 and a half months than a lot of people who are on this uh youtube show right now: um uh, but at some point Um, i'm gon na have to take some of my shares and diversify my assets.

You know more than 85 of my net worth. Um is in amc, stock and um, uh or or was in in june and um at some point, i'm going to have to sell some, and i i i also did something on monday. That's also sort of unprecedented. The law is that if a senior executive sells stock they're allowed to do it just like they sell the stock, it's better if they use what's called a 10b51 plan, which is sounds very obscure.

It's section 10b51 of some u.s securities law that uh uh essentially takes all the trading decisions. Out of your hand, you set up some general parameters of of how the shares could trade, but then you turn it over to an independent bank and you're out of it, and they make all the trading decisions after that you just find out after the fact what What they do so hey, if, if and when i sell shares, i'm not going to sell them just in the market, the way people are legally allowed to do where i'm illegally allowed to do. I would do it under the office of attendee 51 plan and under current practice you don't have to disclose that until you actually sell the shares - and i disclosed on monday that i don't know four months from now - five months and now six months now, whatever it Turns out to be three months from now, maybe i don't know that i'm gon na put some shares in attendee five one plan, but at the same time that i said that i am asking my board of directors to legally and formally require required that i hold Eight years of my salary in either own shares or previously granted shares were part of my compensation from prior years - 2016, 17, 18, 19.. But hey that's what i'm asking the board to require the chief executive to do.

The reality is that at today's market price at today's market price uh, my stock is like a hundred years of my salary, and you know it's. I haven't yet exactly decided what i'm going to do this winter, but um uh, but i assure you i'll be if you count my granted shares from prior years that will vest over the next 36 months, uh i'll be so far above that eight-year thing. I'm gon na be a big amc show well right now i am a very big amc. Shutter, i'm gon na stay, a very big amc, shoulder um.

All i'm doing is betting on myself and betting on the team that i've helped to build and that i helped to lead - and i you know, i'm quite optimistic about our long-term future heck yeah, that's uh! That's some silverback shareholder energy. I like that that gives a lot of uh honestly confidence to me and to a lot of other people. I don't think it's something you can truly uh under state so that hats off to you. It's it's really respectable.

My closing, you know question for you, as the last two interviews have been is uh regarding you know these these short sellers and mainstream media and some specific names, and this is coming from me. This is my opinion right, not adam, and i don't speak for him, but you got guys like jim cramer and rich greenfield who, who you know very frequently, speak against your company and bet against you and bet against amc and bet against retail investors. So, as always adam, i want to close this off by getting your if you could say anything to these guys, the the naysayers over the last seven eight months, one two years that a bet against your company, whether it be short selling or mainstream media. What could you tell them? What would you want to tell them? Well uh.

Let me hit the premise of your question for a second uh. I know that um uh, like i i i don't - have a lot of affection for rich greenfield's. One cent price target on amc, i'm not making any comment about rich greenfield per se right. I just don't happen to agree with his one penny price target for our company uh.

I think jim cramer's taking a pretty unfair rap. I know that i read my feeds. I see what people say. Look i know about his whole career and i understand why some of your uh uh uh uh viewers, anybody who's ever worked for a hedge fund.

They don't like um, but and - and i know that uh jim had doubts about amc initially. But if you look at what he's been saying, the last four or five months he's been saying very good things about amc, and so i don't think you should necessarily lump all these uh people into the same boat um and you know like when i go on. Cnbc and they ask me a hard question like that's what journalists do they ask hard questions? They expect they give me a forum to state the the rebuttal so to speak, um uh and on balance. I believe that jim cramer is rooting for amc and rooting for adam here so and i'm gon na take a lot of grief on my inbound feeds, because not all the people who are watching this agree with that but uh.

He said some very nice things about amc and he says very nice things about me and i appreciate that the. But if you broaden the question from just those two names that you mentioned right, it was it's a generalization. That's uh! That's just names that popped in my head, yeah. I understand um uh, look, um, hey it's a free country.

People are allowed to bet with you and bet against you. Don't particularly like it when they bet against you much. Rather, they bet with us um uh, but i know that your audience may be focused on short sellers. I don't want to say this to say that i'm oblivious to what goes on with our share price, because, obviously, given that i own millions of shares and i'm a very large shareholder, i care very much about our share price.

But my focus is so much more on guiding this company through the most difficult two-year period that it's probably seen since world war ii, certainly the most difficult two-year period of my lifetime and um. I've got to tell you um. You know, speaking of that 67 year old, who is you know, can't hide the fact that time is marching on and this ain't my first rodeo right. Absolutely um amc is the fifth company that i've run since 1993., and i've had a very successful career.

Before i was i, i worked for several companies before becoming a ceo and i'd like to think that i did a really good job at each of my stops. Along along the road and some of those stops were short like a year, and some of those stops were very long like a decade uh and um. There are things that i'm associated with that in my past that i'm very proud of that you're. You guys may not know this, but in 1982 i'm one of nine americans with a straight face, who can say they created and launched airline freedom, flyer programs which revolutionized how marketing has done the world over loyalty programs did not exist in 1980 and it was the Airline industry that pioneered it - and i was one of the there - were nine major airlines in the united states at the time and each airline had one person.

I was 27 years old and i i did it and then i launched one of the first hotel industry. Frequent guest programs, when i was the chief marketing officer of hyatt um, and that was 1985 7 1987. long time ago. So there are things that i have been associated with and i'm very proud of.

Uh norwegian cruise line, which was my first ceo ship, was a company that was in so much trouble, and so many people were predicting. It was going to go bankrupt and we pulled off an incredible turnaround at norwegian cruise line, and you know fast forward. Uh, 25 years it's uh. It's still a one of the most potent uh unsuccessful uh cruise comes around now.

The cruise industry is uh on its tail because of covet, but that's a different. There will be a world after covet sure no region will come back um. So a lot of things, i've done, um that i'm proud of um, but in my entire career over everything i've seen i'm i've been i've, never been more proud of what uh i've had the privilege to lead and accomplish at amc in the past 16 months, and I'm so proud of our executive team um, who worked under grinding pressure uh. You know our revenues went from 450 million dollars a month to 450 000 a month in a week in a week, companies weren't designed to go from 450 million dollars of revenue to 450 000 of revenue overnight uh and that we got through the pandemic.

Um is a great feat, and now we've marched into a new era where we need to continue the recovery of amc, so we build back to profitability and we're at the forefront now of what a friend of mine who's. Very prominent finance here called the democratization of wall street and the rise of the individual investor and um and the uh and i'm as proud as i am, of the first act of our post, covent experience, which was saving the company from catastrophe. I'm really proud that we're out in the forefront of the democratization of wall street um, you know so many articles been written about um, um, gee, adam air has embraced the retail investor. It's like like it's like it's a news and a novel thing, and can you imagine that there's a ceos actually paying attention to individual investors? Well, of course, company executives should pay attention to individual investors when they own the company company managements have always devoted a lot of time to interacting with their shoulders, and so i'm very proud of the fact that uh, adam aaron and amc is out in the very Forefront of giving individual investors the respect that they properly deserve, and i'm certain of only one thing um, i think together investors and management, i think amc is in good hands.

I think we have a bright future and um. You know uh i, unless i kill over dead tomorrow, which i don't intend to do, because i'm really good elf, i think uh. I know i'll be running this company a year from now and i'm sure i'm gon na be running this company three years from now - and i hope i'm gon na be running this company five years from now and who knows maybe i'll, be running this company eight Years from now on, my 75th birthday, you can never tell, but when people look back on all this uh, not talking about how we're gon na do uh, you know in the second quarter, 21 or the third quarter 21. But looking ahead, i think this alliance that's been built between the owners of the company and the management company.

I think amc is in good hands and i think we got a bright long-term future man. I don't think there's uh, there's anything. I can say that's gon na cap off this, this uh conversation better than that adam, always a freaking pleasure and to be able to speak with you. I i really mean it you're, a genuine guy and it's, i think, really.

You can't put value on how cool it is to have somebody that interacts with their their shareholders in a unique scenario like this, where 80 percent of the company, as of the last year, account is owned by a retail investor. So i appreciate your time we kept you longer than i intended to. I apologize for doing that uh, but it's it's been a blast. Thank you for coming on and answering uh some questions for the apes.

Well, thank you very much and uh all my shareholders out there. Why not go see a movie this weekend? There just might be an amc theater near you, we'd love to see you hey i'll, be making sure to go out and buy a hundred dollars of milk, duds coke and uh popcorn, as i always do. When i go watch a movie. Hey absolutely honor appreciate having you on gorilla gang hope.

You guys enjoyed this live stream, and this uh this third interview with adam aaron uh. You guys have a good night. That's what i got for you, so lights, apps, always much love and peace.