Over four million individual investors now own the majority of AMC stock, which is quite atypical. He didn’t turn AMC into a meme stock, AMC shareholders can blame Reddit for that. But Aron sure did embrace it. He estimates that he tweets at least 20 times each month, primarily to reach his shareholders. And he listens to his followers: when the overwhelming majority of people responded to a Twitter poll he sent out, saying they want AMC to accept Dogecoin as a payment method for going to the movies, AMC decided to allow it for its digital gift cards.

We think Aron is a hero - to AMC’s debtholders. The company was on the verge of chapter 11 a little more than a year ago. The influx of Reddit-reading speculators bought enough stock in new public offerings by AMC to stave off filing for bankruptcy protection for some time. Still, AMC has nearly $11 billion of debt.

From the perspective of bondholders, there can be nothing better than new investors deciding to invest money in newly issued shares of stock, since every dollar invested is a dollar bondholders will be entitled to before shareholders are entitled to anything. Do you think the Reddit Apes understand this?

Aron was recently quoted by Business Insider as saying:

"We're one of the few companies on the New York Stock Exchange where individual retail investors are clearly in control of the company. They own the company," CEO Adam Aron told Insider in a recent interview.

Hilarious. Ever been at a meeting between a company with a balance sheet and income statement that looks like AMC’s and its lenders? The questions of who is “clearly in control” and whether shareholders actually “own” the company in the truest sense of the word are anything but clear.

According to Seeking Alpha, six of eight analysts who rated the company in the last 90 days, and eight out of 11 of its authors currently, are bearish or very bearish on AMC.

As stated in Want to Buy a Bridge? No? Then Do Not Buy AMC Stock, at least AMC was honest about the situation. When it decided to sell new stock a little more than a year ago, when its share price was around $3.50, AMC stated quite clearly that if there were not enough suckers (it did not use that word; it's our word) to buy the newly issued shares, all shareholders would likely be wiped out.

As things turned out, AMC was able to raise cash (a little more than $2 billion) through its stock sales. It's cash position today is about $1.6 billion.

AMC was up almost 2% on Monday. And it soared this past Friday. Spiderman is a hit. What could go wrong? Just that, eventually, the efficiency of the market will prevail.

The previews to the movie The Fall of AMC is likely to include some interesting, even novel, breach of fiduciary duty scenes.