The “Black Ops” train at Overstock.com (NASDAQ:OSTK) has been chugging full steam ahead over the last month, so that can only mean one thing… Patrick Byrne and his minions have something to hide.
And indeed, the fourth quarter financial results were not so good. So in order to deflect your attention from the numbers and the facts, the so-called “executives” spend their time smearing those who criticize the company. Executives take pot shots at writers who question the company and its management… writers like Herb Greenberg, Gary Weiss, Floyd Norris, Zac Bissonnette, and others. And then there’s Sam Antar.
Sure, Sam Antar is an easy target for Bryne and his lead stalker, Judd Bagley. After all, he is a convicted felon because of his role in the fraudulent family business, Crazy Eddie, which caused over a hundred million dollars in losses. But even when doing the right thing, Sam’s still a target… he decided to give law enforcement the goods on the Crazy Eddie business. Of course, instead of portraying this as an individual who took responsibility for his actions and did the right thing by confessing, Sam is vilified as a rat. He can’t win!
And Sam’s also a good target because he doesn’t back down. He has seen financial statements that stink over at Overstock, and he’s not letting go of the issue until his questions are answered. And mind you, these aren’t just Sam’s questions. They’re also the questions of many in the investing community.
Face it… Overstock.com is a horrible company run by an even more horrible CEO. (How many times has Patrick Byrne been nominated for Worst CEO?) Something is wrong with the company, and something is wrong with the financial statements. Odd things keep popping up every time a 10-K or a 10-Q is filed. Each time Byrne opens his mouth, he seems to contradict something said in the filings or in another interview or conference call. How can so many “unusual” things exist in a company that proclaims it’s squeaky clean? And if the company is so clean, why doesn’t Bryne just give straightforward answers to the questions once and for all?
This is the interesting thing…. No one is refuting the financial issues Sam Antar has raised. No one ever explains the funky accounting that Sam uncovers. The apparent manipulation of the financial statements at Overstock.com is never explained or denied with any cold hard facts. All Patrick Byrne and Judd Bagley do is smear journalists and investigators. They make many false assumptions and promote poorly-developed conspiracy theories, but little to no facts are ever produced.