Comments on: Securities & Exchange Commission closes inquiry into Overstock.com

By: somtnman

somtnman — Wed, 18 Jun 2008 15:02:56 +0000

Seems to me the market value is all the “rebuttal” one needs. And that is about a third of where the shares were at the peak and alost exactly where they closed ($28.34) on the day of the Sith Lord call. Since then:

NFLX: = +98 PERCENT
NILE: + 93 PERCENT
MOX INTERNET INDEX: PLUS 87 PERCENT.

Oh, I know., shorts: NFLX and NILE are regulars on the SHO list. So that’s the same, too. But neither Hastings nor Vadon uses it as a crutch.

2007 cash flow from operations…

OSTK +9.8mm (DOWN FROM +25.4m IN 2004)
NFLX: +291.8m (V. 147.6M IN 2004)
NILE: : +41.5m (V. 19.8m IN 2004)

The basics: Pat is bad at running a fundamentally easy business. Quite aside from whether his revenue recognition moves revenue from one quarter into another, which has always been a minor issue.

The market is a voting mechanism when Dave Patch is involved, and ultimately a weighing mechanism that drowns him right out.

By: Tracy Coenen

Tracy Coenen — Mon, 09 Jun 2008 16:21:47 +0000

Peter Landis – You’ve been following this blog for quite some time, so I’m sure you’re well aware of what I believe to be misleading on the part of Overstock. If you can’t remember, type overstock into the search box toward the top of the page and start reading. THAT’S what I find false and misleading, and as I’ve already stated, we don’t know if the SEC agreed that it was misleading or not. We just know that for whatever reason, they’ve chosen to not move forward.

By: Peter

Peter — Mon, 09 Jun 2008 16:15:14 +0000

Tracy what facts and figures are you defending? I would like to understand what it is you found to be false and misleading that the Securities and Exchange Commission did not.

By: Tracy Coenen

Tracy Coenen — Sun, 08 Jun 2008 23:14:14 +0000

There you go Dave. All you can say is “everyone disagrees with you.” I haven’t talked to “everyone,” and I suspect you haven’t either. So we really don’t know who agrees with me and who doesn’t.

This isn’t a popularity contest for me. It’s about facts and figures. The numbers and the disclosures Overstock puts out are materially misleading, in my opinion.

You obviously can’t argue a point either. All you can say is “you’re wrong and everyone knows it.” You really ought to try arguing a point and backing up your point with some actual facts and support. That would go much further than just trying to insult me and my work. Your time is up here as well.

By: Patch

Patch — Sun, 08 Jun 2008 23:04:43 +0000

Trtacy, EXACTLY. “It’s much easier to scream “you’re wrong” and stomp off than it is to actually raise a real issue and discuss its merits.”

Unfortunately you scream on false innuendo and present it as factual. The fact that nobody outside of short biased hedge funds, gary weiss,sam antar, and yourself believe that Overstock has committed accounting fraud is irrelevant to you. even after a relative clean bill of health on reporting standards by teh SEC you are still unwavering on your accusations. why? What makes you the all knowledge in this? Why the obsession with this one sinular company with thousands out there?

FWIW…Both Gary the sock puppet and Sam the criminal linked up to you latest. What a highly ethical crowd of associates you have.

By: Tracy Coenen

Tracy Coenen — Sun, 08 Jun 2008 22:46:31 +0000

LOL – If no one cares or listens, how on earth would I have damaged anyone’s reputation?

I find it interesting that you can say I’m “wrong’ about everything, but you raise not one substantive issue on which you think I’m “wrong” and offer a rebuttal. It’s much easier to scream “you’re wrong” and stomp off than it is to actually raise a real issue and discuss its merits.

Your time here has run out. Thanks for participating.

By: Craig

Craig — Sun, 08 Jun 2008 22:41:53 +0000

Why don’t you just stop your pathetic blog, and find another job. Who in the hell will listen to you after this debacle. You do not know what you are talking about, are completely wrong, and have damaged the reputation of people and companies that you have posted about. I think it is high time, you move on. Go write another book like Weiss, that never sells, or give speeches like Antar that obviously no one listens to. It is also time for you to be examined for your lack of ethics in these senseless rants and posts which have no basis except you jaundiced opinion, which no one cares about.

By: Tracy Coenen

Tracy Coenen — Sun, 08 Jun 2008 05:40:21 +0000

The SEC has never received any request from me. And you’re mischaracterizing the no action letter. It doesn’t mean they found nothing. It means they’re not moving forward. And yes… I’ve been outed… as a forensic accountant who doesn’t like false and misleading disclosures by public companies. How horrible!

By: Bruce Thompson

Bruce Thompson — Sun, 08 Jun 2008 04:40:46 +0000

Gee Tracy,

The SEC was in OSTK files for two whole years at your and your cohorts request. Patrick welcomed them with open arms and hid nothing, They found nothing to substantiate your bogus claims after all that time.

You have been outed for what you are. You have also lost every shred of credibility you may have had,

Give it up. You lost and your current tirade just looks silly.

By: Mirror

Mirror — Sun, 08 Jun 2008 00:49:39 +0000

Dave Patch wrote; “Suddenly none of it is proven to be accurate from those that regulate such disclosures. That implies you are proven inaccurate. Sam, he was feeding all his garbage directly into teh SEC and they basically said “sorry, don’t buy it”.

By this logic Patrick Byrne has been proven wrong about Gradient.