22 Jul

Overstock.com’s Mounting Accumulated Losses

Patrick Byrne, Sith LordToday Patrick Byrne, CEO of the ever-flailing internet retailer Overstock.com (NASDAQ:OSTK) went on Fox Business to talk about naked short selling and conspiracy theories. And to whine about CNBC and the fact that he thinks people at CNBC take orders from Hedge funds: “They won’t let me on to talk about it.”

Byrne was asked the question on everyone’s mind: Isn’t the hammering of Overstock’s stock price really related more to the fact that the company has never turned a profit, rather than the naked short selling conspiracy?

Patrick’s response? Overstock has “….made money in some quarters.” Read More

09 Jul

The History of Patrick Byrne’s Sith Lord

If you like to read about delusional rantings and paranoid conspiracy theories, you can’t help but follow full-time message board poster Patrick Byrne. He moonlights as the CEO of failing online retailer Overstock.com (NASDAQ:OSTK), but his real purpose in life is uncovering conspiracies.

The funny thing is that if Byrne was a little more lucid, someone might listen to him. Is there corruption on Wall Street? Of course. Is it the grand conspiracy by which financial reporters take their orders from hedge fund managers and write whatever will make the hedgies billions of dollars? I doubt it. But that’s Byrne’s theory. Read More

28 Jun

Short Selling, Miscreants Ball, and Conspiracies… OH MY!

On August 12, 2005, Patrick Byrne, CEO of Overstock.com (NASDAQ: OSTK) had a conference call he said was going to give information about the “August 11 lawsuit.”

The transcript is 17 glorious pages of Byrne rambling about his conspiracy theories. No questions. Just Byrne and conspiracy theories. I read it on Thursday. And I didn’t really know what to do with it. Do I try to summarize all the nonsense? Then what?

Fortunately, a poster on a stock message board has saved me the trouble. Here’s what he calls the Reader’s Digest version of the transcript. If you’re normal, you will get less than 1/4 through it and swear that this person is lying. The transcript of this public conference call sponsored by Overstock.com couldn’t possibly have happened this way. Oh yes, it could. Read the transcript for yourself! Read More