Quite a lot happened this past week at Overstock.com. Is the house of cards finally falling down?
Some think so. Gary Weiss even wrote a blog post entitled “Will the Last Overstock.com Director Please Turn Out the Lights.” And Sam Antar is wondering why people are distancing themselves from CEO Patrick Byrne.
The Overstock.com directors are dropping. It’s always a bad sign when one’s daddy is the first to resign from the Board of Directors, don’t you think? The stated reason for the departure of John J. Byrne was:
On July 31, 2006, John J. Byrne announced his retirement from the Board of Directors of the Company due to his new role as Chairman of White Mountains Insurance Group. The resignation did not result from a disagreement with the Company on any matter relating to the Company.s operations, policies or practices.
It is interesting that the resignation supposedly has nothing to do with disagreements, but in an interview with CNet News a few months earlier, Patrick admitted that he and his father disagreed about his “jihad against short sellers”:
Read moreThe Overstock.com house of cards