I bet Patrick Byrne, CEO of Overstock.com (NASDAQ: OSTK) wishes the week was over. He screams, “NOOOOOOO…. not one more day of trading!”
The stock fell over 12% to $13.24, the lowest price since 2003. But of course, the company isn’t sucking wind… so says Patrick Byrne. No, he says things are just rosy.
But we’re still looking at a company that has never turned a profit. That has consistent “unusual” inventory numbers, with reserves and junk inventory that have varying explanations. That just keeps eating up more and more cash. That is run by a loon who is more interested in developing and promoting conspiracy theories than he is in running the company.
Sell, and sell fast. We’ve been telling you all along that this is a sinking ship. The departure of Jason Lindsey, co-founder, president, COO, and member of the board of directors is a bad sign. They say he’s sticking around part-time, but that doesn’t hold water in light of his resignation from the board. How much more “part-time” can you be than to be on the board?
There are also some interesting comments and observations on this issue at: