The discussion of the Securities & Exchange Commission’s “no action” letter to Overstock.com (NASDAQ:OSTK) continues around the blogosphere.

On the one side we have the supporters of the company and wacky CEO Patrick Byrne (whos says “yipikaye” in response to the situation), who see this as a complete vindication of the company. They believe this means the SEC is blessing everything Overstock does, and giving the company its stamp of approval. They claim a no action letter is equivalent to the SEC finding “nothing wrong” with Overstock’s accounting and disclosures.

On the other side we have those who think the company’s financials and disclosures stink, and that Patrick Byrne and his executives are actively misleading investors. Those on this side acknowledge that the SEC’s no action letter is disappointing, but realize that it doesn’t mean there couldn’t be future action. Continue reading