I admit I was not up to speed on OSTK float, open interest and short interest figures. Frankly it`s pretty hard to buckle down, do my DD and take anything that guy said serious after I heard him refer to hedgies as "the sith" and "evil empire". It made me disregard him as a lunatic...and frankly most everybody else that heard him probably has ignored him also... It`s a shame his board of directors let him speak in public...my nephew could have used a better analogy than a Star Wars reference.
Hahaha, that's understandable in my books, the guy can come off as a lunatic. The thing is, he may be a little flamboyant, but he's also razor sharp and very well connected. All those crazy comments had a purpose tho, if you ask me, even if he was somewhat incoherently delivering them. anyway, it'll be interesting to see how this plays out.... -The New Guy
hey... that's cool. i agree, i wasnt thrilled with the star wars references but he was sending out a message to MM. don't let that throw you though, this guy is as sharp as they come and he has huge allies, but it may not be enough in the end.
I have permission to release this. Dave Patch is author of "investigate the sec.com". Don't bet against Patrick. Don't bet against Mr Lambiase, who at 17 was a US Marine. In this entire mess, he is the most stand up of stand up guys. Semper Fi..... September 8, 2005 Dear Mr. Patch, Although REG SHO is a solid first step in eliminating certain abusive practices, a significant number of issues remain with respect to naked short selling. As you know, the emphasis of REG SHO is, by and large, the âthresholdâ stocks traded on the NYSE and the NASDAQ. It appears that the SRO's have begun to pay attention to naked short selling now that it has become an SEC rule. Nevertheless, it seems clear that had the SRO's and the SEC exercised greater diligence in enforcing pre-existing rules, REG SHO would likely have been unnecessary. The most egregious abuses pertaining to naked shorting are occurring on the bulletin board and pink sheets. This fact is particularly troubling because REG SHO fails to address or provide any meaningful reform in these marketplaces. I believe this failure is due, in large part, to the lack of resources committed to these markets and the resultant lack of transparency. Regulators must devise and implement solutions that will offer the maximum effect without hindrance to the legitimate financial marketplace. REG SHO, once enhanced, should have such an effect. However, there remains a substantial distance between REG SHO and the ultimate goal of including substantive protections for small business issuers. It is these small businesses in our communities who take entrepreneurial risks to grow their companies through listings on the OTCBB and Pink Sheets. These small businesses not only provide employment for the residents of their communities, but also offer the general public the opportunity to invest in local businesses with promising products or services. While it may be true that a number of small companies lack the financial depth to succeed, they are nonetheless entitled to succeed or fail by their own honest business decisions and not as a result of the corrupt acts of abusive short sellers. Without transparency, we cannot, as yet, precisely identify each small business that failed as a direct result of abusive naked short selling nor quantify the exact number of jobs lost to our local economies when these companies are forced to close their doors. However, we can say to a certainty that the impact on many of our local communities has been injurious. As a result, we have observed an unmistakable loss of investor confidence by the arguably millions of investors who have lost their monies. Members of Congress are confronted with a myriad of constituent concerns, many of which may, at first blush, appear to have a more direct affect on constituents than the problem of abusive naked short selling. In fact, abusive short selling poses a direct threat to the economic well being of small business and the entire community. Congressional legislators want and, by necessity, must have the utmost confidence in governmental agenciesâ capacity to carry out their legislative mandates. The SEC is moving slowly forward as REG SHO in its current state is studied and debated seemingly ad infinitum. While slight modifications to the existing Rule may result from such an approach, a far more threatening pattern of abuse is certain to continue unless wholesale reforms are made to remedy the concerns of the small business community. Without further substantive reform to REG SHO, many more small companies in our communities will succumb to failure - not through the mechanism of the marketplace but at the hands of manipulators. The fact that you, along with an ever-growing group of concerned citizens, have continued to champion the issue of reform in the naked short selling area for so long is the primary reason we are beginning to see reform of any sort. I would caution people not to assume that because reform has begun that the issue of abusive short selling will soon become a thing of the past. Without both a concerted effort to inform and educate those in power on what issues remain and a commitment to implement real, workable solutions we are unlikely to see any meaningful reform. Your determination and persistence in seeing that this wrong is righted is in part responsible for my interest, as well as that of other state regulators. We have established a working project group in this area and have been meeting with SRO's and issuers alike. We will continue to exert substantial effort to remedy the remaining abusive practices in naked short selling until we are confident at the state level that the companies in our communities and citizens that invest in them will no longer be the possible targets of abusive naked short sellers. Sincerely, Ralph A. Lambiase NASAA Past-President and Director, Connecticut Division of Securities CC: Tanya Solov, Director, Illinois Securities Department Tanya Durkee, Deputy Commissioner, Vermont Department of Securities Rex A. Staples, General Counsel, NASAA
Fly I appreciate all your postings but something just does not add up with the float & #'s Byrnes is putting out and the action in the stock (especially those days when he and his Dad bought some $20M of stock, who was selling? Naked shorts?) I am long hundreds of Calls but the one thing that is worrying me is that naked short friendly MM's can naked short to hedge their positions if I am not mistaken. So, in order to provide liquidity in the options market they can sell very cheap OTM puts to the likes of Rocker et ak and then turn around and naked short OSTK legally. Is this right or not? If it is correct then it isn't too much of a stretch to see how they could get around the whole naked short being illegal problem. The one thing that would have to happen though is that they would have to close out some of those naked shorts upon option expiration as they would lose their "hedge" cover. Perhaps this is the reason why the stock has not fallen on the news, options expiration friday so naked shorts had to be covered as they could no longer say they were hedged for the expired puts? Of course, could also be that the stock is where it is and has been the last few weeks because the big money in the stock already knew what was going on (with the IT) and the IT stuff was already factored in by majority of investors in the float? I know you say it isn't about fundies but if ostk produces decent earning with this recent upload of goods and have a good holiday season then it will bring more investor interest in to the float and if the stock rises even a little, the momo crowd. The naked short game has limits doesn't it? They can't hold it down by naked shorting unlimited number of shares or it will be too blatant. I mean it is already pretty blatant but they are getting away with it because there seems to be some room for plausible deniability still, if they have to short the stock to fend off interest from new buyers provoked by positive fundies then there has to be a limit where they have to stop or even the SEC will have to step in just to save face?
at the height of their power, there was no news that would allow a stock to stay higher. They would always collapse. ALWAYS> The mistake you are making is using logic. This is a fixed horse race. Logic will not work. They simply pass the fails around. I'm expecting to make a post later on tonight that will add more light to the situation. I expect we are close to the end of this madness. I cannot say they won't come in and crush OSTK, which will help Byrne, because he'll buy the rest of the float dirt cheap. But I think anyone who has every traded dumpers must admit, the action here is exemplary. Believe me, they would have taken it to 20 if they could have. They didn't, only because they couldn't. And you saw the letter from NAASA. All I have to do is call them, and they start digging. This is going to end. Hey Jeff. Flytigerisnotmakingthisup@urfucked.com Serious question. How do you think these assholes get outlandish returns? Do they sound smarter than you? Do they work harder? Or do they just know people who write, gossip, cheat and steal. Start asking questions people. They foul our waters.
thanks Fly...... here is a excerpt: "In yet another twist in the stock market scandal known as Stockgate, the Faulking Truth has learned that Senator Richard Shelby (R-AL), Chairman of the Senate Banking Committee, has shelved a planned Senate Subcommittee Hearing investigating the issue. Originally scheduled for February of this year, and then postponed several times, the hearing, which has been advocated by Senator Robert Bennett (R-UT), has been cancelled indefinitely. According to a reliable source inside of the planned investigation, "The authority and the responsibility to take the necessary steps to deal with the issue of naked short selling lies squarely at the feet of Senator Shelby, and he has chosen not to allow the planned Senate Banking Subcommittee hearing to go forward." In an earlier interview with the same source, we were told that "Senator Shelby tends to grab things like this for his own purposes, and his own purposes don't always mesh with what's best for the public." Translation: Senator Shelby has sold out America in the name of special interests, and sold out the small investors to the hedge funds and their multi-millionaire clients. According to a trader who has been in the business for over 20 years, "the issue of naked short selling, or to put it more bluntly, 'stock counterfeiting', affects nearly every person who has ever bought or sold stock or invested in mutual funds. This scandal has cost investors and companies trillions of dollars, cost our country billions in tax revenues, and the money stolen from investors has even found its way into the hands of organized crime and terrorist organizations."
it is dirtbag scum politicians like shelby that have helped take down our once great country. shelby is about as bad as they come... just seeing his face sickens me, no telling what they gave him to sell us out.