http://www.thestreet.com/_tscana/stocks/brokerages/10277405.html http://www.sec.gov/litigation/litreleases.shtml 8K filed yesterday by OSTK allows PB and Jack to buy more than 50% of the stock without it being a "material event". You should be able to figure that one out. Read the SEC complaint on Sedona, understand it happened to thousands of companies, good and bad, and then you tell me where the money went. You and I didn't get it.
feel sorry for that guy, they put him in play, and he doesn't know how to get out of the center ring....
I wouldn't feel too sorry for him. He knows what he's doing. And he's as mean as a junkyard dog if he has to be. The problem is, he's extremely philanthropic, and this does take time, money and effort. That has to come from somewhere, and I'm sure there is other things he'd rather be doing. But...........
06-Apr-06 13:39 ET Trader In Play Overstock.com follow-up on private equity/LBO rumor (OSTK) 29.03 +0.58: In checking around on this OSTK chatter, seems like an 8-K filing may have something to do with the "private equity/LBO" rumor... Essentially, the filing noted that OSTK's debt covenant has a "material change" provision wherein the debtholder could force OSTK to repurchase its outstanding senior notes in the event of a material change. The 8-K says the co has obtained a waiver from this provision as long as the "change" is the acquisition of stock by C.E.O. Patrick Byrne and/or Chairman John Byrne and immediate family members... Trader Note: Appears that this statement is being interpretted as the Byrnes looking to buy even more stock. Some may view this as an attempt to further squeeze the shorts, or a long-term goal to take the co private. Note, the co's shareholder meeting is April 25. 06-Apr-06 11:38 ET Trader In Play Overstock.com strength attributed to rumor of some type of private equity deal... just passing it along so you know why stock is moving (OSTK) 29.42 +0.97: 06-Apr-06 11:36 ET In Play Overstock.com spikes over 1.50 on heavy volume over the past few minutes (OSTK) 29.60 +1.15:
Gasparino reported this morning the hedge funds are reportedly going to sue BD's over bad locates they've been given. He then said, "when you've got an OSTK with 105% reported short, you've got a problem." The rumor is Milberg Weiss, and it's a good rumor. They aren't exactly Mother Theresa admitted to a Bar. But this is how you guys are getting your locates. We've figured it all along. The money is too good. Remember Cuban saying he could get 20,000 but at 25%?
Interesting. Sounds like the HFs are backing away, saying "Hey, we didn't do nuthin' wrong. We just wanted to short. The BDs said they had the borrows..." Quite a bit different from the "There isn't a naked short problem. It's legal, or it's all in PB's warped brain."
Aw, come on. How'bout an ATTA BOY. Please....... ????? =DJ Lawsuit Filed Vs Brokers Over Naked Short-Selling Fees By Chad Bray Of DOW JONES NEWSWIRES NEW YORK (Dow Jones)--An antitrust lawsuit was filed Wednesday against the securities industry's largest brokerage firms over fees charged as a result of "naked short selling." The lawsuit filed in federal court in Manhattan by Electronic Trading Group LLC alleges that the major broker-dealers charged unearned fees, commissions or interest on short sales where those broker-dealers failed to borrow or deliver the stock to back a short position. Naked short selling exists when a stock is sold before an arrangement has been put in place to borrow the shares. It's illegal for most investors, but legal for firms that make markets in stocks and bring liquidity to the market. "Defendants collusively condone and engage in these practices to their individual and collective enrichment, routinely alternating among themselves in the roles of prime broker who fails to deliver and third-party broker-dealer who permits the (failure to deliver) to persist," the lawsuit says. The complaint names the broker-dealer units of Bank of America Corp. (BAC), Bear Stearns Cos. (BSC), Citigroup Inc. (C), Credit Suisse Group (CSR), Deutsche Bank (DB), Goldman Sachs Group Inc. (GS), Lehman Brothers Inc. (LEH), Merrill Lynch & Co. (MER), Morgan Stanley (MS) and UBS AG (UBS). The lawsuit, which is seeking class-action status, claims the broker-dealers charged Electronic Trading Group and other legitimate short sellers for "covering" short positions that the broker-dealers actually didn't cover and then concealing that fact. Electronic Trading Group said it was charged improper fees, commissions and interest by the broker-dealers from April 2000 to present. "In effect, plaintiff and other members of the class were charged and paid costs and fees, but did not receive the bargained-for value in return," the lawsuit says. -Chad Bray, Dow Jones Newswires; 212-227-2017; chad.bray@dowjones.com
Oh, I almost forgot........... David Rocker to retire from hedge fund Rocker Partners Print | RSS Feed | Disable live quotes By Alistair Barr Last Update: 6:07 PM ET Apr 12, 2006 SAN FRANCISCO (MarketWatch) -- David Rocker, the managing general partner of short-selling hedge fund Rocker Partners, has announced plans to retire. A representative at the firm confirmed late Wednesday Rocker's plans to retire and referred all further inquiries to Rubenstein Associates, a public relations firm that represents Rocker Partners. A representative at Rubenstein wasn't immediately available to comment. End of St Some of you remember the nuke drills from the fifties. For you young bucks who can still get wood without a prescription, it went something like this..... "Duck and Cover". And believe me, the hard on I've got for this mess needs no pill.