OSTK oops

Discussion in 'Wall St. News' started by Free Thinker, Feb 4, 2010.

  1. where is flytiger, defender of the brilliant ceo byrne? i am sure its the evil shortsellers fault.

    • In the most recent 8k, Overstock admits having to restate quarterly financials from Q1 2008 to Q3 2009;

    I suspect there will be more shoes to drop in the future. I also have a suspicion that a few execs and former employees will be getting fitted for state issued orange jumpsuits.


    8k filing after the jump . . .

    Item 4.02(a). Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

  2. Obama should have said don't squander your college savings in Utah.
  3. We have a rule. We never, ever, talk about the company, Overstock. Ever. But, from knowing Patrick and the folks there, I can tell you if there was a mistake, it was honest men making an error. That happens. I would suggest there were dishonest men making huge mistake in NY and DC. I would suggest you spend your time talking about them.

    I spoke to Patrick yesterday; the conversation was, what, or whom, has such a death grip on the SEC, that they will not make proper decisions to protect the investing public. We do not have an answer. Opinions, but no answers. Let's just say, they aren't friends of mine, and they aren't friends of you.

    Think about it. How are you all doing? Most of you are losing. You that are winning, and who can believe anyone about that, are facing huge encroachment from Government including a transaction tax. So, a few people have all the money, and wannabees hang around for crumbs.

    You have a group of people, Antar, Weiss, now Ritholtz, who spend 24/7 attacking a small company who's important only to a few shareholders and how many people work there. Ask yourself. Why? For free? Do you think guys like Weiss and Antar do things because they are the right things to do? Maybe you do. But anyone with a brain will quickly figure it out. Kaufman gets it. He may be the only one. The sad thing is, so many in the "Industry", which is a fair adjective if Escort services are also considered an industry, still, after how many years, still don't get it.

    The window is like one in a basement. It's very small, and it's closing a little every single day. If you like what you do, you'd better hope Patrick wins. If he loses, we all lose.

    Anecdote. We had contact with a lobbyist who told us three years ago, that people at the SEC wanted to step forward and help, but they were "afraid of catching a bullet." Now, look what's happened there in three years. It's a shithole. And that's a good day.

    You folks better wake up. Many have made fun of me through the years. But you can't point to one thing I've said that has been disproved. The one thing I've said was the DOJ would move. You may say that didn't happen; I'll point you to Galleon. It's just part of the process.

    Start doing some independent thinking. A few more of you will see it my way. It does look like. It does smell like. It sure tastes like . Guess what it is.

  4. i think old pat protests a little too much. one would think he would be smart enough the make sure his own books were in order before he started screaming conspiricy. i guess he isnt that smart.

  5. old pat did it again. he is proving the old wall street rule. if a company blames short sellers for its problems it is covering up much bigger problems:

    Perennial quarterly statement fabricator Overstock.com filed a FORM 12b-25: NOTIFICATION OF LATE FILING for its 2009 10K. (Delisting soon to follow?)

    Why is Overstock.com filing this this delay of its 401k at this late date? “Operational errors“are the starter, but the real issue is “material weaknesses in its internal control over financial reporting.” At least, that’s what Stephen J. Chesnut, their Senior Vice President, Finance and Risk Management.

    Someone less eloquent than Mr.Chestnut would have called their accounting a steaming pile of fresh bullshit.