Ostk, the stock.....

You naysayers, all of you that think this guy is a malcontent, listen. The gloves are off. this is long, but he covers the Mafia, IPO's, Gary Weiss, the works. I can guarantee you one thing, the biggest names on Wall St. and in the Hedge Fund industry will see this and listen to every word. You should too.



http://www.theregister.co.uk/2008/03/10/scc_14_patrick_byrne/

 

A little more ajida for the boyz:

Motherload of data
See link below for meeting minutes from 3/14 case management conference in OSTK vs. the brokers. Use Firefox to read the 3/14 minutes. IE doesn't seem to work.

It's a short read but if you can't open it basically all the defendants have until 5/31 to fork over CNS data and 6/30 for non-CNS data. Time to shine a spotlight in the attic.

Brokers can serve OSTK discovery requests by 3/21.


http://www.sftc.org/Scripts/Magic94/mgrqispi94.dll?APPNAME=IJS&PRGNAME=caseinfoscreens&ARGUMENTS=-A
CGC07460147,-AD,-A,-AN,-AGenerated\%3A%20Mar-16-2008%20%209\%3A51%20am%20PST,-A00949256,-AD,-AFeb-02
-2007,-AMar-16-2008,-AALL%20FILING%20TYPES,-AH,-ASort%20by%20Party%20Name,-ASort%20by%20Name,-AS,-AS
,-AA,-AA,-A,-A,-A,-AA,-ADate%20-%20User%20-%20Screen%20-%20Location

 

<<<On April 8 RealMoney.com contributor Rebecca Engmann Darst published a column titled “Option Traders Expect a Slump in Small-Caps”. In her column she discussed small cap retailer Overstock.com.

“The mood of anticlimax extended to options of another small-cap stock, the online discount merchant Overstock.com (OSTK). Shares in the company rose 5% to $13.92 this afternoon on no apparent news catalyst, but a sixfold increase in option trading volume shows many traders taking the opportunity to stake bets on limp share-price movement heading into the hot season.”

Darst analyzed the trade data and opined that the trader had a “clear anticipation that the buck stops right about here for Overstock.com” as the volume in the $12.50 Puts skyrocketed. At the time of the options trades the equity itself was trading near $14.00/share.

So how did this trader make out now that the trade is two-days old?

April 10th became the day that Gradient Analytics, under lawsuit by Overstock.com for colluding with short sellers to draft hatchet job analysis, filed a counter claim to the lawsuit filed by Overstock some 2+ years ago claiming Overstock libeled them.

The announcement of the countersuit dropped the market in Overstock.com $1.31 (9.28%) to a closing price of $12.81 after hitting an intraday low of $12.31.

Was this remarkable luck on behalf of this trader or was it more?

To think that a large short position, six times normal trade volume, is executed just days before this news is released is far too coincidental. The trading raising additional spotlight on the relationship between Gradient and the short sale community as this investment made was a short interest position taken.

With the spotlight squarely on the SEC’s Division of Enforcement, Congress requesting yet another GAO investigation into the division’s policies and effectiveness, this incident will provide for a large contingent of public followers. The SEC’s alliance with short sellers have come into question repeatedly as they muddle through short sale reforms and with the options market again being called into question the division will be expected to report out on how infiltrated the market is with fraud and corruption.

It will also be interesting to determine if, like Bear Stearns this six times rise in options trading bogged down the equity market with shares that would not and could not settle.

Did the potential crook use the market making exemption as the vehicle for the fraud where, had the SEC acted on the 2006 public proposal to eliminate such exemption those sales may never have been executed?>>>

http://investigatethesec.com/drupal-5.5/StockgateToday

 

Mr. Byrne, please quit posting on ET, and please stop blogging. Instead, why don't you run your company properly and then maybe the stock price will go up?

Or better yet, step down and pursue posting on ET and blogging full-time, and let them bring in a CEO who actually *gasp* knows how to run a company properly, instead of crying like a pussy and blaming everyone else for the problems.

 

Contribute something, or go away. If you have a differing point of view, expound. Tell me why it's ok to make stuff up after pounding the puts. Tell me why FRPT failed and went to the Sho list. Enlighten me why the powers on Wall St. have taken us to the brink, but you pound on Bryne.

You have no explanation of how we got infront of the IG of the SEC. You have no explanation of why the SHO list exists, how BSC appeared on it - you have no explanation of anything. You're like the fat guy at the ball park stuffing your face with hot dogs and beer and booing the players, forgeting you can't even walk without chaffing your thighs.

It's '37 posts' too many.

If not, just go away. We'll finish this w/o you.