As a lawyer, in my opinion, Overstock's lawsuit is a complete loser. Overstock doesn't even say in the lawsuit that the statements made by the Defendants were false. The only thing they hang their hat on is the non-disclosure of alleged collaboration between Gradient and Rocker. More importantly, the California business practices statute they cite is patently inapplicable to the actions of Gradient and Rocker. See Section 17500 http://www.leginfo.ca.gov/cgi-bin/calawquery?codesection=bpc&codebody=17500&hits=20 This reminds me of the desperate attempt Aremissoft made to stop the shorts when it sued Rocker, Thestreet.com and others back in 2001. The company later filed for bankruptcy in 2002, and some officers were subsequently indicted. http://www.crm-daily.com/story.xhtml?story_id=11774
I'm not a lawyer. Don' t care if they win. I want the NSS stopped, which is happening, albeit slowly. I want to buy or sell stocks at one price, and sell or cover at another, advantageous to moi. I thought this was a trading thread???????? Lawyers, fundies.....WTF????????????
One side benefit of the lawsuit for Rocker, et al., is now they get to depose Byrne, the CFO, and anyone else they care to, and ask them all the questions that as the National Enquirer puts it, "inquiring minds want to know"
ok...i am new to this dynamic, but does this ceo have absolute proof of naked shorting? if this is confirmed, then we have very serious criminal manipulation occurring. i have read flytiger's other posts regarding stockgate and this smells fishier than a rosie o'donnel sleep over. i wanted to watch the dateline bit, but i blinked. i was set to watch ron's piece on cnbc, but i hear it was pulled. anyway, flytiger comes across as credible and his story has definitely caught my attention. for the mainstream media to dodge it as they have done, lends me to think there are very big players on the wrong side. i appreciate the info, flytiger, and look forward to any updates you can alert us to.
When the original Dateline piece was postponed and postponed and postponed, there were many theories that the DTC treatened NBC w/ lawsuits, etc. etc. They cancelled three or four times, they went to Fla., to film B roll footage, on and on. Now, they did have interviews filmed w/underworld figures and other interviews we didn't see. But they have them.. They have archives of hours and hours, and you end up with 12minutes. I heard that the original script was a one hour show. I thought at the time it was exactly what I expected. You know the media. A grandma was raped, but the little whore could have been asking for it. But many were upset. You saw the Smith Barney headquarters, you saw paperwork w/ Bryn Mawr on it. You saw Smith Barney's reply "they acted indepdantly".Do you realize how much Smith Barner advertises on CNBC? It took balls to show that much. So I wasn't shockedat the brevity. Iwas presently surprised with the announcement of Insana and Shapiro. Shapiro is a former undersec of comm etc., etc, He has the credentials. And if you saw Ron and Pat;s show Friday, you reallize Insana is solid. Now, to the point. Rod Young told me that he was happy w/ the Insana decision; it was real. Producers were on vacation, etc. So he asked everyone not to jump to conclusion. He thought it was a sound decision. Since Dateline, Young has been granted discovery and has received some 49000 documents from the SEC. The results are remarkable, and shocking. They are being provided to authorities, etc, and if they do reschedule, Shapiro will knock your socks off. Now the SEC is trying to delist Eagletech, so you can't trade it; I think OSTK is interesting for Monday. A word of caution. These NSSguys are tough. They probably still have immense power and can push the stock down. I don't know. Their trademark is to take great news, and have the stock finish down on the day. The make you spend real money for fake paper, and all the demand you can muster could be meet with unlimited supply.. So be careful. That being said, I'm sure the trades will be monitored, and it will become ever more difficult to naked short. What day they break.... well, you tell me and we'll all get well. I will say this. I hate CNBC, but they move markets. They have know about Naked Shorting for a long, long time. They could have saved everyone billions. And the public has been screwed all along. Yet they have their newsreaders get on TV and say what a sacred oath they have. That's bullshit. They are in the business of selling advertising, and I don't like being lied to. I also don't give a hoot about who'd ahead in the fantasy football pool Go Fox business TV. I'm sorry to be so long in these posts, but this is the story of the century. There has never been a scandal this big. It dwarfs every other. I have a letter Schapiro wrote to the DTCC. He writes of the magnitude of the problem. If there is intrest, I will post the figures. I have been given permission to use it, and will properly reference back to the source. Whew!
flytiger, you sound like someone who is desperate to get back to breakeven in a losing long position...did you buy OSTK at 70+? As far as the CEO - if he spent as much time trying to improve his company and run it properly as he did bitching about short sellers, there would be nothing to worry about as Overstock would be kicking ass. But he doesn't, and it isn't. They need a new CEO.
You are wrong, but only because you haven't experienced them. The first OSTK I bought was Friday, and I sold it an hour later, and will do so again Monday. I will not hold a stock overnight. I have seen dozens of companies under the spell. Most in the beginning were small, but they are on the listed stuff too. Applied Digital Solutions, apsx, Palm Beach Fl. Viragen, Plantation Florida Delcath DCTH conneticut all companies had blockbuster news at times. All went down. Viragen, listed on the Amex, had blockbuster news a few years ago. Listing requirement at the time was $3. They were shut down for a day. Opened up at 2 7/8 3. TRADED 194 STRAIGHT TRADES AT 7/8'S!!!!!!!!!!!!!!!!!!!!!! Finished the month at 1 3/8. Another time, the Specialist told me he received an order from the floor trader who always gave such orders, "sell all you can sell at $1.28." I said, " How can you take that order? What if you sell, say 800,000. " He said, "he's always good for it.".. You can't even believe the stuff I know. Listening to Bryne, I just nodded my head. JagMedia had a real business. I bought their stuff in the eighties. Read Rob Wherry's Forbes story from June 10, 2000. They signed a deal with Susan Molinari to cover Capitol Hill. After the news was out, the CEO had everyone buying. The stock finished lower on the day. The quote in the article was..."I'm buying,my friends are buying, everyone is buying. Who the hell is selling?" The answer was Mark Valentine. Yah, I got trapped. You probably did to, and don't know it. But, it's over. We've got to clean the sandbox up. And if it's Pat Byrne, God Bless him.
you are basing your theory of manipulation on the fact that a few stocks traded down on what you considered good news? imho ostk is a crappy company with a crappy website that sells overpriced junk. if it werent for the constant hype of it being the next ebay it should trade for <10 bucks based on earnings results i have seen. i believe shorts do a valuable service in researching the negitive side of companies. without somebody pointing out the negitives company insiders would even more easily be able enrich themselves at the expense of the public. it is much harder to make money shorting than going long and i admire anybody who is able to make it work.