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Showing posts from 2007

Warning to White Collar Criminals: Plan Ahead

If you are a white-collar criminal, plan on eventually being caught. It's just a matter of time. The Federal Prison Camp Tour website does an outstanding job of helping you plan ahead for your eventual future abode in the can.The Federal Prison Camp Tour web site warns:For any prospective federal camper...This material is not necessarily something you want to see, but certainly something you need to see. This web site is recommended reading for lying CEO's like Patrick Byrne (Overstock.com), Richard Altomare (Universal Express), and a corrupt Utah Attorney General named Mark Shurtleff. Other criminal wannabees are recommended to plan ahead too.Kindest regards,Sam E. Antar (former Crazy Eddie CFO & convicted felon)

Open Letter to Utah Attorney General Mark Shurtleff Re: Your lies on behalf of campaign contributor Overstock.com

To Utah Attorney General Mark Shurtleff:I respectfully urge you to come clean about your efforts to smear me on behalf of your campaign contributor Overstock.com and its CEO Patrick Byrne.The Securities and Exchange Commission is conducting a formal investigation of Overstock.com. Patrick Byrne is the admitted target of the SEC probe in contrast to his previous denials. By colluding with a public company and campaign contributor under investigation by the Securities and Exchange Commission to issue a press release containing lies and distortions about me, you have become a facilitator of the company and possibly involved yourself in the commission of a securities fraud.I urge you to promptly issue a full and complete categorical retraction of your false and misleading open letter to Overstock.com and issue a full public apology to me. In addition, Overstock.com and its CEO Patrick Byrne are asked to completely and fully rescind the company's false and misleading press release cont…

Overstock.com and CEO Patrick Byrne: Improper use of EBITDA results in Regulation G Violation

In my previous blog post entitled, "Overstock.com and CEO Patrick Byrne: Regulation G Violations," I focused on the company's possible violation of Regulation G when it presented a certain non-GAAP financial measure known as "Operating loss before restructuring" in its recent second and third quarter 10-Qs and "Adjusted EBITDA" in the second quarter 10-Q for fiscal year 2007.In this blog post, I examine Overstock.com's (NASDAQ: OSTK) presentation of another non-GAAP financial measure, known as "earnings before interest, taxes, depreciation, and amortization" or EBITDA. Based on my analysis below, it appears that Overstock.com violated Regulation G by reconciling its non-GAAP financial measure, EBITDA, to "Operating loss" rather than "Net loss," contrary to the SEC's guidance on Regulation G. The result of Overstock.com reconciling EBITDA to "Operating loss" rather than "Net loss," contrary to t…

Utah Attorney General Mark Shurtleff Caught Lying on Behalf of Overstock.com and Patrick Byrne

In a previous item on my blog dated November 19, 2007 and entitled, "Utah Attorney General Mark Shurtleff Panders to Campaign Contributor Overstock.com & CEO Patrick Byrne and Defames Critic," I responded to Utah Attorney General Mark Shurtleff's deliberate efforts to defame me on behalf of campaign contributor Overstock.com (NASDAQ: OSTK) and its CEO Patrick Byrne. Utah Attorney General Mark Shurtleff has ignored my requests to categorically retract his letter and issue a public apology. Enclosed is a taped conversation between Deputy Attorney General Richard Hamp and I that categorically refutes the deliberate lies of Utah Attorney General Mark Shurtleff. Listen to it for yourself. The other person in the tape that he refers to as "Kirk" is Kirk Torgensen, the Chief Deputy Utah Attorney General.Utah Attorney General Mark Shurtleff colluded with a public company (Overstock.com) that is a campaign contributor and it's CEO Patrick Byrne, both of whom are…

Overstock.com and CEO Patrick Byrne: Securities and Exchange Commission Regulation G Violations

A careful analysis of Securities and Exchange Commission Regulation G, guidance provided by the SEC on Regulation G, and Overstock.com's financial disclosures raises a serious question as to whether or not Overstock.com misused certain non-GAAP measures in violation of certain provisions of Regulation G. As detailed, in a previous blog post, entitled "Did Overstock.com CEO Patrick Byrne cook the company's numbers and mislead investors? (Part 4)," Overstock.com (NASDAQ: OSTK) added a new disclosure in its third quarter fiscal year 2007 10-Q that was absent from its third quarter 8-K, second quarter 10-Q, and second quarter 8-K about Regulation G. The disclosure relates to the applicability of Regulation G. In accordance with Section 401 (b) of the Sarbanes-Oxley Act of 2002, the Securities and Exchange Commission established Regulation G which governs the use of non-GAAP financial disclosures by public companies. Months later, staff members in the Division of Corporat…