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Showing posts from January, 2008

Jason C. Lindsey backdates his resignation: Proof

In two previous blog posts entitled, "Why did Overstock.com President and COO Jason C. Lindsey really resign?' and "Did former Overstock.com President, Chief Operating Officer, and Director Jason C. Lindsey backdate his resignation?" I raised the question about Jason C. Lindsey's possible backdating of his sudden resignation from Overstock.com (NASDAQ: OSTK). According to his resignation letter, Jason C. Lindsey claimed to resign on December 31, 2007. However, according to documents relating to Overstock.com's amended credit agreement with Wells Fargo Bank entered and executed a day later, on January 1, 2008, Jason C. Lindsey was still listed as a person authorized to make advances on behalf of Overstock.com.Recently, Jason C. Lindsey filed an a sworn declaration in connection with a Special Motion to strike Copper River's countersuit against Overstock.com and certain director defendents. (See my last blog item entitled, "Are certain former Overstoc…

Are certain former Overstock.com directors jumping ship on Patrick Byrne?

A see no evil, hear no evil Board of DirectorsCertain current and former Overstock.com (NASDAQ: OSTK) directors have filed a Special Motion to strike Copper River Partners LP (formerly Rocker Partners) countersuit against them as individual defendants. The group includes John J. Byrne (father of Overstock.com CEO Patrick Byrne and a former Director), Allison H. Abraham (current Director), Jason C. Lindsey (recently resigned as President, Chief Operating Officer, and Director), and John A. Fisher (former Director).It's management's fault, they did it and we had nothing to do with itPerhaps the most puzzling disclosure is that the Director Defendant's:...did not, in fact, authorize the August 2005 filing" of Overstock.com's lawsuit against Copper River and Gradient.... It was a management-level decision made at a time when Lindsey was neither an officer nor a director.Note: Bold print and italics added by me.Is Overstock.com's Director Defendant's which incl…

Did former Overstock.com President, Chief Operating Officer, and Director Jason C. Lindsey backdate his resignation?

There is a saying, "When the core of an organization is rotten, everything else that flows from it is rotten, too." You need to look no further than the tone set at the top of Overstock.com (NASDAQ: OSTK) provided by Patrick Byrne, the company's delusional, paranoid, and lying CEO for a clue as to the deceitful behavior and general incompetence of certain members of its management team. All too often, disclosures by Overstock.com and statements by its management team are inconsistent with each other and in many cases contradict other facts on hand.One of the questions I raised in my previous blog item entitled, "Why did Overstock.com President and COO Jason C. Lindsey really resign?," was if Jason C. Lindsey's resignation letter was backdated. A careful examination of certain Overstock.com disclosures and documents raises serious questions about the actual timing and circumstances surrounding the surprise resignation of Jason C. Lindsey. Former Overstock.co…

Why did Overstock.com President and COO Jason C. Lindsey really resign?

According to a Securities and Exchange Commission 8-K filing by Overstock.com (NASDAQ: OSTK) late yesterday afternoon on January 2, 2008: On December 31, 2007, Mr. Jason C. Lindsey resigned, effective immediately, from his positions as President, Chief Operating Officer (principal operating officer) and a member of the Board of Directors of Overstock.com, Inc. (the "Company"). Mr. Lindsey intends to spend more time with his family, but also intends to remain a part-time employee of the Company and to work on special projects as requested from time to time by the Company. Copies of a press release issued by the Company regarding Mr. Lindsey's resignation and of Mr. Lindsey's letter of resignation are furnished herewith. Mr. Lindsey's principal duties will revert to the Company's Chief Executive Officer, Patrick M. Byrne. However, at 8:41 PM (local Utah time) on New Years Eve of the same day that Jason C. Lindsey resigned, but before news of his resignation was…