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Showing posts from April, 2009

Today's Overstock.com Q1 2009 Earnings Conference Call: Questions Submitted to Patrick Byrne

UpdatedOverstock.com's (NASDAQ: OSTK) earnings conference call is scheduled to start on Wednesday, April 22, 2009 at 3:00 PM Eastern. Therefore, I have submitted the questions below for CEO Patrick Byrne to answer. Before asking each question, I provide the context of my questions. Let's see if the masquerading stock market reformer Patrick Byrne has the guts to provide a detailed truthful response to each and every question.To Patrick M. Byrne:Senior Note Repurchases As of December 31, 2008, Overstock.com reported that $67.5 million of Senior Notes were outstanding. Those notes were issued in November 2004. Since that time Overstock.com has disclosed that there were material weaknesses in internal controls and that its revenue accounting did not conform to GAAP and SEC disclosure rules from the company’s inception (day one).In addition, financial reports from Q1 2003 to Q3 2004 (periods before the Senior Notes were offered) have been restated twice. Recently, Overstock.com ha…

Don't criticize Overstock.com and Patrick Byrne, especially if you are going through a divorce

Updated
Divorce is hard enough. However, when the CEO of a public corporation hires a paid internet stalker to spread innuendo, smears, and lies about a company critic’s ongoing matrimonial action to discredit him, that is called issuer retaliation. I’ll just call it outright scummy. Even worse is the threat leveled at me to “settle the case” by a corporate sponsored internet stalker. I’ll get to those points, later.The company is Overstock.com (NASDAQ: OSTK). It is a company that has not produced a single financial report in compliance with Generally Accepted Accounting Principles and Securities and Exchange Commission disclosure rules from its inception, without having to later correct them, unless such reports were too old to correct.Throughout its history, Overstock.com has restated financial reports due to noncompliance with GAAP and SEC rules and even restated many of those same financial reports again. The company never had a profitable year and has reported accumulated losses o…

Overstock.com Proxy Reveals Exit Payment to Departing Director James V. Joyce's Company is Equivalent to Three and One-Half Year's Fees

Updated:According to Overstock.com's (NASDAQ: OSTK) proxy statement filed with the Securities and Exchange Commission on Friday, April 2, the company's $1,250,000 payment to terminate a management consulting agreement with Icent LLC, a company headed by departing Board Member James V. Joyce, was 3.5 times the amount of annual fees of $360,000 paid to Icent. In other words, the company paid Icent an equivalent to three and one-half year's fees to terminate its consulting agreement.As I described in my last blog post, on Wednesday, April 1, James V. Joyce unexpectedly resigned from Overstock.com's Board of Directors. Overstock.com failed to mention the huge $1,250,000 termination payment to Joyce's consulting firm in its press release that announced Joyce's resignation. Instead, Overstock.com left investors with the mundane task of finding out about the $1,250,000 termination payment by disclosing it in a separate SEC filing.See Overstock.com's recent proxy d…

Overstock.com Director James V. Joyce Bolts, Receives Huge Questionable Exit Payment

After yesterday's stock market closed, Overstock.com (NASDAQ: OSTK) announced the resignation of James V. Joyce from its Board of Directors. However, Overstock.com's press release made no reference to a $1,250,000 payment for the termination of consulting services to Icent LLC, a management consulting company headed by Mr. Joyce. Overstock.com left investors the mundane task of finding out about the $1,250,000 termination payment by disclosing it in a separate SEC filing. See below:
Overstock.com press release:
SALT LAKE CITY, April 1 /PRNewswire-FirstCall/ -- Overstock.com, Inc. (Nasdaq: OSTK) today announced that James V. Joyce has resigned from the Board of Directors of Overstock.com. Chairman and CEO Patrick Byrne said, "James' consulting engagement has been concluded with his customary extraordinary results. James' advice has been of tremendous value to me, the board, and the company for years, but especially over the last two years of getting the company bac…