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OSTK ceo
- Thread starter SWScapital
- Start date
Coincidentally, I'm in the middle of reading "The Warren Buffet Way." (All daytraders laugh in unison here.)
Anyway, for several pages it waxes at how Buffet was enamored of Byrne's turnaround and later management of GEICO. Apparently Byrne is a sharp insurance exec ... the type of background I would think twice about betting against.
Anyway, for several pages it waxes at how Buffet was enamored of Byrne's turnaround and later management of GEICO. Apparently Byrne is a sharp insurance exec ... the type of background I would think twice about betting against.
Yes that is the CEO's dad who just made the big buy and will soon take over as Chairman of the Board (position currently held by the son). When you look at the whole story here and look at the financials (the Fool has put out some good articles, pro and con, analyzing them) and then look at the people involved in the company the risk reward looks very good.
I'm trying to find out more, but the Nat'l Asso of State Sec Regs are meeting this next week. I believe they will be the heroes and pull the trigger on this mess. And it won't matter if OSTK can'
t make a dime before the next Millenium - it will simply become a paper chase, and $60 shouldn't be a problem.
I've got to get long puts, because I missed the Friday move. Kicked butt on AMLN for while though.
Look at the Threshold lists chart wise, and I think you'll make some jink, dough, moolah, dineros.
t make a dime before the next Millenium - it will simply become a paper chase, and $60 shouldn't be a problem.
I've got to get long puts, because I missed the Friday move. Kicked butt on AMLN for while though.
Look at the Threshold lists chart wise, and I think you'll make some jink, dough, moolah, dineros.
Insider purchase (P) or sell (S): Code Transaction
Date Reported
Date Company Symbol Insider Relationship Shares Average
Unit Price Total
Amount Shares
Owned Filing
P 2005-08-31 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 85,456 $40.31 $3,444,849.87 200,000 View
P 2005-08-30 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 65,064 $40.12 $2,610,503.44 114,544 View
P 2005-08-30 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 49,480 $40.08 $1,983,107.94 49,480 View
P 2005-08-15 2005-08-15 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 5,500 $47.27 $260,012.20 1.02577e+06 View
P 2005-08-15 2005-08-15 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 14,500 $46.88 $679,779.90 1.02027e+06 View
P 2005-08-09 2005-08-10 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 30,000 $41.96 $1,258,855.35 1.00577e+06 View
S 2004-05-25 2004-05-25 OVERSTOCK COM INC OSTK SCHWEGMAN SHAWN VP Technology 14,586 $36.01
Date Reported
Date Company Symbol Insider Relationship Shares Average
Unit Price Total
Amount Shares
Owned Filing
P 2005-08-31 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 85,456 $40.31 $3,444,849.87 200,000 View
P 2005-08-30 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 65,064 $40.12 $2,610,503.44 114,544 View
P 2005-08-30 2005-08-31 OVERSTOCK COM INC OSTK BYRNE JOHN JOSEPH Director 49,480 $40.08 $1,983,107.94 49,480 View
P 2005-08-15 2005-08-15 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 5,500 $47.27 $260,012.20 1.02577e+06 View
P 2005-08-15 2005-08-15 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 14,500 $46.88 $679,779.90 1.02027e+06 View
P 2005-08-09 2005-08-10 OVERSTOCK COM INC OSTK BYRNE PATRICK MICHAEL President
Director
10% owner 30,000 $41.96 $1,258,855.35 1.00577e+06 View
S 2004-05-25 2004-05-25 OVERSTOCK COM INC OSTK SCHWEGMAN SHAWN VP Technology 14,586 $36.01
I think this story is shaping up for the second biggest of the year. I don't mean just OSTK, but Naked Shorting. Actually, the damages estimated by scholars on the NSS problem exceed the monetary cost of Katrina by multiples, but of course the human suffering is incalculable. Byrne is going to a lot of work to prove a point. And if you buy the fact that there is very little actual float left, then these latest purchases are a significant part of that float.
If you except the premise that Byrne isn't totally nuts and the stuff he said in the call is factual, and can be backed up with facts, if you except that people born of wealth do not like to be screwed with, and will use their power for payback, then I can only conclude that this intense hatred of the hedgies will end with some event w/the Byrnes taking the company private for spite. What a tender will point out is, the counterfeit shares will show as the fake electronic entries as they are, and the brokers are going to have to scramble to protect their equity. I don't know if you noticed, but when hedgies get in trouble, they run to So. Korea or Lichtenstein, or they blow their brains out ( my choice for them). What that does, liability - wise, is leave the brokers holding the sack.
The statement attributed to the Byrnes about them tendering fake shares, or paying up for fake shares, are bogus. They know better, and are throwing the baddies off the track.
I don't own any stock or options at this point. There needs to be one of two events to happen to make the squeeze. The first would be some act specific to OSTK like the above. The other would be some regulatory action that would resind grandfathering and force a cover of all threshold stocks immediately. The latter will happen. Ah, if I knew the day! But not without a terrible fight. In the meantime, the stock is always vulnerable, because in the battle, fake paper overwhelms real money everytime.
By the by, copy the three threshold lists to a charting program. Some of these are starting to rock. NTES today. I think the SRO's are putting some heat on. Traders, start your engines.
If you except the premise that Byrne isn't totally nuts and the stuff he said in the call is factual, and can be backed up with facts, if you except that people born of wealth do not like to be screwed with, and will use their power for payback, then I can only conclude that this intense hatred of the hedgies will end with some event w/the Byrnes taking the company private for spite. What a tender will point out is, the counterfeit shares will show as the fake electronic entries as they are, and the brokers are going to have to scramble to protect their equity. I don't know if you noticed, but when hedgies get in trouble, they run to So. Korea or Lichtenstein, or they blow their brains out ( my choice for them). What that does, liability - wise, is leave the brokers holding the sack.
The statement attributed to the Byrnes about them tendering fake shares, or paying up for fake shares, are bogus. They know better, and are throwing the baddies off the track.
I don't own any stock or options at this point. There needs to be one of two events to happen to make the squeeze. The first would be some act specific to OSTK like the above. The other would be some regulatory action that would resind grandfathering and force a cover of all threshold stocks immediately. The latter will happen. Ah, if I knew the day! But not without a terrible fight. In the meantime, the stock is always vulnerable, because in the battle, fake paper overwhelms real money everytime.
By the by, copy the three threshold lists to a charting program. Some of these are starting to rock. NTES today. I think the SRO's are putting some heat on. Traders, start your engines.
Quote from flytiger:
If you except the premise that Byrne isn't totally nuts and the stuff he said in the call is factual, and can be backed up with facts, if you except that people born of wealth do not like to be screwed with, and will use their power for payback, then I can only conclude that this intense hatred of the hedgies will end with some event w/the Byrnes taking the company private for spite.
I don't accept the premise...
However, please Byrne, take Overstock private! Not only will that leave Byrne with a soon to be worthless (or is it already worthless?) company, but then maybe you won't post anymore on this topic.
NASD IS PROBING NAKED SHORT SALES
By RODDY BOYD
If the National Association of Securities Dealers has its way, the naked shorts will be forced to cover up.
The NASD has requested data from the stock-lending operations of Wall Street giants in a bid to get to the bottom of what one regulator has called an epidemic of so-called naked shorting.
The requests went out to dealers large and small, from Morgan Stanley to Janney Montgomery Scott.
Naked shorting occurs when a short seller hoping to profit from a decline in a stock's price fails to borrow shares prior to establishing the position.
The practice has the potential to swamp thinly traded stocks with sell orders; numerous companies have argued that naked shorting has forced their stock prices below minimum listing requirements.
While always technically illegal, the Securities and Exchange Commission enacted Regulation SHO in January to curb the practice once and for all.
One individual at a large Wall Street firm that received the NASD's request said that it focused on stock loans resulting in trades that do not settle properly.
Regulators and anti-naked shorting advocates argue that dealers lend out more shares than are publicly available to trade.
An SEC official confirmed that no complaints have been brought in the nine months since Regulation SHO went into effect.
One avenue where additional pressure will be put on the Feds to act is the state level.
Ralph Lambiase, the head of the Connecticut division of securities and business investments, is said to be heading up an 11-state task force designed to crack down on the practice.
The task force, under the auspices of the North American Securities Administrators Association, and consisting of state securities regulators from all 50 states and Canada, is plotting strategy in meetings this week.
One state securities regulator, Bill Reilly of Florida, said he expected the increased effort would result in more voluntary compliance from dealers, as well as enforcement activity.
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NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM
are trademarks of NYP Holdings, Inc.
Copyright 2005 NYP Holdings, Inc. All rights reserved.
By RODDY BOYD
If the National Association of Securities Dealers has its way, the naked shorts will be forced to cover up.
The NASD has requested data from the stock-lending operations of Wall Street giants in a bid to get to the bottom of what one regulator has called an epidemic of so-called naked shorting.
The requests went out to dealers large and small, from Morgan Stanley to Janney Montgomery Scott.
Naked shorting occurs when a short seller hoping to profit from a decline in a stock's price fails to borrow shares prior to establishing the position.
The practice has the potential to swamp thinly traded stocks with sell orders; numerous companies have argued that naked shorting has forced their stock prices below minimum listing requirements.
While always technically illegal, the Securities and Exchange Commission enacted Regulation SHO in January to curb the practice once and for all.
One individual at a large Wall Street firm that received the NASD's request said that it focused on stock loans resulting in trades that do not settle properly.
Regulators and anti-naked shorting advocates argue that dealers lend out more shares than are publicly available to trade.
An SEC official confirmed that no complaints have been brought in the nine months since Regulation SHO went into effect.
One avenue where additional pressure will be put on the Feds to act is the state level.
Ralph Lambiase, the head of the Connecticut division of securities and business investments, is said to be heading up an 11-state task force designed to crack down on the practice.
The task force, under the auspices of the North American Securities Administrators Association, and consisting of state securities regulators from all 50 states and Canada, is plotting strategy in meetings this week.
One state securities regulator, Bill Reilly of Florida, said he expected the increased effort would result in more voluntary compliance from dealers, as well as enforcement activity.
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--------------------------------------------------------------------------------
NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM
are trademarks of NYP Holdings, Inc.
Copyright 2005 NYP Holdings, Inc. All rights reserved.