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OSTK ceo
- Thread starter SWScapital
- Start date
incoherent, huh. bd's will do ANYTHIHNG that hedgies ask them to do...........Oh, yeah., shocks on the SHO list. The hedge fund is gone, they've left behind a tone of stock that doesn't exist.. Great, just great.
Wood River Fund Has Big Position
In Wireless Firm's Fallen Shares
By GREGORY ZUCKERMAN
Staff Reporter of THE WALL STREET JOURNAL
October 10, 2005; Page C3
Hedge fund Wood River Partners LP established a huge investment position in a telecom company that has tumbled in value in recent months, according to a securities filing on Friday.
The large position is at the heart of a lawsuit filed by Lehman Brothers Holdings Inc. in which the securities firm claims to have had losses of at least $8.6 million due to its dealings with the hedge fund. Wood River is the target of a preliminary inquiry by the Securities and Exchange Commission.
Wood River told investors earlier this year that it managed $275 million but gave indications in recent months that it had grown in size.
The fund owns about 4.3 million shares of Endwave Corp., a wireless communications provider, according to Friday's filing. That is about half of all the Endwave shares available for trading. The shares have fallen to $13.49 from $55.41 since July. In late September, Endwave executives said they couldn't explain the drop.
On Oct. 3, Lehman filed a suit in California Superior Court in San Francisco against Wood River. The suit alleges that Lehman, which had been serving as a broker-dealer to the hedge fund, purchased shares of Endwave on behalf of Wood River. But after Lehman was unable to contact Wood River executives starting on Sept. 28, the firm became suspicious and sold the shares at a loss. People close to the matter say Lehman is cooperating with the SEC's investigation. The lawsuit was first reported by Business Week's online edition.
Executives of Wood River didn't return calls seeking comment. A spokeswoman for Lehman wouldn't comment.
Wood River, which started in 2003, has offices in San Francisco and Ketchum, Idaho.
Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
Wood River Fund Has Big Position
In Wireless Firm's Fallen Shares
By GREGORY ZUCKERMAN
Staff Reporter of THE WALL STREET JOURNAL
October 10, 2005; Page C3
Hedge fund Wood River Partners LP established a huge investment position in a telecom company that has tumbled in value in recent months, according to a securities filing on Friday.
The large position is at the heart of a lawsuit filed by Lehman Brothers Holdings Inc. in which the securities firm claims to have had losses of at least $8.6 million due to its dealings with the hedge fund. Wood River is the target of a preliminary inquiry by the Securities and Exchange Commission.
Wood River told investors earlier this year that it managed $275 million but gave indications in recent months that it had grown in size.
The fund owns about 4.3 million shares of Endwave Corp., a wireless communications provider, according to Friday's filing. That is about half of all the Endwave shares available for trading. The shares have fallen to $13.49 from $55.41 since July. In late September, Endwave executives said they couldn't explain the drop.
On Oct. 3, Lehman filed a suit in California Superior Court in San Francisco against Wood River. The suit alleges that Lehman, which had been serving as a broker-dealer to the hedge fund, purchased shares of Endwave on behalf of Wood River. But after Lehman was unable to contact Wood River executives starting on Sept. 28, the firm became suspicious and sold the shares at a loss. People close to the matter say Lehman is cooperating with the SEC's investigation. The lawsuit was first reported by Business Week's online edition.
Executives of Wood River didn't return calls seeking comment. A spokeswoman for Lehman wouldn't comment.
Wood River, which started in 2003, has offices in San Francisco and Ketchum, Idaho.
Write to Gregory Zuckerman at gregory.zuckerman@wsj.com
are from companies on or involved in Naked Shorting schemes? refco has received a Wells Notice int he manipulation of SDNA, one of a minimum of 60 stocks manipulated by LTS, an unknown number cleared through Refco. Wonder why they sold shares to the public when they did. Oh, those silly conspiracy theories.
Refco to delay filing, chairman on leave
Monday October 10, 8:53 am ET
NEW YORK (Reuters) - Futures and commodities broker Refco Inc. (NYSE:RFX - News) said on Monday that its chairman has taken a leave of absence at the company's request and that its financial statements back to 2002 can no longer be relied on.
The broker, which sold shares in an initial public offering in August, also said it will likely delay filing its 10-Q quarterly financial statement with securities regulators for the quarter ended August 31.
Chairman and Chief Executive Phillip Bennett was asked to leave following the discovery of a receivable of about $430 million owed to the company by an entity controlled by Bennett. The receivable was repaid on Monday, with interest.
Independent counsel and forensic auditors have been hired to help Refco's board investigate the matter.
The broker, which is one of the largest and most powerful commodities dealers in the world, said it cannot estimate when its second-quarter 10-Q filings will be made or when the audit committee will finish its investigation.
Citing the existence of the receivable and the way it was accounted for, the company said it had determined that financial statements for 2002, 2003, 2004 and 2005 should not be relied on.
William Sexton, who recently announced his resignation as Refco's Chief Operating Officer, will remain with the company and has been appointed CEO.
Refco said it believes all customer funds on deposit are unaffected by the issues surrounding the receivable.
http://biz.yahoo.com/rb/051010/financial_refco.html?.v=1
Refco to delay filing, chairman on leave
Monday October 10, 8:53 am ET
NEW YORK (Reuters) - Futures and commodities broker Refco Inc. (NYSE:RFX - News) said on Monday that its chairman has taken a leave of absence at the company's request and that its financial statements back to 2002 can no longer be relied on.
The broker, which sold shares in an initial public offering in August, also said it will likely delay filing its 10-Q quarterly financial statement with securities regulators for the quarter ended August 31.
Chairman and Chief Executive Phillip Bennett was asked to leave following the discovery of a receivable of about $430 million owed to the company by an entity controlled by Bennett. The receivable was repaid on Monday, with interest.
Independent counsel and forensic auditors have been hired to help Refco's board investigate the matter.
The broker, which is one of the largest and most powerful commodities dealers in the world, said it cannot estimate when its second-quarter 10-Q filings will be made or when the audit committee will finish its investigation.
Citing the existence of the receivable and the way it was accounted for, the company said it had determined that financial statements for 2002, 2003, 2004 and 2005 should not be relied on.
William Sexton, who recently announced his resignation as Refco's Chief Operating Officer, will remain with the company and has been appointed CEO.
Refco said it believes all customer funds on deposit are unaffected by the issues surrounding the receivable.
http://biz.yahoo.com/rb/051010/financial_refco.html?.v=1
http://www.thestreet.com/_yahoo/mar...46427.html?cm_ven=YAHOO&cm_cat=FREE&cm_ite=NA
..........."hard to collect receivables....." Hmmmm., a bd, hard to collect receivables. Kinda like Lehman on a big scale. Could they be......... no. NAKED SHORTS?????????????????????????????????
See the reference to Sedona? 5million they set aside. Start at 50mm. Do you think these things happen one at a time? How many shorts do you think there are naked in Sedona? With all the other companies forced to the BB's? How much money does a buy in cost when you need a certificate.???? There ain't that much money around.
Stock tanked kinda hard considering the dufus gave the money back. Wonder what that was about.? Think the Street is saying bye bye? Cramer wonders that. Said so on Real Money. Asks......." can they make it?"
You guys couldn't find your collective asses with both hands. There is only one thing here that is not predictable..timing. The rest is in the cards. Boy, that Byrne is one crazy son of a bitch. Imagine, saying he was screwed by the Street.
..........."hard to collect receivables....." Hmmmm., a bd, hard to collect receivables. Kinda like Lehman on a big scale. Could they be......... no. NAKED SHORTS?????????????????????????????????
See the reference to Sedona? 5million they set aside. Start at 50mm. Do you think these things happen one at a time? How many shorts do you think there are naked in Sedona? With all the other companies forced to the BB's? How much money does a buy in cost when you need a certificate.???? There ain't that much money around.
Stock tanked kinda hard considering the dufus gave the money back. Wonder what that was about.? Think the Street is saying bye bye? Cramer wonders that. Said so on Real Money. Asks......." can they make it?"
You guys couldn't find your collective asses with both hands. There is only one thing here that is not predictable..timing. The rest is in the cards. Boy, that Byrne is one crazy son of a bitch. Imagine, saying he was screwed by the Street.
Dr. Byrnes father, a director, purchased 200,000 shares on 8/30.
I've been sitting on this for three days waiting for permission to release it. Take a look.............from fool.com....
Here is the punch line: my Pop bought 200,000 shares right at the end of August. He still has not gotten delivery. Again, I am not speaking of certs. I speak simply of the settlement of the trade. His broker is saying that the other brokerage house is unable to settle the transaction.
fool.com Hannibal100.
Under sho, any failure is to be bought in 13days hence, no questions. Naked shorting, conspiracy. You're all real fools to think this is ending here. 8 MILLION DOLLAR PURCHASE AND YOU GET AIR. WHAT OTHER BUSINESS IN THE WORLD OPERATES LIKE THIS.
I've been sitting on this for three days waiting for permission to release it. Take a look.............from fool.com....
Here is the punch line: my Pop bought 200,000 shares right at the end of August. He still has not gotten delivery. Again, I am not speaking of certs. I speak simply of the settlement of the trade. His broker is saying that the other brokerage house is unable to settle the transaction.
fool.com Hannibal100.
Under sho, any failure is to be bought in 13days hence, no questions. Naked shorting, conspiracy. You're all real fools to think this is ending here. 8 MILLION DOLLAR PURCHASE AND YOU GET AIR. WHAT OTHER BUSINESS IN THE WORLD OPERATES LIKE THIS.
from the fool .com. You may hate this guy, but is this right?????
Here is something odd for those following this story:
Back on August 8th I bought some 25,000 shares (I think the filing ended up showing 50,000 shares because I bought the rest that day or the day before). Oddly, I could not get delivery of them for weeks and weeks. I am not talking about, "paper certificates". I am talking about simply seeing the trade clear. All along, my broker was saying that Morgan Stanley could not deliver on their side of the transaction.
I will now relay an email between myself and my Broker Dealer (whom I will call, "BD") that occurred when it finally cleared, after weeks of unhappy phone calls.
===============================================================
September 29
9:11 AM
Good Morning Patrick:
The 25,000 shares of OSTK originally transacted for on August 8th, came in during the night and we have initiated the process of converting to paper. Settlement is taking place today.
Please call with any questions or concerns, and have a wonderful day!
XXXXXX
==================================================
1:47 PM
Dear XXXXX,
I would like to hear from you or someone on your trading desk what exactly is the meaning of, "The 25,000 shares of OSTK originally transacted for on August 8th, came in during the night".
What does "come in" mean (since they clearly are not mailed pieces of paper)?
How did they manage to keep from "coming in" for 50 days?
From whom did they come in?
Respectfully,
Patrick
=============================================================
2:15 PM
Patrick:
To the best of my knowledge it means that the incoming shares appear in the electronic system (SEI) which displays the stock trade transactions via PC, and this evidently takes place , like bank processing, as an overnight transaction. The August 8th date is the date I have recorded in my notes as the date of your second purchase of shares of OSTK, the date ZZZZZZZ entered into the transaction with Morgan Stanley to purchase the 25,000 shares.
I am going to ask some of our professionals from the trade area to respond, and hopefully give you a better explanation of how the shares move to BD from another brokerage house.
As to the 50 days the shares did not come in, the only answer we have obtained from the Morgan Stanley people when we repeatedly pressured them is this: "you have to understand that this is an extremely hot stock". Obviously not an answer that makes any sense; but an answer that was repeated time and time again as we made calls to the management at Morgan Stanley.
I will forward additional information to you as soon as I am able to obtain it from the BDBDBD group.
Thank you!
==================================================================
Now Fools, I don't know about you, but I find this pretty weird. Let them post more photos of me with UFO's flying out of my head, but something seems messed up in a system that allows this.
(By the way, Morgan Stanley lawyers, when you read this you are going to get ticked off and want to fire off a letter threatening to sue me. Better check with your stock loan desk first to see if you want discovery. Go ahead: make my day.)
Here is the punch line: my Pop bought 200,000 shares right at the end of August. He still has not gotten delivery. Again, I am not speaking of certs. I speak simply of the settlement of the trade. His broker is saying that the other brokerage house is unable to settle the transaction.
Any guesses as to who that brokerage house is? I'll give you three guesses. It is one of the big ones.
Does this strike anyone else here as odd? I mean, I can understand the fellow Tiddman who was writing, more or less, "Byrne, just focus on the business." Ironically, I am entirely from the value school and agree that in almost any circumstance one should just focus on the business. But given that simple stock purchases seem to be cracking the system, and given that I believe we have somewhere between 5 and 20 million electronically counterfeited shares in the market, and given that I suspect there is some relation between these two facts, and given that I think this situation may well be endemic in the market, I think at some point I am supposed to do something about it. Well, someone is, anyway. I could be wrong, though: when it takes 50 days to get 25,000 shares of stock to clear, Lord knows I'm not in Kansas anymore.
Respect,
Patrick
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Here is something odd for those following this story:
Back on August 8th I bought some 25,000 shares (I think the filing ended up showing 50,000 shares because I bought the rest that day or the day before). Oddly, I could not get delivery of them for weeks and weeks. I am not talking about, "paper certificates". I am talking about simply seeing the trade clear. All along, my broker was saying that Morgan Stanley could not deliver on their side of the transaction.
I will now relay an email between myself and my Broker Dealer (whom I will call, "BD") that occurred when it finally cleared, after weeks of unhappy phone calls.
===============================================================
September 29
9:11 AM
Good Morning Patrick:
The 25,000 shares of OSTK originally transacted for on August 8th, came in during the night and we have initiated the process of converting to paper. Settlement is taking place today.
Please call with any questions or concerns, and have a wonderful day!
XXXXXX
==================================================
1:47 PM
Dear XXXXX,
I would like to hear from you or someone on your trading desk what exactly is the meaning of, "The 25,000 shares of OSTK originally transacted for on August 8th, came in during the night".
What does "come in" mean (since they clearly are not mailed pieces of paper)?
How did they manage to keep from "coming in" for 50 days?
From whom did they come in?
Respectfully,
Patrick
=============================================================
2:15 PM
Patrick:
To the best of my knowledge it means that the incoming shares appear in the electronic system (SEI) which displays the stock trade transactions via PC, and this evidently takes place , like bank processing, as an overnight transaction. The August 8th date is the date I have recorded in my notes as the date of your second purchase of shares of OSTK, the date ZZZZZZZ entered into the transaction with Morgan Stanley to purchase the 25,000 shares.
I am going to ask some of our professionals from the trade area to respond, and hopefully give you a better explanation of how the shares move to BD from another brokerage house.
As to the 50 days the shares did not come in, the only answer we have obtained from the Morgan Stanley people when we repeatedly pressured them is this: "you have to understand that this is an extremely hot stock". Obviously not an answer that makes any sense; but an answer that was repeated time and time again as we made calls to the management at Morgan Stanley.
I will forward additional information to you as soon as I am able to obtain it from the BDBDBD group.
Thank you!
==================================================================
Now Fools, I don't know about you, but I find this pretty weird. Let them post more photos of me with UFO's flying out of my head, but something seems messed up in a system that allows this.
(By the way, Morgan Stanley lawyers, when you read this you are going to get ticked off and want to fire off a letter threatening to sue me. Better check with your stock loan desk first to see if you want discovery. Go ahead: make my day.)
Here is the punch line: my Pop bought 200,000 shares right at the end of August. He still has not gotten delivery. Again, I am not speaking of certs. I speak simply of the settlement of the trade. His broker is saying that the other brokerage house is unable to settle the transaction.
Any guesses as to who that brokerage house is? I'll give you three guesses. It is one of the big ones.
Does this strike anyone else here as odd? I mean, I can understand the fellow Tiddman who was writing, more or less, "Byrne, just focus on the business." Ironically, I am entirely from the value school and agree that in almost any circumstance one should just focus on the business. But given that simple stock purchases seem to be cracking the system, and given that I believe we have somewhere between 5 and 20 million electronically counterfeited shares in the market, and given that I suspect there is some relation between these two facts, and given that I think this situation may well be endemic in the market, I think at some point I am supposed to do something about it. Well, someone is, anyway. I could be wrong, though: when it takes 50 days to get 25,000 shares of stock to clear, Lord knows I'm not in Kansas anymore.
Respect,
Patrick
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Quote from ratboy88:
i read it quite well the first time..... maybe we all need to worry about surviving difficult economic times ahead. we dont need criminals shorting fake paper against legit companies.
THIS IS ILLEGAL PEOPLE..... end of discussion. CNBC/nbc spiked the story. Sen Shelby shelved the issue. go read the research.... this is a conspiracy at a very high level. the SEC heiarchy is also complicit.... the lower level sec personnel know whats going on but are handcuffed. the info is out there.
IT IS NOT ABOUT OSTK BEING A GOOD COMPANY OR NOT.
i think this post still sums up the situation nicely.
Refco will never open up. When they get in there, they will find millions upon millions of shares of naked shorts that Refco hid for years. 439mm?????? Ya, if you go off the offer. Wait till SIPC starts to buy 'em back.
For years, first just a few, then a few thousand of us screamed, hollered, bitched, moaned. This isn't right. "oh, there'll all shit companies".
Well now, Mr. Regulator, Mr. Congressman, Mr. Senator, congratulations. You all get to use the taxpayers money to cover up another scandal while the hedgies, your good time asshold buddies leave town with the loot.
This is a disgrace, a scandal. A disgusting piece of America's financial history. I don't blame the non -believers. It's an unbelievable story. But don't say I didn't warn you!
The system doesn't work.
For years, first just a few, then a few thousand of us screamed, hollered, bitched, moaned. This isn't right. "oh, there'll all shit companies".
Well now, Mr. Regulator, Mr. Congressman, Mr. Senator, congratulations. You all get to use the taxpayers money to cover up another scandal while the hedgies, your good time asshold buddies leave town with the loot.
This is a disgrace, a scandal. A disgusting piece of America's financial history. I don't blame the non -believers. It's an unbelievable story. But don't say I didn't warn you!
The system doesn't work.
Keep fighting the good fight FT, the way things are going you and Patrick will be having the last laugh as the hedgies re digging themselves a hole that is too deep to scramble out of.
This last assault has me at close to break even as I hedged my 06 Calls with Oct puts. If this thing gets cracked by March I will be laughing too.
The refco business is very scary (I have used them for many many years).
This last assault has me at close to break even as I hedged my 06 Calls with Oct puts. If this thing gets cracked by March I will be laughing too.
The refco business is very scary (I have used them for many many years).