OSTK ceo

Flytiger,

If you have been long OSTK since this thread started (Aug 17th), then you are getting crushed.

On Aug 17th OSTK traded between 42.81 and 44.50. As I write this it is 35.88 bid (and traded as low as 32.81 a few days ago).

I understand your reasoning for your bullish short squeeze stance, but the rest of the street seems to be ignoring it (for now).

So at what point do you throw in the towel on your longs?
 
If you go back, I said, "trade it". I told you how powerful these guys are, and that anything can happen. I said I wouldn't hold overnight. These guys have killed me too many times. They make stocks go through support levels with ease. The last stock I bought I took a quick stop for a $277 loss. It gave a perfect buy entry on the five minute chart, and they broke it down through that level. They did this several days in a row.

Last weekend, I emailed Byrne. He was telling me about the non delivery of shares. His dads 200,000 shares were never delivered, probable never bought, but they took a commission and the principle. He filed a complaint with the NASD vs. his broker, who offered the other day to deliver when the stock was $33. The old man bought around $44. This information is posted on fool.com.

I own a few calls incase I miss some overnight news, but remember they have earnings next week, and Patrick is probably restricted for a week or so.

Now, how would you expect a stock to act when you can spend 8mm bucks, and the trade never happens? The secret is when the shit hits the fan. Today, RFX announced they are liquidating both prop and customer positions, long and short.

Watch Ron Insana today. We get to tell our story.
 
Assuming efficient markets are in society's (not traders', lets face it, SEC hates traders) best interest, there is a strong argument that these short sale rules are a lot like Sodomy Laws.

Better left unenforced. Ideally left unenacted ...
 
hasn't even started yet. There is something huge coming on the enforcement front. I think it is industry related.

How can you say SEC hates traders? Grandfathering of the SHO.? Let's see. Treasury comes to you, Bluehorseshoe, and says, we caught you counterfeiting. But you keep all the bills you made last year. Go ahead, use them. But don't make more this year. You still make more, they still turn there heads.

#1. Naked shorting exists, and still continues. Ref. OSTK 200,000 shares at $44 purchased by Byrnes' father, and never delivered.

#2 It goes unpunished.

#3 Markets, all markets, depend on supply/demand dynamic. If the supply is fake, the demand is dwarfed, and the markets don't work.

#4. We do not need hedge funds to be judge and jury. The market takes care of the weak sisters.

#5 The media is worthless in rooting out problems. They are wonderful at clubbing dead seals.

#6 Market regulatory agencies are incompetant. The good investigators are overwhelmed by the corrupt system. How many lawyers have next to their names "former SEC attorney". How many of those talk about the wonderful experience.

Refco never should have come public. That's the SEC's fault. Looka t today's journal. NY Common Retirement fund loses big time, changes name to, NY, You'll Have to Work a Few More Years Fund.

You guys all make fun of Patrick. Let me point out to you he spent several days this week in Washington DC. Matthews will lose that smug grin before Christmas. Things have to change, and change quickly, or there will be no markets. We'll be making sandals for export to mainland China.
 
Fly - give us an example of where naked shorts did an undervalued company wrong. Ideally where I can see the company's filings in SEC-Edgar.

Based on what I see in OSTK, it would appear that Patrick wants to reap the benefits of a low float in a 'hot' sector - that is something the SEC, in general, would like to avoid. As such, it seems that naked shorts serve a beneficial purpose here.

I'm thinking that if intelligent regulators look at this closely, they're more likely to repeal/ammend the laws rather than enforce them.

But then if, as you say, real companies are getting hurt, I'd like to take a look.
 
"undervalued". Such a relative term.

Most companies that are naked shorted have some warts. That was the whole Elgindy scheme. Have Jeff Royer use his FBI data base to find out Bluehorseshoe was convicted, or perverted, whatever. Then, by using the press, lawyers class action, and just plain old extortion, manipulate the stock for fun and profit.

The Stockwatch article I posted says "the list of stocks Mr. Elgindy shorted, provided by the DOJ to support its forfeiture claim includes well - known names like IMCL..........." The DOJ has a list compiled from their investigation. Suffice it to say, you'd recognize some very substancial US companies, household names. But I was not allowed to release that list, or talk about it. It will be out. AMir's not stupid. He's a psychopath, but he's not stupid. He did it at the top of the market. But when you lean on any company with millions of shares that are naked, they go down. It is illegal. I don't understand you people. What is the difference what kind of company, or what value the company is? it's wrong. Move on. If you are such market proponents, it would seem to me you'd be supportive of the process. What you're saying is " I'm a humanist. But I hate Jews." Makes no sense.

We have obtained, the the past week, tremendous indications the Senate is here. Did you notice OSTK has had two good days in a row following Patrick's disclosure he filed an NASD complaint?

Here me now. What ever you are reading about Refco, it's a hangnail. That $430mm will explode in the next week. And they didn't do that in a vacuum. If you watched Dave Patch on CNBC., SCHB which UBS, left the offer of SEdona Corp as Patch was speaking......totally disappeard. They returned at 3:03. An order was placed at the end of the day with plenty of time left. Thousands of shares to buy. they just ignored that. Those screen shots are in the regulators hands. That company was targeted for destruction. What they forgot was a former SEC commissh was on the board. That was there mistake. It's like the Marines. Once a Marine, always a Marine. There are thousands of Sedonas out there, and they are filing companies. The stocks have to be bought it. As does OSTK, and whatever else of the 189 companies on the SHO list.

Just understand it. I can't understand, and I'm trememdously disappointed, that "professonal" traders aren't more anxious to protect their sandbox. Oh well. Gotta go. Insult me some more. I'll be back in a few hours and will scold you some more.
 
Quote from flytiger:

I can't understand ... that traders aren't more anxious to protect their sandbox.
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The reason that I am not worried about naked shorting is that the companies getting heavily shorted are ones that aren't good companies to being with. For example, I predict OSTK eventually goes bankrupt and goes to $0.

If there were people heavily short (or illegally short) a stock *and* that stock's company was coining money, then eventually the market would cause serious pain to the shorts (either by buyers or a buyout). It is a self-regulating process.
 
Quote from sprstpd:

The reason that I am not worried about naked shorting is that the companies getting heavily shorted are ones that aren't good companies to being with. For example, I predict OSTK eventually goes bankrupt and goes to $0.
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I agree. OSTK is a shit company getting dominated by the bigger internet boys.

The only hope this stock and it's investors have is a massive short squeeze or a sudden "taken private" announcement.

There's money to be made trading it intraday or short term, but for the long haul (a few years out), there's really nothing to like.
 
So when people cheat and break the rules, that's "self regulatory"? Do you Eat with your hands.? Don't you understand what I've said in all these posts. IMCL is a shit company? Did you see the DOJ has a big list? Did you hear me say that there will eventually come to light some of the largest American companies were naked shorted and harmed.? Who gets to make these decisions? You? Who's qualified?

You guys are simply hopeless. I'm done. You assholes fight among yourselves. You simply .......... oh, forget it.
 
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