Patrick Byrns goes crazy on CNBC

Flytiger,

You seem to have an unwavering belief in your theories, so you might as well make it pay off you for.

You should max out your credit cards, clear out your savings, take out a 2nd mortgage on your home(if you have one), and put all the money into OTM Dec 05 and Mar 06 ostk calls. If what you describe is true, then ostk is surely headed for 100+, as you have mentioned so many times, and you are bound to make millions.

Seems like the only logical course of action for someone with your beliefs.
 
Options will be too pricey as Naked Shorts break ranks and try to protect their own butts. Better bet is to just daytrade it. Remember what I said. They won't (can't) give up w/o a fight.

And they aren't beliefs. They are facts. And if they don't fix it, you've got no markets to trade.

I remember when we wondered if they were on listed exchanges. Now you know, as well as me.
 
Quote from mahram:

lol what interview were you watching...pat was going insane. He made claims about naked short selling but then he said he was charging them with insider trading. He then claim the SEC was falsely accusing him and that his stock price was going down not because of his bad performance but of short sellers. Why is this guy making so many stupid claims, and nothing related to his lawsuit. If youve been following pat, this is a big jump from a couple of weeks ago when he said he didnt care about shorts, now he cares. So what changed? I think something is either very very wrong with pats business or that the SEC is closing in on him, he wants to change the subject fast.
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he accused rocker of insider trading....and pointed out the "fails"... he said the SEC was looking at them in Feb and dropped it. right or wrong nothing insane there. i watched the interview and you couldn't be further from reality. the man "was" and "acted" completely sane. much more than i can say for dylan ratigan who's emotional ranting made even me uncomfortable.
 
Quote from bestfriend:

Personally, I'm in favor of anything naked as long as it's attractive.

DTC has been sued repeatedly over this and the lawsuits' charges are sometimes downright funny.

Here's a recent case:

http://www.dtcc.com/PressRoom/2005/nanopierce_dismissal.html


It's also pretty interesting the clearing volume of DTCC was $1.1
QUADRILLION in '04

http://www.dtcc.com/PressRoom/2005/quadrillion.html
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whoa whoa whoa, we do something like $400 trillion in volume in the forex and I thought we were the biggest market on earth.

am I missing something???
 
another crappy company blaming its mistakes on others....why not blame the toothfairy and santa clause or the black helicoptors.

Quote from flytiger:

Now I really don't care if you like OTCBB or not. Carole Remond told me years ago they are "all shit companies". Well, some are some aren't. But, YOU CAN NOT MANIPULATE. Mr. Pat Byrne seems to agree with me, and that makes him ok in my book.

http://www.sec.gov/litigation/complaints/comp18003.htm

Remember, this covers ONE MONTH. The fine was a measely 1MM. But that, unfortunately is how the SEC works. In Dec, 03, the bastards were arrested. One scooted to Switzerland, one got caught. They ever screw their own brothers. Skip skip skip.


May 16, 2005
http://www.rgm.com/articles/thestreet3.html

Now do you think this is a one time event? Sedona was blessed. they had an ex SEC commish on their board. They have a rabbi who saved the company, and although diluted, they are alive and kicking. Their lawsuit is for 2.2 Billion.

They weren't always OTCBB. This was a $10 stock with a very potent software product. Now just this last week, they were granted discovery. That means, open up your books. I want to see who your customers are.

Sedona Wins Crt OK To Proceed In Part With Short-Sale Suit

By JUDITH BURNS
August 9, 2005 5:35 p.m.

Of DOW JONES NEWSWIRES
WASHINGTON -- A federal judge issued a ruling Tuesday allowing Sedona Corp. (SDNA) to proceed in part with a lawsuit against investment banks, brokers and others it claims manipulated its stock, causing shares to plummet in mid-2000.

Judge Laura Taylor Swain, of U.S. District Court in Manhattan, rejected arguments to block the case on the grounds that too much time had elapsed when Sedona filed its suit in 2003. The judge partly denied and partly granted other motions by defendants to dismiss the case while allowing Sedona another chance to replead the dismissed claims.

The decision clears the way for Sedona, a King of Prussia, Pa., software company, to begin at least partial discovery in its case against Ladenburg Thalmann & Co., Inc., Pershing LLC, Westminster Securities Corp., Rhino Advisors Inc., Amro International S.A., Thomas Badian, and more than 100 unnamed defendants. The company is seeking up to $2.6 billion in damages.

Sedona hired Ladenburg Thalmann as its investment banker in 2000 and entered into a deal to obtain up to $50 million of financing. Sedona claims its was victimized by a "pump and dump" scheme to inflate its stock price before the defendants dumped it, allowing them to profit from the market manipulation and increased conversion rights afforded under the so-called "death spiral" financing.

The Securities and Exchange Commission is investigating the matter. Refco Group Ltd. LLC announced in May that a subsidiary, Refco Securities, had been notified that the SEC's staff intends to recommend the Commission bring an enforcement action against the firm based on short sales of Sedona stock in 2000. Short sellers borrow stock and profit when the stock price declines, allowing them to replace shares at a reduced price. In early 2003 Rhino Advisors, a New York investment firm, and president Thomas Badian agreed to a $1 million settlement with the SEC without admitting or denying allegations of manipulative short selling in Sedona stock. Badian also faces criminal conspiracy charges.

A Sedona spokeswoman didn't return a phone call seeking comment. Attorneys for Ladenburg Thalmann and Pershing weren't immediately available to comment.

James Wesley Christian, of the Houston law firm of Christian Smith & Jewell, which represents Sedona, said the decision allows the company to proceed "against all defendants on all the claims that we think are important." He said the firm intends to replead those portions of the case that were dismissed, spend a year or more in discovery, and go to trial eventually against all existing defendants, with others added as they become known.

Perrie Weiner, an attorney with DLA Piper Rudnick Gray Cary, in Los Angeles, who represents some of the defendants, called the ruling a partial victory that dismisses many but not most of the "flimsy" claims against his clients. He said he is confident the judge will dismiss with prejudice any claims that Sedona tries to revive, preventing the company from arguing them again.

-By Judith Burns, Dow Jones Newswires, 202-862-6692; Judith.Burns@dowjones.com



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Quote from ratboy88:

he accused rocker of insider trading....and pointed out the "fails"... he said the SEC was looking at them in Feb and dropped it. right or wrong nothing insane there. i watched the interview and you couldn't be further from reality. the man "was" and "acted" completely sane. much more than i can say for dylan ratigan who's emotional ranting made even me uncomfortable.
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Anybody have a link to that interview?
 
Quote from ratboy88:

he accused rocker of insider trading....and pointed out the "fails"... he said the SEC was looking at them in Feb and dropped it. right or wrong nothing insane there. i watched the interview and you couldn't be further from reality. the man "was" and "acted" completely sane. much more than i can say for dylan ratigan who's emotional ranting made even me uncomfortable.
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I saw Byrne's interview with Ron Insana. I thought Byrne handled himself very well and it was a very informative interview. Ron clearly knows what is going on as he did the research for the Dateline piece but mentioned that they could not air the entire taped segment.

I completely agree about how Dylan was trying to downplay the issue and muddle the difference between "shorting" & "naked shorting". What made me laugh was how Maria B. clearly does not understand what naked shorting is by her reaction to Scott Cohen.
 
the question is, is if overstock is a good company. Pat would like to muddle the whole thing and put in the naked shorting story but hes sueing for insider trading. Not naked shorting. Pat doesnt dispute the fundamentals on overstock, its horrible. And it makes youi wonder why pat is making a fuss now, did something change. I think there is a bigger story, and its probably not good :D
Quote from tcosync:

I saw Byrne's interview with Ron Insana. I thought Byrne handled himself very well and it was a very informative interview. Ron clearly knows what is going on as he did the research for the Dateline piece but mentioned that they could not air the entire taped segment.

I completely agree about how Dylan was trying to downplay the issue and muddle the difference between "shorting" & "naked shorting". What made me laugh was how Maria B. clearly does not understand what naked shorting is by her reaction to Scott Cohen.
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The NASD has used insider trading in several cases, i.e. Hillary Shane, etc. Their comment to a colleague is, you guys call it, we have to prove it.

That's probably, I'm guessing, why Byrne said what he did. It's easier to prove.
 
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