Patrick Byrne OVERSTOCK CEO Is he just another INSANE JERK of an Auction Company CEO?

[rossshow]

http://www.theregister.co.uk/2005/12/03/overstock_issues/

CEO Patrick Byrne has held calls with financial analysts in which he delved into his sexuality and experiences with cocaine, in the midst of a tirade on how a cabal led by a "Sith Lord" was out to destroy his company.

Sith Lord? Coke and Hookers?

[rossshow]

As this went on I started realizing that there was actually some more orchestration here being provided, by what I’m calling here is the Sith Lord or the mastermind.

Now, can I tell you who that designated bottom feeder was who was supposed to end up with our company?

Can I tell you? I can. But I’m not going to today.

The Sith Lord is, can I tell you who that is?

Well, I could tell you it’s a name that everybody on the phone, every single person on the phone would recognize this person’s name.

He’s one of the master criminals from the 1980s, and he’s back in business. But I’m not going to.

I’ll just call him the master mind today.

Did we ever find out WHO he was talking about?

[rossshow]

http://www.fool.com/news/commentary/2005/commentary05082402.htm

Friend to Strippers and Hookers!

I do have a couple good friends who were wigglers (and another who was a call girl). All three are finer human beings than the average Wall Street hedgie, journalist, etc. To have a hedge fund quisling like Matthews denigrate the way they make their living is hilarious.

[rossshow]

http://www.binomialmarketingexperiment.com/2005/08/17/is-milken-the-sith-lord/

Is Milken the “Sith Lord”?

[marble]

Oh codswallop. I interviewed the man twice and he sounded very nice, sincere, and normal to me. Not to mention the fact that he knew his business forward and backward.

If he indeed has a weird side, it's probably because he's got to deal with strange little companies that attempt to out-weird him.

No names, no names. ;)

[Jasmine]

Nancy~

Whoever could you be talking about??????

:D

[rossshow]

http://www.blogmaverick.com/entry/1234000233073446/





This will make a good movie someday… overstock.com



You never think this stuff really happens, but it does. There are crazies out there, and in a population of thousands of public companies, at least one is going to be run by someone who is a little bit “off”.

I dont know Patrick Byrne (http://blogs.icerocket.com/search?q=%22patrick+byrne%22) personally. I have followed his comments as CEO of Overstock.com because I am short 20k shares of the stock (Which i shorted because Patrick Byrne is CEO), and because he is extremely entertaining. Humor, even if unintentional is hard to find in the business world, so from that perspective, his efforts are much appreciated.

I have written in the past about his amazing conference call t (http://www.blogmaverick.com/entry/1234000233073446/www.blogmaverick.com/entry/1234000780054315/)hat will go down in business history as the most bizarre ever. When Broadcast.com first broadcast live an Insight Enterprises quarterly earnings call, and then archived it for future listening back in 1996, I never could have imagined that any call would reach such entertainment heights.

I have written in the past about one of Mr Byrnes pet topics, Naked Shorting and how its become its own little XFiles conspiracy community (http://www.icerocket.com/search?tab=web&q=site%3Ahttp%3A%2F%2Fwww.blogmaverick.com+%22nake d+shorts%22) with people matching Byrne with their paranoia. The only question about those guys is which will come first, a Law & Order episode mocking them or one of them actually stabbing themself in the foot to try to prove that someone is truly after them.

In any event, I guess it should come as no suprise when Mr Byrne made some comments about me in an interview this morning on Bloomberg Television . This in turn led to a request for comment from Bloomberg.

It was all humorous to me, so i thought i would share. Hope you get a chuckle out of it.

On Fri, 23 Dec 2005 1:07 pm, JEANNINE DEFOE, BLOOMBERG/ NEWSROOM:
wrote:
>
> Mark,
> Hello, my name is Jeannine DeFoe and I am a reporter with
> Bloomberg News.
> Patrick Byrne of Overstock.com (http://overstock.com/) was on Bloomberg television earlier
> today and made some critical comments about you and short-sellers in general.
> Here is a quote:
> ``I can tell you that Cuban’s friends, what they’re going to do is
> come after me in January, they’re trying to get the SEC to launch an
> investigation, I think they’re going to try to get the DOJ to investigate me. Some of
> the people I’m up against are mobsters. I fully expect you’re going to hear
> about the police stopping me with a pound of heroin, or a dead body, or
> something in my trunk.’’
> We want to give you a chance to respond

my response

Patrick byrne is a paranoid fool. I am short 20k shares. I would love to
short many many more shares because a rule of thumb I have is that
companies run by people I feel are paranoid fools, tend to go out of
business. That makes them a good short

Unfortunately, I can’t borrow any more shares to short. I do business
through UBS. Nobody in their organization has a way to short more
shares. (Puts are too expensive. Even shorting the stock has a huge
rebate expense attached)

I have no idea who he is referring to as my friends, but I am happy to
swear to the fact , and you can take this as a sworn statement that I
have never discussed ‘going after’ him. Nor do I have any sense of what
he is talking about.

in a perfect world, if I want a company to fail, I wouldn’t go to the
SEC, or to the DOJ. (Neither of which I have ever done, nor do I plan
to) I would just try to get them to hire Patrick Byrne.





Related Links

» more on patrick byrne (http://blogs.icerocket.com/search?q=%22patrick+byrne%22)

[rossshow]

http://auctionbytes.com/cab/abn/y06/m01/i16/s04






Overstock.com president Patrick Byrne published his responses to BusinessWeek reporter Timothy Mullaney on TheSanityCheck.com Web site. In a press release issued by Overstock, Byrne said in part, "Had I not responded to Tim's extensive questions, or had I responded privately, there is some tiny chance that he may have taken liberties with the truth. My responses also contain operational detail to which I feel all investors should be alerted. So given that Tim intended this to be an on-the-record interview, I treated it as on the record, and am publishing it myself first." Following detailed questions about Overstock's finances came questions about Byrne's weight gain and mental health.
http://digbig.com/4fygm (http://digbig.com/4fygm)

Related Article
"Overstock CEO aimed to "flush the bowl" with suit," By Scott Malone, Reuters, 1/13/06
http://digbig.com/4fyda (http://digbig.com/4fyda)

[rossshow]

the hard questions:



1. How is PMB's health? In comparing old pictures of PMB to more recent ones, a senior BW editor – i.e. not me – noted what appeared to be a significant weight gain that occurred within the last two years. Is this correct? If so, is it a function of stress?

Yes, thanks for noticing. The last time I bicycled across country I ended up in the hospital with Supraventricular Tachycardia/Fibrillations. For some time after that even moderate exercise would send my heart to well above 230 bpm. Thus, I was unable to exercise for several years, and added 40 pounds. It was a nice break from an otherwise pretty strenuous lifelong routine, but it is a little better, and so over New Year's I went for a long hospital physical. There they confirmed that I still have a pronounced "rogue focus" in my left atrium, but I am cleared to start up again, so I may go for a long walk soon.

"Stress"? There's no stress here. I am having a blast.
2. Is PMB manic depressive? Has he ever sought care or diagnosis for any mental incapacity? Is he on any psychoactive medications of any kind? (I mean no offense, and this is no more intrusive than Pat's own public discussion of whether he uses illegal drugs).

Hmmm. Maybe you can point me to that "Pat's own public discussion of whether he uses illegal drugs"?
The answer is, No, I shun therapists of any kind. I have seen them ruin some good people, but I suppose that is heresy in New York.

3. Why is Jim Cramer referring e-mails from NCANS supporters to his lawyers? Has any counsel for Cramer contacted OSTK or PMB about pending or threatened defamation claims? E-mail trails I have read include Cramer asserting he may have a claim against OSTK or OSTK defenders at NCANS. Are these e-mails genuine? (I'm calling JJC as well).

No, but I contacted them to let them know that one of these fellows (Dave Patch) had forwarded me Jim and his lawyers blustery threats, and to ask if they had any objection to my including them in a presentation I am preparing on Jim Cramer. Cramer's lawyer answered obliquely, but would not say he objected, and so I took that as permission to use them. I have noted that Jim is quick to have his lawyer threaten people: I look forward to the day he does me.

As this happened just two days ago, and you already know about what was sent to Cramer's lawyer, it tells me that you guys are even tighter than I thought! Wow, who knew? And to think some people suspect that this is orchestrated….

4. Mark Cuban, asked in jest if he would trade PMB for Ron Artest, even up, responded in part: "No. Ron Artest knows what his issues are and takes medication." Please comment. We know about Mr. Cuban's short position in OSTK, which he puts at 20,000 shares.

Mark Cuban is living proof that the even the billionaires' club has a bell curve: Mark holds one end of it, and Bill Gates has the other. You guess which is which.

[marble]

For a guy who survived testicular cancer, I'd say he's doing pretty darned well healthwise.

He has also memorized a deck of cards and speaks fluent Mandarin Chinese.

What can I say. I like the guy.

[SneakyDave]

Wow, he must be a great guy then. Let's make him king.

[marble]

How can he be king. You are king.

[rossshow]

http://news.com.com/2100-1038_3-6045466.html
Overstock 'jihad' divides father and son
Even Overstock.com Chairman John "Jack" Byrne, the father of CEO Patrick Byrne, wants his son to give up his fight against bankers, investors and journalists who the younger Byrne claims are trying to purposely deflate his company's stock price.


In an interview with CNET News.com, Patrick Byrne acknowledged that taking up the issue, which has made him one of the nation's most controversial executives, has prompted his father to consider stepping down as chairman.

"I've never expected him to (understand) this fight," said Patrick Byrne of his father. "He's been making noise about stepping down."

Jack Byrne was quoted on the Wall Street Journal's Web site on Thursday as saying that "Patrick and I have had some wonderful times together on Overstock, but we've also had some stormy times. I'd rather keep my relationship with my son than be the chairman of the board...I don't think it's a wise idea to be chairman with a headstrong son."

The younger Byrne said that his father "thinks this is too much of a distraction for me" and disagreed with his father's assessment, but did admit that he has been distracted at times.

Patrick Byrne said he commits 10 to 12 hours per day overseeing the e-tail company, but then dedicates most of his spare time to waging what he calls a "jihad" against short sellers. He says unscrupulous "shorts" use a variety of ways to illegitimately pressure a stock, such as stirring up bad press (http://news.com.com/U.S.+subpoenas+two+Dow+writers%2C+then+backs+off/2100-1030_3-6043306.html?tag=nl) about a company. Such accusations, as well as a sometimes rambling hour-long speech last summer during a conference call with analysts--when he alleged a mass conspiracy existed against his company--have prompted many Wall Street insiders to label Byrne a whacko, he says

Nonetheless, Byrne has kept up his fight. Last August, Overstock filed suit against Rocker Partners, a short-selling hedge fund, and Gradient Analytics, a research firm. Both firms are bearish on Overstock, which is profitless (http://news.com.com/Overstock+to+restate+earnings/2100-1014_3-6044510.html?tag=nl).

Apparently, not everyone is writing Patrick Byrne off. The Securities and Exchange Commission has opened an investigation into Rocker Partners and Gradient, according to several published reports. However, it recently backed off from subpoenas it sent to journalists critical of Overstock and whom Patrick Byrne has accused of being "lackeys" for short sellers.

Of his and his father's relationship, Patrick Byrne says it's as good as ever.

"There is no feud whatsoever," Patrick Byrne said. "We remain quite close...we're wired a bit differently. He brought me up teaching me about how bad Wall Street is, how Wall Street is so evil."

[rossshow]

http://today.reuters.com/news/articleinvesting.aspx?type=governmentFilingsNews&storyid=URI:urn:newsml:reuters.com:20060301:MTFH67 209_2006-03-01_14-47-54_N01293636:1


Overstock not behind SEC probe of journalists-CEO
Wed Mar 1, 2006 9:47 AM ET




NEW YORK, March 1 (Reuters) - The chief executive of Overstock.com <OSTK.O> on Wednesday said federal regulators, not the online retailer, were behind the investigation into business journalists as part of a probe into alleged manipulation of the company's stock.

Patrick Byrne told business news network CNBC that the U.S. Securities and Exchange Commission's recent subpoenas of journalists who had criticized Overstock came at the agency's own initiative.

The San Francisco office of the SEC took the unusual step of issuing subpoenas to two Dow Jones & Co. <DJ.N> columnists, Carol Remond and Herb Greenberg, to demand telephone records, e-mails and other documents related to Overstock.com.

"It's my sense that the SEC was onto Herb's scent long before we came along," Byrne said. "I have not orchestrated the SEC investigation."

Byrne acknowledged speaking to SEC officials about the probe, but dismissed the notion that the subpoenas were related to a lawsuit Overstock filed in August against hedge fund Rocker Partners and research firm Gradient Analytics.

The lawsuit claimed Rocker and Gradient conspired to drive down Overstock's share price.

Halfway through the CNBC interview, Byrne held up a placard with two Web site addresses -- www.sanitycheck.com/ and www.locatestock.com/ -- and encouraged viewers to visit them.

Greenberg was among the CNBC hosts on Wednesday morning.

"This guy is an emotional nut case," Greenberg said on air. "Who would want to invest in a company run by a person who comes out with claims, who can't stick to his own message. I mean, basically it's ludicrous."

In Overstock's August conference call, Byrne said a group of hedge-fund investors, financial journalists and regulatory agencies were acting together, under the direction of an unidentified "Sith Lord" -- a reference to the villains in the "Star Wars" movies.

"I was actually planning on leaving this January for a much more interesting job," Byrne said in a written statement released a few months later. "That is one of the reasons I began responding to the miscreants when I did. I wanted to flush the bowl as I left."

Jim Cramer, the host of CNBC's "Mad Money w/Jim Cramer," on Monday said he, too, received an SEC subpoena in connection with an investigation into alleged stock manipulation of Overstock.com.

[rossshow]

http://auctionbytes.com/cab/abn/y06/m04/i11/s02


For the community of buyers and sellers on Overstock.com Auctions who might have missed the battle being waged by Overstock.com CEO Patrick Byrne against Wall Street, a post by Byrne brought them up to date. Byrne posted a summary of his "choicest writings" from other boards on the Overstock.com Auctions boards on April 1, 2006.



http://auctionbytes.com/cab/abn/y06/m04/i11/images/overstock.jpg



Byrne has been openly critical of financial institutions and the financial press. Byrne filed a lawsuit against two companies for allegedly conspiring to denigrate Overstock.com's business for personal profit. Information about the lawsuit can be found on Overstock.com's Investor Relations pages (http://www.shareholder.com/overstock/suit.cfm (http://www.shareholder.com/overstock/suit.cfm)).

In his board post, Byrne apologized for having been away from the Overstock.com Auctions discussion boards for a year. Overstock.com's discussion board index page, found here (http://forums.auctions.overstock.com (http://forums.auctions.overstock.com/)), links to the Byrne's dedicated area called, "Deep Thoughts by Patrick Byrne." He reassured one member that his April 1st posting was no April Fool's joke. Members responded to his post warmly and two expressed hope his return would benefit the Overstock.com Auction site.

Overstock.com launched the auction platform in September 2004 and attracted a number of eBay sellers who wanted to expand their sales channels.

http://digbig.com/4hatb (http://digbig.com/4hatb)

[rossshow]

"Your input sought," posted by Patrick Byrne on his Overstock.com Auctions blog, 5/17/06
http://forums.auctions.overstock.com/patrick.php?#180084 (http://forums.auctions.overstock.com/patrick.php?#180084)

[Toy Ranch]

Looks like he is the Rev Intestine of the Motley Fool website:

http://forums.auctions.overstock.com/patrick.php?#171896

:1crazy:

[nazarethdog]

I had an opportunity to listen to him present the Overstock Platform back in 2005 at the Channel Advisor Marathon.

He seemed like a very lucid and intelligent individual. I agree with Nancy......if there is any insane CEO's out there, Mr. Samual takes the cake, by far.

I think it's time for a new thread!!

More tales from the Crypt forthcoming....get your popcorn and saddle up for a good tale....... :1JerryJer

[kim]

i've really not been following this but haven't you all figured out by now that this whole operation is all just a not too subtle cover for the encouragement of more and more and more oh god more more more orgasms...?

- not to imply that that's a bad thing...

[rossshow]

http://news.com.com/2100-1030_3-6171494.html

Overstock CEO reflects on Cramer debacle


Patrick Byrne, CEO of Overstock.com and one of the Internet's most controversial figures since alleging that hedge fund managers conspire with journalists to manipulate the stock market, has been receiving support recently from some surprising corners.


Bloomberg News (http://youtube.com/watch?v=7fcre8P2UUY) aired a report on March 13 (which is also available on YouTube) that seems to back up many of the allegations (http://news.com.com/CEO+on+the+hot+seat/2008-1030_3-6046300.html) Byrne has made over the past two years. Then there are the startling comments from James Cramer, the hedge fund manager-turned-host of the popular CNBC television show Mad Money.

During an interview for TheStreet.com in December, Cramer offered a primer on how hedge funds cheat the stock market. In the video, which surfaced last week on YouTube and has since been removed at the request of TheStreet.com, Cramer claimed the financial press is easily duped by short sellers and hedge funds and that federal regulators aren't smart enough to stop it.

Were Cramer's statements the smoking gun Byrne's supporters have been waiting for? He's not so sure.

"The (Securities and Exchange Commission) works for Wall Street," Byrne said in an interview last week. "It doesn't work for Main Street. On a good day, the SEC is up to taking on Martha Stewart over a $60,000 issue. They are not up to taking on Jim Cramer and half a dozen powerful hedge funds."

Byrne sparked controversy in August 2005 by accusing a number of investment bankers, financial journalists and hedge fund managers of collaborating to ruin the reputations of companies to profit when their stock prices tumbled. Byrne claimed that his online store was victimized by such a scheme. In a now infamous 2005 conference call, he said the conspiracy was overseen by a mastermind he compared to a "Sith Lord" out of the Star Wars movies.

Byrne's detractors accused him of trying to divert attention away (http://news.com.com/Overstock+jihad+divides+father+and+son/2100-1038_3-6045466.html) from his company's poor financial performance. In 2005, Salt Lake City-based
Overstock reported a $25 million loss (http://news.com.com/Overstock+denies+shipping+problems/2100-1030_3-5623377.html). The company's share price, which hit $77 in 2004, closed trading on Tuesday at $17.29.
Salt Lake City, Utah-based Overstock (http://www.overstock.com/) in 2005 filed suit against Rocker Partners, a short-selling hedge fund, and Gradient Analytics, a research firm. He accused them of conspiring to manipulate Overstock's share price. The SEC opened an investigation into the companies but dropped the probe last month without taking any action. But Byrne hasn't given up. Overstock last month filed a $3.4 billion suit against 12 brokerage firms


Cramer, one of the founders of TheStreet.com, received a subpoena related to the Gradiant and Rocker lawsuit.

"The financial press has been taking orders from hedge funds, and using options to simulate demand for years," Byrne said. But the time may be right for Byrne to keep quiet and wait for regulators or lawmakers to step in, said legal experts.

"Byrne may be able to help set new law if he handles this right," said Kerry Fields, associate professor of law and business ethics at the University of Southern California. "I don't think this is a case in which he should risk the company's fortune but his best approach now is probably to persuade the SEC, which continues to wander around the issue, or the government to serve subpoenas and let them decide whether or not his company was wronged."

[rossshow]

LOL From the comments section:

http://news.com.com/5208-1030_3-0.html?forumID=1&threadID=26187&messageID=251989&start=-1

Patrick Byrne is just another dot-bomb CEO who can't get over the fact he can't party like it's 1999 any more. "Let's sell crap at a loss on the Internet." Gee, what an original idea. His only real beef with the short sellers is that they were driving the stock to it's true value ($0) before he could dump all of his shares. His company has never turned a profit and never will. Kill it already.

[thentavius]

Patrick Byrne is just another dot-bomb CEO who can't get over the fact he can't party like it's 1999 any more. "Let's sell crap at a loss on the Internet." Gee, what an original idea. His only real beef with the short sellers is that they were driving the stock to it's true value ($0) before he could dump all of his shares. His company has never turned a profit and never will. Kill it already.

:1rotfl1: