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To: rrufff who wrote (2058)	5/10/2006 5:46:54 PM
From: StockDung	Respond to of 2595

Overstock.com cancels $16.8 mln stock issue Wed May 10, 2006 5:42 PM ET May 10 (Reuters) - Online close-out retailer Overstock.com Inc. (OSTK.O: Quote, Profile, Research) on Wednesday said it has terminated an agreement to issue 700,000 shares of its common stock at $24 per share. The $16.8 million sale agreement, signed May 8, was terminated with the consent of the purchaser, Overstock said in a news release. (Reporting by Anthony Kurian in Bangalore)

To: rrufff who wrote (2058)	5/11/2006 8:21:14 AM
From: StockDung	Read Replies (1) \| Respond to of 2595

OVERSTOCK SALE HIT AFTER SEC SUBPOENA By RODDY BOYD May 11, 2006 -- The day after the Securities and Exchange Commission hit Internet retailer Overstock.com with a subpoena, the company said a highly touted sale of its stock had fallen apart. Overstock, which had trumpeted two surprise stock placements of 1.7 million shares over the past week, disclosed in its 10-Q filing that the buyer of 700,000 shares - the smaller of the two sales - has backed out of the purchase. Overstock's filing said its termination offer was accepted Tuesday, the same night the company disclosed that the SEC had subpoenaed information related to its accounting policies, targets and projections, as well as communications to shareholders and analysts. The company's share fell 41 cents, or 1.6 percent, to $24.75 in Nasdaq trading action yesterday. The stock is down 28.9 percent over the past year. An Overstock spokesman declined further comment, and the company's press release on the matter, which usually includes generous amounts of brash commentary from chief executive Patrick Byrne, was bare-bones. The purchaser of the 1 million-share block - which raised $25 million for the cash-strapped Overstock - appears to be sticking with the stock. The $16.8 million brought in from the cancelled sale would have gone a long way to help Overstock, which reported free cash outflows of $80 million in its first-quarter earnings release. The SEC's subpoena of Overstock appears unusually wide-ranging. The company's disclosure in the 10-Q is much more comprehensive than the press release, announcing that "Overstock Celebrates Receipt of SEC Subpoena." The subpoena seeks information related to the positive cash-flow projections that Byrne made publicly - as a result of an e-mail exchange with The Post - in January, and more recently, on the April 28 quarterly conference call. The SEC request also sought information related to Overstock's surprise disclosure of a major operational snafu in its order-processing technology that cost millions of dollars in upgrades and lost revenues. The company announced the devastating news at the bottom of a press release on a Friday last September that proclaimed it was "Overstocked with Bargains!" roddy.boyd@nypost.com