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Pastimes : Investment Chat Board Lawsuits -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey S. Mitchell who wrote (9923)	2/8/2007 12:33:50 AM
From: Jeffrey S. Mitchell	Respond to of 12465

Re: 2/6/07 - [OSTK] Salt Lake Tribune: Overstock losses explode; Critics call its lawsuit against brokers a diversion Overstock losses explode Critics call its lawsuit against brokers a diversion By Bob Mims The Salt Lake Tribune Article Last Updated: 02/06/2007 01:36:22 PM MST Two days after trumpeting plans for a $3.48 billion lawsuit against a host of big-name brokers, Overstock reported its quarterly losses had multiplied nearly sevenfold. Given the results, analysts who have been longtime critics of Overstock and CEO Patrick Byrne renewed criticism that they started last week in regard to the timing of the lawsuit by the Salt Lake City-based online closeout retailer. One of them, Gary Weiss, author of the controversial market expose Wall Street v. America, characterized Byrne's latest move as "suing every white male north of the Susquehanna River, all of whom engaged in a conspiracy to drive down the company's stock." Referring to Overstock's losses swelling from $6.3 million a year ago to $41 million for the quarter ended Dec. 31, which Byrne announced Monday in a conference call, Weiss, tongue firmly planted in cheek, wrote in his blog that the suit was not "an effort to steer [the] conference-call excuse-a-thon away from the numbers. . . . [And] the numbers turned out to be far worse than the most pessimistic estimates. Coincidence! Coincidence!" That is exactly what it was, Byrne counterquipped: "I believe [critics] are using talk of Overstock's operating results as a smokescreen to hide their criminal activities. Believe me, we have been working like heck to get it filed a couple weeks ago, but the loose ends just kept bumping it." Overstock recorded net losses of nearly $41 million, or $1.92 per share, on decreased revenue of $297.5 million for its fiscal 2006 fourth quarter. Overstock had posted losses of $6.3 million (33 cents) on $318 million in receipts for the same time a year ago. For the year ending Dec. 31, the company - yet to report a profit in its seven years - lost almost $97 million ($4.77 per share) on $303 million in revenue. Fiscal 2005 had ended with a shade under $25 million in losses on $325 million in revenue. "I'm not making excuses, once again I am taking full responsibility," Byrne said in the shareholders' teleconference. The fourth quarter "was the end of a washout year of 2006." MarketWatch columnist and longtime Byrne foe Herb Greenberg couldn't resist reacting to that mea culpa. "Quarter after quarter Byrne confesses his sins, yet keeps his job, thanks largely, it would appear, to a board of friends instead of fiduciaries," he wrote in his blog. Byrne listed several reasons for his company's woes, including "hastily implemented" and trouble-laden computer systems upgrades and less traffic to and purchases from the Overstock Web site. Selling off bloated inventory at deep discounts also contributed to poor results. "2006 really was a year for getting things back under control," Byrne said. "We have our work cut out for us still, but we do think we've gotten through the toughest part." Last Friday afternoon, Byrne was decidedly more ebullient in announcing his pending suit against brokers Goldman Sachs, Morgan Stanley, Citigroup and many others for allegedly conspiring to manipulate the trading of Overstock's shares on the Nasdaq exchange. Borrowing from Shakespeare, Byrne declared, "Cry 'Havoc!' and let slip the dogs of war" in escalating his long battle against "naked shorting" - a practice where traders profit from falling prices by selling shares without first borrowing the stock. Byrne, joined in the brokerage suit by some of his shareholders, contends that naked short sellers have driven down Overstock share prices by flooding the market with orders to sell shares they have not secured. The suit was filed Monday morning in the San Francisco branch of the Superior Court of California. Specifically, the complaint accuses a dozen brokerages and 100 John Does with numerous securities violations. John O'Quinn, Overstock's Houston-based lead attorney, argues that the alleged naked shorting and "other manipulative tactics are a stain on the execution of our exchanges." O'Quinn admitted that "we are taking on a mighty task" but added that Byrne and he "are a perfect combination [because] we are not afraid of taking on the big boys. Our cause is right and we won't back down." Overstock's shares closed Monday at $14.66, down 45 cents, or 3 percent. bmims@sltrib.com * LAWSUIT: Overstock.com on Monday filed a multibillion-dollar lawsuit against Wall Street firms, alleging market manipulation. * BIG LOSSES: The Utah retailer also on Monday reported net losses for the fourth quarter had swollen from $6.3 million to $41 million. * COINCIDENCE? Trying to counter critics who said the suit was a smokescreen to divert attention from poor earnings, Overstock's CEO said the timing was coincidental. origin.sltrib.com

To: Jeffrey S. Mitchell who wrote (9923)	2/26/2007 9:52:44 PM
From: Jeffrey S. Mitchell	Read Replies (2) \| Respond to of 12465

Re: 2/26/07 [NFI] - "I've Lost It All. It Ends After "24" Tonight." I've Lost It All. It Ends After "24" Tonight. (7 Ratings) 26-Feb-07 07:53 pm The margin notices have been overwhelming. Tomorrow it will all be gone. The credit cards are maxed. I quit the day job at Ford to trade, and that's gone too. Novastar has novacated me. My girlfriend will find out about the loans I got from her pension accounts. She's bust too, and she doesn't know yet. I can't face it. I've got one bottle left of Jack Daniels. I'm going to drink it all and then kill myself. Right after I watch "24." I'm gonna watch Jack Bauer tonight while drinking my Jack, and then I'm gonna put a bullet in my temple with my Ruger. I'm not gonna kill my girlfriend, though. She has been nice to me, even though we've been fighting about this stock since it has gone down so much. Goodbye. Jeffy Decker Santa Monica, CA messages.finance.yahoo.com ===== Note: Taking no chances the above may be real, I called the Santa Monica Police Department and reported this. - Jeff