Title:Overstock.com and CEO Patrick Byrne: Securities and Exchange Commission Regulation G ViolationsOpening paragraph:A careful analysis of Securities and Exchange Commission Regulation G, guidance provided by the SEC on Regulation G, and Overstock.com's financial disclosures raises a serious question as to whether or not Overstock.com misused certain non-GAAP measures in violation of certain provisions of Regulation G. As detailed, in a previous blog post, entitled "Did Overstock.com CEO Patrick Byrne cook the company's numbers and mislead investors? (Part 4)," Overstock.com (NASDAQ: OSTK) added a new disclosure in its third quarter fiscal year 2007 10-Q that was absent from its third quarter 8-K, second quarter 10-Q, and second quarter 8-K about Regulation G. The disclosure relates to the applicability of Regulation G.Link here:http://whitecollarfraud.blogspot.com/2007/11/overstockcom-and-ceo-patrick-byrne.htmlRespectfully,Sam E. Antar (former Crazy Eddie CFO & convicted felon)
Another very thought provoking read of the financials, Sam.Sj
Thank you SJ.UR & Sq, leave it up to Overstock.com and Patrick Byrne to respond to my blog post. The SEC has the information and I am quite sure they will follow up on it. Stay tuned.With respect,Sam E. Antar (former Crazy Eddie CFO & convicted felon)
For now, what is important to realize is that Overstock.com's restructuring costs did meet not the criteria established under Regulation G for use in a non-GAAP financial measure, since there were similar restructuring costs "within the prior two years" and because management expected similar costs to occur in the future.I am the last one to point out grammar mistakes, but I was in the neighborhood.
Thank you Vex.As I told Utah Attorney General Mark Shurtleff:PS: A state Attorney General should be careful to proof read official documents before signing and releasing them. Your date was off an entire year. Your letter was dated November 8, 2008, not 2007. You had one incomplete sentence, "Mr. Antar was invited...." You used the wrong spelling for "forgoing." It should be "foregoing." I guess that's the best quality a campaign contributor can expect from you for $10,000.Well, typos happen to the best of us.http://whitecollarfraud.blogspot.com/2007/11/utah-attorney-general-mark-shurtleff.htmlRespectfully,Sam E. Antar (former Crazy Eddie CFO & convicted felon)PS: There are a few typos on Overstock.com's Code of Business Conduct and Ethics, too. Take a try.http://whitecollarfraud.com/files/26805346.pdf
Do you have an actual MS word copy of that letter, Sam? I ask because one document in the Overstock hubub, anti-sith lord testimony from an alleged third party, actually appeared to have been written at OSTK HQ itself, to judge by the stamp placed on it in MS word.http://blogs.marketwatch.com/greenberg/2006/06/more_questions_.htmlOf course, in this case, Byrne had a typical, ready, and bizarre excuse, something about the Word-stamped document preparer having previously represented the guy giving testimony against those dreaded short sellers, and having recently been hired by Overstock. (Shades of Bagley, if it's true, but the timeline looks quite suspect...)Given the ham-fistedness of the Utah AG's letter, the goofy lack of logic, as well as the PR, I still suspect Bagley orchestrated and wrote the entire script(s).Sj
Seth:I have a copy of the letter and much much more.Stay tuned.With respect:Sam E. Antar (felon and former Crazy Eddie CFO)
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