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Interesting story here, sent to me by someone who's quite hot under the collar about Pegasus Wireless.

It's about MN1, which is a penny-stock shilling site we've discussed here before. Byrne gave these yahoos a lengthy interview or two -- since removed from their original locations (http://www.mn1.com/PatrickByrne_interview.html) I believe this may have been the one in which he alleges that the entire Motley Fool is corrupt. (They seem to be archived by another outfit here: http://podcast.streetiq.com/streetiq?GUID=2542226&Page=MediaViewer&Ticker=OSTK)

For a refresher on Byrne's affection for MN1, here he is bragging about their coverage of one or another of his conspiracy theories. (http://forums.auctions.overstock.com/patrick.php?month=June&year=2007)

Seems, however, that Byrne failed to see the reality at MN1 -- that it was nothing but a penny-stock shilling outfit, or worse: The brokerage regulators think MN1's founder is not such a stand-up guy. (http://www.dentonrc.com/sharedcontent/dws/bus/stories/111307dnbusinvestorweb.356ddbc.html)

"MN1's 33-year-old founder and top executive, self-made millionaire Joshua Lankford, was recently barred from the securities industry. His companies have also been major shareholders in several of the stocks the site has spotlighted over the years. Some featured stocks have been tied to his friends and business partners.

In one instance, a stock rated a "strong buy" on MN1 was the focus of a lawsuit in which investors accused Mr. Lankford of manipulating the share price."


MN1 has pumped such past dreck as Manchester Inc. and Conversion Solutions Holdings (http://findarticles.com/p/articles/mi_m0EIN/is_2006_Sept_28/ai_n16835369).

In fact, part of MN1's biz plan is the rent-an-analyst model. I've got a pretty detailed dossier on these jokers, because I figured the other shoe would fall some day. Now that it has, the website appears to have been scrubbed of many of the previous, junk-pumping "research" reports that were once quite prominent. I've got them saved locally, and they make some scary bedtime reading.

So, here we have, once again, Patrick Byrne, the guy who sees a conspiracy behind everything, completely unable to recognize a bunch of obvious con men. He spends his time alleging that the regular financial press is crooked, taking bribes, whatever, then does his biz with an outfit like MN1.

Call everyone else a crook. Associate with the real sleazebags. Byrne's lack of judgment is astounding.

Sj
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