Author Topic: OSTK - Overstock.com  (Read 155304 times)

frank87

  • Sr. Member
  • ****
  • Posts: 320
Re: OSTK - Overstock.com
« Reply #420 on: August 22, 2019, 09:49:47 AM »
Bryne just seems like a complete nutcase.

Edit: I added the word 'complete'

https://www.ft.com/content/67d0c21a-c373-11e9-a8e9-296ca66511c9
« Last Edit: August 22, 2019, 09:51:59 AM by frank87 »


rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 4713
Re: OSTK - Overstock.com
« Reply #421 on: August 22, 2019, 09:54:23 AM »
What the heck is going on with this company? Anybody have the cliff notes of the recent issues regarding CEO?

Not sure I followed what his involvement in the investigation was, why that's a negative for Overstock, or why he is now stepping down.

I don't own a stake, but have been watching it out of curiosity.

I'm not sure. 

"In a statement, he referred to federal agents as the “Men in Black” and said he assisted in investigations related to the Clintons and Russian interference. In an interview with The New York Times, Byrne claimed he was romantically involved with Maria Butina, the Russian operative who used her NRA activism to infiltrate American politics. She was later sentenced to 18 months in prison. "
https://www.cnbc.com/2019/08/22/overstock-ceo-patrick-byrne-resigns-following-deep-state-comments.html

I sold the vast majority of my shares up near $50 and held a small position after that, but I just sold the rest today.  I was invested largely because of Byrne, I'm not going to wait around to see what the next CEO does.

Gregmal

  • Hero Member
  • *****
  • Posts: 3873
Re: OSTK - Overstock.com
« Reply #422 on: August 22, 2019, 09:55:11 AM »
Just my opinion; Byrne is quirky, but also quite bright and well connected. But people needed excuses for why this went from $70 to $10 and rather than acknowledge it was a piece of shit that didn't below there in the first place, they blamed Byrne. Waiting for them to bring in a "crypto expert" to run this. Whatever that means...

Liberty

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 12735
  • twitter.com/libertyRPF
    • twitter.com/libertyRPF
Re: OSTK - Overstock.com
« Reply #423 on: August 22, 2019, 09:59:11 AM »
« Last Edit: August 22, 2019, 10:01:24 AM by Liberty »
"Most haystacks don't even have a needle." |  I'm on Twitter  | This podcast episode is a must-listen

rkbabang

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 4713
Re: OSTK - Overstock.com
« Reply #424 on: August 22, 2019, 10:04:27 AM »

spark411

  • Jr. Member
  • **
  • Posts: 61
Re: OSTK - Overstock.com
« Reply #425 on: August 22, 2019, 10:11:56 AM »

Here is a link to the best details I found:

https://trump-russia.com/tag/patrick-byrne/

What a crazy story.  Been following this stock for 10 years and been through a lot but this is over the top.

From a stock price standpoint, many people thought that Byrne's unpredictable nature is what was holding this stock back.  The retail group should sell for at least 1x revenue.    But this stock is nowhere near that.      This stock is one of the most manipulated stocks in the market so it will be interesting to see how the stock moves from here.

I was really bullish on where Byrne was taking this company.  As a shareholder, I have very mixed emotions about the latest news. 






Foreign Tuffett

  • Hero Member
  • *****
  • Posts: 1257
Re: OSTK - Overstock.com
« Reply #426 on: August 22, 2019, 01:43:30 PM »

1) CEO out, effective immediately. Also gone from board
AND
2) Press release announcing #1 issued in the middle of the trading day.
AND
3) Former CEO leaving immediately for South America

Yeah, sounds like things are going awesome.

https://www.forbes.com/sites/laurendebter/2019/08/22/the-exclusive-inside-story-of-the-fall-of-overstocks-mad-king-patrick-byrne/
Former Teldar Paper Vice President

Ballinvarosig Investors

  • Lifetime Member
  • Hero Member
  • *****
  • Posts: 763
Re: OSTK - Overstock.com
« Reply #427 on: August 22, 2019, 02:06:03 PM »
I wonder did the board have enough and force him out. Also, could the exit of Byrne speed up a sale of the company and divestment of the crypto garbage barge? Move can only be bullish in my eyes.

chesko182

  • Full Member
  • ***
  • Posts: 170
Re: OSTK - Overstock.com
« Reply #428 on: August 22, 2019, 02:17:11 PM »
this is a crazy Fun fact (from Forbes article):

Byrne is the son of the late John “Jack” Byrne, a University of Michigan-trained mathematician and renowned insurance executive credited with turning around Geico in the mid-1970s and persuading Warren Buffett to invest in the auto insurer. Geico would eventually become one of the biggest contributors to Berkshire Hathaway’s bottom line, and Buffett once described Byrne’s father as “the Babe Ruth of insurance.”

twitter: @chesko182

ALLY, JPM, UHAL, BRK, GM, FCAU, AER, LBRDA, SEMUF, SPOT, ERJ

WneverLOSE

  • Full Member
  • ***
  • Posts: 133
Re: OSTK - Overstock.com
« Reply #429 on: August 22, 2019, 11:14:04 PM »
16 minutes interview with Patrick : https://www.youtube.com/watch?v=T5J-1rs1LJo

Can someone please explain what are his claims ? As a non American I am lost in the story...
What he says Warren said doesn't sound like Buffett to me.
He calls one of the interviews a fool  ::)
« Last Edit: August 22, 2019, 11:19:52 PM by WneverLOSE »