Tag: Overstock

Overstock and Merrill Lynch settle for $20 million

Mark Dugdale

Securities Lending Times, 3 February 2016

Overstock.com has ended its long legal battle with a group of broker-dealers after securing a $20 million settlement from the remaining defendant.
Merrill Lynch Professional Clearing Corporation was the last defendant standing in the litigation over allegations of naked short selling, which were first brought in 2007. Merrill Lynch agreed to pay $20 million to Overstock and co-plaintiffs on 28 January to settle the claims, without admitting any liability.

01/29/201605/12/2020

Article: Case Sheds Light on Goldman’s Role as Lender in Short Sales

Case Sheds Light on Goldman’s Role as Lender in Short Sales

Gretchen Morgenson

The New York Times, 29 January 2016

It would be easy to overlook the case against Goldman Sachs filed by the Securities and Exchange Commission on Jan. 14. It involved a complex piece of Wall Street plumbing, led to a minuscule $15 million fine and came on the same day that Goldman agreed to pay up to $5 billion to settle prosecutors’ claims that it sold faulty mortgage securities to investors.

12/23/201503/08/2021

Article: Patrick M. Byrne CEO of overstock.com

Patrick M. Byrne CEO of overstock.com

yosuccess, 25 December 2015

Born in 1962 – Patrick M. Byrne is the CEO of most trustworthy online venture – OverStock.com. He is the son of Jack Byrne, who had built the GEICO insurance empire, and a protégé of Warren Buffet. Under Patrick’s leadership, OverStock.com saw a rise from $1.8 million in 1999 to $760.2 million in 2007, and now $1.5 Billion (FY 2014) in overall revenues.

Since the time Patrick has taken over Overstock.com in 1999, he has been the centre of attraction amongst almost all the media outlets including the Wall Street Journal, ABC News, Fortune, CBS Marketwatch, BusinessWeek, etc…. Continue reading “Article: Patrick M. Byrne CEO of overstock.com”

12/21/201503/10/2021

Article: Patrick Byrne’s warning about R3’s blockchain consortium

Patrick Byrne’s warning about R3’s blockchain consortium

Michael del Castillo, 21 December 2015

The CEO of Overstock.com last week warned that a consortium of the world’s largest banks could be used to make sure the blockchain, a new way to track value exchanges, is controlled by the existing powers.

Speaking at the Blockchain Agenda San Diego, Patrick Byrne warned that New York City-based R3CEV, a consortium of 42 global banks, could stifle innovation, according to an InsideBitcoin’s report Friday. Continue reading “Article: Patrick Byrne’s warning about R3’s blockchain consortium”

06/25/201505/12/2020

Article: Overstock.com Settles Short Sales Litigation

Overstock.com Settles Short Sales Litigation

Chris Fry

Courthouse News Service, 25 June 2015

Overstock.com’s long-running legal feud with Goldman Sachs has likely reached its final chapter, with the retailer settling with the financial giant over their “naked short sales” of the company’s stock.

Read full article.

11/13/201405/17/2020

Filing: Overstock.com v Goldman Sachs & Co

Filing

Overstock.com v Goldman Sachs & Co

13 November 2014

Often, it is the federal courts, applying federal law, that wrestle with claims of cross-state securities fraud involving a nationally-listed stock. Here, plaintiffs of various states allege defendants, securities firms headquartered on the East Coast, violated California and New Jersey law through their involvement in massive naked short selling of Overstock shares. The trial court sustained demurrers to plaintiffs’ New Jersey Racketeer Influence and Corrupt Organizations (RICO) claim without leave to amend and subsequently granted summary judgment on plaintiffs’ California market manipulation claims.

PDF (61 pages): Overstock.com v Goldman Sachs & Co

03/27/201403/09/2021

Article: OVERSTOCK CEO PATRICK BYRNE TO KEYNOTE BITCOIN 2014 CONFERENCE PRODUCED BY LOCAL PRODUCER

OVERSTOCK CEO PATRICK BYRNE TO KEYNOTE BITCOIN 2014 CONFERENCE PRODUCED BY LOCAL PRODUCER

LOCAL PRODUCER, 27 March 2014

Overstock.com CEO and bitcoin convert Patrick M Byrne will deliver the keynote speech at the Bitcoin 2014 conference on 15th-17th May at the Passenger Terminal Amsterdam.

He is expected to speak about his vision for the future of bitcoin; its potential for global financial inclusion; non-currency uses like proving ownership of stocks and bonds; and the network’s relation to society as a whole.

Jon Matonis, executive director of the Bitcoin Foundation, said:

“We are delighted to have one of bitcoin’s most prominent and prescient champions at our conference. Patrick’s decision to accept bitcoin has introduced it to mainstream society and increased understanding among consumers.”

He added: “It’s going to be a great event; this conference is where visionary technology and mainstream commerce intersects.” Continue reading “Article: OVERSTOCK CEO PATRICK BYRNE TO KEYNOTE BITCOIN 2014 CONFERENCE PRODUCED BY LOCAL PRODUCER”

07/28/201303/03/2021

Article: CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad

CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad

Quartz, 28 July 2013

The background is that Patrick Byrne, chief executive of Overstock.com, is among the most vocal critics of naked short selling, which some investors, including SAC Capital founder Steve Cohen, use to drive down the stock price of companies that they’ve bet against. Byrne once famously called Cohen a “Sith Lord,” referencing a Star Wars villain, for engaging in naked short sales of Overstock.com. Deep Capture, the website referenced in today’s ad, is funded by Byrne. Continue reading “Article: CEO Mocks Steve Cohen In Bizarre Full-Page Wall Street Journal Ad”

02/04/201305/22/2020

Web: The Lessons From Overstock.com CEO Patrick Byrne’s Gun Caper

Web

The Lessons From Overstock.com CEO Patrick Byrne’s Gun Caper

Gary Weiss

gary-weiss.com, 4 February 2013

I was appalled (but not surprised) to learn about Overstock.com CEO Patrick Byrne’s latest escapade: a couple of weeks ago, he was arrested at Salt Lake Airport trying to carry a loaded Glock handgun onto an airplane.

I was even less surprised by the revelation, buried in a police report, that he sleeps with the gun every night, ready to drill any intruding “miscreants” with .40-caliber, bone-shattering hollow-point bullets.

Read full post.

08/07/201205/22/2020

Article: Barron’s Gary Weiss Caught Plagiarizing Matt Taibbi, Find-Replaces Style With Spin

Barron’s Gary Weiss Caught Plagiarizing Matt Taibbi, Find-Replaces Style With Spin

Patrick Byrne

DeepCapture, 7 August 2012

Two months ago a schlubby-but-savage Goldman lawyer named Joseph E. Floren made a mistake that caused some previously redacted information about Goldman Sachs to slip into the public’s hands. The event was ably covered by such globally-respected publications as Bloomberg, the Economist, and Rolling Stone.

Since May I have wondered, With the truth emerge at last in publications such as Economist, Bloomberg, and Rolling Stone, surely the Bad Guys must understand they have lost control of the narrative. Surely, I thought, they are working out some new damage control strategy to deflect or usurp the truth as it comes out.

And as always, Gary Weiss doesn’t let us down.

05/16/201205/12/2020

Article: Naked Short Selling, “Wall St. Conspiracy?”

Naked Short Selling, “Wall St. Conspiracy?”

Larry Doyle

Business Insider, 16 May 2012

Regrettably, there has been strong evidence of practices in selected corners of Wall Street which have violated the trust of investors, betrayed any semblance of fair dealing, and destroyed the development of otherwise viable businesses and companies.

05/16/201205/18/2020

Article: Lawyers For The Major Banks Accidentally Leaked E-mails About Their Clients Naked Short-Selling Overstock.com

Lawyers For The Major Banks Accidentally Leaked E-mails About Their Clients Naked Short-Selling Overstock.com

Linette Lopez

Business Insider, 16 May 2012

For years, Overstock.com has been in a legal battle with Goldman Sachs, Bank of America, Merrill Lynch and more. The online retailer accuses the banks of naked short-selling its stock.

Overstock.com lost that battle, but they’re still trying to get the banks to unseal documents that would prove their case.

05/16/201203/13/2021

Article: Goldman, Merrill E-Mails Show Naked Shorting, Filing Says

Goldman, Merrill E-Mails Show Naked Shorting, Filing Says

Karen Gullo, 16 May 2012

Goldman Sachs Group Inc. (GS) and Merrill Lynch & Co. employees discussed helping naked short-sales by market-maker clients in e-mails the banks sought to keep secret, including one in which a Merrill official told another to ignore compliance rules, Overstock.com Inc. (OSTK) said in a court filing.

The online retailer accused Merrill, now part of Bank of America Corp., and Goldman Sachs of manipulating its stock from 2005 to 2007, causing its shares to fall. Clearing operations at the banks intentionally failed to locate and deliver borrowed shares for clients shorting stocks, including two traders who were fined and suspended from the industry, Overstock’s attorneys said in court filings earlier this year.

Lawyers for Overstock, whose California state court lawsuit inSan Francisco was dismissed in January, asked a judge to make public e-mails sent in 2005 and 2006 that it said “reflect business decisions to put profits and corporate ambition over compliance” at Goldman Sachs and Merrill. The banks’ decisions to intentionally fail to deliver Overstock shares caused large- scale naked short selling of the company’s stock, according to the filing. Continue reading “Article: Goldman, Merrill E-Mails Show Naked Shorting, Filing Says”

05/15/201205/12/2020

Article: Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’

Accidentally Released – and Incredibly Embarrassing – Documents Show How Goldman et al Engaged in ‘Naked Short Selling’

Matt Taibbi

Rolling Stone, 15 May 2012

The lawyers for Goldman and Bank of America/Merrill Lynch have been involved in a legal battle for some time – primarily with the retail giant Overstock.com, but also with Rolling Stone, the Economist, Bloomberg, and the New York Times. The banks have been fighting us to keep sealed certain documents that surfaced in the discovery process of an ultimately unsuccessful lawsuit filed by Overstock against the banks.

Last week, in response to an Overstock.com motion to unseal certain documents, the banks’ lawyers, apparently accidentally, filed an unredacted version of Overstock’s motion as an exhibit in their declaration of opposition to that motion. In doing so, they inadvertently entered into the public record a sort of greatest-hits selection of the very material they’ve been fighting for years to keep sealed.