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Sirant,
As gorbec would say I had a dream of something big
for next week.
JB77
Thanks!
JB77
Dan, are you going to give us news this week?
JB77
OK DAN we have had enough waiting......
Give us the PR with the summary of the
financials this afternoon!!!!!!!
JB77
Ok how many times has he PRed the no reverse?
And he also said it in the interview..
I have heard it so many times I forgot.
JB77
You can check with the TA to
get the current OS and AS as the management
of this company has always made this information
available.
We are expecting a PR this week that contains a
summary of the 2005 financials. This is
required to move to the new QX exchange or the otcbb.
The management has also stated on several occasion that
the stock is undervalued. They continue to buyback and
retire stock.
JB77
Are we going to see news today?
JB77
Is this the week we get the 2005
financial summary?
Let's Hope we do!!!!!
JB77
The question... Is this the week we finally
get moving?????
JB77
Zack,
Stuart Smith of small cap voice stated
the numbers would be out in a summary PR
during the week of July 10th.
JB77
They do it all the time on Pink and otcbb stocks...
And then you have people think it's after hours trading.
It's just the mm's choosing to book trades whenever.
They even can book trades out of order during the
day to effect the technicals of a stock.
This happened a lot in cmkx when the volume was high,
and they just booked lots of trades after the bell.
When cmk was trading heavy it was not unheard of to
see billions go thru after the bell.
And why do they do it? Because they can!
JB77
This is the weekend after a short trading week.
It was interesting that the MM's booked lots
of trades after hours on Friday. Almost like
they wanted to hide the trades. They did not
want anyone to know the volume was up until
the market was closed.
JB77
That's a good view Iron,
Dan is building a business and not looking for
a hype run, like qbid and cmkx.
This should slowly move upwards and not have
the massive falls like other pinks.
JB77
Coach,
I agree building a business is a time consuming process
that Dan is working on. As long as I see continued
movement forward I am happy.
I like the approach Dan is taking with financial
transparency. I also view the slow and methodical
reduction of the O/S as positive.
Hopefully the movement to a new exchange will have
a different class of investors look at us.
JB77
Coach,
Are saying the June to November time frame that
you have been talking about, starts next week?
JB77
List Again....
Who is closest that is the question.......
broke1000 2,200,000
HUSTLA 1,900,000
gorbec1 1,840,000
mugsy5 1,750,000
illuminati2012 1,650,000
Iron Maiden 925,000
jonblair77 880,000
ddwalker87 750,000
mastervest 500,000
brmrich$375,000
boomer313ca 0
dutch -(225,000)
Let's Hop you are correct broke1000...
And today truly is the last day.
JB77
Dan is Ready? WHooo Hoooo....
I think we are all ready for a run!
He is just pickin a way at the o/s
600 M here 500M there 700M here
300M there 5Billion here....
JB77
At least Summus is keeping us informed.
I like all of us, I would like more detail,
but I am happy to get regular updates.
It is good to see a company that
provides information to it shareholders.
I also like the idea that Summus is
headed for full tranparency.
We have the OS and AS published and
with the upcomming financial info
we will have full transparency.
What other pink has that?
Most do not even publish the OS and AS.
JB77
Another PR showing a reduction to the O/S.
Dan seems to be sticking with his published
goals of reducing the O/S.
It is good to see progress.
JB77
I think we all expected this week to
have low volume, due to the holiday.
Next week we are expecting multiple items
from the company, so next week should
be interesting....
JB77
Dan give us some news to hold us
over until next week...
JB77
List Again....
broke1000 2,200,000
HUSTLA 1,900,000
gorbec1 1,840,000
mugsy5 1,750,000
illuminati2012 1,650,000
Iron Maiden 925,000
jonblair77 880,000
ddwalker87 750,000
mastervest 500,000
boomer313ca 0
dutch -(225,000)
List Again....
broke1000 2,200,000
gorbec 1,840,000
muggs 1,750,000
illu 1,650,000
Iron Maiden 925,000
jonblair 880,000
DDWalker 750,000
Unknown 550,000
unknown 0
dutch -(225,000)
Jut4fun...
If at the end of next week we don't have
the financial summary.... Then we can be angry..
JB77
List Again....
gorbec 1,840,000
muggs 1,750,000
illu 1,650,000
Iron Maiden 925,000
jonblair 880,000
DDWalker 750,000
Unknown 550,000
unknown 0
dutch -(225,000)
List Again....
muggs 1,750,000
illu 1,650,000
jonblair 880,000
DDWalker 750,000
Unknown 550,000
unknown 0
dutch -(225,000)
Gamblin Girl,
Dan promised financials when the skier shop deal closed.
This was last year at some point. As you know the
skier shop deal has not been closed.
In the two audio interviews Dan has stated that
2005 finacials are to be released shortly.
I spoke with Stuart Smith SMMW IR person and he
stated he expected a summary of the 2005 financials
in a PR next week.
JB77
Dan Give us some news today....
To hold us over until next week.
JB77
You can not do technicials on a stock that has
been at the same price for a long time like
smmw. Once it moves off the bottom you
can look at the technicals.
Some traders won't even touch a stock
unless the candles are the correct
way compared to 1000's of other stocks
that have moved upwards.
JB77
So does that relate to having a Port City Roasters Cafe
in every Summus center?
I wonder what else Dan has planned to be included
in Summus centers? Cafe? Dinning? Real Estate Agencies? General offices? Skier Shops? Media Offices? Other Retail?
Time will tell....
JB77
I think the symbol was SYNS
Synesi Inc.
If I was Dan.
I would put out buyback of shares this Wed Morning
before the bell...
And on Monday the 10th I would put out the
summary of the financials.
JB77
DDwalker,
Are you saying you purchased a big block today?
JB77
Good Volume for an short trading day...
More than I expected...
JB77
Overstock Celebrates New Spirit of Glasnost at DTCC
SALT LAKE CITY, June 30 /PRNewswire-FirstCall/ -- Overstock.com(R) (NASDAQ: OSTK) ( http://www.overstock.com/ ) CEO Patrick M. Byrne issued the following statement today in response to a Depository Trust & Clearing Corporation press release about its "failure to deliver" data.
Dear DTCC,
On Wednesday you issued a clarification regarding a statistic about which you feel there has been, "a conscious attempt to mislead the investing public and undermine the confidence in the workings of our capital markets." For the last year a handful of lawyers and economists (who think that your firm is "engaged in a conscious attempt to mislead the investing public and inflate the confidence in the workings of our capital market"), have repeatedly asked for clarification concerning the $6 billion "fails" number which you have yourself publicized (Former Undersecretary of Commerce Dr. Robert Shapiro asked about it point blank in his public letters to "Euromoney" magazine and to Jill Considine, CEO of the DTCC).
If it is true that your $6 billion figure counts the value of the fail separately on both sides, it's unique in financial reporting: all other trades as reported by the DTCC and the stock exchanges -- daily trading volume, or the value of all daily, monthly or annual trades -- count values or costs once, not twice. Moreover, if that is the system you use to come up with the $6 billion figure, you have taken a long time to clarify the record (you might mention it to the SEC, which uses "fails" and "fails to deliver" synonymously in their Freedom of Information Act responses). So I suspect I speak for all of us when I say that I am touched by the new spirit of glasnost that animates your communications.
While I applaud this new spirit of transparency from DTCC, I wish to take advantage of it by requesting additional clarifications that will go far to allay any remaining skepticism of the investing public.
1. I want to know the difference between the number of shares a company has issued and the total number of long positions of everyone in the world in that stock. I believe the difference is the sum of the short position, failed to deliver short sales, failed to deliver long sales, failed to receive long and short sales, open positions, desked trades, and ex-clearing balances. My questions here are: Did I miss any nook or cranny? Do market-making and ex-clearing balances always fall into one of these categories? Do failed to receive long and short sales double-count precisely the failed to deliver ones precisely (and if so, should not be counted)? 2. Ex-clearing seems like a fascinating and unfairly maligned practice. Together we can clear up the suspicions that linger concerning this no doubt honorable activity. Your General Counsel Larry Thompson gave a kind of self-interview ( http://www.dtcc.com/Publications/dtcc/mar05/naked_short_selling.html ) where he asserted that 18% of fails are addressed by the DTCC's Stock Borrow Program (SBP). I think that means that 82% aren't, but feel free to correct my math on that. In any case, presumably this 82% resides in ex-clearing. This would suggest that the total number of fails in a stock should equal (100/18) = 5.55 X the number that reside within the DTCC. Many DTCC skeptics believe that these items and practices expand exponentially the number of shares in a company's float, though the shares represented are "manufactured" by the brokerage community and were never issued by the company: market participants in the Caribbean privately suggest, however, that the real ratio is 10-20 to 1. Which is correct, 5.55 or 20? Are you aware of the practice of "bed & breakfasting shares" and could you describe its impact on ex-clearing balances? Most respectfully, are you aware of all ex-clearing balances? 3. I'd like to work through one example in an effort to dispel the aspersions cast on your fine firm. A recent SEC Freedom of Information
Act response (thesanitycheck.com/Blogs/DavePatchsBlog/tabid/66/EntryID/344/Default.aspx)
shows that in 2005, during a period when Regulation SHO was in full
operation, "fails" (as the SEC calls them) in OSTK were 36,681 shares
at the start of the January, then rose steadily to end 2005 at
2,062,328 shares (and actually topped 2.3 million once in the fourth
quarter of 2005). If the number of OSTK's fails track Mr. Thompson's
statistic, Mr. Thompson's math suggests that the true fails thus
reached 2.3 million X 5.55 equals approximately 13 million fails. If
I believe the Caribbean ratio, then fails reached 2.3 million X 20 =
46 million fails. Of the roughly 20 million shares issued and
outstanding of OSTK, 12 million are closely held (mostly in paper),
and only 8 million see their settlement entrusted to the DTCC. What I
think this means is that the total fails position in OSTK as a
percentage of the float reached either 25% (if I believe the SEC) or
163% (if I believe DTCC General Counsel Larry Thompson) or 675% (if I
believe some Caribbean wise-guys). Since I would never want to be one
of those making, "a conscious attempt to mislead the investing public
and undermine the confidence in the workings of our capital markets,"
I wonder if you might (in the spirit of glasnost) indulge me an
additional "clarification" on this detail.
With regret, I must inform you that some cynics continue to doubt you. For example, you note that you settle $266.5 billion of trades per trading day but only $3 billion, or 1.1%, remain unsettled at the end of each day, and 15% of these are bonds. Skeptics, however, indicate that if one consistently leaves bonds out of the count, then 85% X $3 billion equals approximately $2.5 billion equities fail are unsettled at the end of every day, and since you only settle $82 billion of equity trades per day it means that 3% of trades remain failed. In addition, as your website boasts that 96% of trades are settled through your Continuous Net Settlement system, it would appear that the accumulated fails are somewhere between 1/3 and 1/2 of a day's trading. These skeptics note also that these numbers count the current value of the failed stocks, not the value of stocks at the time the failures occurred, nor the value of stocks that have been delisted or represent ownership in companies that have gone bankrupt. Finally, they believe that you have glossed over the issue of the huge numbers of protracted fails documented in the Boni report (which indicates that fails persist for an average of 56 days) and attested to indirectly at least by the Regulation SHO Threshold Securities lists and the SEC FOIA responses on total numbers of outstanding fails. Such cynics argue that real disclosure would include percent of value, percent of trades and percent of shares alongside dollar value, number of trades and number of shares.
But I, for one, am convinced that you will continue your efforts to keep America's capital markets as transparent as they are today.
Sincerely,
Patrick M. Byrne
CEO, Overstock.com
Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ National Market System and can be found online at http://www.overstock.com/.
Overstock.com is a registered trademark of Overstock.com, Inc.
Website: http://www.overstock.com/
New List....
muggs 1,750,000
illu 1,650,000
jonblair 880,000
DDWalker 750,000
Unknown 550,000
unknown 0
dutch -(225,000)
illu picke 1.65M
muggs picked 1.75M
jonblair 880ooo
dutch picked -225000
and one guy picked 55oooo
And we had one of 0