Our partner, Anführermitwut, Carl, wrote this on Byrne's "Deep Capture" blog relating to the good Dr.'s recent SEC revelations and missive.
Inside its core argument, Overstock shareholders should be suing the SEC and U.S. Government for aiding and abetting the investment bank criminals and their cohorts against the best interests of public investors including "retail" who they are supposed to be "protecting" as part of their mission.
Dr. Byne has been "censoring" this speech up until the time of this post. https://www.deepcapture.com/2019/10/when-the-sec-leaks-is-it-insider-trading/#comment-1086755
Working from the outer edge for more than fifteen years in order to assist the movement that Dr. Trimbath and you were spearheading as part of your Jihad with Wall Street, Patrick, reminds us that the regulatory bodies continue to be unfairly influenced especially corrupted by the various players at the IB level including Goldman and the "short side" of the trade connecting from that Sea Octopus with all of its tentacles. Indeed, my coining of "The Committee of Seven Million" courtesy of the internet referencing Boss Tweed's Tammany Hall Gang in earlier history to Mark Faulk, continuous to be an absolute failure having accomplished nothing during the time period where wasteful energy and intellectual property have been spent.
All of the kings men including SEC Commissioners from Cox on, congressmen, senators and others whom I wrote, nothing more than ignorance and naivety on my part because Overstock like Humpty Dumpty could or wouldn't ever be put back together again.
It's also odd that you haven't even referenced in this missive the SEC Director who is investigating OSTK since 2018--uncanny timing there as well--is the wife of one of the FBI directors who remains at the forefront of your "Deep State" accusations at the same time the new Overstock CEO, Johnson, since your resignation suggests is "dormant." There's a "speculation" there that may still bode well for owners in spite of your more morbid predictions which are likely more accurate since when have you ever been wrong?
From a shareholder perspective, you continue to concern and perplex me but as you know, I am never shy to explain why. The fact that even without the Bambooza that occurred you were willing to sell all of your shares over a specified period being a "few years" is prima facie acridness and part of my angst.
If you and I were speaking to your Rabbi, Mr. Buffett, about "wonderful businesses" that should be owned "forever" since some "subjective" discounted growth rate as part of predicting free cash flows in perpetuity including some "terminal" rate that might reflect "inflation" would add to that giant Oak Tree business' value as far as the mind could conjure, he would say what about Overstock.com? He has said worse than you have by his "avoidance" of seeking untold value in your enterprise, but I digress.
What you have said to your owners before your shareholders were bamboozled--digital dividend prevented--and you weren't is more important, that being, that all your earlier representations about about unfettered billions of dollars of "high margin" free cash flows that Medici's tech businesses would produce in the future including the special "patents" that came at great expense including tens or hundreds of millions in shareholder capital over the years and as part of investment, would not be coming into fruition for making what would inevitably become a market cap that could parallel hundreds of billions, or many tens of multiples of capturing the "SHORTS" in this ongoing missive "conservatively" in your description above really equating to a $1.5B market cap or about $45 price per share if it had happened when reflecting on $1.5B in annual sales which may now be heading in a downward trajectory again.
I guess it's fair to say when reflecting upon this missive, Patrick, that shareholders should be expecting a deeper more insidious haircut towards bankruptcy today, unless the "traitors" that existed inside of your enterprise were emboldened to betray you as part of certain winks and nods otherwise which might include some criminal bank like Goldman, stealing the jewels you created in order to render them obsolete, and rather than DESTROYING it at this time, owning it for their personal gain and betterment while using it as well.
The full splendor of your earlier work and the long term value of the enterprise being hundreds of billions in market cap will not be realized in this case example, but it may be better than the sharp stick in the eye and "reorganization" implied in your writings today.
What a sad, and terrible "state of affairs" you have fearlessly lead your shareholders into while you gracefully exited stage left with a story that is at least partially representative of certain Irish Blarney that would make a GREAT SPY MOVIE comprised of more fiction than not. I would love to interview the crew member who was holding the antenna on the ship mast you describe in your story. Was it a "Perfect Storm" that night also?
As a matter of fact, Dr. Byrne, I recommend another wildly overvalued Enterprise who Wall Street first hated while predicting BK for a little time, and then learned to love it beyond its wild overvaluation in the hundreds of billions today, Netflix's "SPY" non fiction drama for your immediate attention. I will caution you, however; that that courageous man working for The Mossad, ended up DEAD circa 1965 when you and I were little boys.
Congratulations again on a job poorly done, and one where this shareholder has continued to be robbed and bamboozled by a combination of forces that can't exclude you today. It is with great sadness that I report these personal "facts" as known by this long term follower, supporter and investor/speculator.