(Editor's note: This Saturday, Nov. 5, from 4 to 6 PM CST, I will be appearing on the radio talk show Left Hook with Bryan Kerr and Wendi Elliot, on Supertalk 930 AM WKY in Oklahoma City. We will discuss, among other things, the escalating stock market scandal, the possibility of a coming war in Iran, and the legalization/medical marijuana issue. If you're in the area, tune us in (and call us to voice your opinion), or listen to it live on the internet at http://www.lefthookradio.com/ A podcast will also be available on that website from Tuesday, Nov. 8 to Saturday, Nov. 12.)
We Definitely Aren't in Kansas Anymore - Fraud Wall Street Style By Bob O'Brien Nov. 3, 2005
Folks, it couldn't get any weirder.
I was talking with our friend Dr. Byrne, and he told me a story that defies imagination. I honestly thought he was pulling my leg - had one of those double take moments, where you have to shake your head to confirm you're awake. Before I tell you the gist of this, let me send out a little tidbit to any regulators reading this - I urge you to contact Dr. Byrne for corroboration. I couldn't make this up if I tried - nobody would believe it.
First, there is the matter of Jack Byrne's 200K share purchase of OSTK, which is now closing in on 90 days since the order was executed.
Jack got 130K "registered in his name" with his broker (who knows what that means - I mean, who really knows what any of the arcane terminology really signifies at day's end?) recently, but he hasn't received the other 70K shares, and his broker is telling him they've been unsuccessful in getting the shares from JP Morgan (the seller's broker - and arguably the most venerated name on Wall Street), and that there is no ETA for their delivery.
That is seventy THOUSAND shares bought and paid for almost a quarter year ago, undelivered. And Byrne's broker hasn't bought in the offending seller. Just hasn't.
Before we continue, stop and reflect upon this set of circumstances - the Chairman of the Board of the company can't get $2.5 million worth of stock that he bought and paid for - and yet there is relentless selling pressure day after day. For months the stock price has been pummeled, and yet for months the buyer's broker can't get the product that was sold.
To add insult to injury, apparently Dr. Byrne's brother bought 50K shares almost a month ago, and he hasn't gotten his shares delivered either. So it isn't just dad. The performance of the system has been tested multiple times, and nobody can get any shares delivered to make good on the buys - but that hasn't stopped the brokers from relentlessly continuing to sell that which doesn't exist.
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