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Sep 19 - Overstock CEO sells all his shares: I know enough to fry the Deep State to ashes.


 
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 4 weeks ago '18        #1
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danneywilliams  93 heat pts93
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Sep 19 - Overstock CEO sells all his shares: I know enough to fry the Deep State to ashes.
 

 
The former chief executive of Overstock.com announced that he’s dumped all of his equity holdings in the company over the past week and blamed both the “deep state” and the government for his sale.

In a cryptic message to “Erstwhile Teammates” on his personal website, Patrick Byrne on Wednesday attempted to explain the reasoning behind his departure from the internet retailer that sells discount furniture and bedding.

“The riff-raff will tell you that my departure and sale were from a lack of confidence in what I left behind in Peace Coliseum: they are wrong, and I would like to tell you all the actual reasons before the yuck-yucks spin the truth,” the former CEO wrote.

“The proximate cause for my departure was, in fact, the impossibility of our getting corporate insurance with me still at the helm,” he explained. “Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say.”

Overstock shares fell more than 6% Thursday following release of the letter.

Byrne resigned from the e-commerce company in August, just 10 days after first making comments about his role in the “deep state” and his involvement in the federal government’s investigation into the 2016 election. His Wednesday letter also made reference to his supposedly role in the state.

“You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly,” he wrote. “If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me.”

A filing at the Securities and Exchange Commission on Wednesday showed he gifted 87,000 shares and sold his remaining 4.7 million.

Before Byrne’s exit in August, he issued a news release on Overstock’s website detailing his involvement in what he characterized as the ”‘Clinton Investigation’” and the ”‘Russian Investigation’” starting in 2015. Byrne added that the third time in his life he’d helped the “Men in Black,” an apparent reference to law enforcement officials.

The former CEO’s comments have taken a toll on the company’s shares since his resignation. The stock is down 14% over the last month, but have otherwise kept pace with the broader market in 2019.

Read the full letter from Byrne below:

Dear Erstwhile Teammates,

As you will learn from an SEC filing today, over this past week all my shares in OSTK were sold. Before I left for Australia I put it all in the hands of Mr. Pettway (whom some of you know), for it had already become clear to me that this was the right thing to do (and I decided to come SCUBA-diving in Asia so as to be as far removed from it as possible). The riff-raff will tell you that my departure and sale were from a lack of confidence in what I left behind in Peace Coliseum: they are wrong, and I would like to tell you all the actual reasons before the yuck-yucks spin the truth.

Insurance – The proximate cause for my departure was, in fact, the impossibility of our getting corporate insurance with me still at the helm. Your CFO Greg Iverson reported to the board in writing on Saturday August 17 that it was “impossible” to get insurance with me there, and on Monday August 19 in a politely worded letter our insurance brokers at Marsh said much the same thing. Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say. As I wrote the board at the time, while we could have gotten into the game of parsing what “impossible” means (like Bill Clinton arguing about “what the meaning of ‘is’ is), when it comes down to doing that with a CFO and insurance broker, it is time for the CEO to eject.
Controversy – You think me controversial now, but you ain’t seen nothing yet. I know enough to fry the Deep State to ashes. The Deep State and the oligarchy are entwined, and they won’t die quietly. There is going to be an enormous amount of return fire directed at me: the blather of the hedge fund choagies in the financial press against Overstock since I came forward is a manifestation of that (look back at what happened when I first came forward: there was silence for two weeks as the Bosses readied a new party line, then it came at us simultaneously from all directions at once). The agitprop press does not bother me (I hope it is helping you with traffic, though I have 0 idea, as I cut myself off from all information within the company the day I left). But wherever they go the organs of the Deep State (including the SEC) will surely follow. If I had stayed at Overstock or even remained a large owner of OSTK, they would try to break Overstock as a way of crippling me. With me no longer an executive, a board member, or even a shareholder, it becomes pointless for them to try to get at me that way. There are other ways they will come for me, but there is no edge for them to come through Overstock to do it.
Hedge – In both July and in August I wrote lengthy letters to shareholders, but in truth they were to you as well, so that you would know the full lay of the land after I left. As I said there, in 2019 I thought Retail’s bottom line would do ≈ $115 million – $120 million better than last: continue what you are doing, and you should be able to make another $40-$50 million in gains next year (which means Retail will spit out about that much cash after its own reinvestment needs are met). Medici is indeed a large cash drain in 2019 as its world-changing products are completed and stood up, but next year that should be significantly reduced (either though revenue from completed products, or having some of those firms reach the stage where they can begin drawing their own investors), bringing Medici’s projected cash needs under the amount Retail spits out (with perhaps a $10 million buffer). I have not seen or been told a number since I left (in fact, I think I have not spoken to an Overstock executive since Monday, August 23) so I cannot comment past the understanding expressed in those letters. But your bottom line has been on such a recovery in the first eight months of 2019 that this general strategy seemed sound.
The reasons given above describe the general direction Pettway and I were planning on taking. The proximate cause of his decision to sell, however, came when we heard over the weekend that starting last Friday, the Deep State’s pets at the SEC began leaking something to their clients JPMorgan, Morgan Stanley, and Goldman (and here as citizens I bet you thought we were their clients, right? lol). They leaked that they were going to Bazoomba our digital dividend. Once that started getting back to me, I realized this: Whenever I have had any question about whether the SEC would or would not do something totally outrageous in order to hurt our company to benefit their clients on Wall Street, they never let me down: they always did the evil thing. So Pettway decided it was time to eject., especially because he knows I need the ammo to go to war against the Deep State.

I have been following the US economy and the deteriorating world situation, and I am growing worried, as I am sure you have as well. If the US enters a recession (or even worse, if The Big One comes), the strategy I just outlined above will be difficult to make work in the short term. The good news is that a collapse of Wall Street would crush your main competitor, Wayfair: so far their business model has been predicated on losing ≈ $3 billion without a remotely break-even quarter, while replenishing continually thanks to their Wall Street promoters (e.g., Goldman), but in a recession that game will end. An economic downturn would hurt Overstock as well, but your firm has repeatedly shown the ability to roll with whatever punches get thrown, while Wayfair’s expense structure is so lopsided (with expenses that run 2X their “nectar$”), they will not be able to adjust such an event.

For these reasons it may give you some comfort to know what I am doing with the capital generated by the sale of my stock: after paying tens of millions in taxes (after all, “We didn’t build that,” right?) by Friday the rest will be in investments that are counter-cyclical to the economy: Gold, silver, and two flavors of crypto. The gold and silver are stored outside of the United States, in Switzerland, and within two weeks, will be scattered in other locations that are even more outside of the reach of the Deep State, but are places that are safe for me. The crypto is stored in the place where all crypto is stored: in mathematical mist, behind long keys held only in the memory of someone who is quite good at storing such things in memory (with paper backups in the hands of a priest I met 35 years ago who never sits foot in the West).

These acts accomplish two objectives:

It provides a hedge for Overstock. If the economy craters and thus Overstock runs into tough times, those investments will soar (that’s the “hedge”) and you will have access to capital if needed. In fact, you will have not just access to capital, you will have access to the friendliest capital imaginable: my own. I have to wait six months for it to be legal, but anytime after March 17, 2020 I can provide a capital injection if needed by buying back into Overstock. Please remember that as you watch the global chaos. If you see the US economy cratering please do not lose the sleep you otherwise might: you will have a friend who has sunk (almost) his entire fortune into investments that will soar if a crisis occurs, and who knows your business well, and who appreciates you.
The other thing accomplished by the investment moves I described above is that my ammunition gets moved outside acts of retaliation from the Deep State. That is important because, in fact, I am now going to shellac them. Actually, “shellac” is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show.
You may note that I said, “almost”. I did make an investment in a business in an unrelated industry, a firm with a wonderful invention but so far afield from ecommerce or blockchain that your board had no interest in hearing about it. I suspect that in time you may hear of it, though.

Until then, live long and prosper, my friends.

With great admiration, memories, and affection,

Patrick
visit this link https://www.cnbc.com/2019 .. eep-state.html
+11   



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 4 weeks ago '19        #2
Gold Face  10 heat pts10
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Looks like another case of the suicides on deck

+32   

 4 weeks ago '18        #3
danneywilliams  93 heat pts93 OP
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This sh*t is about to get really interesting...
+5   

 4 weeks ago '07        #4
Jeet Kune Do  13 heat pts13
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Cant see sh*t, you smelly cucks are all on ignore

+14   

 4 weeks ago '18        #5
danneywilliams  93 heat pts93 OP
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 Jeet Kune Do said
Cant see sh*t, you smelly cucks are all on ignore

Wtf?



I literally have no clue who you are, but I'm happy to know I've affected your life in some way.
+2   

 4 weeks ago '18        #6
danneywilliams  93 heat pts93 OP
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 matchless evil said
let me guess: this crazy weirdo says he has info on the "Deep State" but won't mention 1 person


op is a russian f*g**t
Aren't you that COLDd*ck dude? I don't ignore people on here but you're a special case, my friend. Welcome to the list.

 4 weeks ago '18        #7
ChrisPartlowFro  9 heat pts9
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 Gold Face said
Looks like another case of the suicides on deck

Hey equities guru, should I buy the dip?
+1   

 4 weeks ago '19        #8
925  4 heat pts4
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Nothing like crazy with a side of crazy...
+5   

 4 weeks ago '04        #9
dc3003  165 heat pts165
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Bet that sh*t up home boy
-5   

 4 weeks ago '11        #10
SomeOnesoN  230 heat pts230
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 matchless evil said
op is a russian operative

ATTN BLACK & BROWN PEOPLE

SEARCH THROUGH THE POST HISTORY OF THESE MEMBERS

AND YOU WILL FIND THEY ARE RUSSIAN TROLLS

TRYING TO ASTROTURF THIS FORUM

IN FAVOR OF TRUMP

I agree with you for the most part, but spamming the same post with a long post is annoying as fu*k. Make it short and simple. The paragraph about declining birth rates is interesting, but everything else that youre doing is a turn off.

Please reassess your approach, sh*t's annoying.
+10   

 4 weeks ago '08        #11
cohs  13 heat pts13
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He consulted with JFK Jr before he made his decision so i’m on board.
+4   

 4 weeks ago '16        #12
Aztlan  143 heat pts143
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Do it pu**y
+3   

 4 weeks ago '18        #13
BradTheGreat  1 heat pts1
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If he believes in this "Deep State" that was laughably created by Trump, here's the thing... Dude is a clown!

I can't wait to hear this epic conspiracy duck tale that he's about to pull out of his a*s.
-1   

 4 weeks ago '18        #14
danneywilliams  93 heat pts93 OP
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 BradTheGreat said
If he believes in this "Deep State" that was laughably created by Trump, here's the thing... Dude is a clown!

I can't wait to hear this epic conspiracy duck tale that he's about to pull out of his a*s.
Lol "created by Trump"
+3   

 4 weeks ago '08        #15
flav  2 heat pts2
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 danneywilliams said
Aren't you that COLDd*ck dude? I don't ignore people on here but you're a special case, my friend. Welcome to the list.
same autistic speech pattern, same smiley overuse and same mental deranged answering process

i can bet $$ that it's the dude
+1   

 4 weeks ago '06        #16
vinceisallin  12 heat pts12
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 matchless evil said
bear with it homie


i'm not letting russians flood this place with propaganda
You are naive to think Russians don’t post sh*t from both sides like they are republicans! They literally create fake political memes on both sides to create mayhem in America, and look at everyone. The left is literally eating itself

Don’t take Russians education for a joke either, the hackers been finessing Americans for awhile. They been paid by American police departments after holding their files ransom
+2   

 4 weeks ago '18        #17
Eyesofchaos  24 heat pts24
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 SomeOnesoN said
I agree with you for the most part, but spamming the same post with a long post is annoying as fu*k. Make it short and simple. The paragraph about declining birth rates is interesting, but everything else that youre doing is a turn off.

Please reassess your approach, sh*t's annoying.
Just let him play with himself he clearly doesn't know how to troll or is just terrible at it. He'll get it eventually


+3   

 4 weeks ago '18        #18
Sandyy  topics gone triple plat - Number 1 spot x1
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Deep state not a real thing. Everybody i ever knew who worked for the fbi or nsa was conservative or nonpartisan. You n*ggas really think its dudes with pu**yhats on running around the cia

Most of the leaders of every agency period over the last 50 years has been a republican. Most of them motherfu*kers in the pentagon republican most the supreme court is republican.

Where is the deep state? Liberals got the house and b4 that they had nothing.


Last edited by Sandyy; 09-19-2019 at 04:49 PM..
+2   

 4 weeks ago '15        #19
Hellmatic  3 heat pts3
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Tha fu*k is this dude Talkin about? He a weirdo
+2   

 4 weeks ago '13        #20
jjwms33 
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 Gold Face said
Looks like another case of the suicides on deck

Man... I couldnt scroll fast enough to type this sh*t. U beat me to it. How come we can see the sh*t coming, but these millionaires cant. These cats are not smarter than us. By the way, we knew banks, insurance companies, and other financial institutions ran the world. Dude needed to become CEO of a large company to realize that. Lmao. I'm under achieving like a mug.
+8   

 4 weeks ago '15        #21
Minkscobar!  87 heat pts87
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 jjwms33 said
Man... I couldnt scroll fast enough to type this sh*t. U beat me to it. How come we can see the sh*t coming, but these millionaires cant. These cats are not smarter than us. By the way, we knew banks, insurance companies, and other financial institutions ran the world. Dude needed to become CEO of a large company to realize that. Lmao. I'm under achieving like a mug.
I think your dumb a*s reached your full potential

 4 weeks ago '13        #22
jjwms33 
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 Minkscobar! said
I think your dumb a*s reached your full potential
Only a dumbass would say someone has reached their full potential. Smart people know that we can only strive to reach full potential, but it's never met. People who dnt read need to stay away from my post... Dumbass!
+3   

 4 weeks ago '15        #23
Minkscobar!  87 heat pts87
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 jjwms33 said
Only a dumbass would say someone has reached their full potential. Smart people know that we can only strive to reach full potential, but it's never met. People who dnt read need to stay away from my post... Dumbass!
Case in point, you can keep reaching but like a blown out light bulb your future is dim..
-4   

 4 weeks ago '05        #24
gregnice631  3 heat pts3
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 Gold Face said
Looks like another case of the suicides on deck

Nah he is John Macafee 2.0
+1   

 4 weeks ago '13        #25
jjwms33 
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 Minkscobar! said
Case in point, you can keep reaching but like a blown out light bulb your future is dim..
Lame outdated punchline that makes no fu*king sense. A blown out light bulb is not dim dumbass.
Hope u not trying to rap with them trash bars that dnt make sense. U can only speak for yourself. I know I understand things more than most of the people I run into. U at the bottom of the list tlbt the way. My present good, My future will be even better. Hope yours is better as well, but u need to start reading tho. Seriously, I can tell u dnt read. Not even joking.



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