Why Did Patrick Byrne Just Unload $3 Million in Overstock Shares?

Things that make you go hmmm... it's not at all suspicious that Patrick Byrne just unloaded 140,000 shares of Overstock, right?

The most popular theory so far?

Gary Weiss and Barry Ritholtz think he might be proactively funding an SEC settlement. As if the SEC is going to grow a pair any time soon.

Sam Antar via White Collar Fraud:

Amidst an ongoing Securities and Exchange Commission investigation into financial reporting violations by Overstock.com (NASDAQ: OSTK), CEO Patrick Byrne's 100% controlled High Plains Investments LLC dumped 140,000 company shares and collected over $3 million in proceeds during the last several days, according to SEC filings. This marks the first time that Patrick Byrne has ever sold any Overstock.com shares under his control, not a bullish signal to investors.

We'll take what's behind door number 2, Monty. Run, Patrick, run!


Anonymous said...

Hey Roger what's with the Adrienne schtick? If you have something edgy to say be a man about it.

W.C. Varones said...

Is that you, Patrick?

For the record, I have absolutely no knowledge of anything remotely like what she just described.

And while I haven't really bought in to the naked short conspiracy thing, I'm a big fan of your outspokenness on other issues economic and political.

I'd put you in the quirky libertarian visionary category with John Mackey of Whole Foods and Cliff Asness of AQR, both of whom also enjoy sparring with their detractors.

Jr Deputy Accountant said...

I don't have to be a man about it as I am most definitely not a man.

Don't get butthurt, "Anonymous", I'm merely asking the question WHY.

As did Gary Weiss.
As did Barry Ritholtz.
As did Sam Antar.
As did Caleb Newquist.
As I did on Jr Deputy Accountant.

So, do tell, who is Roger and why's he got a hard on for you, erm, Patrick?

Anonymous said...

I'm not Patrick Byrne, however you, "Adrienne" are CPA exam prep course huckster Roger Philipp and I must not be the only person who knows it.

Jr Deputy Accountant said...

Hahahahah that's hilarious, Judd. You really think I'm Roger?!?!

HAHAHAHAHAHAHA LOL!! I love how you guys think.

Anonymous said...

If you're not Roger Philipp, then something strange is going on. Please help me understand this: the email address on the original domain registration of jrdeputyaccountant.com is adrienne@rogercpareview.com (the domain rogercpareview.com is known to be Roger Phillip's). If one goes to the MySpace friend finder and searches for profiles associated with that email address, a single profile is returned: Roger Philipp's.

So, either Roger Philipp registered Adrienne Gonzales's website domain using an email address with the name Adrienne in it, or Adrienne created Roger Philipp's very extensive MySpace profile. Both options are a bit odd, but the first seems most likely.

And because it'll be easy to change the email address associated with Roger's MySpace account, I've posted a little screengrab video documenting how everything appeared prior to posting this comment here.

Anything I missed? 

Anonymous said...

Something went wrong with my comment just now so I'll try again.

If you're not Roger Philipp, then something strange is going on. Please help me understand this: the email address on the original domain registration of jrdeputyaccountant.com is adrienne@rogercpareview.com (the domain rogercpareview.com is known to be Roger Phillip's). If one goes to the MySpace friend finder and searches for profiles associated with that email address, a single profile is returned: Roger Philipp's.

So, either Roger Philipp registered Adrienne Gonzales's website domain using an email address with the name Adrienne in it, or Adrienne created Roger Philipp's very extensive MySpace profile. Both options are a bit odd, but the first seems most likely.

And because it'll be easy to change the email address associated with Roger's MySpace account, I've posted a little screengrab video documenting how everything appeared prior to posting this comment here.

Anything I missed?

Sam E. Antar said...

It looks like Judd Bagley is hoping that Adrienne is a guy. He likes men (Seinfeld disclaimer: not that there is anything wrong with it).

cjn said...

@Anonymous - You're quite the detective. I need your help. A bunch of accountants supposedly got laid off at RSM McGladrey and I need details. Please report back STAT!

Jr Deputy Accountant said...

Hey Judd, no fooling you, huh!

Since you're such an excellent sleuth, can I also hire you? I need to figure out where I left my car keys and I think the cat is masquerading as my landlord, HELP!

Anonymous said...

@jda Cats do not recognize the existence of "landlords", thus the very premise of your question is flawed. As for your keys, check your coat pocket. The green one.

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