Friday, March 03, 2006

Media Swoops In On Delusional CEO

The last time we wrote about beleagured online liquidator (translation: we sell crap and lose money hand over fist) (OSTK), the stock was trading at $38 and we had told you to dump it like a bat out of hell. That was late December.

In January, after getting some interesting emails ("Watch this go to $50, _____"), we decided to reiterate our $17 price target. Twice. So three times we said sell, and we even insinuated that either jihad-driven CEO Patrick Byrne -- or his father Jack Byrne -- would be stepping down.

Tis strange how things work out. Today, Overstock is at $22. And on late Thursday:
Jack Byrne says he is considering stepping down as chairman of, telling reporters that "Patrick and I have had some wonderful times together on Overstock, but we've also had some stormy times. I'd rather keep my relationship with my son than be the chairman of the board of another company...I don't think it's a wise idea to be chairman with a headstrong son."
Are we the only ones who feel like we're watching some really bad Freudian B film?

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