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→‎Campaign against naked shorting: New developments in case. References to affidavit removed as original research as discussed.
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In 2005, Byrne contended that numerous hedge funds, analysts and journalists were colluding in an attempt to profit through illegal [[naked short selling]] aimed at various companies. Byrne has argued that the practice, which involves selling shares of a stock short without arranging to borrow the shares, has been used in concerted efforts to drive down the share price of certain companies much further than is possible with ordinary short selling, despite SEC regulations that generally prohibit the practice. Byrne said this has caused the failure of a number of small or financially troubled companies, which then becomes highly profitable for the naked short sellers.<ref name = PhantomMenace>[http://money.cnn.com/magazines/fortune/fortune_archive/2005/11/14/8360711/ "The Phantom Menace," by Bethany McLean, Fortune Magazine, Nov. 15, 2005]</ref> In a letter to the Wall Street Journal in April 2006, Byrne contended that "blackguards have practiced 'failure to deliver'" of securities, were "destroying businesses and (probably) destabilizing our capital markets."<ref>[http://online.wsj.com/article/SB114558723216732121.html Patrick Byrne letter to Wall Street Journal, April 21, 2006]</ref><ref>[http://news.com.com/CEO+on+the+hot+seat/2008-1030_3-6046300.html CNET interview with Byrne] March 6, 2006</ref> Since 2005, Overstock has filed two lawsuits relating to the matters under Byrne's direction.<ref>[http://news.com.com/Overstock+CEO+reflects+on+Cramer+debacle/2100-1030_3-6171494.html Overstock CEO reflects on Cramer debacle] March 28, 2007</ref>
In 2005, Byrne contended that numerous hedge funds, analysts and journalists were colluding in an attempt to profit through illegal [[naked short selling]] aimed at various companies. Byrne has argued that the practice, which involves selling shares of a stock short without arranging to borrow the shares, has been used in concerted efforts to drive down the share price of certain companies much further than is possible with ordinary short selling, despite SEC regulations that generally prohibit the practice. Byrne said this has caused the failure of a number of small or financially troubled companies, which then becomes highly profitable for the naked short sellers.<ref name = PhantomMenace>[http://money.cnn.com/magazines/fortune/fortune_archive/2005/11/14/8360711/ "The Phantom Menace," by Bethany McLean, Fortune Magazine, Nov. 15, 2005]</ref> In a letter to the Wall Street Journal in April 2006, Byrne contended that "blackguards have practiced 'failure to deliver'" of securities, were "destroying businesses and (probably) destabilizing our capital markets."<ref>[http://online.wsj.com/article/SB114558723216732121.html Patrick Byrne letter to Wall Street Journal, April 21, 2006]</ref><ref>[http://news.com.com/CEO+on+the+hot+seat/2008-1030_3-6046300.html CNET interview with Byrne] March 6, 2006</ref> Since 2005, Overstock has filed two lawsuits relating to the matters under Byrne's direction.<ref>[http://news.com.com/Overstock+CEO+reflects+on+Cramer+debacle/2100-1030_3-6171494.html Overstock CEO reflects on Cramer debacle] March 28, 2007</ref>


In the first lawsuit, filed 2005, Overstock.com sued hedge fund [[David Rocker|Rocker Partners]] and the [[Securities research|equities research]] firm, [[Gradient Analytics]] (formerly Camelback Research Alliance), saying they illegally colluded in short-selling the company while paying for negative reports to drive down share prices.<ref>[http://appellatecases.courtinfo.ca.gov/search/case/mainCaseScreen.cfm?dist=1&doc_id=65285&div=4&doc_no=A113397 Overstock.Com versus Gradient Analytics et al.]</ref> One of the former worker at Gradient Analytics alleged that "it appeared that [the cofounder of Gradient] and [CBS MarketWatch's journalist] [[Herb Greenberg]] were coordinating the content and timing of their various reports on Overstock to please Rocker".
In the first lawsuit, filed 2005, Overstock.com sued hedge fund [[David Rocker|Rocker Partners]] and the [[Securities research|equities research]] firm, [[Gradient Analytics]] (formerly Camelback Research Alliance), saying they illegally colluded in short-selling the company while paying for negative reports to drive down share prices.<ref>[http://appellatecases.courtinfo.ca.gov/search/case/mainCaseScreen.cfm?dist=1&doc_id=65285&div=4&doc_no=A113397 Overstock.Com versus Gradient Analytics et al.]</ref> The defendant (i.e. Gradient Analytics et al.) moved to have the case dismissed, however the California court ruled in August 2006 that the suit should be allowed to proceed.<ref>[http://media.corporate-ir.net/media_files/irol/13/131091/lawsuits/DOC060307.pdf Ruling, Superior Court; Overstock.Com versus Gradient Analytics et al.]</ref> Gradient filed a counter-complaint against Byrne for libel.<ref>"US Research firm countersues retailer Overstock.com," http://www.reuters.com/article/marketsNews/idUSN1544393520080415 </ref>
<ref>[http://media.corporate-ir.net/media_files/irol/13/131091/lawsuits/revised%20dmitri%20declaration.pdf Revised and restated Declaration of Demetrios Anifantis]</ref>
The defendant (i.e. Gradient Analytics et al.) moved to have the case dismissed, however the California court ruled in August 2006 that the suit should be allowed to proceed.<ref>[http://media.corporate-ir.net/media_files/irol/13/131091/lawsuits/DOC060307.pdf Ruling, Superior Court; Overstock.Com versus Gradient Analytics et al.]</ref>


Overstock.com filed a second lawsuit in 2007 against a number of large investment banks relating directly to alleged illegal naked short selling.<ref>[http://deseretnews.com/dn/view/0,1249,660192260,00.html Overstock sues brokers] Feb. 3, 2007</ref> Both cases remain in litigation.<ref>[http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BCOM&date=20070920&id=7504405 Page expired - MSN Money<!-- Bot generated title -->]</ref>
Overstock.com filed a second lawsuit in 2007 against a number of large investment banks relating directly to alleged illegal naked short selling.<ref>[http://deseretnews.com/dn/view/0,1249,660192260,00.html Overstock sues brokers] Feb. 3, 2007</ref> Both cases remain in litigation.<ref>[http://news.moneycentral.msn.com/provider/providerarticle.aspx?feed=BCOM&date=20070920&id=7504405 Page expired - MSN Money<!-- Bot generated title -->]</ref>


Byrne's campaign against naked short selling has attracted controversy, including criticism from a number of journalists. In a column in the New York Times in February 2006, journalist [[Joseph Nocera]] described Byrne's actions as a "campaign of menace" and as an attempt to silence Overstock.com's critics.<ref>[http://select.nytimes.com/gst/abstract.html?res=F30A16F8345A0C768EDDAB0894DE404482 “Overstock's Campaign Of Menace” by Joe Nocera, The New York Times, Feb. 25, 2006]</ref><ref>[http://select.nytimes.com/2007/03/10/business/10nocera.html?_r=1&scp=1&sq=+Revisiting+Overstock.com+and+Utah&st=nyt&oref=slogin Revisiting Overstock.com and Utah], by Joe Nocera, The New York Times, Mar. 10, 2007</ref> CBS MarketWatch's [[Herb Greenberg]] (who was named in the 2005 lawsuit) has called Byrne the runner-up for Worst CEO of the Year two years running.<ref>[http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B07A8EE18%2D402B%2D4088%2D9181%2D27A2BD10B6E1%7D Worst CEO of 2006 goes to Ilia Lekach of Parlux: Commentary: Overstock's Byrne is runner up for the second straight year] Dec 6, 2006</ref> One of Byrne's claims, that naked shorting can cause heavy dilution of a company's stock by creating sales untied to any specific shares, has been criticized by ''[[Wall Street Journal]]'' columnist [[Holman W. Jenkins Jr|Holman W. Jenkins]]. Byrne has cited Overstock.com as an example of a company whose shares have been more than 100% sold short in one quarter, but Jenkins suggests that this merely reflects Overstock.com's heavy trading volume and relatively small public float. Jenkins further argues that brokers are inherently cautious in using the practice, due to the high risk of trading shares that are not guaranteed to exist.<ref>[http://online.wsj.com/article/SB114480254610823574.html "Do Nudists Run Wall Street," The Wall Street Journal, April 12, 2006]</ref> Byrne has denied that his campaign is primarily about Overstock.com, but others contend that it is an attempt to divert attention from Overstock.com's financial performance, noting that the company has not turned a profit in several years.<ref>[http://online.wsj.com/article/SB114558723216732121.html Letter, Wall Street Journal, April 21, 2006}]</ref> However, Byrne has received some favorable coverage, and was featured in a [[Bloomberg Television]] show on [[Naked Short Selling]], "Phantom Shares"<ref>{{cite web|url=http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vIrfhgQPAJ1s.asf |title=Phantom Shares |author=Bloomberg Television |date=March 12, 2007}}</ref>, in March 2007.
Byrne's campaign against naked short selling has attracted controversy, including criticism from a number of journalists. In a column in the New York Times in February 2006, journalist [[Joseph Nocera]] described Byrne's actions as a "campaign of menace" and as an attempt to silence Overstock.com's critics.<ref>[http://select.nytimes.com/gst/abstract.html?res=F30A16F8345A0C768EDDAB0894DE404482 “Overstock's Campaign Of Menace” by Joe Nocera, The New York Times, Feb. 25, 2006]</ref><ref>[http://select.nytimes.com/2007/03/10/business/10nocera.html?_r=1&scp=1&sq=+Revisiting+Overstock.com+and+Utah&st=nyt&oref=slogin Revisiting Overstock.com and Utah], by Joe Nocera, The New York Times, Mar. 10, 2007</ref> MarketWatch's [[Herb Greenberg]] has called Byrne the runner-up for Worst CEO of the Year two years running.<ref>[http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B07A8EE18%2D402B%2D4088%2D9181%2D27A2BD10B6E1%7D Worst CEO of 2006 goes to Ilia Lekach of Parlux: Commentary: Overstock's Byrne is runner up for the second straight year] Dec 6, 2006</ref> One of Byrne's claims, that naked shorting can cause heavy dilution of a company's stock by creating sales untied to any specific shares, has been criticized by ''[[Wall Street Journal]]'' columnist [[Holman W. Jenkins Jr|Holman W. Jenkins]]. Byrne has cited Overstock.com as an example of a company whose shares have been more than 100% sold short in one quarter, but Jenkins suggests that this merely reflects Overstock.com's heavy trading volume and relatively small public float. Jenkins further argues that brokers are inherently cautious in using the practice, due to the high risk of trading shares that are not guaranteed to exist.<ref>[http://online.wsj.com/article/SB114480254610823574.html "Do Nudists Run Wall Street," The Wall Street Journal, April 12, 2006]</ref> Byrne has denied that his campaign is primarily about Overstock.com, but others contend that it is an attempt to divert attention from Overstock.com's financial performance, noting that the company has not turned a profit in several years.<ref>[http://online.wsj.com/article/SB114558723216732121.html Letter, Wall Street Journal, April 21, 2006}]</ref> However, Byrne has received some favorable coverage, and was featured in a [[Bloomberg Television]] show on [[Naked Short Selling]], "Phantom Shares"<ref>{{cite web|url=http://www.bloomberg.com/avp/avp.htm?clipSRC=mms://media2.bloomberg.com/cache/vIrfhgQPAJ1s.asf |title=Phantom Shares |author=Bloomberg Television |date=March 12, 2007}}</ref>, in March 2007.


In March 2006, John Byrne, chairman of Overstock.com and father of Patrick Byrne, said that he was thinking of stepping down in disagreement over the campaign. Referring to it as a "jihad," the elder Byrne said he believed it was taking time away from managing the company. Byrne said, “I'd rather keep my relationship with my son than be the chairman of the board.”<ref>[http://www.msnbc.msn.com/id/11652266/from/RL.3/ “Overstock.com chairman mulls stepping down,” the Associated Press, March 3, 2006]</ref> In April 2006, John Byrne stepped down to become vice-chairman, and in July of that year he resigned from Overstock's board of directors.
In March 2006, John Byrne, chairman of Overstock.com and father of Patrick Byrne, said that he was thinking of stepping down in disagreement over the campaign. Referring to it as a "jihad," the elder Byrne said he believed it was taking time away from managing the company. Byrne said, “I'd rather keep my relationship with my son than be the chairman of the board.”<ref>[http://www.msnbc.msn.com/id/11652266/from/RL.3/ “Overstock.com chairman mulls stepping down,” the Associated Press, March 3, 2006]</ref> In April 2006, John Byrne stepped down to become vice-chairman, and in July of that year he resigned from Overstock's board of directors.

Revision as of 20:45, 16 April 2008

Patrick M. Byrne (born Nov. 29, 1962, Ft. Wayne, Ind.) is the president, CEO and chairman of the board of directors of Internet retailer Overstock.com. Byrne took control of Overstock in 1999, shortly before it took on its current name. He had previously served shorter terms leading two smaller companies, including one owned by Warren Buffet’s Berkshire Hathaway.[1]

In 2002 Byrne brought Overstock.com public. The company has since increased its revenue to around $800 million a year, although it has yet to turn an annual profit. Byrne was named to Business Week’s list of the 25 most influential people in e-Business in 2002[2] and Ernst & Young awarded Byrne the "2002 Milestone Award Winner Utah Region."[3][4]

Byrne has recently become known for his campaign against naked short selling, a practice which he says has been used in violation of securities law to hurt the price of his and other companies' stock.[5] Under his direction, Overstock.com has filed two lawsuits alleging improper acts by Wall Street firms, a hedge fund, and an independent research firm.[6]

Background

Patrick Byrne is the son of John J. Byrne, former chairman of Berkshire Hathaway's GEICO insurance subsidiary and White Mountains Insurance Group.[7] He holds a certificate from Beijing Normal University and has a Bachelor of Arts degree in Chinese studies from Dartmouth College, a Master's degree from Cambridge University as a Marshall Scholar, and a Ph.D. in philosophy from Stanford University.[8]

Byrne was a teaching fellow at Stanford University from 1989 to 91 and was manager of Blackhawk Investment Co. and Elissar, Inc. He served as Chairman, President and CEO of Centricut, LLC, a manufacturer of industrial torches, then held the same three positions at Fechheimer Brothers, Inc., a Berkshire Hathaway company manufacturing police, firefighter, and military uniforms.[7][9]

Byrne has a black belt in tae kwon do, and once pursued a career in professional boxing. He is a cancer survivor, and has ridden a bicycle across the country to raise awareness and money for cancer research at the Dana Farber Cancer Institute. Byrne has also focused on promoting education, particularly in support of implementing school vouchers and other educational reforms.[10] Byrne was the largest donor to political causes in Utah in the period 2003-2006, while his father came third.[11]

Overstock.com

Main article: Overstock.com

In 1999 Byrne was approached by the founder of D2-Discounts Direct, asking for capital. The company had generated slightly more than $500,000 in revenue the previous year by liquidating excess inventory online. Byrne found the idea of online closeouts intriguing, and invested $7 million for a 60 percent stake in the company in the spring of 1999. In September the same year he took over as CEO, and the following month the company was renamed Overstock.com.[12][13]

Worldstock

During a vacation in Southeast Asia Byrne found that many village artisans were held back by the lack of retail channels, as their production was fragmented and the quantities produced were small. He further realised that the Overstock model was perfectly suited for their needs. In 2001 he therefore set up the Worldstock division of Overstock.[14][15] Worldstock searches through villages all over the world for people capable of producing quality products, by 2006 there were approximately 6,000 producers contributing. On average, about 70 percent of the retail price on all Worldstock items sold goes directly to the artist.[16][17][18]

"Dutch Auction" IPO

Byrne initiated a Dutch auction IPO of Overstock.com in 2002. The company was one of the first to go public under a system advanced by WR Hambrecht + Co to retain a greater share of capital within the company rather than going to the investment bank underwriters used in conventional public offerings. Byrne has said that competing banks reacted against this, attempting to obstruct the success of the offering through negative reports and by shorting the company's stock.[19] When Google later in 2004 went public via a Dutch auction IPO, Byrne commented that Wall Street firms similarly pushed negative stories, but did not keep it from going forward successfully.[20] Four years after the OpenIPO, one official of Hambrecht, its now former co-CEO Clay Corbus was added to Overstock's board of directors.[21]

Campaign against naked shorting

In 2005, Byrne contended that numerous hedge funds, analysts and journalists were colluding in an attempt to profit through illegal naked short selling aimed at various companies. Byrne has argued that the practice, which involves selling shares of a stock short without arranging to borrow the shares, has been used in concerted efforts to drive down the share price of certain companies much further than is possible with ordinary short selling, despite SEC regulations that generally prohibit the practice. Byrne said this has caused the failure of a number of small or financially troubled companies, which then becomes highly profitable for the naked short sellers.[22] In a letter to the Wall Street Journal in April 2006, Byrne contended that "blackguards have practiced 'failure to deliver'" of securities, were "destroying businesses and (probably) destabilizing our capital markets."[23][24] Since 2005, Overstock has filed two lawsuits relating to the matters under Byrne's direction.[25]

In the first lawsuit, filed 2005, Overstock.com sued hedge fund Rocker Partners and the equities research firm, Gradient Analytics (formerly Camelback Research Alliance), saying they illegally colluded in short-selling the company while paying for negative reports to drive down share prices.[26] The defendant (i.e. Gradient Analytics et al.) moved to have the case dismissed, however the California court ruled in August 2006 that the suit should be allowed to proceed.[27] Gradient filed a counter-complaint against Byrne for libel.[28]

Overstock.com filed a second lawsuit in 2007 against a number of large investment banks relating directly to alleged illegal naked short selling.[29] Both cases remain in litigation.[30]

Byrne's campaign against naked short selling has attracted controversy, including criticism from a number of journalists. In a column in the New York Times in February 2006, journalist Joseph Nocera described Byrne's actions as a "campaign of menace" and as an attempt to silence Overstock.com's critics.[31][32] MarketWatch's Herb Greenberg has called Byrne the runner-up for Worst CEO of the Year two years running.[33] One of Byrne's claims, that naked shorting can cause heavy dilution of a company's stock by creating sales untied to any specific shares, has been criticized by Wall Street Journal columnist Holman W. Jenkins. Byrne has cited Overstock.com as an example of a company whose shares have been more than 100% sold short in one quarter, but Jenkins suggests that this merely reflects Overstock.com's heavy trading volume and relatively small public float. Jenkins further argues that brokers are inherently cautious in using the practice, due to the high risk of trading shares that are not guaranteed to exist.[34] Byrne has denied that his campaign is primarily about Overstock.com, but others contend that it is an attempt to divert attention from Overstock.com's financial performance, noting that the company has not turned a profit in several years.[35] However, Byrne has received some favorable coverage, and was featured in a Bloomberg Television show on Naked Short Selling, "Phantom Shares"[36], in March 2007.

In March 2006, John Byrne, chairman of Overstock.com and father of Patrick Byrne, said that he was thinking of stepping down in disagreement over the campaign. Referring to it as a "jihad," the elder Byrne said he believed it was taking time away from managing the company. Byrne said, “I'd rather keep my relationship with my son than be the chairman of the board.”[37] In April 2006, John Byrne stepped down to become vice-chairman, and in July of that year he resigned from Overstock's board of directors.

Byrne was instrumental in Utah's passage of a law aimed at curbing naked short selling. The legislation was repealed in February 2007, after state representatives were advised that it probably would not withstand judicial scrutiny due to federal preemption.[38] Byrne criticized the repeal,[39] but Senate Majority Leader Curtis Bramble said that legal advisers believed that the state would lose any litigation over the law.[39]

The campaign has also involved the Securities and Exchange Commission to varying extents. An SEC investigation of Gradient was initiated but then dropped in February 2007.[40][41] On May 17, 2006, an SEC investigation of Byrne and Overstock.com was initiated and remains ongoing,[42] seeking information as to the company's accounting policies, targets, projections, and estimates relating to its financial performance.[43] In July 2007, two American Stock Exchange options market makers were fined and suspended for using Regulation SHO exemptions to "impermissibly engage in naked short selling" in trades involving options and stocks for their own account. Overstock shares were believed to be among the stocks traded. The market makers settled without admitting or denying the allegations. None of the defendants sued by Overstock were named in the decision, but the Dow Jones News Service said that the decision was likely to be used by Byrne in pursuing his case.[44][45][46]

Awards and Media attention

Since Byrne launched Overstock.com in 1999, he and his company have garnered attention from numerous national media outlets. Among them are the Wall Street Journal, ABC News with Peter Jennings, Fortune, CBS Marketwatch, and Business Week, among others. He has also appeared on Bloomberg TV, CNBC, and Fox News shows such as Your World with Neil Cavuto. In 2002, Byrne was named to Business Week’s list of the 25 most influential people in e-Business: the magazine cited survival strength and vision as qualities that qualified Byrne for the list. In 2003, Ernst & Young named Byrne an "Entrepreneur of the Year" in the lifetime achievement category.[47] Also in 2003 Overstock came no.1 in MountainWest Capital Network (MWCN) Utah100 award for the fastest growing company in Utah. Fastest Growing category are based on percentage revenue increases in the five preceding years.[48] Byrne also won the first-ever Utah Best of State Awards for Community Development in 2003.[49]

Education lobbying

Byrne is head of First Class Education, an education lobbying organization. Byrne was appalled by bloated administrative and bureaucratic expenses in the educational system, so the organization's primary goal is known as "65 cent solution," which would require 65% of all education spending to be spent on teachers' salaries and other classroom costs.[50]

The plan has been criticized by the National Education Association and other groups.[51]The NEA cites a study by Standard and Poor's, which indicated "no significant positive correlation between the percentage of funds that districts spend on instruction and the percentage of students who score proficient or higher on state reading and math tests."[52] According to First Class Education, as of July 2006, 2 states had implemented the 65% plan, Missouri and Oklahoma, while Colorado rejected 2006 ballot issues 39 and J, both implementations of the 65 cent solution.[53]

Byrne also serves on the board of directors of The Friedman Foundation for Educational Choice. The non-profit organization was founded by Milton and Rose Friedman and promotes school vouchers and other forms of school choice.[54]

Byrne and his family contributed most of the funds in support of House Bill 148 in Utah, a bill that would allow the state to provide funding vouchers for students who decide to leave public schools for private schools.[55] In January 2008, it was reported that Byrne and his parents contributed about $4 million to the pro-voucher campaign, or three-quarters of its $5.4 million funding. Opponents of vouchers spent $4 million. [56] When that bill was soundly defeated in a statewide referendum (62% opposing vs. 38% favoring)[57], the Salt Lake Tribune reported that Byrne "called the referendum a 'statewide IQ test' that Utahns failed." He said, "They don't care enough about their kids. They care an awful lot about this system, this bureaucracy, but they don't care enough about their kids to think outside the box."[58]

Byrne criticized Utah governor Jon Huntsman for not sufficiently supporting the voucher campaign. According to Byrne, Huntsman had before he was elected stated that he was "going to be the voucher governor," and Byrne had donated $75,000 to Huntsman's campaign for governor in 2004. However, to Byrne´s disappointment, the moment Huntsman was elected he went missing from the debate, and Byrne told the Associated Press that he would now bankroll anyone who could defeat Huntsman at the polls, "even a communist".[59]

During the school voucher debate, Byrne said of high school dropouts, "Right now, 40 percent of Utah minorities are not graduating from high school. You may as well burn those kids. That's the end of their life. That's the end of their ability to achieve in this society if they do not get a high school education. You might as, just throw the kids away." He was criticized for the comment by the Utah NAACP, but rejected their demand for an apology.[60]

References

  1. ^ Riding on a Raft: Patrick Byrne and Overstock.com, by Duan, Jason, Bachelor, John A III. Journal of Applied Management and Entrepreneurship, Jan 2006
  2. ^ The e.biz 25: Staying Power?, September 30, 2002, Business Week
  3. ^ [http://eoyhof.ey.com/SearchHallofFame.aspx Ernst & Young Entrepreneur of the Year, Hall of Fame
  4. ^ Riding on a Raft: Patrick Byrne and Overstock.com, by Duan, Jason, Bachelor, John A III. Journal of Applied Management and Entrepreneurship, Jan 2006
  5. ^ "A Boxer and Drug Baron's Unlikely Alliance," The Globe and Mail, March 2, 2006
  6. ^ Overstock.com Inc. Annual report on Form 10-K, Legal Proceedings, 2007
  7. ^ a b "Patrick Byrne: Off-Price Power," Business Week, Oct. 1, 2002
  8. ^ Patrick Byrne biography, Forbes.com
  9. ^ Interview with Byrne on NPR July 4, 2003
  10. ^ Riding on a Raft: Patrick Byrne and Overstock.com, by Duan, Jason, Bachelor, John A III. Journal of Applied Management and Entrepreneurship, Jan 2006
  11. ^ Handful give lots of $$, by Lee Davidson and Bob Bernick Jr., May 22, 2006, Deseret Morning News
  12. ^ Overstock.com, Inc. by Jeffrey Covell, in International Directory of Company Histories, Volume 75 (2004)
  13. ^ The Renaissance Man of E-Commerce Patrick Byrne has done more in his 37 years than most do in a lifetime. Will that make his company, Overstock.com, a success? by Nicholas Stein, February 7, 2000, Fortune
  14. ^ Overstock.com, Press Release, 2002
  15. ^ The Worldstock Story
  16. ^ Byrne’s War Overstock.com’s Patrick Byrne is On a Self-imposed Mission to Save Main Street from Wall Street, by Colin Kelly Jr., 4.18.2006
  17. ^ Riding on a Raft: Patrick Byrne and Overstock.com, by Duan, Jason, Bachelor, John A III. Journal of Applied Management and Entrepreneurship, Jan 2006
  18. ^ Overstocking in Afghanistan, by Johanna Glasner, 06.25.04, Wired
  19. ^ “IPO Dutch Auctions Vs. Traditional Allocation,” Forbes, May 10, 2004
  20. ^ Google Not the First to Go Dutch,” by Jerry Knight, The Washington Post, Aug. 23, 2004
  21. ^ “Overstock.com elects Clay Corbus, Hambrecht`s co-CEO, to its board,” Internet Retailer, March 12, 2007
  22. ^ "The Phantom Menace," by Bethany McLean, Fortune Magazine, Nov. 15, 2005
  23. ^ Patrick Byrne letter to Wall Street Journal, April 21, 2006
  24. ^ CNET interview with Byrne March 6, 2006
  25. ^ Overstock CEO reflects on Cramer debacle March 28, 2007
  26. ^ Overstock.Com versus Gradient Analytics et al.
  27. ^ Ruling, Superior Court; Overstock.Com versus Gradient Analytics et al.
  28. ^ "US Research firm countersues retailer Overstock.com," http://www.reuters.com/article/marketsNews/idUSN1544393520080415
  29. ^ Overstock sues brokers Feb. 3, 2007
  30. ^ Page expired - MSN Money
  31. ^ “Overstock's Campaign Of Menace” by Joe Nocera, The New York Times, Feb. 25, 2006
  32. ^ Revisiting Overstock.com and Utah, by Joe Nocera, The New York Times, Mar. 10, 2007
  33. ^ Worst CEO of 2006 goes to Ilia Lekach of Parlux: Commentary: Overstock's Byrne is runner up for the second straight year Dec 6, 2006
  34. ^ "Do Nudists Run Wall Street," The Wall Street Journal, April 12, 2006
  35. ^ Letter, Wall Street Journal, April 21, 2006}
  36. ^ Bloomberg Television (March 12, 2007). "Phantom Shares".
  37. ^ “Overstock.com chairman mulls stepping down,” the Associated Press, March 3, 2006
  38. ^ Brice Wallace (2007-03-01). "House acts to put end to 'naked short selling' bill". Deseret Morning News. {{cite news}}: Check date values in: |date= (help); Italic or bold markup not allowed in: |publisher= (help)
  39. ^ a b Bob Mims (2007-02-27). "Debate on repealing a statute on short selling prompts a verbal clash". Salt Lake Tribune (via lexisnexis). {{cite news}}: Check date values in: |date= (help); Italic or bold markup not allowed in: |publisher= (help)
  40. ^ SEC kills probe of Gradient February 14, 2007
  41. ^ Appeals court sides with Overstock.com May 31, 2007
  42. ^ New York Post (May 11,2007). "Company Byrne-d on Probe Report". {{cite web}}: Check date values in: |date= (help)
  43. ^ SEC Form 10Q filed by Overstock.com, dated May 9, 2007
  44. ^ Amex Disciplinary Decisions, SBA Trading
  45. ^ American Stock Exchange announcement of disciplinary action, July 31, 2007
  46. ^ Carol Remond (August 1, 2007), AMEX Nabs 2 for Reg SHO abuse; 1 Traded Overstock, Dow Jones Newswire
  47. ^ Riding on a Raft: Patrick Byrne and Overstock.com, by Duan, Jason, Bachelor, John A III. Journal of Applied Management and Entrepreneurship, Jan 2006
  48. ^ MountainWest Capital Network
  49. ^ Best of State premiere is a winner, by Jake Parkinson, Jun 23, 2003, Deseret News (Salt Lake City),
  50. ^ Teaching Schools How to Spend By MATTHEW COOPER Jun. 20, 2005, Time magazine
  51. ^ NEA: 65 Percent Solution -- Questions and Answers 2002
  52. ^ The Issues and Implications of the "65 Percent Solution" Fall 2005
  53. ^ The Colorado Cumulative Report December 13, 2006
  54. ^ Friedman Foundation Board of Directors
  55. ^ The Salt Lake Tribune November 1, 2007
  56. ^ "Voucher battle costs both sides total of $9.3M," Salt Lake Tribune, Jan. 8, 2008,
  57. ^ Voters dislike vouchers
  58. ^ The Salt Lake Tribune, November 7, 2007
  59. ^ "Overstock chief blasts Huntsman over vouchers," the Associated Press, Nov. 8, 2007
  60. ^ Overstock.com Founder Refuses to Apologize for Comments About Minority Dropouts, Fox News, Oct. 27, 2007
  • Marquis Who's Who Online

See also

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