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Article on NSS and Byrne

mhatmccane

409 posts

Joined
1/20/2006

Article on NSS and Byrne
Posted: 08 May 06 12:57 PM

Article out on NSS/Byrne/NCANS
by: nopullnoshow (55/M/West Texas)
Long-Term Sentiment: Strong Buy

05/08/06 10:48 am
Msg: 429616 of 429755

Leave it to the media outside of NYC for a write up like this one. Hell, they even mention NCANS!

It's a long story, quite complete.... here's a short bit with the link after:

Cloud of short selling
Companies say they want to uncover the dirty truth of so-called naked transactions
By Bob Mims
The Salt Lake Tribune
Salt Lake Tribune

Wall Street's reaction was swift and vitriolic last August when Overstock.com CEO Patrick Byrne unveiled what he called the Miscreants Ball - an alleged conspiracy to drive down his company's stock.
Frivolous. Erratic behavior. Off the deep end, various analysts and financial scribes hooted. Others insisted that Byrne was the leader of the "tinfoil hat" brigade, or at least one of those "overeducated weirdos" looking for market windmills to tilt.
Flash forward nine months, and Byrne's claims aren't so quickly dismissed - and he is hardly alone in making them. A spate of lawsuits from other companies have followed, and the Securities and Exchange Commission has begun its own investigations related to the practice Byrne hates most: manipulative, or naked, short selling.
Short selling is legal - a bet, using borrowed stocks, that share prices will fall, allowing "shorts" to pocket the difference when they do. Naked shorting, though illegal, occurs when the same transaction is attempted without first borrowing real shares.
"We're making a lot of progress in this war," Byrne says today. "Everyone seems to finally be getting it - that I'm right. We've passed the tipping point on this debate. The rock I rolled up the hill is now rolling on its own."

Link: http://www.sltrib.com/business/ci_3793492

Phil

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