Patrick Byrne, After Almost Two Decades Of Serving As Overstock’s CEO, Finally Resigns

Last week, OSTK looked like it might break through $25.00. Trading volume was up, sentiment was high, and there didn’t seem to be any bad news over the horizon, at least in the short term, but then something very unusual happened, something that has probably never happened in the history of corporate finance. Check out this press release.  

wait for it..

At the open, the price was only down about 7%, but because this press release was so outrageous, it took awhile for everything to fully sink in.  “Is this for real”, was probably everybody’s first impression.   

Eventually though, people finally accepted the fact that this was not a joke, and that Byrne was being completely serious, and the price tanked

 

Byrne finally stepping down almost seems surreal at this point though.  After all these years, and after all the controversy,he is finally gone….It’s like when you find out your lifelong arch rival that you hated so much has suddenly died.  You are almost left with a surprising feeling of longing for the person. 

Byrne  almost seemed invincible. Very few could have endured so much bad press for so long, but Byrne did, and for almost 20 years. 

 

We had deepcapture.com

Suing Goldman Sachs under RICO

Marc Cohodes saying OSTK would go to $400 per share in 2017

“If [Byrne] executes properly on blockchain I think the stock’s worth somewhere between $200 and $400,” said Marc Cohodes, a noted short seller and independent investor who turned positive on Overstock.com in October. “I own a lot of this thing. I bought a lot more the other day when it pulled back.”. Read full article at CNBC

 

And last but not least, “The Miscreants” series that was forcibly removed from the internet (remember when google didn’t micromanage everybody’s posts?)

 You have to respect his persistence though.   Regardless of all the drama, you could say Patrick Byrne exhibited the spirit of America.  He didn’t give up, he spoke his mind unapologetically, and even though he was a little over the top,  he still built a multi-billion dollar corporation from scratch.  He is also a 4 time cancer survivor, so you have to give him some credit, even in light of all the shenanigans.

His late father, John J. Byrne, would probably be slightly disappointed by this outcome, but he would still be proud of how hard he fought.  We wish you well Patrick Byrne, and good luck on your next endeavor.  God speed.

 

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