The Stalwart submits: The story of Overstock.com (ticker: OSTK) and their CEO, Patrick Byrne, who exhibits paranoid-schizophrenic behavior is well known. Among other things, he believes that there's a sinister cabal consisting of rogue hedge-funds, South Asian arms dealers, and naked short-sellers conspiring to depress shares in his new company. In his war against these evil folks, today he fired another shot:
"In the past I have described how my family and I have experienced delays trying to get brokers to settle our trades, let alone obtain possession of stock certificates of shares we already own. I attribute these problems to what I believe are millions of counterfeit shares of OSTK trading on NASDAQ, along with the SEC's turning a blind eye while refusing to disclose (and prohibiting NASDAQ from disclosing) the number of counterfeit shares landing us on the Reg SHO list every night. I feel obliged to remind shareholders that the only prophylactic against hedge fund counterfeiting is for shareholders to obtain their actual physical certificates from their brokers."
Counterfeit shares? Telling shareholders to obtain physical copies of their shares is ludicrous, and an obvious Trojan-horse to accomplish his broader goal, which is to attack any short-sellers: Shares physically held like this would be unlendable, and thus unshortable.
I don't know which would be worse, being an OSTK shareholder, and having this man at the helm, or being on the OSTK board and having to play along with their boss' fantasies.
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