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Sam E. Antar
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I am a convicted felon and a former CPA. As the criminal CFO of Crazy Eddie, I helped Eddie Antar and other family members mastermind one of the largest securities frauds uncovered during the 1980s. My responsibilities at Crazy Eddie included skimming, money laundering, insurance fraud,... More
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White Collar Fraud
  • Overstock.com (NASDAQ: OSTK) Q2 20009 Conference Call Questions Submitted 0 comments
    Jul 22, 2009 2:27 PM | about stocks: OSTK

    From: Sam E. Antar

    Sent: Wednesday, July 22, 2009 2:20 PM
    To: 'Kevin Moon'
    Subject: Q2 2009 Overstock.com Conference Call Questions
     
    To Overstock.com:
     
    I ask that each of my questions be read out loud during the conference call (to prevent Patrick Byrne from distorting my questions as he did in the past) and for specific answers to be provided.
     
    From the 10-K: 
    When the underbilling was originally discovered, we determined that the recovery of such amounts was not assured, and that consequently the potential recoveries constituted a gain contingency. 
     
    Accounting Errors:
     
    What percentage of amounts underbilled fulfillment partners (from Q3 2008 and all prior accounting periods) was recovered from Q4 2008 to Q2 2009? Please provide the full amount underbilled and the amounts recovered.
     
    What percentage of amounts underbilled fulfillment partners during Q1 to Q3 2008 was recovered from Q4 2008 to Q2 2009? Please provide the full amount underbilled and the amounts recovered.
     
    What was the earliest date that Overstock.com (1) started re-billing fulfillment partners for underbilled amounts and (2) started collecting underbilled amounts?
     
    What was the specific date that Overstock.com “determined that the recovery of such amounts was not assured, and that consequently the potential recoveries constituted a gain contingency”?
     
    Please elaborate on the process starting from when Overstock.com first “determined” that the underbilled amounts “constituted a gain contingency” to the date when the company started receiving collections of underbilled amounts. Please provide specific dates.
     
    From the 8-K: 
    The increase was partially offset by a $600,000 reduction of legal expenses related to a $2.75 million payment that we received from an insurer in settlement of a dispute regarding insurance coverage of a legal matter. 
     
    Litigation (See disclosure above):
     
    Please describe what the litigation and dispute involved and identify the parties to the litigation.
     
    How did the recognition of legal fees related to that specific litigation impact the financial results in prior comparable reporting periods (Q1 2008 and Q2 2008)? Please provide amounts.
     
    Regards,
     
    Sam E. Antar
     
    Update:
     
    Read Gary Weiss about Byrne's refusal to address issues of financial reporting irregularities at Overstock.com (here).
     
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