Alma Templeton

Bidz.com Stock Buybacks: A Wise Move?

Of course, Antar fails to mention the key facts

1. Both Zinbergs were under pre-designed agreements to sell at a certain time regardless of the price, so the price at the point at which they sold should not be a representation of their thoughts on whether it was undervalued given that they were legally compelled to sell.

2. Kong's actual transaction was a net exercise of options soon to expire in which he obtained shares by surrendering the amount applicable to cover the option price and payroll taxes to the company, and consequently increased his actual position. The full filing states that he acquired 75,000 and disposed of 53,801. It breaks the transaction down by stating: "Represents a net exercise of stock options expiring on December 5, 2008. The value of 53,801 shares surrendered back to the Company and retired, equals the amount necessary to pay the exercise price and payroll taxes." Kong had to do something with the options before the upcoming expiration, but Antar doesn’t mention this.

This is quite typical of Antar. He is more than capable of reading the filing properly and representing it properly. However, he intentionally fails to do so because it would not be in line with how those who pull his strings want the facts to be distorted. Antar would seem to be nothing more than a paid shill and can be lumped in with other undesirable elements like Gary Weiss and Floyd Schneider. In fact, certain allegations have been made that he is employed through Magic Consulting (run by ex-con Michelle Sarian), a group that takes consulting contracts on from Third Point, a firm currently under investigation by the SEC.

Sam likes to pass himself off as a reformed criminal, but he's simply a flim flam scammer moved on to another long con. I hope that Magic Consulting covers his legal fees.