Sam probably won’t be getting a real apology so maybe Patrick will answer his questions on the earnings call today? It’s going down in little while and it’s sure to be a do not miss event.
To give you a little preview, Sam Antar provided us with his questions that he submitted to P. Byrne, the Company’s President Jonathan Johnson and Joe Tobacco (independent member of the audit committee). We’ll be live-blogging the call starting at 5 pm EDT to see if these get answered and if anything else exciting happens.
From: Sam E. Antar
To: Patrick Byrne
Board – Jonathan Johnson
Date: Mon, Apr 5, 2010 at 2:04 PM
Subject: Overstock.com conference Call Questions
Dear Patrick Byrne:
The following questions are submitted for Overstock.com’s conference call scheduled today. I respectfully request that each question be read aloud in its entirely and that you and Johnson specifically answer each question.
1. Will you admit that I correctly identified GAAP violations by Overstock.com in its accounting treatment for recoveries from underbilled and overpaid fulfillment partners and that the company was dead wrong?
2. Will you admit that I was correct when I properly reported that Overstock.com’s GAAP violations caused the company to report an improper Q4 2008 profit, rather than a properly reported net loss?
3. Will you admit that Overstock.com continued to violate GAAP even after being notified by me of specific GAAP violations?
4. Will you and Jonathan Johnson admit that you made the following false statements to investors?
On February 6, 2009, you responded to my original February 4 blog post identifying specific GAAP violations on the InvestorVillage message board by claiming that:
Antar’s ramblings are gibberish. Show them to any accountant and they will confirm. He has no clue what he is talking about.
On November 18, 2009, during a conference call with analysts and investors, you falsely claimed:
In fact, we as I understand it, this doesn’t change any positive quarter to a negative quarter or any negative quarter to a positive quarter.
In a November 25, 2009 Salt Lake Tribune article, company President Jonathan Johnson was quoted as saying:
None of these changes that they [Grant Thornton] are talking about, or that people at the SEC are now asking about, make any of our quarters go from negative to positive or from positive to negative.
Will you and Johnson admit that your quoted statements above were false?
Sam E. Antar