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Opinions and views from expert CFOZone members.

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Aug 09

Just another CEO rebalancing his portfolio

Posted by Going Concern in Patrick ByrneOverstock.comCareers/ManagementC-level executives

Going Concern

Submitted by Caleb Newquist, republished from Going Concern, Accounting News for Accountants and CFOs.

Last we heard from Patrick Byrne, the CEO and Farmville enthusiast, he had just disposed of 140,000 shares of OSTK via High Plains Investments, LLC, an entity 100 percent owned by PB. This had a few people scratching their heads, including us.

Jun 30

Auditors may have missed Overstock accounting issue

Posted by Going Concern in PricewaterhouseCoopersOverstock.comGrant ThorntonGAAPcomplianceauditorsauditingAccounting

Going Concern

Submitted by Caleb Newquist,  republished from Going Concern, Accounting News for Accountants and CFOs.

Yesterday we briefly picked up the Overstock beat as Sam Antar pointed out that everyone's favorite Salt Lake City resident got a little confused about when they knew their gain contingency existed that resulted in some contradictory disclosures.

Feb 06
2010 restating financials, still facing SEC probe

Posted by Going Concern in secrestatementsPatrick ByrneOverstock.comfinancial reportingenforcementcompliance

Going Concern

Submitted by Caleb Newquist, republished from Going Concern , Accounting News for Accountants and CFOs.

Well, then. This is all very awkward for Pat Byrne and Co.

In an 8-K filed late Thursday, announced that it would be restating the consolidated financial statements contained in its 2008 annual report, and the those contained in the company's last three 10-Q's: period ended March 31, 2009; June 30, 2009; and September 30, 2009 (unreviewed!).

It goes without saying that those financial statements can no longer be relied upon.

Nov 17
2009 ditches auditor, files unreviewed 10-Q

Posted by MQuinn in restatementsOverstock.comfinancial reportingAccounting


I'll largely let this press release from announcing that it had fired it auditor and filed an unreviewed 10-Q speak for itself. (Hat tip to Going Concern)

It is certainly one of the oddest statements you'll see, starting with the opening Nietzsche quote and going down to the "Your humble servant" sign off by CEO Patrick Byrne.

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