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Overstock Insiders Revolt After Crypto-Crazed CEO Dumps 900,000 Shares

Overstock insiders revolt after crypto-crazed ceo dumps 900,000 shares

Overstock Insiders Revolt After Crypto-Crazed CEO Dumps 900,000 Shares

By CCN: Overstock CEO and crypto enthusiast Patrick Byrne felt the need to defend his sale of about 900,000 shares of company stock. Byrne wrote a letter defending his decision, as news of his choice had reportedly sent insiders into a tizzy and dropped O shares about 16% earlier in the week.

Overstock Stock Price Recovers After Mid-Week Slump

Overstock stock price

Overstock shares faced significant downward pressure after Patrick Byrne revealed that he had sold 900,000 shares of stock. | Source: Yahoo Finance

Byrne explained in a public letter that he was investing in blockchain projects alongside Overstock and that he needed the money to keep his commitments, including to charity.

While there is a definitive correlation with the news and the change in price, it’s notable that the market has been incredibly volatile on the whole lately.

This is not the first time the CEO’s stock sales have made headlines. He assured investors all was well when he sold $20 million worth last year. Byrne spends a portion of the letter explaining that he could not sell for most of the past year due to having information that would have made it unethical to do so.

Miffed at people questioning his right to sell the stock, Byrne said he does not intend to defend himself again.

“I owe shareholders staying within the law and not making decisions based on inside information, not explanations of my life and projects outside Overstock,” he wrote.

$350+ Million Company, $100,000 CEO Salary

Patrick byrne overstock crypto blockchain

Patrick Byrne defended his stock sale, noting that his $100,000 salary ranks among the lowest compensation packages for a company of Overstock’s size. | Source: YouTube

Byrne said that he needs money to supplement his $100,000 annual salary and invest in several blockchain projects. His salary ranks among the lowest compensation packages for a company on the order of Overstock, valued at over $360 million even after the recent decline.

“A year ago, I told shareholders that I would be making significant sales to fund a variety of projects. Since then I have invested $12.5 million in blockchain projects, approximately 2/3 of that directly alongside your company’s investments (thus, I am not only not running from eating my own cooking, I have been asking for a double helping of it). I have donated and pledged to donate approximately $50 million to charity[…]

“As we recently discussed in our Q1 2019 earnings call and shareholders meeting that occurred the same day, the quicker-than-expected rebound towards profitability of our top-of-class e-commerce machine coupled with our Medici Ventures keiretsu companies bringing world-changing products to market has me as optimistic as ever about the future. I simply had to supplement my nominal salary with stock sales in order to fulfill personal commitments to invest personally in blockchain projects such as Medici Land Governance, along with a need to meet charitable pledges such as those outlined above.”

Overstock previously announced that it would sell its retail business to focus on blockchain ventures, though it appears to have walked back those plans.

Overstock’s Complicated Relationship With The World At Large

One of the first major retailers to accept cryptocurrency, with a CEO who actively supports crypto, Overstock played the crypto boom of 2017 exceptionally well. Just like the rest of the crypto-oriented market, however, the company’s shares have fallen over 80% since their height in January 2018.

Investors responded with enthusiasm when Byrne announced the company would be moving heavier into blockchain, but things have moved relatively slowly for crypto-focused subsidiary Medici Ventures. Shares dropped when the company revealed it was included in an SEC probe into crypto-related companies.

Reportedly, Overstock also has a long and complicated relationship with the world at large.

Take, for example, this post from 2005, which details a supply-chain in a state of chaos and flux. Then five years later, this NY Observer writer outlined a rather unpleasant experience with criticizing the firm.


Published at Fri, 17 May 2019 16:48:55 +0000

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Lyn Ulbricht: Ross’s Latest Appeal About “Constitutional Protections and Freedoms for Us All”

rossappeal.jpg

In May of 2015, Ross Ulbricht was sentenced to life in prison without parole for his role in operating the dark web site Silk Road. Exactly two years later, the Court of Appeals for the Second Circuit upheld his conviction and sentencing.

Now in a landmark request, Ulbricht has appealed to the the Supreme Court (SCOTUS) regarding the Second Circuit’s decision. A petition for a writ of certiorari has been submitted seeking a hearing for the overturn of the decision upheld this year by the Second Circuit Court of Appeals.

Ross William Ulbricht respectfully petitions for a writ of certiorari to review the judgment of the United States Court of Appeals for the Second Circuit in this case.

A writ of certiorari is a demand placed upon the lower court that upheld Ulbricht’s conviction and sentence to turn over its records so that the Supreme Court may review them and determine whether further action is needed.

The nine-member Supreme Court, which serves as the nation’s final arbiter in legal matters, is very selective in the cases it hears, often pursuing those with national significance in order to establish precedence or to clarify contradictions in existing decisions. Four of the justices must vote to accept a case in order for it to be heard.

The SCOTUS has a low reversal rate in Second Circuit Court rulings. Thus, even if the case is ultimately heard, there’s no guarantee that Ulbricht will receive relief or be vindicated.

Kannon K. Shanmugam is the counsel of record managing the appeal. Widely regarded as one of the top appellate attorneys in the U.S., Shanmugam was a former law clerk to the late Justice Antonin Scalia and has argued 21 cases before the Supreme Court.

Ulbricht’s court request highlights two important constitutional law questions. The first involves the Second Circuit codification of the government’s warrantless collection of Ulbricht’s internet traffic information. This case would afford the SCOTUS an ideal opportunity to address the Carpenter v. United States warrantless search case doctrine and how it may apply to Ulbricht’s case.

Second, the Second Circuit upheld the court’s original decision to withhold information regarding corruption investigations into two agents from the jury. This decision impacted the sentencing guidelines — a key element in the court imposing a life sentence on Ulbricht. Several justices have previously questioned whether this method of judicial fact-finding runs afoul of the Sixth Amendment.

Reached by phone from Colorado, where she now resides and where Ulbricht is imprisoned, Ulbricht’s mother, Lyn Ulbricht, said, “We are battling for Ross, love Ross and feel that he doesn’t belong in prison, let alone a maximum-security facility. He’s a nonviolent, wonderful person that never meant any harm to anyone.”

She asserts that the U.S. government’s aggressive stance involving the drug war and nonviolent crimes has become quite alarming and believes that if the Supreme Court accepts her son’s case, it will have far-reaching implications for constitutional protections of all citizens.

Lyn Ulbricht says that she’s grateful for the massive outpouring of support on Twitter in response to this Supreme Court filing. “We’ve received lots of support from everyday people who know that this is not about drugs but about a much bigger-picture issue.”

She hopes that this case will shine a light on the unconstitutional encroachment of our government and the media sensationalism that supports it.

“I’m not going to give up, and our family is not going to give up. This is about important constitutional protections and freedoms for us all. So we will continue to talk about Ross and our rights as American citizens.”

The post Lyn Ulbricht: Ross’s Latest Appeal About “Constitutional Protections and Freedoms for Us All” appeared first on Bitcoin Magazine.

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