Rush Limbaugh & Overstock.com’s Patrick Byrne: Misogynists getting their due

March 5, 2012 by  

Rush Limbaugh apparently isn’t the only one paying dearly for his misogynistic ways. Overstock.com boss Patrick Byrne, who has shown himself to be a first-class misogynist himself (“So, why exactly did you become a reporter? Giving Goldman traders blowjobs didn’t work out?” he once e-mailed business reporter Bethany McLean), is currently riding his Internet retailing company straight into the ground.

Via Sam Antar:

Last Friday, Overstock.com (NASDAQ: OSTK) reported a fourth quarter net loss of $3.4 million compared to net income of $14.9 in the previous year’s fourth quarter. Its revenues declined 10% to $314.1 million compared to $348.9 million in the previous year’s fourth quarter. Details of the fourth quarter financial results were so bad, that Overstock.com did not present a full income statement for that quarter in its press release. Instead it only provided key metrics of its fourth quarter numbers and presented a full year income statement. For the entire year, Overstock.com reported a net loss of $19.4 million compared to net income of $13.9 million in the previous year. Its 2011 revenues decreased 3% to $1.054 billion compared to $1.090 billion in the previous year.As of December 31, 2011, the company reported a net working capital deficit (current assets less current liabilities) of $14.1 million. Overstock.com’s negative net working capital balance indicates that it’s having problems paying its bills as it entered into its traditionally weakest quarter of the year (the first quarter of 2012). Overstock.com common stock closed at $6.11 per share, down $0.77 per share as investors reacted to the company’s horrible earnings report.

This is the latest setback for Byrne & Overstock.com, which has spent years “cooking their books” and misleading investors. In 2011, OSTK managed to make one of the year’s greatest PR blunders in trying to change its name to “O.co” (not a typo, that’s the name).

The recent report came as a surprise to analysts. Via Reuters:

Analysts, on average, had expected the company to earn 45 cents a share, on revenue of $377.6 million.

One wonders who these analysts are. For those that have kept their eyes on Byrne – a donor to the Swiftboat attacks on John Kerry and a fierce supporter of a failed school voucher initiative in Utah – this collapse of his company has been easy to predict for some time now. And it appears no matter how hard he tries to libel & slander business journalists  (he’s currently being sued for libel in Canada), his company will pay the ultimate price for his mismanagement.

–WKW

Comments

9 Responses to “Rush Limbaugh & Overstock.com’s Patrick Byrne: Misogynists getting their due”

  1. Tallulah on March 5th, 2012 10:55 am

    Oh God. I love Overstock. Now I cannot in good conscience ever shop there again. Wth is wrong with people? Bullies, misogynists, etc etc. I asked a Fox minion on twitter to tell me, politics aside, if women deserved respect. His answer? To block me. I see the GOP as a clown car hurtling toward a cliff with Limbaugh’s foot on the gas.

  2. dgun on March 5th, 2012 12:18 pm

    Bill’s posts on this subject usually summon Byrne’s puppeteers within a day or two.

    In the meantime, I think I’ll go do a little naked short selling. Turns out, you don’t actually have to take off your clothes to do this. Life is about learning.

  3. William K. Wolfrum on March 5th, 2012 12:40 pm

    Well you don’t HAVE to take your clothes off I guess.

  4. Robin on March 6th, 2012 5:20 am

    Darn it, i didn’t know Overstock.com was run by a bully, misogynist right wing idiot. Oh well, I also enjoy shopping there, but will have to forgo or pay a price with my conscience. With their Fair Trade section, I thought they were a, at least, partly enlightened company. My mistake.

  5. Rick on March 6th, 2012 5:54 am

    I dealt with Overstock on a couple of occasions, was disappointed each time. Their prices aren’t great, the service was absolutely terrible. I wasn’t aware of the CEO’s political leanings, nor his vile misogyny, so I’ll definitely not do business there again.

  6. Jeanne on March 6th, 2012 7:20 am

    Well, that ends my Overstock shopping. Wish I had known earlier. There should be a list.

  7. Mermaiden on March 6th, 2012 7:30 am

    Byrne will take all the corporate welfare breaks afforded to a drowning business, write offs, etc., so he’ll survive nicely. The little, peon stockholders will not. In theory Overstock looks great, but I’ve ordered only two things from them, and both were CHEAP QUALITY made in CHINA knock offs. I never got a good feeling from the site, and it’s very important to find out where the goods you’re ordering come from……just saying it’s an import is not good enough for me. Their throw pillows smell bad, and are made from raunchy materials.

  8. Overstock.com CEO Patrick Byrne is palling around with terrorists « Opinion « William K. Wolfrum Chronicles on April 14th, 2012 11:09 am

    [...] Byrne, focusing on his love for intimidating and slandering financial journalists, his constant misleading of investors, and other [...]

  9. Sith Lord on June 12th, 2012 11:00 pm

    Come on! Does anyone really think that this company will ever be successful as long as ‘crazy’ Patrick Byrne is at the helm? Byrne is a conceited, immature, paranoid, Momma’s boy, living off of his Daddy’s trust fund. He knows next to nothing about retailing, nor does he care to learn. He uses Overstock.com simply as a vehicle to keep his name in the news, all in a desperate, misguided attempt to feed his insatiable ego. The fact that whatever news he is attached to is almost always bad, is of no concern to Byrne.

    IMHO, Overstock.com long since has become irrelevant. It now operates simply as a posting board for companies to sell their distressed goods, or even their full priced goods, all at pricing that is nowhere near the company claims of 40-70% off. So basically, it’s eBay for those shoppers that don’t want a deal, and don’t mind overpaying. Just what America’s looking for, in today’s economic climate.

    Last I heard, Byrne was facing a personal libel suit in Canada, and the company was awaiting word from California regarding an ongoing Attorney’s General investigation involving bogus pricing claims. Couple those problems with Byrnes consistent unbalanced, paranoid behavior, and you have to believe that it’s just a matter of time before this entire house of cards collapses in on itself.

    Some have said that everything would have blown up long ago, if not for the pull that Byrne’s Daddy has with some very influential investors. Once Jack is gone, so is Overstock.com. So in my opinion, it’s best to get out while you can. Today’s $6 stock price will look pretty good, once the company goes belly up.

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