Byrne, chairman and chief executive officer of Overstock.
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Insurance — The proximate cause for my departure was, in fact, the impossibility of our getting corporate insurance with me still at the helm. Your CFO Greg Iverson reported to the board in writing on Saturday August 17 that it was "impossible" to get insurance with me there, and on Monday August 19 in a politely worded letter our insurance brokers at Marsh said much the same thing.
Just as we learned in Game of Thrones that behind the scenes the Iron Bank makes the big decisions, in Corporate America insurance companies get the last say. As I wrote the board at the time, while we could have gotten into the game of parsing what "impossible" means like Bill Clinton arguing about "what the meaning of 'is' is , when it comes down to doing that with a CFO and insurance broker, it is time for the CEO to eject.
Controversy — You think me controversial now, but you ain't seen nothing yet. The Deep State and the oligarchy are entwined, and they won't die quietly. There is going to be an enormous amount of return fire directed at me: the blather of the hedge fund choagies in the financial press against Overstock since I came forward is a manifestation of that look back at what happened when I first came forward: there was silence for two weeks as the Bosses readied a new party line, then it came at us simultaneously from all directions at once.
The agitprop press does not bother me I hope it is helping you with traffic, though I have 0 idea, as I cut myself off from all information within the company the day I left. With me no longer an executive, a board member, or even a shareholder, it becomes pointless for them to try to get at me that way. There are other ways they will come for me, but there is no edge for them to come through Overstock to do it.
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Hedge — In both July and in August I wrote lengthy letters to shareholders, but in truth they were to you as well, so that you would know the full lay of the land after I left. I have not seen or been told a number since I left in fact, I think I have not spoken to an Overstock executive since Monday, August 23 so I cannot comment past the understanding expressed in those letters. But your bottom line has been on such a recovery in the first eight months of that this general strategy seemed sound.
These acts accomplish two objectives: It provides a hedge for Overstock. If the economy craters and thus Overstock runs into tough times, those investments will soar that's the "hedge" and you will have access to capital if needed. In fact, you will have not just access to capital, you will have access to the friendliest capital imaginable: my own.
I have to wait six months for it to be legal, but anytime after March 17, I can provide a capital injection if needed by buying back into Overstock. Please remember that as you watch the global chaos. If you see the US economy cratering please do not lose the sleep you otherwise might: you will have a friend who has sunk almost his entire fortune into investments that will soar if a crisis occurs, and who knows your business well, and who appreciates you.
The other thing accomplished by the investment moves I described above is that my ammunition gets moved outside acts of retaliation from the Deep State. That is important because, in fact, I am now going to shellac them.
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Actually, "shellac" is too weak a word for what I intend to do to the Deep State. Sit back and enjoy the show. Until then, live long and prosper, my friends. With great admiration, memories, and affection, Patrick. Related Tags. Trending Now.
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