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Overstock Becomes First Major Tsunami Wave of SET

Location: Blogs Bud Burrell - Front and Center
Posted by: bburrell	2/3/2007 1:49 AM
I have had an avalanche of inquiries if OSTK's lawsuit was the one I referenced in an earlier blog post Jan 14. I did not know about the OSTK suit beforehand, but it is not only not a major surprise, I would give an unqualified endorsement of and support to its allegations. A True Tsunami sends sets of tidal waves in, not just one, and this is the case here. I suggest the bad guys strap themselves into something bouyant and puncture proof, as this is only the beginning. The loser is our financial system. A price has to be exacted from the miscreants here, well beyond the simple financial compensation. Money alone will not solve the need for punishment for these RICO activities.
Copyright ©2007 Bud Burrell
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Comments (21)

Re: Overstock Becomes First Major Tsunami Wave of SET

By briguy331 on 2/3/2007 8:11 AM

Wow, sounds like many things are going to soon unfold. Its really ironic how it's all close together. The elimination of the GF clause, the Overstock lawsuit, and now more to come, as per your last message in about 40-60 days. Im holding on tight, just waiting for this to play out. Keep up the good work Bud! We thank you for your time and hard work! Without good guys like you, we may never see an even playing field in our market system.

Re: Overstock Becomes First Major Tsunami Wave of SET	By Divieden on 2/3/2007 8:11 AM
Bud, can you give us an idea when the next "wave" is coming? The OSTK suit is great news, and I anxiously await more assaults from the victims. I hope there is a financial play for us as this mess starts to unravel. However, as Bobo says, the money is long gone. The potential financial chaos is frightening. Do you think the insurance industry has a clue to their explosure? What's your take?

Re: Overstock Becomes First Major Tsunami Wave of SET	By kevin on 2/3/2007 11:32 AM
What about the risk to the auditors who knowingly hid the off balance sheet risk?

Re: Overstock Becomes First Major Tsunami Wave of SET	By Mosses on 2/3/2007 11:33 AM
Bud, I noticed your company Private Trading Systems Inc (PVTM) closed at 60 cents on Friday down from a high of $12. When will you filing your suit against the Prime Brokers? Mosses

Re: Overstock Becomes First Major Tsunami Wave of SET	By ginger on 2/3/2007 12:27 PM
I wonder if this case will ever get beyond the Business Section of any newspaper.

Re: Overstock Becomes First Major Tsunami Wave of SET	By bburrell on 2/3/2007 12:27 PM
Forbes put the story out. We'll see what happens now.

Re: Overstock Becomes First Major Tsunami Wave of SET	By briguy331 on 2/4/2007 12:27 AM
Bud, can you comment on USXP and their current position? Could they play a significant role in any of this, or be considered one of the many waves in the near future?

Re: Overstock Becomes First Major Tsunami Wave of SET

By Sean on 2/4/2007 12:29 AM

Bud, have you ever seen this?

108th CONGRESS
1st Session

H. R. 2778

To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

July 17, 2003
Mr. PAUL introduced the following bill; which was referred to the Committee on Financial Services

--------------------------------------------------------------------------------

A BILL
To abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `Federal Reserve Board Abolition Act'.

SEC. 2. FEDERAL RESERVE BOARD ABOLISHED.

(a) IN GENERAL- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System and each Federal reserve bank are hereby abolished.

(b) REPEAL OF FEDERAL RESERVE ACT- Effective at the end of the 1-year period beginning on the date of the enactment of this Act, the Federal Reserve Act is hereby repealed.

(c) DISPOSITION OF AFFAIRS-

(1) MANAGEMENT DURING DISSOLUTION PERIOD- During the 1-year period referred to in subsection (a), the Chairman of the Board of Governors of the Federal Reserve System--

(A) shall, for the sole purpose of winding up the affairs of the Board of Governors of the Federal Reserve System and the Federal reserve banks--

(i) manage the employees of the Board and each such bank and provide for the payment of compensation and benefits of any such employee which accrue before the position of such employee is abolished; and

(ii) manage the assets and liabilities of the Board and each such bank until such assets and liabilities are liquidated or assumed by the Secretary of the Treasury in accordance with this subsection; and

(B) may take such other action as may be necessary, subject to the approval of the Secretary of the Treasury, to wind up the affairs of the Board and the Federal reserve banks.

(2) LIQUIDATION OF ASSETS-

(A) IN GENERAL- The Director of the Office of Management and Budget shall liquidate all assets of the Board and the Federal reserve banks in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.

(B) TRANSFER TO TREASURY- After satisfying all claims against the Board and any Federal reserve bank which are accepted by the Director of the Office of Management and Budget and redeeming the stock of such banks, the net proceeds of the liquidation under subparagraph (A) shall be transferred to the Secretary of the Treasury and deposited in the General Fund of the Treasury.

(3) ASSUMPTION OF LIABILITIES- All outstanding liabilities of the Board of Governors of the Federal Reserve System and the Federal reserve banks at the time such entities are abolished, including any liability for retirement and other benefits for former officers and employees of the Board or any such bank in accordance with employee retirement and benefit programs of the Board and any such bank, shall become the liability of the Secretary of the Treasury and shall be paid from amounts deposited in the general fund pursuant to paragraph (2) which are hereby appropriated for such purpose until all such liabilities are satisfied.

(d) REPORT- At the end of the 18-month period beginning on the date of the enactment of this Act, the Secretary of the Treasury and the Director of the Office of Management and Budget shall submit a joint report to the Congress containing a detailed description of the actions taken to implement this Act and any actions or issues relating to such implementation that remain uncompleted or unresolved as of the date of the report.
END
www.theorator.com/bills108/hr2778.html

Re: Overstock Becomes First Major Tsunami Wave of SET	By tkalantzis on 2/4/2007 12:29 AM
bud your" death of a thousand cuts " analogy was so true like john koter said Leadership Intelligence: A "keen mind" i.e., strong analytical ability, good judgement, and the capacity to think strategically and multi-dimensionally. looks as if patrick is taking the bull by the horn BRAVO

Re: Overstock Becomes First Major Tsunami Wave of SET	By bburrell on 2/4/2007 12:33 AM
Sean, I had not seen this bill. It is important enough to post as a separate blog entry, which I will do. Best, Bud.

Re: Overstock Becomes First Major Tsunami Wave of SET	By jfarn on 2/4/2007 1:37 PM
Thanks always Bud. You mentioned a small company from Ct. in one of your last CMKX interviews on CFRN. Are you from the area? I am. Working with C. Dodd, D. Blumenthal, and C. Shays on my end. Pequot is literally right around the corner from where I type. Any thoughts as to how the Interpleader/CMKX will go? JF

Re: Overstock Becomes First Major Tsunami Wave of SET	By Steve V. on 2/4/2007 4:18 PM
Bud, I am interested in your response to Moses' question above. Do you think that your company is also being victimized? Is that why the price is being hammered? S.V.

Re: Overstock Becomes First Major Tsunami Wave of SET

By bburrell on 2/4/2007 4:24 PM

Regarding my stock, I know the stock was illegally shorted, as we had that being monitored by third parties for nearly two years.

We also have had another episode involving misconduct by an outside SEC counsel.

We have prospects I can't comment on that we should know more about in the coming two weeks for other listings.

We discovered that one platform we wanted had a material conflict of interest that was not disclosed to us.

Our experience is hardly unusual, nor worthy of claims to special circumstances. The markets here have taken a position on abuses of their client companies that they will certainly get to explain, if not to us, then to others.

Re: Overstock Becomes First Major Tsunami Wave of SET

By Phx on 2/7/2007 4:22 PM

Anyone hear the infamous Herbiie this am on squawk box. Does he normally studder like that? Oh if the alligations in the ostk lawsuit were real than the hedgies would be on board w/ the suit as well as what ostk alleges makes the hedgies the true victoms in this case. And questioning the logic of going to state not federal court?

and implying yesterdays movement was patrick and family buying to manipulate the pps, and to keep an eye on who the buyers are?

whata mother FUD$%$&^(

Re: Overstock Becomes First Major Tsunami Wave of SET

By Sean on 2/7/2007 4:23 PM

The dominoes have begun to drop and here come those other waves!!!

Class Action against Hedge Funds

Seeger Weiss LLP Announces a Class Action Lawsuit On Behalf of Fairfax Financial Holdings Limited Shareholders Against Various Hedge Funds -- FFH
Wednesday February 7, 5:18 pm ET

NEW YORK, Feb. 7, 2007 (PRIME NEWSWIRE) -- The law firm Seeger Weiss LLP announces that it filed a class action lawsuit today in the United States District Court for the District of New Jersey on behalf of all sellers of common stock of Fairfax Financial Holdings Limited (NYSE:FFH - News) over the New York Stock Exchange (``NYSE'') between December 18, 2002 and July 25, 2006 (the ``Class Period''), seeking to pursue remedies under the Securities Exchange Act of 1934 (the ``Exchange Act'').

The Complaint filed states that the case ``arises from a massive, illegal stock market manipulation scheme that has targeted and severely harmed ... shareholders of Fairfax, and has resulted in immense ill-gotten profits for defendants S.A.C. Capital, Exis Capital, Third Point, Rocker Partners and other extremely powerful hedge funds.'' The Complaint further alleges that Defendants ``launched a manipulation scheme ... which was an abusive short selling strategy coupled with a public relations campaign chock full of false and misleading statements about Fairfax, its executives, its business, and its common stock price designed to drive down (Fairfax's) stock price.''

Seeger Weiss LLP is a New York-based firm that is active in major complex litigations and class actions pending in federal and state courts throughout the United States. Seeger Weiss has taken a leading role in many important actions on behalf of defrauded investors, consumers and others and has recovered millions of dollars for clients and class members.

If you are a member of the class described above, you may, not later than 60 days from today move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Under certain circumstances, one or more class members may together serve as ``lead plaintiff.'' Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. You may retain Seeger Weiss LLP, or other counsel of your choice, to serve as your counsel in this action.

If you wish to discuss this action with us, or have any questions concerning this notice or your rights and interests with regard to the case, please contact us:

More information on this and other class actions can be found on the Class Action Newsline at http://www.primenewswire.com/ca

Contact:
Seeger Weiss LLP
(877) 541-3273

------------------------
http://biz.yahoo.com/pz/070207/113344.html

Re: Overstock Becomes First Major Tsunami Wave of SET	By Sean on 2/8/2007 8:13 AM
Bud if you can answer please do. Is this one of the companies that you knew was going to make hay for the bad guys?

Re: Overstock Becomes First Major Tsunami Wave of SET	By bburrell on 2/8/2007 8:15 AM
Sean I know a lot about how Amazon was treated, a good parallel. I also knew something about the parallel Canadian Cases. You are seeing the beginning of a short squeeze here, and the hedgies, not all of whom I am at odds with, are going to eat their own in the squeeze.

Re: Overstock Becomes First Major Tsunami Wave of SET

By Olynn1205 on 2/8/2007 1:45 PM

Bud,

I also want to thank you for your efforts! I pray for your safety as you battle these giants!! I am invested in USXP and know that you are working with them as well and have mentioned that they are NS multiple times the float. Above Briguy had asked if they will be involved with the tsunami coming our way! Any information you can provide would be fantastic!! I hope we, the USXP shareholders will also see justice for our stock.

Also, if we are invested in USXP, will the tsunami heading toward the US economy help us or hurt is as shareholders! I would expect it will help, but the economy is made up as the sum of all its parts.

Be blessed!

Re: Overstock Becomes First Major Tsunami Wave of SET	By Eureka on 2/12/2007 3:56 PM
Bud, what are youre thoughts of the Wanta funds having anything to do with any settlements on the heavily Naked Shorted companies? Comment: I don't know of any link. Nothing would surprise me here.

Re: Overstock Becomes First Major Tsunami Wave of SET

By Eureka on 2/13/2007 9:57 AM

Bud,Here is a Link
www.worldreports.org/news/20_horriffic_global_con
Do you think this Wanta $ has something to do with CMKX shareholders being paid.Bob Mahue has created the perfect storm with proof of the largest Naked Short.The Naked shorts are locked in and CMKX is about to file the interplead.Here is another Link
http://millionaires.proboards86.com/index.cgi?board=main&action=display&thread=1171179193

Re: Overstock Becomes First Major Tsunami Wave of SET	By Eureka on 2/13/2007 9:58 AM
Here is youre link Bud www.worldreports.org/news/39_paulson_flew_to_isra