Tuesday, 4 August 2015
Last updated 10 hours ago
Jul 29 2013 | 9:39am ET
There's no love lost between the CEO of online discount retailer Overstock.com and the hedge funds he accuses of driving his company's stock price down.
Patrick Byrne took out a full-page advertisement in The Wall Street Journal to congratulate SAC Capital Advisors founder Steven Cohen on the hedge fund's indictment last week on insider-trading charges. The ad depicts Byrne holding what appears to be the skull of a Sith Lord from the Star Wars film series.
"Congratulations on the indictment, Stevie, and remember: roll early, roll often," the ad reads.
Byrne, whose company has sued a hedge fund, a research firm and two major banks, accusing them of conspiring to drive down Overstock's share price, has said that a Sith Lord is behind the aggressive shorting of companies like his own. He has not previously identified SAC as that shadowy figure or mentioned the firm at all, and Overstock has not engaged in litigation with the $14 billion firm.
In Star Wars, Sith Lords have unique knowledge of the Dark Side.
SAC was hit with five fraud charges on Thursday and pleaded not guilty on Friday. Federal prosecutors plan to seek some $10 billion from the firm if it is convicted.
May 27 2015 | 2:15pm ET
Support Hedge Funds Care, also known as Help For Children (HFC), by participating in this year's raffle. All proceeds go to support HFC's mission of preventing and treating child abuse. Read more…