Saturday, 10 October 2015
Last updated 16 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.
Oct 7 2015 | 4:57am ET
Charity A Leg To Stand On (ALTSO) will hold its 12th Annual Hedge Fund Rocktoberfest – NYC on October 15 and its 4th Annual Rocktoberfest - Chicago on October 22. Read more…