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No longer can Patrick Byrne, wacky CEO of Overstock.com (NASDAQ:OSTK) claim that those pointing out his lies and materially misleading financial statements are just “miscreants,” operatives of an imaginary “Sith Lord,” or [insert any of a number of Jewish slurs that Byrne is prone to use].  Now national auditing firm Grant Thornton is calling Patrick Byrne and his clowns liars. He’s collecting quite a slew of admirers. Yesterday, Overstock filed an 8-K with the Securities and Exchange Commission regarding their firing of Grant Thornton. Here’s what Overstock.com has to say about the accounting issue that led to the firing, and I have placed in bold the most important part: On October 1, 2009, the Company received a comment letter from the Division of Corporation Finance of the Securities and Exchange Commission (“SEC”) regarding the Company’s 2008 Form 10-K/A and June 30, 2009 Form 10-Q. Go here to read the rest: Grant Thornton to SEC: Overstock.com is lying

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Grant Thornton to SEC: Overstock.com is lying

Sinking funds, which are the most frequent method of principal amortization required in the indentures of publicly traded corporate bonds, mandate the retirement of a specified number of bonds either via purchase from investors at a mutually agreeable price or via full payment of principal by the issuer. Sinking funds allow issuers to choose the cheapest of these two methods of bond retirement. As a result, if interest rates have risen and the price of the bonds has fallen, the issuer can generally find a bondholder willing to sell at a price less than par value. On the other hand, if interest rates have fallen and the price of the bonds has risen, the issuer will optimally retire the number of bonds specified in the sinking fund at par value. If the issuer chooses to purchase the bonds for the sinking fund at par value, the bondholders who receive payment in full for their bonds ate determined by the indenture trustee through a lottery that allows the winning bond serial numbers the full principal payment (naturally, winning this lottery when interest rates have fallen implies that the winning bondholders lose, as they must reinvest their money at lower interest rates) Original post: Find Helpful Info about Retirement

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Find Helpful Info about Retirement