SOURCE: Overstock.com

November 14, 2007 18:49 ET

Overstock.com Lauds Utah Attorney General's Attempted Correction to Convicted Felon's Blog

SALT LAKE CITY, UT--(Marketwire - November 14, 2007) - Overstock.com, Inc. (NASDAQ: OSTK) has received and published a copy of an open letter from Utah Attorney General Mark Shurtleff to Sam Antar, the substance of which Antar refuses to post to his blog after Shurtleff twice attempted to submit them as comments.

The Attorney General's comments can be read at: http://www.overstock.com/Shurtleff+comment.pdf

Shurtleff maintains that Antar used his blog to violate a commitment to avoid exploiting, for self-promotional purposes, an invitation to participate in a recent seminar on white collar crime organized by the Utah Attorney General's office.

Shurtleff's letter states, "I was warned that Mr. Antar might use this speaking engagement to suggest that my office or I personally, endorse or support his accusations against Overstock.com or some other public company. Based on that warning, officials in my office secured a promise from Mr. Antar that he would not use this invitation for that purpose. So much for the promises of a convicted felon!"

Antar is a former CPA who engineered the money laundering portion of the legendary Crazy Eddie stock manipulation scheme.

Referring to Antar as a "known criminal mastermind," Shurtleff wrote, "We invited Mr. Antar to speak at our conference solely because he is a convicted felon. There is much that law enforcement can learn from criminals to catch more criminals and better protect the public."

Shurtleff went on to affirm: "Neither I, nor the Office of the Utah Attorney General, is reliant on Sam Antar for training or advice on the current practices of public companies. This office is not underwriting or endorsing in any way Mr. Antar or his views. Nothing could be further from the truth. I admonish Mr. Antar to remove from his website any reference (including the forgoing blog) that might suggest such a conclusion; and to be careful not to suggest such a connection or conclusion in any of his public statements."

Overstock.com Chairman and CEO Patrick Byrne has engaged in a very public battle against illegal stock market manipulation. Several bloggers and journalists, including Sam Antar, have responded with equally public attacks against Byrne.

"For over two years I have alleged that the New York financial media has grown so cozy with Wall Street that they refuse to report on what the smart money knows: that a crack exists in our financial system by which criminal hedge funds are profiteering at the expense of hundreds of entrepreneurs; that this is destroying corporate governance, ruining companies, and possibly creating systemic risk; and that the SEC has grown so captured that getting them to enforce the rule of law to stop this may take (quite literally) an Act of Congress," Byrne said.

"The letter from the Attorney General of Utah, which Sam has, for a week, ignored and refused to post to his blog as twice requested, speaks to Sam's perfidy," Byrne added. "The real investigative business journalists left in this country might explore whose interests are being served by the promotion of Sam Antar by CBS-MarketWatch, DowJones, and Fortune."

To learn more about Patrick Byrne's fight against corruption on Wall Street, view Bloomberg's Emmy-nominated special report "Phantom Shares" http://cdn.overstock.com/07-0313Bloom_PhantomShares_NSS.wmv or Byrne's own narrated presentation entitled "Deep Capture" at http://www.deepcapturethemovie.com.

About Overstock.com

Overstock.com, Inc. is an online "closeout" retailer offering discount, brand-name merchandise for sale over the Internet. The company offers its customers an opportunity to shop for bargains conveniently, while offering its suppliers an alternative inventory liquidation distribution channel. Overstock.com, headquartered in Salt Lake City, is a publicly traded company listed on the NASDAQ Global Market System and can be found online at http://www.overstock.com.

Overstock.com is a registered trademark of Overstock.com, Inc.

This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements the impact of the crack in the financial system, and the level of capture within the SEC, as well as all such other risks as identified in our Form 10-K for the year ended December 31, 2006, and all our subsequent filings with the Securities and Exchange Commission, which contain and identify important factors that could cause the actual results to differ materially from those contained in our projections or forward-looking statements.