When the price of wool is high, the farmers are too reluctant to sell off their sheep, and thus develop into liable to an overstock.

Cohodes conceded the irony in his recommending Overstock ( OSTK ), showing the Grant’s viewers a photo of himself smiling with Overstock founder and chief exec Patrick Byrne, who Cohodes called a former enemy turned friend.” In 2005, Overstock filed a $750 million libel suit in a California state court docket in opposition to a hedge fund that Cohodes had run. The fund denied defaming Overstock and filed cross-claims for inventory fraud, which Overstock denied. After 5 years of bitter litigation the parties settled , whereas admitting no wrongdoing. The hedge fund paid $5 million as a part of the settlement.

It’s nice to be worthwhile,” Chief Executive Patrick Byrne mentioned in a press release on Wednesday. The firm additionally posted a profit in the …