Hedge fund JAT Capital has warned Overstock.com that it may seek seats on the company’s board if it doesn’t consider selling certain assets and overhauling its management and compensation, according to a report by Reuters.
The report cites a regulatory filing made by the hedge fund, which is run by John Thaler, as confirming the demands which JAT originally made in a letter to Overstock.com last week.
JAT is not known as an activist investor, but according to Reuters, it is growing increasingly frustrated with Overstock.com, which acquired certain intellectual property assets from Bed Bath & Beyond a few months ago for $21.5m.
According to the filing, as well as a sale of assets, JAT wants the company to focus on a stock option participation programme and develop a business plan with financial objectives.
