Overstock.com (NASDAQ: OSTK), the world's largest supplier of goofy and downright bizarre press releases, has issued a new gem for our amusement/amazement.

According to one issued this morning, "on December 27, 2007, the California First District Court of Appeal summarily denied an Application for a Writ of Mandate sought by defendant prime brokers in the case of Overstock.com, Inc., et al. v. Morgan Stanley & Co., Incorporated, et al., pending in the Superior Court of the State of California, City and County of San Francisco, Civil Action No. CGC-07-460147."

You have to admire a company that finds it necessary to put out press releases trumpeting each new development in its legal wranglings involving a bizarre conspiracy theory. Gary Weiss does, as usual, an excellent job dissecting the press release and tells us what Overstock didn't mention -- and it's big.

But here's my question -- Why is Overstock PR'ing legal "developments" a month after the fact? It looks like a pretty feeble attempt to stop the share price's death spiral which has shaved about three-quarters of its value in the past few months. But with the stock down about 5% as of 1:30 PM ET, I think we can declare this one a failure. The saga continues.