Word: stewart
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Speaking to Wall Street analysts last week, Martha Stewart forcefully stated that her controversial $228,000 sale of ImClone stock last December-a day before the company announced bad news about its promising cancer drug-was "proper and lawful." Her company also announced a 26% jump in ad pages for the July issue of Martha Stewart Living. Say this for the woman who turns old drawer pulls into fancy wine corks: She knows her audience. Shares of Martha Stewart Living Omnimedia, in which she has a 63% stake worth nearly $500 million, recovered to $15.97 Friday after a two-week...
...Stewart's troubles aren't over. Sources close to the congressional investigation of Stewart tell Time that a new line of inquiry is focusing on a close friend of hers, Dr. Bart Pasternak, who sold 10,000 shares of ImClone at about the same time she made her sale. Meanwhile, Merrill Lynch broker Peter Bacanovic-whose clients included Stewart as well as her friend Sam Waksal, the former ImClone CEO recently arrested on insider-trading charges-was placed on leave along with his assistant. Merrill, which earlier praised Bacanovic, said an internal investigation "raised factual issues regarding a client transaction...
...That transaction, sources say, was the sale of Stewart's ImClone stock. Stewart and Bacanovic have denied insider trading, saying they had an oral agreement to sell ImClone if it fell to $60; her shares were sold at $58. But Merrill has found no evidence to support claims of such an agreement. Stewart and her lawyers declined to comment on this development, and Bacanovic was unavailable. Bacanovic gave Merrill executives an undated printout of Stewart's holdings with "$60" penciled in by the ImClone entry, but Merrill, according to one source, has evidence that something other than the price triggered...
...sale by Pasternak, a vascular surgeon who practices in Westport, Conn., came on Dec. 27 or 28, according to a source close to the congressional investigation. It was on Dec. 27 that Stewart sold her nearly 4,000 shares. What has caught the attention of investigators is that on Dec. 27, Stewart was traveling with Pasternak's estranged wife Mariana, a real estate broker. While she and Stewart were on the ground in San Antonio, Texas, en route to Mexico on Stewart's private jet, Stewart phoned Bacanovic to sell her shares and then tried to reach Waksal. Investigators...
...twist, Stewart's syndicated TV show on Thursday aired a rerun of an April 2000 episode featuring Stewart cooking gumbo with Representative Billy Tauzin, the Louisiana Republican who, with G.O.P. Representative James Greenwood of Pennsylvania, is leading the committee investigating her. Stewart's office called Tauzin to be sure he knew the show was running. Stewart said the airing was "a matter of course." Her spokesperson said notifying Tauzin was "routine." It's the only thing about this saga that...