Wednesday, April 17, 2024

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Westport’s Martha Stewart: They’ve Got Her Number

Westport’s Martha Stewart has been assigned her official inmate number—55170-054—according to a posting on the Bureau of Prisons’ Web site and reported by today’s New York Daily News.

Though Stewart has yet to be assigned to where she will be incarcerated, she has been ordered to begin her five-month term on Oct. 8 for her conviction on conspiracy, obstruction of justice and other charges related to an ImClone Systems stock.

The bureau had not notified Stewart of a prison assignment today, said Martin Weinberg, one of her appeals lawyers.

Meanwhile, Martha Stewart Living Omnimedia has renewed an employment contract for five years with its soon-to-be jailed founder, but she will not be paid a cent while in prison, according to a Securities and Exchange Commission filing.

Stewart, 63, will pick up from where she left off on release, earning a $900,000 salary, not including bonuses of up to $1.35 million.

Stewart will be paid while she is serving the home-confinement portion of her sentence, according to the SEC filing. She will continue to be covered by Martha Stewart Living’s benefit plans while in prison, it said.

Stewart will be paid $100,000 a year in “non-accountable” expense allowances, payable in a lump sum when she is released from prison and on each subsequent anniversary.

And the company also agreed to pay Stewart at least $500,000 a year for use of her properties, including her Turkey Hill Road South home in Westport, for TV and magazine shoots, compared with $2.5 million she received in 2003.

The company said the revised payment is based on “current expectations of usage of the properties over the next three years.”

One thought on “Westport’s Martha Stewart: They’ve Got Her Number

  1. Knowing Martha she will take that prison number, along with all the hardships she will have to endure in prison, and engrain them into her company when she gets out. She will be stronger and wiser. If there is one thing Martha doesn�t do, is waste her time, experiences, and hard lessons learned.

    Martha, congratulations on your new turn around. I hope more �good things� are to come for you.

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