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Martha Stewart's class war.(Martha Stewart Living Omnimedia's two-tiered ownership structure)(Brief Article)
Crain's New York Business, October, 1999 by Malanga, Steve
Some people think that Martha Stewart is a real class act. Looking over last week's initial public offering of her company, I would agree that Martha knows something about class. In supposedly selling her company to the public, wily Martha has created two classes of owners -- herself and everybody else.
It's part of the growing class warfare on Wall Street. Martha's company, the elaborately named Martha Stewart Living Omnimedia Inc., raised $130 million in a highly publicized offering. She sold stock to buy out her disagreeable partner, Time Inc., but didn't want to give up any control. So her underwriters cooked up a two-tiered ownership scheme. They created one class of stock to sell to the public. Martha doesn't own any of these shares. Then they formed...
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