The Inimitable Tiff

Dear Charles, Wenda, Robin and Martha:

We’re glad you think that Martha Stewart Ominmedia “had a solid year in 2008″ as you note in your [proxy statement]. While we understand your optimism, we have to ask: what planet are you living on? Granted the stock has bounced back a little bit recently, but it still remains at historical lows, which doesn’t exactly seem like a “good thing” to use Martha’s own favorite phrase.

Yet, we couldn’t help but notice that while shareholders have been fed lots of empty promises and a good helping of happy talk, at least two of you appear to be feasting at the company trough. Charles’ $2.1 million in other compensation, the bulk of it fees paid to CAK Consulting, leaves us scratching our heads. So too does the $3.5 million paid to Martha Stewart. While we were aware of the $2 million fee to use Martha Stewart’s various homes, the additional $1.25 million in “make whole” payments caught us by surprise.