Rosie scores one at trial

[IndianaGreen]

For us Rosie fans, this is a big one!

Rosie scores one at trial

Publishing firm's CFO admits it managed financials to avoid losing magazine.
November 11, 2003: 10:13 AM EST

NEW YORK (CNN/Money) - Attorneys for Rosie O'Donnell got the CFO of Gruner & Jahr to admit that the former publisher of Rosie magazine managed financial statements to avoid losses that would have allowed O'Donnell to leave the venture, CNNfn reported.

Gruner & Jahr Chief Financial Officer Larry Diamond took the witness stand Monday in the breach-of-contract trial and answered questions about a clause that would have allowed either party to quit the magazine venture without penalty if it lost more than $4.2 million by the end of June 2002.

O'Donnell's attorneys contended that Gruner & Jahr knew that a loss of that size was looming, but that the publisher played with the numbers to keep O'Donnell at the magazine.

The lawyers focused on an e-mail Diamond wrote to his bosses saying the "management team of G&J USA is recommending to you we manage the financials such that we do not fall below the required threshold point so that we can continue to publish 'Rosie'. We are asking for your approval to this strategy."

http://money.cnn.com/2003/11/11/news/companies/rosie_suit/index.htm?cnn=yes

[soleft]

1. Fending off inevitable rude posts to follow - I say

COOL! GREAT NEWS! THANKS INDIANA!

[mhr]

2. Corporate Shenanigans, More Proof Of BFEE Style Corruption

eom

[La_Serpiente]

3. She's one sharp cookie

[JitterbugPerfume]

4. good for

Rosie

[IndianaGreen]

5. This admission by Gruner & Jahr

effectively defeats their claim of breach of contract against Rosie. Since Rosie has a counter-claim against Gruner & Jahr, it seems that the plaintiff will have to settle with Rosie.

[OneBlueSky]

6. sounds like she's got 'em by the short & curlys . . .

way to go, Rosie! . . . now maybe you can tend to that Broadway musical (Taboo) that seems to be in a bit of trouble . . .