Star Witness to Testify Against Martha
Judge Miriam Cederbaum delayed the testimony of Douglas Faneuil, the former assistant to the domestic diva's stockbroker, Peter Bacanovic, after defense attorneys complained last week that prosecutors had failed to share information that might damage his credibility.
The defense requested additional time to review the information, and apparently spent the weekend discussing Faneuil's suitability to take the stand, but on Monday the judge set testimony for Tuesday afternoon.
Faneuil, 28, is said to be crucial to establishing the case against Stewart, 62, who, along with Bacanovic, 41, is accused of lying to investigators about thousands of shares of ImClone stock sold in late 2001, just before negative news about one of the biotech company's new drugs sent the value tumbling.
Stewart also is accused of lying to shareholders in her own company.
Meanwhile, in other Stewart news, the trade publication AdAge reported Monday that for the full year of 2003, her magazine, Martha Stewart Living, suffered a 34.6 percent decline in the sales of its ad pages, the biggest among the top 100 magazines.
Martha Stewart Living reportedly generates one-half of the earnings for Stewart's company, Omnimedia, Inc.