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Martha's Daughter In for Her Shares

By Jeff Turrentine
Washington Post Staff Writer
Thursday, February 3, 2005; Page H03

Some are born majority shareholders, some achieve majority shareholdership, and some have majority shareholdership thrust upon them.

Add Alexis Stewart to that last group. Last week, the only daughter of sequestered style maven Martha Stewart was quietly named proxy, attorney-in-fact and agent for all of her mother's shares in Martha Stewart Living Omnimedia, Inc. With the press of an "enter" button somewhere deep within the Securities and Exchange Commission, Alexis went from owning 26,000 shares of her mom's company to more than 29 million, and now has the power -- temporarily, at least -- to trade stock.

Martha and daughter Alexis, a year ago, putting on their game faces. (Stuart Ramson/AP)

_____Martha Stewart Coverage_____
In Web Posting, Martha Stewart Speaks From Prison (The Washington Post, Dec 22, 2004)
Holly-Stenciled Stone Walls Do a Festive Prison Make (The Washington Post, Dec 19, 2004)
Martha, From Slammer to Syndication (The Washington Post, Dec 9, 2004)
Complete Trial Background

It seems that from the federal prison in West Virginia where she's carrying out her five-month sentence, Martha's not allowed to make trades herself. And in what must be an unusually excruciating aspect of her imprisonment, Martha -- quite used to being in control -- can't even tell her daughter what trades to make or not make. Once she's sprung, of course, the proxy will be revoked and Martha will re-assume her majority stake. (At least, that's what Alexis told her would happen. . . .)

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