Posts Tagged ‘Home Shopping Network’

HSN Founder’s Widow Wins $34M From Morgan Stanley, Goomah

March 28, 2016

Here’s a juicy story we totally missed last week: Morgan Stanley was ordered to pay more than $34 million to the estate of Home Shopping Network (that was its name back in the day, not HSN) founder Roy Speer.

The financial firm and several of its executives, who included Speer’s alleged one-time mistress, were accused of making unauthorized trades on his account, according to several media reports.

The charges were made by Speer’s widow Lynnda (yes, two “N”s), who got her big arbitration award from the Financial Industry Regulatory Authority. Morgan Stanley has to fork over $32.8 million in compensation and interest and $1.55 million in other reimbursements as well as legal fees.

According to the Tampa Bay Times story on the case, Morgan Stanley financial advisor Ami Forte was the Speer’s former “goomah,” as we’d say in New Jersey and on “The Sopranos.” Forte and another Morgan Stanley exec, Terry McCoy, were guilty of “elder exploitation,” fraud, making authorized trades, and breach of fiduciary duty.

Speer passed away in 2012 when he was 80, and he was a rich guy. At one time he was worth more than $1 billion and was on Forbes 400 list of richest Americans.
Morgan Stanley and stock broker Forte handled Speer accounts ranging from $150 million to $200 million, the Tampa Bay Times reported. The paper said that there were more than 12,000 unauthorized trades on his account during the last five years of his life.

Lynnda was wed to Speer for 52 years.

The widow also has a suit pending in Florida against Forte over a condo in the Cayman Islands that was transferred to her.


Kathie Lee And Hoda Wax On About QVC, HSN

November 1, 2013

NBC’s chatty “Today” stars Kathie Lee Gifford and Hoda Kotb are now doing a gossip column for the New York Daily News, and they had a home shopping reference yesterday.

They were discussing the latest idiot celebrity to have her sex tape made public.

And here is what “Kathie Lee & Hoda In The Green Room” had to say.

“By the way, don’t hold your breath waiting for a Kathie Lee sex tape,” Gifford wrote. “You have to be having sex to get a sex tape. The chances are better for Hoda! If there’s a Hoda Woman sex tape, I’ll be the first to go out and sell it. I’ll be on QVC with Hoda’s sex tape.”

“Stop it,” Kotb said.

“All right,” Gifford said. “The Home Shopping Network, they like celebrity stuff more.”

It’s HSN, not Home Shopping Network, Kathie Lee. Just sayin’.

Uptown Girl Mindy Grossman Is Taking Space For HSN Executive Offices In A Madison Ave. Penthouse, New York Observer Reports

December 21, 2009

HSN CEO Mindy Grossman

We guess St. Petersburg, Fla., is not good enough for HSN CEO Mindy Grossman. She wants a penthouse in the Big Apple.

The home shopping network is taking space for executive offices in Manhattan, far away from HSN’s HQ in Florida, The New York Observer reported Monday.

HSN is renting at the luxurious, newly renovated tower at 545 Madison Ave., according to the paper.

Grossman’s company will be renting the whole 18th floor, glass-encased penthouse of the LCOR building, The Observer reported. It will provide digs for some HSN executive offices, a marketing center and some studio presentations.

The story quotes LCOR exec David Sigman, who says, “Home Shopping Network was looking for high-end, highly visible executive space that also had great light and views.”

If we were HSN shareholders, we’d be questioning why the network will be paying sky-high rents for space in Manhattan.

An HSN official contacted The Homeshoppingista to stress that HSN’s home office and corporate headquarters will remain in St. Petersburg.

But it looks like Grossman wants to stake a claim for HSN in Manhattan. She strikes us as an uptown girl, and that’s certainly the direction she is taking the No. 2 home shopping channel. Madison Avenue is what HSN is aspiring to.

Grossman’s strategy is to attract younger, hipper women to HSN. To do that, she has brought on a load of new Manhattan-based vendors, such as Stefani Greenfield and Badgley Mischka. Now, they won’t have to take a plane trip to Florida.

The blonde Grossman’s strategy that has meant that veteran HSN vendors such as Suzanne Somers parted ways with the Southern Channel. The blonde actress-author-entrepreneur is now on ShopNBC.

Of course, The Observer had to take some pot shots at HSN. Welcome to Manhattan pretensions.

“What better place to hawk tracksuits and sweater sets than a Madison Avenue penthouse?” The Observer wrote, calling “the Home Shopping Network…that seemingly inevitable destination of ex ‘Project Runway’-ers” and P. Diddy.

First of all, HSN changed its name years ago from Home Shopping Network. And second, it’s QVC that has the former ‘Project Runway’ winner, namely Chloe Dao.

It is true that Sean “Diddy” Combs is selling men’s fragrance on HSN, and it sold out on his first visit.