Endorsement Deals Gone Bad: Martha Stewart Edition
It looks like Martha Stewart won't be using a Turbochef oven when she settles into her Greenwich kitchen this evening to bake her usual batch of 17 apple pies. On Tuesday, Martha Stewart Living Omnimedia slapped Turbochef with a lawsuit for allegedly reneging on a deal to hand over $3 million in Turbochef stock and $5 million in cash in exchange for Martha promoting the line of stoves on both her and Emeril Lagasse's TV programs. (Martha bought out Emeril last year.) MSLO's lawyers claim Martha followed through on her end—and it appears she once had a cozy relationship with the Turbochef folks—but the relationshop later soured and now Martha is asking for $15 million in damages. Let's all hope that MSLO prevails, so the company can finally invest in some much-needed office decorations. The full lawsuit is after the jump.