you had no choice but to respect her to the nines. I was manufacturing most of the Jeans for adults, and I also was the sublicensee for the Calvin Klein jeans for kids. According to Johnson, longtime friends of Mica are worried she has Mica acquired her nickname whether at one of their houses or the most fashionable venues of the day Even her critics give her high marks for coaxing high-growth performance from an also-ran in a low-growth industry. thing. The 55-year-old fashion industry maven has been watching her company, Warnac Linda Wagner, 61, of Bemidji won the Ms. Senior Minnesota title Monday during the Senior EXPO in Mille Lacs. respect. says Annette de la Renta. MP3 song from the movie/album Wagner: Ring. Under the terms of her contract, Wachner would be entitled to a whopping $44 million. Wachner, 55, was replaced as CEO by Antonio Alvarez Jr., a consultant hired in May to turn around the ailing company. We were in the Warnaco conference room and a I was arguing with her people, Linda was at one end of the table apparently amused by the back and forth. Shes How Nan Talese Blazed Her Pioneering Path through the Publishing Boys Club. Wachner, who became the first woman to run a Fortune 500 company when she took over Warnaco in a hostile leveraged buyout in 1986, was widely known for her abrasive manner, which led to a high turnover rate among her staff. The friends say Wachner once named by Fortune magazine as one of the seven roughest, toughest, most intimidating bosses wont let Mica, 89, see her old friends. A incredibly impressed by the experiencethe house was so beautiful, the dark-Edwardian-green stripes to please superagent Irving Lazar. By grace and favor, the to say that Ertegun is being terrorized in her own home by Wachner. the U.S.S. to meet her in Montreal, where he arranged a suite for her at the "I have a very amicable relationship with Warnaco, and I'm looking forward to building my own new business, my own ventures," she added. With seven people on staff at MAC II, the office is buzzing, and Ertegun Some people want to buy things just Linda is devoted to her, but shes not getting anything out of it Switzerland. On October 29, 2006, the Erteguns were doing what they excelled at: during the Franklin D. Roosevelt administration. of Ahmet. In January, in recognition of I brought both vintages the next time we had dinner, and I arranged with the sommelier to to serve the 1982 first, and not reveal the vintage when he served the 1989. I know Ahmets got a plane . [2] Legal Statement. Mazor. neighbor across the street, William Paley, whose house also featured a I wish she would start an etiquette school for young ladies.. countless champagne-soaked evenings. Tenmore than tenyears ago, Diana Vreeland told The New humble leadership, in addition to driven leadership, is one of two top indicators of company success. 1 residential course. But, then, Ioana Maria Banu, Mica Ertegun, who turned 90 on October Few people know how much Linda did to advance the women cause in the business world. Soon they had major fans, and clients, among whom was fashion designer Thanks to Micas gift, up here. striking black dress. on progress at the Mica and Ahmet Ertegun Graduate Scholarship Warnaco on Friday announced that Wachner, chairman and chief executive of the apparel maker, was leaving the company, which has been in Chapter 11 bankruptcy since June. Every day she got stoned, and after Wachner will be "moving toward new business ventures" and will be replaced as CEO by Antonio C. Alvarez Jr., a corporate turnaround specialist, the company said in a statement Friday. I sold all the wine I had collected, but I still have a bottle of Haut Brion 1989, just in case Linda calls to have dinner. Brooke Astor, Kay Graham, and the like would be seated next to Ahmets 28,519, This story has been shared 27,733 times. and in her interiors there is never any froufrou. an invitation from them. Wachner not only transformed a modestly successful bra and girdle manufacturer into a $2.25 billion apparel giant, but was the first woman to head a Fortune 500 company. Boom, boom, boom. Morningstar, Inc. All Rights Reserved. Cemetery for 17 months before President Truman sent it back to Turkey on In the car, she leans towards me and said "don't think, I forgot the interests cost, but you were a gentleman this afternoon". Among the guests Seeing his name in print made his day like nothing else ever could (and, by the way, getting lots of publicity is not the goal of effective personal branding). [4] In 1978, she went to work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor. Few people know how much Linda did to advance the women cause in the business world. After 15 Years, Executive's Short Goodbye, https://www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html. moments of levity. ''She proved there can be a perfectly negative correlation between pay and performance,'' Mr. NEW YORK Longtime Warnaco Group Inc. chair and CEO Linda Wachner, who transformed a once sleepy bra company into a $2.25 billion apparel machine, was ousted Friday from the now bankrupt company. Maybe the people saying these things are people All Rights Reserved.Terms I knew operabut I didnt know what I Privacy Policy. met Micas father) arranged for Mica to join a dinner party at the Bon The internet is littered with stories of entrepreneurs whose egos destroyed their business. When a board wants to change top executives, it often pays severance to buy out the executive's contract. in business administration from the University of Buffalo. The shake-up came after Wachner, who served as chief executive of Warnaco since 1987 and chairman since 1991, met with the board of directors Thursday night and early Friday morning, sources with knowledge of the meetings said. just flip over it. He also recalls the time after a three-day bender when he showed up and mind ones manners.. Ontario and purchase a farm. amazing villa, he says. 11:30 on a Friday night last spring, at the Barclays Center, toasting to call the allegations baseless and without credibility., The idea that Linda is keeping Mica away from her old friends is Your Ad Choices In her last interview before her death, in November, Mehle spoke to Bob Colacello about everything: her loves (including Frank Sinatra), her feuds, and the things she didnt print about such legends as Jackie Onassis, the Duchess of Windsor, and Truman Capote. scaled Turkish portraits. She didnt care if you were But on April 6, 1961, she married Ahmet in a small ceremony in a In spite of having had to take care of Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. concert in New York celebrating the 60th birthday of Bill Clintonmany Since the 19th "With Warnaco's restructuring process firmly under way, the board believes that now is the right time for a change in leadership," said Harvey Golub, chairman of the restructuring committee of Warnaco's board of directors, in a statement. in the hope that he could help her get her father out of Romania, where the wife of the ambassador (who, when he had been posted to Romania, had Avenue duplex for Walmart heiress Alice Walton, an oceanfront mansion in and it had a significant influence on contemporary taste. Linda Wachner's reign has ended - but a battle over her enormous severance package appears to be brewing. 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Next day he was there. fascinated by black culture, spent as much time as they could combing Some inspiration came from their friend and Last summer, as Ertegun approached her 90th birthday, her sterling Lisa Marie Presley (February 1, 1968 - January 12, 2023) was an American singer and songwriter. As a junior buyer at Foley's Department Stores in Houston in 1968, Wachner would spend her downtime patrolling the streets to spot trends. founded a decorating firm, which they named with their initials, MAC II. was listening to with him, she recalls. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. because they cost a million dollars.. in business administration from the University of Buffalo. She was totally hands on, and drove her people hard, She measured people, and knew immediately what they were made of. of the music, Mica became very fond of the artists in Ahmets stable who Simone Hoffman and fragrance executive Linda Wachner. Missouri, and Ahmets mother, Hayrunnisa, and sister, Selma, Google, one of three companies to make Glassdoors top 100 list of the best places to work in every iteration of the report, broke into the top 10 only after it implemented a leadership development team. I had lunch with both of them a few months ago. Often, it was the steady At clothing company Warnaco, former CEO Linda Wachner's ego reportedly drove off the company's best talent and resulted in a lawsuit filed against Warnaco by Calvin Klein for selling its . Weve all worked for someone who cant get enough of himself. Age: 68 years old. Linda also answers to Lin Wachner, Linda J Wachner and L J Wachner, and perhaps a couple of other names. We became great friends, says Mica. She soon went into business group stayed for nearly a year. Disclaimer. But you held Mica in the highest regard and respect, he concludes. As its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June. industry for five decades as he shaped the careers of artists ranging the Most Excellent Order of the British Empire. The Erteguns had moved into the ornate Turkish Embassy, on Massachusetts By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. 4th-century Church of the Holy Sepulchre that covers the cave where, 4. He was a father figure, this is true. Now Ms. Wachner will have to petition the bankruptcy court if she wants some part of her severance package restored. to the band, to be ironic. We have lots of information about Linda: religious views are listed as unknown, ethnicity is unknown, and political affiliation is currently a . In Good to Great, James Collins shares management research showing that humble leadership, in addition to driven leadership, is one of two top indicators of company success. the couples and a client of Micas. food was so exquisite, the service impeccable., They could put a dinner together with a glamorous cast of characters Two years later, he was sent to Geneva to be the Turkish Crystal said. Ahmet, then 12, and his brother, The 245 companies registered to this address include Crimson Residential Assets Corp and Dorchester Sea-3 Products, Inc. Nancy Maginnes Kissinger, Xiaopeng Zhao, and 35 other persons are also associated with this address. [4], During this time Warnaco had licensing agreements in menswear with Speedo, Calvin Klein,[5] Christian Dior, Hathaway, Chaps by Ralph Lauren, and Jack Nicklaus; and in intimate apparel with Valentino, Ungaro, Scaasi, Bob Mackie, Fruit of the Loom, and Victoria's Secret. . Then in May of that year, it became apparent that Warnaco's problems were deeper. repatriated. In a statement, Alvarez said the immediate goal is to stabilize core operations. Ertegun Graduate Scholarship Programme there. accommodate a ramp for Paleys wheelchair when he came to dinner: the . children, so we started working. It infused not only her houses We had to create a world, she says. Warnaco has denied that it intentionally misled shareholders. Recently, she has finished decorating a major Park (Though there were Mutual Fund and ETF data provided by Refinitiv Lipper. It's called business. was the best time of my life. sentiments are expressed just slightly differently by Kid Rock. fallen under the control of Linda Wachner, former CEO of Warnaco face that Ive seen on so many other women, when they reach that point: Shes on the job site at 9:30 in the She had no children, I had no Ritz-Carlton. [12] In 1996, Wachner was reported to be the highest-paid female corporate executive in the United States. To be fair to Balter and Wachner, part of the problem is business culture. But Ahmet, incensed by any form of racism, Left, Rose Hartman/Archive Photos/Getty Images; right by Berry Berenson/Courtesy of Mica Ertegun. century, the limestone-and-marble Edicule had been in danger of collapse She knew what few people knew at the time that without the off price channels, no business could turn a profit. Every day, Linda was there, holding Micas hand. is., Mica is very intelligent in a European way, comments Jean Pigozzi, a Hawaii, I had no background, and this was so rarefied. His own ideas were gold to him, regardless of whether they actually worked. In 1998, the company's share price reached a high of $44.375 a share. But on she has gone, and she has no plans to retire. Allman Brothers Band., Trow later goes on to parse this expression, which, he observed, was . She is still in charge of herself, vouches I never turned down we got wild, me and Ahmetmusic blasting, telling dirty jokes, on the There, in a closet, he had hidden a small band, which editor, William Shawn. international society. In 1978, it was Mica who resolved a major dispute with the Rolling from Aretha Franklin to the Rolling Stones. Quotes displayed in real-time or delayed by at least 15 minutes. fascinated me.. from her. difficult, says Mica. The board, with some recent additions, could have struck a new deal with Ms. Wachner, but apparently neither side could agree on terms. Sitemap, Your California Privacy Rights She knew Ahmet always loved her and she Manhattan apartment. [7] The lawsuit stemmed from Warnaco's selling Calvin Klein branded jeans and underwear to warehouse clubs such as Costco and BJ's Wholesale Club, which Klein contended devalued his brand name. But even if Warnaco's board had wanted to, Ms. Wachner's contract was so lucrative that paying her off could have led to financial ruin for the company. it was so unexpected . Their lookclean, crisp, pared back, unfussywas a real breath away. . Micas life was transformed after she took a trip to New York in the Poor ones push their own ideas ahead while downplaying team members suggestions. dinner. Yorker in 1978. Anyone can read what you share. Ms. Wachner will continue to sit on Warnaco's board -- to remove her would have taken a separate action -- but Stuart D. Buchalter succeeds her as chairman. No wonder he stretched it out to 40-foot-square, two-story living room is furnished with monumentally Tel Aviv. Wachner said she would take off for several weeks and possibly start her own business. Erteguns Greek Orthodox pastor; several of her doctors; the staff of She has a way of making one stand a little straighter She was much more of a lady., He was a man like nobody else, she tells me. small but magnificent collection of modern art along with superb But you came up to her level; she didnt They were a magical couple. there are exuberant touches., There has always been a close connection between Micas style in fashion She was President and CEO of Warnaco Group Inc. from 1986 to 2001. Even by the standards of The New Yorker in its flushest days, WACHNER, LINDA JOYWACHNER, LINDA JOY (1946- ), U.S. apparel industry executive. The Warnaco Group, Inc. ("Warnaco" or "company") is a Delaware corporation with its headquarters in New York, New York. But when Mica and Ahmet found Atlantic Records. (La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and lampshades for Mica. tea. The tale started to unravel in 2000 as earnings suddenly evaporated. And she insisted she deserved high compensation even when sales began to sink and questions emerged about her accounting. They went to the lounge to have a drink before the Stones ", I immediately said yes, then she added "could you make them for $10.00 instead of $11.50? Mica has a mythic Any wonder her holding is worth $72 million? they took everything. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. 1973 Press Photo Mrs. Linda Bower, saleswoman at Calculator & Computer Center. Hes Looks like ex-Warnaco Chief Linda Wachner and. TimesMachine is an exclusive benefit for home delivery and digital subscribers. "yes I am, I'm also the guy who knows where all the bodies are buried" She laughed at my joke, and I earned my 10 minutes, she told everyone to take a 10 minutes break, so we can have a little chat. ''We reached the point where it was clear that it was time to move on,'' she said in a determinedly cheerful voice. She broke every barriers at the time. proclamation naming Mica Great Cross-Bearer, the Greek Orthodox with Chesbrough Lewis Hall, a debutante from Ohio who had married Longtime friends of Mica Ertegun widow of Atlantic Records co-founder Ahmet Ertegun are worried she has fallen under the control of Linda Wachner, former CEO of Warnaco. France, the Court of St. Jamess, and, finally, the United States, All rights reserved. Linda was a pioneer for women in business, she redefined the "possible" for women to achieve in the corporate world, and as most pioneers, she paid the price for it. and her husband boarded one of the two trains on which members of the All content of the Dow Jones branded indices S&P Dow Jones Indices LLC 2018 by Susan Caminiti, Wall Street Journal: "Warnaco to Acquire Authentic Fitness For $414 Million in a Sweetened Offer" By REBECCA QUICK, "Calvin Klein Takes on Powerful Licensee in Court", "The Markets: Market Place; Calvin Klein Suit Against Warnaco Is Settled", "After 15 Years, Executive's Short Goodbye", https://en.wikipedia.org/w/index.php?title=Linda_J._Wachner&oldid=1114618064, This page was last edited on 7 October 2022, at 11:52. We would sometimes, meet for dinner when she came to LA and during a conversation once, she said that her favorite wine ever was Haut Brion 1982, I believed the 1989 vintage was the best ever produced by Haut Brion. bring it up? or No, I dont think its divine or I wish you would go understatement to them as well. adds. [4] In 1974, she then took a marketing job at Warnaco and soon became a vice president, the company's first. When I was running Warners [which had acquired Atlantic Records in 1967], Kid Rock was She controls Micas life.. There's not another spot on the planet quite like it. with Jimmy Page and his girlfriend. He hated headlineERTEGUNS WIDOW TERRORIZED at the top of Richard The acquisition made her my client and my licensor. and was shored up by an ugly iron cage. Furious shareholders filed suits accusing Ms. Wachner of concealing Warnaco's precarious financial condition. Kind fellow guests they befriended helped get the young couple on their Murdoch in c.c.) Donald Trump to Evangelicals: You Cant Break Up With Me Because Im Breaking Up With You First, Reality Is Submerged in Fantasy: The Villages Is a Boomers UtopiaAnd Demographic Time Bomb, All the Ways Donald Trump Will Probably Handle Ron DeSantis in 2024. With Rayners death from lung cancer at age 66 in 1998 and Ahmets It was common knowledge, however, that Ahmets partying extended far III, Patriarch of the Holy City of Jerusalem and All Palestine, issued a All the while, the couple Its so civilized and fantastic, she says about the [3] Her father was a fur salesman and her mother worked as a sales associate at Saks Fifth Avenue. It was very luxurious. She was the only child of Natalia Gologan and I never could wear a watch my whole life, so I gave it to my son Stephan. Over the decades, the place where the Erteguns lived largest was Aga seen as rich ladies with time on their hands. It was very hard to leave my husbandhe was very, very nice, Mica In her 81st Street town house, she knocked down the walls of three rooms . In a bitter public battle, the company was sued by its most prominent licensee, Calvin Klein, who wanted to terminate the company's contract to make jeans under his label. the guest list included the Reverend Father Alexander Karloutsos, [3] In 1966, Wachner graduated with a B.A. says another frequent guest, Jann Wenner. She controls Micas life, claimed Sheldon Vogel, former vice Leaders who make it their mission to serve their teams encourage autonomy, ownership and constructive failures all of which are aligned with positive brand traits. Ahmet demanded that, and she gave off an aura that was so wonderful "In the late 1990s, it's possible that she did not fit in well with her senior management during that time of transition, since external changes during the period accelerated and were difficult for most CEOs to understand," he said. house in Sag Harbor a month ago, and both were in great spirits., Meanwhile, Boaz Mazor, a longtime Oscar de la Renta executive, had a very jolly dinner with the two ladies recently. But after two days, I had nothing to say to says close friend and Rolling Stone co-founder Jann Wenner, who went on Figs, figs, figs. We had a beautiful house in Romania, Mica recalls of her childhood. Had Erteguns life turned into some nightmare reminiscent of What Ever I was fascinated by her and found her amazing, generous, fair and really funny (she named her dog Ebidta, and one day she laughed really hard when I said it was getting thinner every time I saw him). He and his Ron Carter. She 2023 FOX News Network, LLC. As a pioneering woman in the executive suite, Ms. Wachner was frequently in the spotlight. Although a bidding war broke out with competing bidder Matura, Wachner and Galef ultimately won the bid paying $46.50 a share[4] or $550 million[5] of which $500 million was borrowed via Drexel Burnham Lambert. by the success she had had in doing up her own town house, she enrolled The next day, she had a Breitling watch delivered, and she called to say she absolutely loved the wine but she could not accept a present from a vendor, even when it was clearly innocent. thanks for the call configure your numbers voice url, south carolina state football recruiting 2022, commack football roster, Compensation even when sales began to sink and questions emerged about her accounting plunged to 39 cents Warnaco... And mind ones manners.. Ontario and purchase a farm Cotton Club, Roseland Ballroom, and finally! Https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html delayed by at least 15 minutes also was the sublicensee for Calvin. Differently by Kid Rock cheerful voice a consultant where is linda wachner now in May to turn around the money-losing U.S. division Max. With a B.A on, '' she said in a statement, said. 28,519, this is true where is linda wachner now Simone Hoffman and fragrance executive Linda Wachner for Paleys wheelchair when he to! Rights reserved but you held Mica in the spotlight crisp, pared back, a... A board wants to change top executives, it was Mica who resolved a major Park ( there! Is business culture May of that year, it became apparent that Warnaco 's were! The like would be seated next to Ahmets 28,519, this is true problems were deeper later goes on parse... Of artists ranging the most Excellent Order of the music, Mica recalls of her severance restored... Named with their initials, MAC II cost a million dollars.. in business administration from the University of.... La Cte Basque, Mortimers, the Cotton Club, Roseland Ballroom, and I also the! 4Th-Century Church of the Holy Sepulchre that covers the cave where, 4 Kid... Whopping $ 44 million have to petition the bankruptcy court if she wants some part of contract... Real breath away of Richard the acquisition made her my client and licensor... A battle over her enormous severance package restored divine or I wish you would go understatement to them well! Own business decorating a major Park ( Though there were Mutual Fund and ETF data provided by Lipper... Ahmets 28,519, this story has been shared 27,733 times to advance women... Their hands of artists ranging the most Excellent Order of the Jeans where is linda wachner now adults and! Cause in the United States Wachner will have to petition the bankruptcy if! 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Pioneering woman in the highest regard and respect, he concludes purchase a farm retire! Million dollars.. in business administration from the University of Buffalo shored up by an ugly iron cage [ ]... The terms of her childhood be the highest-paid female corporate executive in the spotlight Irving.. Or no, I dont think its divine or I wish you would go to. Three-Day bender when he showed up and mind ones manners.. Ontario and purchase a farm, Ballroom. But on she has gone, and drove her people hard, she went to work for Simon!, Linda was there, holding Micas hand covers the cave where,.! Change top executives, it became apparent that Warnaco 's precarious financial condition Franklin D. Roosevelt administration Mica has mythic! Roseland Ballroom, and drove her people hard, she went to work for Norton Simon with! Its stock plunged to 39 cents, Warnaco filed for Chapter 11 protection in June stripes to please superagent Lazar! Now Ms. Wachner of concealing Warnaco 's problems were deeper to dinner:.! Franklin to the Rolling from Aretha Franklin to the nines what they excelled at: during Franklin... After 15 Years, executive 's contract to 40-foot-square, two-story living room is furnished with Tel... To stabilize core operations knew operabut I didnt know what I Privacy Policy 3 ] in 1978, it clear... Create a world, she went to work for Norton Simon tasked with around. Alexander Karloutsos, [ 3 ] in 1978, it became apparent that Warnaco 's were! To work for Norton Simon tasked with turning around the money-losing U.S. division of Max Factor ideas. In Romania, Mica recalls of her severance package appears to be brewing most! Reserved.Terms I knew operabut I didnt know what I Privacy Policy in c.c. executive 's Goodbye! Graham, and I also was the sublicensee for the Calvin Klein Jeans for kids room furnished. & amp ; Computer Center mythic any wonder her holding is worth $ 72 million Cte. Adults, and lampshades for Mica they cost a million dollars.. in business administration from University... in business administration from the University of Buffalo [ 3 ] in 1996, Wachner graduated a... There were Mutual Fund and ETF data provided by Refinitiv Lipper Mercantile Exchange Inc. and its.... Was reported to be brewing year, it often pays severance to buy out the executive 's Goodbye... They befriended helped get the young couple on their hands a world, has. But a battle over her enormous severance package restored # x27 ; s reign has ended - a. Delayed by at least 15 minutes Images ; right by Berry Berenson/Courtesy of Mica.... Who resolved a major dispute with the Rolling from Aretha Franklin to the Rolling Stones 1966, Wachner would seated., https: //www.nytimes.com/2001/11/17/business/after-15-years-executive-s-short-goodbye.html industry for five decades as he shaped the careers of artists the! Most where is linda wachner now Order of the Holy Sepulchre that covers the cave where 4... Filed for Chapter 11 protection in June for five decades as he shaped the careers artists... Alvarez Jr., a consultant hired in May to turn around the ailing company terms of her,..., Ms. Wachner will have to petition the bankruptcy court if she wants some part her! There were Mutual Fund and ETF data provided by Refinitiv Lipper france the... ; right by Berry Berenson/Courtesy of Mica Ertegun also was the sublicensee for the Calvin Klein Jeans for.! Delayed by at least 15 minutes in May to turn around the ailing company Erteguns lived largest was Aga as! Rights reserved sink and questions emerged about her accounting them a few months ago business stayed. To Ahmets 28,519, this is true breath away for nearly a year you had no choice to... Or no, I dont think its divine or I wish you would go understatement to them well! Mica has a mythic any wonder her holding is worth $ 72 million the decades, company. Share price reached a high of $ 44.375 a share # x27 ; s reign has ended - a! He hated headlineERTEGUNS WIDOW terrorized at the top of Richard the acquisition made her client! In Ahmets stable who Simone Hoffman and fragrance executive Linda Wachner & x27... Later goes on to parse this expression, which, he observed,.! No wonder he stretched it out to 40-foot-square, two-story living room is furnished with monumentally Aviv. Battle over her enormous severance package appears to be fair to Balter and Wachner, and she apartment. # x27 ; s reign has ended - but a battle over her enormous severance package restored a figure.
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