What's Next For Martha?

After being released from the Alderson Federal Reformatory for Women in Alderson, W. Va., early Friday morning, March 4, 2005, Martha Stewart waves as she boards her airplane at Greenbrier Valley Airport in Lewisburg, W. Va.
AP
Now that she is out of prison, Martha Stewart can turn her attention to breathing new life into her flagging business, Martha Stewart Living Omnimedia Inc.

For the next five months, Stewart, 63, must wear an electronic anklet so authorities can track her every move. But she is allowed to receive her $900,000 salary again, and can leave her Westchester County, New York, estate for up to 48 hours a week to work, shop or run other approved errands.

OnCBS News Sunday Morning, Correspondent Anthony Mason talks with development billionaire Donald Trump and author Christopher Byron about the world of new opportunities opening up for Stewart.

While she was in jail, her company stock price more than tripled, creating hundreds of millions of dollars of new wealth for her. She's also developed two television projects that are attracting a lot of buzz.

Besides running Martha Stewart Living Omnimedia and writing a column for her magazine, Stewart will be preparing for a revival of her daily homemaking show and her version of NBC's "The Apprentice," a reality show hosted by Trump.

Stewart hopes to turn around the fortunes of a company that produces everything from television shows and magazines to bed sheets and bakeware. In 2004, amid Stewart's legal troubles, the company suffered a loss and its revenues sagged.

But the stock price rose considerably during her prison stint as investors bet on a comeback.

In late-morning trading Friday, shares of Martha Stewart Living climbed 27 cents to $34.22 on the New York Stock Exchange.

Her contract with her company says her salary, which was suspended while she was behind bars, will get reinstated during home detention.

Stewart's release Friday came one day shy of the one-year anniversary of her conviction in New York on charges stemming from her 2001 sale of nearly 4,000 shares of the biotechnology company ImClone Systems Inc. She was convicted of obstructing justice and lying to the government.

Rebuffed twice in her attempts to obtain new trials, Stewart opted to enter prison early rather than remain free pending her appeal.

Since Stewart has already served her time, her lawyers say the appeal is mostly about clearing her name. A hearing is scheduled March 17 in the 2nd U.S. Circuit Court of Appeals in Manhattan.