Shares of Cablevision takes a tumble
The stock market showed its displeasure at today’s jury verdict that Madison Square Garden owes $11.6 million in damages to a former female Garden executive victimized by a hostile work environment.Shares of MSG’s parent company Cablevision Systems lost 27 cents, ending the day at $34.79. The civil jury also found Isiah Thomas, coach of Cablevision’s wholly owned New York Knicks, had sexually harassed the former Garden exec, Anucha Browne Sanders. But Thomas will not have to pay punitive damages. According to reports, James Dolan, chief executive of Cablevision Systems and chairman of MSG, will have to pony up an additional $3 million personally. The jury allocated $6 million of the $11.6 million to the bad work environment; the remaining $5.6 million will cover Dolan’s firing of Browne Saunders in retaliation for her filing the sexual-harassment charge. Thomas said he would appeal the decision. The verdict comes after three weeks of sensational headlines in the New York City tabloids.