After a four month wait, the second issue of Portfolio is almost ready for release. Editor Joanne Lipman [pictured] was involved in what a Condé Nast flack called a “tinkering” during the lull (with Jeff Garigliano of Departures signed to come aboard as senior editor) and a redesign for the mag’s visual look. An aggressive advertisement and blow-in card campaign is also being set up for Portfolio with various Condé Nast titles.

But the real juicy gossip comes courtesy of the New York Post:

“There was no pacing, no flow, no mix of stories,” said an editor at a rival magazine. “It was, ‘here’s a Tom Wolfe piece about Greenwich,’ and ‘here’s a story about new weapons.’ It was like a deadline out of control, and it all seemed like it went in as a big mush.” [...] The second issue is “do or die time. They’ll get rid of her (Lipman) within six months if the second issue comes out and flops.”

The official word from Condé Nast is that “Si was very happy with the first issue, he’s fully committed to the magazine and fully committed to her.”

You’ll recall how the Post illustrated that commitment the eve of Portfolio‘s launch:

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