Yesterday, the New York Observer broke the news that Portfolio EIC Joanne Lipman fired deputy editor Jim Impoco just prior to the release of the second issue, following months of tension-filled meetings, heated discussions and more than a couple incidences of gratuitous eye rolling.

But what truly caused the rift?

According to WWD, Impoco's ginormous expense account may have been to blame, or else the fact that he was an incurable sesquapedalian [Ed: A long word meaning "Given to or characterized by the use of long words"].

Writes WWD:

Sources also said Impoco had been reprimanded by the business manager for his expense account, which included multiple meals with his wife, a publishing executive — among them, Valentine's Day dinner at Nobu for several hundred dollars — as well as his dry cleaning and the Internet bill at his Hamptons home. Impoco declined comment on his departure.

Apart from staffers from Lipman's old home of The Wall Street Journal, Impoco recruited many of the marquee names, splitting loyalties on staff. Sniped someone in Impoco's camp: "One person knows how to put out a magazine, another doesn't." Another of his fans described the firing as the "Night of the Long Words," theorizing the editor in chief was aiming to clear out staffers who use them "because they make her uncomfortable."

Either way, Lipman better find a sound replacement for her deputy editor, and fast. Otherwise, the "several hundred dollars" Impocco reportedly spent at Nobu will pale in comparison to the $125 million purportedly spent by Conde Nast on what is quickly shaping up to be the Costliest Failed Magazine Launch of All Time.