Former gay media identity and founder of the failed Satellite Group of companies Greg Fisher will stay in jail for at least six months after he was convicted on charges of misusing company funds.

Fisher spent more than $220,000 of Satellite -“ billed as the world’s first pink company -“ money on staging an Australian Fashion Week show for designer Alex Perry in 2000.

He did so without the knowledge of the Satellite board, including then chair and high profile doctor Kerryn Phelps.

Fisher tried to argue the money was a Satellite investment, and that he was entitled to use the funds.

But a brochure of the Perry Fashion Show presented to court as evidence included the words brought to you by Greg Fisher.

The prosecution argued that Fisher had sponsored the fashion show because of a desire to increase his social status.

Last year Fisher was found not guilty of two other sets of charges related to Satellite dealings.

Satellite was a property and media company which floated on the Australian Stock Exchange on 23 September 1999 and went into administration in November 2000.

At the time of its float, Satellite owned a stable of gay and lesbian newspapers and magazines. These included the Melbourne-based OutRage Magazine and Sydney Star Observer rival Capital Q.

Many of its investors were gay and lesbian community members.

Fisher is also facing separate charges of drug supply and possession, following a police sting operation on a Potts Point unit and his arrest in northern NSW in January. Those charges will be heard in late March.

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