30 Facts About Victor Posner

Victor Posner was one of the highest-paid business executives of his generation.

Victor Posner was a pioneer of the leveraged buyout and became notorious for asset stripping.

Victor Posner became the head of numerous companies over his career, including Security Management Corporation, DWG Corporation, NVF Company, Sharon Steel, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company.

Victor Posner saw it as a good takeover vehicle and became the controlling interest of DWG.

Victor Posner usually placed himself as chairman of the board and president of each company that his Security Management Company subsidiaries, DWG or NVF, a vulcanized fiber manufacturer that controlled the other half of Victor Posner's companies.

Victor Posner sat on Sharon Steel's pension trustee board and directed the pension board to invest in Victor Posner-owned properties.

In 1971 the SEC sued, after which Victor Posner then agreed not to sit on any pension board for any of his companies.

Victor Posner basically let those companies that could get by with minimum maintenance and nothing more do just that.

Linder backed down from exercising the warrants but forced Victor Posner to reduce his pay from DWG.

Victor Posner started selling off DWG assets: Foxcroft and Enro shirt groups and the citrus operation.

An investor that Victor Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp.

Victor Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order.

Victor Posner lost the case in 1991 and was forced to pay $5.5 million to Granada.

Furthermore, the judge noting other investigations in illegal stock trading in the Fischbach acquisition and of Victor Posner's compensation added three court-appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees.

Victor Posner resigned as chair of DWG in 1992 and sold his shares to Trian Group, a New York-based investment partnership led by Nelson Peltz and Peter May Shareholders agreed to drop their longstanding lawsuits claiming that DWG was raided and stripped.

Victor Posner was said by Forbes magazine to "have the arrogance of a banana republic dictator" and by The New York Times to be the "dean of the corporate takeover".

Victor Posner was dismissive of the convention previously observed that a takeover should have the agreement of the existing board.

Victor Posner's purchase was motivated by the company's low valuation, level cash flow, and low debt.

Meanwhile, the Fairmont coke plant was one of the worst polluters in the Monongahela Valley and Victor Posner stopped investing in it.

At first, Victor Posner stayed on as CEO and chairman as is customary in Chapter 11 business reorganizations.

Victor Posner was ordered to pay more than $6 million in costs and fines and to devote 20 hours a week for five years to working with the homeless.

Victor Posner died of pneumonia on February 11,2002, after suffering declining health for several years.

Victor Posner was a party in a landmark Florida case involving the validity and permissible scope of prenuptial agreements.

Victor Posner was not married at the time of his death.

Victor Posner's girlfriend, former actress Brenda Nestor Castellano, was a business partner.

In 1995, Steven sued his father over alleged mismanagement of his company, Security Management Corporation, claiming that the elder Victor Posner was paying himself too much money and had wrongly removed Steven as a company director.

Shortly before he died, Victor Posner prepared a new will that removed his children and grandchildren as heirs to his estate, which was valued between $200 million and $1 billion.

The legal entanglements continued until the last lawsuit was settled on April 8,2015, over the $195 million estate Victor Posner bequeathed to Nestor.

The Florida Third District Court of Appeal ruled Tracy Posner Ward could not sue Nestor for $5.8 million in a trust Victor Posner had set aside for Ward's daughter Melody.

Victor Posner was required to work 5000 hours of community service time.