Введение
Американский бизнесмен
American businessman
Виктор Познер (18 сентября 1918 – 11 февраля 2002) был американским бизнесменом. Он был одним из самых высокооплачиваемых руководителей бизнеса своего поколения. Он был пионером сделок с использованием заемных средств (leveraged buyouts) и стал печально известен практикой разделения и продажи активов компаний.
Victor Posner (September 18, 1918 – February 11, 2002) was an American businessman. He was one of the highest paid business executives of his generation. He was a pioneer of the leveraged buyout and became notorious for asset stripping.
Карьера
Родился в Балтиморе, штат Мэриленд, один из девяти детей владельцев бакалейных лавок Морриса и Мэри Познер. Хотя он бросил школу в 13 лет, он утверждал, что заработал свой первый миллион долларов к 21 году, инвестируя в недвижимость, хотя финансовые записи этого не подтверждают. Воспользовавшись спросом на жилье в Америке после Второй мировой войны, в 1948 году он приобрел земельные участки и построил дома в районе Балтимора, а к 1952 году строил более 1100 домов в год. В 1954 году он переехал в Майами-Бич, штат Флорида, где продолжил инвестировать в недвижимость и акции публичных компаний. За свою карьеру он возглавлял многочисленные компании, в том числе Security Management Corporation (владелец арендной недвижимости в Мэриленде и Флориде), DWG Corporation (Arby's и Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville и Southeastern Public Service Company. Основным инструментом Познера была компания Deisel Wemmer Co., производитель и импортер сигар, базирующаяся в Огайо, основанная в 1884 году. К 23 января 1929 года Deisel Wemmer была реорганизована как Deisel Wemmer Gilbert Corporation (DWG) после приобретения инвестиционной группой. DWG была небольшой компанией, и чтобы сохранить долю рынка, она приобретала другие небольшие компании, такие как Odin cigars в 1930 году и Bernard Schwartz Cigar Corporation в 1939 году. 15 мая 1946 года компания изменила свое название на DWG Cigar Corporation. Новая серия приобретений началась в 1948 году с компании Nathan Elson Company, затем A. Sensenbrenner & Sons в 1955 году, а в 1956 году – Chicago Motor Club Cigar и Yocum Brothers из Ридинга, штат Пенсильвания. В связи с ослаблением рынка сигар из-за медицинских рекомендаций многие курильщики перешли на сигареты, которые тогда считались более безопасными. DWG оптимизировала производство сигар и начала искать другие предприятия, которые могли бы соответствовать оптовым и дистрибьюторским возможностям DWG. Нью-Йоркская фондовая биржа исключила акции DWG из листинга в 1965 году, после чего компания продала или закрыла свои оставшиеся сигарные операции в 1966 году. Переименованная в DWG Corporation, компания использовала средства от продажи сигарного бизнеса для приобретения 12% акций National Propane Corporation. Security Management Company, возглавляемая Виктором Познером, крупным инвестором в DWG, увидела потенциал в компании, решившей продать свой основной бизнес. Познер рассматривал это как удобный инструмент для поглощения и стал контролирующим акционером DWG.
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Приобретения
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Отрасль Год Доля
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
National Propane Corporation газ 1966 12%
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Wilson Brothers производитель рубашек январь 1967 контролирующий пакет
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
National Propane Corporation газ 1967 77%
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Southeastern Public Service Company коммунальное предприятие среднего размера, обслуживание и хранение 1969 40%
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Southeastern Public Service Company коммунальное предприятие среднего размера, обслуживание и хранение 1970 11%
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Graniteville Company текстильный производитель 1982 51%+
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Axia Incorporated 1984 25%
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Evans Products волоконная группа 1984
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Fischbach Corp. электромонтажные работы 1985
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Инвестор, с которым Познер связался для помощи в выводе Sharon Steel из банкротства, предположил, что его адвокат Эндрю Хайн может заинтересоваться покупкой Fischbach Corp. Незадолго до продажи Fischbach, Granada Investments Company Хайна сделала предложение о покупке всех акций DWG по цене 22 доллара за акцию. Познер конвертировал все опционы DWG в обыкновенные акции, но не смог проголосовать по ним из-за судебного запрета, выданного судьей из Огайо. Granada подала в суд на Познера за то, что он не воспринял предложение всерьез, а Познер подал встречный иск, утверждая, что предложение не имеет под собой оснований. В 1991 году Познер проиграл дело и был вынужден выплатить Granada 5,5 миллиона долларов. Кроме того, судья, отметив другие расследования о незаконных операциях с акциями при приобретении Fischbach и о компенсации Познера, назначил трех независимых директоров в совет директоров DWG для формирования комитетов по аудиту, компенсациям и внутрикорпоративным сделкам. Cable Car Beverage Corporation, производитель Stewart's Root Beer и других напитков, была приобретена Triarc в ноябре 1997 года. National Propane Corporation была продана в 1999 году.
Of Russian Jewish descent, he was born in Baltimore, Maryland, one of nine children of grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post World War II demand for housing in America, in 1948, he developed land and built houses in the Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida, where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation (Arby's and Royal Crown), NVF Company, Sharon Steel Corporation, Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle was the Deisel Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel Wemmer incorporated as Deisel Wemmer Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to a simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switch to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965, the company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became the controlling interest of DWG. Acquisition Industry Year Stake National Propane Corporation gas 1966 12% share Wilson Brothers shirtmaker January 1967 controlling interest National Propane Corporation gas 1967 77% Southeastern Public Service Company medium size utility maintenance and storage company 1969 40% Southeastern Public Service Company medium size utility maintenance and storage company 1970 11% Graniteville Company textile manufacturer 1982 51%+ Axia Incorporated 1984 25% Evans Products fiber group 1984 Fischbach Corp. electrical contracting 1985
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $22 per share. Posner converted all DWG options into voting shares but was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. 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 Posner's compensation added three court appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999.
Пионер "враждебного захвата"
Журнал Forbes назвал его "арогантным диктатором банановой республики", а газета New York Times – "деканом корпоративных поглощений". После его смерти "Экономист" отметил, что "он был пионером враждебных поглощений публичных компаний. Он пренебрегал общепринятой практикой, согласно которой поглощение должно осуществляться с согласия действующего совета директоров. Он выявлял компании, чьи активы, по его мнению, были недооценены, брал над ними контроль и выжимал из них прибыль. Часть активов продавалась, часть предприятий закрывалась. Даже ранее не рассматриваемые ресурсы, такие как пенсионные фонды сотрудников, подвергались разграблению и реинвестировались в другие компании г-на Познера". Познер был независимым и непредсказуемым игроком в мире корпоративных финансов. Многие его сделки подозревались в незаконности, и с середины 1980-х годов за ним пристально следила Комиссия по ценным бумагам и биржам.
He 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". The Economist said, after he died, "he was a pioneer of the hostile takeover of a public company. He was dismissive of the convention previously observed that a takeover should have the agreement of the existing board. He would spot a company whose assets he judged were undervalued, gain control and milk it. Some bits would be sold off, others would be closed. Previously unconsidered treasures, such as the employees' pension fund, would be raided and reinvested in Mr Posner's other companies." Posner was a maverick player in the world of corporate finance. Many of his dealings were alleged to be illegal and he was closely watched by the Securities and Exchange Commission from the mid 1980s on.
Шэрон Стил
В 1969 году он инициировал враждебное поглощение Sharon Steel Corporation, одного из первых подобных случаев в США. Компания Sharon Steel владела коксохимическим заводом в Фэрмонте (Западная Вирджиния), сталелитейным заводом в Фаррелле (Пенсильвания) и угольной шахтой в Рейчеле (Пенсильвания). Покупка была обусловлена низкой стоимостью компании, стабильным денежным потоком и небольшими долгами. Предполагалось, что она станет источником средств для дальнейших инвестиций с целью получения прибыли от роста цен на уголь во время энергетического кризиса начала 1970-х годов. Эта инвестиция стала предвестником практики выкупов компаний с использованием заемных средств и рынка «мусорных» облигаций в 1980-х годах. Тем временем, коксовый завод в Фэрмонте был одним из крупнейших загрязнителей в долине Мононгахела, и Познер прекратил в него инвестировать. Завод был закрыт в 1979 году.
In 1969 he initiated the hostile takeover of Sharon Steel Corporation, one of the earliest such takeovers in the US. Sharon Steel had a coke plant in Fairmont, West Virginia, a steel plant in Farrell, Pennsylvania, and a coal mine in Rachel, Pennsylvania. His purchase was motivated by the company's low valuation, level cash flow, and low debt. It was intended to become a source of cash for additional investments to capitalize on the rising price of coal during the energy crisis of the early 1970s. His investment would be the forerunner of the leveraged buyout and junk bonds business of the 1980s. Meanwhile, the Fairmont coke plant was one of the worst polluters in the Monongahela Valley and Posner stopped investing in it. It closed in 1979.
Упадок
В конце 1980-х годов началось его падение. В 1987 году Sharon Steel находилась под защитой от банкротства в соответствии с главой 11. Познер первоначально остался генеральным директором и председателем, как это обычно происходит при реорганизации бизнеса в рамках главы 11. Однако, несмотря на возражения Познера, банкротный суд вскоре после этого назначил управляющего, поскольку Познер отказывался отменить выплаты себе и своему сыну Стивену на сумму около 10 миллионов долларов (а также другие сомнительные передачи корпоративных активов предприятиям, контролируемым Познером), в то время как Sharon Steel теряла 2 миллиона долларов в месяц. Третий апелляционный суд оставил решение в силе. DWG стала объектом попытки поглощения со стороны Granada Investments. Evans Products также действовала в рамках главы 11 и не вышла из неё, пока в компанию не вернули бывшего председателя и генерального директора Монфорда Орлоффа, и поставщики и кредиторы не получили гарантии, что Познер покинет компанию. В 1988 году он признал себя виновным в уклонении от уплаты налогов и мошенничестве за завышение стоимости земли, пожертвованной в 1975 году Майами Кристиан Колледж. Ему было предписано выплатить более 6 миллионов долларов в качестве компенсации и штрафов, а также посвящать 20 часов в неделю в течение пяти лет работе с бездомными. Также в 1988 году Комиссия по ценным бумагам и биржам (SEC) подала в суд на Drexel Burnham Lambert и обвинила Познера и его сына Стивена в сговоре с целью сокрытия покупки Познерами акций электромонтажной компании Fischbach Corporation. В том же 1988 году суд по делам о банкротстве снова обязал его вернуть несколько оригинальных картин Нормана Роквелла корпорации Sharon Steel, которые он вывез из штаб-квартиры компании после её приобретения. В 1993 году SEC запретила и Стивену Познеру, и ему занимать должности офицеров или директоров публичной компании. Познер умер от пневмонии 11 февраля 2002 года после нескольких лет ухудшающегося здоровья.
The late 1980s were the start of his downfall. In 1987, Sharon Steel operated in Chapter 11 bankruptcy protection. At first, Posner stayed on as CEO and chairman as is customary in Chapter 11 business reorganizations. Against Posner's objection, the bankruptcy court appointed a trustee to take over shortly thereafter, since Posner refused to undo some $10 million in payouts to himself and his son Steven (among other questionable transfers of corporate assets to other businesses controlled by Posner), at a time when Sharon Steel was hemorrhaging $2 million per month. On appeal, the Third Circuit affirmed. DWG was the target of a takeover attempt by Granada Investments. Evans Products operated in Chapter 11 and did not emerge until former Chairman and CEO Monford Orloff was brought back to the company and vendors and lenders were assured that Posner would leave the company. In 1988, he pleaded no contest to tax evasion and fraud for inflating the value of land he donated to Miami Christian College in 1975. He 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. Also in 1988, the SEC sued Drexel Burnham Lambert and charged Posner and his son Steven with scheming to conceal the Posners' purchase of stock in the electrical contractor Fischbach Corporation. Again, in 1988, a bankruptcy judge ordered him to return several original Norman Rockwell paintings to the Sharon Steel Corporation, which he had removed from the company's headquarters when he acquired the company. In 1993, both Steven Posner and he were barred by the SEC from being an officer or director of a public company. Posner died of pneumonia on February 11, 2002, after suffering declining health for several years.
Личная жизнь
Познер был стороной в знаковом судебном деле во Флориде, касающемся действительности и допустимых пределов брачных договоров. У Познера было двое детей от первого брака: близнецы Стивен и Гейл, и двое детей от второго брака с Сари Познер (брак заключен в 1960–1966 годах): Трейси и Лэнс. Он не был женат на момент смерти. Его девушка, бывшая актриса Бренда Нестор Кастельяно, также была его деловым партнером. В 1995 году Стивен подал в суд на отца, обвиняя его в ненадлежащем управлении компанией Security Management Corporation, утверждая, что Познер-старший выплачивал себе чрезмерную зарплату и неправомерно отстранил Стивен от должности директора. Они урегулировали спор, определив долю в имуществе стоимостью более 200 миллионов долларов путем подбрасывания монеты. Стивен погиб в результате высокоскоростной лодочной аварии недалеко от Майами, штат Флорида, 29 ноября 2010 года. Гейл умерла 19 марта 2010 года в Майами-Бич, штат Флорида. Незадолго до смерти Познер составил новое завещание, в котором исключил своих детей и внуков из числа наследников своего состояния, оцениваемого от 200 миллионов до 1 миллиарда долларов. Вместо этого главным бенефициаром была назначена Бренда Нестор. Дети и взрослые внуки Познера подали в суд, оспаривая его дееспособность на момент внесения изменений в завещание. Нестор по-прежнему руководит Victor Posner Enterprises, компанией по разработке недвижимости во Флориде.
Posner was a party in a landmark Florida case involving the validity and permissible scope of prenuptial agreements. Posner had two children from his first marriage: twins Steven and Gail; and two children from his second marriage to Sari Posner (m. 1960–1966): Tracy and Lance. He was not married at the time of his death. His girlfriend, former actress Brenda Nestor Castellano, was also a business partner. In 1995, Steven sued his father over alleged mismanagement of his company, Security Management Corporation, claiming that the elder Posner was paying himself too much money and had wrongly removed Steven as a company director. They settled the suit by flipping a coin over the share of more than $200 million worth of property. Steven was killed in a high speed boat crash near Miami, Florida, on 29 November 2010. Gail died on 19 March 2010 in Miami Beach, Florida. Shortly before he died, 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. Instead, Brenda Nestor was named as the main beneficiary. Posner's children and his adult grandchildren sued on grounds that he was not competent when he made the changes. Nestor still operates Victor Posner Enterprises, a property development company in Florida.