Corporate raider Steven Posner dies in high-speed boat collision

[somone]

http://www.nytimes.com/2010/12/01/business/01posner.html

Steven Posner, 67, Former Corporate Raider, Dies
By DENNIS HEVESI

Steven N. Posner, who with his father, Victor, was caught up in a major corporate raiding case that led to the convictions of Ivan F. Boesky and Michael R. Milken, died Monday in a high-speed boat collision on Biscayne Bay, Fla. He was 67 and lived in Miami. His wife confirmed the death.

Mr. Posner’s 44-foot catamaran was racing with a friend’s boat when they somehow collided, The Miami Herald said. A passenger on Mr. Posner’s boat was also killed, and his cousin Stuart Posner was seriously injured, as was a passenger on the other boat.

Mr. Posner (pronounced PAHZ-ner) worked for many years with his father, who became known as a master of the hostile takeover, intentionally mismanaging companies into bankruptcy while enriching himself as they foundered. In 1987, the elder Mr. Posner — who died in 2002 — pleaded no contest to a charge of tax evasion and was ordered to give $3 million to the homeless and perform 5,000 hours of community service.

A year later, the Securities and Exchange Commission accused Victor and Steven Posner of conspiring with Mr. Boesky and Mr. Milken in 1984 to gain control of the Fischbach Corporation, an electrical contracting company in New York. In its civil complaint, the S.E.C. contended that with Mr. Milken’s help, the Posners had secretly arranged to “park” Fischbach stock, or place it with Mr. Boesky, to conceal their intention to seize control of the company. Mr. Boesky and Mr. Milken pleaded guilty to felony charges stemming from the transaction...

[Blue_Tires]

1. well, at least he'll have a million-dollar funeral....

[BrklynLiberal]

2. Am I spelling " Schadenfreude " correctly....

[Jackpine Radical]

5. Ja. Das ist die korrekte Schreibweise.

[malaise]

3. I hope he saw the other boat coming

Jamaican proverb - What goes around comes around.

[Sonoman]

11. My thoughts, exactly.

I do hope, tho, that he was trapped underwater for a while. That way, he could experience the terrible horror of drowning to which they subjected so many investors.

Good riddance, MoFo.

Sonoman

[bluedigger]

4. Live as a dick, die as a dick.

Too bad about the other casualties, though. (Of course that would be a fitting epitaph...)

[Liberal_in_LA]

17. Was he a really bad guy? he's not getting much sympathy here.

[bluedigger]

21. This is an honorable and productive life?

"Mr. Posner (pronounced PAHZ-ner) worked for many years with his father, who became known as a master of the hostile takeover, intentionally mismanaging companies into bankruptcy while enriching himself as they foundered."

:shrug:

[Liberal_in_LA]

22. omg.

[rug]

6. At least he died doing something productive.

[NoPasaran]

7. Makes me think of one of those sayings attributed to Mark Twain

"I've never killed a man, but I've read many an obituary with a great deal of satisfaction."

[prolesunited]

15. +1

[sharp_stick]

16. +2 n/t

[AnArmyVeteran]

19. Thanks for the levity... :) Twain was such a great writer.

[savalez]

8. .

(nevermind)

[Kip Humphrey]

9. Hmmm... I worked for Stuart Posner in the early Eighties. /nt

[JVS]

10. He was the people's princess.

:jerkoffsmiley:

[Hannah Bell]

12. accused of frauds & died racing catamarans. didn't hurt him a bit.

so who cares.

btw, his sister is married to Batman's ward, Robin.

http://en.wikipedia.org/wiki/Burt_Ward

[FarLeftRage]

13. Hell's population just went up by one...

Another useless hoarder of money...

[rurallib]

14. Can I have his tax cut?

I'd hate to see it go to waste.

[sharesunited]

18. Was his death on advice of tax counsel? The estate tax is currently not in effect.

[Canuckistanian]

20. Live fast, die stupid

It's the American way.