Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Businessweek Archives

Lowering The Gavel On Victor Posner


In Business This Week

LOWERING THE GAVEL ON VICTOR POSNER

Another financier who's making legal news is Victor Posner. After reading reports filed by court-appointed directors of Posner's holding company, DWG, Cleveland federal court Judge Thomas Lambros has temporarily removed Posner as chief executive.

Lambros acted after the directors alleged that Posner, who was paid $6 million last year, forced an ailing DWG to absorb millions of dollars of charges from other Posner companies even as he ran up lavish expenses on DWG's tab. "Mr. Posner's actions constitute a confiscation of the investment of every other shareholder in DWG," Lambros wrote in ordering Posner to put much of his 1991 salary in escrow and account for his expenses. Posner's lawyer filed for a stay until a Feb. 24 court hearing.EDITED BY HARRIS COLLINGWOOD


LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus