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.