Saul Steinberg's Honey Pot Named Reliance

Saul P. Steinberg, a round fellow with a deceptively cherubic grin, runs a family business. During the takeover wars of the 1980s, insurer Reliance Group Holdings Inc., which is 66% owned by the 53-year-old financier and his relatives, made him one of the nation's wealthiest people. Through shrewd moves and fearless power plays, he built an estimated $300 million fortune by reaping luscious greenmail payments from such takeover targets as Walt Disney, Lomas & Nettleton Financial, and Green Tree Acceptance.

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