Pinning Back The Posners' Ears
On Dec. 1, Victor Posner and his son Steven were barred by a federal court from ever again serving as directors or officers of a public company. They must also pay penalties of nearly $4 million and put their stock holdings in a blind trust to keep them from exercising control over any companies. In his decision, Judge Milton Pollack wrote that the Posners "engaged in self-dealing and enriched themselves at the expense of public shareholders" in their mid-1980s takeover of Fischbach Corp. The Posners' lawyer, Dennis J. Block, says: "The opinion has no basis in fact, and we plan to appeal."
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