Steven Posner, the Baltimore-born former corporate raider who joined his father in staging hostile takeovers in the U.S. during the 1980s, has died. He was 67.
Posner died on Monday in a boat collision on Biscayne Bay in Florida, according to the Florida Fish and Wildlife Conservation Commission. His catamaran was racing with a friend’s boat when they collided, it said. A passenger, 60-year-old Clive Warwick, also died in the accident.
Stuart Posner, 64, who operated the vessel occupied by the two men, was hospitalized with serious injuries. Friedrich Eigelshoven, 27, who was in the other racing boat, was treated for minor injuries, the commission said. Stuart Posner is the cousin of Steven Posner, according to the Miami Herald.
Steven Posner and his father, Victor, were sued by the Securities and Exchange Commission in 1988 in a civil complaint that claimed the two had conspired with Drexel Burnham Lambert junk-bond trader Michael Milken and financier Ivan Boesky to gain control of New York-based electrical-contracting firm Fischbach Corp. four years earlier. Milken and Boesky both served two years in prison for securities violations.
In 1993, a federal judge ordered the Posners to pay back about $4 million from the Fischbach transactions, and the two were prohibited from serving as directors of public companies.
Steven, Victor’s eldest son, sued his father in 1995 for drawing an excessive salary from a real estate company in which Steven owned a 25 percent stake. They settled a year before the elder Posner’s death in 2002, according to the New York Times.
Steven Posner, born on Jan. 11, 1943, in Baltimore, is survived by his wife Susan, daughter Kelly Gerstenhaber, and sons Sean and Jarrett, it reported.