Steven Neil Posner (pronounced POZ-ner; January 11, 1943 – November 29, 2010) was an American corporate raider who worked together on a number of major hostile takeovers with his father, Victor Posner, though the two would later have a falling out that resulted in a series of acrimonious lawsuits.
A 1989 corporate takeover staged by the Posners led to fraud convictions for Ivan Boesky and Michael Milken levied by the United States Securities and Exchange Commission for their role in improperly assisting the Posners in the attempted deal.
[citation needed] Posner was born on January 11, 1943, in Baltimore and joined his father's business acquiring and managing corporations.
In 1988, the SEC charged that the Posners had colluded with Ivan Boesky and Michael Milken to conceal their stock purchases during the 1984 Posner-led takeover of the Fischbach Corporation.
[2] The settlement amount was determined based on the result of a gold coin flipped in front of the judge.