But Posner isn't getting any sympathy from his son, Steven. The younger Posner, 56, is suing his father -- for the third time -- seeking millions of dollars he says his father owes him. It's yet another chapter in what's been described as one of America's most dysfunctional, litigation-happy families. Over the years, Steven Posner has sued his sister; Victor funded a suit brought against Steven by his estranged wife; Steven has been sued by his sister. Even one of Victor's grandkids sued the patriarch.
In the latest legal skirmish over money, Steven Posner is attacking on two fronts: He wants his father to hand over $17 million in fees for services he did for the family's main company, DWG Corp., including finding an emergency loan. Also the younger Posner is suing to get his share of a family trust that his father controls. The son is seeking $100-million worth of trust assets he figures he's owed, plus possible punitive damages. The suits had been on hold while the two sides tried to reach an agreement, but were refiled after they hit an impasse. The negotiation attempts by the elder Posner were "just a delay tactic," says Harris Buchbinder, a Miami attorney representing Steven Posner.
This time around, the son seems to be borrowing a page from his father's playbook. Previously, Victor Posner had argued that his son is not entitled to proceeds from the trust because the younger Posner is incapable of managing his own financial affairs. Indeed, Steven has had financial problems, including having cars repossessed and condos foreclosed.
But now, Steven Posner is questioning whether his father is in full control of his finances, especially the trust. He wants a court ruling to force Victor Posner to turn over the trust's financial statements to settle the issue. "We can't get an accounting," says Buchbinder. "We believe the assets are being dissipated."
Buchbinder thinks Brenda Nestor-Castellano, a former girlfriend of Victor Posner and a director and executive officer of many of his corporations, is calling the shots. Milton Ferrell, Victor Posner's attorney, says that's ludicrous. "Victor has always been in control," Ferrell says. "It's too bad that at the end of his life, Victor is being vilified by his son."
True Stories: Publish, Then Perish?
Over the past few years, three of Florida's more successful self-made businessmen wrote compellingly about their early years and how they succeeded against all the odds. Along the way, the three business executives also passed along some insightful pointers for other would-be business leaders. Unfortunately for the businessmen, the publication of each book presaged drops in the share price of their companies' stock.
Early years
In 1998, Patrick Kelly, the founder and chairman of Jacksonville-based PSS World Medical, a distributor of medical supplies and equipment, released his personal tale -- "Faster Company, Building the World's Nuttiest, Turn-on-a-Dime, Home-Grown, Billion-Dollar Business." Kelly, raised in an orphanage, recounted the early years at PSS. In later years, PSS grew into a company with $1.7 billion in annual sales, following a string of acquisitions. But some of the purchases have been problematic, causing PSS to post disappointing earnings.
Dose of reality
Carl DeSantis, founder of Rexall Sundown, the Boca Raton-based maker of vitamins, put out his book "Vitamin Enriched, A Mega-Prescription for Wealth and Health" in early 1999. DeSantis grew up in Miami, dropped out of college and managed drug stores before founding Rexall. In the past year, a softer market for vitamins and a lower-than-expected earnings report have depressed Rexall's share price.
Meaner business
Al Dunlap, the infamous CEO of Sunbeam, released "Mean Business," his treatise on how tough guys get the job done, in 1996 -- a couple years later, Sunbeam's stock plunged amid allegations of accounting irregularities and the company's board removed Dunlap from his job.