Bankruptcies: Pratfalls for a Prowler

Pratfalls for a Prowler

In the past two decades, Victor Posner, 66, the Miami Beach financier, has corralled major stakes in more than 40 companies, including control of Atlanta-based Royal Crown, the soft-drink maker, and a 37% interest in Chicago's National Can. Last week, though, key parts of Posner's billion- dollar empire were staggering. Evans Products (1984 sales: more than $1 billion), a Posner-controlled company that sells building materials and railroad cars, filed a bankruptcy petition in Miami. Posner's Sharon Steel seems shaky; it is more than two weeks late with a $23 million payment on its $330 million debt. Neither firm has ever recovered...

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