by George Baker. The money crowd was impressed, and many writers not only were grateful to the Steinbergs, they liked them, especially Gayfryd, who became president of Friends of pen.But there were some, including E. L. Doctorow, David Halberstam, and Ken Auletta, who were concerned about pen’s association with Saul Steinberg. “You roll out the bowl of caviar and people come. Saul Steinberg did, early on. According to Martzell, for one, dismissed the snobbery and criticism. “Especially after the stroke,” says a friend, “it was Gayfryd who tried to put some limit on what Saul spent.

In fact, his spending has worried Gayfryd for several years, friends now claim. A real-estate partnership, Reliance Figueroa, in which Saul and Robert were the biggest limited partners, appears to have been financed largely, if not entirely, by Reliance, which took all the losses but only 48 percent of the profits. “Gayfryd won’t be entertaining on a scale anything like she has in the past,” said one woman who was a regular guest of the Steinbergs in the ’80s and ’90s. Your Easy-access (EZA) account allows those in your organization to download content for the following uses:It overrides the standard online composite license for still images and video on the Getty Images website. As a woman-owned business, it qualified for minority set-aside contracts. The Steinbergs’ new life is centered in their sprawling estate in Quogue and on a three-bedroom Manhattan hotel suite that seems ludicrously small compared with their former home. By this time the situation was desperate, and Steinberg agreed with advisers who recommended that his company be sold.Throughout November and December of 1999, competitors scoured Reliance’s books. By Bob Morris.

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You could see them as a couple in love.” After Gayfryd, says one of her friends, “there was never a rumor of another woman and Saul, never.” There was also never another rumor about drugs. The suit also alleged that Saul had deliberately delayed taking provisions for losses during that time, thereby inflating profits, until after he sold the stock to the public.
Steinberg settled with the S.E.C.Barbara Steinberg divorced Saul in 1977, claiming abandonment.
“My mother, who felt women should look like ladies, was Gayfryd worked at a psychiatric hospital, in the adolescent ward, for a year after her move to New Orleans.

She also became, as she had with Johnson’s children, something of the perfect stepmother to Steinberg’s four children by his previous wives. But privately the friends say that the Steinbergs’ financial problems are serious. His greenmail attack on Lomas & Nettleton Financial Corporation earned him $15 million, his raid on penn Central $8 million, and his greenmailing of Quaker State made him $10.5 million. From the outset, insurance was not Steinberg’s real interest. They’re together. Some say the trouble began in 1982, when Steinberg took Reliance private, buying the shares he didn’t already own—nearly 50 percent of the company—in a leveraged buyout financed by $550 million of junk bonds.The family almost immediately began to feed at the trough. I could even be the first Jewish president,” Saul Steinberg once boasted to the columnist Dan Dorfman. Collect, curate and comment on your files.Gayfryd Steinberg and Saul Steinberg during Wedding Reception For Jonathan Tisch & Laura Steinberg at Metropolitan Museum of Art in New York City, New York, United States. Rather, it was the paid premiums insurance companies held in their coffers. In June, according to filings, he pledged nearly everything in his possession in another arrangement with the bank, although he denies he took out a second loan.As the Steinberg family battles it out, the sell-off continues. “My husband is a cocaine addict and he’s been on the drug off and on for two and a half years, and at times he gets very violent and very dangerous,” the In a lawsuit she filed, Laura alleged that Saul had used $190,000 of Reliance’s money to buy “illegal drugs, including but not limited to the purchase of cocaine,” that he had used Reliance funds to decorate the apartment at 740 Park and to buy a private jet. On December 22, hours after her divorce from Johnson was finalized, Gayfryd, newly converted to Judaism, married Steinberg. In the space of a few months, Steinberg went from Master of the Universe to financial Black Hole – and by even the most optimistic reckoning there seems to be no way back. Gayfryd’s life was once compared to an Aaron Spelling drama, with the heroine staggering from one triumph to another in one cliffhanger after another. And Steinberg helped Milken in return. of shares in Reliance’s best unit, Reliance Surety. He was a pariah, mucking around in places that didn’t want him.”‘You watch. Saul was the pride of her life,” says a man who is friendly with one of the Steinberg sisters.Anne Steinberg appears to be serious about getting her money back, although it is unclear if her sons can pay her.

According to some critics’ estimates, Reliance profits were deflated by $593 million between 1988 and 1992 because of what had happened while the company was private. The New Orleans papers reported on her parties—including a dinner for 50, with drinks served in the pool house, and each table for 10 set with different china, crystal, and silver.Gayfryd, certainly, had come far. Both were also voracious readers, so conversation with them was rarely dull. “It’s the loss of prestige and the humiliation – and what this is all doing to Saul. George Baker, a consultant and former executive at the bank, was on Reliance’s board and eventually became the trustee of several family trusts.It was just the beginning. “ She reeled in the Big Fish, marrying Steinberg in December 1983.


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