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''Looking at Steel Partners' past behavior in Japan, the company is inevitably being suspected'' as a greenmailer, which seeks quick profits rather than boosting the corporate value of a target company, said Takao Kitabata, vice minister of economy, trade and industry.
Thus, it was possible for a raider or greenmailer to secretly amass shares of a public company and spring itself upon an unsuspecting management.
An accomplished greenmailer, Goldberg, 54, had made millions in the risky business of buying stakes in companies, then selling to raiders or management once the companies were in play.
The purpose of the premium buyback, typically, is to end a hostile takeover threat by the blockholder or greenmailer. Greenmail primarily serves as an entrenchment device and, therefore, represents a potential reduction in monitoring.
162(l)) was enacted as part of the Tax Reform Act of 1986 in response to the perceived abuse in "greenmail" cases of taking a tax deduction for the amount paid to the greenmailer.
Some who have watched Skokos operate in similar actions before call him a "greenmailer." Another witness to his performances says, "This is one of the sleaziest areas of law there is.
A so-called white knight who enjoys a reputation for caring about the long-term fate of the companies he acquires--and about the well-being of their workers and communities--is shown to be no different, at heart, from the shabbiest "greenmailer"; he mouths the pieties, that's all.