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Gayfryd began to raise money for it shortly after she had met Norman Mailer in 1985, when he was pen’s president. According to The Times-Picayune, Gayfryd was voted down for membership in the Junior League. [30], Steinberg's brother, Robert or "Bobby" worked as a senior executive at Reliance, helping Steinberg run the company for many years. Soon after, however, the Johnsons learned that Louisiana did not recognize Dominican divorces, and although she lived with Johnson as Mrs. Norman Johnson, Gayfryd had to remarry him, which she did in October 1977. This point in Steinberg’s life was perhaps his lowest. By 1992, Reliance was also one of the most heavily indebted insurance companies in America, largely, says Schiff, because of the 1982 leveraged buyout. The next day it was reported that Carl Icahn had bought one quarter of Reliance’s overdue bank debt, a development that could complicate Reliance’s negotiations with its creditors. Steinberg was forced to sell his extensive art collection along with his 17,000 square-foot, 34-room duplex apartment at 740 Park Avenue in Manhattan, which was bought for $37 million by Stephen A. Schwarzman of the Blackstone Group. “She was very bright, and different because of that,” says one society columnist. Saul Phillip Steinberg (August 13, 1939 – December 7, 2012)[1] was an American businessman and financier. Just what happened to Saul Steinberg’s money is a question that the Steinbergs’ friends wish people would stop asking. She also sued her son Robert for $1.5 million, a debt that also came due in December.[5]. Whoever sat Gayfryd Steinberg next to Michael Shnayerson at a dinner party had a strange sense of humor. Anne, on the other hand, has alleged in court documents that a letter from her submitted to the court by her sons’ attorney—suggesting that she would forgive the loans—was phony. And, friends point out, the marriage in 1999 of Saul’s son Jonathan—whose own company, Individual Investor, is also facing financial problems—to Maria Bartiromo, CNBC’s “Money Honey,” was a low-key affair held at the family’s Quogue home.

accused Steinberg of violating securities laws by touting the stock of the Pulte Home Corporation to friends as he was planning to sell his shares. “I just used to think I was part of it.”. Gayfryd’s 50th-birthday party, last January, friends note, wasn’t even given by the couple but by her friends Louise Grunwald, the wife of Time editor emeritus Henry Grunwald, and Susan Burden, widow of politician and book collector Carter Burden. [3] In 2000, Steinberg's mother, Anne Steinberg, sued Saul for $5 million that she says he borrowed from her in 1997 and promised to repay on December 1999. “[Leveraged- buyout king] Henry Kravis did it, too, but he was more low-key and smooth. As a woman-owned business, it qualified for minority set-aside contracts. As of last June, another eight million shares of Steinberg’s stock had been given as collateral for a $5 million loan from Bear Stearns, and 6.7 million had been pledged to Smith Barney for a $4 million loan. The couple, friends insist, have changed. In 2000 Steinberg sold his apartment at 740 Park Avenue in Manhattan to financier Stephen A. Schwarzman of The Blackstone Group for a reported $37 million. Perhaps, but a very real culprit was also his oversize ambition. Steinberg settled with the S.E.C. He claimed that he was short of cash because he had donated heavily to Israel during the Yom Kippur War, and had given some $250,000 to Richard Nixon’s re-election campaign. In 2000 Steinberg sold his apartment at 740 Park Avenue in Manhattan to financier Stephen A. Schwarzman of The Blackstone Group for a reported $37 million. Although never proved, it was alleged that Steinberg had bribed a New York politician in order to win a lucrative contract to build bus shelters in New York City. And in the foyer of their home, the Steinbergs had placed the piece that brought the highest price at Sotheby’s: an ornate George III ormolu-mounted mahogany writing commode that went for $2 million, well below its estimate of $3 million to $4 million. “They’ve been caricatured.”. Steinberg discovered that he could offer computer leases that would undercut IBM's prices and still obtain bank financing for the entire purchase price of the computers by using the signed leases as collateral with lenders. Steinberg offered the Reliance shareholders a combination of convertible subordinated debentures and common stock warrants (rather than cash). On December 22, hours after her divorce from Johnson was finalized, Gayfryd, newly converted to Judaism, married Steinberg. Saul also bought a condominium in Florida and then immediately had Reliance buy it from him for $350,000. Steinberg was born to a Jewish family[4] on August 13, 1939, and grew up in Brooklyn, New York the son of Julius and Anne Cohen Steinberg. Steinberg divorced his first wife after he met. By this time the family owned just under 50 percent of the company. Martzell remembers the day, shortly before Halloween, when he was with Johnson, talking to him about the prison term he might be facing. But some things had not changed. Their breakup, barely two years later, was a tabloid scandal. Born in Brooklyn and raised on Long Island, Saul was the oldest of Julius and Anne Steinberg’s four children. Additionally, Steinberg endowed the Saul P. Steinberg Professor of Management chair. [1] He has one brother, Robert Steinberg, and two sisters, Roni Sokoloff and Lynda Jurist. She did not put on airs at all, like some of these other trophy wives did.”, “At first, people were skeptical of Gayfryd,” says one social arbiter. In July she and Rayne moved into 740 Park Avenue with Saul. Despite Gayfryd’s efforts she and her husband were not welcomed into New Orleans society. It was a very specific grand taste,” she says. They are not moping around, they are paying their debts. In October a judge granted her motion to attach all of Robert’s assets in New York—even though his lawyer told the court that Robert’s bank might foreclose on his home if this motion was granted. [15] The Steinberg name is highly visible at Wharton, most notably attached to Steinberg-Dietrich Hall, which served as the main undergraduate building, containing classrooms, lounges, computer labs, and departmental offices.

Steinberg was age 29 when he took over Reliance. While at Wharton, Steinberg had written a paper about IBM Corp., and he had learned that IBM was charging premium prices to lease its computers. of $7 million in a scheme that had lasted throughout much of his marriage to Gayfryd. Steinberg discovered that he could offer computer leases that would undercut IBM's prices and still obtain bank financing for the entire purchase price of the computers by using the signed leases as collateral with lenders. At one point Lynda Jurist got a $400,000 interest-free loan from Reliance. They have done it with dignity,” says one friend. She didn’t have the cook or caterer do it. But there were some, including E. L. Doctorow, David Halberstam, and Ken Auletta, who were concerned about pen’s association with Saul Steinberg. It is impossible to tell just how deeply in debt Steinberg is, or how broke. Three years earlier, on a business trip to Los Angeles, he had met Laura Sconocchia Fisher, a P.R. Only the Steinbergs’ closest friends knew that last winter, while the couple were denying the rumors of trouble, Sotheby’s experts were moving through their home, meticulously cataloguing their Regency silver, the George II gilt-wood armchairs, the ormolu tables, the alabaster lamps, and the George III four-poster bed.


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