Victor Posner (September 18, 1918 – February 11, 2002) was an American businessman. He was one of the highest-paid business executives of his generation. He was a pioneer of the leveraged buyout and became notorious for asset stripping .
95-518: Posner was born in Baltimore, Maryland , one of nine children of Russian-Jewish grocers Morris and Mary Posner. Though he left school at age 13, he claimed to have earned his first million dollars by the age of 21 by investing in real estate, although financial records do not confirm this. Taking advantage of the post- World War II demand for housing in America, in 1948, he developed land and built houses in
190-461: A Fortune 100 industrial company and the largest packaging company in the world. Triangle was sold to Pechiney in 1988. In 1997, through an investment vehicle they controlled, Triarc Companies, Inc., Peltz and May acquired Snapple from Quaker Oats . Snapple, together with other beverage brands, was sold to Cadbury Schweppes in 2000. The Snapple turnaround was featured as a Harvard Business School case study. Since May 2022, Peltz has been
285-601: A Jewish ceremony on April 9, 2022. Peltz resides at his home Montsorrel, in Palm Beach, Florida . The property was previously owned by Robert R. Young and his wife Anita. In 2015, he began a refurbishment and expansion project for the property. He also resides in Bedford, New York . Peltz has been described as a "notable Republican donor", though he has described his own sympathies as centrist, saying "this country operates way better between center-right and center-left". He
380-513: A Town on the North side of the Patapsco River." Surveyors began laying out the town on January 12, 1730. By 1752 the town had just 27 homes, including a church and two taverns. Jonestown and Fells Point had been settled to the east. The three settlements, covering 60 acres (24 ha), became a commercial hub, and in 1768 were designated as the county seat. The first printing press was introduced to
475-589: A clash between local youth and police that resulted in a state of emergency declaration and a curfew. Baltimore has seen the reopening of the Hippodrome Theatre in 2004, the opening of the Reginald F. Lewis Museum of Maryland African American History & Culture in 2005, and the establishment of the National Slavic Museum in 2012. On April 12, 2012, Johns Hopkins held a dedication ceremony to mark
570-593: A decline in major manufacturing, heavy industry , and restructuring of the rail industry , Baltimore has shifted to a service-oriented economy . Johns Hopkins Hospital and University are the top employers. Baltimore is home to the Baltimore Orioles of Major League Baseball , and the Baltimore Ravens of the National Football League . Many Baltimore neighborhoods have rich histories. The city
665-491: A delivery truck for A. Peltz & Sons, a wholesale food distribution business founded by his grandfather in 1896, which delivered fresh produce and Snow Crop brand frozen food to restaurants in New York. Peltz's father gave him free rein with the company, and over the next 15 years he and his older brother, Robert B. Peltz, grew the business, gradually shifting the product line from produce to institutional frozen foods. Over
760-501: A former fashion model, with whom he has eight children. Although Heffner never converted to Judaism, their sons each had bar mitzvahs . Among Peltz's children are actors Nicola Peltz (born 1995) and Will Peltz (born 1986). His son Brad Peltz (born 1989) was drafted by the Ottawa Senators hockey team, which Nelson Peltz himself was once rumored to have an interest in buying. His daughter Nicola married Brooklyn Beckham , in
855-607: A minority. The Baltimore Council passed the ordinance, and it became law on December 20, 1910, with Democratic Mayor J. Barry Mahool 's signature. The Baltimore segregation ordinance was the first of its kind in the United States. Many other southern cities followed with their own segregation ordinances, though the US Supreme Court ruled against them in Buchanan v. Warley (1917). The city grew in area by annexing new suburbs from
950-778: A non-executive director at Unilever . In January 2024, Peltz unsuccessfully self-nominated for a position on the board of Disney . In 2005, Peltz, May, and Ed Garden founded Trian Fund Management, L.P. As an activist investing firm, Trian has invested in such companies as Heinz , Cadbury , Kraft Foods , Ingersoll Rand , Wendy's , DuPont , Mondelēz , PepsiCo , State Street Corporation , Procter & Gamble and Family Dollar . Peltz has been married three times. In 1964, he married Cynthia Abrams, daughter of Emerson Radio & Phonograph Corporation co-founder Benjamin Abrams ; they divorced in 1981. They had two children. In 1985, he married his third wife, Claudia Heffner,
1045-562: A part in the American Revolution . City leaders such as Jonathan Plowman Jr. led many residents to resist British taxes , and merchants signed agreements refusing to trade with Britain. The Second Continental Congress met in the Henry Fite House from December 1776 to February 1777, effectively making the city the capital of the United States during this period. Baltimore, Jonestown , and Fells Point were incorporated as
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#17329025526031140-722: A period of dormancy in Baltimore City archaeological findings which had persisted since the 1980s. During the Late Woodland period, the archaeological culture known as the Potomac Creek complex resided in the area from Baltimore south to the Rappahannock River in present-day Virginia . The city is named after Cecil Calvert, 2nd Baron Baltimore , an English peer, member of the Irish House of Lords and founding proprietor of
1235-438: A run of acquisitions from 1982 and 1985, DWG faced heavy debt. Posner approached one of his backers, Carl Lindner, Jr. , for assistance. Instead in 1986, Lindner's American Financial Corporation had acquired warrants for more than 30 percent of DWG's shares. Linder backed down from exercising the warrants but forced Posner to reduce his pay from DWG. Posner also started selling off DWG assets: Foxcroft and Enro shirt groups and
1330-642: A simple name, DWG Cigar Corporation. Another series of acquisitions started in 1948 with the Nathan Elson Company following with A. Sensenbrenner & Sons in 1955 and in 1956 Chicago Motor Club Cigar and Reading, Pennsylvania-based Yocum Brothers. With the weakening of the cigar market due to medical advisories, many smokers switched to cigarettes, which were then believed to be safer. DWG then streamlined cigar operations and began looking for other businesses that might suit DWG's wholesale and distribution strength. The New York Stock Exchange delisted DWG in 1965,
1425-658: A trust Victor Posner had set aside for Ward's daughter Melody. In addition, the Victor Posner estate got tied up in liens from the Pension Benefit Guarantee Corp., the Federal agency noting that the pension plan sponsored by Posner's estate had a shortfall of $ 38.8 million, and the plan was terminated by the agency. Nestor still operates Victor Posner Enterprises, a property development company in Florida. Honors include
1520-474: A unique skyline peppered with churches and monuments developed. Baltimore acquired its moniker "The Monumental City" after an 1827 visit to Baltimore by President John Quincy Adams . At an evening function, Adams gave the following toast: "Baltimore: the Monumental City—May the days of her safety be as prosperous and happy, as the days of her dangers have been trying and triumphant." Baltimore pioneered
1615-483: Is Baltimore's nonprofit historic and architectural preservation organization, which works to preserve and promote Baltimore's historic buildings and neighborhoods. Baltimore is officially divided into nine geographical regions: North, Northeast, East, Southeast, South, Southwest, West, Northwest, and Central, with each district patrolled by a respective Baltimore Police Department . Interstate 83 and Charles Street down to Hanover Street and Ritchie Highway serve as
1710-517: Is a former director of H.J. Heinz Company , Mondelēz International , and Ingersoll Rand and a former CEO of Triangle Industries. Peltz was born to a Jewish family in 1942 in Brooklyn , New York, the son of Claire ( née Wechsler; 1905–2007) and Maurice Herbert Peltz (1901–1977). He was the youngest of their three children, and grew up in the Cypress Hills section of Brooklyn, a sub-section of
1805-612: Is a longtime friend and supporter of Democratic U.S. Senator Joe Manchin , whom he has credited with "keeping our elected officials somewhere in the middle". In 2020, Peltz organized a fundraiser in support of the re-election campaign of President Donald Trump , but following the storming of the United States Capitol on January 6, 2021, Peltz said on CNBC on January 7, "I voted for [Trump] in this past election in November. Today I'm sorry I did that." During
1900-583: Is a neoclassical design by Benjamin Latrobe, and one of the oldest Catholic cathedrals in the United States. In 1813, Robert Cary Long Sr. built for Rembrandt Peale the first substantial structure in the United States designed expressly as a museum. Restored, it is now the Municipal Museum of Baltimore, or popularly the Peale Museum . The McKim Free School was founded and endowed by John McKim. The building
1995-400: Is bordered by Anne Arundel County to the south. Baltimore exhibits examples from each period of architecture over more than two centuries, and work from architects such as Benjamin Latrobe , George A. Frederick , John Russell Pope , Mies van der Rohe , and I. M. Pei . Baltimore is rich in architecturally significant buildings in a variety of styles. The Baltimore Basilica (1806–1821)
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#17329025526032090-550: Is home to some of the earliest National Register Historic Districts in the nation, including Fell's Point , Federal Hill , and Mount Vernon . Baltimore has more public statues and monuments per capita than any other city in the country. Nearly one third of the buildings (over 65,000) are designated as historic in the National Register , more than any other US city. Baltimore has 66 National Register Historic Districts and 33 local historic districts. The historical records of
2185-443: Is one of few remaining structures of its kind. It was constructed without the use of exterior scaffolding. The Sun Iron Building, designed by R.C. Hatfield in 1851, was the city's first iron-front building and was a model for a whole generation of downtown buildings. Brown Memorial Presbyterian Church , built in 1870 in memory of financier George Brown , has stained glass windows by Louis Comfort Tiffany and has been called "one of
2280-444: Is the tallest equilateral pentagonal building in the world at 405 feet (123 m) tall. The Harbor East area has seen the addition of two new towers which have completed construction: a 24-floor tower that is the new world headquarters of Legg Mason , and a 21-floor Four Seasons Hotel complex. The streets of Baltimore are organized in a grid and spoke pattern, lined with tens of thousands of rowhouses . The mix of materials on
2375-615: The 2024 Republican Party presidential primaries , Peltz was an early supporter of the campaign of Ron DeSantis , though he was later reported to express misgivings over DeSantis' support for banning abortion after the sixth week of pregnancy. After Trump became the presumptive Republican nominee, Peltz said he would reluctantly vote for him, telling the Financial Times that he disagreed with President Joe Biden 's immigration policies and expressing skepticism over Biden's age and health . In February 2014, Forbes listed Peltz as one of
2470-715: The Baltimore Convention Center (1979). Harborplace , an urban retail and restaurant complex, opened on the waterfront in 1980, followed by the National Aquarium , Maryland's largest tourist destination, and the Baltimore Museum of Industry in 1981. In 1995, the city opened the American Visionary Art Museum on Federal Hill. During the epidemic of HIV/AIDS in the United States , Baltimore City Health Department official Robert Mehl persuaded
2565-461: The Baltimore Ravens football team moved into M&T Bank Stadium next to Camden Yards. Baltimore has had a high homicide rate for several decades, peaking in 1993, and again in 2015. These deaths have taken an especially severe toll within the black community. Following the death of Freddie Gray in April 2015, the city experienced major protests and international media attention, as well as
2660-764: The East New York neighborhood. He attended Horace Mann School in the Bronx . Peltz attended the undergraduate program at the Wharton School of the University of Pennsylvania starting in 1960, where he joined the fraternity of Phi Gamma Delta , but left school in 1963, without receiving a degree. Peltz dropped out of the Wharton School with the intention of becoming a ski instructor in Oregon . However, he ended up driving
2755-477: The Midwest . By 1820 its population had reached 60,000, and its economy had shifted from its base in tobacco plantations to sawmilling , shipbuilding , and textile production. These industries benefited from war but successfully shifted into infrastructure development during peacetime. Baltimore had one of the worst riots of the antebellum South in 1835, when bad investments led to the Baltimore bank riot . It
2850-480: The National Aquarium , Maryland Science Center , Pier Six Pavilion , and Power Plant Live . Nelson Peltz Nelson Peltz (born June 24, 1942) is an American billionaire businessman and investor. He is a founding partner, together with Peter W. May and Edward P. Garden, of Trian Partners , an alternative investment management fund based in New York. He is non-executive chairman of Wendy's Company , Sysco , and The Madison Square Garden Company . He
2945-740: The National Guard , leaving 10 dead and 25 wounded. The beginnings of settlement movement work in Baltimore were made early in 1893, when Rev. Edward A. Lawrence took up lodgings with his friend Frank Thompson, in one of the Winans tenements, the Lawrence House being established shortly thereafter at 814-816 West Lombard Street. On February 7, 1904, the Great Baltimore Fire destroyed over 1,500 buildings in 30 hours, leaving more than 70 blocks of
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3040-592: The Province of Maryland . The Calverts took the title Barons Baltimore from Baltimore Manor , an English Plantation estate they were granted in County Longford , Ireland . Baltimore is an anglicization of the Irish name Baile an Tí Mhóir , meaning "town of the big house". In the early 1600s, the immediate Baltimore vicinity was sparsely populated, if at all, by Native Americans. The Baltimore County area northward
3135-476: The U.S. state of Maryland . With a population of 585,708 at the 2020 census , it is the 30th-most populous US city . Baltimore was designated as an independent city by the Constitution of Maryland in 1851, and is the most populous independent city in the nation. As of 2020 , the population of the Baltimore metropolitan area was 2,838,327, the 20th-largest metropolitan area in the country. When combined
3230-687: The Union during the American Civil War , following the 55–12 vote by the Maryland General Assembly against secession. Later, the Union's strategic occupation of the city in 1861 ensured Maryland would not further consider secession. The Union's capital of Washington, D.C. was well-situated to impede Baltimore and Maryland's communication or commerce with the Confederacy . Baltimore experienced some of
3325-660: The United Arab Emirates , and Michael Bloomberg . In September 2016, the Baltimore City Council approved a $ 660 million bond deal for the $ 5.5 billion Port Covington redevelopment project championed by Under Armour founder Kevin Plank and his real estate company Sagamore Development. Port Covington surpassed the Harbor Point development as the largest tax-increment financing deal in Baltimore's history and among
3420-552: The Washington–Baltimore combined statistical area (CSA) had a 2020 population of 9,973,383, the third-largest in the country. Though the city is not located within or under the administrative jurisdiction of any county in the state, it is part of the Central Maryland region, together with the surrounding county that shares its name . The land that is present-day Baltimore was used as hunting ground by Paleo-Indians . In
3515-479: The assassination of Martin Luther King Jr. on April 4, 1968. Public order was not restored until April 12, 1968. The Baltimore uprising cost the city an estimated $ 10 million (US$ 88 million in 2024). A total of 12,000 Maryland National Guard and federal troops were ordered into the city. The city experienced challenges again in 1974 when teachers, municipal workers , and police officers conducted strikes. By
3610-402: The deep South and by white suburbanization , the relative size of the city's black population grew from 23.8% in 1950 to 46.4% in 1970. Encouraged by real estate blockbusting techniques, recently settled white areas rapidly became all-black neighborhoods, in a rapid process which was nearly total by 1970. The Baltimore riot of 1968 , coinciding with uprisings in other cities , followed
3705-449: The 25 highest-earning hedge fund managers in 2013, with total earnings of $ 430 million, ranked 16th. According to Forbes Magazine , Peltz had a net worth of $ 1.51 billion as of February 2017. This made him the 432nd-richest person in the US. As of October 2021, his net worth was estimated at US$ 1.7 billion. In 2005, Peltz was among 53 entities that contributed the maximum of $ 250,000 to
3800-528: The Baltimore area and inhabited primarily the north bank of the Potomac River in what are now Charles and southern Prince George's counties in the coastal areas south of the Fall Line . European colonization of Maryland began in earnest with the arrival of the merchant ship The Ark carrying 140 colonists at St. Clement's Island in the Potomac River on March 25, 1634. Europeans then began to settle
3895-655: The Baltimore area, and by 1952, was building more than 1,100 dwellings per year. In 1954, he moved to Miami Beach, Florida , where he continued to invest in real estate and publicly traded companies. He became the head of numerous companies over his career, including Security Management Corporation (owner of rental property in Maryland and Florida), DWG Corporation ( Arby's and Royal Crown ), NVF Company , Sharon Steel , Pennsylvania Engineering Corporation, Salem Corporation, APL Corporation, Evans Products, Graniteville, and Southeastern Public Service Company. Posner's primary vehicle
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3990-621: The City of Baltimore in 1796–1797. The city remained a part of surrounding Baltimore County and continued to serve as its county seat from 1768 to 1851, after which it became an independent city . The Battle of Baltimore against the British in 1814 inspired the U.S. national anthem, " The Star-Spangled Banner ", and the construction of the Battle Monument , which became the city's official emblem. A distinctive local culture started to take shape, and
4085-698: The Europeans. In 1661 David Jones claimed the area known today as Jonestown on the east bank of the Jones Falls stream. The colonial General Assembly of Maryland created the Port of Baltimore at old Whetstone Point, now Locust Point , in 1706 for the tobacco trade . The Town of Baltimore, on the west side of the Jones Falls, was founded on August 8, 1729, when the Governor of Maryland signed an act allowing "the building of
4180-631: The National Aquarium, Camden Yards have helped revive the Inner Harbor area from what once was an exclusively industrial district full of dilapidated warehouses into a bustling commercial district full of bars, restaurants, and retail establishments. After an international competition, the University of Baltimore School of Law awarded the German firm Behnisch Architekten 1st prize for its design, which
4275-688: The Posners' purchase of stock in the electrical contractor Fischbach Corporation. Again, in 1988, a bankruptcy judge ordered him to return several original Norman Rockwell paintings to the Sharon Steel Corporation, which he had removed from the company's headquarters when he acquired the company. In 1993, both Steven Posner and he were barred by the SEC from being an officer or director of a public company. Posner died of pneumonia on February 11, 2002, after suffering declining health for several years. Posner
4370-470: The Snapple Lady. Cable Car Beverage Corporation, maker of Stewart's Root Beer and other flavors, was purchased by Triarc in November 1997. National Propane Corporation was sold in 1999. Snapple, Mistic, and Stewart's (formerly Cable Car Beverage) was sold by the company to Cadbury Schweppes in 2000 for $ 1.45 billion In October of that same year, Cadbury Schweppes purchased Royal Crown from Triarc. He
4465-574: The US. Sharon Steel had a coke plant in Fairmont, West Virginia , a steel plant in Farrell, Pennsylvania , and a coal mine in Rachel, Pennsylvania. His purchase was motivated by the company's low valuation, level cash flow, and low debt. It was intended to become a source of cash for additional investments to capitalize on the rising price of coal during the energy crisis of the early 1970s. His investment would be
4560-538: The United States today. Lexington Market was also a center of slave trading. Enslaved Black people were sold at numerous sites through the downtown area, with sales advertised in The Baltimore Sun . Both tobacco and sugar cane were labor-intensive crops. In 1774, Baltimore established the first post office system in what became the United States, and the first water company chartered in the newly independent nation, Baltimore Water Company, 1792. Baltimore played
4655-475: The Victor Posner Center for Communicative Disorders, University of Miami Ear Institute (named in his honor) and an honorary Doctor of Laws Degree, University of Miami. In 1988, $ 3 million in charitable donations were ordered as part of a sentence for tax evasion. He was also required to work 5000 hours of community service time. Baltimore, Maryland Baltimore is the most populous city in
4750-450: The addition of new products. Triarc sold off its textiles by 1997. In 1997, Triarc acquired Snapple Beverages from Quaker Oats , which had bought the company from leveraged buyout firm Thomas H. Lee Partners in 1994 for $ 1.7 billion. Quaker discontinued the Wendy the Snapple Lady (Wendy Kaufman) advertisements and sold Snapple to Triarc for $ 300 million in 1994. Triarc reintroduced Wendy
4845-492: The appointed directors from presenting their report to the full board forcing Judge Lambros to convert 50% of Security Management Company ownership in DWG to preferred shares and to sell the remaining common stock. Posner resigned as chair of DWG in 1992 and sold his shares to Trian Group, a New York-based investment partnership led by Nelson Peltz and Peter May . Shareholders agreed to drop their longstanding lawsuits claiming that DWG
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#17329025526034940-513: The area further north, in what is now Baltimore County . Since Maryland was a colony, Baltimore's streets were named to show loyalty to the mother country, e.g. King, Queen, King George and Caroline streets. The original county seat , known today as Old Baltimore, was located on Bush River within the present-day Aberdeen Proving Ground . The colonists engaged in sporadic warfare with the Susquehannock, whose numbers dwindled primarily from new infectious diseases, such as smallpox , endemic among
5035-535: The bankruptcy court appointed a trustee to take over shortly thereafter, since Posner refused to undo some $ 10 million in payouts to himself and his son Steven (among other questionable transfers of corporate assets to other businesses controlled by Posner), at a time when Sharon Steel was hemorrhaging $ 2 million per month. On appeal, the Third Circuit affirmed. DWG was the target of a takeover attempt by Granada Investments. Evans Products operated in Chapter 11 and did not emerge until former Chairman and CEO Monford Orloff
5130-431: The beginning of the 1970s, Baltimore's downtown area, known as the Inner Harbor, had been neglected and was occupied by a collection of abandoned warehouses. The nickname "Charm City" came from a 1975 meeting of advertisers seeking to improve the city's reputation. Efforts to redevelop the area started with the construction of the Maryland Science Center , which opened in 1976, the Baltimore World Trade Center (1977), and
5225-442: The citrus operation. A deal for Royal Crown fell through. Posner has been an associate of Michael Milken . An investor that Posner contacted to help get Sharon Steel out of bankruptcy, indicated that his lawyer, Andrew Heine, might want to buy Fischbach Corp. Just short of Fischbach being sold, Heine's Granada Investments Company made a bid for all of DWG at $ 22 per share. Posner converted all DWG options into voting shares but
5320-400: The city in 1765 by Nicholas Hasselbach , whose equipment was later used in the printing of Baltimore's first newspapers, The Maryland Journal and The Baltimore Advertiser , first published by William Goddard in 1773. Baltimore grew swiftly in the 18th century, its plantations producing grain and tobacco for sugar-producing colonies in the Caribbean . The profit from sugar encouraged
5415-426: The city's 1.6-mile-long (2.6 km) Francis Scott Key Bridge , which constituted a southeast portion of the Baltimore Beltway , was struck by a container ship and completely collapsed . A major rescue operation was launched with US authorities attempting to rescue people in the water. Eight construction workers, who were working on the bridge at the time, fell into the Patapsco River . Two people were rescued from
5510-433: The city's mayor to form a committee to address food problems. The Baltimore-based charity Moveable Feast grew out of this initiative in 1990. In 1992, the Baltimore Orioles baseball team moved from Memorial Stadium to Oriole Park at Camden Yards , located downtown near the harbor. Pope John Paul II held an open-air mass at Camden Yards during his papal visit to the United States in October 1995. Three years later
5605-422: The company then sold their remaining cigar operations or closed them in 1966. Renamed as DWG Corporation, DWG used its cash from the cigar operation sale to purchase a 12% share of the National Propane Corporation. Security Management Company, headed by Victor Posner, a major investor in DWG saw potential with the company as it was bold to sell its main operation. Posner saw it as a good takeover vehicle and became
5700-411: The completion of one of the United States' largest medical complexes – the Johns Hopkins Hospital in Baltimore – which features the Sheikh Zayed Cardiovascular and Critical Care Tower and The Charlotte R. Bloomberg Children's Center. The event, held at the entrance to the $ 1.1 billion 1.6 million-square-foot-facility, honored the many donors including Sheikh Khalifa bin Zayed Al Nahyan , first president of
5795-480: The controlling interest of DWG. Posner usually placed himself as chairman of the board and president of each company that his Security Management Company subsidiaries, DWG or NVF, a vulcanized fiber manufacturer that controlled the other half of Posner's companies. So while collecting reasonable compensation at each company, Posner's overall compensation surpassed major corporation executive pay like General Motors . NVF controlled Sharon Steel Corporation, one of
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#17329025526035890-433: The country's largest specialty steel manufacturers, which led to legal trouble. Posner sat on Sharon Steel's pension trustee board and directed the pension board to invest in Posner-owned properties. In 1971 the SEC sued, after which Posner then agreed not to sit on any pension board for any of his companies. Posner basically let those companies that could get by with minimum maintenance and nothing more do just that. With
5985-414: The cultivation of cane in the Caribbean and the importation of food by planters there. Since Baltimore was the county seat, a courthouse was built in 1768 to serve both the city and county. Its square was a center of community meetings and discussions. Baltimore established its public market system in 1763. Lexington Market , founded in 1782, is one of the oldest continuously operating public markets in
6080-569: The downtown area burned to the ground. Damages were estimated at $ 150 million in 1904 dollars. As the city rebuilt during the next two years, lessons learned from the fire led to improvements in firefighting equipment standards. Baltimore lawyer Milton Dashiell advocated for an ordinance to bar African-Americans from moving into the Eutaw Place neighborhood in northwest Baltimore. He proposed to recognize majority white residential blocks and majority black residential blocks and to prevent people from moving into housing on such blocks where they would be
6175-402: The downtown population grew 130 percent as old commercial properties have been replaced by residential property. Still the city's main commercial area and business district, it includes Baltimore's sports complexes: Oriole Park at Camden Yards , M&T Bank Stadium , and the Royal Farms Arena ; and the shops and attractions in the Inner Harbor: Harborplace , the Baltimore Convention Center ,
6270-412: The earliest violence associated with the American Civil War . The Baltimore and Ohio Railroad , the nation's oldest, was built in 1830 and cemented Baltimore's status as a transportation hub, giving producers in the Midwest and Appalachia access to the city's port . Baltimore's Inner Harbor was the second leading port of entry for immigrants to the US and a major manufacturing center. After
6365-522: The early 1600s, the Susquehannock began to hunt there. People from the Province of Maryland established the Port of Baltimore in 1706 to support the tobacco trade with Europe, and established the Town of Baltimore in 1729. During the American Revolutionary War , the Second Continental Congress , fleeing Philadelphia prior to its fall to British troops , moved their deliberations to Henry Fite House on West Baltimore Street from December 1776, to February 1777, permitting Baltimore to serve briefly as
6460-453: The east–west dividing line and Eastern Avenue to Route 40 as the north–south dividing line; however, Baltimore Street is north–south dividing line for the U.S. Postal Service . Central Baltimore, originally called the Middle District, stretches north of the Inner Harbor up to the edge of Druid Hill Park . Downtown Baltimore has mainly served as a commercial district with limited residential opportunities; however, between 2000 and 2010,
6555-481: The elder Posner was paying himself too much money and had wrongly removed Steven as a company director. They settled the suit by flipping a coin over the share of more than $ 200 million worth of property. Steven was killed in a high-speed boat crash near Miami , Florida , on 29 November 2010. Gail died on 19 March 2010 in Miami Beach , Florida . Shortly before he died, Posner prepared a new will that removed his children and grandchildren as heirs to his estate, which
6650-401: The employees' pension fund, would be raided and reinvested in Mr Posner's other companies." Posner was a maverick player in the world of corporate finance. Many of his dealings were alleged to be illegal and he was closely watched by the Securities and Exchange Commission from the mid-1980s on. In 1969 he initiated the hostile takeover of Sharon Steel , one of the earliest such takeovers in
6745-407: The face of these rowhouses also give Baltimore its distinct look. The rowhouses are a mix of brick and formstone facings, the latter a technology patented in 1937 by Albert Knight. John Waters characterized formstone as "the polyester of brick" in a 30-minute documentary film, Little Castles: A Formstone Phenomenon . In The Baltimore Rowhouse , Mary Ellen Hayward and Charles Belfoure considered
6840-591: The first casualties of Civil War on April 19, 1861, when Union Army soldiers en route from President Street Station to Camden Yards clashed with a secessionist mob in the Pratt Street riot . In the midst of the Long Depression that followed the Panic of 1873 , the Baltimore and Ohio Railroad company attempted to lower its workers' wages, leading to strikes and riots in the city and beyond . Strikers clashed with
6935-688: The forerunner of the leveraged buyout and junk bonds business of the 1980s. Meanwhile, the Fairmont coke plant was one of the worst polluters in the Monongahela Valley and Posner stopped investing in it. It closed in 1979. The late 1980s were the start of his downfall. In 1987, Sharon Steel operated in Chapter 11 bankruptcy protection. At first, Posner stayed on as CEO and chairman as is customary in Chapter 11 business reorganizations. Against Posner's objection,
7030-762: The government of Baltimore are located at the Baltimore City Archives . The Baltimore area had been inhabited by Native Americans since at least the 10th millennium BC , when Paleo-Indians first settled in the region. One Paleo-Indian site and several Archaic period and Woodland period archaeological sites have been identified in Baltimore, including four from the Late Woodland period . In December 2021, several Woodland period Native American artifacts were found in Herring Run Park in northeast Baltimore, dating 5,000 to 9,000 years ago. The finding followed
7125-400: The harbor to 480 feet (150 m) in the northwest corner near Pimlico . In the 2010 census, Baltimore has a total area of 92.1 square miles (239 km ), of which 80.9 sq mi (210 km ) is land and 11.1 sq mi (29 km ) is water. The total area is 12.1 percent water. Baltimore is almost surrounded by Baltimore County, but is politically independent of it. It
7220-399: The largest urban redevelopment projects in the country. The waterfront development that includes the new headquarters for Under Armour, as well as shops, housing, offices, and manufacturing spaces is projected to create 26,500 permanent jobs with a $ 4.3 billion annual economic impact. Goldman Sachs invested $ 233 million into the redevelopment project. In the early hours of March 26, 2024,
7315-451: The lender asked Peltz to salvage their outstanding loan. Within a year, the loans were repaid as Peltz rebuilt the business. In the 1980s, Peltz and May, who had joined Flagstaff as Chief Financial Officer (CFO) after having been its accountant, went looking for new acquisitions. In April 1983, the two bought a stake in vending-machine and wire company Triangle Industries Inc. with the idea of using it to make acquisitions, building it into
7410-430: The most significant buildings in this city, a treasure of art and architecture" by Baltimore magazine. The 1845 Greek Revival -style Lloyd Street Synagogue is one of the oldest synagogues in the United States . The Johns Hopkins Hospital , designed by Lt. Col. John S. Billings in 1876, was a considerable achievement for its day in functional arrangement and fireproofing. I.M. Pei's World Trade Center (1977)
7505-567: The nation's capital , before it returned to Philadelphia in March 1777. The Battle of Baltimore was pivotal during the War of 1812 , culminating in the failed British bombardment of Fort McHenry , during which Francis Scott Key wrote a poem that would become " The Star-Spangled Banner ", designated as the national anthem in 1931. During the Pratt Street Riot of 1861 , the city was the site of some of
7600-404: The next 10 years, Peltz bought up several food companies, and in 1973, he and his brother together with Peltz's business partner, Peter May , who joined Peltz in 1972, took their company, then called Flagstaff Corp., with $ 150 million in sales, public. In 1979, Peltz sold Flagstaff's foodservice business division to a group of investors. Two years later, the food service business went bankrupt and
7695-472: The rowhouse as the architectural form defining Baltimore as "perhaps no other American city". In the mid-1790s, developers began building entire neighborhoods of the British-style rowhouses, which became the dominant house type of the city early in the 19th century. Oriole Park at Camden Yards is a Major League Baseball park, which opened in 1992 and was built as a retro style baseball park. Along with
7790-492: The surrounding counties through 1918, when the city acquired portions of Baltimore County and Anne Arundel County . A state constitutional amendment, approved in 1948, required a special vote of the citizens in any proposed annexation area, effectively preventing any future expansion of the city's boundaries. Streetcars enabled the development of distant neighborhoods areas such as Edmonson Village whose residents could easily commute to work downtown. Driven by migration from
7885-415: The use of gas lighting in 1816, and its population grew rapidly in the following decades, with concomitant development of culture and infrastructure. The construction of the federally funded National Road , which later became part of U.S. Route 40 , and the private Baltimore and Ohio Railroad (B. & O.) made Baltimore a major shipping and manufacturing center by linking the city with major markets in
7980-786: The water, and the bodies of the remaining six were all found by May 7. Replacement of the bridge was estimated in May 2024 at a cost approaching $ 2 billion for a fall 2028 completion. Baltimore is in north-central Maryland on the Patapsco River , close to where it empties into the Chesapeake Bay . Baltimore is located on the fall line between the Piedmont Plateau and the Atlantic coastal plain , which divides Baltimore into "lower city" and "upper city". Baltimore's elevation ranges from sea level at
8075-532: Was a party in a landmark Florida case involving the validity and permissible scope of prenuptial agreements. Posner had two children from his first marriage: twins Steven and Gail; and two children from his second marriage to Sari Posner (m. 1960–1966): Tracy and Lance. He was not married at the time of his death. His girlfriend, former actress Brenda Nestor Castellano, was also a business partner. In 1995, Steven sued his father over alleged mismanagement of his company, Security Management Corporation, claiming that
8170-498: Was brought back to the company and vendors and lenders were assured that Posner would leave the company. In 1988, he pleaded no contest to tax evasion and fraud for inflating the value of land he donated to Miami Christian College in 1975. He was ordered to pay more than $ 6 million in costs and fines and to devote 20 hours a week for five years to working with the homeless. Also in 1988, the SEC sued Drexel Burnham Lambert and charged Posner and his son Steven with scheming to conceal
8265-516: Was erected by his son Isaac in 1822 after a design by William Howard and William Small. It reflects the popular interest in Greece when the nation was securing its independence and a scholarly interest in recently published drawings of Athenian antiquities. The Phoenix Shot Tower (1828), at 234.25 feet (71.40 m) tall, was the tallest building in the United States until the time of the Civil War, and
8360-595: Was raided and stripped. In 1993, DWG's name was changed to Triarc Companies, Inc. Peltz served as CEO of the company from 1993 through 2007, during which time the company sold several holdings in order to focus on food and beverage operations after initially deciding on focusing on soft drinks, fast food, textiles, and liquefied petroleum gas . Triarc in August 1995 purchased Mistic Brands, Inc. from Joseph Victori Wines, Inc. for $ 97 million, adding to its beverage holdings of Royal Crown Cola, and turned Mistic Brands around with
8455-567: Was said by Forbes magazine to "have the arrogance of a banana republic dictator" and by The New York Times to be the "dean of the corporate takeover". The Economist said, after he died, "he was a pioneer of the hostile takeover of a public company. He was dismissive of the convention previously observed that a takeover should have the agreement of the existing board. He would spot a company whose assets he judged were undervalued, gain control and milk it. Some bits would be sold off, others would be closed. Previously unconsidered treasures, such as
8550-589: Was selected for the school's new home. After the building's opening in 2013, the design won additional honors including an ENR National "Best of the Best" Award. Baltimore's newly rehabilitated Everyman Theatre was honored by the Baltimore Heritage at the 2013 Preservation Awards Celebration in 2013. Everyman Theatre will receive an Adaptive Reuse and Compatible Design Award as part of Baltimore Heritage's 2013 historic preservation awards ceremony. Baltimore Heritage
8645-634: Was the Deisel-Wemmer Co., a cigar manufacturer and importer based in Ohio, which was founded in 1884. By January 23, 1929, Deisel-Wemmer incorporated as Deisel-Wemmer-Gilbert Corporation (DWG) when acquired by an investment group. DWG was a small outfit and just to keep up market share purchased other small cigar companies like Odin cigars in 1930 and the Bernard Schwartz Cigar Corporation in 1939. The Company on May 15, 1946, changed its name to
8740-486: Was these riots that led to the city being nicknamed "Mobtown". Soon after the city created the world's first dental college, the Baltimore College of Dental Surgery , in 1840, and shared in the world's first telegraph line , between Baltimore and Washington, D.C. , in 1844. Maryland, a slave state with limited popular support for secession , especially in the three counties of Southern Maryland, remained part of
8835-560: Was unable to vote them due to an Ohio judge's order. Granada sued Posner for not taking the bid seriously and Posner sued back stating the bid had no merit. Posner lost the case in 1991 and was forced to pay $ 5.5 million to Granada. Furthermore, the judge noting other investigations in illegal stock trading in the Fischbach acquisition and of Posner's compensation added three court-appointed directors to DWG's board as audit, compensation, and intercorporate transactions committees. Posner stopped
8930-666: Was used as hunting grounds by the Susquehannock living in the lower Susquehanna River valley. This Iroquoian-speaking people "controlled all of the upper tributaries of the Chesapeake" but "refrained from much contact with Powhatan in the Potomac region " and south into Virginia. Pressured by the Susquehannock, the Piscataway tribe , an Algonquian-speaking people , stayed well south of
9025-474: Was valued between $ 200 million and $ 1 billion. Instead, Brenda Nestor was named as the main beneficiary. Posner's children and his adult grandchildren sued on grounds that he was not competent when he made the changes. The legal entanglements continued until the last lawsuit was settled on April 8, 2015, over the $ 195 million estate Posner bequeathed to Nestor. The Florida Third District Court of Appeal ruled Tracy Posner Ward could not sue Nestor for $ 5.8 million in
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