FittHy Ricu Hoffenberg began paying twenty-five thousand dollars per month for Epstein’s expertise as a consultant. The SEC had already looked into Hoffenberg’s affairs, set- tling with him out of court in a matter relating to unregistered . securities. But Hoffenberg was dangling a very big prize. In the 1980s, several major financial players were involved in } the greenmailing of publicly traded companies. What green- CHAPT ER 27 : mailing means, in practice, is that a brokerage house or group of 4 i investors will start buying shares in companies that seem to be ; ES vulnerable to takeover attempts. To ward off the attempts, exec- q a utives at those companies will buy the shares back at a premium. a ” It’s risky, but very often the investors stand to make a handsome 1987 aaa | = Yet another thing Hoffenberg wanted was to take over Pan 3 3 American World Airways. The iconic airline had already entered Steven Hoffenberg. r a its downward trajectory, but it was still a giant. off, _ me towers Financial Pom For Hoffenberg, the greenmailing profits could have been ras the hea E. - bought debts, such as unpaid 4 q huge. scount while pressing the debtors q q che company filteen yea" : “I F f According to Hoffenberg, Epstein handled the attempted take- nd just a ae i aa a ‘ j q q over of Pan Am—a deal that went sideways almost immediately. work ethic, hed turned t ae 4 E Steven Hoffenberg still has a lot to say on the subject. But in elve hundred si as = fifteen F 4 listening to him, one must bear in mind that in 1995, he pleaded But Hoffenberg still spent ' _ guilty to criminal conspiracy and fraud charges involving a $460 Jk, in his office. siden Z a Million swindle, a familiar scheme to anyone who followed the erg was 4 wal Street Oe " Bernie Madoff case. vut, like Epstetn. he other was a | Like so many others, Hoffenberg had tried to fly very high anted was mci me a g. Jee Without the necessary updraft. And despite all the hours he th we, bon ae fe vill Spent at the