Some companies paid raiders to go away - a practice known as greenmail.

The company said it had rejected the proposal as greenmail.

Employees use the system as a for of greenmail.

But some corporate governance experts said the money appeared to be little more than greenmail.

Greenmail occurs when a company buys an investor's stake for more than its market value.

"I turned that down, based on fact I believed it was greenmail," he said.

Mr. Icahn said he had turned it down as greenmail.

The practice of paying greenmail is legal but questionable, and it does not make the recipient too popular.

"The last thing he did was greenmail at Goodyear."

"It's not my fault," he began, "how was I to know that they would pay greenmail?

Greenmail is the practice of buying stock back for more than the market price to fight off an unfriendly bid.

For example, it makes sense to outlaw greenmail.

"And long gone are the days when you pay a bit of greenmail and get rid of him."

It often suits raiders who prefer greenmail to a costly and uncertain battle.

Paying a premium to persuade an outside investor to sell shares back to a company is sometimes called "greenmail."

It's cheaper to settle, and just add the cost of his greenmail to the price of our aircraft.

"It's a scorched earth policy, the 1990's version of greenmail."

"We are not seeking and will not accept 'greenmail' from the company."

Mr. Icahn charged yesterday, however, that the company had offered him greenmail.

Greenmail is the payment by a company for stock held by a potential suitor at a price above market value.

Last year, the five commissioners voted unanimously that no legislative action was necessary to curb greenmail.

The greenmail blew up in his face.

He refuses to bribe Garfinkle to go away with greenmail.

This suggested that mobsters are engaging in a form of blackmail known as "greenmail."

Essentially, the board authorized the payment of greenmail to Maremont.