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There doesn’t seem to be any way for Reliance Insurance, the largest property and casualty insurance company in U.S. history to face liquidation to fade out of the news quietly. As long as the Pennsylvania regulators and other insurers are left holding the hefty tab Reliance ran up, press will happen.

This time around the Pennsylvania Insurance Department (PID) is going after ex-Chairman Saul Steinberg, the man they claim bankrupted Reliance Global Holdings by draining the company of cash. They are interested in cracking into the mayonnaise jar they think he has in his backyard.

The lawsuit alleged, “the lavish lifestyles of controlling shareholders, including defendant Saul Steinberg, the enormous debt of the parent holding companies, and the huge personal debt of Saul Steinberg had become the driving force behind the draining of Reliance's cash.”

Rosanne Placey, spokeswoman for the PID told the Associated Press that the state hoped to recover “hundreds of millions of dollars,” through the suit. The money would help offset the estimated $122 million other property and casualty insurers and policyholders are expected to pay to cover Reliance’s and the other failed insurers’ claims.

Reliance was placed under the control of the state May 29, 2001. It defaulted in $500 million in bonds and bank debt and filed for bankruptcy in June 2001. The company was put into liquidation Oct. 3, 2001 after it was determined Reliance couldn’t be reorganized.

Along with New York financier Steinberg, the notorious corporate raider of the ’80s, the suite names 17 other former Reliance executives.