December 13, 1990 |
Columbia Savings & Loan late Wednesday sued former Drexel Burnham Lambert junk bond wizard Michael Milken and nine former associates, alleging that they manipulated and coerced Columbia into becoming the biggest buyer of risky junk bonds among the nation's savings and loans. The 176-page lawsuit, filed in U.S. District Court in Los Angeles, effectively portrays Columbia as a puppet that Milken manipulated in almost a cult-like way.
June 20, 1990 |
Stock prices were mixed today in the third straight day of light trading although the Dow eked out a small gain. The Dow Jones average of 30 industrials increased 1.74 to 2,895.30. Broader indexes were down. The Dow average of 20 transportations was down 1.82 at 1,177.01 and the average of 15 utilities was down 0.38 at 208.56. Declining issues outnumbered gainers by about 8 to 7 on the New York Stock Exchange, with 667 up, 767 down and 559 unchanged. Big Board volume totaled 137.
July 19, 1990 |
Drexel Burnham Lambert Group, in bankruptcy proceedings, announced Wednesday that its board is being reorganized to give outsiders a majority and said John S. R. Shad had stepped down as chairman. Ralph S. Saul, a current Drexel board member and former chairman of Cigna Corp., was elected to succeed Shad, who will remain on the board as an outside director. Drexel also announced management changes that will consolidate the power of John F.
October 14, 1988 |
If Drexel Burnham Lambert Inc.'s "junk bond" wizard Michael Milken is eventually forced out of the firm by his considerable legal problems, John H. Kissick, the head of Drexel's West Coast corporate finance department, is likely to be designated head of Drexel's all-important operations in Beverly Hills, according to knowledgeable sources at the firm.
February 21, 1989 |
During the 2 1/2 years of investigations into stock and bond trading involving Michael Milken, Drexel Burnham Lambert's "junk bond" chief, little has been said publicly about the conduct of Drexel's chief executive, Frederick H. Joseph. But that may be about to change.
March 30, 1989 |
In 1986, Robert Berglass was a man with dreams in need of an investment bank to help fulfill them. Berglass, chairman and president of Dep Corp., a Rancho Dominguez-based manufacturer of cosmetics and other personal care products, wanted to enlarge his firm through acquisitions and internal expansion. But he needed cash. And various investment banks he interviewed for the job of raising cash said they needed three months to do the job and couldn't get to it right away.