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BUSINESS
May 30, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Drexel Burnham Lambert put its main brokerage unit and 14 other subsidiaries into bankruptcy proceedings Tuesday and named John F. Sorte, 42, to succeed Frederick H. Joseph as chief executive of the brokerage. Drexel also confirmed that the company plans to reorganize and emerge from bankruptcy proceedings as a going concern, although much smaller and with limited activities. Until recently, Drexel officials had said the entire company would be liquidated.
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BUSINESS
May 30, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Drexel Burnham Lambert put its main brokerage unit and 14 other subsidiaries into bankruptcy proceedings Tuesday and named John F. Sorte, 42, to succeed Frederick H. Joseph as chief executive of the brokerage. Drexel also confirmed that the company plans to reorganize and emerge from bankruptcy proceedings as a going concern, although much smaller and with limited activities. Until recently, Drexel officials had said the entire company would be liquidated.
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BUSINESS
July 19, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
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.
CALIFORNIA | LOCAL
November 30, 2009
Fred Joseph Junk-bond market co-creator Fred Joseph, 72, who as chief executive of investment bank Drexel Burnham Lambert helped create the modern junk-bond market in the 1980s before the firm's collapse, died Fridayin New York of multiple myeloma, said John F. Sorte, chief executive of Morgan Joseph & Co. Inc. Joseph arrived on Wall Street in 1963, joining E.F. Hutton. He later moved to Shearson Hammill, rising to chief operating officer before leaving to join Drexel's corporate finance department in 1974.
BUSINESS
March 24, 1992 | From Associated Press
No hostile takeovers. No junk-bond financings. No predators' ball. Drexel Burnham Lambert is dead. Long live Drexel Burnham Lambert. The company succeeding the fallen Wall Street power won't be able to raise billions with a couple of phone calls. It won't overpower its rivals. It won't attract the industry's hottest investment bankers. "If we weren't Drexel, nobody would even be interested in it," said John F.
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