Word: bondses
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The sobs that shook Michael Milken in Manhattan federal court last week punctuated the most dizzying fall from power in modern Wall Street history. They came as federal Judge Kimba Wood sentenced the financial wizard, whose junk bonds fueled the epic 1980s takeover wars, to 10 years in prison. Said...
Even as Milken heard his sentence, the firm he had built into a financial powerhouse was under legal siege once again. Federal regulators earlier this month filed a $6.8 billion claim against the bankrupt Drexel for allegedly rigging the junk-bond market and selling bonds to savings and loans before...
When he emerges from prison, Milken will remain an extravagantly wealthy man. At the height of his power, from 1983 to 1987, Drexel paid him $1.1 billion for pioneering junk bonds and turning them into Wall Street's most lucrative money machine. Instead of squandering the fortune on yachts and...
The self-proclaimed King of the Deal managed to stave off disaster again -- but for how long? Last week Donald Trump missed a $47 million semiannual interest payment on $675 million worth of junk bonds used to finance his Taj Mahal casino in Atlantic City. Taj bondholders had the right...
Yet companies have other ways to restructure their debt, notably by using corporate stock. Firms in relatively good financial health can raise money by offering new shares on the market. Mr. Coffee, which was leveraged to the hilt as the result of a 1987 buyout, was able to wipe out...