Word: burnham
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Dates: during 1980-1989
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Sunshine's 15-year bonds will be sold in $1,000 denominations next March, through underwriters Drexel Burnham Lambert, Inc. The company can redeem them in cash or bulk on. The amount of silver backing the bonds will be related to the spot-market price of the metal on the day of issue. But if, for example, each bond has 20 oz. of silver behind it, when it is redeemed the holder will receive $1,000 or the value of 20 oz. of silver, whichever is greater. The advantage to Sunshine, which recently escaped a bloody takeover attempt...
...commodities exchanges, the Chicago Board of Trade and the New York Commodity Exchange. The New York exchange alone currently has futures contracts outstanding for 155 million oz. of silver, but its warehouses contain only about 70 million oz. Warns Jack Boyd, vice president of New York's Drexel Burnham Lambert brokerage firm: "The ownership of the contracts is concentrated in only a very few hands, and there seems to be a definite indication on the part of the contract holders to want actual delivery...