Word: defaulted
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...Milken first peddled junk for small and medium-size companies whose weak credit ratings kept them from issuing bonds that paid lower interest rates. When investors snapped up the junk, Milken expanded the market for his new securities. The tireless promoter argued that the risk of a junk-bond default was scarcely greater than the risk for blue-chip corporate bonds. Since junk securities paid interest rates about six percentage points higher than conventional bonds, Milken found many high rollers willing to buy them...
While the huge fine sapped Drexel's strength, the killing stroke was the severe slump in the $200 billion junk-bond market. Several factors -- a rising default rate, a slowing economy and a new federal law requiring S&Ls to dispose of their junk bonds -- conspired to send the prices of such securities plunging to 50% or less of their face value since last fall. Stuck with more than $1 billion in devaluing junk, Drexel's credit rating began sliding, and its banks cut off credit two weeks ago. The parent company, starved for cash, began to siphon money from...
...company's retirees on a regular basis. Revlon got its hands on $100 million in 1986, when it closed out its pension fund and bought an $85 million annuity -- from First Executive. A safety net protects employees in most states, which have agencies that insure private pension funds against default. The Federal Government guarantees many pensions as well. But it is uncertain how much protection this affords employees whose pension funds have been replaced by annuities. A few annuity holders could find their benefits drastically reduced...
Eric Rainer (9) won by default. Crimson, 28-18 at Malkin Athletic Center...
...match stood, with Harvard up by four, the Crimson couldn't afford to lose six points for a default. Peckham, Smith and the referees debated until Cooper finally signed a waiver, releasing Smith from any responsibility, and the bout began...