Word: drexel
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...certain of wringing all it can from Milken and his co-defendants, the FDIC demanded to know his net worth, together with that of some 150 of his former colleagues at the firm Drexel Burnham Lambert who agreed to contribute $300 million to the settlement. (The firm's insurers would put up an additional $100 million...
Milken's latest payment would be part of a $1.3 billion deal that calls for other former executives of the Drexel Burnham Lambert investment firm to contribute $300 million. The officers' insurance firms would provide the remaining $100 million. At the same time, Pollack would decide how to distribute the funds among plaintiffs in the various legal actions...
...event on Wall Street in the '80s was more artfully avaricious than the payout of over $250 million in employee bonuses shortly before the collapse of Drexel Burnham Lambert. The bonus bonanza -- which totaled more than twice the amount of the debt on which Drexel defaulted -- helped push the firm over the edge, as it struggled with mounting lawsuits over the dealings of its junk- bond division. Now the reorganized company is suing the recipients of its largesse to recover the loot...
...Drexel won't find it easy to recoup the money. Last October, the SEC criticized the payments as excessive but not illegal. However, under the , bankruptcy code, companies can sue for the return of so-called preference payments dating back one year before the firms collapsed. "Drexel will also argue that the bonuses were a fraudulent conveyance," says bankruptcy lawyer Leon Marcus. "My guess is that some of the employees will settle, while the guys with the deepest pockets are going to fight it forever...
...risky" way the tiny sled carries one man at high speed. In January, after only three months of top-level training, Pipkins, 18, became a member of the U.S. Olympic luge team. Two weeks later, he slid to the junior world championship in Sapporo, Japan. An engineering major at Drexel University, Pipkins is the first black ever to compete on the international luge circuit, a fact he appreciates but does not dwell on. "It just means people of any race can do any sport," he says. He is more interested in becoming the first American to win a luge medal...