Word: fee
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...fact, the preferred opening salvo of corporate raiders became the dreaded letter from Drexel in which the firm stated it was "highly confident" of coming up with the necessary cash. In some cases, like T. Boone Pickens' failed bid in 1984 for Gulf Oil, Drexel charged a hefty fee for lining up money that it never had to deliver. But in many other raids, including Ronald Perelman's 1985 takeover of Revlon, Milken raised billions through his network of buyers. Before long, Milken's annual junk-bond conference became known as the Predator's Ball...
Milken's junk-bond department, which he moved from Manhattan to Beverly Hills not long after he formed it a decade ago, quickly became the engine of the Wall Street firm's furious growth. One reason is that junk bonds earn hefty fees: Drexel charges 3% to 4% of an offering's total value, compared with a fee of less than 1% for a higher-grade issue. Milken's web of buyers and sellers for the bonds has given him a virtual lock on the market, though the entry of such competitors as Morgan Stanley and First Boston has whittled...
...film company for $25 million in a dispute over royalties from the blockbuster videocassette of Disney's 1955 animated tale, Lady and the Tramp. Lee co-wrote all the movie's songs and provided the voices for four characters, including a torch-song-singing Pekingese named Peg. Her fee: $4,000, meager even by 1950s standards...
...culprit behind the country closings is the same one that has put some urban hospitals out of business: the 1983 congressional decision to switch Medicare to the so-called Diagnosis Related Groups system, which eliminated the old fee-for-service plan. Under the current rules, the Government pays set rates for designated services, no matter what the circumstances of a case. Although the Government has raised Medicare compensation 11% between 1984 and this year, payments to hospitals have not kept pace with the costs of care for elderly patients, which have risen 22% in the same period. Medicaid, the federal...
Paul Lobosco, 29, a business student at New York City's Fordham University, wagered $1 million on stocks last week. But at worst he stands to lose only $49.95. That is the fee that 13,000 students paid to enter AT&T's first Collegiate Investment Challenge, a four-month contest designed to give an almost-real adventure in handling a stock portfolio...