Word: firmed
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Dates: during 1980-1989
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Meanwhile, a fierce struggle raged inside the firm. On one side stood Milken's supporters, many of them younger executives who worked in the Beverly Hills office where Milken has been based since 1978. The leading loyalists included Leon Black, Drexel's mergers-and-acquisitions chief who works in New York, and Peter Ackerman, Milken's top assistant. Arguing that the California group was responsible for 90% of Drexel's profits over the past decade, both threatened to leave the company if it reached a settlement that might harm Milken's defense. They were opposed by older executives, mostly...
...Drexel still displays its characteristic moxie. The firm is handling a $3.5 billion junk-bond offering as part of the $25 billion leveraged buyout of RJR Nabisco. For its share in financing history's largest takeover, Drexel expects to take in $229 million before expenses. Many clients still profess their allegiance. Says raider and oilman Pickens, who relied on Drexel's financing clout to make bids for Gulf Corp. and Phillips Petroleum: "I have the highest regard for Fred Joseph...
COSTLIEST TYPO When Prudential took out a lien against eight ships owned by United States Lines, someone wrote down $92,885 instead of $92,885,000. So when the shipping firm went bankrupt and sold the liners for $67 million, it + technically owed Prudential only $92,885. The shipping company eventually agreed to give Prudential the proceeds, but deducted $11 million as the price of the errant decimal point...
MOST FRILLS ON A GOLDEN PARACHUTE Gerald Tsai, head of the Primerica financial-services firm, grabbed $40 million in severance when he sold the company, whose holdings include the brokerage firm Smith Barney, to Commercial Credit Group. Part of Tsai's deal: 120 hours free use of the corporate jet and a consulting contract that will pay him additional income for time he spends working in the office on his yacht...
MOST BODACIOUS BIDDER RJR Nabisco chief Ross Johnson and some colleagues offered to buy out the company for $17.6 billion in a deal that could have netted Johnson $100 million. The bidding eventually hit $25 billion, but RJR directors rebuked Johnson and awarded the company to the Manhattan buyout firm Kohlberg Kravis Roberts. Last week the House Energy and Commerce Committee announced a probe of the deal...