Word: junking
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Dates: during 1980-1989
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...meager return on the $2.73 billion that gamblers lost in the slot machines and at the tables, according to Marvin Roffman, a casino analyst with Philadelphia's Janney Montgomery Scott. The reason is the debt the casinos have taken on in the past three years, much of it through junk bonds, either to fight off takeovers or engineer them. Atlantic City's casinos have incurred more than $2 billion in debt, $6 for every $1 of equity. Some analysts say that next year, with the opening of Trump's Taj Mahal, two of the weaker casinos may go under...
...latent dread of junk-bond investors is that one really colorful case of corporate distress might set off a selling spree in the volatile market for the high-yield securities. Last week their fears shot to the surface when Canada's Campeau Corp. said it might default on its debt, which is in part composed of junk bonds. That disclosure sparked the market's worst drubbing since the Crash of 1987, as traders rushed to dump their holdings. During the week, junk-bond issues fell in price by $10 to as much as $130 for each $1,000 in face...
...billion junk-bond market has grown explosively since the early 1980s, when Drexel Burnham Lambert's Michael Milken pioneered the use of high- yield bonds as a means to finance hostile takeovers. In the wake of his indictment last March for insider trading and racketeering, Milken has resigned his Drexel post and stayed far removed from the market. But speaking at a Manhattan conference on high-yield debt last week, Milken suggested that it was time to buy, not sell, junk bonds. Said he: "There is tremendous opportunity out there today...
Milken's creation had fallen on hard times even before the Campeau mess. So far this year, borrowers have defaulted on a record $3.2 billion worth of junk bonds, already $1 billion more than during all 1988. Among the notable casualties was Merv Griffin's Resorts International, which conceded last month that it could not meet its annual interest and principal payments of $133 million...
Recently, few have felt the sting of RICO as much as the denizens of Wall Street. Federal prosecutors have used the law to go after big names like former junk-bond maestro Michael Milken, who is expected to be tried early next year on charges involving securities fraud. Two weeks ago, several executives of Princeton/Newport Partners were convicted for their roles in illegal stock-trading schemes. Two days later, the Justice Department indicted 46 traders at the Chicago Board of Trade and the Mercantile Exchange, 18 of them on RICO charges. And just last week the law was used...