Word: junks
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...holiday shoppers. But for the workaholic Milken, the idyll ended when he received some distressing news: the company that stood by him through almost two years of Government investigations had abruptly decided to settle its case with prosecutors, effectively cutting him adrift to fight his own battle. The junk- bond king, 42, who has created billions of dollars in revenue for Drexel, made hundreds of millions for himself and ranks as the most influential financier of the decade, rushed to the offices of his attorneys. In less than an hour, the group issued a statement: "Michael Milken...
Governor Romer will not let the junk be sent anywhere until a permanent disposal site is ready. And if the poisonous waste passes the legal limit of 1,600 cu. yds.? Until last week Romer had vowed, "I don't want to close Rocky Flats, but I'm willing...
...that almost 70% of the Wellsburg area's 11,000 residents were at risk for heart disease. "I was just shocked that my cholesterol was that high," says Kitty Weidner, 75, whose reading was 241 milligrams per deciliter (mg/dl) of blood. Admits store owner Tom Zurbuch, 46, a former junk- food junkie whose cholesterol level was about 265: "Apparently, we haven't been eating right...
While that may be true, even the U.S. tax code is a strong ally of LBO artists. Since the interest on junk bonds and bank loans is tax deductible, companies like RJR Nabisco can borrow at Government expense. Some -- but not all -- of the Treasury's loss can be recouped from capital-gains taxes on the profits of shareholders who sell their stock...
...buyout binge produces some big-time losers as well, particularly investors who owned a company's top-quality bonds when the same firm's junk bonds hit the market. Since the new IOUs would saddle the company with a riskier load of debt, the old bonds get clobbered. No sooner had Johnson disclosed that he wanted to buy RJR Nabisco, for example, than the company's $5 billion of outstanding bonds lost 20% of their value. Furious bondholders, including Metropolitan Life and ITT, immediately sued for damages. Declared Metropolitan Life chairman Creedon: "No one in his right mind wants...