Word: junks
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Still, the movie was popular enough to tag the property as a solid box- office attraction. And gradually, the films' creators managed to beam the series up to competence, even to emotional resonance. In 1982 The Wrath of Khan brought Admiral Kirk (William Shatner) back from the executive junk heap to conquer both an old nemesis and a mid-life crisis. In 1984 The Search for Spock resurrected Mr. Spock (Leonard Nimoy) for a reunion with Kirk that was tender enough to make a Vulcan almost cry. Now comes The Voyage Home -- and a radical, canny shift of moods. This...
Those long-suppressed anxieties surfaced last week as the insider-trading probe began to focus on Drexel and several of its top officials. Resale prices for many of the $120 billion in outstanding junk bonds slumped sharply, and investors wondered if the world of high-yield, high-risk finance was crumbling...
...decades the term junk bonds referred primarily to the downgraded securities of companies that had run into financial trouble. Standard & Poor's, the investment-research firm, classifies junk bonds as those rating lower than BBB on a scale of AAA to D. Few prudent investors wanted to touch such securities until the 1970s, when a young Drexel investment banker named Michael Milken began touting them as a good deal. He contended that their high yields, typically 3% to 5% above those of U.S. Treasury bonds, were extremely attractive, since junk bonds had historically gone into default only slightly oftener than...
Milken began underwriting new junk bonds in the late 1970s, using them primarily as a financing tool for companies that were too small or unproven to issue investment-grade bonds. In early 1984 Milken began using the bonds to finance takeover bids. Until then virtually the only way to raise money for a corporate raid was to borrow the cash from banks, which often attached too many strings. Milken was able to raise the billions necessary for a mega-deal by assembling a network of high-rolling investors whom he could call upon to buy junk bonds, or to promise...
...amount of cash that Drexel has raised through junk bonds has zoomed from $839 million in 1981 to $13 billion so far this year. Fees from those securities helped catapult Drexel from a second-tier investment house, ranked eleventh in 1978, to one of the three or four most powerful firms on Wall Street. Drexel's 1986 revenues will reach an estimated $6 billion, up from $4 billion last year. Milken has prospered even more stunningly. By far the most highly compensated Drexel employee, Milken, now 40, has amassed a fortune, estimated at more than $500 million. Yet Drexel...