Word: milken
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Dates: during 1990-1999
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...Street crash. The name of the underbidder was never revealed, raising suggestions -- indignantly denied by the auctioneers -- that the price had been manipulated. The sale was financed with $27 million lent by Sotheby's: a margin-trading deal in line with the stock-exchange ethics of the Age of Milken. The deal came embarrassingly unstuck two years later when Bond, as his overgeared empire crumbled, proved unable to complete the payments...
...Loan (assets: $2.2 billion). State regulators were happy someone was willing to take over the sick thrift. Paul renamed the S&L and within a few years sent its profits zooming. His method: investing CenTrust's assets heavily in junk bonds, many of which he bought from Michael Milken at Drexel Burnham Lambert. By the late 1980s the payoff from CenTrust's $1.35 billion portfolio of junk made the S&L the region's most profitable thrift. But as the market value of junk bonds collapsed in recent months, CenTrust was doomed to go with...
Drexel executives hurriedly moved to sell off the firm's assets, in many cases at fire-sale prices. Drexel attempted to offer whole departments for sale, including Milken's old junk-bond operation in Beverly Hills, but rival firms turned up their noses at anything that might carry legal liabilities or the taint of scandal. The firm's stockholders will get little or nothing, most notably Belgium's Lambert Group, which owned 26% of the firm and may have to take a $92 million write-off. Creditors include Taiyo Mutual Life, a Tokyo firm with a $70 million claim...
...investors are watching carefully for signs of weakness in the ultimate deal: the 1988 buyout of RJR Nabisco, which Kohlberg Kravis Roberts, headed by Henry Kravis, acquired for $25 billion. The battle for RJR combined all the excesses of the era, pitting Milken and Kravis against Cohen and F. Ross Johnson, the RJR chairman who stood to make more than $100 million by winning the fight. The victorious Kravis walked off with $75 million in fees alone as part of his prize...
There was bewhiskered Ivan Boesky staring out from behind bars: Santa Claus as perp. There were the elaborate designs of Michael Milken and Robert Campeau, rasping apart like Velcro...