Word: settlements
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Dates: during 1980-1989
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Felder, whose firm billed some $12 million last year, is one of the sharpest operators at the negotiating table. Typical of his bargaining skills was the 1986 out-of-court settlement that saved more than $400 million for real estate magnate Sol Goldman, who has since died. But when Felder does go to court, says Peter Bronstein, a well-known Manhattan matrimonial lawyer, "he stands up and he yells and screams. People know he's there." The dapper Felder, who charges $450 per hour (compared with Mitchelson's $350), attributes his success in part to a no-nonsense...
These days, however, Mitchelson might want to reconsider. Since he won a highly publicized divorce settlement for actor James Mason's wife Pamela in 1964, Mitchelson has built a multimillion dollar practice helping the likes of Joan Collins, Tony Curtis and Zsa Zsa Gabor get unhitched. Perhaps Mitchelson's chief claim to legal fame was the concept of palimony, which he introduced by arguing in 1970 that Michelle Triola, Lee Marvin's live-in lover, might be entitled to some of the actor's property. The California Supreme Court endorsed the palimony principle...
Negotiations appeared to collapse last Monday, when Drexel's board of directors voted against a settlement. Joseph boasted that his staff had sifted through 1.5 million Drexel documents without finding any incriminating evidence. A former lightweight boxing champion at Harvard, Joseph insisted that the best defense against a heavy punch is "to come back at your opponent smiling...
...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 in Manhattan, who feared losing the firm's accumulated net worth if RICO charges were brought...
...help burnish its image, Drexel has been courting Howard Baker, the former Senator and White House chief of staff, as a possible new chairman or CEO. Joseph may step aside after the settlement is complete. Without a forceful new leader of unquestioned integrity, the company is in danger of losing morale and momentum -- and something else as well. Mike Milken engendered an innovative spirit at Drexel. If the company is to thrive once again, it must somehow preserve that spirit while at the same time escaping the darker side of his legacy...