1983 . 40%, 7 310,2 , . 100 1982 . Drexel 4 690 , .
1983 Drexel 500 . 400 MGM/UA Entertainment Company. , , MCI Communications.
, Drexel , , . , , MCiM/ UA, . , Drexel. , , , , , , . . , , ". .
, , : ". - : , , ". [ ]: , ..."
. : , . , .
, . , . .
MCI 500 . , . 600 , 800 . , MGM/UA . , - . , ( ).
- : 100 , , 50 , . . 1986 , : , - , , , .
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, , , . ( ) , . General Felt Industries , 1980 Drexel General Felt 60 ; , , . , 1986 , , - - , . Goldman, Lazard. , 1980 , . , .
MCI , , 750 . 250 - . .
MCI HITS Drexel .
, 5
. HITS MCI.
HITS , , Drexel . , .
1983 , Drexel . 1979 . , -, . 1978 Drexel ; , , 1979 , 1983 150 .
, , , -- -. Drexel - .
. , , . , , . , , . . . , : .
1983 , . - , . Drexel - , .
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, Otter Greek, . ,
- ( , , , ), 1978 ( ) GLJ. 1982 , Otter Greek, GLJ Drexel, Bear, Stearns. (NASD), , , . , , . Drexel .
-, 1982 WB Associates, WRC Associates Lobon Associates, , Carlyle Associates. . 1983 (RA Partnership), (EJ Associates), . , Chanticleer Investors Ltd., Dunmore Partners Ltd., Moredon Partnes Ltd. Canterbury Group. , Cambrent. , , . , , , . , , .
, 1981 Belvedere Securities. , , Drexel. , , . , , Princeton-New-port Partners Oakley-Sutton Management. -
, 5
-. , 75-100% , Milow Corporation ( Michael-Lowell). , , -, . Milow , ( ) 50 75%.
( ) , GLJ, Irell and Manella ( ), Reliance Group Holdings .
Belvedere , , , . , , , . , . ( Milow Corporation) Belvedere Dorchester Government Securities. Dorchester , Belvedere, One First National Plaza, 2785, Belvedere Dorchester Government Securities.
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( ) , ( , , ), -. 1982 (TEFRA) . , . . , , . ( Belvedere
), , , - .
, , Drexel. , , Drexel Belvedere . 1982 , Reliance, Golden Nugget, American Financial, Rapid-American, CNA First Executive. . ( ), Belvedere Reliance Leasco ( ), , , : , , Burnham Lambert. ?. , .
, , Drexel ( ), Belvedere , . , , , Drexel Burnham, : . , .
, , 1983 , Drexel -, . ( Drexel Gateway Advisers -, ) , , , , .
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, , : , , .
, , , , , , ( 1981 ) .
, 5
, . . . , Drexel, : , , , , . . , .
. , , . , . , 100 .
. , , , . , , . ". , , . : , , .
, . , , ( Drexel, ?). 1980 , : - -. , , , . .
, Drexel. 50- Drexel . 1987 , , : , , . . , . , .
.
, , . , . , . ", . , , .
, , , , 1980 . , , :
.
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.
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, .
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, 5
1982 , , , , , , - .
, . , , , . 1985 , , - : , . - , , , , . , , . , .
, - . .
. . , , .
, , , , . : ", . . , , , , . : , . . , .
, : , . , .
, , . 1982 , , , . - , . The Wall Street Journal", . , , , .
, , .
- , . , .
. , , , , , , , .
, .
, : , . . , , , , , , .
. Burnham and Company , , , , 5:30 . , , , , .
, . 1982
, 5
, -- :
, -. ?
, , .
'. ?
. ,
, .
, , , , -. , , . , , - Drexel ( -) , . 1983 Drexel .
- . - -, , 5:15 , - . , - 7:30 8 , ; , . , , : - -: , .
, , , -: , , . , .
6
Drexel. 1983 First Executive, , Columbia Savings and Loan , , , .
Enterprise Fund, 1969 . , : . 1974 First Executive, 30 , . , .
. - , : " First Executive. , .
, , . 12 , ,
First Executive.
1975 -
(SPDA), - , -
, 6
. , - , (GIC), , . , , . .
1977-1978 . , , ( , , ). - . , - First Executive.
1978 , , First Executive 66,7% , Drexel. 1979 73,3%, 1980 86,7%, 1981 100%, 1982 92% 1983- 100%.
First Executive 12- 1,3 . , 13% 9,9% . First Executive 1986 12 , .
, , , . , , . .
Drexel Burnham -. Drexel, : . .
Starrett Corporation. 1974 , , - - Columbia Savings and Loan Association, 1977 . . .
, Columbia - , . 1980-1981 - , Columbia: , . 4-5% . 1980-1981 15%, - , , .
- 1982 -- , . , , , . , .
- . ( 10% ), - . - , : .
:
)
.
Columbia - -
, 6
; . Columbia 3,6 1982 2,9 1986 . , . , .
1983 Columbia 373 ; 1986 10 26% .
Columbia , 1982 : . . Columbia , . .
1986 Columbia . , , , , . Business Week : . - , , .
. - . , , . - , - , 1987 , 1985 - 5,1 ; .
, , -
- . 1986 Columbia , - , 1985 .
1986 , , First Executive Columbia, . , . . . . , , , , First Executive . 1981 Drexel 50% First Executive, ( First Stratford). 1984 ( ) 9,9% Columbia. Drexel Burnham Lambert Group 10,3% . , Drexel 20% .
, , First Executive Columbia 1983 . -, , , . First Executive Columbia , .
, 1983 , , American Finan-Clal Reliance Insurance, Rapid-American, , : , , .
, 6
1983 , . 1977 1983 225 19,5 . , 1983 40 ( , , , ). 375 , 13%.
, , , , . 1983 , 300-500 ( 13-15% 10% ).
, , First Executive Columbia , , . -- . , - , 26 5,5 - . . , 1980 , 20 , World Bank - , IBM, Xerox, Atlantic Richfield, Standarc Oil, General Motors .
, . , , . ( , - ) : - ( -, , ): ?". .
, , ,
First Investors. World Bank ( ) ; First Investors Asset Management. , 1983 First Investors, ( 300 ), Solomon Asset Management. , , World Bank First Executive (First Executive 120- First Investors 80 90 ).
. . , , . . . , -, , . (), (). : .
, , -, , , , . , , : ".
. , . 1983 , : . , : , , .
-, ( ) . , , , , , Drexel .
, 6
, Drexel , .
, , (&), - . - , , - . . 1976 , , ; 1983 Goldman Sachs, Morgan Stanley, First Boston, Kidder Peabody ; .
. 1890- , , U.S. Steel Standard Oil. 1919 1929 ( ); General Motors Pullman. 1960 1969 ; , .
1974 , , International Nickel Company, FSR International Nickel Morgan Stanley. , , . International Nickel , , .
, , . 1975 14 100 ; 1977 41, 1978- 80. 1979 : , 1980, 1981, 1982 1983-.
1974 , . , . , .
, . , ; . ( ), , ( ), . 50- 16% , 8% . , , , , , .
. . , , . , , .
. 1975 , Crane 25% Anaconda Copper Company, - . . . , , . .
1981 , . , , . , , . -
, 6
, , , , .
, , -. 1983 , . Drexel ; , .
1983 Drexel 10 . , , . , - (, , ). , 40 50% . Drexel 115 ( 10 ). , , .
, " , , . , , , . : ? ". , , , , .
Drexel , , . , Goldman, Sachs, Fortune 500, . Drexel , , .
, 40- , , -
. , , - , , , . .
Drexel , , . . , Drexel, , , .
, . 1982 Drexel (LBO). LBO ( ) , , , , , , . LBO : , ( , 60%), , ( 30%, Drexel ), .
, Kohlberg Kravis Roberts and Company, horstmann Little and Company, Clayton & DuLilier , ( ) LBO. , LBO , , ; . , LBO, . . .
- LBO . LBO, -
, 6
, 1980 .
- , ., , Gibson Greetings. Wesray 1982 Gibson Greetings RCA. 1983 Gibson Greetings , , Gibson 50%, 70 . 1984 LBO 18,6 .
Drexel LBO, . : LBO . , 1977 , . ( ) 1973 ( ) . , , ,
, , . , . .
LBO, Drexel , , , , . Drexel . ,
. 1982 Drexel , 1983 . LBO ( ) , , -, .
. , , LBO ?
1983 , Beverly Wilshire ( Drexel -), . , , . , , . , , ; , , , , .
. , , . . -, Mesa Gulf Oil Company.
(, ) , , , .
, Drexel , , . , . , , .
1982 . Kidder, Peabody, Lehman Brothers, First Boston, Lazard Freres,
, 6
Salomon Brothers, , Wachtell, Upton, Rosen and Katz Skadden, Arps, Meagher, Slate and Flom.
, , , . , , . , , , Drexel , Drexel , . , , , . , , 1986 , , Kidder Drexel.
, , -- Drexel , ( ) - . , Drexel . , , .
: Drexel Fortune 500 . Drexel ? , , ? , , ? , Drexel, . .
, , Drexel. . " , , , . . ", . , , .
7