Bruk K. Bal Hishnikov.a6

7/23/2019 Bruk K. Bal Hishnikov.a6

1/729


2/729

http://www.litres.ru/pages/biblio_book/?art=14650

: -; ; 200

ISBN 5-901028-72

, , Drexel Burnham Lambert . Drexel 1980-

. . 7 1988 , Drexel

,

? Drexel BurnhamLambert ? ,


3/729

, , 1980- .

.


4/729

1 2 3 4

5 6

7 8 2

9 3 4 10 4 11 5 12 5

13 5 14 5 15 6 16 6 17 6

6


5/729

72 7


6/729

Drexel Burnham

, : , , . , , , ,

, , , , . , , , , , .

,


7/729

, . . , , .,

, . ,

, . XX , , .

, , , .

,


8/729

1985 , , -, Dreurnham Lambert. :

. , .

, -

. , - , Beverly Hills, Drexel.

Beverly Hilton, Drexel , . Dre .


9/729

, . , . . , Drexel, .

,

.

, , ,

, , . :

, .

Drexel. , ,


10/729

. , , 50 , 100 : , , . : Drexel.

. ,

.

,

, , ,

.

,

: , , . . ,


11/729

Corporate Bond Quality and Invesxperience ( ) , , , , , .

100- . , ,

, , , .

, .

Hilton . , ,

, . . , ,


12/729

; , Caywohristian Capital Management, ", 2,2 , - (S&L). , , - . .

, , . , -, , . , , :

.

: , ;

, . , , .


13/729

, .

. - , &), Dre :

. , : . Chase Manhattan

Manufacturers Hanover, , , , ,

? ; , , .


14/729

, . , 1985, , , Hilton , . ,

, . ,

, , Drexel , 1984 Mesa Petroleum, -,

Gulf Oil. ulf Standard Oalifornia. Reliance Disney. Mesa Phillips Petroleum

, . ( Phillips) , rexel.


15/729

. . ,

, , Drexel, . , , , Coastal Corporation Americatural Resources Company 2,46 ; ,

00 ( ). Coastal .

, . . Triangle Industr

50

, , 456- Natioan; .Coastal ,


16/729

, . riangle Industries , ,

, , Natioan, : , , .

: , . , -,

,

, , , , ,

, , , , , , . , - .


17/729

, .,

. , , , . . ,

, Drexel

( ) .

( ) , , , ,

Beverly Hil Chasen's -.

Drexel , ,

,


18/729

( - Wachpton, Rosen and Katz), , :

. . , , : , . .

, Drexel, . ,

Drexel. , , Drexe984 , -

. , Kidde, Inc., Drexel: -, , . []


19/729

, ?".

Chasen's 8 Beverly Hills, . 8, , , . , , Drexel .

, , ", , , " , ;

- .

Century Plaza.

, Lorimar, Drexel. . F. Hutton. E.F. Hutton , . ,


20/729

? Ghostbusters. : , Drexel! , . , . . .

Golden Nugget, , ,

Drexel. , 1984 , . ,

, . , , , , .

. ,

, Reliance Capital Group, L. . , , , ,


21/729

, , Mantar Associates ( Drexel).

, , , - . ,

. , ,

, .

, .

. , . , , .

, ; . , , , . Drexel ,


22/729

, , : , . , . 8 , .

. , , Drexe

Triangle Industries) ; .

Mesa Petroleum, 500 ,

nocal.Lorimar, 105-

, Multimedia. 1,1

rown Zellerbach Corporation.

Golden Nugget, 230- , 1,8 Hilton Hotels., Faille Inuubtries, 6

, Nothwest Industries,4 .


23/729

. ,

, . , National Can . ( ), ( ).

; 982 Triangle Industries, , ,

. ,

, , , .

, , . , . .

8


24/729

, -merican Can. -, , .

. 1980 Drexel ,

, , . rexel (

1985 ?), Drexel

- MacAndrews aorbes Pantry Pride. 1981

11 , 300 . , ,

, . , , , , Revlon.


25/729

, , Pantry Pride

350 , .

, , . * [1].

. , , , .

, , . Drexel, . , ,

- . - : , ACF ( , ,
http://localhost/var/www/apps/conversion/tmp/scratch_7/#n_1http://localhost/var/www/apps/conversion/tmp/scratch_7/#n_1


26/729

),

, . Phillips ( , , 48 1,5 ) 52,5 .

CF, .

, TWA ( Drexel 100 ). . ,

., ,

-.

, .

. ,


27/729

, . , .

- .

, : ,

, , .

, , ,

, , . ,

. ( , ), , , . ,


28/729

. , , - . , Drexel , - , , .


29/729

1

. -, -, , , . -, - Drexel Firesto -,

.

. , . ,

10k

.


30/729

, , . , ,

. , .

- Dreirestone

, . - , ,

. , , ; , , .

. -, , --. , , . ,


31/729

, , , , ,

, - , . , , , .

1964 ,

1968 . , ,

. ,

, , .

, , . , , .


32/729

, , , . , , , . , , , .

1969 , , ,

Drexel Harriman Ripley, . -, Drexel, : ,

, - .

, . ,

Drexel Harriman Ripley : , . ,


33/729

. , Toucoss, . ,

, . , , , . , Drexel.

; . ,

. , . . ,

,

. , . , . .


34/729

, , , - .

, , , , .

Drexel .

, . -rexel

. , . - ,

500 . 1970 - Drexel . .


35/729

, , , -, Goldman, Sachs. rexel ,

. . , .

Drexel . 1838 , -, . 1871 - Drexel, Morgan and Company.

- J.P.Morgan aompany ( ) Drexel and Company , , .

, Drexel (, , ) . .

: , , 1895 , 1907 -.


36/729

19.34 - , J.P.Morgan and CompaDrexel and Company . , Morgan Guararust Company, rexel . 1966 Harriman Ripley and Company. Drexel

, - Harriman Ripley and Compa . ,

. , . 970 , rexel Harriman Ripley , ,

, - . Drexel Harriman Rip : Firestone Tire and Rubompany Drexel Firestone.


37/729

, Drexel - . . ,

, , , , ,

. ; , .

, Standard and Poor's Moody's. , , .

, . ,

,


38/729

, , , . , ,

Moody's Bal , Standard aoor's + . . ,

( ).

2030 ) ,

, , , ,

50 % 100 % . ( The Washington Post), .


39/729

. 1900 1943 , . , , , . ( .

. ., 19441965 . : .

,

. : . , , .

. Drexel Firesto 1970


40/729

, -. , Drexel Firesto , , , , ,

. ,

. -

. .

: .

. . , .

;


41/729

, "

, , . ,

Drexel.

. ,

. , , , , .

. , , . , , Drexel Fortune 500

, ?

, - . ,


42/729

, . , .

, . , , ( ) :

. , , , . ?. , .

-

. , , . 1968 1975

50 1972 Drexel Firestone .

Burnham and Company . 1935 . . () -,


43/729

I.W. Harin. , , . 1935 , , 100 , , , . , - , , 100 ,

, . .

1971 Burnham and Company 24 , 40

. . .

. - , . , , , .


44/729

-, . , , . 1971 - Dil

ead and Company; First Boston Corporation; Kuoeb and Company; Merrill Lynch, Pierce, Fennd Smith; Morgan Stanley and Company Salomrothers.

urnham and Company, , , .

Drexel Firestone.

, , , 10 Firesto ,

Goldman, Sachs, ,

Morgan Stanley, Drexel Firestone. , , Burnham and Company rexel, . rexel. ,


45/729

Drexel, , .

Burnham, Drexel, ,

. , , : ? Burnham 1935 !". : , . ". , ,

, , Burnham and Company -

1973 ,

rexel Firestone , , . .

(, , . Drexel, -

, , -,


46/729

, . ( ), , Burnham and Company: Ira Haupt Newbur

]. - .

. 770 . , Drexel Firestone,

, ,

, - ( 250): , , Drexel . , . ,

, .

, . , .


47/729

500 .

; 1973 . 100 %.

. Drexel, 35 % ; .

, 14

, ,

, . , , ,

. , - , . , . , ,


48/729

, , , , , . , , , , . , , : ,

, .

, ,

, .

. Drexel Burnh , . .


49/729

, . , (, , , , ) . Drexel Burnh

,

: . 1973 . ,

, . , . , (

), . , .

. , Massachuse


50/729

Mutual, , , Keystone B4, Lord Abbot Bond DebentNational Bond Fund.

, ,

. First Invest

und for Income, FIFI. 1973 ( )

. , : 1973 14,02 %, 1975 ,

Upper Analytical Services, 39,12 % 19751976 , , . . ,

Drexel, , .

, - , ,


51/729

. (, , ) . , , . , , , .

.

() Bear, Stearns , . Penn Central, . ,

, : , . ,

, . ,

Real-Estate Investment Trust, REIT).


52/729

, . REIT , , , , . 1960 , . ,

. REIT , 968 1969 , 1974 20,5 .

. . , . .

. , , , , . REIT,


53/729

, : , , ". .

. , , . ,

. , , : ?".,

REIT.

, . , . , ,

. 1976 , , ( )

.

,


54/729

, . ,

, , ,

American Financial Reliance Financial , Rapid-Americ, Loews Corporation .

, . 1982 : !

, , .

, : ,

. NA . 1982 ,


55/729

C . ,

Jamie Securities, ( Drexel) , .

,

. ( 20

) . ,

. , ( )

., , , , . 1966


56/729

rovident Bank, .

Great American. 1974 , , American Financial Corporation 92 92 : . Drexel,

, , Drexel , . ,

1976 1979 , . , , ,

Drexel Burnham , . Leas

, 1961, .


57/729

, . Leasco 50- Reliance Insuraompany, : Leasco. .

,

: 1969 hemical Bank, . , , , , ,

, -, . ,

. , , , ,


58/729

, , .

, , , 25 , . 1970

, apid-American . , nternational Playtex, Shenley Industries, Lerner Sho

RKO-Stanley Warner Theatres.

: , . ( ), .

, , Rapid-Americ .

, , :


59/729

, , .

: ( ) , ( ) . , , 50, 7 %

, 4 % , .

, 986 . [ 1970

], .,

, .

: , , , .


60/729

! , , , .

1980

apid-American. :

merican Financial Reliance. Reliance,

. , Drexel

982 1980- 1982 , .

.

Rapid-American, ,


61/729

Pierre . 25 . , ( , , ) , , . ,

, 2030 . , - . , Drexel

Rapid-American, , 100 . . ,

. . , Dayhn, , ,


62/729

, . , , . . , - . . : .

, . , , ,

- . ". , , , , . . ? ,

. .

, . Drexel, ,

, ,

, 1970 . : , !". :


63/729

, ". ", . , . , , ", , .

.


64/729

2

, Drexel Burnham ,

. , , . , . , , , ,

. ,

, , ,

, , [2]Drexel.
http://localhost/var/www/apps/conversion/tmp/scratch_7/#n_2http://localhost/var/www/apps/conversion/tmp/scratch_7/#n_2


65/729

. , , .

. , .

Drexel Burnham 1974 ,

E.F.Hutton Shearson. 37 . .

, . , , :

, , , . 1968

E.F.Hutton, , .


66/729

, , , : ?

. ? . (

). ,

,

. .

, .

, , Snearson -

.

Shearson () , . .


67/729

. Shearson , Haydtone. 1974 , Shearson Haydtone , , ,

. , , , . Drexel Burnham :

, , .

,

Burnham and Company Dre . . , Drexel, , , Burnham aompany ,


68/729

, , - .

Drexel: , Drexel, , Ford Moompany , , , . Burnham aompany

, .

Drexel Burnham. 1975

Drexel Fortune 500. Philadelphia Electric .

,

Drexel, , : .

t and e [ ] , ,


69/729

, Drexel Burnham " , .

, Drexel , Goldman, Sachs -, .

, , . :

, , , : , , , ;

IBM, . Dre , , .


70/729

. ,

. 1971 3 , Burnham and Compa 1978 : , . 18

. ,

, Drexel Firestone, 982 , , , .

Goldman Lehma Thoms

McKinnon Dominick and uominick, , , ,

), . 19 28 . Shearson ( )

.


71/729

- .

, . 50 .

,

.

. .

, , , ,

, , . Dre

urnham. ,

, , - , . Dre

,


72/729

, . , , , , , , , , . : ,

, - .

REIT. , REIT, . 1976

130 REIT. 1984 Drexel 95 .

REIT . 977 ,

. Lehman Brothuhn Loeb, - -, 75


73/729

LTV Corporation, 75 Zapata Corporation, 60 uqua Industries 53 Pan Americ

World Airways. , ,

, ( REIT). , Lehman,

.

, 1970 . ,

1977 , , , 19

, 1974 , , , Loews, Rider, Tandy, Westinghouse Woolworth's974 , .

1977 , ,


74/729

, , , . , 1974 , 40. 977 .

Drexel, , , .

, ,

( -

, ). . , , , ,

. , , , Drexel, .

,


75/729

, , . 15 , 10 .

, . , ,

, . , , , ,

, , , , ,

.

, : . ,


76/729

. , , , , . , ( ). , A Drexel

: 34 % 7/8 % .

, . ,

. ,

Drexel. , . , , .


77/729

, ,

, . , First Investors Fund for Income (FIFI) . 1976 FIFI Drexel . , , 1977 ,

, . Drexel , .

- [FIFI],

, .FIFI

. Drexel 1977 , rexel, . Drexel, , ".


78/729

: 7,5 10 %. , , . , , Fidelity 1977 . : ,

, , ?" .

',

Fidelity, Fidelity .

Lehman , Drexel . 1977 ,

11,5 30 Tenternational , .


79/729

( , , , ?), Texas International 7,15 Drexel Burnham, 9 . 3 %, 900 , Drexel.

. 1977 Drexel

7,5 27,5 , 124,5 Lehman Drexel ,

. , Drexel White, Weld and Compa. F. Hutton and Company Blyth Eastman Dillon aompany: Drexel .

, . 1978 Drexel 14

439,5 , 157,9


80/729

Drexel; , 70 % .Lehman Brothers

, . , , Lehman,

; , . - . Lehman

, Drexel. , 1979 Fidelity,

Lehman Brothuhn Loeb, , : General Foo

, ]? , , ,

rexel .


81/729

Drexel , . 1976 Drexel Burnham William D. Witter, - , ompagnie Bruxelles Lambert, 20 . rexel Burnham Lambert ; 28,3 %

Bruxelles Lambert. , , ,

, -. Bruxelles Lambert 35 %.

1978

; ( ) . , - Lothshild Loeb Rhodes


82/729

. Drexel

. , , , , . , , , :

, . , . - Exxon.

Drexel ,

, Loeb Rhodes : , , Goldman, Sachs, , , rexel . : ,

. , .


83/729

3

, . 1978 , -.

-, , . , , . , - : , -., .

, rexel, ,

, , , .

, ,

. -


84/729

, -. , , , , Burnham.

.

-, . , , , .

, , . ? . .

, Burnham and Company

. Drexel Firestone

. :


85/729

.

, , , - - ( - ). ,

20 , . .,

, , 1978 . Drexel

.

Drexel 1972 , 1978 , .

.


86/729

. , , , , , . 1978 , , ( ) , , , -. , . , .

, . , , . 50 , , , ,

. , , , .

. , . ,

, rexel. .


87/729

, . .

, , , , ,

: , . ,

, .

( ) ( ).

. , , , , . ,

, , , . , ,

. , , ,


88/729

Drexel, , . , , .

, 1, -. 1978 , 32 .

. , , Drexel. ,

, , : .

.

, -, , 7:30 - 4:30 .

, --, ,


89/729

, -, , , - -. . . ( ) ; () . , , Zenith National Insura

ompany; - ( Drexel) .

Gelson's. . . , : Gelson

, . , , , , .


90/729

, , . ., , , , . . , ,

. , ( , ),

, , .

, , : , - . ,

. 1978 750 , Drexel, .

( )


91/729

Irell and Manella - Drexel. , -, . Irell . , Drexel ,

Irell and Man.

, , , 25 50

. . Irell . Drexel

, . , , Dino De Laurentis. Drexel, , .


92/729

Drexel Cambrent Financial Group, , . , , Irell a

Manella. , -. . Cambrent Drexel,

Drexel . .

- ,

, . , . ,

, . , , . ,


93/729

, .

, , , , , . . , , , ,

, . ; . , ,

, : Drexel , . , ,

.

, . - , merican General Capital Management.


94/729

: , . ? ". : , ". : - ". .

, . :

, , , , , , : ".

150, , 175 , , , , ".

,

, . , , . : .


95/729

, . ".

- 11 -

, , , . . 1978

. . American General l50

- .

, American General , , .

10 % 25- , . , . , , .

(


96/729

50-150 FIFI. 1978 400500 , , . ,

rexel Tenternational Company, .

, . . , -, .

. , , , . ,

1987 , , . , , , , .


97/729

, , , . , .

. , , .

,

Drexel, , .

. 1979

- , , Citibank . -, Trust Company of the W

.

, .


98/729

, , , . . .

. . , , , , , 1971 . .

, . .

. , .

, , , , , , . First Investors

. ,

, ) .


99/729

, , . ( . ,

( )

. , . , Forbes rexel: .

-, . Goldugget - .

, 1,1 ; 1978 7,7 . Golden Nugget , . -


100/729

, Resonternational. : . , - . 100

, Golden Nugget-.

! ! , 1986 .

, Zenith National Insurance Compa

, , , : , 1901, , , , ".

, , , . , . -.


101/729

, Golden Nugget", , ). : .

, . ( , .) . ,

. , .

, . . Harrad's, Bally's and Caesar's , . , .

- [ ]. .

? ( ., ". ,

. . . (


102/729

Drexel ): , Goldugget. , , . Drexel , . .

Drexel 125, 160 . ,

, 20 %, . 75 , - 440 . ,

, , .

[ - ], .


103/729

, Drexel . .

160 , . , , , Golden Nugget : - , . , ,

, Drexel, , . .

Drexel.

, , , . , , , .

1979 160 . , . 25 . , ,


104/729

, : . , ".

, , . Drexel . , : ,

. . . . (

; ,

) , . .

, Circus Circus Lorimar. Golden Nugget Drexel, . 1985


105/729

Hilton 1,8 , . 1986 ,

: . , - . , , , , ,

, : .


106/729

4

, - , , . ,

- Drexel Burnham , : , . 1979

, , ,

( Barbizlaza ( -), Bruxeambert .

, ; , , ,


107/729

: . . , , - . . , . , .

, , ,

.

, , , , , ,

, , , , .


108/729

: . , ; , , . (, : ) , , . .)

, 979 , : ?

, .

-.

,

. , , - ,


109/729

. -

. 975 , , . , . ,

. .

, , .

, .

, , . , , , . : ,


110/729

, . -.

Drexel Burnham. , . -, . , . Drexel :

.,

, , - : -

, ( )

, ). , , Drexel

: . ,

. , , , ,


111/729

, , , . . . (

) ? [3](

, ).

: , .

. ,

, ,

( 1978 100 ) . , , :
http://localhost/var/www/apps/conversion/tmp/scratch_7/#n_3


112/729

? - , - : , ( ). Merrill Lynch , Morgan Stanley, Goldman Salomon Brothers , E.F. Hutton Dean Witter , Lehmrothers , Lazard Freres . Kohlberg Kravis Roberts a

ompany, Oppenheimer Allen and Company. . .

, , ? - , ? ,

Drexel, . : , ,


113/729

, . , United Brands Company. 19, , , Unrands , 44- Pan American. , - .

. , . ,

-, ,

, .

:

;

;

.


114/729

- , . .

: . Drexel Burnham

-.

. , .

Drexel ,

.Drexel ,

- (, ).

, ( / ). - . . , 1986


115/729

Business Week: . Drexel 150 , .

, ; (Drexel ) , ,

( ,

). , , , , Dre

( , ), , , . Drexel, . , :


116/729

( ) , .

- rexel: , . ,

- , Drexel - , , ( Gulf + Western)

. , : ,

. , , , , Drexel.


117/729

, . . ,

, Drexel, , . , . , , ,

. ,

, . Drexel

- ( ); ,

Drexel .

Drexel, . : . , , (


118/729

Drexel, , ) , . .

. ; , ( ); .

. , .

.

, , . 1981 . (

), .

, . ( 1985


119/729

, ). ;

.

,

, . , , , ' .

-. , . , .

1981 100 ,

1985 . ( -) 50 % , 1985 100

, ,

.


120/729

, 1981 ( Drexel)

, , . , , , . Drexel , , ,

, , , , . , , . Drexel

, 1977 , , , , . , , , Goldmachs (

), Drexel , ) ,


121/729

, , Drexel . , , -, Drexel ,

. , :

, . , ( )

-, . ,

? , , . ?

, , . : [ ], , , , . , , ,


122/729

, . , [ ]?. , , . 1986 6 % Forbes). 1980 ,

: , . . : , .

. , - [ 1980-] : , ?". , . 11

16 . 180 ".

. , , , , , . . , .


123/729

. , , , . : ", , : , - , , "? . .

, .

Drexel, , ,

, rexel , . 1979 Drexel 16 , 1980

12, 1981 . 11,5 , rexel. 1979 1,22


124/729

, Drexel 408 . 1981 1,47 Drexel 1,08 . Drexel 20 , . Merrill Lynch ,

Drexel.

,

Merrill , -. 1981 Drexel Merrill

V

nformation Services. Drexel , Volt . Merrill , Drexe

olt ; , Merrill . Merrill, , ,


125/729

. Merrill Lynch,

Drexel : , , Drexel , , . Drexel, , 1984.

, Drexel : .

,

. 1980 . ,

:

( , , , ); ; : , ,


126/729

, , ., ,

: ?". , . , ,

. : ,

, ".

, , . , , , , ,

", , : ?" Drexel 19811982

, . ,


127/729

, . 1982 30 Flight Transportation, , ( ) . , . ,

Drexel.Flight Transportation

, , ,

, . Flight Transportation

. Drexel

. Flight Transportation ), (UAC):


128/729

., Fl

ransportation , , . , , . . ,

. , .

- , ,

. . , . , . , , .

Flight Transportation

. 1982 , 250300 . Flight Transportation

,


129/729

, Americommunications Industries (ACI) . 1981 Drexel

20 ACI, , 1978 . , , . ,

Drexel . , 1,9 Metromedia Broadcasting Corporation ,

. .

. 2,75 % (

, , ) 70 %. , , .

, 19, .


130/729

, (). ,

. . , ,

rexel, . AC

rexel, , ,

rexel 3 % 600 . ACI, 700

. , ACI Drexel

, 1983 ( 100 ). -.


131/729

ACI 1981 , . ACI , . , , , . , .

1981 , rexel , . , Drexel. 19811982 ,

. Drexel , - .

Drexel .

. , ,


132/729

[] ", . , , , , ", ?". .

,

. -. ,

, , ,

. , , , . . Drexel

: . , . .


133/729

, , . ,

, Drexel , . ,

, . Drexel ,

,

. , ? , ?

. .

.

, , , ,


134/729

. , , , . , 60 , , , , 65 , .

,

. , - Drexel, 1981 . A

. , . 982 ( ) ,

, 3().9 1933 . , ,


135/729

. , , , ; .

- . ,

, -

- ( , , ) ,

, , , .

, Drexel, :


136/729

. , , , , . 3().9, , Drexel,

: ; ,

3().9 Drexel

981 . 175 , ; . ,

The Wall Street Journal (986 ),

, , 9, 10,

7 %, Drexel 2 %. , ,

3().9. Drexel ,


137/729

. , 3(). Drexel , , , Drexel 3().9 .

, , Journal,

2 9 3,4 % (86 43 ), 1980 19

. Drexel 3().9 .

, , rexel

3().9, - , ,

. ,


138/729

rexel , , 3().9 . 19811982 ( , ), .


139/729

5

1983

. 40 %, 7 310,2

, . 100 1982 . Dre 4 690 , .

1983 Dre 00 . 400 MGM/UA Entertainm

ompany. , , MCI Communications., Drexel

, . ,


140/729

, MGM/UA, .

, Drexel. , , ,

, , ,

. , ,

. , , :

". - : , ".

[ ]: , " . : ,

, . , .

, . .


141/729

MCI 500 . . 600 , 800 . , MGM/UA . , - . , (

). -

: 100 , , 50 ,

. . 1986 , ,

- , , , .

, , , .


142/729

) , . General Felt Industries , 1980 Drexel General Felt 60 ; , , . , 1986 , , - - , .

Goldman, Lazard. , 1980 , . , . MCI ,

, 7. 250

. . MCI

HITS Drexel

. . HITS MCI.HITS ,

, Drexel


143/729

. , . 1983

, Drexel . 979 . , -, . 19

Drexel

; , , 1979 , 1983 150 .

, , , - -. Drexel -

. . , , . , ,


144/729

. , ,

. . ,

: . 1983

, . -

, . Drexel - , .

, Otter Gre . , - ( , , , ), 1978 (


145/729

GLJ. 1982 , Otter GreGLJ Drexel, Be

tearns. (NASD), , , . ,

, . Drexel .

-, 1982

WB AssociatWRC Associates Lobon Associates,

, Carssociates.

. 1983 (RA Partnership), (EJ Associates), . , Chanticleer Investors Ltd., Dunmore Partn


146/729

td., Moredon Partnes Ltd. Canterbury Group. , Cambrent. , . , , , . ,

, ,

1981 elvedere Securities.

, , Drexel. , ,

. , Princeton-New-partners Oakley-Sutton Management. -. , 75-100 % ,


147/729

Milow Corporation ( Michaowell). , , -, .

Milow , ( ) 50

75 %.

(

) , G Irell and Manella ( ), Reliance Group Holdings .

Belvedere , , , . ,

, . . ( Milow Corporation)


148/729

Belvedere Dorchesovernment Securities. Dorchester , Belvedere, One First National Plaza, 2785, Belvedere Dorchester Government Securities.

( ) , (

, , ), -. 1982 TEFRA)

, . .

, , . ( Belved ), ,


149/729

, - . ,

,

Drexel. , , Drexel Belvedere . 1982

Reliance, Golden Nugget, American Financial, Rapmerican, CNA First Executive. . ( ), Belvedere

Reliance Leasco ( ), , , : , ,

Burnham Lambert. ?. , . , ,

Dre ), Belveder


150/729

, . , Drexel Burnham, : , .

, , 1983 , Drexel

-, . ( Drexel Gateway Advisers -) , , , ,

., ,

: , , .

, ,

, , , , ( 1981 ) . , .


151/729

. . , Drexel, : , , , , . . , .

, ,

. , . ,

100 .

. , ,

. , , . ". , .


152/729

: , , .

,

, , ( Drexel, ?). 1980 , : -

-. , , , . .

,

Drexel. 50- Drexel . 1987 , , : ,

, . . . ,

.


153/729

, ,

, . , . ", . , , .

, ,

, , 1980 . , ,

: . ,

? .

. ? , , , 35 45. ? , ,


154/729

, , , . ? . 35 5 ? , ? . , . , . ,

, . ? ? .

, . , , . . .

1982 , , , , , , -


155/729

. ,

. , , 1985 , , : , . , ,

, , . , , . , ., -

. .

. . , ,


156/729

. , ,

, , . : ", . . , ,

, , . : , . . ,

.

, : , . , .

, , . 1982 , , , . -


157/729

, . The Wall Street Journal", . , , , . ,

.

, . , .

. , ,

, , , , , . ,

. ,


158/729

: ,

. . , , , , , .

. urnham and Company

, , , , 5 .

, , , .

, . 1982 , -- : ,


159/729

. ? , , . '. ? .

, , .

, ,

, ,

-. , , . , , Drexel ( -

, . 1983 rexel


160/729

- . -

-, , 5:15

, - . , - 7:30 8 ; , . ,

, : - -:

, . , ,

, - , . , .


161/729

6

Drexel. 19

First Executive, , Columbia Savind Loan ,

, , .

Enterprise Fund, 1969 . , : 1974 First Executive, 30 ,

. , .

, , :

"


162/729

First Executive. , .

, , . 12 , , Fxecutive.

1975 SPDA), ,

. , , (GIC), ,

. , , . .


163/729

19771978 . , , ( , , ). - . , -

irst Executive. 1978 ,

, First Executive 6,7 % ,

Drexel. 1979 73,31980 86,7 %, 1981 100 %, 1982 92 %

983- 100 %.

First Executive

12- 1,3 . , 13 % 9,9 % . First Execu


164/729

1986 12 , .

, , , . , , .

.

Dre

urnham -. Drexel, : .

Starrett Corporation. 1974 , , - - Columbia Savind Loan Association, 1977

. . ., Columbia

- ,


165/729

. 19801981 - , Columbia: , . 45 % . 19801981 15 %, -

, ,

.

- 1982 -- , . ,

, . , .


166/729

- . ( 10 % ), - . - , :

:

.

Columbia

; . Columbia

3,6 1982 2,9 1986 . . , .


167/729

1983 Columbia 73 ; 1986 10 26 % . Columbia ,

1982 : . Columbia

, . .

1986 Columbia . ,

, , , . Business Week : .

, , .


168/729

. - . , , . - , , 1987 , 1985

5,1 ; .

, ,

- . 1986 Columbia , -

, 1985 1986 ,

irst Executive Columbia, .


169/729

, . . . . , , , , First Execu . 1981

rexel 50 % First Execut ( First Stratford). 1984 (

9,9 % Columbia. Dreurnham Lambert Group 10,3 % , Drexel 20 % .

, , First ExecuColumbia 1983

. , , ,


170/729

. Fxecutive Columbia , . , 1983 , , merican Financial

eliance Insurance, apid-American,

, : , ,

.

1983 , . 19 1983 225

19,5 , 1983 40 ( , , ,


171/729

). 375 , 13 %.

, , , , . 1983 ,

300500 ( 1315 % 10 % ).

, , Fxecutive Columbia , , . - .

, 26 5,5 . , 1980 , 20 , World Bank


172/729

, IBM, Xerox, Atlantic Richfield, Standarc eneral Motors . ,

. , , .

( , ) : ( ,

): ?". .

, ,

First Investors. World Ba

; First Investors Asset Management.

, 1983 First Investors,

( 300 ), Solomon Asset Manageme


173/729

, , World Bank First Executive (Fxecutive 120- First Investors 80 90 ).

. . , .

. . , -, , . (), ().

: . ,

, , ,

, , , : ".

.


174/729

, . 1983 , : . , : ,

, .

-, (

) . , , , ,

Drexel

Drexel , .

, (), - . -


175/729

, , . 1976

, , ; 1983 Goldman Sachs, Morgan Stanley, Foston, Kidder Peabody ;

.

. 18,

U.S. Steel Standard Oil.

919 1929 ( ); General Motors Pullman. 960 1969 ;

. 1974 ,

, Internatioickel Company, FSR International Nickel


176/729

Morgan Stan , , International Nickel

, , .

. 1975 14 100 ; 1977 41, 1978- 80. 1979 :

, 1980, 1981, 1982 1983-.

1974 , .

, . , . ,


177/729

. , ; . ( ), , ( . 50- 16 % 8 % . ,

, , , , .

.

. , , . , ,

. . 1975

Crane 25naconda Copper Company,


178/729

. . . , , . .

1981 , . ,

. , ,

, . ,

, -. 1983


179/729

, . Drexel

, .

1983 Dre 10 .

, , . , - (, ,

, 50 % .

Drexel 115 ( 10 ).

, , . ,

" , , . , , ,


180/729

. ? ". , , , , .

Drexel , . , Goldman, Sachs,

Fortune 500, . Drexel , , .

, 40- , , . , ,

- , , .

Drexel ,


181/729

, . . , Drexel, , , .

,

. 1982 Drexel (LBO). BO ( ,

, , , , , . LBO

: , ( , 60 %), , ( 30 Drexel ), .


182/729

, Kohlberg Kraoberts and Company, horstmann Little and Compalayton&DuLilier , ( ) LBO

, LBO , ; . , LBO, .

. .

- L . LBO,

1980 . - , ., , Gibsreetings.

Wesray 1982 Gibson Greeti


183/729

RCA. 1983 Gibson Greetings , Gibson 50 %, 70 . 1984 LBO 18,6 .

Drexel BO, . BO

. 1977 ,

. ( ) 1973 ( )

. , , ,


184/729

.

, , . .

LBO, Drexel , , , , . Drexel

. , . 19

Drexel , 1983 . L ( ) , , -, .


185/729

. , , LBO ?

1983 , Beverly Wilshire ( Drexel -), . ,

, . , . , , ;

, , , , .

.

, . . , Mesa Gulf Oil Company.


186/729

(

) , , ,

, Drexel , , .

. , .

1982

Kidder, Peabody, Lehman Brothers, Foston, Lazard Freres, Salomon Brothers,

Wachtell, Upton, Rosen and Kat

Skadden, Arps, Meagher, Slate and Flo , , , . , , . , , , Drexe


187/729

, Drexel . , , , . , , 1986

, , Kidderexel. , ,

- Drexel , (

- . rexel

, ,

: Drexel Fortune 500

. rexel ? , , ? ,

? ,


188/729

Drexel . . ,

, Drexel. . " , , , .

", . ,

.


189/729

7

Triangle-National Can:

2 1985 - - National Can -, , Skadden, Ar

late, Meagher and Flom Paul, Weiss, Rifkind, Wharnd Garrison, Salomrothers. , , , . Drexel

- , Drexel ( ,


190/729

, , ).

Triangle Industries, , , Natioan no 41 . , . ,

, Natioan, . , , ,

, . , 42 .

, Drexel, . [] , , ? : ".


191/729

: ". .

kadden, National Can, , . . , . . ? " , .

, , . . ,

- , ,

[ Drexel] .

, , . , .

. ,

(


192/729

Drexel, ), . . ,

, , . 38 % National Can. 1985 National , 51 % , (

) . , 1985 ,

. : Drexel , ,

.

. -, ,


193/729

, .

Mesa . Gulf Oil, Relia Disney, hillips Petroleum Coastal Corporation American National Resources (ANR). , ANR, Triangle National Can.

Drexel .

( Trian

ndustries 1984 291 1,9 National Can) 130 , L. F. Rotschild, rexel. Drexel

, . . , . . 4 1985

Natio


194/729

an 42 .

- , , : ? , Drexel, Coastal NR . Coastal , , , Triangle ,

. Coastal , . . A Triangle 50 . .

National Can 465 , Triangle 0 30 ( Drexel) . , 365 ,

Drexel . Drexel 00 , National Can.

National Can 565 .


195/729

00- . , 70 , Trian , : [Triangle Acquisition Corporat ]. ! [Triancquisition Corporation] , [Triangle

. ! , , ] : ! !

, !". : , . ? ?". ,

. - , . , . .

, -,


196/729

. 1985 riangle . , . . , , ?

1986 ( ). National Can 1985

: ( 17 ) 162 68,775 . riangle 4 , -

. , : , .

- Triangl983 ) 34 , ( ) 40 , Drexel,


197/729

National Can, 986 : : ".

, . , , , . , , , , , ,

, . - ( ) ,

Drexel (, , ). . .

, . , , , . .


198/729

-, -

. HoraMann. 1960

, 1961 , 1962

- Abe Peltz aons ( ):

2,5 . , , ,

. . ,

. Flagstaff;

1969 1972 Flagstaff ; 50 . , .


199/729

, Peat, Marwick, Mitchell and Compa , . , , , eat, Marwick . lagstaff .

Flagstaff .

.

. , , . , : , . 1975 Flagstaff

1 % Coffe-Mat, , .

. . .


200/729

, . ( Reliance, Inc.) -. Drexel (, , , ): - ,

.

, . , .

, . - . , Columictures ! [ Christ-C

ndustries], [ GulWestern] . , .

llen and Company.


201/729

Columbia Pictur , . , , , , . , . .-

. 1978 Flagstaff , , , 31 ( ,

). Coffee-Mat Flagstaff.

Trafalgar. , : - . taley Kraft, , . .


202/729

, . . - [ ];

., Flagstaff ,

,

. --- Flagstaff 1978 , . Flagstaff 8 %

20 %. 1981 11. Coffee-Mat ,

. 1976 11110 , 1978 2291 000

. , 230 . , Coffee-Mat .


203/729

1979 Trafalgar ; . . , , Coffee-Mat, : , , , . Perm Central,

30 . Trafalgar .

. , .

, , : , , . : ?

. ? . , , ,

.


204/729

, . Trafalgar , , : , . NPM,

. Flagstaff; , . 1980 9,5 %

- Sterling Banco , , 1981

, , - : , , ,

. 1982 -

Triangle Industries , Triangle


205/729

, . , , , , , . :

,

(, , ), . ,

, , . , , ,

, , , , . 25- , .


206/729

, . Trafal

.

, - .

, .

, , . , .

, .

, . 1981

. , . . ,


207/729

20 Marshall Field. 1983

Plaz Triangle. , . , , , . ( ,

), . 1983

, , , 29 % Triangle, 14 . Trafalgar

, 12 Manufacturers Hanover Bankrust. Bankers Trust , Manufacturers Hanover .

, , , , Manufacturanover , ,


208/729

. , , . : , . , "

, Triangle . , . ,

: . Triangle

. 75

, L. F.Rotschild. , 30 , , L.F.Rotschild,

Drexel , ( ). L.F.Rotsc . 1983 L.F.Rotschild


209/729

, , ; . , , , L.F.Rotschild , . , , . [ Triangle 1984 ] -

. ., Triangle,

, , , , 30 , . ,

, ,

: 15 %, .

1984 Beverly Hills Savings Drexel


210/729

-

. Beverly Hills Savings , , , . Columbia Savings and Loans.

Beverly Hills Savings

, . - ( ,

, ) . ( ), 675 .

Beverly Hills Savings . , riangle, , , , . ,


211/729

,

: Beverly Hills Saving . - 300 ,

,

, ( 300 10 % ) 1984

, , , . Dre . ,

8

, , Drexel Beverly Hills Savin

,


212/729

.

, 1984 300 Drexel. , , 10 (, ). ,

. , , ,

, -, , Beverly Hills Savings Dre

- . -, , ( ) . Drexel

, , 1987 . Beverly Hills Savin, 1984

( Drexel) Cell Products. , ,


213/729

, , , . Beverly Hills Savings 3,69 .

, , , Cell Products 6,7 1 . , ,

, , . Beverly Hills Savings Croducts,

,4 . , Beverly ell , . Bevills Savings , ,

, Drex , Beverly Havings , , , . -


214/729

. , L. F. Rotschild, 19 75 . , : , .

1984 Triangle 100

. . Drexel 240 , 12 % . , Triangle

, Drexel. 1984 Drexel, .

100

, , . , 1985 , 750 , ,


215/729

, Revlo ). 1986 Wickes, , 1,2 . 1984 100

- . , 100 ,

: 400 ! , . 135 , . , , .

, . Scott and Fetzer ( Kirby, World Book

) , . ( Berkshire Hathaway; .)


216/729

Triangle 5 % Great Lakes International, . . , Drexel, , , . ,

Gr

akes International, , : . ( Great Lakes International , Drexel.)

, - . 12-

, NPM ( ) Manufacturers Hanover Bankers Trust,

( ). , Triangle . ,


217/729

1983 NPM riangle NPM. ,

, Triangle. , , .

Drexel, , , , , .

: ,

1984 riangle. , 13D (

), ,

Triangle . , .

. ,


218/729

. , , , , , , .

, , .

, ,

, . , , . 35 ,

, , , 1986

[1984 ], , -

. , . . , []


219/729

National Can, .

Drexel.

, 2030 , ,

, . , , ,

, , Drexel. , Reliance L. ., ,

, , , .

- , -, 1966

. 1969 Nompany 30 Sharon Steel, 220 .


220/729

, , , . Sharon 90 % .

.

. 1969 , ,

10 400 . 1975 2 600 . , , VF Sharon, 1969

5 , 1976 40 . ,

Gulf+Western Litton Industries , ,

, . , , ( 1970 ), , , .


221/729

. , - , .

.

Sharon Steel. Business Week (1976): . Drexel

. -, (

): ,

. , , , ( , , - ).


222/729

( , . , , . ,

. , . ;

( ), , . Drexel, .

, . Drexel

. rexel ( ) ; ,

. , . - , , , ( ). ?! , .


223/729

". , - -

. . , , . - .

, . , Shearson, Shears

Cote Basque. , . .

, , . , , .

. , , . , ,

. 38 % National Can

1979 .


224/729

, 5 % , Salomrothers Skadden, Arps. : , , ", . , ?

, .

.

, , , , . National Can

. , . .


225/729

, , - , (, ) . : . . , ,

. , , . , , . 1983

. - NVF, DWG Pennsylvania Engineering . , 984 1,6 N

146,5 . Natioan .National Can Salomon Brothers,

, , 100


226/729

, . , ; , . , , ,

. , , . , , .)

. , National Can, , ,

, Salomon, . . , ,


227/729

: ', , ". : 52 ( 30 -), .

. National Can ,

. 1984 National Can NVF : 0 , NVF 80 %

National Can 20 %. 410

rexel 155 , 255

Manufacturanover. Drexel, 1984 .

, , .


228/729

EvaProducts] Sharon [Steel], ,

,

Drexel . , Evans Sharon, Sha

3().9 ( ), 11.

, 1982

(

, , ). ,

DWG 1982 , 50 ( ,

), 1986 .


229/729

, , . , 25- 1982 , 1984 Forbes) (First Execut (American Financial).

,

rexel , 06 , 1984 Royal Crown. , , : 1984 ,

. oyal Crown, , , -.

National C , rexel, Manufacturers Hanover . , , ,


230/729

. , , , , : ) 38 % , ) 51 % ) 60 . , , , National Can

Evans Products ( ), .

: . ,

. , . , . : , ". ,

60 , , . 34 . 60

. . : .


231/729

. ".,

(LBO), ( ) 51 % 40 . , 1985 , Natioan

NVF . 50,1 % . National Can LBO,

. , , , , , . Kohlberg Kravis Roberts,

LBO. . . , .

, ,


232/729

, .

, ( , , , . : . [ Rotschild ]. National Can , ,

. , .

6 1985 Drexel. : , ,

". 8 - , Drexel, .

rexel , National Can

: , , ; ; , . , Drexel


233/729

, .7 5-

National Can739 . 15 , , . . . , , ,

. ,

Marsield 1982 , , Natioan : ,

- , . , , . ,

.

, 8 , Drexel , , - 21 ]. .


234/729

, , , - . [

. , ., .

National Can ,

- . 100 , ( , 4,25 %) .

, , , Drexel. , Drexel

: 20 Phillips, 25 Coastal. , 10 , 35 Unocal. , , Drexel ,


235/729

. Drexel 12 % Triangle , , 4 %.

38 % , . . . ,

. .

Drexel, , , .

National Can,

, , , . Drexel ,

. Drexel, , , Jefferies ( -),

1985 ,


236/729

Drexel . , Beterns, . , - E.F. Hutton, , , National Can. , , , , Hutton . (

Hutton)

National Can . 24 ,

National Can, ; Waldorf Tower - ,

. , . 11 Eva

roducts, 40 ,


237/729

, , . National Can [ riangle].

, , Dre - 1617 Paul, Weiss

. : ,

30 , 20 % . Triangle 65 80 % 95 Triangle

, 365 . ,

,

. : , , ", . :

, . , .


238/729

, . rexel 30 . ,, 1 , 395

Drexel .

, Drexel . , , ,

. . Drexel

395

, . , 500 . 3,25-5% 395


239/729

. ,5 , 95 Triangle. 25 Drexel 16 % Triangle.

( ),

. Drexel , ,

.,

. . , , ,

. , , , . ,


240/729

. , ., -

:

1,5 Phillips 600 Coastal. , , hillips, Unocal. ,

. , . ;

. Unocal, [ , National Can], ,

140 .


241/729

, . , , . , ,

, . Phillips Unocal Natio

an . , Drexel, :

, , . , . , .

. , , . ,

36 . ,

Drexel, 30 . ,


242/729

, Coastal ANR, : , Drexel , .

, , . 30 19,9ational Can.

15 ) American Financial Trafalgar Holdings Ltd. . Finan

orporation of America - ,

, , Trafalgar Holdings. , ;

, , , .) , , , , , , 140


243/729

, , : , 50 %, 70 . , , , , . , . , , 15 ,

, , . , , .

, Dre , [ rexel

, Atalanta/Sosnoff Capital Corporation, - , (

).


244/729

, , (merican Financial) , , 50 . 33 Sallis Securiompany First Executive. 2025 ,

: 338 Rodeo Corporation, Columavings and Loan , Worldwide Tradervices, Atlantic Capital. 1985 Atlantic Capital,

( - , Drexel III), - , .

, , .

, -


245/729

, , . , , , : , , . [National Can] . , , - 7,5

(Mac-Andrews and Forbes),

. Schenley Industries) 10 , , . 10

, . ,

, Drexel , , ,

. Drexel , , , : - , ", , ,


246/729

. ,

, 14D ( , ), . ., ,

. ,

. .

, , , , , . , , .


247/729

14 . , , . , -, , , .

,

(, ; 38 , 50- ). 17

, 19 .

,

Triangle-National Can . , Drexel, , , , , :


248/729

, , . , , , . , . [ Drexel ] . , , , . [ ] : ", : '

?".

( Pruden

nsurance Company of America 134

Guarantee Security Life 370 ), - Conoco Atlantic Richfield. ,

. , , .


249/729

. , , , , -, ( ). , . , Drexel ,

, .

. , , ,

. 80 % Triangle-National Can ,

, , , , . , , ,


250/729

, Drexel ).

rexel 3().9. ,

,

, . , Drexel

, Drexel , .

, Triangle . 24 [ National Can]. , , .


251/729

, , , , , . ( ) , Triangle.

, 27 , 1985 . ,

, , , , - . , Skadden, Arps-, ;

National Can. - ? . ? - ?

,

. , . 8

, - American Can, , ,


252/729

. ; Drexel. ( orthwest Industries .) ,

, , , , , . Beverly Hills , .

.,

, . , , .

, - -, . , 4

.

42 , rexel. , ( ), .


253/729

: " . , National C , . . -

. , [ Triangle]

National Can, : , , ?", : . ".

. ,

- . , ,

,

, Triangle. , Citicorp. , , . , - ,


254/729

., Drexel

, : . ,

1986 , Triangle-National Can , . , , .

, ; National Can , , . -

, ; 1986 :

, National Can, .

, , , , Vanaco [ 1986 , ,


255/729

, Drexel ]. , .

1985 Drexel 595 National Can: 395 200 . 1986 ,

80 . ,

. , 89 % 1416 %.

,

Drexel . 65 00 . . 500

350 ,


256/729

. National Can

, Drexel, , . -, . -, . ,

.

, 1986 200 500 . ,

. Triangle 5 % ( ),

% ( 15 % , 85 % ). , 20 % Trian .


257/729

ational Can, : . : , . -

, . ,

.,

, . 1986 , National Can

, . , , : !.

1986 Business Week

, , , , , : , : .


258/729

. , 1985 , : . . , . , The Wall Strournal" , . , . ,

. , ,

. ,

, . - National Can, .

1986 DWG

, Drexel. 55 .Evans Products

Drexel) ,


259/729

.Sharon Steel Drexel 1986

( ) 1987 Evans Productions

1986 Business Week : ,

. 1985 DWG 12,7 989- 5,6 , 1986

5,9 . 1986

1,2 ( ,

). , ,


260/729

. , , Sharon Steel , 1982 , 1985 . National Ca

, . ,

National Can . , ,

, . , , Drexel . Drexel . .

51 %, , , . , 20 % [ ], , .


261/729

, E.F. Hutton, : : ", ,

, Drexel], . , 51 %, . [ Triangle] : ,

". , 8090

Triangle. , .

, ,

, , . Drexel,

:

: , . ? .

Drexel , ,


262/729

, . , , . 1986 , , , , , .

Drexel,

rexel . 1986 , , : ,

- . , 1986 , Busin

Week ,

, , . , Drexel, Drexel Burnham? ?.


263/729

.

986 , -. , , , . , .,

ational Can American Can: , 8 . 560 , ,

Drexel.Avery, ,

Trafalgar, Triangle, Unirohemical Company 710 .

, , - , , Central Jersey Industries (C , ; 38 % Triangle.


264/729

986 Drexel CJI 3 . , , , , . ,

. American Can Uniroyal,

: , .

. , , Lazard Freres , .

Drexel

, , . , , -", American Can Uniroyal


265/729

, . [] - !.

, , ,

. 1986 ,

, : Dre , . [ Drexel] ,

Bruk K. Bal Hishnikov.a6

Documents