The Predators’ Ball (61 page)

congressional opposition to,
167
,
203
–7,
259
–63

crafting and fine-tuning of,
13

default rates and,
77
,
268

deterioration of,
268

Drexel controls on,
72

Drexel's outrageous deals with,
72
–75

explosion in (1983),
78
–80

Friday's criticism of,
43

Grant's views on,
266
–67

Hickman's views on,
11
,
28
,
29

Icahn and,
13
,
163
–66,
178

issuance of,
71
,
78
,
198
,
247
,
268
,
306
,
350

Japan and,
243
–44

job-formation claim and,
347
–49

in leveraged buyouts,
98
–100,
107
–8

liquidity of,
46
,
207
,
285

margin rules and,
264
–65

market sector of,
93

95 percent figure and,
348
–49

origin of term,
39

Peltz-May use of,
14
,
115
–16

as percent of total corporate debt,
268

prejudice against,
29
,
57

recession of 1980 and,
70
–71

research on,
32

risks vs. rewards of,
11
,
45
–46,
73
,
250
–51

Rohatyn's criticism of,
206
–7

selling techniques for,
32

start of Milken's interest in,
27
–28

stock compared with,
28
–29,
32

stock market crash (1987) and,
344

subordinated debt and,
45
–46

Treasury bonds compared with,
94

“two-tiered, bust-up,”
204
,
256

see also specific firms

Justice Department, U.S.,
260
,
264

Kamerman, Morton,
200
,
220

Kaminer, Daniel,
151
,
152
,
153

Kansa General Insurance Company,
281
,
283
–84

Kantor, Edwin,
32
,
34
,
50
,
51
,
69
,
83
,
302
,
308

Caesars World investigation and,
310
–11

Kaplan, Mark,
34
–35,
42
,
59
,
252

Katz, George,
14
–15

Kay, David,
74
,
97
–98,
101
,
116
,
137
,
164

Icahn as viewed by,
163

Posner as viewed by,
121
–22,
140

Kennedy, Edward M.,
259

Kerkorian, Kirk,
304

Keystone B
₄
,
33

Walter Kidde,
156

Kidder Peabody,
95
,
101
,
161
,
173
,
176
,
253
,
255
–58,
308
,
328
,
335

stock of,
256

Kindercare,
347

Kingsley, Alfred,
150
,
152
–54,
170
,
187
–89

background of,
152

TWA and,
172

Kissick, John,
298
,
307
,
308
,
340

Klein, Calvin,
236

Kluge, John,
267

Knapp, Charles,
131
–32,
146
,
168
,
284

Koerner, Gerald,
291

Kohlberg, Kravis, Roberts (KKR) and Company,
65
,
99
,
125
,
176
,
245

Kravis, Henry,
125
,
177
,
245

Kroll, Jules,
72

Kugler, Michael (Jack),
253

Kuhn, Loeb and Company,
30

labor unions, TWA and,
172
,
174
–178,
181
,
183
,
184

Lambert, Baron Léon,
48

Lasker, Bunny,
230

Lautenberg, Frank,
258

Law, Warren,
262
–63

Lazard Frères,
65
,
101
,
196
,
225
,
231
,
318

in financial scandals,
254
–55

LBOs,
see
leveraged buyouts

Lear Siegler,
257
,
258
,
295
,
332
,
334

Leasco,
36
,
83

Le Club (Manhattan nightspot),
230
–31

Lehman Brothers Kuhn Loeb,
44
,
47
,
48
,
65
,
209
,
268
–69,
311

Lenox, Inc.,
256

leveraged buyouts (LBOs),
97
–99,
161
,
198
–99,
219
,
224
,
226
,
246
,
247
,
269
,
278
,
289
,
314
,
325
,
350

cash flow and,
113

defined,
98
–99

friendly vs. hostile,
167

interest rates and,
111
,
137

management and,
98
–99,
196

National Can deal and,
107
,
108
,
122
–25,
137
,
140
,
148
,
203

Phillips deal as,
166
–67

private placements in,
129

refinancing of,
163

TWA and,
173
,
181

of Uniroyal,
170

Levine, Dennis,
204
,
208
,
210
,
220
–221,
230
,
312

illegal activities of,
254
–55,
318

Levine, Sol,
234
–35

Levy, Gustave,
30
,
42
,
152

Levy, Paul,
75
,
331

Lewis, Salim (“Cy”),
33
–34

Liberty Service Corporation,
182

Liman, Arthur,
194
–96,
207
–8,
216
,
221
–22,
225

Lindner, Carl,
12
–13,
35
–38,
57
,
93
,
119
,
139
,
165
,
167
–68,
205
,
273
,
290

career path of,
36

Milken's respect for,
36

National Can deal and,
124
,
131
,
132
,
133

at Predators' Ball (1985),
14
,
16
,
17

SEC and,
35
,
36
,
37

Linton, Robert,
31
,
59
,
69
,
243
,
303
,
336

Levine scandal and,
254

Lipper Analytical Services,
33
,
247

Lipton, Martin,
101
,
168
–69,
197
,
259
,
318

Drexel business of,
206

Revlon battle and,
204
–6,
210
,
211
,
221
,
224
–25

Siegel's relationship with,
256

takeover raider business refused by,
205
,
206

Litton Industries,
120

Lobon Associates,
81

Loeb Rhodes,
48

Loews Corporation,
35
,
45

Lombard, Carole,
53

Long, Perrin,
247

Loomis, William,
209
–10,
219
,
222
–224

Lord Abbott Bond Debenture,
33

Lorenzo, Frank,
173
–78,
181
,
187
,
297

Lorimar,
15
,
17
,
60

Lorimar-Telepictures,
321

Los Angeles, Calif., Drexel Burnham Lambert branch opened in,
50
–53

Lovado (Triangle financial officer),
136

LTV Corporation,
44
,
268
–69

Ludlum, Robert,
357
–58

Lurie, Robert,
305

MacAndrews and Forbes,
132
,
193
,
196
,
198
,
199
,
203
,
208
,
235
,
305

debt-to-equity ratio of,
237

Pantry Pride stock purchased by,
203
,
231

as private company,
18
,
201

Revlon suit against,
211

Rifkind's resignation from,
207

McCarthy, Fred,
66
,
105
–6,
116
,
137
,
141
,
144
,
183

Malanowski, Mary Lou,
76
,
130
,
131

management,
19
,
154
,
155
,
261
,
272
–73

of Dan River,
161

Icahn's views on,
156
,
159
,
162
,
186
,
190
–91

in leveraged buyouts,
98
–99,
196

Milken's effects on,
19

of National Can,
122
–26,
136
,
147
–48,
261

1960s takeovers and,
263

Revlon buyout plan of,
219
–21,
225

Management and Budget, U.S. Office of,
264

manager-owners,
see
owner-managers

“Managing the Corporate Financial Structure” (Milken and Walter),
99
–100

Mandrake,
180
,
181
,
182

Mansfield, Mike,
243
,
316

Mantar Associates,
16

Manufacturers Hanover,
114
,
118
,
124
–25,
227

margin rules,
159
,
211
–12,
215
,
226
,
264
–65

Marks, Howard,
57
,
277

Marshall Field,
113
,
126
,
159
–61,
189

stock of,
159
–60

Martin, Preston,
264

Massachusetts Mutual,
33

Matarese Circle, The
(Ludlum)
357
–58

Mattel, Inc.,
292

Maultasch, Cary,
329

Max Factor and Company,
234
,
265

May, Peter,
13
,
17
,
105
–12,
114
–19,
144
–47

background of,
110

financial compensation of,
145
–146

National Can deal and,
17
,
105
–112,
128
–29,
130
,
133
,
135
,
136
,
138
,
141

Peltz's meeting of,
110

MCI Communications,
78
–80,
243

M.D.C. Holdings,
259

merchant banking,
66
,
191
,
248
,
249
–50,
288
–89,
308
,
321

see also
bridge financing

mergers and acquisitions (M&A),
see
takeovers

Merrill Lynch,
30
,
65
,
250
,
290
,
325
,
345
,
346

junk bonds and,
71

Mesa Petroleum,
13
,
17
,
101
,
107
,
164
–67

Metromedia Broadcasting Corporation,
73
,
245
,
267
,
347

Metzenbaum, Howard,
258

Mexico,
353

Meyer, C. E., Jr.,
172

mezzanine financing,
98
–99,
100
,
123
–24

MGM/UA Entertainment Company,
78
–79,
304

Middlebury College,
182

“Mid-Week Option Report, The,”
151

Midwest Federal Savings and Loan Association,
291

Milken, Bernard,
24
,
50
,
53
,
67

Milken, Mrs. Bernard,
53

Milken, Lori Anne Hackel,
24
,
50
,
52
,
81
,
106
,
313
–14

Milken, Lowell,
54
–55

appearance of,
55

Boesky Day and,
320
,
342
–43

brother compared with,
55

as brother's confidant,
55

brother's disagreements with,
306

brother's investments with,
80
–82,
313