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After Joseph told the board that Drexel had effectively been told to "go out of business", the board voted to file for bankruptcy. That night, Drexel officially filed for Chapter 11 bankruptcy protection. Drexel was the first Wall Street firm since the Depression to be forced into bankruptcy.
Feb 14, 1990 · The parent, the Drexel Burnham Lambert Group Inc., filed for protection from its creditors under Chapter 11 of the Federal Bankruptcy Code late last night, a few hours after the company's board ...
Feb 14, 1990 · Drexel Burnham Lambert Group defaults on $100 million loan and files for Chapter 11 bankruptcy protection.
Abstract. In the 1980s, Drexel Burnham Lambert dominated the underwriting of junk bonds with close to a 50% market share. In 1990, Drexel went bankrupt and was liquidated, and the percentage underwriting fees for junk bonds subsequently dropped dramatically.
Apr 1, 2015 · The tale of Drexel Burnham Lambert's unlikely rise, gargantuan heights, and calamitous fall is the story of Wall Street. ... After the firm went bankrupt, Milken spent 22 months in prison for ...
Feb 13, 2015 · Drexel Burnham Lambert, the investment bank famous for high-yield or "junk" bonds, filed for bankruptcy on Feb. 13, 1990 after several years of legal troubles. Drexel's bond department head...
May 21, 1990 · Contrast that to the dismal fate of his firm, Drexel Burnham Lambert -- bankrupt within months of settling similar charges for a similar amount of money. How did so powerful a firm fall...
