The Predators’ Ball (65 page)

13D filings,
118
–19,
154
,
172
,
191
,
291
,
293
,
321
,
325
,
326
,
327
,
351

Thompson family,
345

Thomson McKinnon,
43

Thorp, Edward,
81
–82,
300
,
311
–12,
327
–28

3(a) 9 deals,
76
–77,
135
,
209
,
331

thrift institutions,
212
,
269

see also
savings-and-loan associations

Time
,
195

Tisch, Lawrence,
35
,
57
,
67
,
160
,
196
,
208
,
230

Toffler, Alvin,
246

Tokyo, mini-Predators' Ball in,
243
–244,
316
,
340

tombstone ads, bracketing in,
30

Touche Ross,
25

trading, traders:

investment banking vs.,
63
–64

principal mentality of,
64
,
66

Trafalgar,
111
–14

Trafalgar Holdings Ltd.,
131
–32,
168
,
284

transactional banking,
63

Transportation department, U.S.,
172

Transworld Corporation,
233
–34,
236
,
322

Treasury, U.S.
26

Treasury bonds, U.S.,
27
,
47
,
345

stripping of,
82
–83

yield on,
94

zero-coupon,
82
–83,
124
,
267

Treasury Department, U.S.,
264

Triangle Acquisition Corporation,
108

Triangle Industries,
13
–14,
17
,
105
–109,
112
–19,
141
,
145
–47,
168
,
243
,
273

in National Can takeover,
see
National Can deal

stock of,
107
–8,
118
–19,
128
–29,
146

triple-A bonds,
27
,
32
,
243

Trottman, Stanley,
26
–27,
29
,
68

Flight Transportation and,
72
–73

Trust Company of the West,
57
,
277

Tsai, Gerald,
18
,
135
,
141
,
147

“T-shirt organization,”
86

Turner, Ted,
217
,
303
–4

TWA,
19
,
143
,
170
–88,
191
,
202
,
263
,
297

anti-takeover maneuvers and,
171
,
177

cash flow of,
171
,
172

flight attendants strike and,
183
,
184

Icahn liquidation plan and,
172

Joseph's attempts to dissuade Icahn and,
170
,
171

Lorenzo bid for,
173
–78,
181
,
187

losses of,
180
,
183

Paine Webber and,
178
–80

PARS system of,
179
–80,
181
,
184

SEC bondholder list and,
182

stock of,
170
–74,
177
–78,
179
,
181
–182

terrorism and,
172
,
181
,
183
,
184

turnaround at (1986),
183
–84,
191

unions and,
172
,
174
–78,
181
,
183
,
184

“two-tiered, bust-up junk-bond takeover,” use of term,
204

underwriters, underwriting:

bracketing of,
30

commissions and fees for,
46
,
47
,
66
,
74
,
300
,
304

default rate of,
77

Underwriting Assistance Committee (UAC),
72
,
131
,
235
,
304
–7,
351

Union Carbide,
181
,
213
,
233
,
245
,
275
–76,
280
,
288

unions,
see
labor unions

Uniroyal Chemical Company,
141
–145,
170
,
263

“unit” deals,
73

United Airlines,
173

United Brands Company,
65

“unit offering,”
114
–15

Unocal,
17
,
127
,
130
,
166
,
171
,
203
,
218
,
322

U.S. News & World Report
,
342

USX (U.S. Steel),
96
,
185
–88,
333

Vagabond Hotels,
319

venture capital,
60
,
64
,
98

Viacom International,
185
,
334

Victor, Edward,
54

Vidalia, La.,
349

Video Corporation of America,
198

Vision Care,
225
,
234

Volcker, Paul,
264
–65

Volt Information Services,
71

Wachner, Linda,
265

Wachtell, Lipton,
204
,
205
,
207
,
211
,
212
–13,
231
,
318

in financial scandals,
254
–55

political contributions of,
259

W Acquisition Corp. (WAC),
265

Wallace, Robert,
83

Wall Street Journal
,
77
,
145
–46,
201
,
224
,
233
,
249
,
260
,
320
,
322
,
325
,
330
,
343
,
348
,
349
,
350

Walsh, Joseph,
225
–26

Walter, James,
99

E. M. Warburg Pincus and Company and Reardon and Joseph,
292

“war chests,”
19
,
117
,
163
,
164
,
169
,
180
,
185
,
202

Warnaco,
265

Warner, Marvin,
159

Warner Communications,
258

warrants,
66
,
93
,
117
,
127
,
300
–301

bonds with,
69
,
71
,
73
–74,
114
–115,
120
,
289

National Can deal and,
123
,
129
,
131
,
148

shorted securities with,
52

warrant strip fund,
300
–301

Washington Post
,
27
,
266

Wasserstein, Bruce,
101
,
253

WB Associates,
81

Wedvick, Peer,
281
–83

Weinroth, Stephen,
48
–49,
74
,
124
,
202
,
252
,
317
,
332

career path of,
48
–49

Centronics and,
339

Engel's reinstatement and,
340
,
341

quote displayed by,
244
–45

Weinstein, Martin,
15

“Western convertible,”
69

Westinghouse,
45

“What Ails America—And What Should Be Done” (Icahn),
186

White, Weld and Company,
47

Wickes Companies,
117
,
243
,
292
–295,
321
,
324
,
327
,
333
,
335
,
352

GAF compared with,
295

Simon Wiesenthal Foundation,
312
,
313

Wigton, Richard,
328
–29

Wilkis, Robert,
318

Williams, Edward Bennett,
139

Winchester Recovery,
277

Winnick, Gary,
51
–52,
83
–84,
259

Pacific Assets and,
278
–79

Winnick, Mrs. Gary,
51
–52

Wirth, Timothy,
171
,
259

Witter, William D.,
48

Wolfson, Zev,
160

Wong, Eugene,
252

Woolworth's,
45

World Bank,
94

Worldwide Trading Services,
132
,
168
,
280

WRC Associates, 8r Wyatt, Oscar,
12
–14,
107
,
109
,
131

Wynn, Stephen,
16
,
58
–61,
70
,
86
,
87
–88,
119
–20,
298
,
354

flamboyance of,
60

in megadeals,
60
–61,
168

as useful to Milken,
60

Xerox,
94

Yang, Paul,
128
,
140

Young, Robert,
155

Zapata Corporation,
44

Zax, Stanley,
53
,
58

Zell, Sam,
118
,
125
,
305

Zenith National Insurance Company,
53
,
58

zero-coupon Treasury bonds,
82
–83,
124
,
267
–68

Zimmerman, Michael,
253

THE AMERICAN LAWYER

SIMON AND SCHUSTER

Copyright © 1988 by Connie Bruck

All rights reserved including the right of reproduction in whole or in part in any form.

Published by The American Lawyer/Simon & Schuster. The American Lawyer is published by Am-Law Publishing Corporation. Simon and Schuster is a division of the Simon & Schuster Trade Division.

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SIMON AND SCHUSTER is a registered trademark of Simon & Schuster Inc.

The American Lawyer is a registered trademark of the American Lawyer Newspaper Group, Inc.

Designed by Edith Fowler

Library of Congress Cataloging in Publication Data Bruck, Connie.

The Predators' Ball: the junk-bond raiders and the man who staked them/Connie Bruck.

p.   cm.

Includes index.

ISBN 0-671-61780-X (The American Lawyer/Simon and Schuster)

1. Consolidation and merger of corporations—United States. 2. Junk bonds—United States. 3. Milken, Michael. 4. Stockbrokers—United States. I. Title.

HD2746.5.B78   1988

332.63'2'0924—dcl9

88-11572

CIP

ISBN 0-671-61780-X

ISBN 13: 978-1-4767-3771-3 (eBook)