Donald Trump debuted his third Atlantic City casino, the Trump Taj Mahal, but immediately struggled to make payments on $675 million in high-interest junk bonds used for construction. Financial analyst Marvin Roffman predicted the casino would need to make nearly $1.3 million daily to break even, …
Donald Trump opened the Trump Taj Mahal Casino in Atlantic City in April 1990, financed by $675 million in high-interest junk bonds at 14% rates. Within months, the casino faced severe financial challenges, missing debt payments and signaling the beginning of Trump’s broader Atlantic City …
In 1985, Michael Milken raised a $750 million blind pool for Ronald Perelman through Drexel Burnham Lambert, providing unprecedented capital for corporate takeovers. This financing enabled Perelman to launch a successful hostile takeover of Revlon in November 1985 for $2.7 billion, demonstrating the …
In 1985, Michael Milken of Drexel Burnham Lambert raised a $750 million blind pool for Ronald Perelman, providing him with unprecedented acquisition firepower. This innovative financial mechanism allowed Perelman to execute hostile corporate takeovers, most notably the acquisition of Revlon. The …
Carl Icahn launched a multi-billion dollar hostile takeover attempt against Phillips Petroleum, offering $60 per share for half the company’s stock. Coordinating with T. Boone Pickens’ earlier attempt, Icahn used Michael Milken and Drexel Burnham Lambert’s junk bond financing …
Michael Milken at Drexel Burnham Lambert raised the first major $100 million blind pool for Nelson Peltz and Triangle Industries to finance corporate takeovers. This groundbreaking financial innovation established the template for blind pool financing that would become central to 1980s corporate …
Michael Milken at Drexel Burnham Lambert raised the first major $100 million blind pool for Nelson Peltz and Triangle Industries to finance corporate takeovers. This established the template for blind pool financing that would become central to 1980s corporate raider operations, providing raiders …