IN RE DREXEL BURNHAM LAMBERT GROUP, INC.

Bankruptcy No. 90 B 10421 (FGC).

138 B.R. 723 (1992)

In re DREXEL BURNHAM LAMBERT GROUP INC., et al., Debtor.

United States Bankruptcy Court, S.D. New York.

March 9, 1992.


Attorney(s) appearing for the Case

C. Ball, P. Gruenberger, P. Leake, A. Miller, J.J. Rapisardi, T. Schneider, H. Spierer, Weil, Gotshal & Manges, New York City, for Drexel Burnham Lambert Group, Inc., et al.

D. Brand, M. Guss, M.S. Kirschner, Jones, Day, Reavis & Pogue, New York City, for Official Committee of Unsecured Creditors of Drexel Burnham Lambert Group, Inc.

D. Dillon, M.F. Witkin, C.D. Montgomery, Milgrim Thomajan & Lee, P.C., New York City, for Official Committee of Equity Interest Holders of Drexel Burnham Lambert Group, Inc.

O. Lewis, Davis Polk & Wardell, New York City, for Official Committee of Unsecured Creditor of Drexel Burnham Lambert Trading Corp.

M. Zelmanovitz, Zalkin, Rodin & Goodman, New York City, for Official Committee of Unsecured Creditors of Drexel Burnham Lambert Inc.

G. Wailand, Cahill, Gordon & Reindel, New York City, special counsel for Drexel Burnham Lambert Group, Inc.

N. Bartolino, M. Flumenbaum, A.W. Kornberg, Paul, Weiss, Rifkind, Wharton & Garrison, New York City, for Michael R. Milken.

D. Eaton, Kirkland & Ellis, New York City, for Nat. Bank of Yugoslavia.

J.J. Jerome, Milbank, Tweed, Hadley & McCloy, New York City, for Nissho Iwai Corp.

J. North, Cravath, Swaine & Moore, New York City, for Federal Deposit Ins. Corp. and the Resolution Trust Corp.

P. Goodman, S. Hirshon, Proskauer Rose Goetz & Mendelsohn, New York City, for Subcommittee of Subordinated Debt Holders.

D.J. O'Brien, Eckert Seamans Cherin & Mellott, Pittsburgh, Pa., for Liggett Group and Liquid Green Trust.

W.W. Kannel, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Boston, Mass., for Hart Holding Co. and Reeves Industries, Inc.

M.I. Klein, Dreyer and Traub, New York City, co-counsel for Michael R. Milken.

D. Berger, Philadelphia, Pa., S. Nesmer, Wolf Popper Ross Wolf & Jones, New York City, for Plan Proponent Sub Class B.

M. Brosterman, M. Goldstein, Stroock, Stroock & Lavan, New York City, for Robert Rubin and Barry Stein.

A.J. Levander, Shereff Friedman Hoffman & Goodman, New York City, for Paul Higbee, et al.


MEMORANDUM OF DECISION ON PLAN CONFIRMATION

FRANCIS G. CONRAD,* Bankruptcy Judge.

                               TABLE OF CONTENTS
                                                                          Page
PRELIMINARY MATTERS ....................................................727
FINDINGS OF FACT .......................................................728
    I. Background ....................

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