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IN RE DREXEL BURNHAM LAMBERT GROUP, INC.

Nos. 92 Civ. 7183 (MP), 92 Civ. 7184 (MP).

151 B.R. 49 (1993)

In re The DREXEL BURNHAM LAMBERT GROUP, INC., et al., Debtors. SUPER BOWL CORPORATION LIMITED, Appellant, v. DREXEL BURNHAM LAMBERT INCORPORATED, Appellee.

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

March 3, 1993.

Attorney(s) appearing for the Case

Hornsby, Sacher, Zelman & Stanton, P.A. (Barton S. Sacher, P.A., of counsel; Nancy Van Sant, with him, on the brief), Miami, FL, for appellant Super Bowl Corp.

Tenser, Greenblatt, Fallon & Kaplan (Joel D. Leifer, of counsel; Mark H. Moore, Daniel Hume, David L. Wagner and William H. Devany, with him on the brief), New York City, for appellee and cross-appellant, Drexel Burnham Lambert Inc.

MILTON POLLACK, Senior District Judge:

Preliminary

I.

This case arises out of the euphoria created in the securities markets in 1987 which was followed by an unprecedented market crash on October 19, 1987 when the Dow Jones Industrial Averages plunged more than 500 points. The Super Bowl securities account with Drexel held in addition to equity stocks a vast number of uncovered short puts (options) which registered huge losses in the market...

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