In re The DREXEL BURNHAM LAMBERT GROUP INC.; In re: Drexel Burnham Lambert Trading Corporation; In re: Drexel Burnham Lambert Trade Finance, Inc.; In re: Drexel Burnham Lambert Incorporated; In re: BRR Incorporated; In re: Deauville United Corporation; In re: Double Oil & Gas Incorporated; In re: Drexel Burnham Lambert (Asia) Ltd.; In re: Drexel Burnham Lambert C.P. Inc.; In re: Drexel Burnham Lambert Capital Group, Inc.; In re: Drexel Burnham Lambert Caribe International Incorporated; In re: Drexel Burnham Lambert Commercial Paper Incorporated; In re: Drexel Burnham Lambert International Inc.; In re: Drexel Burnham Lambert Investors Corp.; In re: Drexel Burnham Lambert MBI Corp.; In re: Drexel Burnham Lambert Products Corp.; In re: Drexel Investment Holdings Inc.; In re: Drexel Burnham Lambert Government Securities Inc.; In re: Drexel Burnham Lambert Realty Corp.; In re: First DBL Corporation, Debtors.
The DREXEL BURNHAM LAMBERT GROUP, INC.; Drexel Burnham Lambert Incorporated, Debtors-Appellees,
v.
CLAIMANTS IDENTIFIED ON SCHEDULE 1; Pool Administrators Identified on Schedule 3; Settling Participants Identified on Schedule 2, Claimants-Appellees,
Hart Holding Company, Inc.; Reeves Industries, Inc.; Gemini Overseas Corporation; Commercial Union Assurance Co. PLC; Commercial Union Pensions Management, Ltd.; Overbrook Nominees, Ltd.; Strand Nominees, Ltd., Claimants-Appellants.
United States Court of Appeals, Second Circuit.https://leagle.com/images/logo.png
Argued January 15, 1993.
Decided May 26, 1993.
Attorney(s) appearing for the Case
George D. Reycraft, New York City (Debra Brown Steinberg, Cadwalader, Wickersham & Taft, New York City, of counsel), for appellants Gemini Overseas Corp.; Commercial Union Assur. Co. PLC; Commercial Union Pensions Management, Ltd.; Overbrook Nominees, Ltd.; Strand Nominees, Ltd.
Richard J. Davis, New York City (Deborah Deitsch-Perez, Weil, Gotshal & Manges, Rory O. Millson, Joanne M. Gentile, Cravath, Swaine & Moore, Melvyn I. Weiss, Milberg Weiss Bershad Specthrie & Lerach, New York City, of counsel), for appellees Drexel Burnham Lambert Group, Inc.; Drexel Burnham Lambert Inc.; Pool Administrators.
Stanley Nemser, New York City (Wolf Popper Ross Wolf & Jones, New York City, David Berger, Berger & Montague, P.C., Philadelphia, PA, of counsel), for Subclass B representative-appellees.
(Mark Parry, Alan E. Gamza, Moses & Singer, New York City, Whitton E. Norris, III, William W. Kannel, Michael R. Balfe, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., Boston, MA, of counsel), filed a brief for appellants Hart Holding Co., Inc.; Reeves Industries, Inc.
(Daniel R. Murdock, James L. Stengel, Alan B. Howard, Donovan Leisure Newton & Irvine, New York City, Theodore N. Miller, Sidley & Austin, Chicago, IL, of counsel), filed a brief for appellees Guildford Capital and Raleigh Investment Management.
Before MESKILL, Chief Judge, CARDAMONE and McLAUGHLIN, Circuit Judges.
United States Court of Appeals, Second Circuit.
CARDAMONE, Circuit Judge:
This appeal concerns a $1.3 billion global settlement of civil claims that arose as a result of Michael Milken's illicit activities as head of Drexel Burnham Lambert Group's High Yield and Convertible Bond Department. Milken, who pioneered the use of lowgrade, high-yield junk bonds to finance takeovers and leveraged buyouts while serving as head of Drexel's junk bond group, had his office in Beverly Hills, California, far removed from and...
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