ROANOKE TIMES 

                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, May 29, 1990                   TAG: 9005290165
SECTION: NATIONAL/INTERNATIONAL                    PAGE: A2   EDITION: METRO 
SOURCE: 
DATELINE: NEW YORK                                LENGTH: Short

DREXEL REPORTEDLY PLANS TO FILE FOR BANKRUPTCY

Drexel Burnham Lambert Group's main brokerage subsidiary was expected to file for bankruptcy today, Newsday reported.

The subsidiary, Drexel Burnham Lambert Inc., conducted the vast bulk of Drexel's junk-bond, merger and stock brokerage business until it ceased normal operations when its parent filed for bankruptcy on Feb. 13.

Newsday quoted sources close to Drexel as saying the firm's remaining senior executives, including the president, Frederick Joseph, plan to concentrate on managing Drexel's remaining junk bond and stock investments, as well as provide advice to corporations that issue junk bonds.

- Associated Press 


 by CNB