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

DATE: WEDNESDAY, May 30, 1990                   TAG: 9005300128
SECTION: BUSINESS                    PAGE: A5   EDITION: METRO 
SOURCE: Los Angeles Times
DATELINE: NEW YORK                                LENGTH: Short

DREXEL BROKERAGE ENTERS BANKRUPTCY

Drexel Burnham Lambert put its main brokerage unit and 14 other subsidiaries into bankruptcy proceedings Tuesday and named John F. Sorte, 42, to succeed Frederick H. Joseph as chief executive of the brokerage.

Drexel also confirmed that the company plans to reorganize and emerge from bankruptcy proceedings as a going concern, although much smaller. Until recently, Drexel officials had said that the entire company would be liquidated.

Joseph will remain president of the parent company, Drexel Burnham Lambert Group, and vice chairman of the brokerage.

by CNB