Ueberroth Got Helpful Advice From Milken on Eastern Deal

Michael Milken’s reign as junk bond king may have ended, but he remains a looming presence in surprising places--at Eastern Airlines, for one.

Milken, former head of the junk bond department at the investment banking firm of Drexel Burnham Lambert Inc., is under indictment on federal charges of racketeering, securities fraud and insider trading.

But Peter V. Ueberroth, at a news conference here Thursday, said that Milken had offered suggestions that helped him as he arranged the financing for the purchase of Eastern. The former commissioner of baseball heads a group of investors who have agreed to buy the troubled airline.

“In this day and age, when people get beat about the head from time to time,” Ueberroth volunteered at a press conference here, “I must tell you that, two weeks ago today, I received a call from a gentleman named Michael Milken. I have never done business with the company, and I don’t know him well, but he called with two things to say.

“He had some ideas financially how (the deal) could be structured that, in my idea, turned the corner so we could get it done. And, secondly, he said: ‘Focus on the jobs.’ ”

When asked about the statement after the news conference, a Ueberroth partner in the deal, J. Thomas Talbot of Newport Beach, Calif., said: “Mike Milken’s intention is to help people.”