Friends Hit Streets in L.A., New York to Rally ‘Mike’
Aunts, uncles, cousins, neighbors and friends of Michael Milken briefly invaded the lobby of the Beverly Hilton on Friday to stage a pro-Mike demonstration at Drexel Burnham Lambert’s annual “junk bond” conference.
Their message, emblazoned on hats, T-shirts and a banner, was “Mike Milken: We Believe in You.”
The incursion apparently was welcomed by Drexel, which in a statement said it understood the individuals’ desire to “express their support for Mike at this very difficult and emotional time for him.” But the firm denied any role in organizing it.
The rally was timed to coincide with the arraignment in federal court in New York of Milken and his brother, Lowell. Both were named in a 98-count criminal indictment March 29, which accuses them of racketeering, securities fraud and insider trading while Michael headed the firm’s junk bond department in Beverly Hills.
The gathering of about 70 Milken supporters hoisted a banner for the television cameras just as the brothers, on the other side of the continent, appeared in court to plead not guilty. Bemused corporate executives and institutional investors attending Drexel’s annual “predators’ ball” looked on.
Charles F. Sarkis, chairman of a Boston-based restaurant concern, Westwood Group, for which Milken had floated some bonds, said in a speech prepared for the rally that “on the other side of this country, a great injustice is being done.” Referring to the revolution in corporate finance carried out by Milken over the last 10 years, Sarkis said the junk bond king was “a man who is coming under attack because he was bold enough to find a new way to do good.”
The gathering wasn’t impromptu. Sarkis said he was asked to speak by someone from a public relations firm representing Milken. He said an individual at the firm helped him write the speech. Another organized rally, which included employees of Drexel’s headquarters in New York, took place at the same time on the steps of the Manhattan courthouse.
‘Raw Deal’
Among the relatives who showed up at the Beverly Hilton on Friday were Michael’s sister, Joni Milken-Noah, and her husband, Ian Noah. They wore matching purple T-shirts with inscriptions on the front “De Lorean, Meyerson, Milken and Milken.” Former automobile executive John De Lorean and former New York City Consumer Affairs Commissioner Bess Meyerson both were acquitted following celebrated criminal trials. The supporters hoped the Milkens would be, too.
Michael Milken’s aunt, Nettie Soter, said: “We feel that Mike is probably one of the most honorable, wonderful, humanitarian human beings.” She added, “We feel he has really been given a raw deal.”
The Milken brothers have been on a leave of absence from Drexel since the indictment. The junk bond conference, under way since Wednesday, is the first of the 11 held by Drexel at which Michael Milken didn’t preside.
Friday’s rally was only one of several ways that homage has been paid to Milken at the conference, even though the firm is about to plead guilty to six criminal counts and is under pressure by federal prosecutors to act contrite. Drexel officials have referred to him repeatedly in speeches. And Drexel’s guests on Thursday were treated to a video entitled “Milken Rap,” featuring clips from earlier Milken speeches.
