Milken Meets a Deadline: A spokesman for...

Milken Meets a Deadline: A spokesman for Michael Milken said the former head of Drexel Burnham Lambert’s “junk bond” department had met a Friday deadline for establishing a $300-million bank account to be monitored by federal prosecutors. Milken agreed to establish the bank account as part of the $700 million in assets he is required to pledge as pretrial security for the $1.85 billion that the government seeks to seize from him under racketeering charges. The Milken spokesman said, however, that details about the bank account, including the identity of the bank and how the money will be invested, wouldn’t be disclosed until Monday. Milken has pleaded innocent to the racketeering and securities fraud charges.