Drexel Cuts Stake in Oklahoma Concern

Drexel Burnham Lambert Inc., the New York investment bank, has cut its stake in Tierco Group Inc., an Oklahoma City real estate concern, from 37.6% to 17.4% or the equivalent of 370,862 common shares.

On Sept. 21, Drexel surrendered its right to 301,500 class warrants, good for 301,500 common shares, and 130,650 class B warrants, good for 130,650 common shares, according to a filing with the Securities and Exchange Commission.

Also, Drexel bought 3,070 Tierco shares between Aug. 7 and Aug. 29 for 94 cents to $1.06 each.