Drexel Cuts Stake in Oklahoma Concern
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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.
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