Drexel Told to Provide Details on Bonuses:...
From Times Staff and Wire Reports
Drexel Told to Provide Details on Bonuses: A federal judge in New York ordered Drexel Burnham Lambert Group to give creditors more information about $260 million in bonuses paid before the firm filed for bankruptcy protection. Lawyers for Drexel agreed to provide detailed information about the firm’s 1989 compensation and bonus payments over the weekend to attorneys and accountants for the official committee of unsecured creditors. Creditors have questioned the timing of the bonus payments of $196 million in cash and $64 million in securities to Drexel executives in the months prior to the firm’s Chapter 11 bankruptcy filing on Feb. 13.
