OTHER NEWS - April 20, 1992

Drexel Claimants Sought: A lawyer overseeing a $50-million fund is looking for those who suffered investment losses in Drexel Burnham Lambert Inc. but could not afford to press their claims in court. David Berger, co-counsel in the class action, said notices will be published this week in 196 newspapers in the United States and abroad seeking those who have not asserted a claim in the Drexel case. Drexel, one of the most powerful firms on Wall Street in the 1980s, built its business around junk bonds. It filed for bankruptcy in 1990, having collapsed under the weight of a federal guilty plea and a $650-million fine for violating securities laws. Drexel last year reached an agreement to pay off creditors in a bid to emerge from bankruptcy. Money was set aside to fund those who sued Drexel. In addition, $50 million was set aside for those who had not yet pressed their claims.