WALL STREET: Drexel II: It's Back?

Drexel II: It's Back?

Like the antagonist of a Hollywood horror flick, Drexel Burnham Lambert is hard to kill. Wall Street's most dreaded investment house, which seemed all but dead and buried when its parent company declared bankruptcy last February, is showing signs of life again. When the company's brokerage unit filed separately for Chapter 11 protection last week, Drexel officials said they hope to reorganize the company as a more specialized firm. "It will be much smaller, and it won't look at all like the old Drexel," says spokesman Steven Anreder.

To help put a fresh face on the firm, Chief Executive Frederick Joseph,...

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