When junk-bond king Michael Milken copped a plea last April, he disappointed everyone who had been hoping to see the white-collar trial of the decade. Now Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds for a lenient sentence. Milken, 44,...
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