
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, March 6, 1992                   TAG: 9203060181
SECTION: BUSINESS                    PAGE: A-5   EDITION: METRO 
SOURCE: 
DATELINE: WASHINGTON                                LENGTH: Short

FDIC REJECTS MILKEN SETTLEMENT OFFER

The Federal Deposit Insurance Corp. said Thursday it has rejected one-time junk-bond king Michael R. Milken's offer to settle government civil suits for $1.3 billion.

In a letter to U.S. District Judge Milton Pollack in New York, the FDIC's executive secretary, Hoyle L. Robinson, said the FDIC's five-member board voted to reject the settlement "because it did not provide for adequate or sufficient information upon which the board could base an informed judgment."

The now-jailed Milken, 45, once a top executive of Drexel Burnham Lambert Inc., is accused by the government of plundering billions of dollars from federally insured savings and loans by selling them overpriced junk bonds. - Associated Press

by CNB