SECURITIES

Milken Objects: Court documents show that imprisoned junk bond wizard Michael Milken, long conspicuously absent from Drexel Burnham Lambert’s bankruptcy proceedings, has made a strong objection to Drexel’s planned bankruptcy settlement. The objection, filed by his lawyers in U.S. District Court in Manhattan, was aimed at Drexel’s plan to pay a large part of its $2.48 billion in assets to the Federal Deposit Insurance Corp. and others who filed civil lawsuits alleging securities fraud. Milken’s lawyers said in the court document that, under Drexel’s plan to settle with its bankruptcy creditors, a large portion of the firm’s assets “has apparently been earmarked to satisfy claims that are patently without merit and have no value.”