Drapkin

Strategic Concepts & Mechanics

Strategic PatternProcess of Bites, Not Grand Plans Decision FrameworkCash Flow Over Earnings as Debt Survival Test Relationship LeverageHighly Confident as Substitute for Actual Capital Capital StrategyInterest Deductibility as Leveraged Assault Fuel Competitive AdvantageNOL as Bidding War Nuclear Option Signature MoveSpeed-of-Sale as Debt Survival Doctrine Signature MoveLawyer as Deal Principal, Not Hired Gun Signature MoveParis Apartment Discipline Signature MoveAll Debt Disguised as Equity Cornerstone MoveBuy the Whole, Sell Everything But the Crown Jewel Cornerstone MoveBlind Pool Before the Target Exists Cornerstone MoveBribe the Gatekeeper, Storm the Castle Cornerstone MoveBankruptcy's Tax Corpse as Acquisition Weapon Competitive AdvantageTax Arbitrage as Structural Weapon Operating PrincipleProfessional Manager Decay Across Generations Risk DoctrineNever Cut Back a Committed Deal Signature MoveMilken: Four-Thirty AM Cathedral-Builder With No Office Capital StrategyVenture Capital Masquerading as Debt Signature MovePeltz: Spittle-on-the-Check Persistence from Near-Broke Signature MovePerelman: Borrowed $1.9M to a Boeing 727 in Seven Years Cornerstone MoveManufactured Credibility from Thin Air Decision FrameworkContra-Thinking as Default Mental Operating System Identity & CultureForced Savings as Loyalty Handcuffs Cornerstone MoveCash Flow Over Earnings as the Only Truth Cornerstone MoveBuy the Core, Sell the Pieces, Erase the Debt Signature MoveKingsley: Mount Everest Desk, Twenty-Year Sounding Board Signature MoveIcahn: Wrestling-a-Ghost Negotiation Until the Last Penny Cornerstone MoveOwner's Equity as the Non-Negotiable Discipline

Primary Evidence

"In line with the Drexel tenet that people work best when they have an ownership stake, Perelman had made Drapkin a principal in this deal. In June ’85, the board of Pantry Pride had loaned Drapkin money to buy Pantry Pride convertible debentures. For a lawyer to become a principal in a deal with a client was a first at Skadden and a practice not followed at any other major New York law firm. It enraged some of Drapkin’s partners, but it was a measure of his new clout."

Source:The Predators' Ball

"IN SEPTEMBER ’86, in the opulent Revlon offices where he and “the Drexels” had arrived as hated interlopers and dropped ashes on Bergerac’s Persian rugs, Perelman now seemed at home. He and Drapkin had liked calling attention to Bergerac’s excesses, particularly the Boeing 727 outfitted with a gun rack for his safaris, and the Revlon offices in Paris which Perelman described as a “castle.” Now the company leased its corporate jet from a Perelman aircraft-leasing company. And now that the “castle” was his Paris headquarters, Perelman had decided not to sell it, after all. He was having the New York offices redecorated. And James, Bergerac’s butler, was now serving Perelman."

Source:The Predators' Ball

Source:Predator's Ball

Appears In Volumes

The Predators' Ball Predator's Ball