TheboardofdirectorsofStorerobjectedtothepreferredstockandKKRatthelastminutehadtocomeupwith$255millionincash.GeorgeRobertsvisitedDrexelandMilkenquicklyagreedtopurchasethe$255millionofpreferredstock.KKRwonthebiddingforStorerthankstothequickhelpofMilken.Drexelreceived$55millioninunderwritingandadvisingfees,butKKRwasquitewillingtopaysuchfeesinreturnforsucheffectivehelp.
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The board of directors of Storer objected to the preferred stock and KKR at the last minute had to come up with $255 million in cash. George Roberts visited Drexel and Milken quickly agreed to purchase the $255 million of preferred stock. KKR won the bidding for Storer thanks to the quick help of Milken. Drexel received $55 million in underwriting and advising fees, but KKR was quite willing to pay such fees in return for such effective help.