Michael Milken 's guilty plea to six criminal counts makes it impossible for him to prove in civil cases that he was not guilty of market manipulation . So many shareholders and investors have filed suits against him that some attorneys are suggesting that Milken should file for bankruptcy . The securities firm has filed for bankruptcy-court protection. Milken 's attorneys , however , say that the $ 400 million that he is seeking to provide for civil restitution will more than cover any legitimate claims . The attorneys offer a plea agreement designed so that little of what Milken admitted to can be used against him in civil cases . Whatever the case , settling so many high - profile cases could be a long and tricky process .
Michael Milken 's guilty plea to six criminal counts makes it impossible for him to prove in civil cases that he was not guilty of market manipulation . So many shareholders and investors have filed suits against him that some attorneys are suggesting that Milken should file for bankruptcy . Milken 's attorneys , however , say that the $ 400 million that he is seeking to provide for civil restitution will more than cover any legitimate claims . The attorneys offer a plea agreement designed so that little of what Milken admitted to can be used against him in civil cases . Whatever the case , settling so many high - profile cases could be a long and tricky process .