Records were also broken last year for hostile deals and European deals.

"They did not like the hostile deal from the beginning," he said.

The spin doctors at work this last week showed either inexperience with hostile deals or reluctance.

"But we also have a tradition of doing hostile deals."

"But a hostile deal creates some level of uncertainty for investors."

One theory: In a hostile deal, the new management is freer to toss out the old and make other sweeping changes.

That offer was rebuffed, and Tyco, which does not do hostile deals, backed off.

Unfortunately for Drexel, one of its first hostile deals came back to haunt it at this point.

"Within reason," he said, "you can still do hostile deals, but the bigger they are, the harder it is to raise money."

In the end, you have to recognize that it takes a relatively unique personality to do this sort of hostile deal.