In the early 1980s, the firm emerged as the leading underwriter of initial public offerings, surpassing the elite investment banks (at the time, including Lehman Brothers, Goldman Sachs, and Morgan Stanley).

[5] In 1986, just ten years after merging with L.F. Rothschild, Towbin and Unterberg left the firm to join Shearson Lehman.

[6] The split was attributed to their opposition to plans to expand the firm's bond sales and trading operations.

Hard feelings between senior management that resulted by considering that offer were believed to be the causal factor behind their departure by most insiders.

[5] The firm suffered heavy losses in the 1987 stock market crash and was acquired by Kansas-based Franklin Savings Association in February 1988.