Black Loses to Icahn as Apollo Sets New Credit Terms

In a private dining room at the Beverly Hills restaurant Spago, four dozen financiers gathered in April for a dinner put on by one of their own: Leon Black, head of private equity giant Apollo Global Management LLC.

As the group dined on Hong Kong-style loup de mer and filet mignon prepared with an Armagnac-peppercorn emulsion, Michael Milken, who worked with Black at junk-bond firm Drexel Burnham Lambert Inc. in the 1980s, praised him for using his deep knowledge of finance to survive the credit crisis, according to people who were there.