Business Notes CRIME

When junk-bond king Michael Milken copped a plea last April, he disappointed everyone who had been hoping to see the white-collar trial of the decade. Now Milken is having his day in court, but it will be a quick one. In an unusual proceeding that began last week, federal Judge Kimba Wood will hear evidence about some of the 92 charges Milken did not admit when he pleaded guilty to six felony counts of securities fraud and other crimes. Prosecutors hope to offset the efforts of Milken's lawyers to cite his philanthropic activities as grounds for a lenient sentence. Milken, 44, could be given anything from community service to 28 years in prison.

The hearing has drawn flak from legal scholars and civil libertarians, who charge that the evidence and testimony will not be subjected to the same scrutiny as they would in a trial. The special hearings are expected to end this week, with Wood sentencing Milken soon afterward.