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As federal investigators closed in on Mr. Boesky, he agreed to cooperate, providing information that led to the downfall of the investment bank Drexel Burnham Lambert and its junk bond king, Michael Milken.

Mr. Milken, once known as the “junk bond king” of Wall Street, was sentenced to 10 years in 1990 for securities fraud, tax fraud and other crimes.

A few days later, Moody’s rating service downgraded the debt of the national oil company, Petroleos Mexicanos, or Pemex, even further into junk bond status.

Even so, while the majority of junk bond maturing in 2023 did so successfully, another $73 billion are set to mature in the next 18 months, Morgan Stanley noted in a Friday report.

Winnick started out in furniture sales and worked with investment banker Michael Milken, the junk bond pioneer, before he came up with the idea for Global Crossing amid the dot-com boom.