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Hearings were scheduled on Cluett suits.

October 24, 1985

Cluett, Peabody & Co. said that a federal court in Manhattan has scheduled a hearing for next week on its request that a California investor's effort to buy the apparel maker be blocked. The U.S. District Court in New York also scheduled a hearing on a request by the investor, Paul A. Bilzerian, to block a plan by Cluett, Peabody to buy back 26.4% of its common stock. Both hearings are scheduled for Oct. 30, Cluett, Peabody said. Bilzerian, whose Sacramento-based CPC Acquisition Co. already owns about 24% of Cluett, Peabody's 8.4 million common shares outstanding, offered last week to buy the remaining shares for $40 apiece, or $256 million. Bilzerian filed his suit in federal court in Sacramento, but Cluett, Peabody said the court granted its motion to have the case transferred to New York, where its suit was filed.

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