July 26, 1986 |
Hammermill Paper Co., which has fended off one of the nation's most feared corporate raiders, girded for another contest Friday as California investor Paul A. Bilzerian launched a $722-million takeover bid of the nation's 12th-largest forest products company. Bilzerian's group already owns 19.6% of Hammermill's common stock, and on Friday it began a tender offer of $52 cash for each of the remaining shares. James Speice, a spokesman for Erie, Pa.
May 11, 1989 |
Former brokerage executive Boyd Jefferies said Wednesday that he illegally accumulated stock for corporate raider Paul Bilzerian, who wanted to conceal his stakes in various takeover targets. Jefferies, looking tanned and fit, testified at the trial of the 38-year-old Singer Co. chairman, who is charged with 11 counts of securities and tax fraud, conspiracy and making false statements to the government. If convicted, Bilzerian, a Tampa, Fla., investor, faces a maximum sentence of 55 years in prison and nearly $2.8 million in fines.
August 12, 1986 |
International Paper, the world's largest paper company, agreed Monday to acquire Hammermill Paper for $1.08 billion, thus rescuing Hammermill from the unwanted grasp of California investor Paul A. Bilzerian. Hammermill, an Erie, Pa.-based maker of fine writing paper, accepted International Paper's offer of $64.50 per share after rejecting a $52-a-share bid from a group led by Bilzerian. The deal marks the third time in the last 18 months that Bilzerian has failed in a takeover attempt.
June 30, 1989 |
Paul A. Bilzerian resigned Thursday as chairman and chief executive of Singer Co., hours after the Securities and Exchange Commission filed civil securities fraud charges against him and shopping center magnate Edward J. DeBartolo Sr. The resignation came amid mounting legal troubles for Singer and for Bilzerian, who was convicted June 9 on criminal securities and tax fraud charges. The SEC charges filed Thursday included the first public accusation that Bilzerian committed fraud in his $1.06-billion takeover of Singer in February, 1988.
May 26, 1985 |
To fight apartheid, the city treasury of Washington will withdraw deposits from any bank that lends in South Africa. But the city's employee pension fund is allowed to invest in stocks of those banks. New York City generally makes it harder for firms selling to the South African police and military to win city contracts. But the Big Apple isn't sure which companies those are.