November 4, 1985
U.S. District Judge Leonard Sand in New York ordered an extension of Paul A. Bilzerian's tender offer for Cluett, Peabody and for Cluett's own exchange offer in order to provide more time to hear the legal challenges filed by each party. As a result, the proration and withdrawal deadline of Cluett's exchange offer, which was originally Friday, is now Nov. 12 and the offer expires Nov. 29. Withdrawal rights on the Bilzerian tender offer will expire Nov. 15, with the tender offer expiring Nov.
October 31, 1985
CPC Acquisition, a wholly owned subsidiary of California investor Paul A. Bilzerian, said the $40 million in additional financing will allow it to exercise its option on the 814,000 shares, or 10%, of Cluett, Peabody's outstanding stock now held by Craig Hall of Dallas. A filing with the Securities and Exchange Commission showed that $30 million of the new funds came from Hall. Meanwhile, U.S. District Judge Leonard B.
May 29, 1989
Restrictions Put on Singer Co.: The firm has been barred from selling any of its assets or paying stock dividends pending a lawsuit about claims that a former subsidiary defrauded the government. The company, named as a co-defendant in a civil suit against its former Link Flight Simulation division, was also ordered not to incur any new debt or make any payments to investor Paul A. Bilzerian, the Florida financier who acquired the company last year. The preliminary injunction was sought by the Justice Department, which last March joined the $231-million lawsuit that had originally been filed by a former Link Flight pricing administrator.
June 21, 1989
Milken Highest-Paid Wall Streeter: Indicted financier Michael Milken was the highest-paid Wall Street professional in 1988, earning more than $180 million as "junk bond" chieftain for Drexel Burnham Lambert, according to estimates compiled by Financial World magazine. Milken was one of two executives in the top 10--along with Singer Co. Chairman Paul A. Bilzerian--indicted or convicted this year for securities laws violations. Gordon Cain, chairman of the petrochemical concern Sterling Group, was second with $120 million.
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.