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.
November 28, 1987 |
Investor Paul Bilzerian, whose chances of acquiring Singer Co. for $1.05 billion appear slim because of the company's hostility, is urging that the company be auctioned to the highest bidder, it was disclosed Friday. The Tampa-based investor's $50-a-share bid for Singer was rejected earlier this month and Thursday the company said it was talking to other potential suitors, but not Bilzerian.
February 2, 1988 |
A group led by investor Paul Bilzerian said Monday that it had executed definitive agreements for the financing it needed to complete its $1.06-billion buyout of Singer Co. The group said Shearson Lehman Hutton and Mesa Limited Partnership agreed to provide a total of $505 million to finance its $50-a-share cash tender offer for Singer. The group also said it planned to execute an agreement with NatWest USA for $540 million in margin debt.
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.
October 22, 1985 |
Cluett, Peabody & Co. said Monday that its board has rejected a $256-million offer from California investor Paul A. Bilzerian to acquire the apparel concern. The board also executed a "poison pill" provision aimed at thwarting an unwelcome takeover attempt, the firm said. Under the provision, Cluett, Peabody launched an offer to exchange a package of cash, preferred stock and notes valued at $45 a share for up to 2.22 million, or 26.4%, of its 8.4 million total common shares outstanding.
April 12, 1989
Bilzerian Charge Dropped: A federal judge dismissed one of 12 felony counts against Singer Co. Chairman Paul A. Bilzerian but refused to shift the securities fraud trial to Tampa, Fla., where the corporate takeover specialist lives. Bilzerian, 38, is accused of violating securities and tax laws, conspiracy and making false statements in connection with four failed takeover transactions in 1985 and 1986. U.S. District Judge Robert J. Ward dismissed one count of making false disclosure statements in a transaction with Armco Inc. The defense had asked Ward to dismiss all the charges.
June 8, 1989
Final Arguments in Bilzerian Trial: In his closing statements at the Singer Co. chairman's trial in New York, Assistant U.S. Attorney David Brodsky asked jurors to decide whether Paul A. Bilzerian lied about his stock dealings, saying the corporate raider's testimony during his securities fraud trial "is not worthy of belief." Brodsky also told jurors that they "don't have to be an expert in securities law to decide it." But defense attorney Stephen Sachs later countered that "this is a very complicated case."