Singer Co

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.

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.

American sewing machine and consumer products maker Singer Co. announced a sweeping restructuring plan, including massive job cuts and the naming of a new president and chief executive. Singer brought back its former treasurer, Stephen Goodman, from a stint at Bankers Trust to be its new president and CEO. He replaces Iftikhar Ahmed as president, who had been with the company for 31 years. The company said Ahmed will remain on its board of directors and serve as a consultant.

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.

Singer Co. advised its shareholders Friday to reject an unsolicited $1.06-billion tender offer from a group led by Paul Bilzerian and said that it had sued the Florida investor for allegedly violating securities laws in mounting the bid. The $50-a-share offer was inadequate and "contains many uncertainties," including the ability to raise financing for completing the offer, chairman William F. Schmied wrote in a letter to shareholders.

Paul A. Bilzerian, who rose from humble origins to become a corporate raider and chairman of Singer Co., was convicted Friday on nine counts of securities fraud and tax fraud. The case, which charged that Bilzerian's takeover attempts relied in part on fraud, gave federal prosecutors their first guilty verdict in the chain of big Wall Street securities fraud and insider trading cases sparked by information from former stock speculator Ivan F. Boesky. The others have resulted in guilty pleas or mistrials or are pending.