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.
December 5, 1997 |
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.
November 14, 1987 |
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.
June 10, 1989 |
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.
August 8, 1987 |
In his second major foray into the aerospace industry, T. Boone Pickens Jr. said Friday that his Mesa Limited Partnership has gained control of 4.4% of Singer Co. shares and is seeking federal approval to acquire up to 15% of the Stamford, Conn.-based defense electronics firm. Mesa disclosed Friday that it had notified the Federal Trade Commission under the Hart-Scott-Rodino Act of its intention to acquire the additional Singer shares and that it expects clearance within 30 days.
June 1, 1989 |
Paul A. Bilzerian, on trial for alleged securities and tax fraud, denied Wednesday that he had false invoices drawn up to hide an illicit trading arrangement with the Los Angeles-based brokerage firm Jefferies & Co. The Singer Co. chairman's testimony came as his defense lawyers struggled to formulate a new strategy in the face of an adverse ruling Tuesday by U.S. District Judge Robert J. Ward. The judge had ruled that if Bilzerian testifies he acted in good faith, believing that he was within the law when he filed allegedly false documents with the Securities and Exchange Commission in 1985 and 1986, then he would give up his right to keep confidential the advice he had received at the time from his own lawyers.