
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: FRIDAY, June 9, 1995                   TAG: 9506100019
SECTION: BUSINESS                    PAGE: A-17   EDITION: METRO 
SOURCE: 
DATELINE: WASHINGTON                                LENGTH: Short

SEC CAN PURSUE CLAIM ON BILZERIAN

A federal judge has cleared the way for the Securities and Exchange Commission to try and collect an estimated $70 million from former Singer Co. chairman Paul Bilzerian. His holdings once included Singer Furniture Co. of Roanoke.

Bilzerian by telephone conceded the SEC has won a procedural victory in the case, but he predicted the agency would lose when it tries the case before a bankruptcy judge.

The case dates back to the 1980s, when Bilzerian was convicted of securities fraud in a pair of takeover attempts. He was sentenced to four years in prison and fined $1.5 million on securities fraud charges stemming from his acquisition of large blocks of stock in two companies: Cluett, Peabody & Co. and Hammermill Paper Co. He served 20 months.

The SEC sought to have Bilzerian return $33.1 million in profits it claims he illegally obtained from the transactions. With interest, the amount is now about $70 million.

SEC efforts to collect the money were blocked by Bilzerian's bankruptcy filing in 1991. A U.S. District judgein Tampa reversed two bankruptcy court decisions, clearing the way for the SEC to go back to the bankruptcy court and try its case.

- Associated Press

by CNB