Bilzerian secured more financing to buy Cluett.
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. Sand took under consideration Cluett’s request that the federal court block CPC’s hostile takeover attempt.