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BICOASTAL CORPORATION ANNOUNCES COURT RULING ON GOVERNMENT LITIGATION

BICOASTAL CORPORATION ANNOUNCES COURT RULING ON GOVERNMENT LITIGATION
 TAMPA, Fla., Dec. 11 /PRNewswire/ -- Bicoastal Corporation, a debtor-in-possession under Chapter 11 of the Federal Bankruptcy Code, announced today that the Bankruptcy Court issued an order estimating the claim of the U.S. Government with respect to four government contracts. The U.S. Government claimed that during the 1980s the company had violated the False Claims Act with respect to four contracts resulting in alleged damages to the Government of $56 million which should be trebled for a total of $168 million. Without determining whether there was any liability, the bankruptcy court has estimated the amount of damages to the government on the four contracts at $13.5 million and denied any request by the government to estimate its claim in a trebled amount. The Government's False Claims Act claims with respect to a number of other contracts have not yet been estimated.
 The company also announced that Paul A. Bilzerian had resigned from the company's board of directors. It announced that David D. Garfinkle, an attorney residing in California, had been designated to the board by Bilzerian Partners Limited Partnership 1, the holder of the company's outstanding common stock.
 -0- 12/11/91
 /CONTACT: Janet Hoer of Bicoastal Corporation, 813-264-7100/ CO: Bicoastal Corporation ST: Florida IN: SU:


AW-SS -- FL006 -- 1434 12/11/91 11:41 EST
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Publication:PR Newswire
Date:Dec 11, 1991
Words:225
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