FORMER BALDWIN-UNITED CHIEF SETTLES SEC CHARGE
The former chief executive officer
of Baldwin-United Corp, now known as PHLCorp <PHX>, agreed to
settle charges stemming from misleading financial statements
the company is accused of making before it collapsed in 1983.
    Under the settlement with the Securities and Exchange
Commission, former Baldwin-United President Morley Thompson
agreed to an order issued by the U.S. District Court in
Cincinnati, Ohio, barring him from committing further
securities law violations.
    Thompson did not admit or deny the charges.
    Although Thompson was the last of several defendants to
settle charges brought by the SEC on September 26, 1985 in
connection with the Baldwin-United case, the agency said it is
continuing to investigate other matters related to the company
and may bring charges against other people.
    Baldwin-United, a Cincinnati-based diversified financial
services holding company, went bankrupt in September 1983. It
changed its name last November to PHLCorp.
    The SEC said Thompson violated reporting and anti-fraud
provisions of federal securities laws in late 1982 by issuing
misleading press releases.
    Baldwin-United, which has already settled SEC charges
brought against it, made "false statements concerning the
financing for two corporate acquisitions," the SEC said.
    The statements indicated that the company had available
cash for the takeovers while it was actually facing a "serious
cash flow crisis," it said.
    The company was also accused of filing false and misleading
financial statements with the SEC.

 Reuter
