PARAGON GIVES UP CF PROXY FIGHT

PARAGON GIVES UP CF PROXY FIGHT

Paragon Capital Corp., a Ridgefield, Conn.-based investment firm, said Monday it has decided not to launch a proxy fight to unseat the board and management of Consolidated Freightways Inc.

In a letter to CF President Donald E. Moffitt, Paragon Chairman Paul D. Young said his company "will not participate" in a proxy battle for control of the transportation company and its board.Last week Paragon issued a release announcing its intentions, citing what it termed CF management's inability to resolve problems with its trucking and air freight units.