Word: awards
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Dates: during 1980-1989
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...designed. He thus figured out the possible patterns for the numbers under each dot on the cards. Maggio began hauling home grocery bags full of contest cards and by deadline had mailed in 4,000 winning entries. Beatrice will not reveal how many Super Bowl tickets it expected to award, but when the company learned of Maggio's good fortune, it canceled the contest. Beatrice said the fairness of the game had been compromised. Maggio is contemplating a lawsuit...
...also measured in billions. Three weeks ago, a Houston jury ordered Texaco to pay Pennzoil $10.5 billion in damages for snatching Getty Oil away from Pennzoil in a takeover battle. Judge Solomon Casseb last week was due to review the decision. He could uphold, overturn or reduce the award. Journalists, high-priced lawyers, Wall Street traders and more than 200 onlookers last Tuesday squeezed into a cramped fifth-floor room in the Harris County Civil Courts Building, anticipating a decision. Casseb's verdict was expected at 1:30 p.m., but after taking the bench he called a recess so Pennzoil...
Stunned Texaco officials said that it could mean the company's "obliteration." The third-largest oil company in the U.S., Texaco has a net worth of $13 billion, barely enough to cover the award. Texaco stock, which since Nov. 19 had plunged from $39.25 to $30.75, fell to $29.75 by the end of last week. Said Texaco Attorney Gibson Gayle: "What we have is the most devastating specter of disaster in legal history. It's portending the destruction of a major American company...
Pennzoil naturally was elated. The award could catapult the 36th-largest U.S. oil company into the ranks of the oil giants. Pennzoil's stock, which stood at $49.875 a month ago, closed at $66.125 last week. Upon hearing Casseb's ruling, Pennzoil Attorney Joseph Jamail and Chairman J. Hugh Liedtke exchanged bear hugs and laughed aloud. When a reporter asked a jubilant Liedtke whether he still might settle with Texaco, he replied, "We're always willing to discuss matters. The problem is that dealing with Texaco is like trying to frisk a wet seal...
Texaco could appeal the judgment all the way to the Supreme Court, but with the interest meter on Pennzoil's award ticking at $3 million a day, the company cannot afford a lengthy tussle. It might try to take over smaller Pennzoil, though the price would be about $5 billion and Texaco would have to take on a huge debt. Despite Pennzoil's initial refusal, an out-of-court compromise is also possible. Oil-Industry Analyst Alan Edgar of Schneider, Bernet & Hickman in Dallas believes that Texaco might let Pennzoil have for $3.5 billion the Getty properties it originally sought...