Word: bond
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Dates: during 1980-1989
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Last Friday, Judge Charles L. Brieant, who sits on the federal bench in White Plains, New York, waived a Texas law requiring Texaco to post a bond for the full amount of the penalty, plus interest, before it could proceed with its intended appeal...
Brieant decided that Texaco could proceed with its appeal upon posting a bond of only $1 billion. If Texaco were not able to post a bond, Pennzoil could have begun to claim its award while appeal proceedings continued. Texaco claimed that such a requirement would have forced it into bankruptcy before it could complete its appeal...
...decision, Brieant wrote that the size of the bond the Texas law required was "just so absurd, so impractical and so expensive that it hardly bears discussion...
...measure seeks to redistribute the system's assets by requiring prosperous banks to help financially pressed institutions. It also offers the prospect of assistance in the event of a credit collapse, but only if specifically approved by Congress. The bill was rushed to passage to reassure the Wall Street bond market, which each year buys some $100 billion of the system's paper...
Texaco won one concession in its eleventh-hour negotiation with Pennzoil: a delay in the imposition of a bond. Normally, if Texaco wished to appeal Casseb's decision, it would be required to post bond to prevent Pennzoil from seizing the property it won in court. The bond would be worth the amount of the decision plus attorney's fees and interest, in this case, about $12 billion. Texaco said that it could not come up with so much money without going bankrupt. Pennzoil agreed to a grace period during which Texaco can prepare an appeal--or, perhaps, a settlement...