Word: chapter
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Dates: during 1980-1989
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...lack of analysis undermines Rushdie's credibility from the very first chapter. How can one believe the Sandinistas' statement that the contras pose no real threat while in the same breath they point to devestating damage inflicted by the US-backed rebels? Rushdie is trapped by contradictions that he never even sees. In a country of boy soldiers who are "already so familiar with death that they have lost respect for it," in a country that has lost the equivalent of an entire year's production to war the causes of conflict beg to be addressed...
...Under Chapter 11 of the federal bankruptcy law, Texaco will be allowed to continue normal business operations. Its cash flow could actually improve because it will still receive sales revenue and yet be afforded relief from interest payments on its $9.1 billion in debts. But it could also lose a great deal of business because of uncertainty surrounding the Pennzoil case. Many of the jobs held by the company's 52,000 employees could be threatened. Moreover, Texaco will be under the strict supervision of a federal court. It will, for example, be forbidden to buy major oil reserves...
...Over the weekend, Texaco's board of directors gathered for an emergency meeting at the firm's White Plains, N.Y., headquarters. Following a marathon discussion, the directors chose a stunning course: the eighth largest U.S. industrial corporation (1986 sales: $32.6 billion) and the third-ranking oil firm filed for Chapter 11 protection on Sunday. Texaco suddenly became the biggest company in American history to go into bankruptcy...
With Texaco in Chapter 11, Pennzoil could be a loser as well. Instead of having a priority claim to Texaco's riches, the smaller company will have to get in line with all the other creditors of the bankrupt firm. Any payment to Pennzoil will not only be delayed, but might be far less than $10 billion...
...Beck, former chairman of Prudential Insurance, and Frank Cary, former IBM chairman. Other directors, including Thomas Murphy, chairman of Capital Cities/ABC, went to Texaco's White Plains headquarters to join the talks via conference calls. All week long board members debated whether or not the company should file for Chapter 11. Some directors feared that creditors might force Texaco into involuntary bankruptcy...