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Texaco stockholders are likely to feel anxious soon. Some of them "could be wiped out" by the bankruptcy, according to one legal expert. Many of the large institutional investors that hold Texaco stock are forbidden by various rules and regulations to own securities that fail to pay dividends. But even those that are not so constrained are unhappy. Harold Ofstie, for example, is portfolio manager of Philadelphia-based Delaware Management, which owns 3.7 million Texaco shares. The bankruptcy filing means a projected loss of $11.1 million in annual dividend income for Delaware. Says Ofstie: "We understand the reasons why Texaco...
...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 or other substantial assets without the approval of Texaco's creditors, or failing that, of the judge. Such restraints could hamstring the planning and undermine the future of a once mighty corporation...
Understandably, Pubis Angelical is a fun book to read. Its three distinct stories are often exciting, as the actress glides from life-threatening escapade to blissful romantic encounter, as W218 runs off to her forbidden lover. Unexpected twists to the plot keep the reader on his toes. And the vague relationships and incomplete developments of so much of the novel maintain an atmosphere of suspense. The reader cannot help but wonder how the characters are related, who is in love with whom, who is a spy, why the age of thirty is so significant, how the dead have come back...
Ordinarily, the positions aired in the Supreme Court's private conferences are its most closely guarded secret. And canons of legal ethics have long forbidden judges to discuss unofficially with lawyers the merits of any case pending before them. But Brown was a case of "extraordinary" importance, says Elman. "The ordinary rules didn't apply." Not so, retorts Yale Law Professor Geoffrey Hazard, who helped draft the American Bar Association's 1983 rules of conduct for lawyers. "Brown put the court's institutional legitimacy on the line. That is why one ought to have been absolutely punctilious...
...unprecedented step of shutting down all sensitive electronic communications with the Moscow embassy. U.S. diplomatic posts around the world are now transmitting Moscow-bound traffic to Frankfurt, where select courier teams are on call to hand-carry material to the Soviet capital. Within the embassy, secretaries have been forbidden to use any machine that emits electronic signals, including electric typewriters and word processors. Even the Xerox machine has been shut down. Shultz has already asked Congress for a special $25 million appropriation to replace the security systems for the embassies in Moscow and Vienna, where Lonetree also worked...