Word: houstons
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Dates: during 1980-1989
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...Board seemed to judge that Pennzoil's combative chairman, J. Hugh Liedtke, 65, had overreached himself in the dispute. It has dragged on since November 1985, when a Texas jury issued a $10.5 billion judgment against Texaco for inducing Getty Oil to break a merger agreement with Liedtke's Houston-based firm. Shortly before the bankruptcy, Texaco filed an affidavit in a Texas appeals court claiming that any settlement over $500 million would trigger defaults. Liedtke, on the other hand, said he turned down a Texaco offer of $2 billion two weeks ago. Liedtke wanted more like $4 billion...
Lawyers for both sides showed up last week at a Houston appeals-court hearing, which had been mandated by the Supreme Court decision, on whether Texaco should be required to put up a bond for some $10 billion while continuing to appeal the 1985 Texas judgment. Protecting itself from such an appeals decision had been a vital factor in Texaco's decision to flee into bankruptcy. The Houston hearing was stayed after Texaco lawyers argued that the Chapter 11 filing triggered an automatic halt to other legal proceedings. Pennzoil officials said they might challenge the bankruptcy petition, but at week...
...bankruptcy may feel downright unpleasant for Texaco's management if Pennzoil has its way on those committees. Rather than fight the bankruptcy frontally, the Houston company has apparently embarked on a more subtle strategy, based on its role as one of Texaco's major creditors. Says Pennzoil Attorney Irvin Terrell: "Texaco has got a lot of other partners now -- banks, trade partners and us. Their affairs will be under the view of the bankruptcy court, and the creditors will have a say. We hope Pennzoil will have the largest...
Harvard is the biggest plunger, having handed $50 million to a Houston- based consortium. The backers insist that putting money into drilling is a brainy idea, even though energy prices are in the doldrums. Insists Scott Sperling, a partner in Harvard's investment unit: "We're getting in near the bottom...
...Sandra Burton, Mary Cronin, Jennifer Hull, Thomas McCarroll, Jeanne McDowell, Raji Samghabadi Boston: Robert Ajemian, Joelle Attinger, Melissa Ludtke, Lawrence Malkin Chicago: Jack E. White, Barbara Dolan, Lee Griggs, Harry Kelly, J. Madeleine Nash, Elizabeth Taylor Detroit: William J. Mitchell Atlanta: Joseph J. Kane, B. Russell Leavitt, Don Winbush Houston: Richard Woodbury Miami: Marcia Gauger Los Angeles: Dan Goodgame, Jonathan Beaty, Elaine Dutka, Jon D. Hull, Michael Riley, James Willwerth, Denise Worrell San Francisco: Paul A. Witteman, Cristina Garcia...