Word: settlements
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Dates: during 1980-1989
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...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 to $5 billion and felt confident he could get it after a 9-to-0 Supreme Court decision that week referred...
Unquestionably, the hygienic solution for both sides would be to reach a settlement that will allow Texaco to emerge from its Chapter 11 cocoon. Executives at the oil giant have suggested such a possibility, maybe an indication that Texaco is using its bankruptcy as bargaining leverage against its smaller opponent. Manhattan Attorney Richard Lieb detects a more nuanced strategy in Texaco's Chapter 11 filing. By keeping most of its operating companies out of bankruptcy, he says, Texaco has issued an "open invitation to continued bargaining." Since bankruptcy does not involve the entire company, he argues, "it may be Texaco...
That next meeting was limited to Kinnear, DeCrane, Liedtke and Kerr. Kinnear arrived with a new proposal in hand to resolve the bond question. As the four men argued the matter over coffee and soft drinks, they began to discuss the possibility of a comprehensive settlement that would end the legal battle altogether, according to sources close to Texaco. After the meeting broke up, Kinnear sent another proposal to Liedtke. His response: No deal. In the meantime, Jamail was telling the press that no discussions about a final settlement were being held. Texaco accused Jamail of making misleading statements about...
...York. Texaco's lawyers then filed an affidavit with the Texas appeals court in which the company swore that it could not afford to put up more than $500 million in additional assets for a bond. The maneuver seemed designed to put extra pressure on Pennzoil to accept a settlement. In response, Pennzoil proposed to the court that Texaco could set aside assets worth about $5 billion for a bond without being forced into Chapter 11. Said Pennzoil Attorney Irvin Terrell: "Everyone has a constitutional right to file for bankruptcy, but it would be absolutely irresponsible for them...
...decision that could cost it $10 billion in its epic battle with Pennzoil. As credit starts to dry up, Texaco becomes the largest firm ever to go into Chapter 11. Though its executives and directors fly to Houston for negotiations with Pennzoil, the two sides fail to achieve a settlement...