Word: texaco
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Dates: during 1980-1989
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...same time, some of Texaco's suppliers were refusing to do business, or setting tougher terms. According to the Texaco affidavit, Venezuela's state-owned oil companies had at least temporarily stopped pumping oil for Texaco. (Venezuela denies that it has cut Texaco off.) Southern California Edison started requiring Texaco, its largest customer, to pay its electric bill every week...
...walls seemed to be closing in on their firm, Texaco's DeCrane and Kinnear, along with Lead Attorney Boies and a legion of advisers and secretaries, arrived in Houston on Monday night for their confrontation with Pennzoil. They settled into Lamar Towers, a posh condominium development. On Tuesday afternoon at 1, Liedtke arrived with his corporate and legal staff, including former Pennzoil President Baine Kerr and Lead Attorney Jamail...
Kinnear brought out a typewritten note that outlined what Texaco would be willing to put up for a bond while the case remained on appeal. After two hours of discussion, Liedtke declined the offer. The sides agreed to meet again the following afternoon in a Houston condominium owned by Pennzoil...
...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 the talks, perhaps to spook Texaco's creditors...
...negotiations continued through Thursday. Between meetings with Pennzoil, DeCrane and Kinnear were huddling with their team of advisers, including Boies, Investment Banker Donald Brennan of Morgan Stanley, and Gibson Gayle, a lawyer with the Houston firm of Fulbright & Jaworski. Several members of Texaco's board of directors hastily flew to Houston, among them Robert 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...