Word: texaco
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
Comedy was prevalent on TV in the late '40s and early '50s, but most of it took the form of live variety shows like Milton Berle's Texaco Star Theater. In 1953 I Love Lucy won the first Emmy Award given in the situation comedy category...
...over the rounder, more combative Wasserstein. But since the duo began building First Boston's mergers department in the mid-1970s, they have brought their firm into some of the most famous and infamous deals of the decade. In one case, the team was all too effective in helping Texaco beat rival Pennzoil in a battle to acquire Getty Oil. Pennzoil later won a breach- of-contract judgment that forced Texaco into bankruptcy and an eventual settlement of $3 billion...
...stakes of Icahn's ventures keep getting larger and riskier. Last week Texaco, in which Icahn holds an interest of nearly 15%, said it lost an astronomical $4.4 billion last year, mainly because of its $3 billion payout to settle an epic takeover dispute with Pennzoil. Yet Texaco's loss might have been far larger had it not agreed to a compromise settlement of Pennzoil's $10.3 billion claim -- a break in the stalemate that Icahn helped bring about. Now Icahn is locked in a struggle with Texaco's management over how to restructure the company and bring it back...
Even the USX foray pales in comparison with the size of Icahn's latest target: Texaco (1986 sales: $31.6 billion). Icahn began buying shares in the company when it declared bankruptcy last spring after failing to reach any settlement with Pennzoil, which had won a $10.3 billion judgment against Texaco in a Texas court. Icahn got his chance to help break the impasse in December, when Bankruptcy Judge Howard Schwartzberg ruled that Texaco's shareholders could strike their own deal with Pennzoil, with or without the approval of Texaco management. Before long, spurred in part by Icahn's repeated phone...
...Texaco's biggest shareholder, Icahn controls 14.8% of the nation's third largest oil firm (after Exxon and Mobil). Nevertheless, Texaco has blocked his attempts to play a direct role in planning the reorganization. The company's proposal, which Schwartzberg approved last week, must now be accepted by Texaco stockholders. Icahn says he may team up with other investors to acquire a larger stake in the firm, and may also attempt to put his own hand-picked directors on the Texaco board...