Word: texaco
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Robert Holmes a Court, Australia's first billionaire and one of the world's most fearsome corporate raiders, was renowned at home as the Great Acquirer. In the U.S., his targets were the giants USX and Texaco. But when he arrived in his gold-toned Rolls-Royce for a meeting of his corporate shareholders last month in Perth, Holmes a Court, 50, had acquired a new identity: the Great Disposer...
...Holmes a Court (the name dates from the Norman Conquest, in 1066) carried out his fire sale with characteristic decisiveness. The first glittering piece of his empire to go was his 10% holding in Texaco, valued at more than $800 million before the crash. Holmes a Court sold half his shares to U.S. Financier Carl Icahn in November for $360 million, at an estimated loss of $65 million. Other items: an 8% stake in the British retailer Sears PLC, sold for $300 million (loss: $41 million), and a 16% stake in Australia's Pioneer Concrete Services (loss: $54 million...
...Texaco knows what it means to pay for past sins. Just two months after the company agreed to pay Pennzoil $3 billion to end their epic legal battle, Texaco last week consented to shell out $1.25 billion to settle another dispute -- this time with the U.S. Government. Texaco is one of seven major oil companies accused by the Department of Energy of overcharging customers between 1973 and 1981, when federal oil-price controls were in effect. The $1.25 billion penalty is the largest imposed so far against a single company...
...Texaco's slate is still not clean. The Internal Revenue Service says the company may owe the Government up to $6.5 billion as a result of allegedly underpaying taxes between 1965 and 1986. Texaco's troubles have sent its stock down from a high of $54 in 1980 to nearly $43 currently. That has attracted corporate raiders. Carl Icahn has bought a large block of stock, and T. Boone Pickens says he will follow suit. They are gambling that Texaco, which went into bankruptcy proceedings during the Pennzoil affair, will survive and even make a comeback...
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...