Word: texaco
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...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...
...source close to the negotiations said that by Thursday night Texaco had presented Pennzoil with four proposals regarding the bond dispute and five possible final settlements. "Pennzoil rejected each offer," he recalled. "But they refused to make any counteroffers." Pennzoil's attorneys argued that Texaco's offers were all similar and grossly inadequate...
Liedtke and Kinnear talked twice by phone on Friday. Kinnear sent over one last proposal, and Liedtke rejected it. That evening Kinnear and DeCrane gave up and flew back to New 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...
...that Texaco has chosen that route, its battle with Pennzoil will go on. Under the protection and supervision of a bankruptcy judge, Texaco will undoubtedly keep fighting the most gargantuan legal judgment in history. If it exhausts all appeals in the Texas courts, the company's survival could once again wind up in the hands of the nine Justices of the U.S. Supreme Court...
BUSINESS: Embattled Texaco chooses...