Word: texaco
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Pennzoil this week called upon Harvard constitutional law expert Laurence H. Tribe '62 for help in its $10.53 billion law suit against Texaco...
Tribe, who is Tyler Professor of Constitutional Law, agreed to help Pennzoil appeal the latest decision in its ongoing legal battle with Texaco over an attempted takeover of Getty...
Last November, a Texas jury ruled that Texaco pay Pennzoil an unprecedented $10.53 billion for interfering in Pennzoil's attempted partial takeover of Getty...
...initial suit, Pennzoil claimed that it had a binding agreement to buy a part of Getty Oil at the time that Texaco moved in and purchased the whole company. The Texas court agreed and last November slapped Texaco with what is by far the largest damage award an American court has imposed on a corporation...
Takeover struggles are the modern corporate equivalent of a duel of gladiators to the death. In the past it was often assumed that, as in love and war, all's fair in takeover battles. The judgment against Texaco, though, shows that there are still rules of the game and that it can be very costly to break them...