Word: texaco
(lookup in dictionary)
(lookup stats)
Dates: all
Sort By: most recent first
(reverse)
Although Getty, not Texaco, was the Indian giver, he was not sued because Texaco in the merger contract agreed to assume liability for any legal actions arising from the purchase. Pennzoil's lawyers argued that Texaco must have known it was doing something wrong to offer such an inducement to Getty. Said Pennzoil Attorney Jamail: "Texaco purchased this lawsuit when they wrote insurance policies for the Getty people...
After last month's jury ruling, the case took on the atmosphere of an election campaign. Texaco waged a Lone Star media blitz, telling Texans that what was good for Texaco was good for Texas. An unfavorable judgment, company $ officials suggested, could mean the loss of jobs for 55,000 Texaco employees, including 15,000 in the state...
...Texaco switched from offense to defense as Casseb's ruling approached. The company announced last week that it had adopted a so-called poison-pill provision to ward off raiders who might be tempted to try a takeover in view of the dip in Texaco stock. And one hour before going to court on Tuesday, Texaco offered to sell Pennzoil at 1984 prices the 1 billion bbl. of oil and gas reserves that it had originally wanted to buy from Getty. Liedtke called the offer "silly...
Many oil-industry officials were stunned by the decision and could see little hope for Texaco, but others felt that another court will still force a compromise or lower the settlement. In 1980 AT&T was initially ordered to pay its long-distance rival MCI $1.8 billion for thwarting competition in the telephone business. The amount was later reduced to $113.4 million...
...Texaco could appeal the judgment all the way to the Supreme Court, but with the interest meter on Pennzoil's award ticking at $3 million a day, the company cannot afford a lengthy tussle. It might try to take over smaller Pennzoil, though the price would be about $5 billion and Texaco would have to take on a huge debt. Despite Pennzoil's initial refusal, an out-of-court compromise is also possible. Oil-Industry Analyst Alan Edgar of Schneider, Bernet & Hickman in Dallas believes that Texaco might let Pennzoil have for $3.5 billion the Getty properties it originally sought...