Word: texaco
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More than a year ago, when a Houston jury ordered Texaco to pay Pennzoil an incredible $10.5 billion to settle their legal battle over a 1984 merger fight, many experts were convinced that the landmark judgment would be drastically reduced on appeal. But so far Texaco's lawyers have been unable to defuse this financial time bomb that threatens the survival of the third largest U.S. oil company. A Texas court of appeals last week upheld a staggering $8.5 billion of the original judgment...
...Texaco Chief Executive James Kinnear was incredulous. "It is appalling," he said. "The decision supports an outrageous judgment totally at odds with both the law and the facts." The company vowed to fight all the way to the U.S. Supreme Court. In the meantime, a U.S. court of appeals in New York City has ruled that while the case is on appeal, Texaco has to post a bond of only $1 billion. Pennzoil argues that Texaco must put up the full amount of the judgment, and the Supreme Court is expected to rule on this issue by midsummer...
...original decision held that Texaco unlawfully persuaded Getty Oil to break off a merger agreement with Pennzoil. Subsequently, Texaco bought Getty. Last week the appeals court concluded that the initial $7.5 billion in basic damages represented a fair award but ruled that Texaco's punitive damages should be cut by $2 billion. Including accumulated interest, Texaco now owes Pennzoil a total of $10.2 billion. The judgment remains by far the largest ever awarded in a corporate court battle...
...proposed bill will set up an "apartheid list" of companies that are doing a large amount of business with South Africa, such as IBM, the Burroughs Corp., Control Data Corp., and Texaco, said Robert D. Slate '83, a legislative aide to Graham...
...University's announcement on October 3 included plans to sell $160 million worth of investments in 8 corporations including Exxon. The other seven--Royal Dutch Petroleum/Shell, the Chevron Corporation, Ford Motor Co., Texaco, Mobil Oil, Phelps Dodge, and Schlumberger, Inc.--retain links to South Africa. Harvard's endowment still includes approximately $367 million worth of stocks and bonds in companies with South African operations...