Word: texaco
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...billion merger. In Getty's luxurious New York City apartment overlooking Fifth Avenue, Liedtke agreed to pay $110 a share for 43% of Getty Oil. Five days later, Getty's board of directors approved a deal--but not with Pennzoil. Between Jan. 1 and Jan. 6, Texaco Chairman John McKinley had made a bold $125-a-share bid for Getty, and Getty's board had grabbed the better offer. Total price tag: $10.2 billion...
Angry and vengeful, Pennzoil's Liedtke sued Texaco, and last week the oil giant paid a painful price for its successful maneuver. A Houston jury decided that Texaco had sabotaged Pennzoil's contract with Getty, and fined Texaco an awesome $10.5 billion. It was the largest sum ever awarded in a corporate court fight, dwarfing the $1.8 billion won by MCI in a 1980 suit against...
Patrick has served as general counsel for Texaco and the Coca-Cola Company. A prominent civil rights lawyer, he served as the nation’s top civil rights enforcer in the Department of Justice (DOJ) during the Clinton administration...
...wide latitude that hedge funds enjoy is luring big-name money to the industry. Carl Icahn, the 1980s corporate raider who once controlled TWA and Texaco, is raising $3 billion for a hedge fund. He will probably use his new war chest to amass large positions in companies and then agitate for change. And Icahn plans to charge fatter fees: up to 3% of assets and 30% of profits...
That's a far cry from the cost of Texaco Star Theater, which, like other Golden Age advertiser-owned TV shows such as the Kraft Television Theatre and The Colgate Comedy Hour, eventually disappeared as networks became more independent, and the lines between advertising and content were clearly drawn. But as the business grew more competitive--and less profitable--advertisers have demanded more of a presence in programs through product placement and sometimes even ownership. "It's the Wild West out there," says Frances Page, head of Magna Global Entertainment, which develops sponsor-supplied programming. "Each network and advertiser...