Business Notes: Dec. 9, 1985

CORPORATIONS A $12 Billion Hangover

Texaco's headaches continue to multiply. After a Houston jury ordered the company to pay $10.5 billion for snaring Getty Oil away from Pennzoil, with which Getty had agreed to merge, many oil analysts believed that Texaco would appeal the case and a court would reduce the award. Last week Texaco President Alfred DeCrane said that his company might have to file for bankruptcy to appeal. Reason: Texas law sets bond at an amount equal to the jury award plus court costs and interest. In this case the sum would be $12 billion, more than Texaco's stock-market...

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