LITIGATION: A Treaty For Texaco?

A Treaty For Texaco?

The biggest corporate brawl in history could be nearing an end. Thanks in part to the negotiating skills of TWA Chairman Carl Icahn, a settlement may be at hand in the epic legal battle between Texaco and Pennzoil. Since 1985 Texaco has been appealing a court order to pay Pennzoil $10.5 billion in damages as a result of a merger dispute. In April, Texaco filed for bankruptcy protection. Enter Icahn, who three weeks ago became Texaco's largest stockholder by boosting TWA's holdings to 12.3%. Icahn helped forge a deal between Pennzoil and a committee representing Texaco's shareholders to settle the conflict...