Texaco’s board is divided over a proposed...
Texaco’s board is divided over a proposed $3.1-billion cash settlement to its legal battle with Pennzoil, according to a report in the Houston Chronicle on Sunday. Citing unnamed sources, the newspaper said a faction led by Texaco Chairman John K. McKinley opposes the settlement, while a faction led by IBM Chairman Frank T. Cary favors it. Pennzoil, which obtained a $10.3-billion judgment against Texaco in 1985, proposed the settlement Friday.
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