Texaco and Pennzoil asked a bankruptcy court...

Texaco and Pennzoil asked a bankruptcy court to terminate all lawsuits against Texaco officers arising from the Pennzoil dispute. The companies argued at a hearing in White Plains, N.Y., that the lawsuits threaten to derail Texaco’s emergence from bankruptcy proceedings by imperiling Texaco’s ability to pay off Pennzoil and its other creditors. Lawyers for plaintiffs of the lawsuits countered that Texaco is using the reorganization to dismiss the litigation “without any exposure.”