Burlington Sues Pennzoil: Burlington Resources Inc. accused...

Burlington Sues Pennzoil: Burlington Resources Inc. accused Pennzoil Co. of secret takeover plans and asked a federal court to force the oil company to sell two-thirds of its Burlington stock. In a complaint filed in U.S. District Court in Seattle, Burlington said Pennzoil violated federal securities laws by “misstating its intentions with respect to its accumulation of the company’s shares and by concealing that it has violated (disclosure) rules.” The complaint said Pennzoil is trying to take over the Seattle-based diversified resource and energy company. Pennzoil issued a brief statement calling Burlington’s suit “frivolous” and saying it “will be dealt with in due course.”