SECURITIES

Pennzoil Chairman Stock Sale Questioned: Pennzoil Co. Chairman J. Hugh Liedtke sold part of his stake in the oil and gas company in early August prior to announcements that drove the stock price down, government documents show. The Wall Street Journal reported that Liedtke sold 21% of his shares for $2.9 million on Aug. 1 and 2, when the shares were trading just under $73 per share. The sales were reported in SEC filings. Two weeks after the sales, on Aug. 16, Pennzoil Chief Executive James L. Pate said in an interview with the Journal that the company’s long-awaited restructuring would be delayed, and Pennzoil would continue to operate its Purolator Products Co. subsidiary rather than sell it. Many market analysts issued recommendations to sell Pennzoil stock in response to the news.