Page 4/The Battalion/Friday, May 1, 1987
Texaco filing
said to be
'bad move'
HOUSTON (AP) — Texaco
Inc.’s bankruptcy filing was an ir
responsible move to avoid paying
Pennzoil Co. a rnultibillion-dollar
judgment, Pennzoil Chairman J.
Hugh Liedtke told shareholders
Thursday.
“I don’t think they really real
ize what they’ve gotten them
selves into,” Liedtke said. “They
like it there at the moment. They
perceive they have some advan
tage, but the euphoria will evapo
rate in about 30 days.”
Liedtke said Texaco’s own an
nouncement April 12 that it was
filing for reorganization under
Chapter 11 of the U.S. Bank
ruptcy Code indicated it was a
partial filing, with only the hold
ing company and two smaller
holding companies involved.
“Texaco’s own announcement
emphasized that the company is
solvent and that 96 percent of its
consolidated revenues and 79
percent of its property, plant and
equipment are in subsidiaries not
involved in the bankruptcy,” he
said.
“If it is possible to be ‘a little bit
bankrupt,’ like ‘a little bit preg
nant, that’s Texaco,” Liedtke said
to a roar of laughter from about
900 stockholders who later gave
him a standing ovation.
Liedtke said Pennzoil’s position
on the creditor’s committee will
be to protect the interest of
Pennzoil stockholders.
“It will not be our objective to
be in any way obstructive with the
process,” he said. But, if nec
essary, Pennzoil would ask for an
investigation of unusual expendi
tures like the hiring of lobbyists in
Austin who are pushing for a bill
that would put a $1 billion cap on
the amount Texaco must post to
appeal the landmark judgment,
he said.
A jury in 1985 found Texaco
wrongfully interfered with a
planned merger between Pen
nzoil and Getty Oil Co. and or
dered Texaco to pay Pennzoil
$ 10.53 billion.
A Texas appeals court upheld
most of the judgment in Feb
ruary, bringing the amount to
$8.5 billion. With interest, the
award totals about $ 1 1 billion.
Liedtke said his company so far
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Our Price
Compare At
2.87
8275.°°
18,500.°°
2.05
7280.°°
14,500.°°
2.04
4850.°°
9700.°°
2.03
4785.°°
9700.°°
2.02'
7650.°°
15,000.°°
2.01
5675.°°
12 000. 00
1.83
2900.°°
5800.°°
1.40
3650.°°
7300.°°
1.17
2525.°°
4900.°°
1.17
2525.°°
4900.°°
1.16
1395.°°
2700.°°
1.15
2200.°°
4200.°°
1.10
1345.°°
2600.°°
1.08
2250.°°
4400.°°
1.08
2895.°°
5600.°°
1.06
1975.°°
3800.°°
1.02
1495.°°
2800.°°
1.02
2375.°°
4500.°°
1.02
2685.°°
5100.°°
1.01
1295.°°
2400.°°
1.00
3975.°°
7700. 00
1.00
1950.°°
3800.°°
1.00
1950.°°
3800.°°
LOO
1345.°°
2700.°°
.99
2150.°°
4200.°°
.97
1520.°°
3100.°°
.96
1840.°°
3500.°°
.88
1475.°°
2800.°°
.80
1200.°°
2300.°°
.77
985.°°
1800“
.72
1145.°°
2200.°°
.71
1195.°°
2300.°°
.71
1175.°°
2300.°°
.67
760.°°
1450.°°
.65
815.°°
1600.°°
.63
975.°°
1700.°°
.62
715.°°
1400.°°
.61
775.°°
1400.°°
.61
715. 00
1400.°°
.60
895.°°
1700.°°
.60
695.°°
1200.°°
.59
930.°°
1800. 00
.59
930.°°
1800.°°
.57
695.°°
1400. w
.55
895.°°
1700.°°
.55
865.°°
1700.°°
.55
695.°°
1400.°°
.54
875.°°
1600.°°
.54
695.°°
1650.°°
.53
795.°°
1750.°°
.53
495.°°
985.°°
.52
845.°°
1750.°°
.52
810.°°
1625.°°
.51
795.°°
1550.°°
.50
795.°°
1550.°°
.50
ROUND
Our Price
$695°°
Compare At
1275°°
.55
PEAR
Our Price
795“
Compare At
1600“
.49
650°°
1300°°
.55
695“
1700“
.48
695°°
1300.°°
.55
895“
1700“
.42
660°°
1350.°°
.52
665“
1300“
.41
470°°
985.°°
.51
695“
1400“
.40
540°°
985.°°
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325“
675.“
« V
.35
395°°
850.°°
.37
350“
675“
£;*#.
.35
375°°
750.°°
.31
245“
500“
.30
.20
.15
.10
.07
.05
.03
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335 00
165 00
110 00
63°°
38 00
35 00
14 95
10 9S
750. 00
.325.°°
220. 00
140. 00
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OVAL
# 0.
30.°
22.'°
MARQUISE
Our Price *
2.78
2.14
1.23
1.10
1.01
.91
.76
.74
.71
.62
.57
.57
.55
.54
.47
47
.35
.31
$13200°°
4888°°
2750°°
3200°°
1175°°
2585°°
1085°°
995°°
2900°°
79500
895°°
895°°
895°°
795°°
695°°
626°°
; 425°°
425 00
Compare At
27,500.°°
9800.°°
4500.°°
6400.°°
2300.°°
4950.°°
2200.°°
1800.°°
5800.°°
1850.°°
1900.°°
1900.°°
1900.°°
1850.°°
1300.°°
1300.°°
890.^
875. 00
PEAR
1.80
1.38
1.12
.83
.62
Our Price
34QC; 00
2275. 00
3100.°°
1975.°°
IS. 0 *
Compare At
6800,°°
4500.°°
6200.°°
3900.°°
2800.°°
2360. 00
Our Price
Compare At
1.52
5275“
9800“
1.15
2495“
5500“
1.04
1495 “
2900“
.89
1750“
3500“
.83
1350“
2700“
.78
1495“
2800“
•71 ,
m 1495 00
2800“
.44'- r;
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675“
HEART
Our Price
Compare At
.64
1150“
2800“
.27
335“
675“
EMERALD
.54
.50
Our Price
$895“
695 “
Compare At
1750“
1400“
RADIANT
Our Price
Compare At
1.03
$2600.“
5,200“
SQUARE
Our Price
Compare At
.46
$920“
1850“
.33
385.“
750“
njEri
1 juJI I
LI'* 2r I
Vt>.'
a
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AJ/
Large stock of diamond earrings, rings, ne
semi-mounts.
DIAMOND JEWELRY
. Just arrived wedding bands, bridal sets and diamond
^cKlace
GOLD COIN JEWELjRY
Largest Stock of Gold Jewelry in the Areal Hundreds of Pieces to choose from. Rings, Pendants, Diamond
i Gold Coin Jewerly. Large stock of gold coin mountings for ail popular Gold Coin Krugerands, Maple Leaf,
Gold Panda. /. '• ' ‘
14 KARAT GOLD CHAINS
Larges Selection Starting at $27 00 .
Shop, Compare, and Save Money
Never A Sale! Just the best prices in town! Our prices are up to 70% less than what other jeweley stores
charge for the same merchandise.
Full time jewelry repairman on premises.
■Texas . i1
lias spent in excess of $20 milM
in legal lees in (he case.
During a news confeieneefoll
lowing the 45-minute annual
meeting, Liedtke repeatedlyde
dined to comment on question:!
about possible settlement talks, pad recet
“I’m not in a position to com-Htr Amer
ment on that, he said. “Nocoijptsity, 23
ment.’ five count
But l iedtke dismissed as ruWished F(
mot s spe< illation that I’ennzoiptbr. Hat
was eonsidei ing a S3 billion set B® n ts and
dement that im hided a conibiiijway,Swed
lion of sec iu ities, cash and oiMpland
from Getty. ilr a ' n -
Hill wa;
IP and r
propei ti<
bL
nationwid
as |>art of
Fllbright
gram, wh
Bs. Infor
jAlthou;
filed at be
tilguishec
atlecturin
|B“I’ve hi
and I spei
year in V
resident s
ies." Hill
lectured i
celebratin
J Hill als:
program’s
■ “I’ve re;
WOnderfu
Hill said,
studied all
Althom
miliar wit
he had to
which wo;
ers.
B"I try u
dialect-ori
Twain's st
cult I'm
' out havii
. rfiferbac
Bln a
mm*
>INY ADS,
BUT REAL
HEAVYWEIGHTS
WHEN BESULTS
REALLY COONl
omatterwhal
you've go to say
or sell, our Classi
fieds can help you
do the big job.
■ Two r
lapsed ui
sive loan
ing to 2:
that have
i tally depi
finals saw
1 State
Kenneth
Unitedba
pies State
town of T
[ over to t
Surance (
j"’ The f;
i tional tot,
lone St;n
breaking
last year
bankings
tingham:
United
sets of $
recent St;
examinat
rioration
folio, Cot
Cle
AUSTI
wishful tl
$39 billio
Clements
Clemet
session fo
written b<
journmen
B “I just
Clements,
to exceed
Battalion
Classifie
845-2611
404 University Or. East# College Station • 846 : 8805
We pay Cash for gold, silver, rare coins, diamonds and Rolex watches
Since 1958. One of Texas’ Oldest Rare Coin Dealers
Store Hours
Mon.-Thurs. 9 a.m.-5:30 p.m.
Fri.-Sat. 9-3 p.m.
Behind Shellenburger’s