Advertisement
YOU ARE HERE: LAT HomeCollections

BRIEFLY

Texaco got a temporary reprieve in its court battle.

April 08, 1987

The Texas Court of Appeals granted Texaco's request for a temporary restraining order preventing Pennzoil from enforcing a $10.3-billion judgment bond won by Pennzoil last year. The appeals panel said its order will be in effect until a full hearing on Monday. Earlier this week, the U.S. Supreme Court overturned a Federal District Court decision that had permitted Texaco to sharply reduce the $9.1-billion bond plus interest it would have to put up during the appeals process. On Tuesday, Texaco requested that Texas courts cut the amount of the bond to less than $1.5 billion. In its unanimous ruling Monday, the Supreme Court held that Texas courts, not federal courts in New York, had jurisdiction over the bond issue.

Advertisement
Los Angeles Times Articles
|
|
|