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BRIEFLY

November 07, 1987

U.S. Bankruptcy Judge Howard Schwartzberg ruled that two state employee pension boards holding Texaco stock can represent the company's equity shareholders committee as non-voting, ex-officio members of the board. The decision avoided the creation of a fourth committee to represent creditors and shareholders of Texaco, which filed for protection from creditors under Chapter 11 of the federal bankruptcy code last April. Under bankruptcy law, only persons are allowed to be members of an equity shareholders committee.

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