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BRIEFLY

December 08, 1987

New York investor Carl C. Icahn told the Securities and Exchange Commission that his investment group, which controls 12.3% of Texaco, intends to take an active role in the oil company's bankruptcy proceedings and will press for a reasonable settlement of its legal dispute with Pennzoil. It also plans to buy more Texaco stock and may even seek a takeover, although it has no current plans to do so. Icahn's statement came after reports that Texaco was talking with Pennzoil about making a $1-billion payment, with a guarantee that its total payment to the Houston oil company would be no more than $3.5 billion, even if Pennzoil's $10.3-billion award prevails in the U.S. Supreme Court.

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