J Hugh Liedtke

J. Hugh Liedtke, the Texas oilman best known for leading his Pennzoil Co. to a $3-billion courtroom victory over Texaco in the 1980s, has died. He was 81. Liedtke, whose victory against Texaco culminated a four-year battle for control of Getty Oil, died March 28 in Houston after battling a series of illnesses. Liedtke's road to riches was a circuitous one. He was born in Tulsa, Okla., and graduated from high school at the age of 16. At the insistence of his father, a lawyer for Gulf Oil Corp.

J. Hugh Liedtke, the Texas oilman best known for leading his Pennzoil Co. to a $3-billion courtroom victory over Texaco in the 1980s, has died. He was 81. Liedtke, whose victory against Texaco culminated a four-year battle for control of Getty Oil, died March 28 in Houston after battling a series of illnesses. Liedtke's road to riches was a circuitous one. He was born in Tulsa, Okla., and graduated from high school at the age of 16. At the insistence of his father, a lawyer for Gulf Oil Corp.

J. Hugh Liedtke, chairman and chief executive of Pennzoil Co., Houston, was elected a director of Gulf & Western Inc. of New York.

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.

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.

The final stage in J. Hugh Liedtke's battle with Texaco begins in a Houston courtroom on Monday--unless there is an out-of-court agreement or other dramatic action before then--when the Texas Court of Appeals hears arguments over how much of a bond Texaco must post against the now-celebrated $10.3-billion damage award won by Liedtke's Pennzoil a year and a half ago.

Pennzoil Co. directors Wednesday elected Randal B. McDonald as the company's new president and chief operating officer. McDonald's election was announced by J. Hugh Liedtke, Pennzoil chairman and chief executive. He replaces Richard Howe, who was president since 1985 and took early retirement last month. In addition to his duties as president and chief operating officer, McDonald will serve as a director and member of Houston-based Pennzoil's executive committee.

Pennzoil Co. expects to pay $400 million in lawyer fees and other expenses in the protracted battle with Texaco Inc., which has agreed to make a $3-billion settlement to the smaller oil company. J. Hugh Liedtke, chairman of Pennzoil, told shareholders in a letter that the company anticipates a "pretax net recovery after all expenses incurred in connection with the litigation and the bankruptcy procedures of in excess of $2.6 billion."

Walt Disney Chairman Michael D. Eisner, who orchestrated the company's transformation into a multimedia entertainment titan, earned $40.1 million in 1988, putting him at the top of Business Week's list of highest-paid corporate bosses, the magazine said Thursday. Right behind him is Disney's president, Frank G. Wells, who garnered $32.1 million, the magazine reported in its May 1 edition. The bulk of money earned by Eisner and Wells came from stock options they exercised. Biggest Surprise Business Week said the biggest surprise in its 39th annual survey of executive pay in the United States was that the average salary and bonus for chief executive officers topped $1 million for the first time, and the average total compensation exceeded $2 million.

J. Hugh Liedtke, chairman and chief executive of Pennzoil Co., Houston, was elected a director of Gulf & Western Inc. of New York.

The final stage in J. Hugh Liedtke's battle with Texaco begins in a Houston courtroom on Monday--unless there is an out-of-court agreement or other dramatic action before then--when the Texas Court of Appeals hears arguments over how much of a bond Texaco must post against the now-celebrated $10.3-billion damage award won by Liedtke's Pennzoil a year and a half ago.

A federal judge Wednesday dismissed Chevron Corp.'s lawsuit charging that Pennzoil Co. illegally purchased nearly 9% of Chevron's stock, a Pennzoil lawyer said Wednesday. U.S. District Judge Samuel Conti ruled that the suit was without merit after most of the charges had already been dismissed, Pennzoil attorney Stephen Bomse said. Conti cited sworn declarations by Pennzoil Chairman J.

Pennzoil directors Thursday rejected as no "kind of serious settlement discussion" a new offer by Texaco to settle the dispute that led to an $11.1-billion damage award against Texaco. Pennzoil Chairman J. Hugh Liedtke, speaking to reporters after the oil company's annual meeting Thursday morning, would not disclose the terms of the latest offer except to say that it was "not very" different from Texaco's previous settlement proposals and was not even a formal written proposal.