September 25, 1991 |
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.
April 10, 1987 |
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.
December 10, 1987
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.
December 30, 1987 |
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."
May 9, 1987 |
Rumors of a possible joint takeover bid by Australian investor Robert Holmes a Court and Texas oilman T. Boone Pickens Jr. propelled Texaco's stock to the top of the New York Stock Exchange's most-active list Friday. More than 7.2 million Texaco shares were traded, and the stock finished the day at $35.50 a share, up $1.875. Holmes a Court was rumored to have recently purchased 3 million to 8 million of Texaco's 240 million shares.