Newspaper article THE JOURNAL RECORD

Icahn Opposes Texaco Pact

Newspaper article THE JOURNAL RECORD

Icahn Opposes Texaco Pact

Article excerpt

NEW YORK (AP) - Financier Carl C. Icahn threw a wrench into the effort to resolve Texaco Inc.'s legal war with Pennzoil Co., saying Tuesday that he opposes a settlement being worked on by Pennzoil and creditor and shareholder committees.

``The proposed settlement your committee has put forth, especially as it concerns the compostition of Texaco's Board, would have the effect of pushing Texaco off a hot roof into a raging fire,'' Icahn wrote in a letter to Robert Norris, chairman of Texaco's shareholders committee.

``The proposals, as reported in the press, would be ruinous to the company. As the largest shareholder in the company, I will not support your plan,'' wrote Icahn, who controls the biggest block of stock in Texaco.

Pennzoil and the two committees announced Monday that they had agreed on a plan for Texaco to pay $3.1 billion to Pennzoil to settle the $10.3 billion judgment Pennzoil holds against Texaco. They said they were negotiating other details of a reorganization plan they hoped to sumbit to the court soon. …

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