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In her lawsuit, which has been ... In 1986, 10 years after the death of his father, Gordon sold Getty Oil to Texaco for $10 billion. Gordon had four sons, as far as was known to the outside world ...
Gordon Getty and his family inherited a 40% interest in the company when J. Paul Getty died in 1976. [2] [3] In 1984, after entering into a binding agreement to sell Getty and its 2.3-billion-barrel stockpile of proven oil reserves to Pennzoil, Gordon Getty struck a dramatic deal to sell the company to Texaco. [4]
The court case sprang from Texaco having established a signed contract to buy Getty Oil after Pennzoil entered into an unsigned—yet binding—buyout contract with Gordon Getty. [30] In 1987, Texaco filed for bankruptcy. It was the largest in U.S. history until 2001. [31]
In 1984, Pennzoil made an informal but binding contract with Getty Oil to purchase a large portion of Getty Oil to give Pennzoil rights to Getty's oil deposits. [6] Following the deal, the Texaco oil company encroached on the complex merger in an attempt to acquire Getty for itself. [7] Old Pennzoil motor oil can
California filed a lawsuit Friday against five of the world’s largest oil companies, alleging that they lied to the public about the damage their product is causing. The state wants the ...
In 1985, Jamail represented Pennzoil, whose CEO Hugh Liedtke was Jamail's close friend, [8] in a lawsuit against Texaco. Pennzoil won the case and his contingency fee was $335 million. Pennzoil won the case and his contingency fee was $335 million.
On this day in economic and financial history... The largest civil-damage award in business history was first rendered in 1985 in the case of v. Pennzoil. However, it was far from certain that the ...
A former Getty financial advisor accuses the family of cheating on its taxes by millions of dollars. Column: The Getty oil fortune, a family scandal and an alleged multimillion-dollar tax scam ...