Icahn Blocked on Texaco Plan
WHITE PLAINS, N.Y. — A federal bankruptcy judge today refused to allow Carl Icahn, Texaco Inc.’s largest
shareholder, to submit his alternative bankruptcy reorganization plan to the oil giant’s shareholders.
Icahn, the chairman of Trans World Airlines, had proposed a plan that would have stripped the nation’s third-largest oil company of its takeover defenses. Judge Howard Schwartzberg barred Icahn from filing his own plan after hearing testimony at a hearing in federal bankruptcy court Wednesday. The judge’s ruling cleared the way for Texaco’s emergence from bankruptcy if two-thirds of its voting shareholders approve a $5.6-billion reorganization plan proposed by the company’s management and Pennzoil Co.
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