A Federal judge rejected a petition by...
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A Federal judge rejected a petition by a group of Texaco shareholders to block the mailing of a disclosure statement to shareholders, ruling that the document contains enough material to inform them of views opposing the company’s planned reorganization. The disclosure statement forms the basis of the company’s plan for emergence from Chapter 11 bankruptcy. The plan, which includes a $3-billion settlement of Texaco’s multibillion-dollar legal dispute with Pennzoil Co., must be approved by at least two-thirds of the shares voting by March 21.
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