PENNZOIL (PZL) ADVISED OF SEC BRIEF
Pennzoil Co said it was advised by the
Securities and Exchange Commission that that commission will
file an amicus curiae brief in the Texas Supreme Court
concerning the Pennzoil/Texaco Inc (TX) litigation, but said it
was not aware whether that brief will adopt the position of one
of the litigants.
    Pennzoil said the brief is expected to be filed about July
20. "We do not know whether the brief will adopt the position
of one of the litigants or simply be an inquiry and request for
clarification of the reasoning of the two previous decisions in
this matter, both of which have been favorable to Pennzoil, a
Pennzol spokesman said.
    Pennzoil said that regardless of the focus of the brief
"Pennzoil will make an appropritate response in the court in
due course."
    Earlier today, Texaco said that in a letter dated June 26,
the SEC's general counsel told attornys representing Texaco and
Pennzoil that the commission will urge the Texas Supreme Court
to review the issue of federal securities law in the case
between the two companies. The litigation stems from Texaco's
purchase of Getty Oil Co in 1984 after Pennzoil had made an
offer from Getty.
 Reuter
