The portion available to investors is worth about $1.2 billion, but no shareholder may hold more than 9.9 percent of the new company.

This Wednesday, shareholders will hold their annual meeting to elect a new board.

Because families or friendly shareholders hold big stakes in all three, analysts do not see them as takeover candidates anytime soon.

"Why should shareholders be holding onto directors who were on hand when things were happening that shouldn't have been?"

Under the terms of the deal, the public shareholders could hold as much as 27 percent of the private company.

There are now 200 shares of stock and each shareholder holds twice as many shares.

If the deal is fully subscribed, each shareholder would hold the same percentage of stock in the existing company that was already owned.

He said many shareholders have held Texaco management at fault for holding up a settlement so long.

Finally, fairly or not, many shareholders hold the corporation responsible if they cannot easily buy or sell its shares.

The shareholders also hold a proprietary lease from the corporation for the use of their apartment.