PICKENS READY TO PACK UP : THE MAN BRANDED - UNFAIRLY, IN HIS VIEW - AS AN '80S TAKEOVER KING IS ABOUT TO END FOUR DECADES WITH HIS OIL AND GAS COMPANY.Byline: Katie Fairbank Associated Press Associated Press: see news agency.
Associated Press (AP)
Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world.
Boone Pickens, who used Mesa Inc. to lead some of the most notorious takeover bids of the 1980s, is moving on after four decades with his beloved oil and gas company.
Pickens says he won't be looking back - there'll be no regrets when he leaves the nation's largest independent natural gas producer, which he founded with a $2,500 stake and used for the hostile takeover Hostile Takeover
A takeover attempt that is strongly resisted by the target firm.
Hostile takeovers are usually bad news, as the employee moral of the target firm can quickly turn to animosity against the acquiring firm. attempts that made him famous and sometimes hated.
Known as T. Boone Pickens despite his preference for just his middle name, he is helping Mesa find his successor.
``When they get somebody, I'm ready I'm Ready is the double platinum second release from R&B singer Tevin Campbell. I'm Ready yielded the biggest R&B hit of his career the #1 R&B smash "Can We Talk", and produce 3 more successful hits in "I'm Ready", "Always In My Heart" and "Don't Say Goodbye Girl". to go,'' said the 68-year-old geologist, who led his last stockholders meeting as chief executive July 30.
But, he said, ``I imagine the last day will be a pretty sad day.''
Pickens' successor may find it hard to follow the man known as one of the '80s biggest corporate raiders - a moniker (1) A name, title or alias. See alias.
(2) A COM object that is used to create instances of other objects. Monikers save programmers time when coding various types of COM-based functions such as linking one document to another (OLE). See COM and OLE. Pickens detests - and who helped change the landscape of American business.
Pickens orchestrated or·ches·trate
tr.v. or·ches·trat·ed, or·ches·trat·ing, or·ches·trates
1. To compose or arrange (music) for performance by an orchestra.
2. some of the highest-profile takeover attempts of the 1980s, unsuccessfully targeting Gulf Oil Corp., Unocal Corp. and Phillips Petroleum Co. Executives of the companies accused him of undertaking the bids solely for his own profit.
The takeovers created hostile feelings, which surprised Pickens, who has never liked the fact that people remember the raids more than what Mesa has earned over the years.
``If you look back over it for 40 years, the Years, The
the seven decades of Eleanor Pargiter’s life. [Br. Lit.: Benét, 1109]
See : Time high-profile years were about four years,'' Pickens said. ``It's interesting you're remembered for those years rather than the other 36.''
In a twist of fate, Pickens' departure also has involved a raiding party. Only this time it was against Mesa and Pickens, and it was led by Pickens protege pro·té·gé
One whose welfare, training, or career is promoted by an influential person.
[French, from past participle of protéger, to protect, from Old French, from Latin David Batchelder.
Batchelder's takeover attempt was rebuffed when Texas financier and Pickens ally Richard Rainwater Richard E. Rainwater (born 1943) is an investor and billionaire fund manager. With an estimated current net worth of around $3.5 billion, he is ranked by Forbes as the 91st richest person in the United States. stepped in and recapitalized the company with more than $1 billion in lower-cost financing.
Rainwater got a 32.5 percent stake in Mesa for his investment, making him the company's biggest shareholder, and he may eventually end up with 64 percent. He also won the right to fill three out of Mesa's seven board seats.
Pickens scoffs at any suggestions that Batchelder's attempt helped force him out as Mesa's chairman.
``Hell, I'm 68 years old. Time bagged me, not Batchelder,'' he said. ``We worked our way out of the problem, I feel good about that. The company is well.''
Rainwater said he was interested in the recapitalization Recapitalization
Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable.
Companies often want to diversify their debt-to-equity ratio to improve liquidity. because he likes the company, which saw a profit in the first and second quarters for the first time in seven years.
Rainwater, who owns a stake in the Texas Rangers Texas Rangers, mounted fighting force organized (1835) during the Texas Revolution. During the republic they became established as the guardians of the Texas frontier, particularly against Native Americans. baseball team and has amassed a fortune estimated at more than $700 million, has been involved in health care, real estate and energy.
``Mesa is just one of a long list of good investments for me where I found great companies and great people suffering temporary setbacks,'' Rainwater said. ``I felt he had built a great company that simply needed to be recapitalized.''
Pickens was forced to seek Rainwater's help because of Mesa's huge debts, run up when the company made overly generous payments to shareholders and - contrary to Pickens' expectations - natural gas prices plunged.
``We just distributed too much to the shareholders,'' Pickens said. ``I didn't squander squan·der
tr.v. squan·dered, squan·der·ing, squan·ders
1. To spend wastefully or extravagantly; dissipate. See Synonyms at waste.
2. the money. I've just had my stock and hung onto it all the way through. I took the same hits everybody did.''
Pickens said those people he angered in his takeover days haven't gloated about his own trouble with takeover threats.
``They're all gone,'' he said. ``All those folks aren't around anymore.''
Pickens' targets did hate him, Rainwater said, ``but Wall Street loved him and his investors loved him. As I recall, his stock prices were very high at that time.'' Rainwater also noted that companies attempt takeovers all the time today, but the chief executives are not referred to as raiders.
Besides his takeover attempts, Pickens was also known for the shareholder rights movement of the late 1980s, which prompted big corporations to become more responsive to the needs and demands of their stockholders. He founded the United Shareholders Association, a group that lobbied for changes in corporate governance Corporate Governance
The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. .
In the future, Pickens sees himself possibly picking energy futures, which he did successfully most of the time to keep Mesa going during trying times. Or he may go to work elsewhere.
``I've had opportunities already,'' he said about an offer from an old friend to head to Calgary, Canada. ``But I'll stay in the Dallas area. I've got too many grandkids here.'' Pickens has 16 grandchildren GRANDCHILDREN, domestic relations. The children of one's children. Sometimes these may claim bequests given in a will to children, though in general they can make no such claim. 6 Co. 16. , primarily in the Texas-Oklahoma region.
Pickens says he won't be retiring and he won't be writing his autobiography - he wrote one nearly 10 years ago. It became a best seller.
Whatever work he decides to do, he'll stay tied to Mesa.``I'll be on the board and will have continuing involvement,'' he said. Pickens is the second-largest shareholder with 7 million shares worth about $30 million.
He'll also continue to worry that people won't remember the success that Mesa became.
``Whatever my philosophies, I kind of messed it up with the record the last five years,'' he said. ``But we're still around.''
Photo: Boone Pickens, 68, chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Mesa Inc. oil and gas company, awaits a successor before his next venture.