Better Pickin's?

In the l980s, the name T. Boone Pickens struck fear in Big Oil executive suites. But he was better at raiding other companies than running his own: Mesa (MXP) hasn't turned a profit since 1988. Last year, under shareholder pressure, Pickens turned to superinvestor Richard Rainwater. A Rainwater-led group put $130 million in equity into Mesa. An equal amount was raised through a rights offering. Then, Pickens stepped aside, and Rainwater chose Jon Brumley, a highly regarded oil-patch veteran, to take charge.

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