Better Pickin's?Jeffrey M. Laderman
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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