INVESTORS: T. Boone Hits A Stone Wall

T. Boone Hits A Stone Wall

Erstwhile raider T. Boone Pickens exuded confidence last week as he arrived at the annual meeting of Koito Manufacturing, the Japanese auto-parts company with which he has been sparring for 16 months. Three hours later, he emerged red-faced and angry. "An absolute farce," fumed the 62-year-old Texan. Koito managers stonewalled Pickens even though he holds a 26% stake in the company. "Give me a chance," pleaded Pickens, demanding seats on Koito's board. But Koito shareholders voted down his demands. Company managers claim Pickens is only acting as a front for a Japanese greenmailer. "I invested in Koito for the long term,"...