Time was when T. Boone Pickens was the toast of Texas, a relentless raider who could outwit all those corporate bigwigs back East. Lately, though, Pickens' lone star seems to have fallen. His efforts to take over Homestake Mining, a leading gold producer, and KN Energy, a natural-gas company, have fizzled. Because of the continuing slump in the oil patch, profits at his Mesa Limited Partnership have dropped from $70.6 million in 1986 to $31.9 million in 1987, a performance so poor that Pickens has had to borrow money to pay dividends.
On top of all that, Pickens has upset many...
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