T. Boone Pickens Sues Lehman For $59.9M

North Texas billionaire T. Boone Pickens has filed suit against Lehman Brothers Commodity Services Inc. in New York Supreme Court, claiming the investment bank owes him and four of his energy funds $59.9 million.

In the lawsuit, attorneys for Pickens claim the Texas billionaire and his BP Energy, BP Equity, BP International and BP Master energy funds entered into financing instruments known as international swaps and derivatives association master agreements with Lehman's.

As part of those agreements, Pickens alleges there was a master agreement stipulating that in the event of a party defaulting the other party had a certain time frame in which they could designate a day for the parties to resolve all outstanding transactions.

This provision kicked in automatically when Lehman Brothers filed for Chapter 11 bankruptcy protection on Sept. 15, Pickens alleges in court documents.

Read the whole story here.

Comments

[JohnFromCensornati]

He probably doesn't leave tips at restaurants.

[GerryS]

F- tee bony- thats now even walking around change for him-

[AlwaysFairDem]

This guy is T-Bone head...is such a hypocrite. Karma is a B i t c h ha?

I saw this self indulged a$$ hole the other day on CNN trying to act neutral. Let's not forget that he financed the Swift Boating of Kerry four years ago.

Boone...you are a major contributor of the crisis we live in and you are not getting a free ride in my bank.

[beekeeper]

Just what this GREEDY spritually unfit human spew needsl; more money.

[scooperss]

Waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaah
waaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaaah

[xilishx]

Karma is a beotch!

Swift boating anyone?

Look Like T Boone now wants to panhandle us.....the same US he ferked with his swift boat lies.

I dont think we would be in hell if Kerry had gotten in

[pipp]

Don't you get it? He's holding management responsible. You know, the guys who got out with their golden parachutes.....or do you think they should just skip out with their hundreds of millions and not be accountable? You go T. Bone! And may the other wanted CEOs of those failing companies, who ended up making out like the bandits that they are, also be held accountable.

[rukiddingmerightnow]

Exactly - since the government likely won't go after these dirty rotten thieves, because they happen to be their pals, someone has to. I expect that soon we will see some class action lawsuits against the executives of these companies. Sadly, the lawyers will make most of the money if they win...

[citizentm]

Nasty f¢¢¢s remain nasty f¢¢¢s - shine or rain.

[dhfsfc]

You don't expect a new-found patriot like T.Boone to lose money in this economic mess, do you?

In case you haven't heard, he's not like the little guys! He's better than us.

So he gets to lecture us! And he gets to cut in line to get his share!

[pipp]

You are reading this wrong. He is holding the golden parachuteers at the top, accountable. No doubt he had a contract, that allowed him to be notified in time to get out before they went under, and he's holding them to the deal. the businesses and their share holders crashed, while the fat cats operators kept all their winnings. Or do you think these Bandit Executives who skated out of failing businesses with hundreds of millions, should just be allowed to wallow in all that gold, getting away scott free?

[SecondBase]

Boone needs some more money for his commercials. He's a freak.

[vstar]

I've read that Pickens is much more interested in the profits from the privatization of water under the ground in the Ogallala aquifer, then he is from any wind farms that sit on top. He basically made himself the local government and got eminent domain to pull this off. Water is the next oil to people in his circle. He is still a big cat daddy. I don't support him at all.

[renatam]

Interesting. I guess Jeb Bush (EVP, Lehman Bros. after leaving FL as Gov.) and George H. Walker IV, EVP Lehman Bros. and member of Exec Board that made the decisions at the end) -- didn't give fellow Republican and funder of the "Swift Boat" ads in 2004 against Kerry -- a ring.

Gotta love that Bush Inc. loyalty. Remember "Kenny-boy" Lay and ENRON! After funding Bush Inc. in 2000 -- and the Inauguration festivities -- NADA!

[sunny555]

This is an obscene amount of money. It could feed a third world country for a year.

[blackhawk27]

UNF'ing believable.

[Mickey7]

My initial thought when I first saw one of his incessant commercials was "Oh my God, now we're going to be charged 'by the velocity' for wind and by the SPF factor for the amount of sunshine we absorb." If there's a way to screw the little guy to enrich himself, T. Boone's your guy. Can't believe so many people are buying his schtick.

[scooperss]

yup yup

[Elderlady]

One can only hope he gets the same $.10 on the dollar that every other invester is going to get.