Dallas oil billionaire sues his OWN son for defamation and extortion over tell-all blog about life in one of America’s richest families (DailyMail)
A billionaire oil magnate from Texas is embroiled in a bitter court battle with his son over a tell-all blog chronicling his drug and alcohol abuse and family rows. Thomas Boone Pickens, 85, is taking legal action against his 58-year-old son Michael Pickens over his blog, 5 Days In Connecticut, in which the younger man denounces his family, accusing them of abuse and theft. Mr Pickens Sr, who made a $1.4bn fortune buying and selling oil companies, is said to have launched legal proceedings after what began as a blog about Mr Pickens Jr’s health problems became more personal and offensive.
Oil tycoon T. Boone Pickens speaking at Clemson (TheState)
Energy tycoon T. Boone Pickens is visiting Clemson University to give a talk on leadership. Pickens is giving a lecture on Thursday at the Brooks Center for the Performing Arts. His talk is free and open to the public. The Holdenville, Okla., native is a descendent of Revolutionary War hero and congressman Andrew Pickens, for whom South Carolina’s Pickens County is named. A graduate of Oklahoma State University, Pickens is a generous philanthropist, giving more than $1 billion in donations to various efforts in his lifetime. He has given more than $500 million in support of academics and athletics at his alma mater.
Texan oil investor T Boone Pickens in bitter family legal dispute (Telegraph)
As an 85-year-old Texan billionaire oil investor, Thomas Boone Pickens should be enjoying a comfortable retirement. But instead of kicking back on his vast Dallas ranch, T. Boone Pickens – as he is universally known – is facing a bitter family legal dispute. Mr Pickens, who made his $1.4 billion (£918 million) fortune as a business magnate and financier, is taking legal action against his son Michael, after the 58-year-old began writing an inflammatory blog attacking his family. Michael Pickens’ blog, titled “5 Days in Connecticut”, begins as a diary detailing his struggle with alcohol and drug abuse.
Hedge Fund Billionaires John Paulson And David Einhorn Lost $640M In Gold Market Collapse (Forbes)
The gold bloodbath that hit the market over the past two trading sessions has definitely caused a dent in the portfolio of billionaire hedge fund managers. John Paulson and David Einhorn suffered combined losses of more than $640 million since Friday, according to their latest SEC filings, with the bulk concentrated in the former’s massive position in the SPDR Gold ETF. Einhorn’s Greenlight took a big hit on its holdings of the gold miners ETF. An implosion that appears to have started in the gold market last Friday spread throughout the commodities complex on Monday, with everything from crude oil to soybeans falling. Physical gold lost more than $200 per ounce, sliding nearly 15% over the past two trading sessions.
Sharp drop in gold caught many funds off guard – Burbank (Reuters)
Hedge fund manager John Burbank, a long-time investor in gold, said the recent sharp selloff in the precious metal came as a surprise to many investors as some economic improvement and a general decline in commodity prices took their toll. …Daniel Loeb’s Third Point Capital Management told investors that gold was one of his five biggest losers during the first quarter. Greenlight Capital’s David Einhorn told investors that gold ranks among his five biggest holdings. He has not yet told investors how gold performed for his fund and whether he had hedged for the sell-off.
Gold ekes out gain after extending slide to 2-year low (Reuters)
Gold recovered on Tuesday after buyers of physical bullion jumped in at cheaper prices following Monday’s historic plunge, but the market had trouble sustaining gains and there was little confidence that gold’s selloff had run its course. Gold extended its decline to a two-year low overnight before steadying. The yellow metal’s historic selloff in the last two sessions prompted investors to assess the damage to bullion’s status as a hedge against inflation and currency depreciation. …Traders cited liquidation by hedge funds in gold ETFs. Prominent hedge fund manager John Paulson told clients earlier this month his gold fund suffered double-digit losses in the first quarter, while David Einhorn’s dedicated gold fund lost 28 percent during the same period.
