Michael O. Pickens, son of billionaire T. Boone Pickens, claimed in a lawsuit filed against his father in Texas on Monday that the elder Pickens invested at least $10 million in FLW Outdoors. Michael Pickens says he's owed $500,000 for "performing due diligence" on FLW – duties that included meeting with the company's management and reviewing business records prior to the investment.
T. Boone Pickens became an equity partner in FLW Outdoors in August 2010 and immediately added $100,000 of his own money to the winner's purse for that year's Forrest Wood Cup. The following season, Randy Blaukat represented the Pickens Plan (a series of coordinated steps designed to wean America off of Middle East oil) under an FLW team deal.
All told, Michael Pickens – who's long battled addiction and legal issues – is suing his father for $15.1 million. To read the story from Courthouse News Service, click here.
