As we learned first hand, there are few 84-year-olds as fit and vivacious as T. Boone Pickens.So we were struck by the headline Businessweek chose for Caleb Hannan’s dig into the natural gas magnate’s plan to raise money for his beloved Oklahoma State football team:
“If Only T. Boone Pickens Had Died”
Hannan documents how in 2007, Pickens led a host of ageing investors to take out life insurance policies whose payout would go directly to the Cowboy’s athletic program upon their death.
The program was called “Gift of a Lifetime.”
But Hannan says the plan has unravelled:
Unfortunately for Oklahoma State, Pickens, and the other men and women who thought their demise would benefit their favourite university, Gift of a Lifetime has turned into the Present from Hell. First it fell apart. Then came the lawsuits. And this past March came a decision from a federal judge who declared that not only was the university not entitled to a refund of $33 million in premium payments, it was also responsible for the court costs incurred by the people it had sued.
We e-mailed Pickens’ aide Jay Rosser, and he responded the story is “tired” and “old.”
Been told many times already. Only thing it shows — yet again — is Boone’s ongoing commitment to OSU and his efforts to improve the school’s academic and athletic standing.