The Heiresses, The Oilmen, And The $200 Million Bonus Battle

  • 📰 Forbes
  • ⏱ Reading Time:
  • 109 sec. here
  • 3 min. at publisher
  • 📊 Quality Score:
  • News: 47%
  • Publisher: 53%

United States Headlines News

United States Latest News,United States Headlines

After two oil executives made $1.6 billion for the family of late wildcatter J. Cleo Thompson and helped defend them against T. Boone Pickens, the Thompsons rewarded them each with $100 million bonuses. Then they tried to claw it all back.

or the first time in 15 years, oilman Paul Rudnicki was trying to adjust to not being a workaholic. It was 2017 and Rudnicki was living with his family in Santa Barbara in a dream home overlooking the Pacific. He had made a break with the oil industry — having recently been forced out of his job as CFO at Dallas-based Thompson Petroleum Company.

It was a big bonus, but in a later deposition Rudnicki insisted that he had neither demanded nor expected it. So he was surprised in early 2018 to read allegations made by the Thompsons in their complaint, filed in Dallas County District Court, that he and Peterman had “breached their fiduciary duties by using fear, threats and intimidation” to get bonuses that were really extortion payments.

In 2011 they hired Frank Peterman, who had previously worked for Houston-based HighMount E&P . He brought in as CFO, Paul Rudnicki, who had spent more than a decade in business development at Exco Resources, participating in the early “land grab” phase of the great American oil and gas fracking boom. At Thompson Petroleum they found a moribund office that looked straight out of the 1970s, with paper files, weak accounting systems and no plan to develop Jimmie’s disparate legacy assets.

“I want to say, and I think I have told you before, but I truly believe that Jimmy looked down from heaven and found you for us to keep going in the direction we have gone. You are a blessing to us and we are so grateful that we found you when we did. You were so needed, both then and now! . . . Thank you, Frank, you are truly appreciated and we are grateful for you.”

It was unclear how much liability the Thompsons really had – after all, other partners had absorbed Pickens’ stake — but the family was scared of Pickens. In an October 14, 2016 email, Dorothy wrote to Linda, “I know the bible says, we are not to hate, but I do hate Boone, the big SOB! […] If Jimmie were here Boone never would have gone up against us.” Linda responded: “I don’t think we owe that old SOB, fart one penny.

As Peterman’s attorneys wrote in their motion, “There was no payor’s remorse about the bonuses. To the contrary, there was elation all around.” The joy was compunded by the final outcome of the Boone Pickens trial, held in rural Reeves County. Pickens in December 2017 won damages of $117 million against the other partners in Red Bull, but the Thompsons avoided all financial liability. Pickens, who suffered a stroke during the trial, died in 2019 at 91.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

The oil and gas industry is ruthless.

Forbes...why am I obsolete...my accomplishments..that is?

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in US

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Pentagon to Spend $200 Billion on New Nuclear Bomber as Millions Live in PovertyEach new plane will cost the government $750 million that could go to housing, health care or education. Our money is being sucked into the proxy war and we have too much military spending. Why are we trying to control everything? People here in USA suffering. $800 million EACH for nuclear warhead planes, but no money to keep children from hunger and homelessness:
Source: truthout - 🏆 69. / 68 Read more »

Putin ally's $200 million superyacht to be auctioned to benefit UkraineThe 300-foot Royal Romance superyacht confiscated from Putin ally Viktor Medvedchuk will be auctioned off to raise money in support of Ukraine. I can already picture SBF and Zelensky dancing on it. Why does this make me completely suspicious? What auction, who is it, where does the money go EXACTLY? Just St George grab a super yacht and sell it? Color me skeptical. 😕 How about auction it to pay back the American tax payers who got scammed
Source: FoxNews - 🏆 9. / 87 Read more »

Michigan's Jim Harbaugh picks up $1.5 million in bonuses with Big Ten championshipMichigan's Jim Harbaugh pockets $1 million for the Big Ten title and another $500,000 for making the College Football Playoff. It brings his total bonuses on the season to more than $2 million. ByBerkowitz has the story: ByBerkowitz ByBerkowitz He has earned it. Let’s keep up the coaching Jim.
Source: usatodaysports - 🏆 454. / 53 Read more »

BetMGM Bonus Code NPBONUS: Huge Welcome Offer for USA vs. NetherlandsBetMGM’s bonus code NPBONUS is able to be used at sign-up to claim a huge welcome bonus for USA vs Netherlands
Source: nypost - 🏆 91. / 67 Read more »

Operation Holiday Program 2022 offers financial help for veteransApplicants could receive $300 per dependent child in the household and $200 per household for a holiday meal.
Source: wrtv - 🏆 598. / 51 Read more »

Firearms exchanged for gift cards in La MesaThe Guns for Gift Cards event gave out $100 gift card for handguns, rifles and shotguns, or a $200 gift card for assault weapons and ghost guns. Not worth it I should 3D print some for like $30 and just make money. As much as they’ll take from me. Is there a restriction on town? Awee no tweets about 6 people being Jab 💉💉💉 injured to force the closure of the jab center ! 🤔 I guess some people just Love their Clot shots 💉💉💉 😂👍 They Deserve What they get !!! I no longer feel sorry for them getting jabbed 💉💉💉 and Crying about it afterwards ! 😂👍
Source: 10News - 🏆 732. / 50 Read more »