Pickens Accused of Greenmail Scheme: Koito Manufacturing...

Pickens Accused of Greenmail Scheme: Koito Manufacturing Co., a Japanese auto parts maker, rejected American investor T. Boone Pickens’ demand to review the company’s financial records. In a hearing in Tokyo District Court, lawyers for Koito Manufacturing Co. argued that Pickens’ demand was part of a “greenmailing scheme.” Pickens is Koito’s largest shareholder, owning 26% of the Tokyo-based firm’s shares. It was the first hearing in a lawsuit that Pickens filed on Jan. 13 following a stalemate in his battle for increased participation in the management of Koito. Pickens maintains that his suit is based on a section of the Japanese commercial code that permits holders of more than 10% of a firm’s stock to review its books.