when Time magazine put him on the cover for the March 1985 issue. He briefly considered running for president in the 1988 elections. During this period, he was often characterized as a corporate raider and greenmailer. This is due to the fact that many of his deals were not completed, although Pickens and the shareholders he represented received substantial profits through the eventual sale of their stock as a result. His later takeover targets included Newmont, a New York-based firm, Diamond Shamrock, and Koito Manufacturing, a Japanese auto-parts manufacturer, making substantial gains in the process. He was also involved in the creation of the United Shareholders Association (USA), which from 1986–1993 attempted to influence the governance of several large companies. After nearly two years of periodic hearing and debate, in July 1998 the Securities and Exchange Commission voted 4–1 to approve a one-share, one-vote rule, a primary USA objective. Pickens chaired the Board of Regents of West Texas State University (now West Texas A&M University) in Canyon. He organized a campaign in the mid-1980s against the Amarillo Globe-News newspaper, for what he claimed was inaccurate reporting about his deals and Mesa. Pickens' attempts to have the paper change its editorial policy failed. Shortly thereafter, in 1989, Pickens and Mesa moved to a suburb of Dallas. In 1996, Mesa was in deep financial trouble and was sold to financier Richard Rainwater. Darla Moore, Rainwater's wife, had Pickens removed from the company. Mesa merged with Parker & Parsley Petroleum in 1997 to form Pioneer Natural Resources. In 1997, Pickens founded BP Capital Management (then called BP Energy Fund) – the initials standing for "Boone Pickens" and not related to BP. In 2006, Pickens earned $990 million from his equity in the two funds and $120 million from his share of the 20% fees applied to fund profits. In 2007, Pickens earned $2.7 billion, as BP Capital Equity Fund, grew by 24% after fees, and the then $590 million Capital Commodity fund grew 40%, thanks to, among others, large positions in the stocks of Suncor Energy, ExxonMobil and Occidental Petroleum. Once his health started declining, he closed the company in 2018. In 2009, Pickens' received The Franklin Institute "Bower" Award for Business Leadership for 50 years of visionary leadership in oil and other types of energy production, including domestic renewable energy, and for his philanthropic leadership contributing to education, medical research, and wildlife