Pickens' spokesman says he was only speaking of television ads he bankrolled for Swift Boat Veterans for Truth, a group that organized a media campaign to dispute Kerry's claims about his service in Vietnam, ABCNews.com reported. Pickens issued the $1 million challenge in November.

Kerry, a U.S. senator from Massachusetts, offered to meet with Pickens, who turned him down because "none of the material Kerry or the crewmen provided was germane to the ads," Pickens' spokesman Jay Rosser told ABCNews.com. "Nobody has stepped forward with any factual mistakes in those ads."

Pickens may be cutting too fine a line, said Del Sanudsky, a Swift boat veteran who served with Kerry. He and other veterans sent Pickens photocopies of evidence supporting Kerry's record.

"(Pickens) sent us a brief letter back saying the same thing (he told Kerry)," Sanudsky said.