This is the first I have read about this. Any explanations, so we can put this in the "fairy tale" category?

There is an article Link describing it. It mentions that the famous picture was only one of several such sightings.

I don't think a reasonable explanation has been given for the Lubbock sightings. Whether they were multiple objects, or a single large object, the incident remains unidentified.

first I've heard of this, nice set of documents though. I don't understand the technicalities well enough to know for sure that it couldn't just be military craft in formation, is there an estimate about its speed, or any way of knowing for sure that it's not a set of planes?