A belated Christmas Special!
In the comics, Lobo actually met Santa in the title "Lobo's Paramilitary Christmas Special," in which the Main Man was actually hired by the Easter Bunny to kill Santa Claus. The story ended with Lobo beating Santa in a duel with shivs, then using his workshop to deliver nuclear warheads to all the children of the world, good or bad. He referred to the "good" list as just victims, and the "naughty" list as potential competition. For my comic, I just settled for a friendly raid rather than a straight massacre.
Later tales involving Wildstorm's R-rated Justice League rip, the Authority, suggested that the story was just something Lobo had made up to boost his reputation, and another still had Lobo going after the Easter Bunny for failing to come through with the payment. I will not touch either of those stories, you can be sure of that.