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Chesapeake confirms SEC probe
Chesapeake Energy Corp. confirmed the company and CEO Aubrey McClendon have been notified of an information inquiry by the U.S. Securities and Exchange Commission.
BY JAY F. MARKS Business Writer email@example.com | Published: May 3, 2012
Chesapeake Energy Corp. intends to cooperate with an ongoing inquiry by the U.S. Securities and Exchange Commission, the company said Thursday in a regulatory filing.
Chesapeake confirmed the company and CEO Aubrey McClendon have been notified of an informal inquiry by the SEC's regional office in Fort Worth, Texas.
The Oklahoma City-based natural gas and oil producer received the SEC's request for certain documents on Wednesday, nearly two weeks after Reuters reported the inquiry.
The report came after Reuters unearthed up to $1.1 billion in personal loans McClendon obtained to pay for his investment in Chesapeake wells, a perk the company since has decided to rescind.
The SEC notice is not an indication that any violation of federal securities law has occurred, Chesapeake said.
Read more: http://newsok.com/chesapeake-confirms-sec-probe/article/3672068#ixzz1tqR7ycNy
Well... there goes our little 'economic bubble'...
I have a feeling this company is about to tank real quick. Sad thing is it's not only going to hurt the Oklahoma job market but it's going to hurt OU and the oil and gas industry in Oklahoma. McClendon is one of OU's biggest or the biggest donor. He owns 2 suites at the stadium and supports several of the non-revenue sports through donations.
Ok. At first I thought - Why is the Southeastern Conference investigating this company??
Been living in the Atlanta area way too long...
Chesapeake shareholder files lawsuit over its corporate jet policy
Gilberta S. Norris contends Chesapeake Energy Corp. has wasted millions of dollars by allowing senior executives and board members to use corporate jets for personal trips.
By Jay F. Marks | Published: May 9, 2012
Chesapeake jet policy draws shareholder suit
A Chesapeake Energy Corp. shareholder on Tuesday filed a lawsuit against the company over its corporate jet policy.
Gilberta S. Norris contends the company has wasted millions of dollars by allowing senior executives and board members to use corporate jets for personal trips.
Chesapeake reported that its executives and board members made nearly $14 million worth of flights on company planes between 2007 and 2011, according to the lawsuit, but Norris' attorneys contend internal company documents show the undisclosed fixed costs add another $10 million or more a year.
Details of what was contained in the internal documents were redacted. Attorney Hung Ta said the full lawsuit was filed under seal because of a confidentiality agreement with Chesapeake after Norris obtained the documents under a books and records demand.
The lawsuit seeks damages from Chesapeake chairman Aubrey McClendon and the board on behalf of the company.
Norris, a Virginia resident, has been a Chesapeake shareholder since October 2008, according to the lawsuit in Oklahoma County District Court.
It is one of about a dozen lawsuits filed against Chesapeake's board in the past few weeks.
Most stem from reports of loans McClendon obtained to buy a personal stake in company wells. The loans, which were secured by his share of the wells, came from a private equity firm that has dealings with Chesapeake.
Read more: http://newsok.com/chesapeake-shareholder-files-lawsuit-over-its-corporate-jet-policy/article/3673754#ixzz1uOjom8la
McClendon may find his rear end in a sling before to long.
I hope for the sake of our state, that everything is being done right at Chesapeake. It seems like they are so tied in with our economy, arts, & charities that it could be devastating if anything happens to them.
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