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Keep it simple SEC, writes Sober Look. Focus on broad investor protections and disclosures for...

  • Wednesday, April 18, 2012, 3:21 PM ET
    Keep it simple SEC, writes Sober Look. Focus on broad investor protections and disclosures for companies rather than combing through the detail of hedge and PE funds. It seems impossible McClendon's (CHK) loans - highly relevant to investors for a number of reasons - did not have to be disclosed, yet this is the case.
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This news story has 7 comments:

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    How does that make a company look when Aubrey (who they see as Chesapeake in their eyes), has a mortgage on the property you leased to CHK? I have seen these mortgages recorded at the Courthouse with EIG's name on them. Loss of confidence is the least of their problems. What if he doesn't make good on the loans? The bad reputation goes to CHK. It makes for some really bad press for them.
    18 Apr 2012, 03:28 PM Reply Like
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    How is it that whomever signed off on the financial statements at CHK is not subject to prosecution under Sarbanes-Oxley? This looks just like Enron, with off-balance sheet SPVs and zero disclosure. If SOX can't prevent this, what CAN in prevent?
    18 Apr 2012, 03:31 PM Reply Like
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    Well thought Charlie. If honesty was something you could sell, no one in a C level position would have a dime.
    18 Apr 2012, 03:43 PM Reply Like
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    One should wonder why McClendon was borrowing money to invest in Chesapeake wells as an individual. You would think shares in the company would be adequate. A second curiosity would be whether the well investments were working interests or royalty interests. If they were royalty interests, were they net royalties or gross royalties. ( a huge difference between the two) Most land owners are being pushed into net royalties. (not good for landowners). Time may tell.
    18 Apr 2012, 04:32 PM Reply Like
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    A loan is something of value and should be noted in the compensation section of the proxy statement.
    18 Apr 2012, 04:53 PM Reply Like
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    Aubrey is a man with 1 billion any happier then a man with 100 million?
    18 Apr 2012, 08:44 PM Reply Like
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    CHK's response http://bit.ly/I38kXQ

    The well program has been around a long time and was approved by shareholders. But don't let the facts get in the way of a good lynching.
    19 Apr 2012, 07:26 AM Reply Like
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