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Shareholders ask a judge to delay Chesapeake Energy's (CHK -4.2%) June 8 annual meeting, arguing...

Shareholders ask a judge to delay Chesapeake Energy's (CHK -4.2%) June 8 annual meeting, arguing investors need more information to make "an informed vote" on proposals concerning Aubrey McClendon's compensation and the re-election of board members.
Comments (12)
  • dinky
    , contributor
    Comments (16) | Send Message
     
    I agree, chk will never reach it's potential with Aubrey McClendon running the show.
    16 May 2012, 06:15 PM Reply Like
  • dinky
    , contributor
    Comments (16) | Send Message
     
    It is my opinion CHK will never achieve it's potential with McClendon in charge. A review of the history of CHK going back just 10 years
    demonstrates clearly McClendon feels CHK is HIS company and not the shareholders. If the shareholders feel they need more time Let them have it.
    16 May 2012, 06:21 PM Reply Like
  • incolumis
    , contributor
    Comments (2) | Send Message
     
    I'm not sure I agree about McClendon. Sure he has looked after himself but he has also built a pretty good company and opened an industry that could be vital to putting a halt on our dependence on foreign oil. I think he should stay, the perks should be removed and the non executives who went along with it changed. Hopefully, he will be motivated to recover his credibility and pride and this will be to the shareholders advantage.
    16 May 2012, 07:15 PM Reply Like
  • TippingPoint
    , contributor
    Comments (147) | Send Message
     
    It's starting to look like McClendon is just not tempermentally suited to being the CEO of a public company. He doesn't collaborate with his Board, keep his investors informed, or refrain from activities that leave him open to claims of conflicts of interests. He's obviously imperious, and acts CHK is "The McClendon Company." He may be a brilliant "oil man" but he's not a good CEO. Maybe they can find a role for him or maybe having a strong chairman can somehow contain him. But I think he's let it go too far this time.
    16 May 2012, 10:13 PM Reply Like
  • alegoje
    , contributor
    Comments (3) | Send Message
     
    The man has to go. He adds to much uncertainty for investors.
    16 May 2012, 07:15 PM Reply Like
  • WPSPIKER
    , contributor
    Comments (1143) | Send Message
     
    I voted my shares against all of them, I think CEO McClendon would be OK if there was a board with a spine and some supervision to keep his grubbies out of our cookie jar... I'm long (CHK)
    16 May 2012, 07:31 PM Reply Like
  • src1
    , contributor
    Comments (3) | Send Message
     
    having started , run and sold 2 public companies over 40years, this is one off the boards and managements that is absurd at best!
    16 May 2012, 07:42 PM Reply Like
  • Harry Johnson
    , contributor
    Comments (480) | Send Message
     
    Truly amazing that the same board will remain in place with the exception of a couple of fig leaves.
    16 May 2012, 08:11 PM Reply Like
  • michael56
    , contributor
    Comment (1) | Send Message
     
    Stock can continue to fall so be careful. Smart money has been cirling this situation for a while waiting to ensure AM has not left and trap doors or surprises. The company could easily be pulled apart and sold. Whether that covers debt holders remains to be seen. Goldman as lender could mean it does, or it means GS has specific security and claim on assets. I suspect that the room to sell assets is bounded by covenants which are close to capacity reducing degrees of freedom. Still too much uncertainty here. Governance matters and that such a respected individual as Fred Whittemore was on the compensation committee of the board and making a personal loan to Aubrey is the height of hubris and double dealing. This story is one I would have expected 100 years ago, but not today.
    17 May 2012, 01:28 AM Reply Like
  • wald22
    , contributor
    Comments (179) | Send Message
     
    CHK's weakness is the lack of profitable resource production. The truth is too many wells are uneconomic. In the past CHK has been able to recapture some of the costs of its aggressive leashold and drilling spending through joint venture transactions that are now incomplete. With the gas price below cost of production, it could very well be that some of these transaction will not be completed, and the leasehold acerage be left to expire. Right now CHK's foreign JV's have lost their interest to support CHK's irrational drilling activity because they have figured out that there is no profit in it. This has now forced the company to borrow (issue debt) to fund the operations and give them more time to sell assets, which most likely will be priced below used to be market rates. Lease rates are falling. Increasingly it all comes down to CHK's ability to adapt it horizontel gas know how to unconventional oil plays. Can it profit from unconventional oil plays? The idea that CHK can put a halt on our dependence on foreign oil and gas is going to be proven false, for it may very well go bankrupt first. Right now they are trying to sell their best oil play because it is the only thing they got they can sell at a profit. This may give them some time to get through the depressed natural gas price cycle. I also belive that the middle east will beat us to the export of liquified natural gas. They have a lot more of it then we have. I also beleive that many other continents will explore and find shale gas. As I see it, our own government should do everything possible to increase natural gas use here instead of exporting it. CHK needs to stop flipping leashold acerage and try to become profitable through production. I have this feeling that natural gas price will stay low for decades.
    17 May 2012, 05:37 AM Reply Like
  • zebra114
    , contributor
    Comments (248) | Send Message
     
    I don't see anyone here give any credence towards the opposition. Whether you think they are all nuts, or not, they sure are winning the battle of public opinion, which also means legislation in some cases. You have to become one with the community you are drilling in to succeed. If not, the added costs to fight them are tremendous. CHK has not learned that lesson and has used heavy handed tactics against opposition. Add that to the massive expiring leases and it all equals disaster. Whether you agree, or not, you must look at all aspects of a company to understand where the problems are. I suggest going to Facebook and looking up some activist sites. Gasland would be a good place to start, but there are better ones.
    17 May 2012, 09:11 AM Reply Like
  • Harry Johnson
    , contributor
    Comments (480) | Send Message
     
    Let me see now.... how many lawyers are on CHK's board ?
    17 May 2012, 10:35 AM Reply Like
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