|  | | 2012 News and Press Releases | | |
HEADLINE NEWS:
Exclusive: Chesapeake CEO McClendon Hires Ex-SEC Lawyer
Sarah N. Lynch And Aruna Viswanatha
Reuters. June 5, 2012
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EXCERPT: The embattled chief executive of Chesapeake Energy Corp. has hired a top defense lawyer to represent him in a securities regulatory inquiry into $1.3 billion in personal loans, three people familiar with the situation said. CEO Aubrey McClendon has retained Marvin Pickholz, a partner with Duane Morris and a former assistant director of enforcement with the U.S. Securities and Exchange Commission. He is counseling McClendon in connection with the SEC inquiry into loans he obtained from an investment firm doing business with the natural gas company. The SEC is looking into whether the loans posed a conflict of interest or should have been disclosed to shareholders. The loans from investment funds managed by EIG Global Energy Partners enabled McClendon to participate in a special perk which awarded him as much as a 2.5 percent interest in every well drilled by Oklahoma City-based Chesapeake each year. McClendon used the well stakes as collateral for the loans. |
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