Chesapeake Business Practices

[Teo9969]

Maybe this whole debacle ends up as a net plus for OKC. Chesapeake will continue to get back onto stable financial footing, and then you have an entrepreneur like Aubrey cut loose. At 53, it's hard to imagine that he'll just ride off into the sunset. Say what you will about some of his business dealings; he still knows the business very well and has a lot of contacts to draw from. I can see him starting another O&G company, or like Tom Ward, taking over another one and building it up. Maybe 5-10 years down the road, OKC may have another big O&G player building a big campus here.

This was my initial thought as well. The most important thing is obviously CHK staying afloat...but I certainly expect to see Aubrey start something new very very quickly.

[blangtang]

This comes from a SEC filing on january 7th.

here's the link if anyone is bored and wants to read it

EDGAR Pro

I thought it was odd at the time they stuck this clause in the final paragraph at the bottom of the filing, sort of buried it if you know what i mean.

----

Other Compensation Matters

The Compensation Committee has also implemented a clawback policy, modified stock ownership guidelines for executive officers and modified the Company’s dividend and voting rights with regard to restricted stock. The clawback policy allows the Company to recover certain incentive-based compensation from executive officers in the event that the Company is required to restate any financial statements filed with the Securities and Exchange Commission.

---
Again, maybe this is nothing, and it wouldn't really affect the day to day operations going forward, but it seemed odd at the time it was filed and now with an "executive" out just 3 weeks later, I have to wonder if this is just boilerplate legalese, or if there may be a restatement of earnings coming, with a clawback. Wasn't there a big bonus a few years back ?

We shall see.

I hope Aubrey forms some kind of crazy huge hedge fund and builds another campus in some other part of town

[zookeeper]

CHK and McClendon are both great and getting better every day .... did/do you read the annual report? ... ISS is a joke ... clearly you have something personal against AM and or CHK

What a difference a year and a half can make. When MikeOKC was posting what we now know as fact you were smearing him and thought he had a personal problem with Aubrey McClendon. Looking through this thread is eye opening but in the long run, this has got to be the best thing for Oklahoma City.

[onthestrip]

Im not sure Aubrey has the kind of cash these days to go buy a smaller O&G company like Tom Ward did. He doesnt own much CHK stock and I dont think he exactly saved much over the years, he was always better at spending money. Will at least make some decent money off the Thunder the next few years.

Speaking of Ward/Sandridge...Tom Ward better take note of this because in a year he could be in the same boat as Aubrey with his conflicts of interest and greedy CEO practices.

[ou48A]

CHK was started with $50,000.

I’m pretty sure Aubrey can find ownership in the oil and NG business if he so wishes.
Not every aspect of the oil & NG business requires billions or even hundreds of millions to get started.

[Teo9969]

Furthermore, just because he got outed at CHK does not mean that there are not dozens if not hundreds of eager investors who would love to give him money to start a new company. Say what you want, but he built a monster at CHK and someone at some point is going to reap major rewards for it.

[progressiveboy]

Furthermore, just because he got outed at CHK does not mean that there are not dozens if not hundreds of eager investors who would love to give him money to start a new company. Say what you want, but he built a monster at CHK and someone at some point is going to reap major rewards for it.

There is a saying that goes like this, "A fool and his money are soon parted".

[BoulderSooner]

Im not sure Aubrey has the kind of cash these days to go buy a smaller O&G company like Tom Ward did. He doesnt own much CHK stock and I dont think he exactly saved much over the years, he was always better at spending money. Will at least make some decent money off the Thunder the next few years.

Speaking of Ward/Sandridge...Tom Ward better take note of this because in a year he could be in the same boat as Aubrey with his conflicts of interest and greedy CEO practices.

He is still worth close to a billion

[LuccaBrasi]

Maybe this whole debacle ends up as a net plus for OKC. Chesapeake will continue to get back onto stable financial footing, and then you have an entrepreneur like Aubrey cut loose. At 53, it's hard to imagine that he'll just ride off into the sunset. Say what you will about some of his business dealings; he still knows the business very well and has a lot of contacts to draw from. I can see him starting another O&G company, or like Tom Ward, taking over another one and building it up. Maybe 5-10 years down the road, OKC may have another big O&G player building a big campus here.

The way things are going for Tom Ward, he and Aubrey may one day need to hook back up and see if they can do it all over again!

[onthestrip]

He is still worth close to a billion

Yet I get the feeling he couldnt put together $10 million in cash tomorrow morning.

[Skyline]

Chesapeake says it is not for sale: memo

HOUSTON (Reuters) - The departure of Chief Executive Aubrey McClendon is not an indication that Chesapeake Energy Corp (CHK) is up for sale, according to an email to sent to employees on Wednesday.

"...the company is not for sale," Chairman Archie Dunham wrote.

Dunham also said the Chesapeake's board has set a drilling and completion budget of $6 billion.

Chesapeake said McClendon will step down on April 1.

Seriously April 1st, Lol....... April Fool's!

[onthestrip]

The way things are going for Tom Ward, he and Aubrey may one day need to hook back up and see if they can do it all over again!

I get the feeling this Ward/shareholder thing is going to get uglier. Have been reading over some of the statements that Sandridge and TPG Axon mailed out. Ward has got paid a whole lot for a company their size. Not to mention the stock has been in the tank. And cant forget the fact that his family owned companies that bought leases, which in turned sold to Sandridge... Its not looking good for him.

[jn1780]

Yeah, I will wait until the investigations and lawsuits are over before I start speculating on what Aubrey's next business will be.

[Teo9969]

Yet I get the feeling he couldnt put together $10 million in cash tomorrow morning.

If he didn't have $10M sitting in the bank I'd be shocked.

[Teo9969]

There is a saying that goes like this, "A fool and his money are soon parted".

Ummm...a lot more people have made money hand over fist because of Aubrey McClendon than have lost money.

[mkjeeves]

What became of the wine storage place he was building and then mothballed? Did it get finished, still mothballed or changed to something else?

[Pete]

What became of the wine storage place he was building and then mothballed? Did it get finished, still mothballed or changed to something else?

Construction stopped not long after his infamous margin call in 2008:

[Pete]

A person familiar with the terms of McClendon's departure said it was being treated as "termination without cause," entitling the CEO to some of the most generous benefits laid out in an employment contract that details a wide range of severance scenarios.

McClendon is entitled to total compensation of about $47 million (29.8 million pounds). That figure includes $11.7 million in total cash compensation based on McClendon's salary and bonus, which will be paid out over a period of four years. It also includes restricted stock awards already given to McClendon that have a value of $33.5 million, the person familiar with the compensation package said.

He is also entitled to deferred compensation of about $800,000 and personal use of corporate jets that could be worth up to $1 million over four years, the person said.

Chesapeake CEO McClendon steps down after year of tumult | Reuters

[soonerguru]

He is still worth close to a billion

Before or after his stock tanked? Weren't you saying he would be around for a long time and that the investigations wouldn't amount to much, or am I confusing you with another poster?

[soonerguru]

I get the feeling this Ward/shareholder thing is going to get uglier. Have been reading over some of the statements that Sandridge and TPG Axon mailed out. Ward has got paid a whole lot for a company their size. Not to mention the stock has been in the tank. And cant forget the fact that his family owned companies that bought leases, which in turned sold to Sandridge... Its not looking good for him.

Napoleans like Ward and Aubrey sure like to big-time it around town. Gag. Fail.

[BoulderSooner]

Before or after his stock tanked? Weren't you saying he would be around for a long time and that the investigations wouldn't amount to much, or am I confusing you with another poster?

per forbes last march Aubrey McClendon Net Worth | Celebrity Net Worth

[Teo9969]

Talked to a higher up at a local energy company (on whose board AKM sits). They say it went like this:

AKM walked into a meeting and presented to the board the 2013 budget (or maybe 2014...I can't remember).

Board: "You have to operate the company under the cash flow"
AKM: "This company will not grow operating under the cash flow"
Board: "You have to operate under the cash flow"
AKM: "Well then either I need to leave or you all need to leave"
Board "We are not going anywhere"
AKM: "Then I am done"

They also said, that there is 0% AKM is done as a businessman.

[catch22]

McClendon unlikely to leave energy industry, analyst says | News OK

According to this he has to stay out of competing business until 2016.

[Rover]

I thought they reported at the time he only has a 6 MONTH non compete.

Non-competes are notoriously hard to completely enforce too.

[catch22]

I thought they reported at the time he only has a 6 MONTH non compete.

Non-competes are notoriously hard to completely enforce too.

6 months from the end of severance payments, which are scheduled to end in 2016. According to that article.