Reuters reports that Aubrey K. McClendon is one of the most
successful energy entrepreneurs of recent decades. But he hasn't always proved
popular with shareholders of the company he co-founded, Chesapeake Energy
Corp., the second-largest natural gas producer in the United States. McClendon, 52, helped cause Chesapeake shares
to plummet amid the financial crisis when he sold hundreds of millions of
dollars in stock to raise cash for himself. Later, to settle a lawsuit by
shareholders, he agreed to buy back a $12 million map collection that he'd sold
to Chesapeake.
McClendon has borrowed as much as $1.1 billion in the last
three years by pledging his stake in the company's oil and natural gas wells as
collateral, documents reviewed by Reuters show.
The loans were made through three companies controlled by McClendon that
list Chesapeake's headquarters as their address. The money is being used to
help finance what could be a lucrative perk of his job - the opportunity to buy
into the very same well stakes that he is using as collateral for the
borrowings.
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