Chesapeake Brass Sued Over $1.1B In Personal Loans
By Kaitlin Ugolik
Law360, New York (April 20, 2012, 3:24 PM ET) -- Chesapeake Energy Corp. CEO Aubrey McClendon and eight other company executives were hit with two derivative actions Thursday and Friday in Oklahoma over $1.1 billion in loans McClendon allegedly took out against his investments in the company, endangering the financial stability of its oil and gas wells.
In connection with a Founders Well Participation Program at Chesapeake, McClendon and other company executives are allowed to purchase up to a 2.5 percent in oil and natural gas wells being developed by the company. McClendon, whose personal financial...