McClendon Sells Out | Green Arkansas

Sunday, October 12, 2008

McClendon Sells Out

Posted By on Sun, Oct 12, 2008 at 7:13 PM

In a press release sent out on Friday, Chesapeake Energy CEO Aubrey McClendon said that he "involuntarily sold substantially all of his shares of Chesapeake common stock over the past three days in order to meet margin loan call."  This is just more bad news for Chesapeake stock-holders.  As we've discussed on this blog, Chesapeake's stock has not fared well lately, and natural gas prices have fallen significantly.  McClendon continued,

"I am very disappointed to have been required to sell substantially all of my shares of Chesapeake. These involuntary and unexpected sales were precipitated by the extraordinary circumstances of the worldwide financial crisis. In no way do these sales reflect my view of the company's financial position or my view of Chesapeake's future performance potential. I have been the company's largest individual shareholder for the past three years and frequently purchased additional shares of stock on margin as an expression of my complete confidence in the value of the company's strategy and assets. My confidence in Chesapeake remains undiminished, and I look forward to rebuilding my ownership position in the company in the months and years ahead."

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