Is Ohio the Next Front in the US Shale Boom?
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  • tarentius

    To say the McClendon was “ousted by unhappy investors” is putting a veneer over a very shady operator who was forced repeat forced out of Chesapeake after discovery of his personal shenanigans. Under an executive perk, which McClendon’s puppet board approved, he acquired a personal stake of at least 2.5% of every well that Chesapeake had drilled in the past 20 some odd years. McClendon took out loans backed by his well stakes to fund his portion of costs. At the end of 2011, he owed $846 million on those loans.
    McClendon is a character right out of the “robber barons” period of American history. He puts his personal interests above any company or investor interest and is not reluctant to use the shadiest of methods to get rich.
    Applaud Mr. McClendon because he will be successful in his latest endeavor, just don’t be foolish enough to be one of his investors. Chesapeake shareholders are still paying the price for his recklessness.

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