Monday, July 27

Chesapeake Lay Offs Beg Question


Two years from now, how likely is it that Seattle will have an NBA team and our old friend Aubrey McClendon will not? A year ago, a question such as that would have drawn a hearty laugh, but now? Not so much.

You may recall that Chesapeake Energy admitted to approximately 50 layoffs earlier in the year, but some are saying that's only the tip of the iceberg. According to the Journal Record of Oklahoma City, it is suspected that as much as 10 to 20 percent of the company's workforce will be laid off, if they haven't been laid off already, a figure of nearly 600 employees (first reported by KOKH).

Considering that the Sonix are in a money-losing situation, and considering that CHK is run by a man who is peddling wine, posters, and whatever he can dig out of the basement so that he might make the next interest payments on his debts, you can't help but wonder how badly Aubrey McClendon wishes he could get out of his obligations to Clay Bennett and the NBA these days. When you add in the other looming spectre of BP's supposed buyout of the company (and the subsequent rendering of Mr. McClendon as obsolete), that question gets even stronger still.

I understand, Oklahomans, that McClendon performs a myriad of civic duties, that he certainly does not always act in the manner befitting someone on the verge of bankruptcy. So, please, withold your diatribes about how we're a bunch of losers focused on a team which no longer belongs to us. Instead, ask yourself this question: With the economy in peril, with gas prices showing little signs of improvement, and with McClendon financed to the gills (and if you think his $112 million payday in December had anything to do with anything other than enabling him to make his debt payments, quit fooling yourself), how much longer can he continue to operate?

19 comments:

Anonymous said...

Chesapeake and McClendon are in some turmoil but should be able to recover. Even if Chesapeake somehow fails, he still has plenty of money to keep his stake in the Thunder. Besides, his wife's family founded Whirlpool, so I think they will be just fine! I don't see him selling his stake in the Thunder anytime soon.

Anonymous said...

McClendon's 2.2 Billion flameout from his 2.6 Billion fortune equals a remaining 400 million. That would be PLENTY for most people, but Aubrey has massed debts and charitable commitments almost equal to his ego. The wine sale says it all to me. 4 Million (before costs, so say 3 million tax free, because most wine aficionados say he took a loss on the investment) in needed funds means Aubrey is probably in some $$ trouble. Would you sell your prized collection at a loss to recoup 1% of your bank account? If McClendon's fortune wasn't built on margin built on margin, maybe shareholders of CKP wouldn't have lost so much stock equity. Aubrey's bailout was a shameless arm twisting.

Anonymous said...

You guys act like this isn't caused by the market correction that has taken place in regards to Natural Gas Prices. Check the Henry Hub spot price over the last twelve months and look at the polarity! Just because he is the only person you can put a face with a name you want to attack him? Doesn't make sense to me. Go look at Devon, XTO, or any other producing company stocks and notice how the bottom fell out in the 4th quarter of last year. The guy likes expensive wine...eh so what? On another note, you are right! He has done more than a lot of people will do in their lifetime as far as donations. If I were you I would just be grateful that he hasn't turned into T. Boone Pickens yet and tried to run your micro manage the team. Furthermore, if you guys were even remotely educated in regards to energy you would know that the Contractor Layoffs in Texas and Louisiana have been in the thousands! Their facility in Oklahoma City is but a finger in their greater operating body throughout the numerous shale plays that they are involved in all across the country. Read up, you might learn something...basketball sucks anyway.

Anonymous said...

He can't micromanage a team. He's too busy micromanaging and fear-mongering his CHK employees.

Paul Merrill said...

#3 - Thanks for the comment Mr.McClendon, but next time please leave your name (or at least come up with a kooky user-name like RICHWHITEY99) instead of posting as anonymous.

Anonymous said...

RICHWHITY99 is being nice..how about LYINGSACKOFSHIT

Ronald said...

I love how these bastards throw out numbers and statistics like monkeys throw crap and have nothing to back it up. It is as if every thing this guy did is fine because shit he's rich and well, he's better then us. Just look at the way this Anonymous jerk talks down to the peons.

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