We all experienced Aubrey McClendon's version of Billionaire Garage Sale last spring, you'll remember, when he unloaded millions of dollars worth of wine via an auction house in New York.
It went pretty well, and combined with the dough he earned selling his collection of western art to his own company (that was a tough sell, no doubt), you'd think he wouldn't have to worry about selling off any more assets to cover the rent.
You'd be wrong.
Turns out Aubrey had so much fun parting with his wine in April, he's doing it again! In less than a month, Spectrum Wine Auctions will be offering The Aubrey McClendon Collection at the St. Monarch Regis Beach Resort in Dana Point, California.
"Fine wine buyers have a once in a lifetime opportunity to buy rare and normally unavailable vintages," Spectrum's Greg Roberts commented. Well, I suppose if your lifetime was the equivalent of a tse-tse fly's, you'd be right, Greg, but considering McClendon just got done selling $2.2 million worth of his wine less than six months ago, don't you think you ought to take it a little easy on the hyperbole?
Showing posts with label aubrey mcclendon. Show all posts
Showing posts with label aubrey mcclendon. Show all posts
Thursday, October 15
Tuesday, October 6
McClendon & The Dunes
You may have noticed TrueHoop's mention of Aubrey McClendon's latest (proposed) real-estate transaction involving the Saugatuck Dunes in Western Michigan.
At first blush, it's a relatively minor story - rich guy buys some land, gets into dispute with locals about his plans to build McMansions, sells off a chunk of the land, goes about his way. But, if one digs just a touch deeper, you can see that it's not as simple as it first appears.
You see, McClendon tried to sell this land previously ... and failed. Back in December, a tentative deal was in place to sell 171 acres of his more than 400 acres to the Saugatuck Township for $25 million, but the locals were unable to procure a grant from the State of Michigan that would have gone a long ways towards the purchase.
Now, 10 months later, McClendon is selling the property for $20 million, or $5 million less than he thought he'd get last year. And, it is important to note, that sale is still contingent on the Saugatuckians (?) getting a state grant and quite a big chunk of private funds, although they seem to think the money will be relatively pain-free (but, given the state of Michigan's economy, even the optimists are hedging their bets).
[Of further interest, McClendon purchased all 412 acres for the sum of $38 million in 2007, which works out to roughly $92,000 per acre. The lands he plans to sell now for $20 million total 171 acres, or roughly $116,000 per acre - a nice return on investment even at the steeply discounted price. That Aubrey - he didn't get rich by luck.]
And, of course, there are the ongoing legal complications involved. McClendon is refusing to pay property taxes on the land because he feels that the locals over-estimated the value of his land, and because he's irked that they re-zoned the land and changed the density from 1 home: 1.5 acre to 1 home:5 acres, essentially shrinking his number of possible homes from 300 to 80.
Essentially, Aubrey McClendon has, yet again, woven his own peculiar brand of antagonistic wizardry, creating a situation wherein the local residents detest him, while at the same time devaluing his own asset to the point where he has to take drastic steps to rectify a miserable situation.
Sound familiar?
The only difference is that the owner of the Sonix is not able to pack up the remaining land in the back of a moving truck and move it to Oklahoma City. If Aubrey McClendon wants to move forward with his plans to develop a passle of ridiculous mansions on those 241 acres, he's got to make nice with the local populace, something he has, to date, been either unwilling or unable to do.
At first blush, it's a relatively minor story - rich guy buys some land, gets into dispute with locals about his plans to build McMansions, sells off a chunk of the land, goes about his way. But, if one digs just a touch deeper, you can see that it's not as simple as it first appears.
You see, McClendon tried to sell this land previously ... and failed. Back in December, a tentative deal was in place to sell 171 acres of his more than 400 acres to the Saugatuck Township for $25 million, but the locals were unable to procure a grant from the State of Michigan that would have gone a long ways towards the purchase.
Now, 10 months later, McClendon is selling the property for $20 million, or $5 million less than he thought he'd get last year. And, it is important to note, that sale is still contingent on the Saugatuckians (?) getting a state grant and quite a big chunk of private funds, although they seem to think the money will be relatively pain-free (but, given the state of Michigan's economy, even the optimists are hedging their bets).
[Of further interest, McClendon purchased all 412 acres for the sum of $38 million in 2007, which works out to roughly $92,000 per acre. The lands he plans to sell now for $20 million total 171 acres, or roughly $116,000 per acre - a nice return on investment even at the steeply discounted price. That Aubrey - he didn't get rich by luck.]
And, of course, there are the ongoing legal complications involved. McClendon is refusing to pay property taxes on the land because he feels that the locals over-estimated the value of his land, and because he's irked that they re-zoned the land and changed the density from 1 home: 1.5 acre to 1 home:5 acres, essentially shrinking his number of possible homes from 300 to 80.
Essentially, Aubrey McClendon has, yet again, woven his own peculiar brand of antagonistic wizardry, creating a situation wherein the local residents detest him, while at the same time devaluing his own asset to the point where he has to take drastic steps to rectify a miserable situation.
Sound familiar?
The only difference is that the owner of the Sonix is not able to pack up the remaining land in the back of a moving truck and move it to Oklahoma City. If Aubrey McClendon wants to move forward with his plans to develop a passle of ridiculous mansions on those 241 acres, he's got to make nice with the local populace, something he has, to date, been either unwilling or unable to do.
Friday, July 31
Latest Anti-McClendon Tool: Books
You might recall earlier stories I ran about how Aubrey McClendon is battling the Saugatuck Township about his proposed redevelopment of a cherished part of Michigan's lakefront.
After buying the property, McClendon anticipated putting up a whack of McMansions, flipping the properties, and walking away with a bundle. (Astute readers will remember that McClendon fell in love with the area whilst jetskiing on vacation).
Anyhow, due to various reasons, the plan has stalled, with one of the major impediments being the assessed value of the land. In response to the township's assessement, McClendon first appealed, then lost, and has since filed multiple lawsuits, with the sole aim of making the township knuckle under to his desires, those desires being the re-zoning of the property in such a way that he would be able to build the mansions he wants.
In the methodology utilized by so many billionaires before him, McClendon has opted to bleed the township until they cave in. With that in mind, the Saugatuck Dunes Coastal Alliance has decided to publish a coffee table book with beautiful photos of the dunes — with all profits going to a legal fund to help battle McClendon (via Publisher's Weekly).
Entitled The Saugatuck Dunes, the book has already sold 500 copies at $35 each, and has drawn the interest of an independent bookseller in Chicago, among others. If you're interested in 1) purchasing a beautifully done book about a unique part of America and 2) striking a blow for regular folks battling an evil billionaire, here's the link at Amazon.
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?
Wednesday, June 24
CHK: It's All About Priorities
Estimated yearly savings for Chesapeake Energy after laying off 50 Oklahoma City employees, assuming base salary of $50,000, taking into account benefits, office space, et al: $6,750,000
Estimated cost of maps, paintings, etc. purchased by Chesapeake Energy from founder Aubrey McClendon in December 2008: $12,100,000
By my math, it would appear that two years of employment for 50 people < pile of maps.
Estimated cost of maps, paintings, etc. purchased by Chesapeake Energy from founder Aubrey McClendon in December 2008: $12,100,000
By my math, it would appear that two years of employment for 50 people < pile of maps.
Friday, June 12
Showdown at the OK Corral
Big meeting in Oklahoma City today for Chesapeake Energy, as the company's annual meeting has become a referendum of sorts on CEO Aubrey McClendon and his massive pay increase a few months ago, which came in spite of a horrific year for the company.
As you may be aware, four different shareholder groups have filed lawsuits against Chesapeake because of McClendon's pay package, and this week an Oklahoma judge decided to combine the cases into one, lending further power to the shareholders' complaint. That case will be held in July in Oklahoma.
In addition, a leading proxy firm has recommended that Chesapeake shareholders vote against the three directors up for reelection (these directors are, naturally, good friends of McClendon), and instead vote for some fresh blood on the board, which has been so willing to accommodate McClendon and his mistakes.
It's not expected that any sort of Capraesque activities will happen today, that McClendon will be overthrown, that the board will be turned upside down, or anything like that. It is expected, however, that Aubrey McClendon will spend an uncomfortable afternoon in front of testy and outright hostile people who are incredibly pissed at how he has profited at the same time as their life savings have plummeted in value.
UPDATE: Trading Markets reports that McClendon lives to fight another day, as shareholders failed to boot any directors off the board.
Of note, though, directors received a much lower percentage of votes than in years past, and a proposal to limit directors to one year (from their current three-year commitment) fell just short of reaching the 3/4 majority required to pass.
In other words, the natives are getting restless, but not so restless that they want to kick the king out just yet. Makes one wonder what would have happened had CHK's stock not gotten above the $20 mark this spring.
Also in the Trading Markets story, McClendon was quoted thusly in response to one shareholder's passionate criticism of his CEOship in the past 12 months:
"I'e worked 100 hours a week, at least, since 1989 to build this company. I've sacrificed a lot to do that...I'm sorry you find me egocentric and greedy."
Yeah, those sacrifices were quite herculean, all right ...
As you may be aware, four different shareholder groups have filed lawsuits against Chesapeake because of McClendon's pay package, and this week an Oklahoma judge decided to combine the cases into one, lending further power to the shareholders' complaint. That case will be held in July in Oklahoma.
In addition, a leading proxy firm has recommended that Chesapeake shareholders vote against the three directors up for reelection (these directors are, naturally, good friends of McClendon), and instead vote for some fresh blood on the board, which has been so willing to accommodate McClendon and his mistakes.
It's not expected that any sort of Capraesque activities will happen today, that McClendon will be overthrown, that the board will be turned upside down, or anything like that. It is expected, however, that Aubrey McClendon will spend an uncomfortable afternoon in front of testy and outright hostile people who are incredibly pissed at how he has profited at the same time as their life savings have plummeted in value.
UPDATE: Trading Markets reports that McClendon lives to fight another day, as shareholders failed to boot any directors off the board.
Of note, though, directors received a much lower percentage of votes than in years past, and a proposal to limit directors to one year (from their current three-year commitment) fell just short of reaching the 3/4 majority required to pass.
In other words, the natives are getting restless, but not so restless that they want to kick the king out just yet. Makes one wonder what would have happened had CHK's stock not gotten above the $20 mark this spring.
Also in the Trading Markets story, McClendon was quoted thusly in response to one shareholder's passionate criticism of his CEOship in the past 12 months:
"I'e worked 100 hours a week, at least, since 1989 to build this company. I've sacrificed a lot to do that...I'm sorry you find me egocentric and greedy."
Yeah, those sacrifices were quite herculean, all right ...
Tuesday, May 26
Chesapeake, McLendon Could Use Some
I’ve avoided any comments about our friend Aubrey McClendon recently, which may be good news to people who want to read about basketball on a basketball website.
But with news from Gerson Leason Group’s Michael Lynch that Chesapeake Energy is planning to sell $1 billion in assets in the near future, and further news that Chesapeake is expected to sell another $1.5 billion in 2010, I couldn’t help but mention it.
Bear in mind that Chesapeake is not selling these assets because the company wishes to further pad its bank statement. Rather, it is because portions of their more than $12 billion in debt financing are coming due soon, and with natural gas prices lagging, a stock price still off more than 50% from the highs of last summer, and the CEO embroiled in lawsuits … well, they need the money.
And, even more importantly, as Lynch points out:
But with news from Gerson Leason Group’s Michael Lynch that Chesapeake Energy is planning to sell $1 billion in assets in the near future, and further news that Chesapeake is expected to sell another $1.5 billion in 2010, I couldn’t help but mention it.
Bear in mind that Chesapeake is not selling these assets because the company wishes to further pad its bank statement. Rather, it is because portions of their more than $12 billion in debt financing are coming due soon, and with natural gas prices lagging, a stock price still off more than 50% from the highs of last summer, and the CEO embroiled in lawsuits … well, they need the money.
And, even more importantly, as Lynch points out:
the worldwide financial collapse which has impacted all nations coupled with a self-inflicted shale gas glut in the U.S. has seriously jeopardized the entire natural gas industry. Close observers think the market weakness will extend into 2010 and based on what is known about the planned LNG worldwide expansions, could last a decade [emphasis added]. That is why it is imperative for the shale gas drillers to align their budgets with their cash flow and prepare for inevitable bond maturities.In other words, despite the optimistic statements from Mr. McClendon, it will get better before it gets worse. And, considering the Sonix rank at the bottom of the league in revenue, and that Chesapeake may very well be bought out by BP any month now, you’ve got to wonder, how much longer will he be able to continue subsidizing this team?
Wednesday, May 6
Worth a Smile
From Oklahoma City Friday "The Newspaper for Oklahoma's Trendsetters:"
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Our energy giants still glow in Fortune 500
By LELAND GOURLEY, Editor
While the rest of America’s economy is struggling, Oklahoma City’s two large energy companies were looking good this week in the annual FORTUNE 500 largest revenue producing corporations in the nation. Devon Energy, headed by CEO Larry Nichols, was No. 163 and Chesapeake Energy, led by CEO Aubrey McClendon, was No. 230.
-----
Value of Chesapeake Energy stock, over the course of the past year.
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Our energy giants still glow in Fortune 500
By LELAND GOURLEY, Editor
While the rest of America’s economy is struggling, Oklahoma City’s two large energy companies were looking good this week in the annual FORTUNE 500 largest revenue producing corporations in the nation. Devon Energy, headed by CEO Larry Nichols, was No. 163 and Chesapeake Energy, led by CEO Aubrey McClendon, was No. 230.
-----
Value of Chesapeake Energy stock, over the course of the past year.
Oh, yeah, lookin' gooooood.
Wednesday, April 29
More McClendon
BusinessWeek, Muckety, and NASDAQ.com check in with more withering criticism of Aubrey McClendon. You know, if ol' Aubrey wasn't such a greedy, self-aggrandizing con artist, I'd almost feel badly for him.
Well, maybe not.
If you're too busy to graze the articles, allow me to pull out some of the choicer quotes:
Karen Finerman, in reply to the statement that McClendon received such a massive bonus last year because he created unique opportunities for Chesapeake Energy: "That's his job. What else is he supposed to do?"
Chesapeake investor Jeffrey Bronchick (his firm holds 1.18 million shares), in a letter to the CHK board: "I have never seen a more shameful document than the Chesapeake proxy statement. If I could reduce it to one page, I would frame and hang it on my office wall as a near perfect illustration of the complete collapse of appropriate corporate governance.”
Aubrey McClendon, Shmuck: "Our [SEC filing] speaks for itself we believe."
Attorney Marc Gross, on CHK's purchase of $12 million worth of art from Aubrey: "There's no purpose served by an oil company buying art. It's not a museum."
Well, maybe not.
If you're too busy to graze the articles, allow me to pull out some of the choicer quotes:
Karen Finerman, in reply to the statement that McClendon received such a massive bonus last year because he created unique opportunities for Chesapeake Energy: "That's his job. What else is he supposed to do?"
Chesapeake investor Jeffrey Bronchick (his firm holds 1.18 million shares), in a letter to the CHK board: "I have never seen a more shameful document than the Chesapeake proxy statement. If I could reduce it to one page, I would frame and hang it on my office wall as a near perfect illustration of the complete collapse of appropriate corporate governance.”
Aubrey McClendon, Shmuck: "Our [SEC filing] speaks for itself we believe."
Attorney Marc Gross, on CHK's purchase of $12 million worth of art from Aubrey: "There's no purpose served by an oil company buying art. It's not a museum."
Tuesday, April 28
McClendon, Ward in WSJ
In two separate stories, the WSJ reported on two owners of the Sonix, our good friends Aubrey McClendon (here) and Tom Ward (here).
The McClendon story is nothing altogether shocking - shareholders of Chesapeake are furious about McClendon's pay package, which is quite reasonable considering the performance of the company's stock in the past six months.
The Ward story concerns SandRidge Energy's sale of more than 15 million shares, including 3 million belonging to Mr. Ward himself, at a discount. This comes on the heels of the compay's announcement of a $1.3 billion first-quarter asset write-down due to crappy natural gas prices.
And, after reading all of that, you are free to bang your head against the desk whilst bemoaning fate ..... now.
The McClendon story is nothing altogether shocking - shareholders of Chesapeake are furious about McClendon's pay package, which is quite reasonable considering the performance of the company's stock in the past six months.
The Ward story concerns SandRidge Energy's sale of more than 15 million shares, including 3 million belonging to Mr. Ward himself, at a discount. This comes on the heels of the compay's announcement of a $1.3 billion first-quarter asset write-down due to crappy natural gas prices.
And, after reading all of that, you are free to bang your head against the desk whilst bemoaning fate ..... now.
Friday, April 24
Hey, Kid, Wanna Buy an Aubrey McClendon Poster?
You might recall a month or so ago when we told you about Aubrey McClendon's wine-selling venture, which netted him a cool pile of money. However, as expected, that sale did come at a price, as the wine was sold for far less than it had been valued just 12 months previous.
McClendon did, however, find a willing buyer for some of theother crap he had laying around the house another aspect of his wonderful collection: Maps and paintings.
The Times Online reports that McClendon was lucky enough to find a buyer who would pay him $12 million for an assortment of maps, paintings, etc., which turns out to be $8 million more than he paid for them.
The buyer, you ask? Chesapeake Energy. Why a natural gas company that lost $800 million needed to spend $12 million on a bunch of paintings is beyond my grasp, but I'm sure they can come up with a good explanation. (Naturally, CHK would not comment to the Times on the story).
Anyhow, I'm guessing the negotiations between Aubrey and Chesapeake went something like this:
AM: Self, how much will you pay me for these maps and paintings of Native Americans?
AM: I will pay you $5 million.
AM: No, that won't work. Try again.
AM: Okay, self, how about $10 million.
AM: That's not bad, but I can't part with them for that price. Look at the fine texture, the beautiful expression ... no, $10 million is an insult to me.
AM: Fine, $12 million, but that's my final offer to me.
AM: Done. Nice doing business with me.
Tune in tomorrow when Aubrey tries to sell his $20 million estate in Bermuda to Chesapeake as a "Research and Development Facility."
McClendon did, however, find a willing buyer for some of the
The Times Online reports that McClendon was lucky enough to find a buyer who would pay him $12 million for an assortment of maps, paintings, etc., which turns out to be $8 million more than he paid for them.
The buyer, you ask? Chesapeake Energy. Why a natural gas company that lost $800 million needed to spend $12 million on a bunch of paintings is beyond my grasp, but I'm sure they can come up with a good explanation. (Naturally, CHK would not comment to the Times on the story).
Anyhow, I'm guessing the negotiations between Aubrey and Chesapeake went something like this:
AM: Self, how much will you pay me for these maps and paintings of Native Americans?
AM: I will pay you $5 million.
AM: No, that won't work. Try again.
AM: Okay, self, how about $10 million.
AM: That's not bad, but I can't part with them for that price. Look at the fine texture, the beautiful expression ... no, $10 million is an insult to me.
AM: Fine, $12 million, but that's my final offer to me.
AM: Done. Nice doing business with me.
Tune in tomorrow when Aubrey tries to sell his $20 million estate in Bermuda to Chesapeake as a "Research and Development Facility."
Tuesday, April 21
Nice Work If You Can Get It
And your highest-paid CEO for 2008 is ...
Aubrey McClendon!
Thanks to a $77 million bonus/extortion in December, the co-owner of the Sonix pulled down an estimated $112 million in 2008, putting him #1 on the list of overpaid jerkoffs who ruined the American economy and will force my grandchildren to make socks for their Chinese overlords ...
Whew, sorry about that. Anyhow, Ben Casselman of the WSJ reports that McClendon's haul puts him above such noteworthy performers as Sanjay Jha/Motorola ($104 mil), Robert Iger/Disney ($49.7 mil), and Alex Rodriguez/Yankees ($28 mil +/- Madonna).
In an unrelated piece of news, Chesapeake Energy posted a net loss of $866 million in 2008.
Aubrey McClendon!
Thanks to a $77 million bonus/extortion in December, the co-owner of the Sonix pulled down an estimated $112 million in 2008, putting him #1 on the list of overpaid jerkoffs who ruined the American economy and will force my grandchildren to make socks for their Chinese overlords ...
Whew, sorry about that. Anyhow, Ben Casselman of the WSJ reports that McClendon's haul puts him above such noteworthy performers as Sanjay Jha/Motorola ($104 mil), Robert Iger/Disney ($49.7 mil), and Alex Rodriguez/Yankees ($28 mil +/- Madonna).
In an unrelated piece of news, Chesapeake Energy posted a net loss of $866 million in 2008.
Monday, March 30
McLendon Facing Legal Mumbo-Gumbo
Gretchen Morgenson of the New York Times reports that former Sonic owner Aubrey McClendon is facing an inquiry in the state of Oklahoma after a shareholder of Chesapeake Energy demanded tighter scrutiny of a huge bonus McClendon received in the tail-end of 2008.
As Morenson reports, McClendon was awarded $75 million by Chesapeake and a new contract in December 2008, after his old contract (a five-year deal signed in 2007), was viewed as out of date (translation - because Chesapeake's stock had dropped so precipitously, it was no longer financially viable for the soon-to-be-broke McClendon).
Anyhow, the board of directors deemed CHK's $33 billion drop in value from July to December to be meritorious of a $75 million reward to Aubrey. The shareholders, Louisiana Municipal Police Employee Retirement System, which saw their 85,000 shares drop in value from more than $6 million to less than $2 million, didn't think so.
And so, rather than file a lawsuit, the group decided to file a "books and records demand" in the State of Oklahoma. Will this filing force McClendon to return the $75 million and tear up his new contract? Unlikely. Will this filing force Chesapeake to go through a few months of uncomfortable headlines, require the conniving McClendon to fess up to poor management, and create some unsettling feelings for the board of directors? You bet.
Couldn't happen to a nicer bunch of guys.
As Morenson reports, McClendon was awarded $75 million by Chesapeake and a new contract in December 2008, after his old contract (a five-year deal signed in 2007), was viewed as out of date (translation - because Chesapeake's stock had dropped so precipitously, it was no longer financially viable for the soon-to-be-broke McClendon).
Anyhow, the board of directors deemed CHK's $33 billion drop in value from July to December to be meritorious of a $75 million reward to Aubrey. The shareholders, Louisiana Municipal Police Employee Retirement System, which saw their 85,000 shares drop in value from more than $6 million to less than $2 million, didn't think so.
And so, rather than file a lawsuit, the group decided to file a "books and records demand" in the State of Oklahoma. Will this filing force McClendon to return the $75 million and tear up his new contract? Unlikely. Will this filing force Chesapeake to go through a few months of uncomfortable headlines, require the conniving McClendon to fess up to poor management, and create some unsettling feelings for the board of directors? You bet.
Couldn't happen to a nicer bunch of guys.
Wednesday, March 18
Aubrey's Wine Sale Nets $2.2 Mil
Well, at least one thing has gone well for Aubrey McClendon in the past eight months - he was able to unload part of his wine collection in New York this past weekend, and the WSJ reports it earned him (or, rather, Sotheby's) $2.2 million.
Just think, if the next auction (slated for Hong Kong for the other half of the wine collection) is as successful, maybe the Sonix could afford Tyson Chandler after all.
Just think, if the next auction (slated for Hong Kong for the other half of the wine collection) is as successful, maybe the Sonix could afford Tyson Chandler after all.
Friday, February 27
New Lawsuit for Aubrey McClendon
It's tough to keep up with Aubrey McClendon's legal proceedings and financial undoings, but a new case showed up today, in this case a class action suit from the firm of Izard Nobel LLP directed at whether or not Chesapeake Energy and its directors violated federal securities laws.
Call me crazy, but wouldn't it be interesting to find out how much of that $200 "It's Not a Bailout!" million David Stern has acquired for his teams is going to our friends in Oklahoma City? Of course, we all know how popular the team is there, if by popular, that is, you mean "drawing the same television numbers as MacGyver re-runs."
Call me crazy, but wouldn't it be interesting to find out how much of that $200 "It's Not a Bailout!" million David Stern has acquired for his teams is going to our friends in Oklahoma City? Of course, we all know how popular the team is there, if by popular, that is, you mean "drawing the same television numbers as MacGyver re-runs."
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