Before I dive into this story, let me make this point perfectly clear: I am not digging into Chesapeake Energy's misfortunes because I want the Oklahoma City Thunder to fail. As far as I (and I think Raf and Paul would agree with me) am concerned, the Thunder belongs to the people of OKC now, at least as much as any pro team belongs to any city.
I'm not interested in ragging on Oklahoma, or talking about how much more sophisticated Seattle is, or any of that nonsense. I'm putting these stories up solely because McClendon, Bennett, Tom Ward, and David Stern disgust me, and if I can poke some small holes in their swollen egos, then so much the better.
On with the story. Today's WSJ has a, well "scathing" would be putting it too strongly, so how about negative story about Chesapeake Energy, including this stirring quote from writer Ben Casselman:
"But [the land Chesapeake owns] is only valuable if companies have the money to drill it -- and a growing number of analysts are skeptical that Chesapeake and some of its peers will be able to find enough money to drill all the land before the leases expire."
Perhaps the Journal's story had a little bit to do with CHK's stock falling by more than 5 points by mid-day on Friday, a one-day drop of nearly 30%, putting it at $12.35 from a high of $70.
Friday, October 10
Thursday, October 9
Peaking in on Chespeake
Perhaps I should let this go at some point, but take a gander at Chesapeake Energy's stock performance since July of this year:
In case you can't make out the figures, the stock value has gone from a high of $70.24 in early July to a low of $17.71 at closing today. That's a loss of $52/share, which, if you have 34,000,000 shares like some people do, in the last three months your net worth has declined by the sum total of $1,768,000,000.
Yes, nearly 2 billion dollars. Or, put another way, in the time it took the Sonics to relocate to Oklahoma City and play their first game, Aubrey McClendon lost the equivalent of the GDP of Zimbabwe.
In case you can't make out the figures, the stock value has gone from a high of $70.24 in early July to a low of $17.71 at closing today. That's a loss of $52/share, which, if you have 34,000,000 shares like some people do, in the last three months your net worth has declined by the sum total of $1,768,000,000.
Yes, nearly 2 billion dollars. Or, put another way, in the time it took the Sonics to relocate to Oklahoma City and play their first game, Aubrey McClendon lost the equivalent of the GDP of Zimbabwe.
Art Harris: Follow Up
Three days ago we ran a short piece about former Sonic Art Harris, a one-time All-Rookie Team member who passed away last October at the age of 60. At the end of the story, I asked for any possible insights into Harris' life our readers might offer. Sadly, no information has been forthcoming, so I'll ask again:
Is there anyone out there who might have information about Art Harris' life? He left the NBA in 1972, 36 years ago, playing 21 games for the Suns before seeing his professional career come to an end. Between 1972 and 2007, when he died, I can't find a lick of information about the man. Here's some framework, if it helps:
-Born and raised in Los Angeles
-Attended Jordan High School in LA
-Attended Stanford University
-Drafted by Seattle in the NBA and the Oakland Oaks in the ABA in 1968
-Played in Seattle for 1 1/2 years after leaving Stanford
-Played in Phoenix from 1970 to some point in the 1972 season
And then?
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