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 ...
Friday, June 12
Tuesday, June 9
Sonic Trivia
Sonic Top Guns
See if you can prove your Sonic knowledge by answering the following three questions about some of the best shooters in the team's history.Monday, June 8
Rashard Lewis: Magic From Mid-Range
There’s been quite a bit of talk about the Magic’ poor offensive showing in Game 1, and whether it was due more to just cold shooting on their part, the Lakers’ defense, or both. As Kevin Pelton points out at BasketballProspectus:
For example, take one Rashard Lewis. In Game 1, Lewis only made two shots all night, both of them from behind the 3-point line. In Game 2, as you no doubt are already aware, Lewis made six shots – in the second quarter alone. In total, he finished with 12 FGM and 34 points (including, sadly, the only jump shot the Magic sank out of six attempts in overtime). On the night, he was 2-2 on mid-range jump shots.
Just for curiosity’s sake, let’s take a look at the shot charts (courtesy of NBA.com) of Lewis matched up against Los Angeles during the past five seasons:
First, 2009, when he finished 0-2 on mid-range shots:
2008, 0/0:
2007, (during Lewis’ Seattle days), 2/8:
2006, 7/12:
2005, 2/5:
As you can see, with the exception of the 2006 season, Lewis has been a non-factor on those mid-range jumpers. That’s not to say he hasn’t been an effective offensive weapon, but just that his offense has come from far out or very close in.
Contrast that with last night, when Lewis made as many mid-range shots (two) as he had in four of the last five seasons. Rashard receives a lot of criticism for his lack of aggression on both ends of the court, and it is often deserved.
Last night, though, he seemed to change his style a bit and silenced those criticisms. Will this change carry over when the series relocates to the Sunshine State? With Rashard Lewis, expecting a continued aggressive performance is a fools’ errand, so I won’t go that far. If I’m a Magic fan, though, it at least gives me some encouragement as the franchise continues a quest for its first NBA Finals victory in seven tries.
What killed Orlando was a complete and total inability to finish inside the arc; the Magic made 15 two-pointers all game (fewer than Bryant, with 16, had all by himself) and shot 27.8 percent on those attempts, which is appallingly poor.I had noticed this trend myself, and it made me really nervous that this could turn into a four-game coronation for Kobe Bryant. Thankfully, the Magic improved their numbers dramatically in this regard in Game 2, and while the sample size is quite small, it is encouraging for the rest of the series.
For example, take one Rashard Lewis. In Game 1, Lewis only made two shots all night, both of them from behind the 3-point line. In Game 2, as you no doubt are already aware, Lewis made six shots – in the second quarter alone. In total, he finished with 12 FGM and 34 points (including, sadly, the only jump shot the Magic sank out of six attempts in overtime). On the night, he was 2-2 on mid-range jump shots.
Just for curiosity’s sake, let’s take a look at the shot charts (courtesy of NBA.com) of Lewis matched up against Los Angeles during the past five seasons:
First, 2009, when he finished 0-2 on mid-range shots:
2008, 0/0:
2007, (during Lewis’ Seattle days), 2/8:
2006, 7/12:
2005, 2/5:
As you can see, with the exception of the 2006 season, Lewis has been a non-factor on those mid-range jumpers. That’s not to say he hasn’t been an effective offensive weapon, but just that his offense has come from far out or very close in.
Contrast that with last night, when Lewis made as many mid-range shots (two) as he had in four of the last five seasons. Rashard receives a lot of criticism for his lack of aggression on both ends of the court, and it is often deserved.
Last night, though, he seemed to change his style a bit and silenced those criticisms. Will this change carry over when the series relocates to the Sunshine State? With Rashard Lewis, expecting a continued aggressive performance is a fools’ errand, so I won’t go that far. If I’m a Magic fan, though, it at least gives me some encouragement as the franchise continues a quest for its first NBA Finals victory in seven tries.
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