Judge rules Chesapeake won’t have to open books
21 August 2009
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(No Likes Yet) Loading ...From The Associated Press:
An Oklahoma judge ruled Thursday that Chesapeake Energy Corp. won’t have to open its books to a shareholders’ group, a victory for the company in its defense of a $75 million bonus awarded to CEO Aubrey McClendon last December.
Oklahoma County District Judge Daniel Owens denied the books-and-records request by the Louisiana Municipal Police Employees’ Retirement System. The group wanted to examine Chesapeake’s books to try to determine why the independent natural gas producer’s board of directors awarded the bonus after a year in which Chesapeake’s stock price plummeted and McClendon had to sell 31.5 million shares — about 94 percent of his stake in the company — because of a margin loan call in October.
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