That doesn’t excuse your hypocrisyOriginally Posted by OnlyOneOklahoma
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That doesn’t excuse your hypocrisy
I would have said idiocy instead of hypocrisy but they both work.That doesn’t excuse your hypocrisy
CHK just got a new General Counsel. Think he'll be busy?
Bump.
As you know, the past year or so has been particularly tough on the natural gas industry. Although natural gas prices have recovered a bit, we believe the sustained low natural gas price environment we have seen will have an effect on the levels of activity in our industry and at Chesapeake for some time to come. That means we must continue to focus on initiatives designed to control expenses and maximize performance so that we are able to maintain our leadership role in this changing and competitive industry.
As a result, Chesapeake is offering a voluntary separation program to certain Oklahoma City Headquarters, Field Professional and Field employees in designated departments. You are receiving this email because based upon your age and your years of service with Chesapeake, you are eligible to participate in the program.
If you elect to participate in this voluntary program, you will receive the following generous benefits:
· Separation Payment: equivalent to 12 months base pay
· Cobra Supplement: lump sum payment (if participating in the Company benefits plan) to pay for 12 months of COBRA premiums
· Stock Acceleration Benefit: 100% vesting of all outstanding shares of restricted stock
· Deferred Compensation Plan Acceleration Benefit: 100% vesting of unvested matching contributions in the Company’s Deferred Compensation Plan (the “401(k) Make-Up Plan”), if applicable
· Seniority Bonus: For eligible employees with 10 or more years of full-time Chesapeake service. The plan includes a bonus equal to $5,000 per full year of Chesapeake service starting with year 10 (for example, a $5,000 bonus for the 10th full year of service; a $10,000 bonus for 11 full years of service; a $15,000 bonus for 12 full years of service, etc.)
Attached to this email is a detailed Q&A that should answer many of your questions regarding this voluntary separation program. Additionally, later today you will receive from Human Resources your individual packet that will contain the program documents, timing and resource information. If you have additional questions, please refer to the HR contact information located in the attached Q&A.
As you review and consider participating in this voluntary program, please remember Chesapeake values your dedication to our company over the years and appreciates your contributions to our past success and positioning for the future.
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Ummm...I'm pretty sure I'd take that deal and come downtown and work at Continental/Devon/SandRidge/Halliburton/etc.
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I'd take it before they changed their minds.
Duh, anyone would take it. But it is very obvious they are targeting older employees, and one year pay upfront is great, but where is a 55 year old going to go?
This is step 1 of two. Get rid of the old over paid people. Step 2 is layoffs. I see 10-25% coming down the pipe.
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If you have 10+ years in the Nat. Gas. industry, it won't matter if you're 55+. There are plenty of old folks walking around my building.
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2200+ chk heads are going to roll.
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My mother-in-law is in the IT department and close to retirement, hopefully she got it as takes them up on it.
My brother works for CHK and he didn't get that email. They are sending it to people 55 and older for early retirement
No email for me either.
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But hey, you only have about 30 years before you're old enough to get that email!No email for me either.
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or they run out of cash.
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Aubrey is innocent
Who'd a thunk it?
A board review of Chesapeake Energy Corp. CEO Aubrey McClendon's finances found no evidence of intentional misconduct or conflicts of interest, the company announced Wednesday.
The board also concluded the Oklahoma City-based oil and natural gas company did not violate antitrust laws in a 2010 Michigan land sale, although it is still cooperating with Justice Department investigators.
Chesapeake's stock was up 18 cents to $20.54 a share in early trading Wednesday.
McClendon, who will step down as CEO this spring, had been under fire for nearly a year since Reuters reported in April he had secured more than $1 billion in loans against his stake in company wells. Some of the financing involved a private equity firm that had invested in Chesapeake.
The company's board said its audit committee, led by director Burns Hargis, and its independent counsel reviewed “millions” of pages of documents and interviewed more than 50 people.
“The review of the financing arrangements did not reveal any improper benefit to Mr. McClendon or increased cost to the company as a result of the overlap in the financial relationships,” the company said Wednesday in a news release.
The review covered McClendon's financing of his expenses under the Founder Well Participation Program, which allows him to invest in each well Chesapeake drills, and the activities of a hedge fund that had been operated inside the company.
“Based on the documents reviewed and interviews conducted, no intentional misconduct by Mr. McClendon or any of the company's management was found by the board concerning these relationships and/or these transactions and issues,” the company said.
McClendon will leave Chesapeake on April 1, but the board has said its review was not the reason for his departure.
The company also announced the board has concluded Chesapeake did not violate antitrust laws in connection with its acquisition of oil and natural gas rights in Michigan in 2010.
Reuters reported in June that Chesapeake and rival Encana Corp. plotted to limit land prices in Michigan's Collingwood Shale.
Chesapeake said it has provided documents about its leasing activities to the Justice Department based on a subpoena it received in June, and a thorough review by outside counsel led to its conclusion that it did not violate any antitrust laws.
Canada-based Encana concluded in September it did not collude with Chesapeake in the Michigan land sale.
http://newsok.com/chesapeake-energy-...rticle/3757340
Chesapeake Energy Corp. is facing a formal investigation by the U.S. Securities and Exchange Commission, the company confirmed Friday in a regulatory filing.
The SEC's Fort Worth, Texas, office initiated an informal inquiry of the Oklahoma City oil and natural gas company last year after Reuters reported on more than $1 billion in personal loans secured by CEO Aubrey McClendon, using his personal stake in Chesapeake wells as collateral.
The company has since said it would discontinue the Founder Well Participation Program, which allowed McClendon to take a 2.5 percent stake in each well the company drilled.
Chesapeake, which had been cooperating with the SEC, was notified Dec. 21 that the inquiry would continue as an investigation. The SEC has issued subpoenas for information and testimony.
“The company, including Mr. McClendon, is providing information to the SEC in connection with this matter,” according to Friday's filing. “The company is also responding to related inquiries from other governmental and regulatory agencies and self-regulatory organizations.”
http://newsok.com/chesapeake-energy-...rticle/3760200
The company already has spent millions on lawyers, accountants, investment bankers, etc. as part of the mess McClendon created, and the spending - and the distraction by management - aren't nearly over yet.
I wonder if McClendon’s personal plane usage will be scrutinized by the SEC and if there could be any repercussions for third party’s who may have been involved?
Why do you think that the SEC would scrutinize his personal plane usage? Insufficient disclosure in SEC filings?
I hope he doesn't tell them when I used it.
I really don’t have any idea why…. But I am wondering if this is even an SEC issue?
I don't believe it is, so long as it's disclosed in the proxy. ****uming it's not an issue, there's still the issue of why the board would have approved McClendon's personal use of a corporate jet. In addition, given the way the company has been managed in the past, I wouldn't be shocked if the company paid McClendon's individual tax bill attributable to the FMV of any personal use of the corporate jets.
Alfingswearingen should be happy. Just announced that Tom Price and Henry Hood are leaving the company.
Anyone got any gossip?
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