I remember back in 2008 I called the Company to ask them where Audbrey got all his money from that he used to buy massive amounts of stock in secondary offerings underwritten by Goldman Sachs. I asked is the company loaning money to him? They assured me they weren’t. “Aubrey is rich,” they explained. “He has other sources of money.” As it turns out they were less than candid. Aubrey was borrowing money pledging his stock to buy more of it. Talk about a guy trying to bluff down the world. He lost and I lost a lot of money in 2008 on CHK. When asked about whether I thought CHK was good value, I answered I would never buy this company again no matter what the value as they didn’t have respect for their shareholders.
It appears Aubrey’s up to his underhanded dealings again. This time, though, I’m not burned by him but I’m sorry for the people that are. The SEC should investigate a Company that let’s its CEO callously abuse shareholders. The board should all resign as well.
via Chesapeake discloses loans after Reuters report – Yahoo! Finance.