Chesapeake’s board, propelled by a plunging stock price and potential conflicts between McClendon’s personal finances and corporate duties, said yesterday it would end a program allowing its chairman and CEO to buy stakes in the company’s wells and review loans McClendon obtained by using those investments as collateral.
Chesapeake shares have tumbled 25 percent since the end of March, heading for the worst monthly performance since 2008. A growing number of investors are betting the stock will continue to drop. Full story
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