Aubrey McClendon was deal-making to the end


Under the alleged arrangement, the three companies would “fix” ahead of time which company would have the winning bid for various oil and gas leases before offers were made, and then split the contract after it was awarded.

The investigation, published in June 2012, found that McClendon mingled personal and corporate business, including using company resources and employees to handle personal work and taking out $1.55 billion in loans from Chesapeake backers to fund his own stake in Chesapeake’s Founders Well Participation Program.
Mr McClendon had denied wrongdoing, describing the allegations against him as “wrong and unprecedented”.
A Department of Justice spokesman declined to comment Wednesday on the status of the case.
McClendon’s arrangement also entitled him to Chesapeake’s life insurance, medical plan and reimbursement for membership dues and travel expenses.
Chesapeake started with just 10 employees and $50,000 before McClendon and partner Tom Ward built the company into the biggest supplier of natural gas in the U.S. The company held that particular title until 2010 until it was dethroned by Exxon Mobil Corp.
A vehicle, in which Oklahoma City police department said former Chesapeake Energy co-founder Aubrey McClendon died one day after a federal indictment, burns on Wednesday. However, the alleged co-conspirator was identified as being the CEO and chairman of the board of another company, also unnamed.
“Most people, when they get out of “Club Fed” [prison for white-collar criminals] from a price-fixing conspiracy, they kind of land on their feet, go into consulting”, or even get hired back by their former companies, Bush said.
Dismissal “would best meet the ends of justice in that the defendant is now deceased”, Kalina M. Tulley, assistant chief of the Chicago Office of the Justice Department’s Antitrust Division, said in a court filing.
OKLAHOMA CITY (AP) — Federal authorities sought Thursday to drop a criminal indictment of bid rigging against Oklahoma energy tycoon Aubrey McClendon, who died in a fiery crash just hours after the indictment was announced.
Chesapeake’s 20-acre campus sprawls through an exclusive area of Oklahoma City, its Georgian-style brick buildings surrounded by manicured lawns and sycamore and elm trees.
American business magnate T. Boone Pickens has noted that McClendon was a true American entrepreneur and a major player in leading the energy renaissance in America. Natural gas prices plummeted along with all the new drilling, reducing revenues for the company and making the debt harder to repay.
One of several units formed as part of the venture, American Energy Permian Basin LLC, lured junk-bond investors in November with one of the highest yields in the US market a year ago.