More Chesapeake r
evelations via finance.yahoo:
(Reuters) - In the weeks before Chesapeake Energy
CEO Aubrey McClendon was stripped of his chairmanship over his personal
financial dealings, he arranged an additional $450 million loan from a
longtime backer, according to a person familiar with the transaction.
That loan, previously undisclosed, was made by investment-management firm EIG Global Energy Partners, which was at the same time helping arrange a major $1.25 billion round of financing for Chesapeake itself.
The new loan brings the energy executive's total
financing from EIG since 2010 to $1.33 billion and his current balance
due to $1.1 billion, this person said. It was secured by McClendon's personal stakes in wells that have yet to be drilled by Chesapeake - and by his own life-insurance policy.
Reuters has been all over this story, and the entire article is worth a read.
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