Not only would management not give guidance for 2Q, but they stated they would not be reporting the results, either. What are they trying to hide? Certainly the results could not have been worse than 1Q. I'll tell you why: they're hiding money, or at least keeping it secret. Much like their hidden wine cellar.
They cut off all communication with shareholders by not answering phones or e-mails for months, yet info was somehow leaked by "anonymous" sources. Reeks of fraud and cover-up.
The reverse split by CHK management was sold to shareholders as needing to be done in order to maintain their NYSE listing, however we all know that the company never asked the NYSE for an extension. After the pandemic was in full swing and before the RS vote the NYSE in a press release said the companies impacted by the pandemic would be given time to comply with the NYSE listing requirements. Thus even with this grace period CHK pushed on. Why?
It is apparent now that both Franklin and CHK wanted this done to not only reduce the float, but to significantly reduce the number of shareholders as all shareholders with less than 200 shares were paid off as fractional shares were not issued. The fewer shareholders you have makes it appear to the BK court that not that many people are being hurt. This is especially true when to extract the large non retail accounts.
The other reason give for the RS was that if CHK was to lose their NYSE listing they would violate a loan covenant that require a listing on the NYSE. and whose loan contained this covenant? Bet it was Franklin.