I’ve seen nothing about the fate of the Campus? It’s built for 5,000 - 6,000 employees. CHK or whatever it will be called in a few months will only need one-fourth of that space, at best. Can CHK be forced to sell and give the proceeds to creditors?
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I thought McClendon's family owned the campus and are leasing it to CHK on a 50 year (+/-) lease...
How much money did Kirkland & Ellis make off of the clip joint known as CHK. Kirkland and Ellis got paid to help gin the garbage up, got paid to oversee the administration of the garbage and now is getting huge fees to liquidate the garbage to new sociopaths who will repeat the process.
I looked at the Edgmark Energy bankruptcy pleadings and the lawyers were charging $500/hr for clerks (people who hadn't even passed the bar yet) and $1,000/hr for associates.
In CHK's bankruptcy around 20 lawyers from Kirkland enter their appearances.
The Shalers were a full employment act for incompetent lawyers who should be permanently enjoined from the exploration biz. Kirkland and Ellis—where did these clowns come from? What has CHK done to the business.
“CHK or whatever it will be called in a few months will only need one-fourth of that space, at best.”
There is going to be left much after the big liquidation announced towards current debt holders.
What you define “at best”, is some 500-700 heads that will have to wait for just another few months for banks (new equity owners) to package and flip whatever left in their hands.
The Campus will be of course sold separately, maybe with some unexpected surprise.... Amazon? OU? Apartment complex developers? Pig farm ?
I just looked at the bankruptcy petition. On the list of the 50 largest unsecured creditors-Deutche Bank is listed twelve times in the first 15 names. Looks like they are owed about 2 billion in unsecured debt.
I hope douche bank don't need them tranches back anytime this life time!
Ain't Douche Bank the ones that bailed Trump out?
We can thank Douche bank for both Trump and Chesapeake!! Tapstone needs to call Douche Bank!!!
It may be the most valuable asset they have. But who would want it?
Amazon fulfillment center obviously.
Campus will be sold dirt cheap (have no idea who would buy that, tech company or real estate leasing company?) after CHK is bought by a Houston OG company. End of an era.
I think you’re overestimating the value of the campus. Definitely an oversupply of cheap office space in OKC at the moment. Maybe we can bulldoze building 9 and put the Subway and veterinarian back in.