Chesapeake managers "should not be criticized," said Jones, "they should be complimented," citing the energy market crash. "I reject the assertion that people threw caution to the wind."
Our management did the best they could and this is a good outcome considering the challenges they faced. This is the reason why they are in their positions.
There are managers and VP’s guilty of manslaughter that are still employed by the company. This shows the quality of the current management team that can’t see the bad apples in the basket because they have become rotten to the core also.
And now we are still stuck with America's worst ceo, an oil and gas company with a podcast department, and the same gut wrenching outlook. Severance = salvation.
The non-economic wells were far from the only problems the expensive debt financed. Remember the many ridiculous acquisitions of companies that had one foot in the grave, the “tier one rock” that could never pay-out, staffing with incompetent individuals that had friends in the executive suite, the swift terminations of anybody who tried to question mistaken policy, the complete inability of people up top to make money, the sweetheart deals with cronies of executives that wasted so much investor/creditor money. The 100-million-dollar parking lots, even Lawler complained about, were just one example out of thousands.
At the end of the day, The Judge believed that CHK’s problems were primarily caused by the temporary drop in prices due to Covid-19.
In Judge Jones mind, 25 years of loading up the balance sheet with expensive debt to drill non-economic wells, while the CHK executives lived like Robber Barons and told extravagant lies to their investors, had nothing to do with CHK’s problems.
I don’t think the UCC lawyers anticipated or prepared for the Judge being that incompetent/gullible.
The UCC got out lawyered by Kirkland lawyers that were quite bad themselves.
That these lawyers convinced anybody that they should get much over minimum wage, let alone hourly rates exceeding $1,000, is pretty cool.
Now, I’ve got hope for some of my no-account relatives. If the Kirkland and Brown, Rudnick folks can steal that kind of money, anyone should be able to do it if they actually try.
Let’s wait and see what happens now that CHK owners are the banks (Franklin).....
I would not be so excited yet
okay, doug.
Hats off to our VPs and management personnel. You are our hero’s that have made the difficult decision to trim fat grizzle.
Our President likes Publicly Held Corporations that don't go bankrupt!