Chesapeake Energy CEO and co-founder Aubrey McClendon has had to sell all his 33.5 million shares, or 6% of Chesapeake's outstanding stock, owing to the financial crisis, he said October 10. He said he had to meet margin calls caused by the "extraordinary circumstances of the worldwide financial crisis."rnMcClendon has been an aggressive buyer of stock in his own company over the past three years and admitted October 10 that he had bought much of that stock on margin. With a 65% decline in Chesapeake's value since July 1, which came along with a fall in natural gas prices, McClendon had to liquidate his Chesapeake shares to cover those margin calls.rnThe company announced the changes after the stock market closed for the week with Chesapeake shares at a new 52-week low of $16.52/share. In July the shares had been at a 52-week high of $74/share. But they bounced back October 16 on news that it had a $460 million secured revolving credit facility.
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