The writing was on the wall a few days ago when I did the calculation on Aubrey McClendon’s losses in his own Chesapeake Energy stock. After closing at a record low on Friday, it became public that McClendon was forced to sell “substantially all” of his stock in order to meet margin calls. Word on the street is that Anthony Petrello, President and COO of Nabors Industries (NBR), is in a similar boat. Seems margin calls are really biting the big boys, but its not just the men behind the companies who are hurting; it may be the companies themselves. The finance world seems to be buzzing about Chesapeake Energy’s corporate notes being called. Apparently they have been approached about paying down debt before insolvency becomes a reality. This isn’t even to mention that CHK may have some exposure to failed banking institutions.
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