Chesapeake Energy Corp.'s (CHK: Quote) CEO, Aubrey McClendon, has reportedly been taking out loans to finance stakes in Chesapeake's wells and then using those same stakes as collateral for more loans. The loans are reported to total over $1.1 billion and were never disclosed to Chesapeake shareholders.
Chesapeake Energy gapped open lower Wednesday and declined during the first hour of trade. The stock finished down by 1.06 at $18.06 on the highest volume of the year. Chesapeake Energy has been declining for the past month and set a new low for the year.
by RTT Staff Writer
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