Nothing will be deemed legal or illegal until suits are filed and judgement entered. Probably late 2012 or 2013.Did cover my short today and used the money to sell little under 50 contracts NGG13 and NGF13 each and only 10 contracts NGQ12. All done with profits on shorts on CHK in less than one month. End result is $2,000,000. by taking the profit on CHK and moving that profit into selling NG contracts. Thank you longs for both this chance and for the humor.
The story will get further play tomorrow, more selling will occur and if any wrong doing is determined...well you get the picture, right?
BTW, the stock is dead money for sometime thanks to this sort of shenanigans on the part of the CEO, with a continuing bias to the downside.
It recovered today. This whole affair may prove cathartic. I don't know what it will do tomorrow, but the CEO and the BOD will be under tremendous pressure to act in shareholders interest. I would expect large shareholders to come forward demanding changes.
of course it's legal... you don't get 1B loan when it's illegal. Doesn't happen. But don't expect the media to care... if it looks like a scandal, they'll run with it... facts or not.