Meanwhile, pressure on the company has intensified. Phil Weiss, an oil analyst at Argus Research who has had a "sell" rating on Chesapeake, said in a note to clients on Friday that it was in the best interest for McClendon, the board of directors, or both to step down.
"When we consider the full financial picture at Chesapeake, including its high debt levels, its use of financial engineering, the relatively low quality of its financial data, the questionable nature of some of the CEO's transactions with the company ... we believe the best thing for investors would be to replace the board and/or the CEO," Weiss wrote in his note to clients.
The ENE relationship is from the shareholder perspective.. The company is supposed to be ethical and has fudicary responsibility.. When they do not the shareholders get severly impacted. The hand grenade in your pocket my have the pin about to fall out.
Good old Phil Weiss. An analyst, who is to CHK as Kurt Wulf is to Kinder Morgan, Mike Mayo to Citi, Meridith Whitney to Muni bonds...Why did Reuters only publish his comments? They could've called a number of analyst, like Brian Singer, Joseph Allman, Robert Morris, or Fadel Gheit, who a week ago said...Oppenheimer & Co. analyst Fadel Gheit said Chesapeake's move is positive for the company as it gives investors confidence it can raise cash when it needs it. "Chesapeake has some of the best shale acreage in the U.S and when they need money they can easily find a buyer," Gheit said. "They are not running out of options."
fastball let me give you my view. its not about CHK right now, its about ENRON... People in ENE lost a lot. Many their life savings and you have to feel for them... and I do... When it went from $60 to $30, many had a cost basis of $10 to $15 in it..... but were to defensive to get out. They lost their whole investment by being hardheaded.. Too stubborn to even look thru the fog, smoke lies and corruption. Many of these worked in the very office it was coming from...
Use your head, see what you want to see in this... No I'm not Paul Revere.. but at least hedge your investment. This may be $25 Monday and you can kiss the tracks they walk on, but it can be $5 next week also, and you will still be blaming Reuters, analysts, shorts, lawyers, and everyone but ...yourself and the company that IS doing you wrong whether its $25 or $5. Good weekend dude... I'm sorry we disagree..OK. dag.