Embattled Chesapeake CEO McClendon Takes Cover in NBA Finals
The kickoff of the NBA finals is tonight and Chesapeake Energy's (NYSE: CHK) CEO Aubrey McClendon may finally get a chance to turn around his company's image. In recent weeks, McClendon and Chesapeake have been besieged by numerous scandals--primarily over McClendon's perceived misuse of company assets for personal gain.
The NBA finals may prove just the needed boost for the company, as the Oklahoma City Thunder tip off against the Miami Heat in game 1. McClendon is co-owner of the Thunder and Chesapeake is the sponsor of the team's stadium. Due to the Thunder's home-court advantage, the Thunder could potentially have four home games, all of which will be heavily associated with Chesapeake.
Recently, activist investor Carl Icahn disclosed a large stake in Chesapeake, and now both he and Southeastern Asset Management have taken board seats. The two are looking to shake up management and sell assets to return the company to maximum profitability.
Tonight's match-up puts some of the games best stars on the court. Kevin Durant and Russell Westbrook of the Thunder will go up against the Big 3 of Miami, Chris Bosh, Lebron James, and Dwayne Wade, in what is set to be a great clash of conference winners.
Chesapeake shares are trading slightly lower this morning, hovering around $17.60.
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