Chesapeake Energy to Sell $865 Million in Pipelines
"Chesapeake Energy Corp. said that it will sell $865 million worth of Pennsylvania pipelines to a spun-off subsidiary as part of the oil and gas explorer's broader push to trim debt and close a projected funding gap," reports the Wall Street Journal .
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#1 Jan 1, 2012
They need to do something to recover some of the investor money they lost on the North Dakota deal. They gave Romac Energy 5 million dollars to secure leases. In all they spent 7.8 million and never recieved one lease. Around 3.6 million was never spent however Romac kept the balance and sued CHK for breech. Yet Romac set up another company and continues to conduct business with CHK. And the lawsuit has never settled as of yet. I have documents to prove CHK approved payment and had set closing dates of Jan 31 & March 1 , 2011 which neither dates per contract were met. Why does CHK care its investor funds not their money!! In other cases they claim they didnt approve purchase but in this case they in fact did in writing.
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