Chesapeake Energy shares sink to 3-year low

Shares of Chesapeake Energy tumbled Wednesday after Reuters reported that the company's chief executive has been taking out personal loans to finance stakes in the company's wells, and using those same stakes as collateral for additional loans.

Over the last three years, Aubrey McClendon has borrowed as much as $1.1 billion, according to Reuters, citing loan documents.

The fact that the loans were not disclosed to shareholders raised concerns that McClendon may be compromising his fiduciary duty, or legal and ethical obligations as CEO, according to Reuters, which said it had more than a dozen academics, analysts and attorneys review the loan documents.

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- Posted: 2012-04-18 15:20:30

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