Unusually for a Chris Helman Forbes article, this is a pretty good summary of the new Chesapeake board and the implications of the choices.
"[New director] Frederic Poses is the former CEO of American Standard, later renamed Trane. Poses swept into American Standard in 2000, cut deadwood, closed a plant, paid down debt, instituted Six Sigma and sold the company to Ingersoll-Rand in 2007 for $10 billion.Also worth reading is the company press release on the new directors. I think everyone should be pretty satisfied by this. Does anyone think that the former Chairman of ConocoPhillips and former Chief Executive Officer of Conoco has agreed to become the chairman of a "fraud"?
If you’re paying attention to these bios, you’ll notice that Dunham, Alexander, Martin and Poses all have experience in buying and selling large corporations. Could that be a sign of things to come at Chesapeake?"
Natural gas for September 2012 is back to where it was in mid-March, when CHK was at $25. The panicky "natural gas is going to $0", "CHK is bankrupt", and "CHK is a fraud" ideas seem to be off the table. When my phone rings, I keep thinking it's the LBO announcement.