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Judge denies request to postpone Chesapeake meeting

A federal judge in Oklahoma City has denied a request from some Chesapeake Energy Corp. shareholders to postpone Friday's annual meeting.
BY JAY F. MARKS Business Writer Published: June 6, 2012

With less than two days to spare, a federal judge in Oklahoma City on Wednesday denied a request to postpone Chesapeake Energy Corp.'s annual shareholders meeting.

The meeting is scheduled for Friday morning, but a half dozen shareholders had asked U.S. District Judge Vicki Miles-LaGrange to postpone the meeting amid questions about CEO Aubrey McClendon's financing of his share of the company's drilling costs.

An attorney for the shareholders who are suing Chesapeake's board for breach of fiduciary duty argued Tuesday that the company has not disclosed enough information for them to make an informed decision on compensation issues and the re-election of two directors.

The judge ruled those arguments did not show that shareholders would suffer irreparable harm if she denied their request, which is a key element in such cases.

Her ruling says she can void the shareholders' vote if it is determined later that Chesapeake failed to disclose material information in its 2012 proxy.

“We believe the judge made the correct decision and look forward to holding our annual shareholder meeting as scheduled,” Chesapeake spokesman Jim Gipson said.


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