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Chesapeake argues against postponing June 8 meeting

Attorneys for Chesapeake Energy Corp.'s board of directors argue there is no basis for a request to postpone the company's annual meeting next month, as requested by a group of shareholders.
BY JAY F. MARKS Business Writer jmarks@opubco.com Modified: May 25, 2012 at 9:44 am •  Published: May 25, 2012
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U.S. District Judge Vicki Miles-LaGrange will rule on the shareholders' request next week.

An Oklahoma County judge is supposed to hear arguments today in another shareholder lawsuit against the Chesapeake board.

Shareholders Al Lutzker and Jeanne Calamore want Oklahoma County District Judge Bryan C. Dixon to block Chesapeake from negotiating any asset sales without an independent valuation.

They also asked the judge to keep CEO Aubrey McClendon from participating in the Founder Well Participation Program, which allows him to buy a 2.5 percent stake in every well drilled by Chesapeake. That program will be discontinued in June 2013.

Attorneys for the board have argued “there is no legal or factual basis for barring Chesapeake from entering into negotiations, asset sales and financing transactions, or setting preconditions to undertaking those vital functions.”


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