Shares of Chesapeake Energy Corp. fell this morning after Reuters published a special report documenting the loans taken out by founder and CEO Aubrey McClendon.
Shares were down almost 10 percent, to as low as $17.20 as of 10:30 a.m. That marked a 52-week low for the stock. At 51 million shares, trading volume was more than three times the average daily volume.
The Reuters story detailed $1.1 billion in personal loans taken out by McClendon against his stake in Chesapeake’s Founder Well Participation Program (Documented on Page 60 of last year’s proxy statement). The program allows McClendon to invest a small percentage in each well drilled by the company.