<p>1) Tor Peterson ($2.2 billion)
2) George Schaeffler ($3b billion down from $9.8 billion)
3) William Wrigley Jr. ($2.2 billion)
4) Michael J Mars (heir to the $14 billion Mars fortune)
5) Dylan Lauren and David Lauren (heirs to Ralph Lauren’s $7 billion fortune)
6) Malvinder Singh and Shivinder Singh ($2.5 billion)
7) David Kohler ($2.8 billion)
8) Robert J.B. Pritzker ($2.5 billion)
9) William Louis-Dreyfus ($3.6 billion)
10) Paula Hannaway Crown (family assets equal $4 billion)
11) Bill Gross ($2.6 billion)
12) Aubrey Mclendon ($1.2 billion after losses in the stock market)
13) Jason Rubell (unknown, owner of one of the most valuable contemporary art collections in the world)
14) Nick Arison (owner of the Miami Heat, heir to a $5 billion fortune)
15) David Rubenstein ($2.8 billion)
16) Bruce Karsh ($1.4 billion)
17) Christopher Bass (oldest son of Robert Bass, heir to a $2.8 billion fortune)
18) Julian Robertson (heir to a $2.6 billion fortune)
19) Melinda Gates (Bill Gates’ wife!)
20) Peter Nicholas ($2.3 billion)
21) David Ingram (heir to the $2.8 billion Ingram fortune)</p>
<p>Perhaps it is even more important to recognize that many of these individuals: (a) were really impoverished as Duke students; but (b) have done extremely well in their careers; and (c) have donated most generously to Duke, to ensure that many other talented individuals with great potential have the opportunity for a superlative Duke education.</p>
<p>Gee, Fourth, isn’t there a considerable difference between an investigation and conviction? I’m probably misinformed, but I thought that a critical and fundamental tenet of American jurisprudence was innocence until proven guilty.</p>
<p>TopTier: whether or not McClendon ran afoul of SEC regulations is almost irrelevant in this instance. Considering McClendon has been ousted by the board and shareholders of the company he founded and the fact that Chesapeake Energy’s stock is currently trading at 70% below 5-year high and 14% below its 1-year high, the market has already rendered judgment on McClendon’s leadership of his company. For reference, the S&P500 gained about 18% and 12% respectively in the same time frame. Furthermore, McClendon leaves Chesapeake with more than $12 billion of debt compared to $15 billion in market capitalization. The only reason Chesapeake’s balance sheet isn’t projected to be awash in red ink is due to large expected income from sale of its many lucrative assets such as oil and gas holdings rather than due to revenue from sale of its products. </p>
<p>In short, the results of McClendon’s (mis)management of his company is pretty obvious (if not criminal) and the market has clearly seen it.</p>
<p>And to be honest, the federal government hasn’t had the best record when it comes to actually prosecuting and convicting white collar criminals. Examples like Jon Corzine and MF Global, John Thain and Merrill Lynch, Angelo Mozilo and Countrywide, Jamie Dimon and JPMorgan, all come to mind. And of course, failing to catch Bernie Madoff despite the whistleblowers.</p>
<p>SBR: I generally agree, however, we should also point out that the McClendons unbelievably generous gifts and leadership, provided to Duke, has enabeled exceptionally improvements to education and research today, and it will continue to do so for countless future generatoms. In essence, Chesapeake’s managerial and financial machinations are so complex and convoluted that I am uncertain where truth lies, which obiously is why an investigation has been initiated. However, I know with absolute certainty what the McClendon family has added to Duke, its faculty and its students, both now and forever.</p>
<p>Comparing Chesapeake to the S&P 500 is convenient to make a point but misleading to be kind. Looking at the other natural gas companies such as Range, EQT, Anadarko, Devon, Williams, etc. you will see the market has treated them equally harsh. Maybe the reason is natural gas is currently selling at $3 per million BTU and a couple of years ago it was selling at $12.</p>
<p>While McClendon may very well have mismanaged the company (being fired certainly suggests that), but citing the stock price decline as the market punishing Chesapeake for it is not understanding the industry.</p>
<p>True, comparing CHK to the broad market may not be such a valid comparison, but even within the natural gas industry, using the companies cited over the past 5 year period:</p>
<p>Looking at natural gas funds’ performances over 5 year period:
Fidelity Select NG: -26.7%
First Trust ISE-Revere NG Idx: -19.7%</p>
<p>So yes, I’m probably not an expert in the industry, but from what I can see, no company has been in such a decline as Chesapeake except perhaps Devon.</p>
<p>Good for him. I’m not getting into another p!ssfest with you regarding what your expert brother or father or mother or cousin or friend or neighbor in whatever field thinks. I’m happy to have my own opinions thanks. And they can rolls their eyes and snicker all they want</p>