Horton has very little say in this

Reuters reported on Wednesday that McClendon has cheap beats by dr dre borrowed as much as $1.1 billion against his 2.5 percent interest in wells received as part of his compensation. The loans, taken out over the past three years, were previously undisclosed to shareholders, analysts and academics said, raising concerns that McClendon's personal financial deals could compromise his fiduciary duty to Chesapeake. The company did not detail the amounts and terms of the loans, nor specific lenders, according to a preliminary proxy filing with the U.S. Securities and Exchange Commission. Wall Street analysts who follow the company characterized the disclosure as a step in the right direction, but said more was needed. "The increased disclosure in the proxy is a start, but it's still disappointing that Chesapeake remains tone deaf to analyst and investors and only seems to take action once they're called on the carpet ... through a journalistic expose such as the one that came to light this week," Mark Hanson, analyst at Morningstar said in an email sent to Reuters. Joseph Allman, analyst at JP Morgan, said the company's shareholders would benefit most if the company eliminated the Founders Well Participation Program (FWPP) that Monster beats studio superman blue red over ear grants McClendon personal interest in all wells the company drills. McClendon spent $457 million to participate in the FWPP in 2011, according to the filing. Shortly after in January 2012, he borrowed up to $500 million from a unit of EIG Global Energy Partners, part of the overall $1.1 billion. The Reuters report drew swift reaction from investors, who pushed the stock down 5 percent the day it was published. The stock has since recovered and closed down 3.1 percent at $17.44 on Friday on the New York Stock Exchange. Meanwhile, pressure on the company has intensified. Phil Weiss, an oil analyst at Argus Research who has had a "sell" rating on Chesapeake, said in a note to clients on Friday that it was in the best interest for McClendon, the board of directors, or both to step down. "When we consider the full financial picture at Chesapeake, including its high debt levels, its use of financial engineering, the relatively low quality of its financial data, the questionable nature of some of the CEO's transactions with the company ... we believe the best thing for investors would be to replace the board and/or the CEO," Weiss wrote in his note to clients. On Wednesday, shareholder David Dreman, chairman louis vuitton shoes of Dreman Value Management LLP, said the company's management "has to be cleaned up." LEGAL CHALLENGES McClendon and several Chesapeake directors are the target of a lawsuit by a shareholder over potential conflicts of interest over his loans. McClendon's biggest personal lender, EIG Global Energy Partners, has also been a big financier to Chesapeake, and the lawsuit says that some analysts believe EIG's investors have been given favorable terms from the company on financing deals. In the proxy filing on Friday, Chesapeake disclosed more information regarding the loans. "Additionally, over the life of the FWPP, Mr. McClendon has typically mortgaged his interests acquired under the FWPP with one or more lenders, some of which also have lending, investment or advisory relationships with the company," the filing said, without mentioning EIG or other firms by name. Court documents showed that the lawsuit, filed in the U.S. District Court of Western District of Oklahoma, was brought by Deborah Mallow IRA SEP Investment Plan. "This action is brought to address material gucci sunglasses disclosure violations permitted by the board of directors and to ensure that any damages suffered by Chesapeake by reason of these violations are borne by the individual defendants, and not by Chesapeake and its innocent shareholders," the lawsuit says. A spokesman for Chesapeake declined to comment, citing the pending litigation. Noting that the company's market value fell by more than $500 million on the day Reuters published its report, the lawsuit says it is possible that the defendants have exposed the company to class-action securities fraud liability. The plaintiff is seeking to require that the CEO and other board members disclose all material facts relating to the McClendon loans, arrange independent oversight for the borrowings to identify any threats to the company, and to rescind the plan under which McClendon was able to invest in the wells. The case is In re: Deborah G Mallow IRA SEP Investment Plan vs Aubrey McClendon, et al., U.S. District Court, Western District of Oklahoma. US Airways took a big step toward a merger with bankrupt American Airlines on Friday, as the carrier and American's three largest unions announced they have signed agreements for contract terms. The unions representing American's pilots, flight attendants and mechanics and other aircraft-service personnel threw their support behind a merger. The move cuts off burberry outlet a large segment of support for an independent American Airlines, as the three unions have seats on American's nine-member creditors committee. "This significant step represents our shared recognition that a merger between American Airlines and US Airways is the best strategy and fastest option to complete the restructuring of American Airlines," said a joint statement from the Association of Professional Flight Attendants, the Allied Pilots Association and the Transport Workers Union. Together, they represent 55,000 employees of American. The combined US Airways-American company would be known as American Airlines, union officials said, and would be based in Fort Worth, Texas — American's current headquarters. Hanging in the balance of any deal are thousands of jobs, the potential to end seven years of union strife within US Airways, and the future of Charlotte Douglas International as a major hub airport. US Airways operates the vast majority, nearly 90 percent, of daily flights burberry bags at Charlotte Douglas. Interest since November US Airways has been circling AMR, the parent of the nation's third-largest carrier, since it declared bankruptcy in November. US Airways confirmed in January that it has hired advisers to explore a deal. The company is the nation's fifth-largest carrier, and executives say putting the two together would help them compete with larger rivals United Continental and Delta Air Lines. "Our intention would be to put our two complementary networks together, maintaining both airlines' existing hubs and aircraft, and create an airline that could compete successfully with United, Delta and other carriers within our industry," CEO Doug Parker said in a letter to employees Friday. Capt. Dave Bates, president of the Allied Pilots Association, or APA, said in a letter to pilots on Friday that the union has been in direct talks with US Airways management since early March. US Airways has also been making presentations to the other louis vuitton handbags American unions and Wall Street analysts and investors, drumming up support for a merger. Bates said bluntly that the pilots have lost confidence American can pull out of its tailspin. "The APA leadership does not believe that AMR's business plan will produce an airline that is viable long term," he wrote. The pilots' union represents 10,000 pilots Parker cautioned that any formal merger agreement is still a ways off. "Today is one step in what will be a much longer process. For now, it remains business as usual," he said in Friday's letter. US Airways still needs to get the support of American's oakley sunglasses board of directors, other members of the creditors committee, the bankruptcy court and regulators. And American executives, especially CEO Tom Horton, have publicly fended off merger overtures from US Airways, saying the best path for American is to emerge as a stand-alone company. Aviation analyst Henry Harteveldt said Horton's position ultimately might not matter, especially since his three main unions have now publicly said they support a merger. Unless Horton can win them back, quickly, his strategy of emerging as an independent company could be dead on arrival. "Horton has very little say in this, if the creditors, investors and lenders, and the unions feel this deal with US Airways is better," he said. "American's management needs to view this as a wake-up call. I think American has a very short time frame to get to the negotiating table with its unions." Labor hearings Monday American is scheduled to begin contentious Cheapest louis vuitton men t shirts sale white 2012 labor hearings on Monday, in which it will seek to have a bankruptcy-court judge throw out existing contracts. American's bankruptcy plan would cut at least 13,000 jobs, freeze pensions and reduce benefits in a bid to save at least $1.25 billion a year. Parker says if American merges with it, the combined airline could save 6,200 of those positions. He also said the combined carrier would provide "competitive, industry-standard compensation and benefits" for all employees. Parker's letter didn't detail how the airline would be able to offer such benefits while making American competitive again.