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US Judge Denies Request to Postpone Chesapeake Annual Meeting

By Angel Gonzalez A U.S. judge in Oklahoma rejected Wednesday a shareholder attempt to delay Chesapeake Energy Corp.'s (CHK) annual shareholders meeting. The plaintiffs, which included the Deborah G. Mallow IRA SEP Investment Plan and other shareholders, argued that Chesapeake, the second-largest U.S. natural gas producer, failed to disclose in its proxy materials information needed for a "fully informed vote" at the company's annual meeting. That information was related to loans taken by Chief Executive Aubrey McClendon from financial institutions that had dealt with Chesapeake in order to fund his private participation in wells drilled by the company. The shareholder meeting will be held in Chesapeake's Oklahoma City campus on Friday. The U.S. court for the Western District of Oklahoma said that the plaintiffs couldn't prove they'd suffer "irreparable injury" if the injunction was denied. The decision comes as Chesapeake has announced a broad overhaul of its governance, in the face of shareholder criticism about the loans and concerns about the company's ability to finance its ambitious drilling plans. Chesapeake Monday said it would add to its board four director chosen by two of its largest shareholders. Mr. McClendon will step down as chairman of the board once an independent chairman is chosen, but he will remain CEO and a director. Write to Angel Gonzalez at angel.gonzalez@dowjones.com

Stock News for Chesapeake (CHK)
DateTimeHeadline
04/19/201510:18:035 Megatrends in Energy
04/15/201515:05:15How to Make a Portfolio of Natural Gas Stocks
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04/15/201503:16:22Aubrey McClendon's Financier Settles Lawsuit With Chesapeake...
04/14/201516:01:00Chesapeake Energy Corp. Announces Release Date & Conference Call...
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04/12/201503:18:23Why Chesapeake Energy Is A Buy For The Long Term
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04/09/201519:21:20Study finds rising radon levels in Pennsylvania homes amid fracking...
04/07/201516:01:00Chesapeake Energy Corporation Appoints Kimberly K. Querrey to...
04/06/201506:04:01Insider Weekends - April 3, 2015
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04/02/201509:34:30Chesapeake Energy Gets No Love, Except From An Insider
04/02/201502:40:47First Quarter Large Cap Winners And Losers
04/01/201514:58:21Earthquake Case Could Doom Fracking in Oklahoma
04/01/201509:10:34Chesapeake chairman buys 1M shares worth nearly $14M
03/31/201513:15:25Investors Look for Gems in Rubble of Crude's Collapse
03/30/201510:10:02Carl Icahn Using Chesapeake As A Bet On Oil Prices
03/26/201507:37:57Oil: The Bottom Is In And It Is Time To Add Stocks

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