Word on the street is CHK is going to pay 2.4 billion for Chief Oil & Gas.
CHK just exited bankruptcy, blaming high debt for their inability to avoid cheating their shareholders whose shares were cancelled.
In less than a year, CHK has incurred a staggering amount of new debt acquiring Vine and now Chief.
To add insult to injury, the clown who was the financial architect of the CHK disaster just got handed the keys to HH’s fiefdom/illusion.
Is part of the job description to run an exploration company today---must be willing to incur sui-idal debt ensuring that all profit will go to bankers who are too lazy to work, too stupid to create value.
When will we stop doing deals which enrich bankers and cheat everyone else?
A couple of months ago, someone wrote on this blog, explaining our bankruptcy, that the frauds who run CHK make every financial mistake in the book over and over. Indeed.