CLEVELAND — “A decade ago, the Enron scandal caused a $65 billion company to collapse in bankruptcy, leaving investors, including state pension funds, employees and electric consumers, holding the bag. Now, Chesapeake Energy is following in Enron’s footsteps.
Ohio Attorney General Mike DeWine should step in to protect Ohioans from this company. Enron and Chesapeake are alike in three ways: an entrenched and unaccountable management and board, little effective federal or state regulation and a collapsed business model.
Oklahoma-based Chesapeake Energy extracts oil and gas from shale using horizontal drilling and hydraulic fracturing (“fracking”), injecting water and toxic chemicals underground to fracture the rock. Chesapeake Energy is the dominant driller in Ohio, with lease rights to 1.5 million acres and 74 percent of the drilling permits issued since 2010. ”
— Sandy Buchanan guest column, Columbus Dispatch
— Sandy Buchanan guest column, Herald Star
— Peter Marx, letter to the editor, Herald Star
— Carl Bauer, letter to the editor, Columbus Dispatch
The writer of this letter was wrong about who Sandy Buchanan was referring to as the largest CHK shareholder. She was referring to Southeastern Asset Management, which holds 13.6% of the shares of the company. The writer thought she was referring to Carl Icahn, who holds 7.56% of the shares.