|Image: Salvatore Vuono / FreeDigitalPhotos.net|
In Carroll County last month, about 80 property owners sued Chesapeake and Anschutz, while 40 more property owners filed suit in Columbiana County. Now the Greens have filed suit in Stark County, with very similar accusations.
The lawsuits basically allege that Anschutz misled landowners by stating that the lease value of the property would never increase, while also stating that the leases were never properly notarized and are thus invalid. They further allege that Chesapeake didn't inform landowners when they purchased the leases from Anschutz and then didn't allow the opportunity for the landowners to receive fair value for the property before development began, which the leases state is the landowners right. More after the jump...
These local lawsuits aren't the only thing attracting negative attention to Chesapeake. Thomson Reuters reported that CEO Aubrey McClendon used well stakes as collateral to borrow over $1 billion during the last three years.
Chesapeake, for their part, filed a lawsuit a couple of months ago against 95 landowners who threatened to break their lease after receiving a better offer from a third party.
I'm no legal expert, but I know that only one group is guaranteed to benefit from all of this: the lawyers.
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