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Wednesday, August 12, 2015

American Energy Partners Problems Continue, as Former Affiliates Sue Aubrey McClendon's Attorneys

Aubrey McClendon's latest venture is starting to look like it has enough problems to rival the issues that Chesapeake Energy was facing with him at the helm before he was pushed out of the company.

We've mentioned in the past some of the various legal and financial troubles that are being faced by McClendon and American Energy Partners.  They include a lawsuit brought against the company and McClendon in particular by Chesapeake Energy regarding stolen information, landowners suing the company over unpaid lease signing bonuses (which would underscore possible serious financial issues, especially when coupled with some rumors that certain vendors have also been having a little trouble getting paid by AEP), and a splintering of the company into various new companies as well as major investor EMG reaching its own settlement in the above-mentioned lawsuit with Chesapeake, all of which seems to indicate a desire by many with ties to the organization to distance themselves from McClendon.

Now there is more bad news for McClendon and company.  From NewsOK:
Several energy companies formed by Aubrey McClendon and their investors are suing a law firm for $150 million, claiming the firm's attorneys hid a legal demand from Chesapeake Energy Corp. regarding a dispute with McClendon over data in Ohio's Utica Shale.

The lawsuit, filed Monday in state district court in Houston, claims attorneys for the Duane Morris law firm engaged in settlement talks with Chesapeake without the knowledge or consent of several American Energy affiliates and their investors. 
McClendon formed the American Energy companies following his ouster from Chesapeake in 2013. McClendon in December was replaced as CEO of American Energy-Utica LLC, American Energy-Appalachia Holdings LLC and American Energy-Ohio Holdings LLC. 
In the lawsuit, the American Energy affiliates — which were renamed Ascent Resources earlier this year — joined several investors, including Energy and Minerals Group Fund III LP and EMG Fund III Offshore Holdings LP.
You can read that whole article by clicking here.

One can only imagine what is going to happen next for McClendon.

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