Head of Chesapeake Energy sells most of his shares in firm

OKLAHOMA CITY -- Aubrey McClendon, the billionaire chief executive of Chesapeake Energy Corp., has sold "substantially all" of his stock in the company over the past three days to meet margin loan calls, the company said Friday. In a filing late Friday with the Securities and Exchange Commission, McClendon disclosed the sale of about 31.5 million shares for a combined $286 million. According to previous disclosures, he owned about 33.5 million shares, making him the Oklahoma City-based company's third-largest shareholder. "I am very disappointed to have been required to sell substantially all of my shares of Chesapeake," McClendon said in a news release. "These involuntary and unexpected sales were precipitated by the extraordinary circumstances of the worldwide financial crisis. "I have been the company's largest individual... [read full story]