Misplaced Pages

#310689

85-539: McClendon is a surname. Notable people with the surname "McClendon" include [ edit ] Aubrey McClendon (1959–2016), chief executive officer, chairman, and co-founder of Chesapeake Energy Brian McClendon (born 1964), inventor of Google Earth Bryan McClendon (born 1983), college football running backs coach for the University of Georgia Bulldogs Charles McClendon (1923–2001), LSU head football coach in

170-533: A landman at Jaytex Oil and Gas, a public company in Oklahoma City founded by his uncle, Aubrey M. Kerr Jr. McClendon left Jaytex in November 1982 to pursue his own business in the oil and natural gas industry. In 1983, McClendon and Tom L. Ward "threw in together" in their initial venture into oil and natural gas. Together, they co-founded Chesapeake Energy in 1989. McClendon and Ward were both 29 at

255-494: A settlement with Chesapeake, giving them 6,000 acres (2,400 ha) of land and $ 25 million. As of April 2015, McClendon had been in arbitration with Chesapeake regarding the lawsuit against him. On April 2, 2013, McClendon founded American Energy Partners, LP (AELP) , a private oil and natural gas company based in Oklahoma City. During 2013 and 2014, McClendon hired more than 600 employees and raised equity and debt commitments of approximately $ 15 billion. AELP

340-597: A $ 120 million renovation of the Ford Center on March 3, 2008, including construction of a new NBA practice facility. After a tour of downtown Oklahoma City, a subcommittee of three NBA owners recommended that the league approve the move. On March 14, Bennett reached a preliminary agreement with Oklahoma City on a 15-year lease of the Ford Center that was finalized by the Oklahoma City Council and

425-602: A B.A. in history. His favorite area of study was the post- Civil War Reconstruction Era . McClendon minored in accounting and was a member of Sigma Alpha Epsilon fraternity. He also met his wife, the former Kathleen Upton Byrns, while at Duke. McClendon's first job after Duke was as an accountant. He was inspired to move from accounting to the energy business after reading an article in The Wall Street Journal about two men selling their Anadarko Basin well stake for $ 100 million. McClendon worked as

510-599: A burgers and soda restaurant on the historic Route 66 highway in Arcadia, Oklahoma , in 2007. From 2004 to 2008, McClendon ran a $ 200 million hedge fund , Heritage Management Company LLC, with Tom Ward. He invested $ 35 million in ProCure Treatment Centers Inc., a company with three proton-therapy based cancer treatment centers, in 2008. From 2004 to 2006, McClendon bought almost 400 acres (160 ha) of mostly undeveloped dunes on

595-416: A case for natural gas as a clean fuel and a significant job-creating industry. He defended the natural gas and oil industry's use of hydraulic fracturing techniques for well completion. Later that year, he was quoted saying, "We have found something that can liberate us from the influence of OPEC , that can put several million Americans back to work, liberate us from four-dollar gasoline." On March 1, 2016,

680-589: A deal by the end of the legislative session, Bennett gave up his attempt in April 2007. On November 2, 2007, the team announced it would move to Oklahoma City as soon as it could get out of its KeyArena lease. Seattle's mayor, Greg Nickels , maintained a stance that the SuperSonics were expected to stay in Seattle until their lease expired in 2010 and said the city did not intend to make it easy for Bennett to move

765-535: A federal grand jury accusing him of violating antitrust laws from 2007 to 2012 while the CEO of Chesapeake Energy. A spokesman for the U.S. Attorney in Oklahoma City disputed initial reports that McClendon was en route to the courthouse when the crash occurred. The spokesman said no arraignments or meetings were scheduled with McClendon on the day of his car accident. Oklahoma City Police spokesman Paco Balderrama said of McClendon's actions, "He pretty much drove straight into

850-399: A federal grand jury indicted McClendon for violating antitrust laws , with conspiring to suppress prices paid for oil and natural gas leases by allegedly rigging the bidding process. The indictment says he orchestrated a conspiracy in which two oil and gas companies colluded not to bid against each other for the purchase of leases in northwestern Oklahoma . The conspiracy he is suspected of

935-451: A future team in Seattle, although no promises for a replacement team were given. The Oklahoma City team would retain the franchise history of the SuperSonics, which could be "shared" with any future NBA team in Seattle. The team moved to Oklahoma City immediately and announced it would begin play in the 2008–09 season. The release of email conversations between members of Bennett's group prompted former Sonics' owner Howard Schultz to file

SECTION 10

#1732791866311

1020-419: A gambler at all. A gambler is somebody who just closes their eyes and rolls the dice. We don't do that". Chesapeake continued to grow its gas production under McClendon from 5 million to 2.5 billion cubic feet per day from 2009 to 2013. Chesapeake's discovery of large reserves of natural gas was reported to have helped reduce natural gas prices to consumers in the U.S. In a 2012 opinion piece discussing

1105-564: A half-century Skip McClendon (born 1964), American football player Warren McClendon (born 2001), American football player Willie McClendon (born 1957), American football player People with the given name "McClendon" include [ edit ] McClendon Curtis (born 1999), American football player See also [ edit ] McClendon-McDougald Gymnasium , 3,056-seat multi-purpose arena in Durham, North Carolina [REDACTED] Surname list This page lists people with

1190-482: A lawsuit that sought to rescind the sale of the team and alleged that Bennett's group used fraud and misrepresentation to purchase the Sonics without making a "good faith best effort" to keep them in Seattle as mandated by the original sales contract. Bennett said the emails were misinterpreted and that he had spent millions of dollars in attempting to keep the team in Seattle. The lawsuit was filed on April 22, 2008, at

1275-575: A local buyer emerged." On September 21, 2007, Bennett applied for arbitration on the issue of whether the team could break its lease in 2008. Arguing that the lease does not allow for arbitration on the issue of occupancy, the city of Seattle filed for declaratory relief on September 24. The motion asked the King County Superior court to reject the arbitration request and enforce the Specific Performance Clause of

1360-482: A majority of his 31.5 million shares, comprising 94% of his stake in Chesapeake and 6% of the company. The following year, Chesapeake offered McClendon a five-year retention contract, including a $ 75 million bonus. In 2011, Forbes called McClendon "America's most reckless billionaire" in a cover story on his career. The profile noted his high risk tolerance and cited the sale of his shares in 2008 as

1445-475: A measure that virtually prohibited the use of public money on sporting arenas. This lack of taxpayer or government financial support for the team, combined with earlier losses under recent ownership groups, "likely doomed the Sonics' future in the city". On February 12, 2007, Bennett proposed using tax money to pay for a new $ 500 million arena in Renton, Washington , a suburb of Seattle. After failing to reach

1530-419: A neighborhood in Oklahoma City and attended Belle Isle Elementary School, a public school. He graduated from Heritage Hall School in 1977 as senior class president and co- valedictorian . As a teenager, McClendon started a lawn mowing business, through which he had an early encounter with Shannon Self, who later became a founding board member of Chesapeake Energy. McClendon graduated from Duke in 1981 with

1615-432: A new arena, he informed NBA commissioner David Stern that the ownership group intended to move the Sonics to Oklahoma City as soon as it was legally possible. The timing of the announcement, one day after the Sonics' home opener, drew critical comments from Tom Carr, Seattle's attorney, who said "Mr. Bennett's announcement today is a transparent attempt to alienate the Seattle fan base and follow through on his plan to move

1700-647: A pioneer in employing hydraulic fracturing . Through Professional Basketball Club LLC , McClendon was a part-owner of the Oklahoma City Thunder of the National Basketball Association , and was part of the ownership group that implemented the Seattle SuperSonics relocation to Oklahoma City in 2008. On March 1, 2016, McClendon was indicted by a federal grand jury on charges of conspiring "to rig bids for

1785-418: A reckless move. The same year, the magazine named McClendon to its 20-20 Club, comprising the eight CEOs of public companies who had delivered annualized returns of more than 20% over a 20-year period. McClendon dismissed those who described him as a risk-loving wildcatter. "If I wanted to always do the most popular thing, then I'd be a follower," he said in 2012. "The funny thing is that I don't consider myself

SECTION 20

#1732791866311

1870-482: A release forbidding him to sue Bennett's ownership group as a condition of the NBA's approval of the original sale. Weeks later, Schultz requested that two separate trials be used to determine whether Bennett's group committed fraud and subsequently determine a remedy. On August 29, 2008, shortly after the court denied his request and ruled that the NBA could intervene in the case, Schultz said his legal team no longer believed

1955-457: A result, Schultz filed a lawsuit seeking to rescind the sale of the team and transfer the ownership to a court-appointed receiver. The NBA claimed the lawsuit was void because Schultz signed a release forbidding himself to sue Bennett's group but also argued that the proposal would have violated league ownership rules. Schultz dropped the case before the start of the 2008–09 NBA season. Ten years later, in 2019, Schultz accepted full responsibility for

2040-564: A statement denying all charges, arguing that for 35 years he has worked to create jobs and help Oklahoma's economy while providing plentiful energy for the entire country. "The charge that has been filed against me today is wrong and unprecedented, I have been singled out as the only person in the oil and gas industry in over 110 years since the Sherman Act became law to have been accused of this crime in relation to joint bidding on leasehold." William Baer , then Assistant Attorney General of

2125-566: Is an oil and natural gas company comprising several affiliated companies, including American Energy Utica LLC and American Energy Marcellus LLC, American Energy – Permian Basin, LLC, American Energy – Woodford, LLC, American Energy – NonOp, LLC, American Energy – Minerals, LLC, and American Energy – Midstream, LLC. McClendon was a founding member of America's Natural Gas Alliance (ANGA), a trade association and lobbying group for independent natural gas producers, based in Washington, D.C. He

2210-420: Is different from Wikidata All set index articles Aubrey McClendon Aubrey Kerr McClendon (July 14, 1959 – March 2, 2016) was an American businessman and the founder and chief executive officer of American Energy Partners, LP and the co-founder, CEO and chairman of Chesapeake Energy (now Expand Energy ). He was an outspoken advocate for natural gas as an alternative to oil and coal fuels, and

2295-683: The Turner Turnpike on Midwest Boulevard in Oklahoma City . McClendon's body was badly burned, making identification difficult. A forensic odontologist was brought in, and positively identified McClendon by his teeth on March 4, 2016. The medical examiner's office reported McClendon died from multiple blunt force trauma. On March 3, 2016, less than 48 hours after McClendon was charged, the Justice Department filed motions and dismissed McClendon's indictment. On June 8, 2016,

2380-569: The U.S. District Court for the Western District of Washington . It sought, among other things, an injunction to prevent the Sonics from being relocated from Seattle to Oklahoma City. The suit further requested that the franchise be placed in a constructive trust and no longer in the ownership of PBC. On May 20, 2008, Schultz's attorney added alleged a breach of contract as a third cause of action against Bennett. Chicago -based attorney and ESPN senior writer Lester Munson said that while

2465-713: The Washington State Legislature for a newer, more modern arena in the Puget Sound region as a replacement for KeyArena at Seattle Center. On July 18, 2006, the Basketball Club of Seattle, led by Schultz, sold the SuperSonics and its sister team, the Women's National Basketball Association (WNBA)'s Seattle Storm , after failing to reach an agreement with the city of Seattle over a publicly funded $ 220 million expansion of KeyArena. KeyArena

2550-415: The surname McClendon . If an internal link intending to refer to a specific person led you to this page, you may wish to change that link by adding the person's given name (s) to the link. Retrieved from " https://en.wikipedia.org/w/index.php?title=McClendon&oldid=1160356456 " Category : Surnames Hidden categories: Articles with short description Short description

2635-622: The 1960s and the 1970s James William McClendon, Jr. (1924–2000), Christian theologian in the Anabaptist tradition Jesse Francis McClendon (1880–1976), American chemist, zoologist and physiologist Lloyd McClendon (born 1959), American baseball player and manager Reiley McClendon (born 1990), American actor Rose McClendon (1884–1936), African American Broadway actress of the 1920s Ruth McClendon (1943–2017), American politician Sarah McClendon (1910–2003), long-time White House reporter who covered presidential politics for

McClendon - Misplaced Pages Continue

2720-691: The Lyric Theatre, Oklahoma City Ballet , Oklahoma Museum of Art, Arts Council of Oklahoma City, the Oklahoma Heritage Foundation and the Oklahoma City Philharmonic. From 2011 on, McClendon hosted an annual event for local Boy Scouts at his Arcadia Farm property. He donated approximately $ 15 million to Duke University and $ 12.5 million to the University of Oklahoma . McClendon

2805-458: The NBA that it intended to move the team to Oklahoma City and requested arbitration with the city of Seattle to be released from its lease with KeyArena. When the request was rejected by a judge, Seattle sued Bennett's group to enforce the lease that required the team to play in KeyArena through 2010. On July 2, 2008, a settlement was reached where PBC would pay $ 45 million in exchange for breaking

2890-688: The Oklahoma City Thunder franchise from G. Jeffrey Records Jr. McClendon made sizable donations to and served on the board of directors for many municipal and private organizations in Oklahoma City, including the Boathouse District and Boathouse Foundation, The McClendon Family Boys and Girls Club of OKC, the Oklahoma City Chamber of Commerce, Oklahoma State Fair and Oklahoma City Public Schools . He donated to Oklahoma City arts organizations, including

2975-554: The Oklahoma medical examiner officially ruled the crash which killed McClendon was an accident. According to the autopsy report, no alcohol was involved in the accident, but an unspecified amount of the over the counter first-generation antihistamine and short-term sedative drug Doxylamine (which is used as an antihistamine or to treat insomnia) was found in Mr. McClendon's system. The event occurred one day after McClendon's indictment by

3060-510: The Sonics from leaving before the end of their lease in 2010. The trial was set for June 16, 2008. On April 10, 2008, Seattle asked the Federal District Court to order the NBA to release documents related to the financial situation of each team, the claim that the SuperSonics' lease with KeyArena was financially unworkable, and the league's involvement in requiring PBC to make a good-faith effort to stay in Seattle. On April 28,

3145-460: The Sonics were legally bound to relocate to Oklahoma City at the end of the KeyArena lease regardless of who owned the team. The letter stated that the city had "valid and enforceable agreements with the Team requiring it relocate to Oklahoma City at the end of the current lease with the city of Seattle." Schultz's attorney replied to the letter saying the lease agreement was with PBC, not BCOS, and that

3230-428: The Sonics' lease in KeyArena and pay off what the ownership group claimed was the value of debts on the arena. The city rejected the offer. The prospect of expanding KeyArena resurfaced on March 6, 2008, when Microsoft CEO at that time Steve Ballmer , promised that his investor group would pay half of the $ 300 million needed for an extensive renovation; the rest was to be provided by the city and county. However, when

3315-581: The Sonics' lease, which required the team to play at KeyArena through 2010. United States District Court Judge Ricardo Martinez denied the request for arbitration on October 29, saying that the "arguments ignore the clear language of Article II, which states that PBC’s use and occupancy rights with respect to the Premises and the Term of this Agreement shall end on September 30, 2010.” Two days after Bennett's October 31, 2007 deadline passed for public financing of

3400-615: The Sonics’ ownership group two weeks later. The Oklahoma State Legislature later approved a bill to provide tax breaks and other incentives if the team relocated. NBA owners gave approval of a potential SuperSonics' relocation to Oklahoma City on April 18 in a 28–2 vote by the league's Board of Governors; only Mark Cuban of the Dallas Mavericks and Paul Allen of the Portland Trail Blazers voted against

3485-522: The SuperSonics' ownership group, led by Howard Schultz , sold the team to the Professional Basketball Club LLC (PBC), an investment group headed by Oklahoma City businessman Clay Bennett . A condition of the sale was that PBC execute a "good faith effort" to secure a suitable arena in the Seattle area for the team. After failing to persuade local governments to pay for a new $ 500 million arena complex, Bennett's group notified

McClendon - Misplaced Pages Continue

3570-586: The United States Justice Department Antitrust Division in the Obama administration, said "His actions put company profits ahead of the interests of leaseholders entitled to competitive bids for oil and gas rights on their land. Executives who abuse their positions as leaders of major corporations to organize criminal activity must be held accountable for their actions." McClendon maintained his innocence, but died

3655-515: The case could be won. He announced he would drop the lawsuit, saying in a prepared statement, "The prevailing wisdom of many in the Seattle community and the advice of key members of the BCOS is that Seattle's best chance for a professional basketball franchise is to end this litigation and allow the City, State Legislature and other parties to begin the necessary fence mending with the NBA." According to

3740-458: The city began improvements on Ford Center at their own risk prior to conclusion of the pending litigation. The NBA filed a motion to intervene with Seattle's federal court on July 9, 2008, claiming that Schultz's lawsuit would interfere with the stable operation of the franchise and the transfer of ownership would violate NBA regulations unless the team was put under control of NBA Commissioner David Stern. The league also claimed that Schultz signed

3825-488: The city of New Orleans rebuilt from Hurricane Katrina . The sale to Clay Bennett 's ownership group for $ 350 million was approved by NBA owners on October 24, 2006. Terms of the sale required the new ownership group to "use good faith best efforts" for a term of 12 months in securing a new arena lease or venue in the Seattle metropolitan area . Further complicating matters, the voters of Seattle passed Initiative 91,

3910-425: The company's fast early growth. His focus on these new and unconventional techniques later led to him being called a "visionary leader" in the oil and natural gas industry. The firm became a public company via an initial public offering in 1993, and in the following three years its stock was the most successful in the country, rising 274% in value from 1994 to 1997. In 2005, Forbes named McClendon one of

3995-475: The company, McClendon retained the option to continue investing in Chesapeake wells through July 2014. In February 2015, Chesapeake filed a lawsuit against McClendon, accusing him of misappropriating company data on available land during his departure. McClendon and American Energy Partners responded that he had the right to all information in his possession under his various separation agreements with Chesapeake. In April 2015, American Energy – Utica, LLC reached

4080-457: The country's top-performing executives for his role at Chesapeake. A few years later, he was the highest paid CEO of all the S&;P 500 companies in 2008, receiving a compensation package totaling $ 112 million. In 2008, McClendon was notified that his shares were no longer valuable enough to back a margin loan with Goldman Sachs and other banks. In response, McClendon was forced to sell

4165-611: The development of the domestic oil and natural gas industry of the U.S. in the first decade of the 21st century, the former United States Secretary of Energy and Houston mayor Bill White described McClendon as "at the forefront of those heroes" of the American natural gas industry. According to allegations reported in Reuters in April 2012, McClendon took out more than $ 1 billion in personal loans, to finance drilling costs, from firms that were lenders to Chesapeake. This raised

4250-623: The east coast of Lake Michigan and the Kalamazoo River for $ 39.5 million. He had previously secured a half-interest on the land in 2004. In 2006, the five-member Township Board representing Saugatuck, Michigan voted unanimously to rezone the land, making development more difficult. The Township Board supported the views of local citizens and the Saugatuck Dunes Coastal Alliance, who argued that McClendon's plans for development would irrevocably damage

4335-547: The indictment turned out to be SandRidge Energy, Inc. according to Bloomberg News . The United States Justice Department said this was the first case resulting from a continuing federal antitrust investigation into price fixing, bid rigging and other anticompetitive conduct in the oil and natural gas industry. In 2015, Chesapeake Energy settled charges of antitrust, fraud, and racketeering violations out of court, by agreeing to pay $ 25 million as compensation to landowners with leases. After his indictment McClendon released

SECTION 50

#1732791866311

4420-544: The lease, and an additional $ 30 million if Seattle was not given a replacement team in five years, among other conditions . In months prior to the settlement, Seattle publicly released email conversations that took place within Bennett's ownership group alleging they indicated that some members of the group had a desire to move the team to Oklahoma City prior to its purchase in 2006. The city used these conversations to argue that ownership failed to negotiate in good faith and as

4505-442: The motion by Bennett's group on March 6, noting that the team would have needed to make the request at the scheduling conference. A second trial would therefore need to have been held to determine the team's financial obligations. Attorneys made their closing arguments in the city's case on June 26 and Judge Marsha J. Pechman announced that she would issue her ruling on the following Wednesday. On July 2, hours before Judge Pechman

4590-465: The move. The approval meant the Sonics would be allowed to move to Oklahoma City's Ford Center for the 2008–2009 season after reaching a settlement with the city of Seattle. In 2006, a group of Seattle residents created Save Our Sonics and Storm ("SOS") to rally support for a permanent professional basketball presence in Seattle. The "and Storm" portion of the name was dropped when the WNBA Storm

4675-478: The next day, March 2, 2016, in a single-occupant single-vehicle crash when he drove his SUV at 88 mph into a concrete bridge embankment. McClendon held a stake in various food service companies and restaurants, including Jamba Juice . He also held stakes in several Oklahoma City restaurants, including Irma's Burger Shack, Deep Fork Grill, The Coach House, Republic Gastro Pub, Metro Wine Bistro & Bar, Provision Kitchen and Pops . McClendon opened Pops,

4760-495: The potential for conflicts of interest and prompted questions on the corporate governance and business ethics of Chesapeake's senior management. On February 20, 2013, Dow Jones reported that a Chesapeake board review found no improper conduct, no improper benefit to McClendon and no increased cost to the company. On June 7, 2012, Reuters alleged that McClendon had used Chesapeake employees to perform $ 3 million of personal work, including engineering and accounting support and

4845-568: The property. He continued with the land purchase, and in 2007, his legal team began discussions of scaling back the legal restrictions on the land with township officials. In 2009, McClendon sold 171 acres (69 ha) of the land to the Western Michigan Land Conservancy. In December 2010, McClendon filed a federal lawsuit attempting to overturn the zoning laws and a settlement was reached in 2012 which voided Saugatuck's 2006 rezoning. From 2008 to 2013, McClendon

4930-471: The purchase of oil and natural gas leases in northwest Oklahoma". He died the following day, March 2, 2016, in a single-vehicle collision . McClendon was born July 14, 1959, in Oklahoma City , Oklahoma, the son of Carole Kerr and Joe Connor McClendon. He was the great-nephew of Robert S. Kerr , a governor of Oklahoma and U.S. senator from the state. McClendon spent his childhood in Belle Isle,

5015-446: The relevance or the confidentiality of the records. On April 21, 2008, Gorton said he would be open to a settlement if the league promised a replacement team for Seattle. He said it was "highly unlikely" that the Sonics would stay and indicated the city should instead focus on gaining a replacement team, but noted that local governments would need to be willing to fund an expansion of KeyArena first. When Bennett's group requested that

5100-504: The remedies Schultz sought were "without precedent in the sports industry", he did believe that both the Schultz case and Seattle's lease case presented "serious problems" for Bennett. On May 9, 2008, Oklahoma City officials declared intent to sue for damages and a forced relocation of the SuperSonics if Schultz's lawsuit succeeded and the subsequent ownership did not relocate. In a legal letter to Schultz, Oklahoma City's attorney said that

5185-913: The repair of his house, in 2010. He had also used corporate planes for non-business-related travel for the McClendons' family and friends. According to Chesapeake's proxy statement filed with the SEC on May 11, 2012, McClendon reimbursed the company for all but $ 250,000 of the employee costs. His employment agreement authorized the personal use of company aircraft by McClendon, his immediate family members and guests, "for safety, security and efficiency" reasons. In June 2012, Chesapeake shareholders voted to reject two board members and approve increased proxy access. McClendon relinquished his chairman title in June 2012, remaining in his role as CEO. McClendon stepped down from his position as CEO at Chesapeake on April 1, 2013. At

SECTION 60

#1732791866311

5270-466: The sale. "Selling the Sonics as I did is one of the biggest regrets of my professional life. I should have been willing to lose money until a local buyer emerged. I am forever sorry." In 2001, ownership of the Seattle SuperSonics transferred from Barry Ackerley to Starbucks CEO Howard Schultz . In the five years Schultz owned the SuperSonics, the team suffered heavy financial losses due to Schultz's plan to sell, which led Schultz to seek funding from

5355-489: The state legislature did not give approval for the county to provide funds by an April 10 deadline, Seattle Mayor Greg Nickels said that the effort had failed and the city's hopes rested in its lawsuit. In anticipation of an NBA team, and led by Mayor Mick Cornett , who had successfully lobbied for the previous temporary relocation of the New Orleans Hornets to Oklahoma City, the voters of that city approved

5440-472: The team early. Over concerns the city would accept a buyout of the lease, a grassroots group filed a citywide initiative that sought to prevent the city from accepting such an offer from Bennett's group. The Seattle City Council later unanimously passed an ordinance modeled after the initiative. On August 13, 2007, Aubrey McClendon , a minor partner of Bennett's ownership group, said in an interview with The Journal Record (an Oklahoma City newspaper) that

5525-440: The team to Oklahoma City ... Making this move now continues the current ownership's insulting behavior toward the Sonics' dedicated fans and the citizens of the city." Bennett also reiterated that the team was not for sale and dismissed attempts by local groups to repurchase the team. On February 15, 2008, the Sonics' ownership group gave the city of Seattle a one-day deadline to accept a $ 26.5 million offer that would buy out

5610-469: The team was not purchased to keep it in Seattle but to relocate it to Oklahoma City. Bennett later denied such intentions, saying McClendon "was not speaking on behalf of the ownership group". Due to his comments, McClendon was fined $ 250,000 by the NBA. More than ten years later, in 2019, Schultz accepted responsibility for the sale. "Selling the Sonics as I did is one of the biggest regrets of my professional life. I should have been willing to lose money until

5695-432: The team while publicly insisting that they would not attempt to do so. The ownership group filed a motion saying that the lawsuit and the release of the emails by the city were meant to drive up the cost of leaving Seattle and force the ownership group to sell the team. The motion requested that all emails and other records be released to the team. Slade Gorton , lead attorney for the city, responded by pointing out that it

5780-586: The terms detailed in the settlement agreement, items associated with the SuperSonics' history in Seattle, including trophies, banners, and retired jerseys, stayed in the city and were placed in the Museum of History & Industry (MOHAI). Other items such as televisions, radios, headphones, CDs, chairs, and equipment were shipped to Oklahoma City after the Seattle Storm finished the 2008 WNBA season . In 2009, Seattle-based filmmakers released Sonicsgate ,

5865-587: The time the team moved, McClendon owned 20 percent of the franchise. Prior to the move, in 2007, McClendon was quoted in The Journal Record (an Oklahoma City newspaper) as saying "we (the ownership group) didn't buy the Seattle SuperSonics to keep them in Seattle". The NBA fined McClendon $ 250,000 in response, as his statement contradicted the organization's publicized intentions at the time. In April 2014, he purchased more shares in

5950-674: The time, the company was estimated to be the second largest producer of natural gas in the United States, following only ExxonMobil . Since 1992, through an initiative called the Founder Well Participation Program (FWPP), McClendon was allowed to invest in wells drilled by Chesapeake. The FWPP was first formalized and incorporated into the founders' employment agreements in connection with Chesapeake's IPO in February 1993. Following his departure from

6035-592: The time. McClendon began as chairman and chief executive officer of Chesapeake, while Ward served as president and chief financial officer. The company began drilling its first two oil wells in Garvin County, Oklahoma , in May 1989. With Chesapeake, McClendon focused on drilling wells into unconventional reservoirs such as fractured carbonates and shales and was an early adopter of horizontal drilling and hydraulic fracturing techniques, which helped accelerate

6120-404: The trial also decide the team's financial obligations to KeyArena should its lease be broken, Seattle's lawyers requested a six-month delay in the trial date in order to prepare for the additional issues, arguing that the ownership group's request would "dramatically change the scope" of the case and would require considerable preparation time to determine damages. The trial's presiding judge denied

6205-474: The trial's presiding judge, Loretta Preska, ruled that the NBA must supply the internal documents about the possible relocation of the Sonics that the city of Seattle had requested. In addition, the judge said that Stern could be deposed at a later day should the need arise. The city hoped the documents would aid in building its legal case, and cited an email conversation among members of the ownership group that suggested they were privately discussing intent to move

6290-519: The wall. The information out there at the scene is that he went left of center, went through a grassy area right before colliding into the embankment. There was plenty of opportunity for him to correct and get back on the roadway, and that didn't occur." On June 9 the medical examiner classified the death as an accident. Seattle SuperSonics relocation to Oklahoma City After failed efforts to persuade Washington state government officials to provide $ 220 million in public funding to update KeyArena ,

6375-423: Was PBC that started the fight that led to the lawsuit when they filed for arbitration to break the lease. The motion was denied by the presiding judge, who said the team failed to make a "good-faith effort" to resolve the dispute and that it failed to show that trial preparations were hindered by the records not being made public. However, the ruling also said the team could bring up the issue again if it could prove

6460-404: Was a known associate of, and contributed funding to, convicted fraudster Billy McFarland , co-founder of the ill-fated Fyre Festival . McClendon died in a solo-occupant, single-vehicle crash at 9:12 a.m. on March 2, 2016. According to police reports, he died instantly when his 2013 Chevrolet Tahoe SUV, traveling at 88 miles per hour (142 km/h), crashed into a concrete overpass for

6545-598: Was an advocate for the greater use of natural gas in the United States and he funded a campaign in 2007 to draw clean-energy activists' attention to a Texas utility's plan to build 11 new coal plants. He also made a donation to the Sierra Club to fund its "Beyond Coal" campaign, which had blocked more than 150 new coal plants in the United States, as of October 2013. McClendon was a public proponent of natural gas, fracking and shale drilling throughout his career. In an appearance on 60 Minutes in 2010, McClendon argued

6630-652: Was awarded the Ernst & Young National Entrepreneur of the Year in Energy, Cleantech and Natural Resources. In 2013, the Heritage Hall Alumni Association named McClendon, who graduated in 1977, the recipient of its Distinguished Alumni Award. McClendon lived in Oklahoma City with his wife, the former Kathleen Upton Byrns. They have three adult children named Jack, Callie, and Will. By his wife, he

6715-554: Was inducted into the Oklahoma Heritage Foundation's Oklahoma Hall of Fame in 2007, and in 2009, he was a top finalist for CEO of the Year at the Platts Global Energy Awards. In 2010, U.S. Steel Tubular Products, Inc., a subsidiary of United States Steel Corporation , gave McClendon the Chief Roughneck Award, which honors the lifetime achievements of petroleum industry leaders. In 2011, he

6800-405: Was one of the U.S.'s largest landowners, owning more than 100,000 acres (40,000 ha). McClendon was an original member of the Professional Basketball Club LLC , which owns the National Basketball Association (NBA)'s Oklahoma City Thunder franchise. He was a part of the team that moved the Seattle SuperSonics to Oklahoma City in 2008, where they were renamed the Oklahoma City Thunder. At

6885-419: Was orchestrating a scheme between two large energy companies, which are not named in the indictment, that was conducted from December 2007 through March 2012. According to the indictment, the companies would decide ahead of time who would win bids, with the winner then allocating an interest in the leases to the other company, eliminating open competitive bidding with landowners. One of the unnamed companies in

6970-436: Was related to Sports Illustrated supermodel Kate Upton . McClendon's personal wine collection was estimated at one time to include more than 100,000 bottles. He also held an extensive collection of antique maps of Oklahoma and had collected a number of vintage motor boats. McClendon, an Episcopalian , would sometimes quote scripture in workplace emails. He also employed chaplains while heading Chesapeake. McClendon

7055-529: Was remodeled in 1995 and was the NBA's smallest venue, with a seating capacity of 17,072. After failing to find a local ownership group to sell the team to, Schultz talked to ownership groups from Kansas City , St. Louis , Las Vegas , San Jose and Anaheim before agreeing to sell the team to an ownership group from Oklahoma City , which pursued an NBA franchise after hosting the New Orleans Hornets franchise successfully for two seasons as

7140-553: Was sold to local ownership. On June 16, 2008, the group organized a well-publicized rally, which reportedly drew over 3,000 participants, at the U.S. District Courthouse in Seattle to protest the proposed relocation of the team. The rally was held on the first day of the city of Seattle's lawsuit against the PBC to enforce the remaining two years on the KeyArena lease. Seattle filed a lawsuit on September 23, 2007, in an attempt to keep

7225-418: Was to release her ruling, it was announced that the team and the city had reached a settlement where PBC would pay the city $ 45 million immediately in exchange for breaking the lease, and an additional $ 30 million if Seattle was not given a replacement team in five years. According to the conditions of the settlement, the Sonics' name and colors could not be used by the team in Oklahoma City, but could be taken by

#310689