Funny.. IT'S GOING TO SINGLE DIGITS!(because of a program that was already disclosed) WHO WOULD BUY THIS COMPANY?? DAVID EINHORN WOULD SHORT THIS TO ZERO!(later: its worth a lot more than the current share price)Did anyone really think McClendon had the cash to put up 2.5% of CHK's capital costs without borrowing the money?Seriously.. This is why I don't watch CNBC - or do the opposite of what they say. If they get a reasonable amount for their Permian Basin sale, there will be major short covering. Have to wait until Q3 though.
I think Aubrey McClendon is a snake oil salesman, but this is clearly an emotional overreaction. I initiated a small position first thing on Monday. Asset sales this year will probably exceed current market cap. Ben Graham said that every company is a buy if the price gets low enough. I think we are there.