Forbes scrutinizes former Chesapeake CEO Aubrey McClendon's preliminary prospectus for American Energy Partners

After leaving as chairman and CEO of Oklahoma City-based Chesapeake Energy Corp. in April 2013, Aubrey McClendon launched American Energy Partners LLP with a $1.7 billion investment in the Utica shale play in eastern Ohio (See our Oct 15, 2013, blog post for more information). Now, McClendon is asking investors for "$2 billion for investment in yet to be identified mineral properties." Reports of financial mismanagement are what eventually led to the end of McClendon's tenure at Chesapeake, leading Forbes to intensely scrutinize the terms of the preliminary prospectus that American Energy Partners recently delivered to the U.S. Securities and Exchange Commission (SEC), including its "11.65 percent front end load of selling commissions, dealer manager fees and partnership organization expense," as well as an annual five percent management fee. A preliminary prospectus is the first draft of a legal document detailing an investment offering for sale to the public that a company must deliver to the SEC. For more, read the full story.

National, Ohio