Bloom Off the Rose? McClendon $eeks Help from Investment Banks

bloom is off the roseWe always thought Aubrey McClendon could sell snow to Eskimos–as the now-politically incorrect but old saying goes. Aubrey can charm money out of your grandmother. At last check more than a year ago he’d raised $8.7 billion of OPM–other people’s money–for use in his aggressive drilling ventures (see Aubrey McClendon Raises Huge $8.7B for Shale Drilling…So Far). We’re pretty sure that number exceeded $10B at some point over the past year. But then this year we began to hear whispers that Aubrey wasn’t paying his bills (see Problematic: McClendon’s AEP Not Paying Some of its Bills). And then Bloomberg published a hit-piece saying Aubrey had sold his investors a bill of goods (see Has Aubrey McClendon Finally Hung Himself with High Debt?). Indeed it appears the bloom is off the money-raising rose for Aubrey. According to inside sources, Aubrey has hired investment banks (plural) to help him find more money to keep going…

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