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Jun 4, 2015

Exclusive: SEC investigates allegations of misspending by Dow Chemical CEO: sources

NEW YORK (Reuters) – The U.S. Securities and Exchange Commission is investigating allegations that Andrew Liveris, chairman and chief executive officer of industrial giant Dow Chemical Co (DOW.N: Quote, Profile, Research, Stock Buzz), misused company funds for personal benefit, according to people familiar with the matter.

It is not clear whether the SEC investigation is limited to the spending allegations or is broader in scope. Also unclear is whether regulators have ordered Dow, Liveris or other company officials to hand over documents or testify as part of the government’s investigation.

Jun 4, 2015

SEC investigates allegations of misspending by Dow Chemical CEO -sources

NEW YORK (Reuters) – The U.S. Securities and Exchange
Commission is investigating allegations that Andrew Liveris,
chairman and chief executive officer of industrial giant Dow
Chemical Co, misused company funds for personal benefit,
according to people familiar with the matter.

It is not clear whether the SEC investigation is limited to
the spending allegations or is broader in scope. Also unclear
is whether regulators have ordered Dow, Liveris or other company
officials to hand over documents or testify as part of the
government’s investigation.

May 7, 2015

SandRidge is target of antitrust grand jury probe: filing

HOUSTON (Reuters) – SandRidge Energy Inc (SD.N: Quote, Profile, Research, Stock Buzz) is the target of federal grand jury probe concerning violations of antitrust law related to the leasing of oil and gas properties, the company said in a regulatory filing on Thursday.

The Oklahoma City, Oklahoma company said the transactions subject to the government’s inquiry date from 2012 and prior years, according to the filing with the U.S. Securities and Exchange Commission.

May 6, 2015

Special Report – Dow’s top auditor challenged CEO on spending for years, documents show

MIDLAND, Michigan (Reuters) – Just before he left the company almost two years ago, the former chief auditor at Dow Chemical Co sent a two-page memo to his boss. It was labelled “DOW CONFIDENTIAL.”

In the July 31, 2013 memo, which has never been made public, Doug Anderson detailed concerns that he feared could put Dow in legal peril. Almost all these concerns revolved around Dow’s high-profile chief executive, Andrew Liveris, and whether Dow may have misled shareholders and U.S. regulators about projects or expenses linked to the CEO.

May 6, 2015

Dow’s top auditor challenged CEO on spending for years, documents show

MIDLAND, Michigan, May 6 (Reuters) – Just before he left the
company almost two years ago, the former chief auditor at Dow
Chemical Co sent a two-page memo to his boss. It was labeled
“DOW CONFIDENTIAL.”

In the July 31, 2013 memo, which has never been made public,
Doug Anderson detailed concerns that he feared could put Dow in
legal peril. Almost all these concerns revolved around Dow’s
high-profile chief executive, Andrew Liveris, and whether Dow
may have misled shareholders and U.S. regulators about projects
or expenses linked to the CEO.

Apr 29, 2015

Oklahoma oilman Hamm ready to drop appeal of $1 billion divorce -filing

By Joshua Schneyer

(Reuters) – Oklahoma oil billionaire Harold Hamm on
Wednesday moved to drop his appeal of a $1 billion divorce
award to his ex-wife, a day after the court dismissed her bid to
re-open the case, according to a court filing.

Hamm’s decision to withdraw his counter-appeal of a bitterly
fought divorce after a lower court awarded his ex-wife Sue Ann
Arnall around $1 billion in January could end their dispute,
which has been ongoing since 2012 with billions at stake.

Apr 24, 2015

Chesapeake reaches $25 million Michigan settlement over leasing charges

By Brian Grow and Joshua Schneyer

(Reuters) – Chesapeake Energy Corp, the second largest U.S. natural gas producer, will create a $25 million compensation fund as part of a settlement on Friday of antitrust, fraud and racketeering charges brought by the state of Michigan, according to terms of the settlement reviewed by Reuters.

In addition to the compensation fund, Chesapeake agreed to plead no contest to one count each of attempted antitrust violation and false pretenses, both misdemeanors. Under terms of the agreement, the court will dismiss those charges after 11 months if Chesapeake adheres to the settlement terms. All other criminal charges will be dismissed by the state. Chesapeake did not admit to wrongdoing.

Apr 14, 2015

Major AEP investor settles Chesapeake trade secrets lawsuit

April 14 (Reuters) – Energy & Minerals Group (EMG), which
has invested billions in oil and gas ventures with former
Chesapeake Energy Corp Chief Executive Officer Aubrey
McClendon, has moved to extricate itself from a lawsuit filed by
Chesapeake alleging McClendon stole its trade secrets and used
them to build up his new businesses.

Houston-based EMG, a private investment firm led by John
Raymond, said on Tuesday it reached an agreement with Chesapeake
to remove American Energy-Utica (AEU) and unnamed investors from
the lawsuit Chesapeake filed in February against McClendon’s new
firm, American Energy Partners (AEP) and affiliates. American
Energy-Utica is an oil and gas venture controlled by EMG focused
on the Utica shale play.

Jan 14, 2015

Continental CEO Hamm pledges $2.6 bln in shares to secure personal loan

Jan 14 (Reuters) – Continental Resources Inc said
that Harold Hamm, its chief executive officer and majority
shareholder, has pledged about one-fourth of the company shares
he owns as collateral for a personal loan, according to a
regulatory filing.

The shares Hamm posted as collateral are worth $2.6 billion
and represent an 18.5 percent chunk in the Oklahoma-based
drilling giant, according to a Reuters calculation. Hamm could
be forced to offer more collateral for the loan if the value of
his company falls.

Jan 13, 2015

Oil tycoon’s ex-wife cashes $975 mln check, wants more

NEW YORK, Jan 12 (Reuters) – Sue Ann Arnall, the ex-wife of
Oklahoma oil magnate Harold Hamm, vowed on Monday to press on
with an appeal of her divorce case, even after she cashed a $975
million check from him.

In November, an Oklahoma court ordered the Continental
Resources Inc chief executive to pay his ex-wife about
$1 billion in cash and assets when the couple divorced after a
26-year marriage. The check for $975 million, which Arnall
cashed last week, represented the entire balance owed by Hamm,
according to the court’s decision.