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Federal judge considering motion from Chesapeake shareholders who want to delay annual meeting
OKLAHOMA CITY (AP) ' A federal judge is considering a motion filed by a group of Chesapeake Energy Corp. shareholders who want to delay the annual meeting of the nation's second-largest natural gas producer.
U.S. District Judge Vicki Miles-LaGrange heard oral arguments Tuesday but did not issue a ruling. She did not indicate when she'd make a decision. The meeting is set for Friday.
A group of shareholders wants to postpone the meeting until the company releases more information about CEO Aubrey McClendon's compensation as well as loans he secured against his stake in company wells. The motion says information released by the company must be corrected so it is complete and not misleading.
Chesapeake says the meeting shouldn't be postponed and shareholders have plenty of information about McClendon's loans.