Fate or Fortune! Defunct Draft or Funded Draft
The 750 people who signed and thereby executed leases with JPD (ie Chesapeake) in the group from Greenwood will know if Chesapeake "honors all executed leases" (according their spokesman Kevin McCotter). At the Oct 4 signing event they were issued a 25 day bank draft. Based on when the draft was processed the first drafts need to be funded before 4 pm on Monday Nov 10th.
With all the bad press that Chesapeake gets we have invite Mr. McCotter to Mondays "revealing event". At exactly 4 pm we will know whether the first drafts will expire (and be returned with the lease) or be funded as promised.
We as a group will assembly in front of Community Bank 400 Travis starting at 3:45 PM. We have invited Mr. McCotter (or a representative) to join us at that time and give him the opportunity to be thanked by members of our group in appreciation for demonstrating to us that Chesapeake "honors all executed leases".
If you are in the neighborhood please join us!
It will look like this....
With all the bad press that Chesapeake gets we have invite Mr. McCotter to Mondays "revealing event". At exactly 4 pm we will know whether the first drafts will expire (and be returned with the lease) or be funded as promised.
We as a group will assembly in front of Community Bank 400 Travis starting at 3:45 PM. We have invited Mr. McCotter (or a representative) to join us at that time and give him the opportunity to be thanked by members of our group in appreciation for demonstrating to us that Chesapeake "honors all executed leases".
If you are in the neighborhood please join us!
It will look like this....
Views: 399
Replies to This Discussion
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Permalink Reply by intrepid on -
So, out of what total number that were due to clear today what number was actually paid/not paid?
Is it really right to try and blame this one guy for all of the frustration?
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Permalink Reply by Rachel A. Hassell on
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well..the client i have who just gave me update as i was posting it---?? thats what they were told from community...i imagine there were several bankers--vanessa--in a bad spot today. At this point, I don't know if this was just something said--i think at this point...the client is just going to hope for the best, and not count on anything until they see it in their account.
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Permalink Reply by Snake Stewart on
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Thats right. He is just the Louisiana Head for Chesapeake ! Have they cancelled the Shaleorama Expo yet ?
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Had a good laugh about the "expo" the other day---my heart just goes out to all of these landowners. Im not gonna lie--at first...i was REAL jealous of the amount---i didn't get that much--but still faired very well....took my CHECK and ran ya know??!
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Thats what makes it so tough. You do everything to get it right. You deliberate and negotiate in good faith.You put your name on the dotted line and...........
Make them pay you in cash next year and for twice as much.
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Permalink Reply by Cathaus on
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It would have been just like Kevin McCotter to have said that he has never heard of JPD or the Greenwood landowners. He has a way of disavowing knowledge of anyone that he can't or won't pay! Has anyone else noticed this?
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Permalink Reply by intrepid on
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I was not aware he was "the Louisiana Head for Chesapeake".
Gives me a different take on the issue.
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Permalink Reply by sesport on
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I've heard retreads referred to as "may-pops" ... they may pop and they may not. How will you wager this one will go?
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Permalink Reply by Larry L on
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Approximately four were due to expire( and did expire..dead..gone..finished) today. One had a clear title, one had a "defective title" that was "cured" with a non-disturbance and attornment submitted last friday, two were trying to cure their titles but ran into unsurmountable obstacles by their mortgage company and given two business days to figure it out!
Chesapeake in late Sept budgeted this money for November. They have known when the drafts were due and the amount. Todays drafts were about $60,000. They didn't fund them, let them expire, and according to JPD will return the leases on drafts that "lapse".
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Permalink Reply by Gas Baron on
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Happy Thanksgiving and a Merry Christmas from JPD Energy & Chesapeake
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i just hate all of this. The comments from chesapeake was.."all FULLY executed leases will be funded"....in this case..one had clear title, and one had the non disturbance form filled out "in time"...it just says very LOUD and clear what their intentions are or lack there of....
I just feel really bad for all these homeowners. My stomach hurts at all of the s hills group...trying to do what i can in that area....
keep the site posted, we've had alot of new members to sign up...the more the better for future homeowners to come!
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Permalink Reply by insomniacnla on
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I copied this from the KTBS website:
"Drilling for shale answers
Last Updated: November 10, 2008 06:01 PM
One of several landowners in the Greenwood Neighborhood Network came here to the community bank in downtown Shreveport to see if Chesapeake Energy was going to honor his draft from the authoritized lease broker. Roger Poole says his draft came up today at 4pm. At 4:05 he came out empty handed.
More than 100 people were extremely upset about Mr. Poole's situation. They say if Chesapeake isn't going to honor his draft, what's going to happen to theirs.
Kevin McCotter with Chesapeake says every case is different. McCotter says he encourages people to keep in touch with their brokers to see where their leases stand. He said he couldn't comment on any case in which he hasn't seen the actual document."
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