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....

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What I am wondering about is why some landowners are asked to have their mortgage company sign documents and other landowners with mortgages are not. What is Chesapeake's protocol concerning this?

I had a mortgage when I signed with Chesapeake in September, 2008 and nothing was said about having my lender sign anything. It was never mentioned or asked of me or my lender.

If it is usually required by Chesapeake, then would the blame not fall on JPD for failing to timely notify the landowners? Like an "oops I forgot.."

I also negotiated with JPD Energy a couple of years ago and JPD never asked for a subordination either. JPD had negotiated with me for 2 years, title work had been performed, had the check (not a draft) and lease ready and an appointment for me to sign to receive my check. Still nothing required concerning my mortgage and/or lender.

I believe that either JPD was untimely in notifying the landowners or Chesapeake was looking for a way out and the landowners are the ones paying the price.
The fact that they are requiring the subordinations does not surprise me. Especially with the turmoil in the housing market. But the timing of the requests by JPD/CHK is very disturbing.....

It should be assumed that most homeowners probally have a mortgage. This should have been brought up during negotioations or at lease signing.
I heard that the man who's draft expired and was on the news Monday was paid by Check today.
I do not know if he had to file the subordination form.
Other drafts are coming due today. Hopefully they will clear
Roger the Lessor (almost as famous as Joe the plumber) had a clear title and did not have to file the Non disturbance and attornment agreement. He told me he went to JPD today and they gave him a check. As of 4 pm I have heard of no one else receiving a check. I have received emails on two that were to expire today and did in fact expire. I do not know the details of what they were told, if anything, Hope they will post here!
Unless those with Drafts due were down at JPD or the bank they may not know until their banks contacts them. But im sure there were people down there waiting. Why would you pay one person and not the rest?? I would not rest until that check cleared to my account. There is no reason for JPD and CHK to be playing games with people like they seem to be doing. NO clear answers only vague answers. IM amazed we dont know if the Drafts cleared today or not.
The drafts were one thing concerning only a breach of contract. The check is an entire different story. If the check does not clear that is a punishable offense that can put you in jail. Especially for a large amount. So I think they are doing the right thing, just being slower than expected. I think the fact that they issued a check is sign that their intentions are solid. Just my opinion
Hope you are right Lanny8
I feel very sure I am correct about the legal aspects. But as I keep saying.....It is not money in the is money in the bank. So lets be hopeful. The glass is half full instead of half empty.
i assisted a gwood homeowner today with a refinance--great for them financially--dollars and "sense" wise...but also so that someone local like myself could do their form for them--after getting the complete runaround and not going to get form done by current company etc.
we hand delivered this to pedro today--he stated that probably all of the drafts would be sent back to people's banks---and they would be paid via check. This particular homeowner's draft was to expire today---we had no more time to waste. We acted, we did what was not only good for this purpose, but a great deal for them moving forward. He said they expected a wire from chk on monday---and they would have a check by tuesday or wednesday. I believe the exact words were..."drafts will all be returned, checks will be issued." So are covered if that form was in ontime....per the dating of the draft--
if there is anyone who is close to getting these---get em. He said there was a lil time for some of them. He stated this draft was not being paid til the 17th in the system--but again...we weren't so trusting of that. We didn't what needed to be done to get this in today--so all was covered! So per pedro--drafts will not be paid---chk is going to wire to them and from there, checks will be cut.
I know RJ...i know. I can't quite explain the runaround...and i've been up in arms about this...its not right!! stall stall stall. Like i main concern with this landowner was to get the form back, in time, per the original dating of draft, original emails, memos etc from jpd. Who knows what this next week will bring....
drafts of this "length" are generally not used...most of the time drafts are legitimately used, usually 10 days or less, for purposes of after lease signing, if there is anything that needs to be corrected. Its alot easier to get someone to come resign or correct something if they haven't gotten their money, versus if they already have. a 25 day draft...scary stuff!!
We keep on keepin on. Not sure where these other dates came from--this one was due today--however...jpd showed the 17th on their system. We just took no chances. The reason as to why the drafts wouldn't be paid...?? one more thing for you to be charged for. Your bank does charge a collection fee when draft is processed. Usually it is at the point of the draft being deposited...usually 15-30 bucks per collection, and what will these drafts are being guys will see a fee to hit your account. Don't be alarmed..doubt highly the money will be reimubursed...but i guess at this point...if we can get the money out of them...i think 20 or 30 bucks is okay to gulp down. Its not worth any more stress to you guys!! I just dont' trust what isn't on paper...and just because someone at jpd says the 17th...we weren't going to waste another minute!! Not only were these guys able to make their deadline---they were able to take their rate down to 4.875%...suuuuwwweeet!!
If there is anyone that needs any help..even with contacting their current provider, or if someone doesn't have the time to stay on hold (gee golly...most people have to work during the day) i will be more than happy to assist in anyway that i can. Lets just hope and pray this stops!! They just should have cut checks!!
Rachel, I agree they should have cut checks but the middle man (land man) does not have the cash and has to wait for the deal to finalize which is why they give out "drafts". Pedro told us that the bank fee was included in the amount of the draft. So if they issure a check your draft amount will be in there. I hold a draft also and in no way have any affilitation with JPD. I am just going on common sense and the seat of my pants.
absolutely!! really on the fee? how would he know what each bank charges? community may charge them a fee for processing...i was speaking of a nominal fee that the collecting bank would charge...again...i think at this you guys the money, to heck with a fee ya know??!! It always is tougher when the "middle man" is involved. You know how that goes...they negotiate for a larger amount...come back and tell you congrats...we got x amount per acre...and their money is made thru the difference. Even if they were able to just get out of half of the leases signed...this is alot of money NOT paid out. It will just be really nice when all of this has some closure--keep on keepin on...stay on em, and slowly but surely, the ones in compliance (per jpd/chk) hopefully will start to see these funds. It really boils down to CHK at this time. Pedro stated wire should be in for friday...but just in case it was late in the day (fed cuts off at 2) that it could be monday. Might not be a bad idea to touch base with him on friday and inquire on the chk wire....there is no reason that checks couldnt' be cut right then and there!! For as much as everyone has been through--being cautious is the ONLY way to go!!


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