Ed: True. However, while they don't hold an outright majority of the outstanding, they still held a significant chunk prior to the recent offerings. For this reason, I don't think they will "go away" easily.
From the S-3/A filed on July 29, 1998...
<<CONTROL BY CERTAIN STOCKHOLDERS
At July 24, 1998, Aubrey K. McClendon, Tom L. Ward, the Aubrey K. McClendon Children's Trust and the Tom L. Ward Children's Trust beneficially owned an aggregate of 24,838,897 shares (including outstanding vested options) representing 25% of the Company's outstanding Common Stock, and members of the Company's Board of Directors and executive officers, including Messrs. McClendon and Ward and their respective children's trusts, beneficially owned an aggregate of 28,468,195 shares (including outstanding vested options), which represented 28% of the Company's outstanding Common Stock. As a result, Messrs. McClendon and Ward, together with executive officers and directors of the Company, are in a position to significantly influence matters requiring the vote or consent of the Company's stockholders.>>
Razor |
