Sometimes it’s the little things in life that make you happy. Like one of the OKC Thunder’s owners losing a bunch of money.
One of the men behind the “transfer of wealth” that turned the Seattle Supersonics into the Oklahoma City Thunder was Aubrey McClendon, a big time Oklahoma oil man. Drunk on the potential power of NBA franchise ownership and $100-a-barrel crude, McClendon took out massive loans and used them to buy up huge chunks of the company he runs, Chesapeake Oil, which reached all-time high stock price of $69.40 on July 2—the exact day that the Sonics were officially ripped from the City of Seattle like a still beating heart.
Today, that stock is worth slightly less … about 75% less. Oil prices dropped, the loans came due, and McClendon lost about $1.8 billion.
