Beyond the Thunder stake and the minority interests in the AEP spin-off companies, the identities of many of the other assets are not publicly known because the probate court granted the estate a waiver on inventorying and valuing them, according to court records. Besides McClendons lakeside mansion, there is one other home in Michigan on the market for $40 million: Granot Loma, on Lake Superior near Marquette, is billed as the worlds largest log cabin. OKLAHOMA CITY (AP) Chesapeake Energy Corp. withdrew its claim for more than $455 million against the estate of late Oklahoma City energy magnate Aubrey McClendon as part of a settlement of a . It depends on commodity prices, among other factors, Stringer said in the transcript. The fading Oklahoma billionaire described by business publications as Mr. Stringer and the other attorneys for the estate have bristled at the intervention of the creditors in the probate court. 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And it appears he never spent a night in it. Records in that case show the claim was filed Aug. 12, but it was only made public last week and first reported by The Wall Street Journal. Location OKLAHOMA CITY A lawsuit by a partner of Oklahoma City energy magnate Aubrey McClendon challenges the distribution of funds from McClendons estate. The. McClendon owned about 20 percent of the NBA's Oklahoma City Thunder, an asset creditors have said may be among his most valuable. This material may not be published, broadcast, rewritten, or redistributed. Estate attorney Martin Stringer said then that the Thunder interest was not for sale. Investigators found that McClendon drove straight into a wall without correcting, but there was no conclusive evidence that he intentionally drove into the wall, according to Oklahoma City Police Capt. It has really left us up in the air, Rudich said of McClendons death. Customer Service. Creditors, including Wilmington Trust, expressed concern during a May 2016 hearing that McClendon's ownership stake could be sold to a family member at less than market value, according to a court transcript obtained by The Oklahoman. Attorneys representing Ryan Turner, an executive for American Energy Management Services, have filed claims against the McClendon estate seeking to uphold profit-sharing agreements made by Mr. McClendon to key executives at the firm, including Mr. Turner. The bank group led by Wilmington Trust has also hired restructuring attorneys and is working with financial advisors. Over $20 million in gifts supported everything from building construction to restoring the pipe organ in the university's chapel. But away from the roar of fans and the glare of cameras, another battle involving the basketball team is brewing in a probate courtroom in its home city. Called Winsor House, it sits on a cliffside and is officially listed for sale for $13.9 million. During a less than 15-minute hearing, an attorney for the estate, Amy Sine, outlined the agreement. An investigation showed McClendon part-owner of the NBAs Oklahoma City Thunder sped north from his home in Oklahoma City about 9 a.m. in a 2013 Chevrolet Tahoe. In 1989, yacht maker Ken Denison obtained a permit to build a mansion on the familys property there, just before lawmakers passed the Michigan Dunes Protection Act. Clayton Bennett, a close friend of McClendon, is the chairman of the Professional Basketball Club LLC, which owns the Thunder. At stake is a roughly 20 percent interest in the Thunder held by Aubrey McClendon, the indebted Oklahoma energy magnate who died in a car crash on March 2. He bought it in 2006, and set about trying to establish a luxurious development for high-end housing complete with a marina and golf course on a signature stretch of dunes land north of Saugatuck, sparking a protracted court fight. After finally winning the necessary development approvals, McClendon listed the whole site for sale in January. He said Wilmington Trust was the most significant creditor in the case. This spring, Le Creuset has introduced an exciting new shade thats already selling fast: shallot, a soft lavender with pink and slight gray undertones. Originally a medieval fortress that became a palace in the 17th century, this property boasts a past of huge historical prestige. 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Chesapeake Energy and the estate of its former CEO, the late Aubrey McClendon, agreed to settle a legal dispute involving claims that Mr. McClendon stole sensitive documents to start a rival company. OKLAHOMA CITY - A lawsuit by a partner of Oklahoma City energy magnate Aubrey McClendon challenges the distribution of funds from McClendon's estate. His estate waived any claim to unpaid compensation and rights to benefits that include stock and use of a corporate jet. I dont say this with my club to say, We hate you and go away. It is more we need to be able to do what we need to be able to do., Reporting by Jessica DiNapoli; Additional reporting by Joshua Schneyer in New York and Terry Wade in Houston; Editing by Carmel Crimmins and Tiffany Wu. "I don't say this with my club to say, 'We hate you and go away.' His biggest investor was abandoning him and he had just agreed to settle a legal claim that chipped at his reputation, Reuters reported in March. McClendon owned about 20 percent of the LLC. Cloudflare Ray ID: 7c0d1d75ee7b362f And he left his secluded, for-sale Lake Michigan beachfront home. They said the interest in the Thunder was not for sale at this stage, and any sale would need to satisfy qualifications set by the National Basketball Association. At stake is a roughly 20 percent interest in the Thunder held by Aubrey McClendon, the indebted Oklahoma energy magnate who died in a car crash on March 2. On the other hand, when charities go into court when someone dies to enforce a pledge people view it more negatively than Oaktree coming in and saying we loaned money to you and we want our money back,'' Zwicker said. Aubrey McClendon awoke that Tuesday, as he had 10,000 times before, ready to work a deal. McClendon owned about 20 percent of the NBA's Oklahoma City Thunder, an asset creditors have said may be among his most valuable. During a less than 15-minute hearing, an attorney for the estate, Amy Sine, outlined the agreement. One of Blalock's attorneys, Stringer, said he would go before the court to resolve any conflicts, according to the transcript. Forbes valued the Thunder at $950 million in January. It has a recorded land division for 18 single-family lots, all approved by the Michigan Department of Environmental Quality as buildable under the Critical Dunes Act. There was plenty of opportunity for him to correct and get back on the roadway and that didnt occur.. The Thunder has thrived in Oklahoma, nearly tripling in value since 2012, according to Forbes. The Boy Scouts said it would not pursue its claim while the Reagan Foundation remains a party to the probate case. document.getElementById( "ak_js_1" ).setAttribute( "value", ( new Date() ).getTime() ); Copyright 2023 Nexstar Media Inc. All rights reserved. Mr. McClendon died in a car accident last March, leaving $9.94 million in pledges unpaid. AEP is working with restructuring attorneys. Oklahomans address public safety ahead of marijuana, Oklahoma votes on recreational marijuana March 7, Election Results: Recreational Marijuana vote, Oklahoma prepares for rec. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. Reuters was unable to verify that valuation. A spokesman for the university said paperwork asking to withdraw the claim was filed on Friday in the Oklahoma City district court where the Chesapeake Energy Corp. co-founders estate is being wound down. A second-floor, quarterdeck-like balcony includes seating areas in front of windows for conversation, reading and sunset viewing. Your IP: Gas, The Fracking King and an alpha wildcatter with an off-the-charts risk tolerance became owner of a massive mansion amid acres of delicate dune land. Under the terms of the loan, his death represented a default. Wilmington Trust did not return a request for comment. McClendon, 56, of Oklahoma City, died March 2, less than a day after federal authorities announced fraud charges in a bid-fixing scheme for gas and oil leases in his home state. Tom Blalock, chief legal officer of AEP, is the executor of McClendons estate after both McClendons wife and Scott Mueller, chief financial officer of AEP, passed on the job. Duke had filed a claim on the estate of Oklahoma oil tycoon Aubrey McClendon, a 1981 alumnus, saying he had not fulfilled $9.9 million in pledges before his death earlier this year. Besides the $3 million McClendon had in a cash account, the Thunder stake may be his most valuable asset, they said. Sen. Tim Scott (R-S.C.) teased an announcement for May 22 during a town hall on Sunday, widely speculated to be the official launch of his presidential campaign. He fell in love with it from the water, while on a passing boat. marijuana special election, Voters re-elect members of Oklahoma City Council, Extras needed for movie filming in Oklahoma, Two OU students make history at Fill the Stadium, Kingfisher Public Schools hazing lawsuit intensifies, BestReviews.com - Top gifts to make everyone happy this spring, Surprise your mom with one of these Mothers Day, Mothers Day inspo: This foot massager has 20,000, Drew Barrymores Walmart collection is perfect for, Best Mothers Day gifts for the budding plant mom, Best Mothers Day Gifts for moms obsessed with books, Do Not Sell or Share My Personal Information. Hoge compared it to a bankruptcy, where the courts chief role is to protect the interest of creditors. Stringer and an attorney for Kathleen McClendon did not return requests for comment. Sign In. Should we throw in 50/50 together here rather than trying to bash each others brains out on lease buying? McClendon wrote to the company rival. 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