This scenario has happened quite a few times in the history of the world. But in this report by Joshua Schneyer and Brian Grow at Reuters the shell company can be traced back to Chesapeake Energy Corp, America's second largest driller.
According to the report, in April 2009 Chesapeake created LA Land Acquisition Corp, which in turn created Northern Michigan Exploration LLC. Northern in turn hired a local land-lease company, which also hired a land-lease company to aid in dealing with land owners.
Chesapeake's CEO Aubrey McClendon also serves as director or CEO of LA Land and Northern, according to Reuters.
You may think this evidence would be enough to make Chesapeake liable for the money that Northern owes to over 800 Michigan farmers, but corporate law makes it hard to prosecute.
Chesapeake for its part claims that land bonuses were paid to some farmers and rejected when property titles didn't pass muster.
Read the full report at Reuters.
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Source: http://feedproxy.google.com/~r/clusterstock/~3/ea5bHLw2gEs/chesapeake-energy-shell-company-2011-12
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