McClendon gives it up
Chesapeake Energy Grand Pooh-Bah Aubrey McClendon had been hoping to develop a stretch of the Denison Dunes in Saugatuck Township, on the eastern shore of Lake Michigan. Conservationists had opposed the move, and had even offered to buy out McClendon’s interests; no dice. (I wrote about this in January 2008.)
The project isn’t going anywhere, and now McClendon has agreed to the buyout:
A conservation group has signed a deal to buy 171 acres of Lake Michigan shoreline sand dunes in Saugatuck for $19 million from Aubrey McClendon, co-owner of the NBA’s Oklahoma City Thunder.
Officials for the Land Conservancy of West Michigan said Thursday the deal had been approved by its board. The Grand Rapids-based group has been working with The Nature Conservancy and the city of Saugatuck to acquire the property. Funding sources included a state grant and private donations.
The Land Conservancy will lease the property to Saugatuck, selling it in thirds to the city as the state grant funnels in over three years.
McClendon will take an estimated $20 million bath on the aborted project.
(Found at Daily Thunder.)
