Now, his ownership stake could be tied up in court.
Collapsing oil prices in late 2014 strained the new oil-and-gas empire he had assembled, and he struggled in his final year to raise more cash to keep it afloat.
Oklahoma records show he had pledged assets as collateral for loans, including his roughly 20% stake of the Oklahoma City Thunder basketball team, fine wine, investments in tech startups and antique boats.
Lawyers for Mr. McClendon’s creditors have said they think Mr. McClendon, who during his Chesapeake heyday was a billionaire, left behind more debt than assets. The entrepreneur’s debts so far amount to about $500 million, according to Oklahoma probate records.
But Martin Stringer, a lawyer for Mr. McClendon’s estate, said claiming it is insolvent is “incorrect” because “nobody has the facts,” according to a transcript of a May probate court hearing. The value of many assets “depends on commodity prices,” he added.
Mr. McClendon’s creditors, which so far range from Wall Street banks to a former employee to a farm-equipment maker, have until Sept. 16 to file claims.
Clay Bennett remains the Thunder’s controlling owner, so the team will likely remain stable. But there’s still potential for this to get a little messy.