Man, it's tough out there. It's rumored that Chesapeake CEO Aubrey McClendon is about to auction off his entire wine collection through Sotheby's. The collection is said to include 9,000 bottles and is expected to fetch over $5 million. The WSJ reports:
According to three people familiar with the auction, the seller is Aubrey McClendon, chief executive of Chesapeake Energy. These people say at least one other broker kicked the tires on Mr. McClendon’s collection before it went to Sotheby’s.
Mr. McClendon is one of the top wine collectors in the country, known for his love of Burgundy and Bordeaux. He also is known for his cash crunch. Last fall, he was forced to sell 94% of his stake in Chesapeake to pay back margin loans. Mr. McClendon’s stake once was valued at more than $2 billion. So it wouldn’t be surprising if he were to want to liquidate some of his, er, liquid assets.
Mr. McClendon, through a spokesman, didn’t respond to a request for comment.
It's rough even for the big guys.