Chesapeake (CHK) Sheds Assets As Icahn Enters Fray

As if a savior finally revealing himself to his people Carl Icahn has walked into Chesapeake Energy Corporation (NYSE:CHK) and instantly changed the fortunes of the ccompany's investors. The financial maven disclosed last Friday evening that he was holding a 7.6% stake in the company.

He also gave indications that he would be taking an activist role in the firm and asked that 4 new directors be appointed to the firm's board including himself. The 7.6% holding makes him the company's third largest shareholder.

The firm's shares were already up late last week just on the rumor that Icahn had...