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National

Creditors, McClendon estate fight over Thunder

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Opening sequence

National

Creditors, McClendon estate fight over Thunder

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COMING UP:Creditors, McClendon estate fight over Thunder

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00:00:00
>>
NOISE] T
e Oklahoma City Thunder, one win away from reaching the NBA finals is also involved in a very different battle, not on the court, but in court. The family of Aubrey McClendon, the heavily indebted Oklahoma Energy magnate who died in a car crash in March, wants to hold on to their 20% stake in the team.
00:00:22
But former lenders of the late McClenden wanna get paid, making for an upcoming ugly courtroom fight, says Reuters correspondent Jessica DiNapoli.>> Aubrey McClendon was known for his penchant for financial risk and leverage, so when he died he left behind a lot of debts. His creditors are looking at the stake in the Oklahoma City Thunder basketball team as the crown jewel and what's left behind.
00:00:49
McClendon was CEO of Chesapeake Energy up until 2013 when a series of Reuters articles raised serious questions about his business practices. Then earlier this year, the US government indicted McClendon for bid rigging during his time at Chesapeake.>> The day after that indictment came down, he died in a single car crash in Oklahoma City.
00:01:11
His death under the terms of some of the loan agreements with creditors is considered a default and now they want to get their money back.>> Because low oil and gas prices have pressured the value of many of McClendon's other assets, but lenders want that 20% stake in the Thunder to be sold for top dollar.
00:01:31
But they fear it will either be sold for less than that to McLendon's wife Kathleen because she is family, or not sold at all.>> Kathleen McClendon, according to the creditors wants to own it and keep it in the family. But the creditors wanna stop that transaction because they fear it won't be at market rates, and they'll lose out.
00:01:52
>> The creditors will now take their claims into a probate court room in what's expected to be a highly complex proceeding. And for McClendon's former lenders, in no way a slam dunk.