29 May 2008

Supco Ruling Dooms $35m Chesapeake Project

Chesapeake Energy has scuttled plans to "invest up to $35 million to build a futuristic regional headquarters in Charleston," because of last week's Supreme Court ruling upholding a $405 million verdict against it and other gas producers, the Charleston Daily Mail reports.

Company spokesman Scott Rotruck "called the state Supreme Court denial 'stunning' because it does not give the companies an opportunity to challenge the verdict," the article said. The denial "sends a profoundly negative message," he told the newspaper.

6 comments:

Anonymous said...

C'mon. Did anyone really think this was going to happen?
This was nothing more than a cheap ploy by Chesapeake to buy a verdict by announcing that they were relocating.

clear eyes said...

And who could blame them with the Supreme court set to become even more business unfriendly after the election.

Anonymous said...

ploy? closer to blackmail. Is it really anti-business to punish fraud?

Chris James said...

clear eyes: If Walker and Workman win, I say the net result would be slightly more business-friendly than the aggregate of combo of Maynard and Starcher who they would be replacing.

Walker would be about the same and Spike and Workman is a fair bit to the right of Starcher on fiscal matters.

Fairness for West Virginia said...

www.walkerforsupremecourt.com

Anonymous said...

It is absurd that our court would not at least review the verdict. After all, SCOTUS decisions, as well as those from the WVSCA require "meaningful appellate review" of punitive damage awards. It's too bad this court is so cynical that it won't even follow its own precedent, much less of the highest court in the land. It's shameful.