Former Chesapeake CEO Aubrey McClendon is back on track to take a new investment vehicle public. Avondale Acquisition would be a special purpose acquisition company, presumably set up to buy oil and gas assets or companies, but the investors in the offering would not know what the target is when making the investment. With the drop in both oil and natural gas prices, there will be lots of distressed assets coming to market, and Aubrey hopes to be there with an open checkbook. Will he be looking at Encana's Haynesville portfolio? Maybe not. He's only raising $200 million, which he will of course leverage with debt, but I doubt it will be enough to buy the Encana leases outright. Anyway, I'll bet he is looking for something with more liquids anyway.
If this thing goes through, it will be entertaining to see Aubrey on the prowl again.