In 2005, the board of Chesapeake Energy Corp. proposed an unusual perk for its founder, CEO and Chairman Aubrey McClendon. The stated purpose: to align the long-term goals of the company with those of its erratic, dynamic captain. The Founder Well Participation Program, offered to shareholders for a vote in 2005, would let McClendon and co-founder Tom Ward each buy up to a 2.5 percent ownership stake in Chesapeake's new oil and gas wells. Ward left the company in 2006, leaving McClendon the sole player in what seemed a juicy executive privilege: a private piece of Chesapeake's adventures in its peerless oil and gas -- mainly gas -- properties. This spring, that picture has shattered.