Anadarko had to deal with this issue when it spun off Tronox. It's not "fraud" as what we may be familiar with. It's a legal bankruptcy term. Basically it means that if you sell assets and file for bankruptcy within one year, those deals may be undone and proceeds returned as such transactions "took" assets away from creditors, decreasing their ultimate recoveries. The case for this is stronger when the company is deemed to be in the "zone of insolvency" with trouble meeting its debt obligations and doubts about its status as a going concern. So for CHK, with the equity and debt markets pointing to significant bankruptcy risk - I would say it's in that zone. I am not a lawyer, but common sense would tell me that's the case.
Upshot is, asset sales at this point are now very tricky - Lawler was at Anadarko so I am sure he's very familiar with this issue. So we're really caught between a rock and a hard place. The only way out it seems is an out-of-court debt restructuring, (i.e. the current exchange offer). If this doesn't happen, I would bank on a bankruptcy filing in Q1 2016 or Q2 2016 at the latest. If they file now, the recent asset sales may be at risk of becoming undone (I think).