Divorce to cost Harold Hamm nearly $1 billion

[Old Fart]

I've been sitting back waiting on this outcome. Wow!
I'm sure further legal proceeding will follow.


Continental Resources Inc. CEO Harold Hamm must pay almost $1 billion to complete his divorce, an Oklahoma judge has ruled.

Continental Resources Inc. CEO Harold Hamm must pay his ex-wife nearly $1 billion to resolve their long-running divorce case, an Oklahoma County judge ruled Monday.

Observers had speculated the divorce could be the largest in U.S. history, given Hamm’s position as Continental’s majority shareholder, but the judge decided only a fraction of his stock’s value qualified as marital property.

District Judge Howard R. Haralson awarded about $2 billion in marital property to Hamm, while his ex-wife, attorney Sue Ann Hamm, received assets worth about $25 million.

The judge ruled Harold Hamm must pay half of the difference between the marital asset awards, which works out to about $995 million.

“We think this is a fair and equitable outcome of the case,” said Mike Burrage, one of Harold Hamm’s attorneys.

Sue Ann Hamm’s attorneys were not prepared to comment on the ruling Monday.

“We’re currently evaluating Ms. Hamm’s options,” attorney Ron Barber said. “We’ll release a statement in the next few days.”

The Hamms had been married since April 1988, but she asked him to move out on Feb. 19, 2012. The divorce petition filed three months later cites “mutual irreconcilable differences.”

For complete article: http://newsok.com/divorce-to-cost-harold-hamm-nearly-1-billion/article/5365475

 

[Wheel Gun]

Hey, a billion doesn't buy what it used to.

 

[RidgeHunter]

$1 billion would have bought that poor old bastard a lot of top-shelf call girls.

 

[Larry Morgan]

$1 billion would have bought that poor old bastard a lot of top-shelf call girls.

I think that's what caused him to have to shell out $1 billion in the first place!

Edit: NM, I see what you're saying.

 

[Ace_on_the_Turn]

It may seem like a lot, but she got screwed, big time. Like out of about $5 billion more she was entitled to. When they married he was worth something like a billion, give or take. Most of his net-worth is shares of stock in Continental Resources, the company he founded. Here's the deal, he had to claim that the increase in the value of his stock had nothing to do with him or his efforts. Since he owned the stock before they married any increase that's outside his control is not considered marital property. Any increase due to his skills and efforts, is marital property and subject to a 50/50 split. So he claimed in court that the increase in the value of the stock would have happened even if was not the CEO. Of course he doesn't plan on giving back any of the bonuses he was awarded for his leadership.

 

[120 Acres]

No sleep lost here.

 

[dlbleak]

i sorta dated his daughter shelly back in junior high. he's me kicking myself in the arse!

 

[nofearfactor]

Cheaper to keep her...

 

[patrickcudd]

Most men will say, no matter the cost, the divorce was worth it!!