In one of the largest divorce judgments ever, Continental Resources Chief Executive Officer Harold Hamm will pay nearly $1 billion to his ex-wife.
$999.5 million Divorce Settlement
Following the nine-week divorce trial, Oklahoma Special Judge Howard Haralson ruled oil magnate Hamm, 68, should pay Sue Ann Hamm, 58, a total of $995.5 million, thus making her one of the 100 wealthiest women in the United States. The two were wed in 1988 and had no prenuptial agreement. Sue Ann Hamm was also an executive at Continental at one point.
The amount, though large, is smaller than what her lawyers sought. The ruling also will not require Harold to sell any of his shares of Continental. He currently holds 68 percent of Continental’s shares. His stake is currently worth close to $13.9 billion, which has dropped from before the trial began, when his stake was more than $18 billion.
While Judge Haralson’s ruling is subject to appeal, the judge placed a lien on 20 million shares of the company’s stock to secure the judgement. The judge also ordered Hamm to pay his ex-wife about one-third of the funds, which equates to $322.7 million, by the end of the year. The remaining payments, $650 million, in installments of at least $7 million per month. Much of the trial centered on how much of Continental’s growth could be attributed to Harold Hamm’s management decisions, in order to thus provide lawyers with a better understanding of his net worth.
Among the assets that were awarded to Sue Ann Hamm, was the couple’s $17.5 million ranch in Carmel, California, and a home estimated to be worth $4.7 million in Oklahoma City.
Source: Reuters, Continental Resources CEO ordered to pay $995 million in divorce, November 10, 2014
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