Harold Hamm, who has a net worth of more than $14 billion, is an American entrepreneur primarily involved in the oil and gas business. He is best known for pioneering the development of the large shale oil of the Bakken formation. However, the Continental Resources Inc. Chairman has a billion dollar divorce case under his belt.
Continental Resources Inc. Chairman Harold Hamm is a 68-year-old billionaire who has an estimated net worth of $14.2 billion as listed by Forbes, making him the twenty-fourth richest man in the United States. However, in his latest billion dollar divorce case, he owes his ex-wife, Sue Ann, almost $1 billion for divorce settlement.
After a secretive nine-week trial of Harold Hamm's divorce case, an Oklahoma judge has ordered the major oil producer to pay nearly a billion dollar to his ex-wife, Sue Ann Hamm. The New York Times reported that Sue Ann will join the ranks of America's wealthiest women as the settlement increases her net worth value.
According to a court filing on Monday, Harold Hamm's divorce case is one of the largest divorce judgments in the United States. In an 80-page ruling, Oklahoma Special Judge Howard Haralson ruled that the oil mogul should pay his ex-wife a total of $995.5 million, as reported by Reuters.
Although the divorce case settlement could make 58-year-old Sue Ann Hamm as one of the 100 wealthiest women in the United States by increasing her current net worth value, the billion dollar verdict is far smaller than the amount her legal team sought and does not require Harold Hamm to sell shares of Continental.
During the contentious and time-consuming divorce case trial, Sue Ann Hamm's lawyers had asked the Oklahoma judge to divide a marital estate they estimated to be worth at least $17 billion that is tied up in Continental shares. Meanwhile, the Wall Street Journal reported that the settlement the District Court has issued leaves Harold Hamm's control of the oil company intact.
"Mr. Hamm thinks it's a fair and equitable resolution to the case," Harold Hamm's lawyer Michael Burrage said. "It's over. It ends a lot of speculation."
Sue Ann Hamm's lawyer refused to comment beyond saying that her legal team was evaluating its options.
Harold Hamm owns more than 250 million Continental Shares or nearly 70 percent of the company with a net worth value at round $14 billion. Some analysts speculated that Harold's control of the Continental might have been weakened if he had to sell a substantial stake to satisfy a billion dollar divorce case verdict.
Continental Resources Inc. has also issued a statement regarding Harold Hamm's billion dollar divorce case. The case has affected Harold Hamm's net worth which is now around $14 billion, down from more than $18 billion before the trial started.
"As Continental has stated on numerous previous occasions, this private matter has not, and will not have any impact or effect on the Company's business or operations," Continental said in a statement.
By the end of 2014, the judgment requires Harold Hamm to pay his ex-wife about $320 million, or one-third of the total settlement. The rest is to be paid in portions of at least $7 million a month.
Harold Hamm has already paid $22.8 million to his ex-wife, he owes her an additional $972.7 million. The remainder must be paid in monthly installments, plus interest. The judge's order put a lien on 20 million of Mr. Hamm's shares until he completes the payments. The court also awarded Sue Ann Hamm two of the couple's homes and a ranch. While Harold Hamm received a third home, two horses, certain family pictures, books, guns and hand tools. According to court documents, the oil magnate had hoped to keep a favored geode.
When you have the assets and net worth of Harold Hamm, you can afford to pay a billion dollar to resolve a divorce case. And with no pre-nuptial agreement, Sue Ann Hamm could have received the biggest divorce settlement in history.
