5 Fun Facts About Harold Hamm's $1B Divorce Settlement
What's the biggest divorce you've ever handled? A million-dollar pie? A billion-dollar pie?
Try $14 billion, the net worth of oil tycoon Harold Hamm. Hamm. The CEO and majority shareholder of Continental Resources is breathing a sign of relief after an Oklahoma court held that his now-ex-wife would only receive $1 billion in their divorce.
Yes, only $1 billion -- yeesh. Here are a few other fun facts about this massive, massive divorce case:
1. Pre-Martial Assets Preserved.
Back in February, Oklahoma District Court Judge Howard Haralson ruled that Harold Hamm's (c'mon Midwest -- enough with the alliteration) holdings in Continental Resources were "pre-marital" property, and therefore not subject to division in the divorce proceedings.
Hamm's stake in the company was estimated by Forbes to be worth $13.8 billion at that time.
2. Equity Stake Preserved Too.
Nonetheless, Continental Resources shareholders were still a bit worried, as a sizeable payout to ex-wife Sue Ann Hamm could have forced Harold to sell some of his stock in the company. Thought it was a long shot, investors were particularly worried that Harold might be forced to sell enough stock to drop his stake from around 70 percent to below 50 percent.
However, according to Forbes, banks were lining up to loan Harold Hamm the money to avoid such a situation, should the need have arisen. It didn't.
3. Never Again, Says Mr. Hamm.
In an interview with Forbes, Mr. Hamm was asked if he would ever marry again. "Definitely not," he responded. "That's never going to happen."
4. It's Not the Largest Divorce Settlement Ever.
No, again according to Forbes, that title belongs to Russian "Fertilizer King" Dmitry Rybolovlev, who was ordered to pay his ex-wife Elena $4.5 billion.
5. Sue Ann Hamm Is Now One of the 100 Wealthiest Women in America.
According to Reuters, Sue Ann Hamm is now one of the 100 wealthiest women in the United States. She may not have gotten all that her lawyers wanted, but $1 billion (OK, technically, it was more like $995.5 million) is a pretty unfathomable figure.
Harold Hamm will be on a payment plan, according to Forbes: $320 million is due by the end of the year, followed by $7 million per month until he's paid the full tab. The court also put a lien on 20 million of Harold's 126 million shares in Continental, just in case.
Related Resources:
- An Oklahoma Oilman's Billion-Dollar Divorce (The New York Times)
- Amal Clooney Now Practices Under Her Married Name. Should You? (FindLaw's Strategist)
- Two Family Law Ads: One Brilliant, One Miserable Failure (FindLaw's Strategist)
- Battles Over Pet Custody Becoming More Common (FindLaw's Strategist)