Continental Resources CEO Harold Hamm has been ordered to pay a $1 billion divorce settlement to his ex-wife in conclusion to their drawn-out divorce case.
In one of the most costly divorce cases ever made public, Harold Hamm, CEO and controlling stakeholder of Continental Resources, has been sentenced to pay a nearly one billion dollar divorce settlement. On November 10th, Oklahoma County Judge Howard Haralson delivered a ruling ordering the billionaire business mogul to pay his ex-wife Sue Ann Hamm a settlement of $995.5 million.
A Long and Contested Divorce
Although the couple unofficially separated as early as 2005, Sue Ann did not file for divorce until 2012. Since then, the proceedings have dragged on for well over two years, often catching the attention of the media outlets and those with an interest in the future of Continental Resources. Due to the uncertain and contested nature of the divorce, the case has been an ongoing cause for speculation and concern among stakeholders of Continental Resources. Tensions were particularly high when rumors circulated earlier this year suggesting that Harold could lose up to one quarter of his assets, thereby placing his position as majority shareholder at risk.
However, the court-ordered divorce settlement announced earlier this month will allow Harold’s controlling stake in the company to remain safely intact. The only implication of Continental Resources in the verdict is that a lien has been placed on 20 million of Harold’s share. With 68% of Continental under his control, the total value of his shares is estimated to be close to $14 billion.
$1 Billion Divorce Settlement: One of the Largest Public Settlements in History
Despite her failure to obtain the half of Harold’s $14 billion net worth that was initially sought, Sue Ann Hamm has received the fourth largest divorce settlement in public history.
The high net worth assets at risk in the Hamm divorce, along with the involvement of a public company, resulted in a high profile case. Its contested nature and lengthy process threatened to negatively impact Continental Resources while raising questions about how the legal system should more effectively resolve such high net worth divorces.
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