RPR&C In The Media


Forbes – Billionaire Oilman Harold Hamm To Pay $1 Billion In Divorce – Quote by Seymour Reisman

November 10, 2014 Posted in: RPR&C In The Media


November 10, 2014

Billionaire Oilman Harold Hamm To Pay $1 Billion In Divorce

Harold Hamm is finally divorced. After two years of legal wrangling and a two-and-a half-month trial this summer, the founder and CEO of Continental Resources CLR -1.65% has been ordered to pay Sue Ann Hamm a total of $995.5 million. Oklahoma County Judge Howard Haralson said in a court filing released today that Hamm must fork over about $320 million by the end of the year, with the rest of it to be divvied up into installments of at least $7 million per month. To make sure Hamm — worth $14 billion as of this afternoon — is good for it, the court placed a lien on 20 million shares of Continental stock. Hamm owns 253 million shares, or more than 70% of Continental.

This is a very positive outcome for Hamm, as well as for the rest of Continental’s shareholders, who may have been somewhat concerned that an adverse ruling could have forced him to sell enough shares to dilute his stake below 50%. That was never a likely outcome, however; private bankers have been lining up to loan him whatever he needed.

And so much for early speculation, roiling since papers were filed in 2012, that this divorce could end up being the costliest of all time.  For now, that title belongs to Russian “Fertilizer King” Dmitry Rybolovlev, who has been ordered to pay wife Elena $4.5 billion.

Divorce attorney Seymour Reisman emailed me this afternoon to say that Sue Ann Hamm got shafted in this judgement: “Typically a wife of 26 years should expect to receive a minimum of 25-30% of the marital assets.” In this case, she got closer to 7%.

In an emailed statement to Forbes this afternoon, Hamm wrote:

“Today Judge Howard Haralson handed down his ruling in the Hamm v. Hamm divorce case.  This has been a long and arduous process and we are appreciative of Judge Harralson and his staff for their dedication and attention to the witnesses and evidence presented.  This is a fair and equitable outcome to the case.  Out of respect for my family, we will have no further comment on the matter.”

I talked with Hamm about the divorce trial early this year and asked him if he was open to the possibility of getting married again someday.  His response ought to dash the hopes of gold diggers: “Definitely not. That’s never going to happen.”

Continental shares were off 1.65% today, inline with the rest of the oil and gas sector.