Wednesday, 27 March 2013

Hamm Divorce Expected to Be World's Most Expensive

Oklahoma oil billionaire Harold Hamm is in the middle of a divorce battle with his 2nd wife.  In the absence of a prenuptial agreement, his billion-dollar fortune could be up for division, and San Jose divorce lawyers expect this to be one of the world's most expensive divorces.
According to Forbes, Harold Hamm is worth at least $11.3 billion.  Much of that wealth is held in the form of shares of his oil company, Continental Resources.  He is currently involved in a divorce with his 2nd wife who filed last year.  According to Sue Ann Hamm, her husband was cheating on her.
There is no information yet if this couple had a prenuptial agreement in place, but if there was no prenup Sue Ann Hamm could be eligible to receive as much as 50% of her husband's massive 68% stake in Continental.  What that means for shareholders in Continental is that he could possible lose control over his company.
News of the divorce has already caused reverberations in the share market, and closing prices for shares of Continental dipped recently, after news of the impending divorce and the potential division of the assets went public.  According to Forbes, this is the first time in years that the magazine has come across a billionaire divorce settlement that is likely to be so massive.  The website is hinting that Sue Ann‘s share of Continental could actually touch $5 billion.
Under Oklahoma law however, this divorce is likely to undergo inequitable division, which means, the ultimate settlement will be fair to both parties.  However, there are a number of other factors that may also work in Sue Ann Hamm’s favor, including the fact that she has been married for 25 years to Hamm, they have 2 children, and also the fact that she contributed greatly to the success of the company in her earlier capacity as an executive at the company.

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