Sue Ann Hamm, the ex-wife of Oklahoma oil magnate Harold Hamm who was
awarded cash and assets worth more than $1 billion in the couple’s
divorce this week, plans to appeal the judgment on grounds that it
grossly undervalues the marital wealth she is entitled to.
Feeling shortchanged by a ruling that allows the Continental
Resources chief executive officer to keep around 94% of the estimated
US$18 billion rise in his Continental shares during a 26-year marriage,
Sue Ann Hamm will appeal within a few weeks, one of her lawyers, Ron
Barber, told Reuters on Thursday.
She believes the decision was “not equitable,” Barber said.
On Monday, Oklahoma County Court Judge Howard Haralson ordered the
CEO, who is believed to own more oil than any other American, to pay his
ex-wife $995 million. The ruling allows her to keep additional
assets, including a California ranch and an Oklahoma home, worth tens of
millions more.
The Hamm v. Hamm divorce judgment is one of the largest in U.S.
history, but Sue Ann’s award is a small fraction of the wealth Haralson
allowed Harold Hamm to keep.
He holds more than 68% of Continental’s stock, a stake valued at
around $13.5 billion today. It was worth more than $18 billion
before the 9 1/2-week divorce trial began in August. Continental shares
have fallen sharply since then, in line with global oil prices.
According to Forbes, Hamm’s net worth is $12.6-billion.
Haralson ruled that $1.4 billion of the growth in his Continental
shares during the marriage was “marital capital” to be split with Sue
Ann. The rest was awarded to Harold as “separate property.”
“Sue Ann is disappointed in the outcome of this case. She dedicated
25 years as Harold’s faithful partner in family and business,” Barber
said.
A lawyer and economist, Sue Ann Hamm worked at Continental during
stretches of the couple’s marriage, which began in 1988. At one point,
the ruling says, she was an executive in charge of Continental’s crude
marketing division. She left the company in 2008. At other times she
worked in the home, helping to raise the couple’s two children.
1 comment:
I'm not doing this marriage thing right...
JK
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