Billionaire oil magnate Harold Hamm has been ordered to pay his ex-wife, Sue Ann Hamm, $1 billion in a divorce settlement.
Harold Hamm is the CEO of Continental Resources, a petroleum company based out of Oklahoma City.
The billion-dollar judgement is one of the highest divorce payouts in United States’ history.
However, it is well short of what the former Mrs. Hamm’s lawyers were hoping for. Mr. Hamm is worth over $13 billion, and Mrs. Hamm was hoping to receive almost half of that amount. That is primarily due to the fact that the marriage had no prenuptial agreement.
Since the payout is relatively low, all things considered, Hamm probably will not have to sell off any of his shares in his company to pay for the divorce.
The judge who presided over this matter put a lien on 20 million shares of Hamm’s Continental stock in order to make sure the settlement gets paid.
Hamm is required to pay around a third of the billion dollars by the end of 2014. He will then pay off the rest of the money in monthly installments of at least $7 million. Mrs. Hamm has already received $25 million since the case began.
When it’s all said and done, this ruling will make Sue Ann Hamm one of the 100 wealthiest women in the United States. As for Mr. Hamm, the news of this ruling has already caused Continental’s stock to drop one percent to $54.58 per share.
Hamm initially met his ex-wife at Continental Resources where she worked as an attorney and in various executive positions.
I wonder if the divorce was worth it for Mr. Hamm.