% | $
Quotes you view appear here for quick access.

Linn Energy, LLC Message Board

  • opinionsarelike33 opinionsarelike33 Mar 27, 2013 5:58 PM Flag

    Harold Hamm drilling more than oil and his wife

    His second wife, lawyer and economist Sue Ann Hamm, filed for divorce last year; she has since alleged that Harold was cheating on her, per Reuters’ reporting. The news wire posits that if the couple didn’t sign a prenuptial agreement, Sue Ann could receive half of Harold’s 68% stake in Continental. In essence, the entirely self-made oilman could lose control over the company he founded in 1967.

    At Friday’s closing price — one that dipped about 3% on news of the impending split — Sue Ann’s slice of the NYSE-listed firm is worth upwards of $5.3 billion. No billionaire divorce settlement Forbes has uncovered over our years of tracking the super-wealthy comes close to that sum.

    That’s not to say that Sue Ann will necessarily be awarded exactly half of Harold’s fortune. Oklahoma’s divorce law calls for “equitable distribution”, meaning the court decides what’s fair. They’ll take into account the couple’s 25 years of marriage, two children and Sue Ann’s years as an executive at Continental where, as Reuters notes, she created oil and gas marketing units among other key roles.

    Since news of the Hamm divorce broke, analysts have puzzled over the long-term implications for Continental’s stock. The company didn’t return Forbes’ call for comment, but the following statement appeared on Continental’s website just as Reuters posted its piece:

    “Today, Harold Hamm has announced that a petition for divorce is pending in the District Court of Oklahoma County. This private matter has not and is not anticipated to have any impact or effect on the Company’s business or operations.”

    SortNewest  |  Oldest  |  Most Replied Expand all replies
3.30+0.40(+13.79%)Aug 28 4:00 PMEDT