Have a nice day.
SO what.Good for CLR but this is KOG.
Sentiment: Strong Buy
I wonder if the shareholders of CLR know that they just dodged a bullet? Hamm owns 70% of that company his wife, with the help of a gaggle of lawyers is divorcing him.
Imagine what would happen if his wife pulled off a coup and got 50% of his shares? She and her cohorts could neutralize his proxy power and the lawyers would be running the company.
The judge just decided that the shares he owned before marrying her are his, period and her shares are a small minority interest worth a paltry couple hundred million or so.
Now Hamm can go back to running his company until he dies and then the lawyers will fight over it.
Concentrated ownership is a two-edged sword, Hamm can do what he does best, run the company and unlike KOG doesn't have to worry about a hostile takeover.
Its positive for the Baaken companies. And clr might make a bid for kog. Good luck