Family Law Blog

Hamm Divorce Finalized, Court Rules Tycoon Will Retain Controlling Interest

Monday, March 03, 2014

Billions of dollars’ worth of controlling interest in his oil empire was at stake as oil tycoon Harold Hamm, battled it out with his wife Sue Ann in their divorce case. Now, the judge has ruled in favor of Hamm, saying that he will not have to give up his controlling interest in the oil company as part of the settlement.

Hamm is the founder of Continental resources and a billionaire, and his controlling interest in Continental Resources was at the crux of the case. Hamm currently owns a 30% equity stake in Continental Resources, and news that he would have to give up his controlling stake as part of his divorce settlement, had rankled shareholders. Uncertainty loomed over the future of the company.

Now however, the judge has ruled as part of the order granting partial summary judgment, that the billionaire will retain as his own separate property more than 122 million shares of Continental. These are shares that he owned before he married Sue Ann. The judge has now ruled that those 122 million shares are considered premarital property belonging to Hamm.

Hamm’s marriage has been a volatile one. In fact, this is the third time that the couple has filed for divorce over the past decade. The couple has been estranged and living apart for the past 10 years, but so far, there has been no final statement on the kind of settlement that Sue Ann will receive. It is no doubt likely to be a very hefty settlement.

Next, the court will have to decide how to divide the value of the stock because it has grown exponentially over the course of their marriage. Until that decision is made, the tycoon must hold on to the shares, and will not be able to sell or transfer them.