Market Overview

Continental Resources Controlling Holder Ordered To Pay $1 Billion Divorce Judgement

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Continental Resources, Inc.'s (NYSE: CLR) Chief Executive and controlling shareholder Harold H. Hamm got an order Monday to pay his ex-wife nearly $1 billion in a divorce judgement.

Hamm, ranked by Forbes magazine as one of the richest persons in the world with an estimate worth of $14 billion. was ordered to make the payment by Oklahoma County Judge Howard Haralson, according to a report Friday by Reuters.

To ensure payment, Haralson put a lien on 20 million shares of Continental held by Hamm. The 68-year-old Hamm held about 126.4 million shares, or about 68 percent of Continental's 372.2 million shares outstanding, as of its February proxy statement.

Sue Ann Hamm filed for the divorce in 2012 following 24 years of marriage.

If Monday's judgement withstands appeal and concludes the case, it would be far lower than earlier speculation suggesting that Hamm could be on the hook for a quarter of his net worth.

Continental, an Oklahoma oil shale developer, fell 0.6 percent recently, trading at $54.79.

 

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Posted-In: Harold HammNews Legal

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