WebProNews

Tag: oil tycoon

  • Sue Ann Arnall: How Could A Nearly $1 BILLION Divorce Settlement Not Be Enough?

    Sue Ann Arnall, the ex-wife of Oklahoma oil tycoon Harold Hamm, has rejected the $975 million divorce settlement awarded to her by an Oklahoma court. Arnall appealed the ruling citing 78 errors which she believes led the judge to undervalue her stake in Hamm’s fortune. She believes the court’s ruling was not fair because Hamm was worth an estimated $18 billion.

    Hamm’s lawyer, Michael Burrage, released a statement saying, “Ms. Arnall, through her counsel, stated that they were rejecting the payment because Ms. Arnall did not want to risk the dismissal of her appeal by acceptance of the benefits.”

    Sue Ann’s legal counsel also released a statement saying, “As Sue Ann has stated previously, 6 percent is not a fair proportion of the wealth the couple accumulated during their marriage, and she trusts that a more equitable division of the marital estate will result from this appeal.”

    Arnall was an economist and a lawyer who has held executive positions in Hamm’s company, Continental Resources. According to Arnall’s appeal, the company’s fortune is due to both Hamm’s work and hers and that she is entitled to so much more than the $975 million awarded to her. Hamm and Arnall have been married for 26 years and they have two children together. It is worth noting that the couple had no prenuptial agreement when they got married. Aside from the $975 million check, Hamm also paid Arnall millions during the divorce proceedings. She was also awarded property including the couple’s $14.7 million Oak Ridge Ranch in California, as well as a couple of their Oklahoma properties. Despite writing the check, Hamm will also file an appeal stating that outside factors (including a significant dip in oil prices) have taken their toll on both the company and his wealth, saying that his fortune is actually worth less than Arnall’s estimate. The $975 million awarded to Arnall is the second largest divorce settlement in the United States. Jocelyn Wildenstein, who was awarded $2.5 billion, remains to be on the top spot of the most expensive divorce cases in America.

  • Sue Ann Hamm Not Satisfied With $1 Billion Divorce Settlement

    Sue Ann Hamm, the ex-wife of Oklahoma oil tycoon Harold Hamm, was awarded over $1 billion in cash and assets during their divorce trial last week. However, it seems Sue Ann is not happy with the ruling and will be appealing the judgment on the grounds that it “grossly undervalues” the money she is entitled to, especially after working in the company during her marriage with Hamm. The ruling allowed Hamm to keep an estimated 94 percent of the rise in his shares during their marriage.

    “Sue Ann is disappointed in the outcome of this case. She dedicated 25 years as Harold’s faithful partner in family and business,” said Sue Ann’s attorney Ron Barber. According to a court filing, Judge Howard Haralson ruled that Hamm should pay Sue Ann a total of $995.5 million dollars with about a third of the money to be paid for by the end of the year. She was also awarded additional assets including a ranch and a house, both located in Oklahoma. The assets are said to be worth millions.

    The divorce settlement that was reached on Monday, November 10, is considered as one of the biggest settlements in US history. Hamm is the CEO of Continental Resources, one of the largest oil companies in the United States. Hamm also owns 68% of Continental Resources’ stock, which is worth $13.5 billion.

    Sue Ann is a lawyer and economist who has worked in key positions at Continental Resources during their 26 years of marriage. According to court documents, Sue Ann also led the crude marketing department at one point.

    In a court filing from 2013, Sue Ann revealed that Harold was having an affair, which prompted her to file for divorce. The couple got married back in 1988 and they have two daughters together. It is worth noting that Harold and Sue Ann never signed a prenuptial agreement when they got married.