Summary: The multibillion-dollar divorce between Sue Ann Arnall and Harold Hamm may have finally reached a conclusion.
You may recall that, a couple of months ago, JDJournal reported the story of the divorce of Sue Ann Arnall and oil tycoon Harold Hamm. To finalize the divorce, the court ordered Hamm to pay Arnall close to $1 billion dollars, but Arnall planned to appeal the court’s decision. However, according to CNN Money, it appears that Arnall has had a change of heart and has cashed the check.
Read about the November settlement here.
Hamm was responsible for developing Continental Resources as well as the Bakken oil field in North Dakota. Hamm owned Continental before he married Arnall. Arnall is an attorney and an economist who has held executive positions in the company. Arnall argued that she was entitled to a larger chunk of the marital estate than the court awarded. She filed an appeal based upon the premise that the couple’s multibillion-dollar fortune was due to efforts of both parties, not just Hamm’s.
A statement from Arnall’s attorney said, “As Sue Ann has stated previously, 6% 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.”
Hamm’s net worth was estimated to be around $20 billion last year, and he holds a 68% stake in Continental. The couple was married for twenty-six years and had two children. No prenuptial agreement was in place to assist with the divorce proceedings.
Halliburton settled oil spill claims in 2014 for $1.1 billion.
Craig L. Box, Hamm’s lawyer, said, “It is my opinion that by negotiating the tendered check, Ms. Arnall will dismiss her appeal and this litigation is likely at an end.”
Hamm had also filed an appeal in which he argued that, since oil prices have plummeted, his company’s value has declined, along with his wealth. In that appeal, Hamm said he could no longer afford the settlement and that it was no longer fair to ask him to pay the $1 billion.
In early 2014, oil was worth roughly $100 per barrel. By the end of the year, it had dropped to $60 per barrel. His current net worth is around $8 billion, according to Wikipedia.
Source: CNN Money
Photo credit: CNN Money