Family Law
CEO must pay $995M in divorce case; analyst calls 'rather small' award good news for shareholders
In one of the largest divorce-court awards ever, an Oklahoma court has ruled that oil magnate Harold Hamm, 68, must pay his ex-wife more than $995 million.
But Sue Ann Hamm, 58, had sought more, and observers say the award in the Oklahoma County case is good news for shareholders of Hamm’s company, Continental Resources, who had worried that a multi-billion dollar award against its chief executive officer could force a sale of the business, reports Reuters.
“With this rather small settlement, it just removes some of the uncertainty,” analyst Mike Breard of Hodges Capital Management in Dallas is quoted saying. “And there’s already enough uncertainty around energy stocks right now with the oil price drop.”
