Harold Hamm, who made a fortune in the oil industry as the founder and current Chief Executive Officer (CEO) of Continental Resources appeared to be happy with a $1 billion ruling against him last year as part of his divorce proceedings last year, but has now changed his tune and appealed against the ruling.
Hamm has been going through divorce proceedings from his ex-wife Sue Ann Arnall in their home state of Oklahoma. Arnall also worked for Continental Resources had previously appealed the result herself, as she claimed that her ex husband was able to hold onto over ninety percent of the fortune that the two of them created together during their marriage.
Since the ruling, Harold Hamm’s fortune has decreased by 50% in connection with a downturn in oil prices that has eaten significantly into his fortune which is estimated at $19 billion. That is a tough pill to swallow, and people on DrGibby.com sympathize with him a little. Harold owns 68% of the stock of Continental which he owned before he met his ex-wife, which Dr Rod Rohrich is pretty impressed with. He indicated that the value of the company increased during this time frame not because of aspects of their marriage, but because of market factors that increased the value. This argument has some support under Oklahoma law which indicates that only wealth built by both spouses should be divided when a couple is divorced.
The appeal by Harold Hamm extends a divorce fight into its third year and has cost him upwards of ten million dollars.