More than $17 billion of Harold Hamm’s fortune may be claimed by estranged wife

One of the most controversial tenants of Red Pill theory is to “never get married.” The system (both judicial and social) is stacked way in favor of women and simply crushes men…rich and poor.

In the case of Harold Hamm’s divorce proceedings, we have a billionaire oil tycoon about to get gutted by his soon to be ex-wife.

Reuters reports…

More than $17 billion of Oklahoma oilman Harold Hamm’s fortune could be subject to division with his estranged wife, according to an economic analysis presented in their divorce trial, defining the stakes in one of the biggest battles ever over a marital estate.

The analysis of Kenneth Button, an expert witness hired by Sue Ann Hamm, was laid out in court testimony and in a document provided to Reuters by Oklahoma County Judge Howard Haralson. It is one of the first pieces of financial testimony to be released from the trial, which has been conducted mostly in secrecy.

In an uncommon step for a divorce case, Haralson has barred the public from the courtroom on most days and sealed most of the evidence. He says he is trying to protect shareholders in Hamm’s Continental Resources from the release of confidential business information. Through his 68 percent stake in Continental, a leading driller in North Dakota, Harold Hamm is believed to own the most oil in the ground of any American.

If all goes well for Sue Ann Hamm, then she will lay claim to a good chunk of a $17 billion fortune. Let’s assume she will most likely get half of Harold Hamm’s net worth. Factoring in 17 years of marriage, that’s the equivalent to a $500 million tax free salary every year for 17 years.

As one commenter on Reddit broke it down even further…

To put that into context, the guy could have paid 2 high class call girls $10K per hour as 24/7 live-in employees to do whatever he wanted, and still saved a huge amount of money. While getting as much sex as he wanted.

Of course, we all know exactly what would happen if the law told these woman to fuck off and enjoy their new frugal lifestyle. At least a hooker is honest about her dealings.

And people wonder why I’ll never get married.

Obviously, whatever the outcome of the divorce, Harold Hamm will not be starving by any means, but to swallow a potential judgement that will award his ex upwards of $8.5 billion cannot be easy to take and may even jeopardise his control of the company he built, Continental. Another great man is about to be taken down, and another women is about to earn a historic financial windfall for simply being married.

All told, Button’s analysis suggests that the marital capital subject to division could add up to some $17.6 billion.

If Judge Haralson accepts Button’s reasoning and awards Sue Ann a significant share of the marital estate, the Hamm split could yield the largest divorce settlement ever. If Hamm has to sell Continental shares to finance a large settlement, his control of the company could be eroded.

What caused Continental’s increase in value is critical to the outcome. Under Oklahoma law, any increase in the Hamms’ net worth resulting from the active efforts of either spouse during the marriage is considered part of the marital estate.

Continental’s impressive growth itself isn’t in dispute. According to Button’s report, the Oklahoma-based driller was valued at between $10 million and $50 million when the couple wed in 1988. It is now worth around $27 billion.

Sue Ann Hamm’s legal team contends that this growth resulted largely from the active leadership and astute decision-making of Harold. He is widely credited as a pioneer in developing the Bakken Shale formation of North Dakota, America’s largest oil discovery in decades.

Harold’s attorneys will try to show that Continental’s growth resulted mostly from factors beyond his control. They signaled this strategy in their cross-examination of Button, pressing the economist to consider that external forces, such as higher oil prices and new drilling technologies, were decisive factors in Continental’s success.

In summary, under Oklahoma law, because this man accomplished great things (extraordinary success based on his, and only his ability), his spouse is now entitled to those unique accomplishments.

Harold Hamm, 68, founded Continental in 1967, two decades before his marriage to Sue Ann, 58, a former attorney at the company.

References:

http://www.reuters.com/article/2014/08/15/us-continental-divorce-idUSKBN0GF14S20140815