OIL TYCOON HAMM APPEALS DIVORCE VERDICT

It was only last month that oil billionaire Harold Hamm finalized his divorce from his ex-wife. As part of the divorce settlement, the court awarded her $1 billion, and at the time, he found the ruling was fair. However, his ex-wife appealed the court ruling, calling it too small.

Now it appears that Hamm has had second thoughts, albeit for different reasons. He has now decided to appeal the ruling.

Part of the reason for the appeal seems to be the fact that oil prices have fallen significantly across the globe. In the United States, prices have remained down since June, and have dropped by as much as 40%. Hamm’s estimated $19 billion fortune has now significantly depleted, and no doubt, that has forced Hamm to reassess the fairness of the divorce ruling. He now says that the ruling was erroneous and inequitable.

His ex-wife had earlier filed an appeal against the judgment, saying that the ruling was unfair because it allowed Hamm to retain 90 percent of the wealth that she also had a part in building. Anne Hamm, who also happens to be an attorney, put up a hard-fought legal battle during the divorce, trying to prove to the court that she had played a major role in building Hamm’s company Continental resources.

Hamm however denied that she had played much of a role in building his wealth, claiming that the 60% stake in the company, which he owned before he met his ex-wife, expanded in value because of market factors like rising oil prices, and had nothing to do with his ex-wife’s hard work. The two were married for 26 years.

Meanwhile, the appeal will raise more questions about the amount of money that Continental has so far spent on the divorce which is now in its third year.

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