Oil Tycoon's Ex Wife Asks for More Money After Getting $1 Billion from Her Divorce

Oil Tycoon's Ex Wife Asks for More Money After Getting $1 Billion from Her Divorce
Mon 08-12-2014

The ex-wife of an Oklahoma oil magnate who was just awarded the second biggest divorce settlement ever in the United States has slammed the court's ruling saying that the $1billion payout she is set to receive is 'inappropriate' and 'not fair.'

Sue Ann Arnall has appealed the ruling made last month in an Oklahoma City, Oklahoma courtroom, citing 78 alleged errors and missteps that caused a judge to grossly undervalue her stake in one of America's greatest oil fortunes.

The oil fortune she refers to is that of Continental Resources, the company founded by her ex-husband Harold Hamm in 1967, who himself is worth $9billion.

Miss Arnall has taken ownership of the Oak Ridge Ranch in Carmel, California, a property purchased by the couple in 2011 for $14.7million, along with the couple's two of their Oklahoma properties, as per the court's ruling.

Mr. Hamm will take their $750,000 home in Branson, Missouri and a $300,000 log cabin that sits on 154 acres in Major County, Oklahoma.  

As for the appeal, Miss Arnall made it clear just days after the November 10 ruling that officially made her a billionaire that she believed the marital wealth she was entitled to had been grossly undervalued.

The only spouse to ever score a bigger settlement in the United States was Jocelyn Wildenstein, who reportedly received $2.5billion after splitting with her businessman and art dealer husband Alec in 1999.

Miss Arnell stated that she felt that the decision by Judge Howard Haralson to allow lawyers for both her husband and for Continental Resources to be involved in the proceedings was 'inappropriate' in that it allowed them to 'double team' her.

During the trial it was argued that Continental’s growth stemmed mostly from passive factors, such as rising oil prices, and, under Oklahoma law, only the 'active' portion of wealth accrued during marriage in previously acquired www is subject to division.

Miss Arnall’s lawyers contend however that Judge Haralson miscalculated what was due to her by attributing only a small portion of a $14billion rise in the value of Mr. Hamm's Continental shares during the marriage - 6 percent.

Miss Arnall, who worked as a lawyer for Continental when she and Mr. Hamm married, and went on to take a series of executive roles at the company, also claims that Judge Haralson undervalued her own contributions to the couple’s wealth.

Most estimates have stated that Continental Resources was worth around $50million in 1988 when the couple married, which is just a drop in the well when compared to the $20billion behemoth it is today. 

That aforementioned $9billion fortune of Mr. Hamm's was in fact a $20billion fortune as recently as August, with the oil baron forced to watch over half his worth slip away due to a drop in the price of crude oil.

Source: Daily Mail

 

Tags: Divorce News