This would be SWEET !!!!....Thanks Jacki for the link ....Mitt Romneys Energy Adviser ....KING OF ND FRACKING .....This summer, analysts were predicting that Harold Hamm could lose half of his $20 billion fortune in his divorce. Since then, Hamms fortune has indeed been cut in half. But the reason is oil prices, not his divorce. Since the end of August, the CEO and founder of oil-company Continental Resources has seen the value of his shares in the company fall from $20 billion in late August to just over $10 billion on Friday. We dont know what other major assets or debts he has, or how leveraged he might be, but its safe to say that Hamms paper fortune from Continental has been cut in half in just three months. The $10 billion wealth-cut comes at the same time as his costly divorce ruling. Last month, a judge ruled that Hamm has to pay his ex-wife, Sue Ann, nearly $1 billion for their divorce . As part of the ruling, the judge has placed a lien on 20 million shares in Continental stock. Sue Anns attorney has said she may appeal for more money. Of course, Hamm is still rich. Even if hes down to his last $8 billion or $10 billion, hell still be able to live the life to which hes grown accustomed. But Hamms sudden wealth loss shows that the new age of High-Beta Wealth-where massive paper fortunes can be created and destroyed overnight-isnt confined just to tech and financial companies. Even oil, one of Americas oldest and most stable sources of dynastic wealth, has become more volatile recently. Hamms rags-to-riches story has become legend. The 63-year-old oilman was one of 13 children born to Oklahoma sharecroppers. He took a job pumping gas after high school, then started cleaning oil tanks. He started a drilling company, and with a $1,000 loan eventually founded Continental. The company discovered the Cedar Hills Field in North Dakota in 1995 and went on to become one of the countrys largest onshore oil companies. Hamms rise from poverty may make it easier for him to weather the blows to his fortune. When talking about retirement, he once said: I tried retirement once, but lasted six months because I feared, and I still do, that Ill fall back to that level of poverty. You really cant escape it. finance.yahoo/news/harold-hamm-loses-10-billion-160548327.html
Posted on: Tue, 02 Dec 2014 08:37:49 +0000
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