Harold Hamm Pledges Almost 20% Of Continental As Collateral To Cover Divorce Loan

Tyler Durden's picture

It's not been a good six months for Harold Hamm. The billionaire CEO of Continental Resources has seen his massive stake in the company cut in value by almost 60% since the start of September and - maybe even more distressing - agreed the largest divorce settlement ever. Hamm's divorce lawyers recently said he took out a personal loan to fund the $1 billion settlement with ex-wife Sue Ann Arnall, but as Reuters reports, a regulatory filing by the company today reveals Hamm pledged 68.7 million of his company shares as collateral for the loan on Jan. 9, or around 18.5% of the outstanding shares.

Not a great few months...

 

and that loan is already costing him 4%...

 

As Reuters reports,

Continental Resources said Harold Hamm, its chief executive officer and majority shareholder, has pledged about one-fourth of the company shares he owns as collateral for a personal loan, according to a regulatory filing.

 

The Jan. 13 Securities and Exchange Commission filing doesn't state the purpose of the personal loan. However, Hamm's divorce lawyers recently said he took out a personal loan to fund a divorce settlement with ex-wife Sue Ann Arnall. Under a November divorce court ruling, Hamm owed Arnall about $1 billion and last week wrote her a check for the balance that remained, about $975 million.

 

Hamm initially pledged 68.7 million of his company shares as collateral for the loan on Jan. 9, according to the filing. That is around 18.5 percent of Continental's outstanding shares, according to Reuters data, or around one-fourth of the shares in Hamm's name. The CEO owns a total of nearly 253 million company shares, or 68 percent.

 

The value of the shares pledged by Hamm as collateral is currently about $2.4 billion.

 

Continental's filing said the terms of Hamm's personal loan, whose size was not disclosed, could require the CEO to pledge more of his shares as collateral if the stock price doesn't meet "minimum value requirements," without offering further details.

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Bernanke'sDaddy's picture

Who says women don't have it good?

 

Chug on some cawk once a week for a few years and walk away with 1 BILLION Bernanke Bux!!!

 

Think of all the bullion that bitch can buy!!

jcaz's picture

Dude-  no chance your loan doesn't get called-  your banker buddy ain't gonna take another $10 hit in oil and hold your hand-

BK.

knukles's picture

So is this the grand decoupling to which everybody was referring or am I missing something?
Honey, where's this week's People magazine?

Never One Roach's picture

I'm sure there's a happy ending in this story somewhere.

 

He gets the  warm 19 y.o. bank teller and she gets the cold Billion.

WillyGroper's picture

Yup. That 5 min wick dip cost him dearly.

Stackers's picture

Aint no pussy worth $1 billion dollars.

Eddie Murphy put it perfectly

https://www.youtube.com/watch?v=Q4YJHvzo2io

WillyGroper's picture

Steven Hawking might disagree. ;)

RaceToTheBottom's picture

Where do I sign up for the "paid cougar meat" job?

KnuckleDragger-X's picture

The woman's greed is gonna backfire if Continental goes down the toilet. If I was offered a billion I'd be someplace warm and far far away from ground zero....

Lax Accounting's picture

She already cashed the check buddy.

nuubee's picture

...said he took out a personal loan to fund the $1 billion settlement with ex-wife Sue Ann Arnall...

I'm sure she considers her contribution to his wealth generation to be worth that, so I am personally fascinated on finding out that attention from a high-quality professional are exactly what I need to change my mindset into one where I can become wealthy.

Why didn't ZH tell me a long time ago that finding the right prostitute was the best investment I could ever make?

chubbar's picture

His cost per stroke is extraordinarily high, even for an american princess divorce.

JB634's picture

Men have no incentive to get married under the current legal regime.

daveO's picture

End the FED. The FED pays the mafia's(gov) bills. The mafia is the one pimping the women. It does it many different ways. No Faults, child support, WIC, Section 8, preferential hiring, etc. 

Bernanke'sDaddy's picture

Seriously? Who downvoted me? I guess today's NSA crew are a bunch of bull dykes. Hey "Ladies," seriously, if you're curious about the sausage, plenty of the commenters here will be happy to oblige. For our country, as it were.

StackShinyStuff's picture

Cuz u were supposed to say "Joo Bux"  Francis Sawyer Rules! /s

FireBrander's picture

$1B settlement...proof, once again, it is cheaper to rent than to own.

FireBrander's picture

With $1B in hooker and blow money, I'm sure I'd be dead (of an overdose of one or the other) by the time I spent $1m.

Why do these guys get married?

DetectiveStern's picture

The wifes sort out the hookers and blow.

MASTER OF UNIVERSE's picture

and someone once said that they find all the lost shirt buttons and sew them back on again, but that seems to be a myth we have been led to believe before tying-the-knot, I'm afraid.

daveO's picture

True, but with lax divorce law, everyone rents. He forgot to read the contract. Men should not get married UNLESS they are already broke & homeless. 

Usurious's picture
Usurious (not verified) buzzsaw99 Jan 14, 2015 1:49 PM

shes got BALLS

Stoploss's picture

Is she a Nailgunner?? Jumper? Or 1 inch water puddle drowner?

Soul Glow's picture

Maybe he has a son that needs an allowance.

falak pema's picture

wow I didn't know silicone was that expensive. 

ghostzapper's picture

Goldman writing DDS on this pig?

Ya know - Divorce Default Swaps. 

chunga's picture

Right? There has to be something going on here.

Supposedly, Bernanko can't refi his home mortgage, but this turd is borrowing a billion dollars for a divorce settlement?

 

ebworthen's picture

Don't give them any ideas!

Stoploss's picture

Girls now days don't have to worry about that.

It's well known the only reason they want to get married is to get paid. Get pregnant, get paid...

Soul Glow's picture

Women need security in terms of taking care of their bodies.  It's their physical nature.

Kobe Beef's picture

Normally, [women’s] weakness makes masculine protection necessary to their existence and to the exercise of their overpowering maternal instinct, and so their whole effort is to obtain this protection in the easiest way possible. The net result is that feminine morality is a morality of opportunism and imminent expediency, and that the normal woman has no respect for, and scarcely a conception of abstract truth. Thus is proved a fact noted by Schopenhauer and many other observers: that a woman seldom manifests any true sense of justice or of honor.

~H. L. Mencken

Soul Glow's picture

Dow down 325 so buy the fucking dip, muppets.  Don't end up like Hamm!

Yen Cross's picture

 Did the "gold mining" ho already get remarried? Why the different last names?

tahoebumsmith's picture

Hammered bitchez. Will be a familiar trend for these fuckers when this ponzi crashes and burns...

stant's picture

Love is a thrill, divorce a few mill

Yen Cross's picture

  Hamm owns 68% of outstanding shares and he pledged roughly 1/4 of that amount valued at $2.4b for a $1b loan?

 WTF? The guy is getting something like 40-45%  of the stock value assuming he 100% collateralized the settlement.(which we know he didn't. )

 Hamm should go get his head examined.

LawsofPhysics's picture

He must really hate those employees or himself.

Bob's picture

Yeah, I started trying to get my head around those numbers and after about 10 different theories, I'm wondering WTF is missing from this story. 

ebworthen's picture

Looks like Sue Ann Arne Arnall won the Lottery!  Too bad for the shareholders.

Of course, she might have earned every penny.  Only God knows that one.

Mike Honcho's picture

Marriage: a long term decision to a temporary delusion.

loregnum's picture

Now that's some expensive pussy payment. Men are such morons to get married or even get involved with women. 

gaoptimize's picture

Please see Breitbart's two part series on the "Sexodus"  http://www.breitbart.com/london/2014/12/04/the-sexodus-part-1-the-men-gi...

I for one adore my wife and our 4 children.  Admittedly, I had to go to the former Soviet Union to find a family-oriented 6' goddess who happens to be a genious.

daveO's picture

I hate to break it to you, but when you bring them here they change. I've seen it happen to family members who went shopping overseas. If you take a nun and put her in a whore house, she changes. If she's smart, she retires rich. 

Disc Jockey's picture

Never. I repeart EVER put a ring on it unless she's willing to go for a prenup (and even then I'd be cautious).

Screw Femenisim. Learn Game.

Hit it and quit it my droogies. Besides who's got money for a marriage if even the rich can't afford one?

http://www.amazon.com/Bang-Roosh-V/dp/1438214235

daveO's picture

Listen, Pre-Nups are an admission that the system is crooked against men. Pre-Nups are routinely thrown out by judges (some of these are even men!). Imagine having a hooker signing an agreement that she's not going steal your wallet and, if she does, your gonna talk to her pimp about it. How much sympathy do you think the pimp's gonna give you? The state is the pimp! They make their money by stealing yours! That's why Pre-Nups are nothing more than the 'triumph of hope over experience'. Don't get married.

Colonel Klink's picture

My heart is bleeding for this poor fella......NOT!

Itchy and Scratchy's picture

'I gave her a diamond .....and she gave me the shaft!'