Seeking Alpha

Shareholders sue Continental CEO Hamm over pipeline investment

  • A group of Continental Resources (CLR) shareholders is suing CEO Harold Hamm, alleging that CLR's $95M investment in a pipeline being built by another firm he controls will benefit him at their expense.
  • CLR is providing partial funding for Hiland Partners, a Hamm-owned pipeline and gas plant operator, to build the $300M, 450-mile Double H crude oil pipeline, which is expected to start up later this year and eventually ship up to 100K bbl/day of oil.
  • The plaintiffs are asking, among other things, that Hamm and the other defendants surrender to CLR any profit or benefit related to the company's investment in Double H.
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Comments (3)
  • Vegasbill
    , contributor
    Comments (30) | Send Message
     
    Great idea. What ever happened to competitive bidding? Maybe there is a reason for this contract. The shareholders should know.
    10 Feb 2014, 08:51 PM Reply Like
  • davidpstrong
    , contributor
    Comment (1) | Send Message
     
    The Golden Rule still applies..." Them's with the GOLD make the rules".. That doesn't work today.....
    11 Feb 2014, 08:56 AM Reply Like
  • lwbyers
    , contributor
    Comment (1) | Send Message
     
    did you ever think that the pipe line will benefit CLR
    11 Feb 2014, 02:16 PM Reply Like
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