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03-16-2009, 01:19 PM
OKCBiz > Two Oklahoma City men drop off Forbes billionaire list (http://okc.biz/article/03-12-2009/Two_Oklahoma_City_men_drop_off_Forbes_billionaire_ list.aspx)
Two Oklahoma City men drop off Forbes billionaire list
OKC Biz
3.12.2009
Forbes Magazine listed four Oklahomans to its World Billionaire list which was posted to its site today.
Of the six state men who were listed as billionaires in the Sept. 2008 400 Richest Americans list, only four remained on the World’s Billionaires list.
Oklahoma City’s Harold Hamm, who owns Enid-based Continental Resources, led the list with an estimated $3.5 billion and a 164th ranking while Hobby Lobby’s David Green made the list at No. 647 with a $1.1 billion estimated worth.
Tulsa’s George Kaiser topped the state men in the list at No. 43 with $9 billion worth while Lynn Schusterman made the list with $1.2 billion worth at No. 601. Both men are in the oil-and-gas industry.
In 2006, Aubrey McClendon and Tom Ward were co-listed at number 215 with a $1.6 billion net worth in the Richest Americans’ list. Last September, Chesapeake’s Aubrey McClendon ranked 134th with $3 billion net worth. Tom L. Ward made the list at No. 155 with a $2.7 billion net worth. Both men are among the owners of the National Basketball Association’s Oklahoma City Thunder franchise.
However, neither one made the billionaire list. Overall, there were 793 world billionaires, down from 1,125 listed the previous year.
In October, McClendon was forced to sell his company stock. Because of margin loan calls, McClendon involuntarily sold substantially all of his common-stock shares. A margin loan call would take place because the purchaser would have used securities as credit to buy shares. Once the stock declines to a certain price, the buyer would have to sell back the shares. In early July, Chesapeake Energy’s stock priced out at $69. Aug. 27, the price was $50. The stock traded at $20 per share in October.
In January, SandRidge Energy announced its Ward sold 8.9 million common-stock shares in a privately negotiated transaction. After the transaction, Ward owned 29.05 million shares which equates to about 17.5 percent.
“This was necessary for debt service and tax planning needs. Although I am disappointed to sell shares at this price, I am pleased to have completed a negotiated private transaction with such a highly regarded investor rather than an open-market sale,” Ward said in a statement. “I continue to have the highest regard for our company and the assets we hold.”
Kaiser purchased the shares, according to company officials, for $50 million. As part of the agreement, Kaiser could sell back the shares to Ward for the same price. In a related transaction, the Kaiser-Francis Charitable Income Trust C amended existing rights and restated the rights to be five-year warrants to purchase 6.67 million shares from Ward subject to certain adjustments.
Two Oklahoma City men drop off Forbes billionaire list
OKC Biz
3.12.2009
Forbes Magazine listed four Oklahomans to its World Billionaire list which was posted to its site today.
Of the six state men who were listed as billionaires in the Sept. 2008 400 Richest Americans list, only four remained on the World’s Billionaires list.
Oklahoma City’s Harold Hamm, who owns Enid-based Continental Resources, led the list with an estimated $3.5 billion and a 164th ranking while Hobby Lobby’s David Green made the list at No. 647 with a $1.1 billion estimated worth.
Tulsa’s George Kaiser topped the state men in the list at No. 43 with $9 billion worth while Lynn Schusterman made the list with $1.2 billion worth at No. 601. Both men are in the oil-and-gas industry.
In 2006, Aubrey McClendon and Tom Ward were co-listed at number 215 with a $1.6 billion net worth in the Richest Americans’ list. Last September, Chesapeake’s Aubrey McClendon ranked 134th with $3 billion net worth. Tom L. Ward made the list at No. 155 with a $2.7 billion net worth. Both men are among the owners of the National Basketball Association’s Oklahoma City Thunder franchise.
However, neither one made the billionaire list. Overall, there were 793 world billionaires, down from 1,125 listed the previous year.
In October, McClendon was forced to sell his company stock. Because of margin loan calls, McClendon involuntarily sold substantially all of his common-stock shares. A margin loan call would take place because the purchaser would have used securities as credit to buy shares. Once the stock declines to a certain price, the buyer would have to sell back the shares. In early July, Chesapeake Energy’s stock priced out at $69. Aug. 27, the price was $50. The stock traded at $20 per share in October.
In January, SandRidge Energy announced its Ward sold 8.9 million common-stock shares in a privately negotiated transaction. After the transaction, Ward owned 29.05 million shares which equates to about 17.5 percent.
“This was necessary for debt service and tax planning needs. Although I am disappointed to sell shares at this price, I am pleased to have completed a negotiated private transaction with such a highly regarded investor rather than an open-market sale,” Ward said in a statement. “I continue to have the highest regard for our company and the assets we hold.”
Kaiser purchased the shares, according to company officials, for $50 million. As part of the agreement, Kaiser could sell back the shares to Ward for the same price. In a related transaction, the Kaiser-Francis Charitable Income Trust C amended existing rights and restated the rights to be five-year warrants to purchase 6.67 million shares from Ward subject to certain adjustments.