Wilf partners could get $106 million, but not until appeal is over
- Associated Press
- December 19, 2013 - 11:28 PM
MORRISTOWN, N.J. — A New Jersey judge on Thursday delayed requiring the family of the owner of the Minnesota Vikings to pay two business partners that they defrauded of $84.5 million until their appeal is complete.
Judge Deanne Wilson ruled that Vikings owner Zygi Wilf, brother Mark Wilf and cousin Leonard Wilf don't have to pay Josef Halpern and Ada Reichmann immediately, the Newark Star-Ledger reported (http://bit.ly/19BqEVT). Wilson estimated that the appeal will take three years to resolve. The trial lasted two years and the suit was originally filed 21 years ago.
Wilson set a post-judgment interest rate of 2.25 percent and the Wilfs would have to pay more than $106 million if they lose an appeal that takes three years, the Star-Ledger reported.
The judge ruled in August that the Wilfs committed fraud, breach of contract and fiduciary duty, and had violated New Jersey's civil racketeering law. Reichmann and Halpern said they were cheated out of their fair share of revenue from a 764-unit apartment complex in New Jersey.
The judge also refused a request Thursday by the Wilfs' attorney to delay releasing the family's net worth until the appeal is over. Wilson agreed to let the Wilfs file an emergency appeal after a New Jersey appeals court refused this month to hear arguments that the family's net worth should be kept private.
The Wilfs have long kept their finances private even as the family won public subsidies to build a new stadium for their NFL franchise.
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