Judge gives Wilfs another chance to keep amount of personal wealth private

Author:
Publish date:

A New Jersey Superior Court judge Thursday ruled to keep the amount of Vikings owners Zygi and Mark Wilf's personal wealth private for at least a couple more weeks, the Newark Star-Ledger reports.

The release of the information was expected Friday as part of a court order in the Wilfs' civil fraud case.

But in the ruling Thursday, Superior Court Judge Deanne Wilson agreed to give the Wilfs until Jan. 8 to file an appeal stating why the release of the information about their net worth should be withheld.

The Wilfs in earlier court filings claimed the exposure of their private wealth could risk their children's safety and put them at a competitive disadvantage in their business dealings.

The judge in September ordered the Wilfs to pay more than $84 million in damages to their former business partners Josef Halpern and Ada Reichmann, along with more than $15 million to cover their attorneys’ fees and costs. Wilson said the Wilfs cheated the partners out of revenues from the 764-unit Rachel Gardens apartment complex for more than 20 years.

The Star Tribune said the fine covers compensatory damages, punitive damages and a redistribution of profits.

In court Thursday, Wilson set a “post-judgment” interest rate of 2.25 percent annually on the fine and fees – meaning the Wilfs will have to pay more than $106 million if they lose their appeal. She also ordered the Wilfs to post a bond to make sure the money is available if they are on the losing end of the appeal.

The judge estimated it will take three years to resolve the Wilfs’ appeal, the Ledger said. The trial in the lawsuit – which was filed 21 years ago – took two years to complete.

Next Up

Related