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Thread: Aw Crap.

  1. #11
    tastywaves's Avatar
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    Quote Originally Posted by jmcdon00 View Post
    I think he's right to investigate. The judge basically said the Wilf had lied on all of their financial statements. It would suck to get the stadium half built, then have Wilf file bankruptcy, or even sent to prison. If he would screw a family friend and business partner like that, I'm sure he'd do the same to the taxpayers.
    It's a civil lawsuit so no prison time would apply. Also, my understanding is the damages being requested is in the $50M range, so doubt it would put Zygi into bankruptcy. His estimated worth is over $300M and I'm sure his brother and cousin have a few greenbacks put away as well. I also doubt anything would be paid or resolved for quite some time.

    It looks like Zygi and crew did pull some shenanigans and will probably end up paying out some money, but I doubt it will be anywhere close to $50M.

  2. #12
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    Quote Originally Posted by tastywaves View Post
    It's a civil lawsuit so no prison time would apply. Also, my understanding is the damages being requested is in the $50M range, so doubt it would put Zygi into bankruptcy. His estimated worth is over $300M and I'm sure his brother and cousin have a few greenbacks put away as well. I also doubt anything would be paid or resolved for quite some time.

    It looks like Zygi and crew did pull some shenanigans and will probably end up paying out some money, but I doubt it will be anywhere close to $50M.
    Considering he bought the Vikings for over $900M, I had a feeling his net worth was a little more than $300M... this site says he's worth $1.3B, which seems a lot more realistic.
    Disclaimer: I'm an idiot.

  3. #13
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    There is a difference between net worth and how many liquid assets you have. And lord knows how much he might have stashed away in overseas accounts.

  4. #14
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    Quote Originally Posted by jmcdon00 View Post
    I think he's right to investigate. The judge basically said the Wilf had lied on all of their financial statements. It would suck to get the stadium half built, then have Wilf file bankruptcy, or even sent to prison. If he would screw a family friend and business partner like that, I'm sure he'd do the same to the taxpayers.
    While I agree that it is OK to investigate, you are going a bit overboard.

    Let's nail down that actual facts of what is going on here.

    1) This is a 21 year old lawsuit that is a CIVIL lawsuit, not a criminal one.
    2) The judge (the fourth one to see the case) ruled that the Wilfs (Zygi, Mark, and a cousin) were guilty of civil fraud and breach of contract. It also falls under the RICO statutes.
    3) AT NO TIME did the judge say that the Wilfs lied on all of their financial statements. The PLAINTIFF was the one who claimed that the Wilfs kept "organized-crime-type" books.
    4) From what I have been able to gather, a contract was created between the plaintiff and Zygi Wilf's owner. After the contract was inherited by Zygi and the others, Zygi felt that the plaintiff did not uphold his end of the contract, and therefore did not pay the plaintiff and refused to open his books to him.
    5) Zygi was very adamant that they did nothing wrong during the testimony.
    >>"Wilf's “candid and credible” testimony detailed how he felt Reichmann got “too good a deal,” and he “reneged” on the arrangement initiated by his uncle, Harry Wilf, back in the 1980s, when construction began on Rachel Gardens."

    This isn't the first friendship turned business partnership to go south in the history of business. And there are two sides to every story. AND this is certainly going to go to appeal.

    So let's put away the pitchfork and tinfoil caps. The sky is not falling. The Vikings ownership is not part of the mob. Nobody is going to prison or declaring bankruptcy. And nobody is out to screw the taxpayers.

    Calm down...
    Zeus wrote:
    When are you going to realize that picking out the 20 bad throws this year and ignoring the 300 good ones does not make your point?

    =Z=

  5. #15
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    Quote Originally Posted by NodakPaul View Post
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    Quick question.

    If this fell within the statutes of limitation would the charges of racketeering etc still be civil or would they be criminal?

  6. #16
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    Quote Originally Posted by Purple Floyd View Post
    Quick question.

    If this fell within the statutes of limitation would the charges of racketeering etc still be civil or would they be criminal?
    I'm not a lawyer by any means, but given what I know of the case I would guess that this would still just be a civil case.

    The civil case was filed 21 years ago, which was well within the criminal statute of limitations. No criminal action was taken then.

    This is most likely because a civil judgement only needs a preponderance of the evidence for a ruling, whereas a criminal case requires proof beyond reasonable doubt. Given that this case has taken 21 years and 4 judges just to get to the preponderance of the evidence level, I highly doubt that the evidence presented would be anywhere near enough to even arraign the Wilfs in court, much less get a criminal conviction.

    This is, at its heart, a business partnership that originated with the Wilfs' uncle, and went bad for whatever reason after the Wilfs inherited it. Breach of contract, which is what this boils down to, is the most common civil court proceeding by far. Not much more than that.
    Zeus wrote:
    When are you going to realize that picking out the 20 bad throws this year and ignoring the 300 good ones does not make your point?

    =Z=

  7. #17
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    Quote Originally Posted by Purple Floyd View Post
    Quick question.

    If this fell within the statutes of limitation would the charges of racketeering etc still be civil or would they be criminal?
    The racketeering charges that the judge ruled on were part of the civil racketeering statutes. No criminal charges were ever pursued. It's all about the money in this case.

    To answer your question though, I think both civil and criminal racketeering charges could have been pursued through different courts. If they had tried this case faster through the civil branch and racketeering came up it quite possibly (and probable) could have led to the state pursuing criminal charges, IMO.

  8. #18
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    Quote Originally Posted by C Mac D View Post
    Considering he bought the Vikings for over $900M, I had a feeling his net worth was a little more than $300M... this site says he's worth $1.3B, which seems a lot more realistic.
    He may very well be worth north of a billion, pretty much just guesses by different groups as he doesn't have to report any financial details of himself or his companies. SI estimated his worth at $300M, but again no credibility there either. Liquid vs total assets is another aspect, but the liquidity will not be factored in as much in these discussions.

    Zygi and his four partners actually only paid $600M for the vikings.

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