UPDATED July 22, 2021, 8:36 a.m.: Rotem Rosen just scored a legal victory in an ongoing lawsuit with Alex Sapir, his former brother-in-law.
Rosen asserts he is owed $102.9 million from the estate of Sapir Organization founder Tamir Sapir, who died in 2014. Last week, a judge ruled that Alex Sapir, a son of Tamir, must put $55.5 million in escrow while the dispute is being decided, according to the Commercial Observer.
During the case, Alex Sapir and Rotem Rosen agreed to set aside the $55.5 million to protect what Rosen claims is his stake in a company they co-founded. But Sapir reportedly failed to put the money aside and then attempted to nullify the agreement, leading to the judge’s ruling in Rosen’s favor.
“While we respectfully disagree with the court’s interpretation of the agreement, this decision has no impact whatsoever on the viability of Rosen’s meritless claim against the estate,” said Terrence Oved, an attorney for Alex Sapir.
Read more
Rosen had sued in 2019 on behalf of ASRR Capital, which he founded with Alex Sapir. Rosen ultimately bought Sapir out of the 50-50 ownership for $70 million in 2017. The company owns property in Miami and New York City.
Over the course of this case, both men have filed additional lawsuits against one another. In July 2020, Sapir sued Rosen and his brother for $100 million, alleging they used positions at the Sapir Organization to unfairly enrich themselves and steal proprietary documents. Rosen filed a lawsuit of his own, alleging Sapir was in default over the ASRR buyout.
Sapir is president and CEO of the Sapir Organization.
[CO] — Holden Walter-Warner
This story has been updated with a statement from Alex Sapir’s attorney.