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Updated: 02/22/2010 03:08:25 PM

Hecker has money to repay 401(k), avoid jail

It appears former auto mogul Denny Hecker will avoid county jail, after his attorney says he came up with money to repay the 401(k) he liquidated without his ex-wife’s permission.

In January, Hennepin County Judge Jay Quam told Hecker he had a month to repay the money or go to jail for contempt of court.

Hecker’s attorney William Skolnick says Monday that Hecker will repay the $125,000 by noon Wednesday.

Hecker already apologized, saying he needed the money to defend against several lawsuits.

In recent weeks, Hecker has been indicted on federal charges and has had an $82 million order issued against him. He is claiming $767 million in debt in bankruptcy court, and lenders have accused him of using false information to get loans. He denies that.

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Information from: Star Tribune, http://www.startribune.com


(Copyright 2010 by The Associated Press. All Rights Reserved.)

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