Tel Aviv District Court Judge Varda Alshech today extended the jail term of technology firm Emblaze Ltd. (LSE: BLZ) founder Eli Reifman by 14 days. He has already served 45 days for contempt of court, after failing to transfer his shares in the company to the special administrator of his assets, Adv. Eitan Erez, as Alshech had ordered.
Reifman's Emblaze holding is worth NIS 120 million, and is held by 41 trustees in the UK.
The Supreme Court recently dismissed Reifman's request to be released from jail, although it also cancelled Alshech's ruling to extend his jail term by two days for each day that he does transfer the shares.
Yesterday, Reifman's attorneys, Adv. Shlomi Turgeman and Adv. Doron Afik, submitted to the court signatures of 22 of Reifman's creditors asking for his release. The signatories amounted to 55% of his creditors, whose aggregate debt amounts to 61% of Reifman's total debt. The creditors claimed that keeping him in jail would harm progress in the sale of the assets.
Emblaze's share rose 1.3% in morning trading in London to ₤0.476, giving a market cap of ₤52 million.
Published by Globes [online], Israel business news - www.globes-online.com - on November 4, 2009
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