Emblaze Ltd. (LSE: BLZ) founder Eli Reifman will receive only 10 days out of jail, and not the 21 days initially agreed to in the deal with him last week. He is supposed to use the time to work to transfer his Emblaze shares from the trustees to the special administrator, Adv. Eitan Erez.
The court also halved Reifman's bail to NIS 2 million.
Tel Aviv District Court Judge Varda Alshech changed the terms of Reifman's release, after he said that he said that he could not get a NIS 4 million bank guarantee for the bail, which was a condition for his release.
Alshech lambasted Reifman, saying that she had little confidence in him. She said that his behavior has been one of constant evasion, concealment, and ignoring court orders. She said that in view of his unilateral withdrawal from the settlement reached on the bail, there was real concern that he would attempt to flee the country if and when he was released.
Alshech added that this concern became more concrete in view of Reifman's objections to wearing electronic monitoring devices and house arrest, and his claims that his life was in jeopardy if he was released.
Published by Globes [online], Israel business news - www.globes-online.com - on November 22, 2009
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