Emblaze Ltd. (LSE: BLZ) founder Eli Reifman will continue to stay out of jail - for now. Tel Aviv District Court Judge Varda Alshech announced her decision this morning.
Alshech said, "Reifman is a debtor whose finesse and distorted ways are beyond the vast majority of the many debtors whom I have encountered in the past." Despite that, she wrote that she will give him "a last chance to change his ways and behavior."
Alshech ruled that four days before the next court meeting (scheuled for January 6th), Reifman will have to present original papers to back up his account of the chain of ownership of his Emblaze shares, and to note how many shares are in each chain. He also has to spend his available time in a reasonable fashion to get the shares to the special administrator, Adv. Eitan Erez.
Reifman 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.
Published by Globes [online], Israel business news - www.globes-online.com - on December 14, 2009
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