The sum, part of a larger loan, was due last week.
Markstone Capital Partners Group LLC will pay Israeli banks NIS 7 million in an overdue loan by Thursday, according to a letter from Markstone to the banks, a copy of which "Globes" obtained.
Markstone was supposed to pay the NIS 7 million balance last week, part of a larger NIS 30 million loan. The investment fund had taken the loan to finance the acquisition of mutual and provident funds of Prisma Investment House, which collapsed last year.
Markstone owns 24% of Psagot Investment House Ltd., which it obtained after Prisma's liquidation and the transfer of its provident funds to Psagot. Markstone wanted to establish a US style investment house in Israel, a kind of local Goldman Sachs, but the credit crisis crashed the dreams of Markstone general directors Ron Lubash and Amir Kess, and they were forced to liquidate Prisma.
Published by Globes [online], Israel business news - www.globes-online.com - on May 23, 2010
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