In December 2010, the court appointed a receiver for modu, founded by Dov Moran, and the company's employees petitioned for its liquidation.
modu owes its creditors, including banks, tens of millions of shekels, after losing NIS 450 million. After failing to hold an IPO on the Tel Aviv Stock Exchange (TASE), financially-strapped modu ceased operations and began the sale its assets. The company registered over 100 patents in its three years of operations, and they constitute its main asset.
modu receiver Adv. Hanit Nov was about to submit Kensington's offer for approval by the court when a higher bid was received at the last moment, and she petitioned the court for a new pricing round. Today it was learned that the offer was made by Google.
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