Leumi to foreclose Fishman's "Globes" stake

Eliezer Fishman photo: Tamar Matsafi
Eliezer Fishman photo: Tamar Matsafi

Advocates Eyal Rosovsky and Ronen Matry will start looking for a buyer for Eliezer Fishman's holding in Monitin, which owns "Globes."

Tel Aviv District Court President Judge Eitan Orenstein today granted businessman Eliezer Fishman, the major banks, and the income tax authorities a further two-month extension to discuss and formulate a creditors arrangement for Fishman's affairs involving a settlement for Fishman's unencumbered assets.

The ruling was in a case in which Bank Hapoalim (TASE: POLI) and the Israel Tax Authority were asking that Fishman should be declared bankrupt, and a receiver should be appointed for his assets. Orenstein ruled that the next hearing in the case would be on December 12, 2016. The parties will attempt to reach agreement by that time.

In today's hearing, the Tax Authority opposed a further extension for discussion, requesting the appointment of someone to distribute the assets. The judge said that he was not taking the request by the Tax Authority, which is concerned about the smuggling of assets, lightly. He nevertheless stated in his ruling, "As part of the array of necessary balances, I believe that a short delay will not harm the creditors, since an order forbidding disposal of the assets has been issued."

At the same time, Orenstein today authorized Advocates Eyal Rosovsky and Ronen Matry on behalf of Bank Leumi to foreclose liens on Fishman's 57% controlling interest in Monitin Communications which indirectly controls "Globes."

The other shares in Monitin are owned by a Bank Hapoalim trusteeship company. Fishman encumbered the Monitin shares to secure a NIS 710 million debt of a Fishman family asset company.

The judge also appointed Advocates Pinhas Rubin and Yaron Elhawi from the Gornitzky & Co. law firm as receivers for the purpose of foreclosing the liens on the shares in the companies attached by Bank Hapoalim, including Fishman's shares in the Ten fuel company and "Yedioth Ahronoth."

Fishman's debts are estimated at NIS 3.4 billion, while he estimates his assets at NIS 50-70 million.

Eliezer Fishman is the controlling shareholder in "Globes."

Published by Globes [online], Israel business news - www.globes-online.com - on September 29, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Eliezer Fishman photo: Tamar Matsafi
Eliezer Fishman photo: Tamar Matsafi
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