The company said today that the delay in payments was due to the sudden death of Steimatzky chairman and Markstone co-manager Amir Kess who was killed in a road accident last Thursday. Steimatzky told "Globes," "In the shadow of the terrible tragedy that occurred, Steimatzky has been told that the Fund (Markstone) is in a situation of being reorganized, and is handling all matters as swiftly as possible."
It remains unclear whether Kess's tragic death is delaying payments or whether Steimatzky does indeed have liquidity problems. But just last week Steimatzky CEO Iris Barel told journalists that March had been "catastrophic with a drastic fall in sales." She attributed the fall in sales to the new Book Law and market conditions in general.
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