Ziv Haft Trusts Co. has called for the immediate redemption of Topspin's bonds.
Topspin Medical Inc. (TASE:TOPMD) yesterday filed a request with a Delaware court for a temporary injunction to prevent the trustee Ziv Haft Trusts Company Ltd. from putting to a vote by the company's bondholders a special decision for the immediate redemption of the company's bonds. The company also asked the court to prevent Ziv Haft from undertaking any other action for the immediate redemption of the company's bonds until the court rules on the petition.
Ziv Haft called for a meeting of Topspin's bondholders for Thursday. Topspin petitioned the Delaware court for declarative remedies in response. The company did not state when the court will hear the petition.
Topspin is registered in Delaware, and Delaware courts therefore have jurisdiction. The company has developed an intravascular MRI (IVMRI) catheter for local high-resolution MR imaging of the coronary arteries.
Published by Globes [online], Israel business news - www.globes-online.com - on June 10, 2008
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