The Supreme Court today dismissed the appeal by Nochi Danker to overturn the Tel Aviv District Court's decision to take IDB Holding Corp. Ltd. (TASE:IDBH) away from him and transfer control of the company to Eduardo Elsztain and Moti Ben-Moshe. Dankner's attorney, Shmuel Cassouto, said that the transfer of the company two months before the Supreme Court hearing was in "bad faith".
"Due to the importance of an immediate ruling, we have decided to dismiss the appeal. The reasons will be given later," said President of the Supreme Court Asher Grunis.
During the hearing, Grunis asked, "How can the matter be reversed?" Casoutto replied, "Everything is reversible. This was done in bad faith. Two days before the hearing, the shares were transferred… This is only money; everything is reversible."
Dankner said, "I don’t think that it is practical to go back in the sense of stopping trading (in the shares of IDB Development), or a new debt settlement and creditors meeting. That's impractical. I feel a sense of discrimination and injustice. I proposed to allow me an agreement with investors to bring money within 45 days and to repay them the money and join their settlement. The remedy I am seeking today is to replace Elsztain and Ben-Moshe, if I bring the money."
IDB settlement trustee Hagay Ullman opposed Dankner's proposal, saying, "We cannot accept their offer. The settlement has been in place for four months already pursuant to the court decisions, which are operational. We've worked hard to obtain the various regulatory permits, with everything done pursuant to the court guidelines and clear deadlines. The court set the closing date. During this entire period, the company did not file an appeal. The investors file also did not file appeal and asked for their money that day."
Published by Globes [online], Israel business news - www.globes-online.com - on May 14, 2014
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