http://www.themarker.com/tmc/article.jhtml?ElementId=skira20100805_1183088

Attorney Gabi Moyal-Maor, of the Hamburger Evron & Co. Law Firm, is currently representing Leumi Bank of Israel in a dispute with the International Bank of Israel and the Egod Bank of Israel in connection with the distribution of assets of the Ramt Construction Company, which is presently undergoing asset liquidation.  The International Bank is represented by Attorney Amir Bar-Tov from the Law Firm of Lipa Meir, while Egod Bank is represented by Attorney David Korzweil.

http://www.calcalist.co.il/local/articles/0,7340,L-3408679,00.html

http://www.globes.co.il/news/article.aspx?did=1000567624&nl=829

 http://www.globes.co.il/news/home.aspx?fid=829

The residential project that was built by Heftsiba in the town of Elad, until its collapse, will be sold to the construction company Morris Agababa, controlled by Morris and Yehudit Agababa, for NIS 33.5 million (including V.A.T.), as approved by Justice Yaacov Tsaban of the Jerusalem District Court.

Before its collapse, Heftsiba, currently under stay of proceedings, built a 73-apartment residential project in Elad. Due to the company’s collapse, all of its rights in the project were transferred to Discount Bank, which financed the project, and which had a pledge on all of Heftsiba’s rights in the project. At Discount’s request, Adv. Assaf Englard was appointed as receiver for the project. Shortly thereafter, the project was put up for sale. Five purchase offers were received from various contractors, with the highest bid coming in at NIS 28.7 million.

In a bidding contest held by Adv. Englard, who set a minimum threshold of NIS 30 million for the project (which was assessed at NIS 26.7-31.5 million – G.L.), Morris Agababa Construction Contractor was the highest bidder, with a NIS 33.5 million offer.

It should be noted that some of the apartments in the project were sold in the past to Elishyuv Brothers, who objected to the sale proceeding held by Adv. Englard, but the Jerusalem District Court dismissed their arguments. “Despite the many detailed arguments of Elishyuv’s counsel, his objection cannot be accepted. The right of Discount Bank, as pledgee, is superior to the rights of Elishyuv Brothers, and to the rights of various banks which lent money to Elishyuv Brothers… The argument that Elishyuv Brothers has a property right is unfounded”.

Advs. Shai Pines, Yaron Sobol and Shira Yashar of the firm’s Commercial and International Transaction Department represented Israel’s largest catering company, holder of the Norfolk Group, in the transaction for the group’s sale to the Danish catering group E.S.S., for the sum total of NIS 250 million.

Norfolk Group was established in 1963, it employs c. 1,700 employees, and its sales are estimated at c. NIS 350 million annually. Norfolk provides catering services to some of Israel’s largest institutions, in dozens of different locations and its clients include the Israel Airports Authority, Intel, Pelephone and the Police.

The group was listed on the Tel Aviv Stock Exchange, and following its acquisition was delisted in accordance with the sale agreement.

Advs. Shai Pines and Michal Alterman of Hamburger Evron completed a of $32 million merger transaction.

The transaction reflects a value of $64 million for Tiv Taam. The merger transaction was signed between Enter Holdings Ltd. controlled by Amit Berger.

The two holders of control, Amit Berger and Kobi Tribitch, undertook to keep the control until July 2011 or until Tiv Taam is floated.

Adv. Haim Waintrob and Yael Urieli from the firm’s real estate and land team escorted a complex sale transaction of the successful retail shopping centre for more than $63 million.

Reit for Israel Ltd. purchased the shopping center from our clients, Bilu Centre Properties LP, Tnuva Central Coop. for the Mktg. of Agr Prod in Israel Ltd., and Phidias Holdings Ltd. Bilu Centre Properties was established by virtue of an agreement between Tnuva and Phidias and it leases the land, manages the activity at the Bilu Center, and provides management and maintenance services to the units renters in the center. Tnuva owns part of the land of Bilu Center, while Phidias, which is controlled by Meshulam Levinstein Ltd. leases the majority of the Bilu Center land.

In this agreement Tnuva and Phidias sold their entire rights and obligations in the land and activity of Bilu Center.

Bilu Centre complex occupies an area of 63 dunams. The complex has a built-up area of 28 thousand sqm, 1,400 parking spaces and building rights for another 4,000 sqm.