The receiver, appointed by Motorola after it won a judgment, has promised light refreshments for all interested parties.
The most luxurious yacht ever to frequent Israel’s shores, now lies moored in Eilat’s marina near the King Solomon hotel. Owned by Turkish billionaire Cem Uzan. of the famous Uzan family, the “Be Mine” a 36-meter long, $9 million pleasure yacht is being offered for sale at starting price of $8 million. Interested parties can tour the yacht before they decide to make a bid.
The person overseeing the sale of the yacht is the receiver, Adv. Ronen Matry of law firm Danziger, Klagsbald & Co. Matry has promised that anyone wishing to tour the yacht will treated to cool beverages and light refreshments. A broker from abroad is expected to arrive this week to conduct the sale. Matry was appointed receiver at the request of Motorola Corporation (NYSE: MOT), by force of a judgment handed down by a US District Court in the Southern District of New York. The judgment was given against Cem Uzan, on the grounds that he defrauded Motorola of more than $2 billion.
The court held that Uzan and the other respondents diverted to themselves and companies they owned, massive funds that they received from Motorola and Nokia (NYSE; LSE; HEX: NOK) to finance a major communications project in Telsim a company controlled by Uzan and family. The court found that Uzan and his family had fraudulently caused a substantial dilution in the economic value of Telsim, which had been secured as collateral by Motorola and Nokia, and then used fraudulent means to deprive them of their voting rights in the company.
Published by Globes [online], Israel business news - www.globes.co.il - on July 26, 2006
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