Bidding war for mobile phone co modu's patents

All other assets of Dov Moran's mobile phone venture have been sold.

Sources inform ''Globes'' that Dov Moran's modu Ltd. has received new and higher offers for the patents from its failed mobile telephone venture.

modu receiver Adv. Hanit Nov told "Globes" today that all of modu's assets have been sold, except for its patents. The Tel Aviv District Court has approved her petition to sell the patents.

In the auction for the patents, Kingston Technology Corporation of California placed the winning bid of $5 million. However, just before Nov petitioned the court to approve the sale, she received two new bids, one for $6.2 million and the other for $7 million, and asked the court to hold a new auction. The court gave the parties 14 days to respond.

modu owes its creditors tens of millions of dollars, including $15 million to Israel Discount Bank (TASE: DSCT) and $3 million to employees, who petitioned the court to liquidate the company in February.

Published by Globes [online], Israel business news - - on March 27, 2011

© Copyright of Globes Publisher Itonut (1983) Ltd. 2011

Twitter Facebook Linkedin RSS Newsletters גלובס Israel Business Conference 2018