Tel Aviv District Court Judge Varda Alshech today granted Tevel a two-week extension of its stay of proceedings, until July 2.
Alshech said the stay of proceedings had already exceeded the mandated period by five months, but that several factors warranted a further brief extension. These included a petition by Tevel trustee Zvi Yochman to involve Banking Supervisor Yoav Lehman and Attorney General Elyakim Rubinstein in the proceedings.
Alshech believes there is cause for summoning Lehman to explain in person his reasons why the cable companies’ merger cannot be carried out. Alshech wants Lehman to explain various pertinent matters at the next hearing.
Alshech said that according to her understanding, the cable companies’ merger did not include additional credit, but sought to create a framework to reschedule debts and repay creditors. This was one reason why she found it difficult to understand Lehman’s opposition to the merger, and under the present circumstances, she thought the merger should go ahead.
Commenting on the restrictions on a group of borrowers, Alshech said she did not want to assume the role of Supervisor of Banks, but she would like to hear his interpretation of the regulations on restrictions on a group of borrowers and joint control.
Alshech asked why the issue of restrictions on a group of borrowers was raised now, when the merger process was at its height. She said she had her own thoughts on the matter, but preferred not to disclose them at this time.
Alshech said it would not be an exaggeration to say that everyone would be troubled if the merger did not occur. She believes the merger is in the public interest and the Attorney General should examine the matter from his perspective. However, she left it to Rubinstein’s discretion whether to attend the hearing.
Yochman said Lehman was trying to carry out his duties, but it was unclear if he was cognizant of the ramifications of his ruling and the uncertainty it might cause the crisis-ridden multi-channel television industry.
Published by Globes [online] - www.globes.co.il - on June 16, 2003