The mansion built by business Moti Zisser in the Bat Ganim luxury neighborhood of Petah Tikva will be sold to a group of private buyers for NIS 28 million, Tel Aviv District Court Vice-President Judge Eitan Orenstin today ruled.
In a proceeding that took over a year, Judge Orenstin approved the sale of the five-dunam (1.25-acre) mansion to Adv. Ofir Bar-Noy, representing the buyers.
At the same time, the legal proceedings against Zisser's children, who live in two buildings built on part of the mansion ground, have not yet ended.
The buyers plan to demolish some of the buildings on the site, and obtain approval from the authorities for dividing the land into five lots, with a new house to be built on each one.
"We saw this as an opportunity, and we're glad that the court approved our proposal," Bar-Noy said.
Bank Hapoalim: Declare Zisser bankrupt
Meanwhile, Bank Hapoalim (TASE: POLI) today petitioned the Tel Aviv District Court to declare Moti Zisser bankrupt, and to appoint Adv. Giora Erdinast a receiver for his personal assets.
It is known that Zisser's private companies (Europe-Israel, Control Centers), through which he controlled Elbit Imaging Ltd. (Nasdaq: EMITF; TASE: EMIT), have been in receivership and liquidation proceedings for some time, after failing to repay over NIS 1 billion in debt to Bank Hapoalim.
Zisser personally guaranteed the companies' debts. After negotiations with Zisser were unsuccessful, the bank demanded that Zisser repay the debt under his personal guarantee. Zisser announced that he was unwilling and unable to repay the companies' debt, thereby, according to the bank committing a bankrupt act.
Bank Hapoalim is represented by Advocates Giora Erdinast, Tomer Weissman, Avi Stav, and Or Alcon from the Erdinast, Ben Nathan & Co law firm.
Published by Globes [online], Israel business news - www.globes-online.com - on June 14, 2015
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