A new player at the scene of the Feldheim sale, Rabbi Daniel Bitton
The sale of the Feldheim publishers to the Yaffe Nof company seemed to be closed until a new player entered the arena • Rabbi Daniel Bitton, from the Maor publishers, suggested a higher purchase offer
- Yaki Adamker, B'Chadrei Charedim
- י"ד כסלו התשע"ג
Will Rabbi Daniel Bitton buy Feldheim?
On 20th December the court is supposed to approve the sale agreement between the bankrupt Feldheim publishers and Yaffe Nof.
But in recent days the agreement is in doubt after a new player entered the ring and offered an even higher bid.
The person in question is Rabbi Daniel Bitton, head of Maor who submitted the proposal a few days ago - just before the creditors assembled to approve the purchase agreement which has been achieved with Yaffe Nof, for 17.9 million shekels.
Rabbi Bitton's proposal backed by bank guarantees is higher by one million and six hundred thousand shekels than the first proposal. Nevertheless, there is a big chance that the offer will receive confirmation of the court because it was filed after the time set in advance.
Nevertheless, an agreement was reached at a meeting of creditors of 50 percent from the creditors. "Even those who refused it are because of the suggestion of Rabbi Bitton, because they thought they could get some more money if it is approved," said a source involved in the agreement details.
Attorneys Benny Kempner and Yaakov Spigelman serving as the company trustees filed a neat report for discussion in December, when the court will decide regarding the sale of company.
In the report they noted the suggestion of Rabbi Bitton but wrote that the proposal was filed late, especially as it does not change the picture. "Perhaps the Court will think differently and approve the proposal of Rabbi Bitton even though it was late because they think it will be better for the creditors, "the source said.
Attorney Benny Kempner, a trustee of the Feldheim Company, said in a statement: "We hope that the order for the benefit of all creditors and approved recovery process will be completed so that the creditors will be able to get back a considerable part of the debts the company has."
As noted, more than half a year, it became clear that the Feldheim Company faced great financial loss estimated at tens of millions of shekels.
The court issued an order freezing the proceedings of the company and the law firm of Yaakov Spigelman and Co. was appointed as a trustee of the company. During the year the attorney's made recovery measures which included cutting expenses and printing books which are economically profitable, and other good deals that will create profit.
On 20th December the court is supposed to approve the sale agreement between the bankrupt Feldheim publishers and Yaffe Nof.
But in recent days the agreement is in doubt after a new player entered the ring and offered an even higher bid.
The person in question is Rabbi Daniel Bitton, head of Maor who submitted the proposal a few days ago - just before the creditors assembled to approve the purchase agreement which has been achieved with Yaffe Nof, for 17.9 million shekels.
Rabbi Bitton's proposal backed by bank guarantees is higher by one million and six hundred thousand shekels than the first proposal. Nevertheless, there is a big chance that the offer will receive confirmation of the court because it was filed after the time set in advance.
Nevertheless, an agreement was reached at a meeting of creditors of 50 percent from the creditors. "Even those who refused it are because of the suggestion of Rabbi Bitton, because they thought they could get some more money if it is approved," said a source involved in the agreement details.
Attorneys Benny Kempner and Yaakov Spigelman serving as the company trustees filed a neat report for discussion in December, when the court will decide regarding the sale of company.
In the report they noted the suggestion of Rabbi Bitton but wrote that the proposal was filed late, especially as it does not change the picture. "Perhaps the Court will think differently and approve the proposal of Rabbi Bitton even though it was late because they think it will be better for the creditors, "the source said.
Attorney Benny Kempner, a trustee of the Feldheim Company, said in a statement: "We hope that the order for the benefit of all creditors and approved recovery process will be completed so that the creditors will be able to get back a considerable part of the debts the company has."
As noted, more than half a year, it became clear that the Feldheim Company faced great financial loss estimated at tens of millions of shekels.
The court issued an order freezing the proceedings of the company and the law firm of Yaakov Spigelman and Co. was appointed as a trustee of the company. During the year the attorney's made recovery measures which included cutting expenses and printing books which are economically profitable, and other good deals that will create profit.
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