Published On: Mon, Jan 6th, 2014

End Of Era : Nochi Dankner Quits IDB

Nochi Dankner has removed his personal effects from IDB’s offices, and withdrawn the motion to delay the transfer to Moti Ben-Moshe and Eduardo Elsztain.

Eduardo Elsztain                 Nochi Dankner

Nochi Dankner is not returning to IDB Holding Corp. Ltd. (TASE:IDBH). On Sunday evening, he packed his personal effects at his office in the Azrieli Towers in Tel Aviv. As things appear at the moment, he does not intend to return to the company.On Sunday, Tel Aviv District Court Judge Eitan Orenstin ruled that no deficiency had been found by the review of the sources of Moti Ben-Moshe’s capital, and that the transfer of IDB to Eduardo Elsztain and Ben-Moshe could go ahead.

Although Dankner obtained a stay in the implementation of the ruling yesterday afternoon, a few hours later he decided to withdraw the motion for a delay in the debt settlement. This seems to indicate that Dankner has given up, and that he will not appeal to the Supreme Court against Judge Orenstin’s decision

A source close to Dankner’s office told “Globes”, “Don’t be mistaken, Nochi took this step for short and long-term strategic reasons.” The sources added that none of the members of the Dankner-Granovsky group was prepared to risk the money the group had deposited in the trust account, which the judge ruled would be held in exchange for delaying implementation of the debt settlement, due to the concern that this money would be used to compensate the creditors if harm was caused to IDB Development by delaying the settlement.

Dankner’s decision to withdraw the motion comes as the investment group he and Alexander Granovsky in the past six months is breaking up. On Sunday, “Globes” reported that the Nakash brothers, one of the largest members of the group had notified Dankner that they were leaving the group. Other members of the group are expected to join them in the coming days: the Noiman family, Netz Group Ltd. (TASE:NETZ), and Daniel Jusidman.

The court-appointed experts on IDB – Adv. Hagai Ullman and Eyal Gabai – whom Judge Orenstin appointed yesterday as the trustees of the debt settlement, will effectively manage the company during the interim and will be responsible for implementing the debt settlement. As of today, they will also serve as directors in the company.

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