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Outright Dismissal of lawsuit
Our firm represented a CFO who previously served at one of the largest construction companies in the country in a lawsuit filed with the Tel Aviv District Court (Economics Department). The lawsuit was initiated by the trustee appointed to the company as part of an insolvency proceeding.
The CFO, who served for only a few months at the company, was one of dozens of defendants, including board members, members of management, controlling owners, and auditors, all of whom were held jointly and severally liable for damages allegedly amounting to approximately ILS 500 million due to the company’s collapse and subsequent insolvency proceedings.
Despite the lawsuit raising several factual and legal claims against the CFO, we took the unusual step of filing a motion to dismiss the lawsuit outright on behalf of the CFO, before even submitting a statement of defense. The grounds for this motion included lack of cause and lack of standing. Following discussions with the trustee, an agreement was reached to remove the CFO from the lawsuit. As a result, the CFO was not held personally responsible for any of the alleged damages, with collective responsibility being attributed to all remaining defendants.
Corporate Secretariat Course: Elad Reshtick Lectures at BDO Financial Academy
Elad Reshtick, a partner at our firm, guest lectured to a corporate secretariat course at BDO Financial Academy. Elad addressed officer and director compensation, insider information and transactions involving interested parties, financial reporting for managers, and preparing for public offerings. Elad has been invited to lecture to the course again in August, where he will focus on board of director matters and corporate governance.
Will the US Regulator Approve the Google-Wiz Deal? Gal Rozent Interview with TheMarker
Gal Rozent, a competition law expert, was interviewed by TheMarker following news of Google's interest in acquiring the Israeli company Wiz. Gal explained current trends in the US and Europe and what competition authorities will request to examine to approve the deal.
Representing U.S. Investment Fund in Vesttoo’s International Insolvency Proceedings
Our firm represents the investment fund Mouro Capital, a shareholder with an appointed director, in the insolvency proceedings of the international Israeli fintech company Vesttoo.
This is a parallel insolvency process taking place in both the U.S. and Israel, with the company’s debts estimated at approximately $3 billion. We represent the fund as Vesttoo (and 48 affiliated entities) undergoes Chapter 11 proceedings in the U.S., while in Israel, enforcement proceedings for debt restructuring and recognition of the foreign insolvency proceedings are underway.
As part of this, declaratory relief actions have been filed in Israel to establish jurisdiction over issues related to the directors’ activities in the company.
Barnea: Representing Thermo Fisher in its Investment in CytoReason
Our firm represents Thermo Fisher in its participation in an $80 million financing round for CytoReason, alongside notable investors OurCrowd, Nvidia, and Pfizer. CytoReason offers therapeutic leaders molecular-level insights and advanced AI tools to support data-driven decision-making in healthcare and life sciences. Representing Thermo Fisher in this transaction are lawyers Simon Jaffa, Ariella Dreyfuss and Rahaf Awawdi .
Dr. Zvi Gabbay Conducts Workshop for El Al Managers
Dr. Zvi Gabbay and Zvi Rabin led the workshop "Prohibition on Using Inside Information – Do's and Don'ts" for a group of El Al managers. The workshop was held as part of a compliance, enforcement, and cyber week for senior management at El Al.
Senior Business Management and Director Training Course: Elad Reshtick Lecture
Elad Reshtick, a partner at our firm, was invited to lecture at the Senior Business Management and Director Training Course of the Mafat Unit, responsible for the research and development of defense technologies and infrastructure. In his lecture, Elad covered important aspects of proper corporate governance, including director responsibilities, effective board management and its committees, providing participants with in-depth knowledge and practical tools.
AI, Data Privacy, and Technology for the Modern Legal Counsel
Our firm organized a unique four-part course in collaboration with Microsoft, TrustIZ, and Taylor Wessing UK. Designed for legal advisors, the course covered critical topics including AI regulation, drafting and negotiating privacy aspects of AI agreements, and managing data breach events. The final session took place at our offices yesterday, marking the completion of this comprehensive and valuable series.
Barnea: Participating in ACC Israel Annual Conference
Zohar Lande, the head of our firm's Litigation Department, participated today in the annual conference hosted by the Association of Corporate Counsel in Israel (ACC Israel). Zohar took part in a fascinating panel on crisis management in companies.
Barnea: Representing Aviad in Precedential Competition Lawsuit
Our firm represented Aviad Concrete and Clay Industries in a lawsuit against Nesher Israel Cement Enterprises that alleged Nesher abused its monopolistic position and harmed competition. The court's ruling set a precedent regarding the limits of the prohibition imposed on monopolies from discriminating between customers. Gal Rozent and Ran Karmi represented Aviad in the lawsuit.
Insolvency: Idan Miller Lectures to Israel Builders Association Course
Idan Miller, the head of our firm's insolvency practice, lectured to attendees of an Israel Builders Association financial management course. The focus of the lecture was how to handle and prepare for insolvency events.
Barnea: Representing Azrieli Group in Lease Transaction with NTA
Our firm represented Azrieli Group in a multimillion-shekel lease transaction with NTA – Metropolitan Mass Transit System Ltd. As part of the transaction, NTA will expand its office space at Azrieli Business Park Holon from 8,000 to 12,000 square meters. Alon Wolner and Hili Michaeli represented Azrieli in the transaction.
Contractor Loans: Terry Almozlino Arnon Interview with Globes
Terry Almozlino Arnon, the head of our firm's Real Estate Department, spoke with Globes about the future of contractor loans.
Walla: Maya Carmi Lubartovski Discusses Important Details of Gifting an Apartment
No takebacks, receiving nothing in return, and a cooling-off period—gifting an apartment to a relative offers significant tax advantages. However, it is crucial to fully understand the consequences of this move for both the giver and the recipient of the gift.
Transaction: Solrom Merges with Listed Company 3DM
Hagit Ross, Elad Reshtick, Omri Oren, and Alon Anava represented the public company 3DM in a merger transaction, wherein 3DM will acquire Solrom Electronics Ltd. Solrom is engaged in the development, planning, production, and marketing of products primarily for use in the defense market.
Globes: Protected Tenants and Key Money
Everything you need to know about key money transactions — the advantages, the disadvantages, and the law.
New Precedent: Commissioner for Insolvency Proceedings Accepts Military Reserve Duty as Justification for Relief
Idan Miller, the head of our firm's insolvency practice, was appointed as the insolvency trustee for White Dress Marketing Ltd. (formerly Riki Dalal Group). Together with Hadar Eilon, Idan submitted an economic rehabilitation plan on behalf of the company and its shareholders for the Tel Aviv District Court's approval. In his request, Idan asked that the controlling shareholder's military reserve service be recognized as a contributing factor for the purpose of granting relief and avoiding a full insolvency procedure. When asked by the court for his response, the Commissioner for Insolvency Proceedings accepted this position.
Barnea: Hosting “Demo Day” for Azrieli College of Engineering’s AtoBe Accelerator
We were happy to host the Demo Day event for the AtoBe Accelerator at the Azrieli College of Engineering. During the event, entrepreneurs presented their innovative ventures to an audience of investors.
Real Estate Taxation Updates: Maya Carmi's Interview with Bizportal
Maya Carmi Lubartovski, the head of our firm's real estate taxation practice, was interviewed by Bizportal about the Israel Tax Authority's planned updates in the real estate taxation field. Among other things, she discussed the consequences of higher purchase tax rates for second apartments and giving apartments as a gift.
Barnea: Representing QDM in Transaction with Israel Electric Corporation
Ken Shaked and Nir Alter represented the startup company QDM (Quantum Design Materials) in a transaction with the Israel Electric Corporation (IEC). As part of the transaction, the IEC invested USD 1.1 million in QDM, which develops room-temperature superconductors. In addition, QDM and the IEC signed a cooperation agreement allowing the IEC to conduct a pilot to examine the applicability and suitability of QDM’s innovative technology for its needs.