Omar Barzani (photo from Facebook, pexels, freepik)
Last Thursday, Gabriel Barzani, CEO of streaming company “Vantagez” and the brother of the stars of the race for the former million Neta and Omar Barzani (who also owns the company’s shares) sold 100,000 shares of the company about 1% of his holdings in the company at NIS 1.20 per share. About NIS 2 per share.
The Barzani family acquired most of the control at a rate of 75% in a company that collapsed somewhere in 2019 after debts of millions of shekels. As part of the purchase agreement, the family transferred cash in the amount of NIS 3 million in cash and undertook to mold cannabis activities for leisure purposes. However, this has not happened since the acquisition of control and legal proceedings began after repeated violations of the agreement with the creditors, some of whom are the Karmim and Geffen hedge funds.
Last August, the Geffen and Kerem hedge funds, which are mutual funds, investment portfolio management companies and hedge funds that manage public funds, filed for cancellation of creditors after discovering that the company’s controlling shareholders gained control by “false representations, and subsequently violated the creditors’ order.” “.
More in-
According to the funds, the controlling shareholders presented the creditors with a presentation according to which if their offer is accepted they will try to bring into the company the cannabis activity of a collector company under their control and it is registered in Colorado in the United States. The controlling shareholders in the company also presented a presentation according to which if no “collector” activity is introduced into the company, the controlling shareholders will bring in an alternative activity of at least NIS 30 million. However, Geffen and Karmim claim that this is a misrepresentation because the law in Colorado, where cannabis activity is located, does not allow the activity to be transferred to an Israeli public company.
The Tel Aviv District Economic Court gave space until a meeting held about a month ago. At that meeting, it was decided to introduce alternative activity to Oshard’s stock market skeleton. The Securities Authority began investigating in depth the company’s reports and halted the conventions relating to the deal.
Adv. Ofer Tzur from the Gronitzky firm again filed a request on behalf of the hedge funds for another request to cancel the creditors, a request that had already been made in August. Adv. Tzur demanded a ruling according to which if an attorney’s transaction is not approved at the meeting within 45 days, the creditors’ arrangement will be revoked.
Apart from the legal issue, Ofer Eini published about his desire to head the Histadrut. Eini is also one of the controlling shareholders in Oshard so there is doubt that Eini himself decided to drop the merger deal with Vantage
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