Emile Winchell’s next stunt is particularly outrageous. The first financial scam had issued Wishor
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on a ticket from a digital insurance company and raised hundreds of millions of shekels. The value was inflated, but Winschel and his partner – Nitzan Younger picked up, We marked V first. The two who founded the digital company are the entrepreneurs, the controlling owners and the managers, when they added Yohanan Danino to be the chairman. 
Then came the second trick – the purchase of Ayalon with the money from the public offering and with the money of the Barak family who fell for me after Winschel’s excels and invested NIS 260 million which is now worth barely NIS 100 million on the market.
How does a digital company that goes public according to a “digital” value acquire a traditional insurance company after a few months? Is that why investors poured in money in the IPO (NIS 85 million)? How did the Barak family agree to be Winschel’s on-call nurse and young mountaineer? There are no clear answers, but what is clear is that Winschel and Tserer picked up We marked a second V.
But the price in the transaction to purchase Ayalon, which by the way is a good company with potential, about NIS 36 per share, expressed a huge premium over the market price (about NIS 20) when the market price has since also dropped to NIS 14. This is a loss for alignment of NIS 275 million.
Intermediate summary – Winschel and Tzel Harim burned value for public investors in Vishor, burned the value of the Barak family’s investment, burned value in the investment in Ayalon. If you do their calculation in Vishor you will see that they are actually still profitable. The value of their holdings in the company is about NIS 100 million.
The business results are weak
And meanwhile, throughout the two years – since the IPO, the digital results are weak. Since the purchase of Ayalon about eight months ago, there is nothing really new. Winschel and a young mountaineer, are in the trap. Wishor’s economic value is greatly eroded, when the economic loss in Ayalon brings them to an economic capital of NIS 100 million, perhaps slightly more (compared to an accounting capital of approximately NIS 380 million), and this, please note – after a huge injection by the Barak family and the public. If it weren’t for these flows, Vishor would be in a deficit of hundreds of millions.
100 million shekels is borderline – another quarter-two of losses, another drop in Ayalon and approaching zero. not nice. Besides – what will the accountant say: the gap between the books and the market in Ayalon is so great that the accountant cannot but refer to it. Winschel and Tsair Harim will try to avoid delisting, maybe they will bring a valuation, but Ayalon’s stock has to increase 2.5 times to reach the transaction price.
So there is a solution – both adding value and reassuring the accountant. Winchell and the mountain youth take a breather and move on to the next trick. They want to sell the local digital activity to Ayalon. We will try to understand this seemingly innocent move. They claimed that digital is the future, digital is the dream. We were issued according to this dream. Buy a traditional company. And now the traditional company will buy the local digital which is most of Wishor’s activity. It doesn’t work out friends, it’s peeing from the bouncer. This means that all the claims-criticisms were true. So we asked to speak to Winschel about this deal. We received a clear answer – we are not talking to you after the review we received on BizPortal. Yes, we criticized the IPO at the high price, we criticized the Ayalon deal, we criticized the moves and losses (see below) and we will continue when necessary even without Winschel’s response
After two fine financial tricks comes the negative trick whose purpose is the following: After we conquered Ayalon we discovered that it cost us a lot of losses, so let’s loot Ayalon. This is the battle plan of Winchell and Young Mountaineer.
The logic is in the numbers: the economic capital as mentioned was wiped out towards the 100 million shekels. In the Vishor market, it is traded for NIS 235 million. But holding control of Ayalon at market prices is around NIS 175 million, so the entire digital activity is priced at NIS 60 million. The market has spoken. The stock has been at this price for quite some time. The share is a type of option on the activity in Ayalon which is the main asset of Wishor.
Winschel and Tzair Harim want to “make” order”, want “synergy” and move the local digital under Ayalon. It is clear that this is what they want, but it is not clear that for the reasons of “order” and “synergy”. The considerations are financial. They will value the local digital in the amount high, they will receive shares in Ayalon in return, and they will benefit from all directions – a high value will be set for the local digital, they will increase the holding rate in Ayalon. This is how they will make another round, this time at the expense of the minority shareholders in Ayalon. This is a problematic stakeholder transaction. Winschel and Tzair Harim are preparing excels and presentations and will try to convince This can help Wishor’s battered stock, maybe it will also help Ayalon because they will say that the traditional and technologically “backward” company is getting a digital push. But in Winschel’s and Tzaer Harim’s deals, in the end, everyone loses and only they continue to smile. Such a deal will also help Winschel and Tzaer Harim The accountants. They will wave the valuations of both companies for the deal, and avoid a write-off. But, it seems their reputation in the market has already been wiped out.
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