In the "opening of the word" it was stated that "in light of the acts of fraud that will be detailed in this letter (as well as other serious acts of fraud that will be detailed later, if you do not comply with the demand to cancel the agreements), which were brought about... The collapse of Geffen's share value... and from this to the consideration received by our clients... Our clients inform you of the cancellation of the agreements and the deduction of all the damages caused... In view of the cancellation of the agreements, our clients demand that Gefen... Announces that it waives its right to receive the Polybit shares under the Polybit Agreement... as well as the repayment of the sums invested by Kaplan in Geffen in light of the misrepresentations, and the waiver of Geffen's claims regarding the repayment of the loan given to Polybit. In parallel with the above, our clients will return the Geffen shares that were allocated to them...";
At the end, under the heading "The Consequences of the Frauds and Violations above", it is stated that "therefore, and as stated at the beginning of this letter, our clients inform you of the cancellation of the agreements, and demand that Geffen subsequently return the shares of Kaplan and waive its right to receive Polybit shares, and receive back from our clients the shares of Geffen that were allocated to them... Thus, for the avoidance of doubt, Polybit announces the deduction of the full amount of the loan given to it by Gefen against the heavy damages caused to it as a result of your actions or omissions as described above in summary."
Thus, all the respondents, through their joint counsel, then and today, chose to view all the agreements, all four, as one whole, as one piece, identified between respondents 2-4 and Polybit under a single collective name, mixed the loan with the shares, attributed the breach of the three agreements to the loan agreement as well, and even saw fit to offset Polybit's obligation to repay the loan by virtue of the loan agreement from respondents 2-4 to compensation for the alleged fraud committed against them.