However, the company was unable to repurchase the other assets, and thus found itself in a situation where its debts were inflated, and it did not have enough liquid funds at its disposal to repay them. There is no dispute that her condition was fragile. Failure to meet the repayment deadlines could have led to the immediate repayment of the balance of the loans, and the end of the company. Of course, this would also have affected Mr. Nehemiah, the publisher and importer of the company, in view of his personal guarantee at hand.
Mr. Knepfler's entry into the picture - first through the Tamir-Fishman Foundation and then independently
- During April 2016, Mr. Nehemia contacted the law firm of Shlomo Ness, where Adv. Saar Pereg (hereinafter: Pereg) and Adv. Amit Lederman (hereinafter: Adv. Lederman) were working at the time, in order to find out whether they knew of an investor who could invest in the company and ease its situation. They knew Mr. Knafler and the Tamir-Fishman Foundation. Thus was born the idea that ADN would recently sell some of its holdings in the French company. In this way, ADN will be able to cope with its cash flow distress, while the investor will be able to enjoy a return on the assets in France.
According to Mr. Knepfler, he was willing to advance the transaction on the condition that the return on the investment would be 20% per year. This matter is disputed and is denied by the counter-defendants.
- The parties drafted a first draft of the agreement, which will be signed by the company, Guy Development and the Fund. According to the agreement, following its investment, the fund will receive 32% of the French company's shares. first through the purchase of the shares held by Guy Development; And then after an additional 8% is allocated in its favor.
This draft was discussed by the board of directors of Tamir-Fishman on May 17, 2016 (N/1), and it was not put to a vote. At the same time, the fund approved the transfer of an advance on an account in exchange for the transaction, but this was against collateral. In the first draft agreement, the advance was 800,000 euros, but in the course of the discussion at the board meeting, Mr. Nehemia was contacted, who agreed to reduce the payment to 450,000 euros.