Partner Shmuel Glinka and attorney Baruch Mankovetski represented the directors and shareholders of Avatar Development Ltd. in preventing a court order to stop the sale of the commercial center in Kibbutz Kiryat Inavim for NIS 62.5 million.
The plaintiffs claimed that the board of directors approved the deal contrary to the guidelines, since one of the directors (our client) who voted in favor of the deal had a conflict of interest. In addition, they claimed that there were better offers for the shopping center and even submitted an offer themselves to purchase the center for NIS 70 million.
After two court sessions, the shareholders’ meetings of the companies holding Avatar shares held a meeting at our offices and approved the sale after which the court gave its long decision which explained in detail, that there was no flaw in the Board meeting of the company to sell assets.
