Better Place Still Without Buyer As Court Suspends Most Recent Sale

4 years ago by Mark Kane 2

Better Place is hard to maintain and hard to sell

Better Place apparently is hard to maintain and even harder to sell

Shai Agassi

Better Place founder Shai Agassi

Something wrong is going on with the sale of Better Place in Israel.

According to the latest news from Globes, after a failed sale of Better Place’s assets to Sunrise, now the transaction with Success Assets, owned by Tsahi Merkur, fell through, too:

“Globes revealed that Merkur gave the liquidators a down payment of $508,906 for the acquisition of the company. The down payment was in the form of a check from JPMorgan Chase Bank of the US, amounting to 20% of the NIS 11 million price for the company. The check was delivered to the liquidators on Monday, but they say that the check was anonymous, without any details, including the details of the checking account owner, and an unacceptable form of payment. Consequently, Merkur did not meet the September 30 deadline to make the deposit.”

So Tsahi Merkur’s check was not honored by the bank… what a pity.

Whats more interesting is that the liquidators Advs. Sigal Rozen-Rechav and Shaul Kotler stated this:

“The buyer’s conduct since the date the sale agreement was signed has been devious and evasive. From the beginning, the buyer has done everything he could to raise obstacles in various ways, and has refused to cooperate with the special managers.”

A few days ago, the liquidators petitioned the Supreme Court to order the buyers “to immediately deposit NIS 1.8 million or another substantial amount“. The liquidators also requested “an order prohibiting the disposing of Better Place’s assets“.

Who will be next? Maybe Gisli Gislason and his Northern Lights Energy, according to an AutoblogGreen report.  But does Northern Lights have valid account.  We shall see.

Source: Globes

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2 responses to "Better Place Still Without Buyer As Court Suspends Most Recent Sale"

  1. kdawg says:

    I’d buy that for a dollar…. but that’s it, just one dollar 🙂

    Looks like this guy, Tsahi, is into buying parking companies too.
    http://www.parkingisrael.co.il/?p=205

    Wow, this guy’s only 37
    http://investing.businessweek.com/research/stocks/private/person.asp?personId=133015615&privcapId=113455785

    1. Assaf says:

      He’s not “into buying parking companies too” – he’s a parking-lot shark who thought he found a bargain with this Better Place deal.

      He also thought that buying an international company in bankruptcy is some sort of back-alley fly-by-night drug deal, where you can stiff the seller with funny money and get away with it 🙂

      I pity the Israeli Fluence ZE owners, and deplore the repeated hits to EV prospects in Israel because of this unending fiasco.

      Besides that I have zero sympathy to anyone involved with the Better Place fiasco. It is no coincidence that its carcass still attracts scam artists like Merkur. Agassi himself designed Better Place as a government-backed scam from the get-go.