Amos Luzon Appointed Chairman of Kohan Properties, Halts US Asset Sales

Amos Luzon has been appointed chairman of Kohan Properties, joining the company's board alongside Oren Halfon. Luzon has also ordered a halt to the ongoing processes for selling Kohan Properties' assets in the United States. The company's previous owner, Michael Kohan, lost control of the firm after pledging his shares to Dekama Finance, controlled by Natanel Lorenz, as collateral for a $4 million loan. These assets are valued on the books at $736 million.

Lorenz, seeking to avoid dealing with bondholders who had provided the company with 412 million shekels in February, put the company up for sale. It was acquired by Luzon and his company Luzon Entrepreneurship and Energy (60%) along with Alpha Gidurin (40%) owned by Oren Halfon for just $6.4 million. Kohan Properties has a net equity of $277 million.

Luzon has indicated openness to bringing in another partner for a 20% stake while retaining majority control at 51%. Kohan Properties owns 35 income-generating commercial properties across 19 US states, with eight of them pledged to Israeli bondholders including More, Harel, and Meitav. Luzon has appointed Assaf Cohen, CFO of Luzon Entrepreneurship, as a director and authorized signatory, alongside Ben Daniel. Tzofit Harel has stepped down as chairperson.

Michael Kohan has initiated legal proceedings in the British Virgin Islands, where the company is registered, seeking to prevent any disposition of its assets. He claims he was prepared to pay Lorenz the debt but his wire transfer was delayed, leading Lorenz to sell the shares. Kohan insists he had the funds to repay either Lorenz or Luzon to reclaim the shares. Bondholders, who had considered demanding immediate repayment of the debt, withdrew their actions upon Luzon's entry, preferring the new arrangement. It remains uncertain whether Kohan will succeed in his legal efforts to restore the previous situation, with prospects appearing slim.