Amos Luzon Appointed Chairman of Kohan Properties, Halts Asset Sales
Translated & summarized from Ice by baba
Businessman Amos Luzon has been appointed Chairman of American real estate firm Kohan Properties after acquiring a controlling stake. His first act was to halt all sales of the company's U.S. commercial properties. The acquisition, valued at $6.4 million, involved a portfolio worth approximately $736 million and arose from the founder's debt issues. Luzon plans to improve the company's profitability.
The story in 5 lines · by baba
- Amos Luzon appointed Chairman of Kohan Properties, halting all commercial property sales.
- The company owns 35 U.S. commercial properties valued at approximately $736 million.
- Luzon's group acquired control for $6.4 million from founder Michael Kohan's debt.
- Oren Halfon and Assaf Cohen also appointed to key roles within the company.
- Kohan Properties is based in the United States and operates across 19 states.
Businessman Amos Luzon has solidified his control over the American real estate company Kohan Properties, shortly after acquiring a controlling stake. Luzon has been officially appointed Chairman of the Board, replacing Tzufit Harel. Oren Halfon, a partner in the acquisition from Alpha Gidurin, also joined the board.
Luzon's first major action as chairman was to order an immediate halt to all ongoing processes and negotiations for the sale of the company's commercial real estate assets across the United States. This move aims to halt the liquidation of properties.
In addition to stopping sales, Luzon has made several management appointments. Assaf Cohen, previously CFO of Luzon Entrepreneurship and Energy, has been appointed as a director and authorized signatory for the company, alongside Ben Daniel.
The takeover of Kohan Properties is considered unusual due to the acquisition's terms. The company owns a substantial portfolio of 35 income-generating commercial properties in 19 U.S. states, valued on its books at approximately $736 million with equity of about $277 million. Luzon Entrepreneurship (60%) and Alpha Gidurin (40%) acquired control for a mere $6.4 million, with Luzon retaining an option to bring in another partner without losing majority control.
The ownership transfer stemmed from the founder, Michael Kohan's, entanglement after pledging his shares for a $4 million loan from Dekama Finance, owned by Natanel Lorenz. Kohan claims a technical delay in payment led to the forfeiture of his shares and has initiated legal proceedings in the British Virgin Islands to regain control. The Luzon group asserts the deal was finalized upon signing and plans to improve the acquired company's profitability using its existing assets. The transaction includes a commitment for shares free of encumbrances. Despite subsequent claims of potential defects in the seller's rights to the shares, the company received a legal opinion confirming the seller's right to transfer them. Dekama Finance, a British financing company, confirmed it received repayment of the loan to Michael Kohan upon the sale of Kohan Properties' shares to Amos Luzon's group.
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