developing· Economy· Updated
Amos Luzon Buys Control of US Property Firm for $3 Million
The Luzon Group, controlled by businessman Amos Luzon, in partnership with Alpha Giduron, also referred to as Alpha Fences, owned by Oren Halfon, has acquired control of Kohan Properties for approximately 19.5 million shekels, which is about 5.3 million to 6.4 million dollars. Under the agreement, the Luzon Group will hold a 60% stake in the company, while its partner will hold the remaining 40%.
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What happened
- 01The Luzon Group and Alpha Giduron acquired control of Kohan Properties for approximately 19.5 million shekels.
- 02Amos Luzon's group will hold a 60% stake in the acquired company, with Oren Halfon's firm holding 40%.
- 03The seller, Dekama Finance, seized the shares from Mike Kohan after he defaulted on a 4 million dollar loan.
- 04Kohan Properties owns 35 commercial properties in the United States valued at 736 million dollars.
- 05Former owner Mike Kohan is contesting the transaction, calling the share transfer irregular and disproportionate to his debt.
- 06The buyers obtained a legal opinion confirming Dekama Finance's right to transfer the shares despite Kohan's objections.
- 07Luzon plans to improve the profitability of the existing real estate assets rather than expanding the portfolio.
The transaction was completed with Dekama Finance, a British financing firm controlled by Natanel Lorenz, also referred to as Natanel Lorenzi. Dekama Finance had seized the shares of Kohan Properties after the company's former controlling shareholder, Mike Kohan, defaulted on a 4 million dollar loan for which the shares were pledged as collateral. Kohan Properties owns 35 commercial properties in the United States valued at 736 million dollars, but faces significant debt, liabilities, and liquidity issues.
Mike Kohan is contesting the share transfer through his attorney, Lior Lahav, who sent a letter to Luzon alleging that the transfer is irregular, flawed, and disproportionate given the company's asset value compared to the 4 million dollar debt. The letter also claims the pledge was not disclosed to investors and lacked board approval. Despite these objections, the buyers obtained a legal opinion confirming the seller's right to transfer the shares, and Luzon plans to focus on improving the profitability of the existing assets.
Summarized by baba from the reports of 3 newsrooms. Updated
Latest report: Bizportal. Read Bizportal’s originalThe coverage
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