How much for the trustee in the window?
They thought they had NIS 52 million in the bag
Attorney Shlomo Nass and accountant Gabriel Trabelsi were sure the Clubmarket saga was history. They were also confident that they'd be tens of millions of shekels richer.
It was so simple: creditors have no right to express an opinion. The official property receiver would be coached in advanced to hand over some type of agreement. The audit committee bizarrely lent its hand too. All that remained was for Tel Aviv District Court Varda Alshech to agree too.
Generally, requests passed onto the judge are open to the public. They can be photcopied and reported in the press. But in this case of their motion for fees, the Clubmarket trustees, who had willingly tangoed with the press all year, were suddenly stricken with shyness.
It isn't rocket science. You don't need a degree in communications to realize that if you ask for NIS 52 million, at the expense of creditors, who are themselves close to bankruptcy after the Clubmarket debacle - you have to have a more persuasive argument than "good work costs money."
Their claim that they deserve every penny is also a tad bizarre, given that somebody really did work very hard to make sure that everybody involved in the case would only find out after the judge had signed on.
But the plan went awry. TheMarker published yesterday news of the request. It also published its details. The fear of the trustees was realized: once they realized how much Shlomo Nass and Gabi Trabelsi were asking for, Bank Hapoalim rushed to block it.
Nobody is claiming that Nass and Trabelsi and their teams don't deserve pay. They did a lot of work in the last year. But to get NIS 52 million, they have to have a pretty good explanation, and "good pay for good work" doesn't fit the bill.