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Eli Reifman ordered to hand over Emblaze shares?
By Amit Benaroia?

Attorney Eitan Erez, the court-appointed manager of businessman Eli Reifman?s assets, petitioned the court Wednesday to order Reifman to hand over his shares in the software company Emblaze. Judge Varda Alshech accepted the petition.?

Reifman helped found the company in 1994. He became CEO in 2000 and president in 2006. In 2009 Erez was appointed receiver for Reifman?s assets. In his petition Erez said Reifman had told him that he owned 39 million Emblaze shares, contradicting an affidavit filed with the court earlier this year, giving his stake as 22.8 million shares.?
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In the petition, Erez argued that some of Reifman?s shares were recorded in a company?s name, ?in order to conceal from his opponents the exact number of shares he controls, as part of the power struggle that was waged at Emblaze.? Erez further noted that there was actually no way of ascertaining whether Reifman owned any shares at all, as ?the special manager has no real, tangible evidence of the existence of the shares declared.??

The petition also included a complaint that Reifman never provided a detailed accounting of the number of shares he owned, and never produced any written confirmation of such. Erez noted that he told that Reifman any progress toward an arrangement with creditors depended on his relinquishing his shares to Erez.?

?Reifman categorically refused to do so and even said he would be willing to sit in jail rather than hand over the shares,? states the petition.?

Erez asked Alshech to order Reifman to transfer his Emblaze shares, estimated to be worth $30 million, to the receiver?s account in Bank Leumi. Erez also mentioned that at one point Reifman tried to reach an arrangement with creditors by selling his shares to American investors for $40 million.?

?As soon as the debtor entered receivership,? said Alshech in her decision, ?all his assets belong to the special manager.??

?We have not yet received a copy of the decision,? said Reifman?s lawyer, Doron Afik, ?even though all the newspapers seem to have received it. We will comment after we have examined the decision and the petition.?
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