Sale of Fishman's interest on the line
The sale of the controling interest in Eliezer Fishman's Alliance Tire Company, reported in the end of August, is uncertain. A group of American investors was set to inject $50 million into the company to expand its capital and secure new markets.
However, due to the sharp fall in Alliance's market cap, along with other less publicized reasons, the deal has still not gone through.
After losing NIS 140 million in less than two years, Alliance's equity is only NIS 93 million, compared to short-terms loans of NIS 404 million.
After a drop of 53 percent in its market cap in 2002, Alliance is now traded at a market cap of $10 million only. If the deal falls through, the company's value may fall even further.
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