Poju Zabludowicz, the Finnish-Jewish head of investment firm Tamares, has turned down compromises proposed by Yitzhak Tshuva and Nochi Dankner, who are behind the ambitious new Las Vegas Plaza hotel project - over the name.
Yes, the disagreement is over the venture's name: Zabludowicz owns a hotel by the same name in downtown Las Vegas, and the looming legal proceedings over the moniker have forestalled progress on the ambitious project, estimated at $7 billion.
Zabludowicz argues that two hotels with the name Plaza could create confusion and deal a blow to his business. But Tshuva says the right to use the name for his planned new chain of luxury hotels was acquired when he bought the Plaza Hotel in New York.
Market,sources say that Tshuva's latest offer is apparently not even to the liking of his partner in the project, IDB Group chairman Nochi Dankner. Dankner is not accustomed to investments of the type described in the compromise, the sources say.
The offer proposes to invest hundreds of millions of shekels in a new project, to be managed by Zabludowicz, who will also get half its revenues, with no investment on his part. The proposal includes the removal of the name "Plaza" from the project if either Tshuva or Dankner sell their holding.
Zabludowicz's people, who are reviewing the proposal, have apparently neglected to make sure it is agreeable to Dankner as well. Tamares declined to comment on the matter while legal proceedings are underway. Zabludowicz has managed to delay by a few weeks a court hearing that had been scheduled to take place shortly. This will allow Tshuva to prepare a proposal that could put an end to the spat.
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