Alexander Granovsky: 'Nochi Dankner Is the Solution for IDB, Not the Problem'

Ukrainian businessman Alexander Granovsky, the head of a consortium bidding for control of IDB Holding Corporation that includes the embattled head of the IDB group, Nochi Dankner, defended Dankner in an interview with TheMarker yesterday.

• IDB's Nochi Dankner defends deal as best for creditors and company
• IDB bondholders begin assessing bids for control of the group
• Bidder will remove Dankner from management if their bid for IDB wins
• IDB to offload Given Imaging at market cap of $955 million to undisclosed buyer
• Covidien buying Given Imaging for $860 million

Granovsky said that even though Dankner was the controlling shareholder of IDB Holding Corp. when it reached the point of insolvency, he was not responsible for the debacle.

“We know the mistakes made at IDB and will try to correct them. Dankner isn’t the problem at IDB. Everyone has their pluses and minuses. We will try to benefit from Dankner’s pluses.”

Granovsky said he and Dankner chose their partners in the consortium together, but added, “The final decision is mine.” He also admitted that he had not met any of their other partners.

“I won’t lie. I always tell the truth and I haven’t met a single one of my partners on IDB face to face, but my CEO, Yossi Schneorson, met everyone on my behalf,” Granovsky said, referring to Israel Jossef Schneorson, the CEO of Emblaze, which Granovsky controls.

Granvosky said he wanted to invest in IDB because he believed the company could be turned around by paying off its debts to creditors and then selling off its bad assets, followed by its good ones.

“It is a good company and I believe that God has blessed us in business with the group of investors we have gathered,” said Granovsky. “Our partners are very successful people, Nakash [the brothers who founded Jordache jeans and own Arkia Airlines] Netz [Group], Dankner, they understand business well and will bring profits to IDB in the future.”

Granovsky related that his first business success was buying a Jeep that he later resold at a good price. “This was during a period in Russia and the Ukraine when you could buy assets cheaply and sell them high. That’s how I started to get ahead in business. Afterward, I did the same thing in real estate.”

But representatives of IDB bondholders will recommend the competing consortium for control of the company, led by Argentinian businessman Eduardo Eslztain and Moti Ben-Moshe.

The final decision is set to be made on December 15, in the courtroom of Tel Aviv District Court Judge Eitan Orenstein.