Last night, just hours before Tel Aviv District Court Judge Eitan Orenstein was due to announce his decision today on the fate of Nochi Dankner's debt-ridden IDB group, Dankner and Argentine investor Eduardo Elsztain made a last-ditch filing with the court to preserve Dankner's grip as controlling shareholder. The bondholders of two IDB companies, IDB Holding and IDB Development, are seeking to wrest control of the firms from Dankner.
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Among the new terms is agreement by Elsztain to deposit $75 million in a trust account for the benefit of the bondholders, as the bondholder representatives have demanded. The money would be earmarked for future investment in IDB Holding. Elsztain is said to have committed to depositing $25 million within 14 days of the drafting of a debt rescheduling agreement and the other $50 million at a later date. IDB Development's businesses include the Super-Sol supermarket chain and Cellcom cellular service provider.