Adi Keizman Organizing Homes Purchasing Group

After running afoul of his investment in Asim Investment, Adi Keizman is offering residents of Petah Tikva to join a purchasing group being organized via a private company he owns.

Residents of Petah Tikva have been receiving flyers from real estate developer ADO Holdings, inviting them to join a purchasing group for a residential complex being built in the city's Kfar Ganim neighborhood.

Ostensibly, this looks like one more player in the real estate market's current trend, but a telephone call to the number advertised on the flyer reveals that this purchasing group is being headed by Adi Keizman, the husband of Strauss Group chairman Ofra Strauss.

This August, Keizman dumped the controlling stake in Asim Investments, less than 24 hours before the company's bondholders were scheduled to convene to approve a debt agreement, and barely a year after he purchased the shares, in June 2008.

The purchasing group is being managed by ADO Group, a publicly traded company controlled by Keizman.

Keizman bought his stake in Asim via ADO as well.

A representative of the purchasing group explained that the group will be buying four- and five-room apartments measuring 127 square meters, with a starting price of NIS 1.46 million.

This is not the first purchasing group Keizman has organized, and he is currently involved in similar groups in Kfar Sava, Petah Tikva and Tel Aviv.

Keizman had purchased his stake in Asim for NIS 41.6 million, and lost NIS 28.6 million when he sold it (not including the money he is due to receive as part of the agreement with the new controlling shareholders).

The sale of the controlling stake on the eve of the debt arrangement approval outraged bondholders, who claimed that Keizman was backing down from the arrangement and other agreements. Although what he did may have been legal, it was not nice, they said.