Doron Shorer, Chairman of Mivtachim fund, overcame Gemul fund after a long legal battle. Gemul, previously one of the largest pension funds in Israel managing billions of shekels, will be floated on the stock exchange with equity capital of 450 million shekels. The battle involved multiple lawsuits and opinions from lawyers as Shorer pushed to reduce Gemul's dominance and make it a publicly traded company, while Gemul's chairman Richard Armon fought to maintain the status quo. An agreement was finally reached downsizing Gemul significantly and requiring it to go public or become a smaller service company.
This document summarizes a bitter corporate takeover battle taking place for control of the Gemul Company, which provides services to provident and pension funds in Israel. The key points of contention are whether Bank Hapoalim continues to exert control over Gemul despite agreements to transfer control to the funds two years prior, and whether funds' money is being improperly used. Opinions from lawyers are conflicting on these issues. The conduct of some fund directors in rejecting critical opinions and seeking opinions from lawyers also representing Bank Hapoalim is seen as suspicious and concerning for the interests of the fund members.
The document discusses risk management in insolvency proceedings. It outlines various risks faced during insolvency such as contractual issues with suppliers, market reputation risks, and business interruptions. It provides recommendations for mitigating exposure, including carefully following procedural steps, considering appeal options, and preparing a strong defense arguing the company is not insolvent. The document also discusses protecting creditors' rights, managing directors' liability, and debt restructuring options to avoid insolvency proceedings.
Bankruptcy Act 1997 (By BU AIS 2nd Batch)Jessic Sharif
This document is a presentation on the Bankruptcy Act of 1997 given by a group of students at the University of Barisal. It defines key terms related to bankruptcy such as adjudication, creditors, debtors, and discharge. It explains that bankruptcy is a legal process that allows individuals who cannot pay their debts to eliminate or discharge most of their debts and get a fresh start. It discusses who can and cannot be declared bankrupt under the Act and the conditions for creditors and debtors to file bankruptcy petitions. The effects of an order of adjudication are that the bankrupt must assist in realizing and distributing their property to creditors, all non-exempt property vests in the receiver or court, and the bankrupt loses power to enter transactions binding creditors
This document provides an overview of Israeli contract law. It begins with an introduction explaining that Israeli law is a hybrid system influenced by both common law and civil law traditions. It then outlines the major doctrines and approaches of Israeli commercial law in areas such as governing law, contract formation, interpretation, remedies, and business organizations. The overview is intended to concisely describe the key elements and structure of Israeli contract law for those unfamiliar with the system.
La Unión Europea ha acordado un embargo petrolero contra Rusia en respuesta a la invasión de Ucrania. El embargo prohibirá las importaciones marítimas de petróleo ruso a la UE y pondrá fin a las entregas a través de oleoductos dentro de seis meses. Esta medida forma parte de un sexto paquete de sanciones de la UE destinadas a aumentar la presión económica sobre el gobierno de Putin.
Este documento trata sobre diferentes temas relacionados con la morfología y sintaxis del español. Explica la formación de palabras a través de procesos como la derivación, composición y acronimia. También habla sobre palabras compuestas, homófonas, sinónimos y antónimos. Por otro lado, define conceptos sintácticos como los grupos sintácticos y las funciones sintácticas. Finalmente, clasifica las oraciones y explica la formación de párrafos.
Este documento trata sobre diferentes temas relacionados con la morfología y sintaxis del español. Explica los tipos de formación de palabras como la derivación, composición y acronimia. También habla sobre palabras compuestas, homófonas, sinónimos y antónimos. Por otro lado, define conceptos como sintaxis, grupos sintácticos y funciones sintácticas. Finalmente, analiza la clasificación y formación de oraciones, así como la estructura y tipos de párrafos.
This document summarizes a bitter corporate takeover battle taking place for control of the Gemul Company, which provides services to provident and pension funds in Israel. The key points of contention are whether Bank Hapoalim continues to exert control over Gemul despite agreements to transfer control to the funds two years prior, and whether funds' money is being improperly used. Opinions from lawyers are conflicting on these issues. The conduct of some fund directors in rejecting critical opinions and seeking opinions from lawyers also representing Bank Hapoalim is seen as suspicious and concerning for the interests of the fund members.
The document discusses risk management in insolvency proceedings. It outlines various risks faced during insolvency such as contractual issues with suppliers, market reputation risks, and business interruptions. It provides recommendations for mitigating exposure, including carefully following procedural steps, considering appeal options, and preparing a strong defense arguing the company is not insolvent. The document also discusses protecting creditors' rights, managing directors' liability, and debt restructuring options to avoid insolvency proceedings.
Bankruptcy Act 1997 (By BU AIS 2nd Batch)Jessic Sharif
This document is a presentation on the Bankruptcy Act of 1997 given by a group of students at the University of Barisal. It defines key terms related to bankruptcy such as adjudication, creditors, debtors, and discharge. It explains that bankruptcy is a legal process that allows individuals who cannot pay their debts to eliminate or discharge most of their debts and get a fresh start. It discusses who can and cannot be declared bankrupt under the Act and the conditions for creditors and debtors to file bankruptcy petitions. The effects of an order of adjudication are that the bankrupt must assist in realizing and distributing their property to creditors, all non-exempt property vests in the receiver or court, and the bankrupt loses power to enter transactions binding creditors
This document provides an overview of Israeli contract law. It begins with an introduction explaining that Israeli law is a hybrid system influenced by both common law and civil law traditions. It then outlines the major doctrines and approaches of Israeli commercial law in areas such as governing law, contract formation, interpretation, remedies, and business organizations. The overview is intended to concisely describe the key elements and structure of Israeli contract law for those unfamiliar with the system.
La Unión Europea ha acordado un embargo petrolero contra Rusia en respuesta a la invasión de Ucrania. El embargo prohibirá las importaciones marítimas de petróleo ruso a la UE y pondrá fin a las entregas a través de oleoductos dentro de seis meses. Esta medida forma parte de un sexto paquete de sanciones de la UE destinadas a aumentar la presión económica sobre el gobierno de Putin.
Este documento trata sobre diferentes temas relacionados con la morfología y sintaxis del español. Explica la formación de palabras a través de procesos como la derivación, composición y acronimia. También habla sobre palabras compuestas, homófonas, sinónimos y antónimos. Por otro lado, define conceptos sintácticos como los grupos sintácticos y las funciones sintácticas. Finalmente, clasifica las oraciones y explica la formación de párrafos.
Este documento trata sobre diferentes temas relacionados con la morfología y sintaxis del español. Explica los tipos de formación de palabras como la derivación, composición y acronimia. También habla sobre palabras compuestas, homófonas, sinónimos y antónimos. Por otro lado, define conceptos como sintaxis, grupos sintácticos y funciones sintácticas. Finalmente, analiza la clasificación y formación de oraciones, así como la estructura y tipos de párrafos.
El documento proporciona un resumen de las ventas de productos durante marzo de 2013, incluyendo la fecha, referencia, descripción, unidades vendidas y costo por producto de cada artículo. En total, las ventas de marzo sumaron $61,700. Adicionalmente, incluye un gráfico que muestra las ventas por semana durante el mes.
The document celebrates Easter and the resurrection of Jesus Christ. It references the joy and new life that Easter brings, as well as signs of new life like butterflies, flowers, and helping others. The lyrics express having joy in one's heart from the love of Jesus. They are sung in both English and French, proclaiming happiness from believing in the resurrected Lord.
Advocate Gilead Amozeg completed an opinion for pension funds determining that despite the equalization of rights years ago at Gemul Company, Bank Hapoalim continues to effectively control Gemul. The composition of Gemul's board of directors, which is mostly the same as before equalization, prevents shareholders from changing the board's composition. Amozeg proposes the pension funds examine whether Bank Hapoalim and Chevrat Ha-Ovdim unlawfully enriched themselves by receiving compensation for giving up control without actually doing so.
Presentación esclarecimiento secuestro de estudianteDesde Puebla
El documento describe el recorrido de una víctima de secuestro en el estado de Puebla, México. Se detalla el lugar de la privación de la libertad, el lugar de pago del rescate, la liberación y el aseguramiento de tres sospechosos, dos armas, dos vehículos y la recuperación del vehículo de la víctima.
El Complejo Cultural Universitario cumple ocho años de cultura y arteDesde Puebla
Este documento presenta la programación cultural que tendrá lugar del 7 al 13 de noviembre en el Complejo Cultural Universitario, incluyendo obras de teatro, conciertos, exhibiciones de danza, cine y más. Los eventos destacados son el ciclo de cine "Frente a la muerte", la obra de teatro "Sala de ensayos", y la exposición "Kozmic Blues. Expresiones entre control y descontrol".
Management Information Systems,
Popular MIS cases,
MIS,
Lectures,
Case study,
MIS Case study,
MIS Lectures,
MBA MIS course,
Management Information Systems lectures,
MIS lectures,
What is Management Information Systems,
Understanding Management Information System,
Overview of Management Information Systems,
MIS Movies,
business intelligence,
SCM, CRM, ERP,
building information systems,
clouds,
knowledge management,
IS development,
e-government,
Industry 4.0,
mobile commerce,
toptenmba,
local commerce,
social commerce,
emarketing,
has gone Google,
digital marketing,
laudon,
what is electronic commerce,
overview of ecommerce,
ecommerce lectures,
ecommerce case study,
IT Project management,
Agile methodology,
Waterfall,
IS Management,
IS Security,
Social media,
Managing Global Systems,
Managing IT Projects,
bai giang he thong thong tin quan ly,
bai giang HTTT,
bai giang HTTTQL,
bai tap tinh huong,
bai giang,
HTTTQL,
bai tap tinh huong,
giai thich thuat ngu,
Ecommerce Managers,
nguyen van thoan,
http://toptenmba.com
http://topten.edu.vn
www.toptenmba.com
www.topten.edu.vn
The document repeats phrases praising giving thanks to the Lord and listing signs of new life including butterflies, Easter eggs, and fountains. It also lists signs of hope such as helping hands, happy smiles, and hopeful hearts. Finally, it mentions symbols of communion including wine, bread, and their connection to being blessed and broken for others.
El documento describe un bloqueo de la autopista México-Puebla el 28 de octubre de 2016 por aproximadamente 50 personas enmascaradas que protestaban por la muerte de un menor de 16 años a manos de la policía estatal. La policía aseguró 3 camionetas robadas usadas para robo de combustible, lo que provocó agresiones y detonaciones por parte de sujetos vinculados con el robo de hidrocarburo.
The document discusses literacy bags, which are collections of items in containers related to a book or theme. They are used to enhance literacy development for preschool through grade 2 students. Suggested contents include manipulatives, songs, books children can read themselves, and items linked to curriculum. The bags can be used at school, home, or in the community. Activities may include reading books, answering questions, exploring samples, and going on nature walks. Bags help build relationships between school, home, and support literacy.
Thương mại điện tử dành cho nhà quản lý
Hệ thống thông tin quản lý
Thương mại điện tử
Marketing điện tử
Quản lý website bán hàng trực tuyến
Ứng dụng thương mại điện tử vào xuất nhập khẩu
Thương mại điện tử dành cho nhà quản lý
Hệ thống thông tin quản lý
Thương mại điện tử
Marketing điện tử
Quản lý website bán hàng trực tuyến
Ứng dụng thương mại điện tử vào xuất nhập khẩu
The document discusses superabsorbent polymers, which are cross-linked polyelectrolytes that can absorb over 10 times their mass in water. They are used in disposable diapers, feminine hygiene products, and adult incontinence products to absorb liquids. The document covers the properties, manufacturing processes, and economic aspects of superabsorbent polymers. It describes how they are made by polymerizing acrylic acid and crosslinkers to form hydrogels, which are then dried, ground, and processed into powders. The global production of superabsorbent polymers in 2001 was over 1 million metric tons per year, with the majority used in disposable hygiene products.
Page 858488 A.2d 858 (Del. 1985)Alden SMITH and John W.docxalfred4lewis58146
Page 858
488 A.2d 858 (Del. 1985)
Alden SMITH and John W. Gosselin, Plaintiffs Below,
Appellants,
v.
Jerome W. VAN GORKOM, Bruce S. Chelberg,
William B. Johnson,
Joseph B. Lanterman, Graham J. Morgan, Thomas P.
O'Boyle, W.
Allen Wallis, Sidney H. Bonser, William D. Browder,
Trans
Union Corporation, a Delaware corporation, Marmon
Group,
Inc., a Delaware corporation, GL Corporation, a
Delaware
corporation, and New T. Co., a Delaware corporation,
Defendants Below, Appellees.
Supreme Court of Delaware.
January 29, 1985
Submitted: June 11, 1984.
Opinion on Denial of Reargument: March 14, 1985.
Page 859
[Copyrighted Material Omitted]
Page 860
[Copyrighted Material Omitted]
Page 861
[Copyrighted Material Omitted]
Page 862
[Copyrighted Material Omitted]
Page 863
Upon appeal from the Court of Chancery. Reversed
and Remanded.
William Prickett (argued) and James P. Dalle Pazze,
of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington,
and Ivan Irwin, Jr. and Brett A. Ringle, of Shank, Irwin,
Conant & Williamson, Dallas, Tex., of counsel, for
plaintiffs below, appellants.
Robert K. Payson (argued) and Peter M. Sieglaff of
Potter, Anderson & Corroon, Wilmington, for individual
defendants below, appellees.
Lewis S. Black, Jr., A. Gilchrist Sparks, III (argued)
and Richard D. Allen, of Morris, Nichols, Arsht &
Tunnell, Wilmington, for Trans Union Corp., Marmon
Group, Inc., GL Corp. and New T. Co., defendants
below, appellees.
Before HERRMANN, C.J., and McNEILLY,
HORSEY, MOORE and CHRISTIE, JJ., constituting the
Court en banc.
HORSEY, Justice (for the majority):
This appeal from the Court of Chancery involves a
class action brought by shareholders of the defendant
Trans Union Corporation ("Trans Union" or "the
Company"), originally seeking rescission of a cash-out
merger of Trans Union into the defendant New T
Company ("New T"), a wholly-owned subsidiary of the
defendant, Marmon Group, Inc. ("Marmon"). Alternate
relief in the form of damages is sought against the
defendant members of the Board of Directors of Trans
Union,
Page 864New T, and Jay A. Pritzker and Robert A.
Pritzker, owners of Marmon. [1]
Following trial, the former Chancellor granted
judgment for the defendant directors by unreported letter
opinion dated July 6, 1982. [2] Judgment was based on
two findings: (1) that the Board of Directors had acted in
an informed manner so as to be entitled to protection of
the business judgment rule in approving the cash-out
merger; and (2) that the shareholder vote approving the
merger should not be set aside because the stockholders
had been "fairly informed" by the Board of Directors
before voting thereon. The plaintiffs appeal.
Speaking for the majority of the Court, we conclude
that both rulings of the Court of Chancery are clearly
erroneous. Therefore,.
Chapter Six White-Collar Crime and the Business CommunityAmids.docxspoonerneddy
Chapter Six White-Collar Crime and the Business Community
Amidst the turmoil and fallout of the Enron scandal that led to the company’s declaration of bankruptcy, a number of former Enron officials faced charges for various offenses. One such official was former CEO Jeffrey Skilling, who was ultimately found guilty of 19 fraud related charges, including conspiracy, insider trading, securities fraud, and making false statements to auditors. As punishment for his misdeeds, the 52-year-old Skilling was sentenced in 2006 to 24 years and 4 months in a federal prison. In addition, he was fined $45 million, which was to be put into a fund to benefit those who had been harmed by Enron’s collapse. While serving his sentence in 2010, he won a minor victory when the U.S. Supreme Court found that instructions to the jury with respect to one of the charges were inaccurate, and threw out the conviction on that charge. The case was then sent back to the trial court judge to determine whether the inaccurate instructions regarding the one charge tainted the convictions on the other charges. In 2013, the case was finally resolved as he was resentenced to 14 years in a federal prison as part of a court ordered reduction and a separate plea agreement with the prosecution. Unfortunately, this story is just one of many recent large and complex white-collar crime scandals. During 2009, Internet crime resulted in losses in the United States of $559.7 million, more than two times as much as in 2008.1 At the end of 2008, the FBI was investigating 545 corporate fraud cases each of which involved investor losses that exceeded $1 billion.2 The Coalition Against Insurance Fraud reports that insurance fraud costs Americans more than $80 billion per year.3
1 Internet Crime Complaint Center, IC3 Annual Internet Crime Report 2009; retrieved May 10, 2010, from National White Collar Crime Center, http://www.nw3c.org/research/site_files .cfm?fileid=d1991bea-8a22-4e54-82f5-678d4d83581a&mode=r.
2 Federal Bureau of Investigation, Financial Crimes Report to the Public Fiscal Year 2008; retrieved May 10, 2010, from http://www.fbi.gov/publications/financial/fcs_report2008/financial_crime_2008.htm#health.
3 Coalition Against Insurance Fraud, “Consumer Information.” Accessed May 10, 2010 at http://www .insurancefraud.org/fraud_backgrounder.htm.
White-collar crimes—crimes committed in a commercial context—occur every day. Collectively, these crimes often result in millions of dollars of damages. In recent years, as corporate crimes such as the ones detailed in Exhibit 6-1
Allen Stanford. Sentence: 110 years
Allen Stanford, 63, was a Texan financier accused of running a $7 billion Ponzi scheme. He had investors invest billions of dollars into his bank, and then spent the money on private jets, yachts, and acres of undeveloped Antiguan land among other expenditures. In December 2008, Stanford International Bank had $88 million in cash, but it fudged its numbers to say it had $1 billion in.
Chapter Six White-Collar Crime and the Business CommunityAmids.docxmccormicknadine86
Chapter Six White-Collar Crime and the Business Community
Amidst the turmoil and fallout of the Enron scandal that led to the company’s declaration of bankruptcy, a number of former Enron officials faced charges for various offenses. One such official was former CEO Jeffrey Skilling, who was ultimately found guilty of 19 fraud related charges, including conspiracy, insider trading, securities fraud, and making false statements to auditors. As punishment for his misdeeds, the 52-year-old Skilling was sentenced in 2006 to 24 years and 4 months in a federal prison. In addition, he was fined $45 million, which was to be put into a fund to benefit those who had been harmed by Enron’s collapse. While serving his sentence in 2010, he won a minor victory when the U.S. Supreme Court found that instructions to the jury with respect to one of the charges were inaccurate, and threw out the conviction on that charge. The case was then sent back to the trial court judge to determine whether the inaccurate instructions regarding the one charge tainted the convictions on the other charges. In 2013, the case was finally resolved as he was resentenced to 14 years in a federal prison as part of a court ordered reduction and a separate plea agreement with the prosecution. Unfortunately, this story is just one of many recent large and complex white-collar crime scandals. During 2009, Internet crime resulted in losses in the United States of $559.7 million, more than two times as much as in 2008.1 At the end of 2008, the FBI was investigating 545 corporate fraud cases each of which involved investor losses that exceeded $1 billion.2 The Coalition Against Insurance Fraud reports that insurance fraud costs Americans more than $80 billion per year.3
1 Internet Crime Complaint Center, IC3 Annual Internet Crime Report 2009; retrieved May 10, 2010, from National White Collar Crime Center, http://www.nw3c.org/research/site_files .cfm?fileid=d1991bea-8a22-4e54-82f5-678d4d83581a&mode=r.
2 Federal Bureau of Investigation, Financial Crimes Report to the Public Fiscal Year 2008; retrieved May 10, 2010, from http://www.fbi.gov/publications/financial/fcs_report2008/financial_crime_2008.htm#health.
3 Coalition Against Insurance Fraud, “Consumer Information.” Accessed May 10, 2010 at http://www .insurancefraud.org/fraud_backgrounder.htm.
White-collar crimes—crimes committed in a commercial context—occur every day. Collectively, these crimes often result in millions of dollars of damages. In recent years, as corporate crimes such as the ones detailed in Exhibit 6-1
Allen Stanford. Sentence: 110 years
Allen Stanford, 63, was a Texan financier accused of running a $7 billion Ponzi scheme. He had investors invest billions of dollars into his bank, and then spent the money on private jets, yachts, and acres of undeveloped Antiguan land among other expenditures. In December 2008, Stanford International Bank had $88 million in cash, but it fudged its numbers to say it had $1 billion in ...
PRESS STATEMENT: NSSF's Response To Press Reports on IGG InvestigationNSSF Uganda
The Fund received information relating to a report submitted by an anonymous individual to the Inspector General of Government (IGG), containing a number of unsubstantiated allegations.
The Fund is open to any investigation by the IGG. We will provide the required information to enable the IGG carry out investigations.
We commit, in line with transparency and accountability, to cooperate with the IGG to conclusively investigate the allegations.
Nevertheless, we wish to clarify that these allegations are absolutely false and are intended to tarnish the reputation of the Fund.
This verified complaint was filed in the Court of Chancery of the State of Delaware by Joint Stock Company Commercial Bank PrivatBank against Igor Valeryevich Kolomoisky, Gennadiy Borisovich Bogolyubov, and various entities owned or controlled by them. The complaint alleges that Kolomoisky and Bogolyubov used their control of PrivatBank to orchestrate fraudulent schemes, referred to as the Optima Schemes, to launder hundreds of millions of dollars in improperly issued PrivatBank loans into the United States to acquire assets for their own benefit. The complaint brings claims including alter ego liability, unjust enrichment, fraudulent transfer, violations of Ohio's RICO statute, and civil conspiracy.
Lehman Brothers was a global investment bank that filed for bankruptcy in 2008 due to excessive risk taking and overexposure to subprime mortgages. Some key factors that contributed to its failure included being highly leveraged with a debt-to-equity ratio of 31 in 2007, risky investments in the housing market, weak corporate governance and oversight of risk, and a compensation system that rewarded short-term gains without accountability for losses. The bankruptcy filing had widespread global impacts, including job losses, reduced company profits, increased borrowing costs, and loss of wealth for investors.
Simon Stockley founded SA Home Loans (SAHL) in 1999 to provide cheaper home loans to South Africans by using securitization. Securitization involves pooling mortgage loans into a special purpose vehicle that issues bonds to investors to fund the loans. This allows SAHL to bypass banks and offer loans at lower rates. While banks were dismissive of the competition initially, SAHL gained an 11% market share in its first 5 years by undercutting bank rates. One hurdle was determining SAHL was not classified as a bank, which allowed it to operate more efficiently through securitization rather than traditional banking regulations.
El documento proporciona un resumen de las ventas de productos durante marzo de 2013, incluyendo la fecha, referencia, descripción, unidades vendidas y costo por producto de cada artículo. En total, las ventas de marzo sumaron $61,700. Adicionalmente, incluye un gráfico que muestra las ventas por semana durante el mes.
The document celebrates Easter and the resurrection of Jesus Christ. It references the joy and new life that Easter brings, as well as signs of new life like butterflies, flowers, and helping others. The lyrics express having joy in one's heart from the love of Jesus. They are sung in both English and French, proclaiming happiness from believing in the resurrected Lord.
Advocate Gilead Amozeg completed an opinion for pension funds determining that despite the equalization of rights years ago at Gemul Company, Bank Hapoalim continues to effectively control Gemul. The composition of Gemul's board of directors, which is mostly the same as before equalization, prevents shareholders from changing the board's composition. Amozeg proposes the pension funds examine whether Bank Hapoalim and Chevrat Ha-Ovdim unlawfully enriched themselves by receiving compensation for giving up control without actually doing so.
Presentación esclarecimiento secuestro de estudianteDesde Puebla
El documento describe el recorrido de una víctima de secuestro en el estado de Puebla, México. Se detalla el lugar de la privación de la libertad, el lugar de pago del rescate, la liberación y el aseguramiento de tres sospechosos, dos armas, dos vehículos y la recuperación del vehículo de la víctima.
El Complejo Cultural Universitario cumple ocho años de cultura y arteDesde Puebla
Este documento presenta la programación cultural que tendrá lugar del 7 al 13 de noviembre en el Complejo Cultural Universitario, incluyendo obras de teatro, conciertos, exhibiciones de danza, cine y más. Los eventos destacados son el ciclo de cine "Frente a la muerte", la obra de teatro "Sala de ensayos", y la exposición "Kozmic Blues. Expresiones entre control y descontrol".
Management Information Systems,
Popular MIS cases,
MIS,
Lectures,
Case study,
MIS Case study,
MIS Lectures,
MBA MIS course,
Management Information Systems lectures,
MIS lectures,
What is Management Information Systems,
Understanding Management Information System,
Overview of Management Information Systems,
MIS Movies,
business intelligence,
SCM, CRM, ERP,
building information systems,
clouds,
knowledge management,
IS development,
e-government,
Industry 4.0,
mobile commerce,
toptenmba,
local commerce,
social commerce,
emarketing,
has gone Google,
digital marketing,
laudon,
what is electronic commerce,
overview of ecommerce,
ecommerce lectures,
ecommerce case study,
IT Project management,
Agile methodology,
Waterfall,
IS Management,
IS Security,
Social media,
Managing Global Systems,
Managing IT Projects,
bai giang he thong thong tin quan ly,
bai giang HTTT,
bai giang HTTTQL,
bai tap tinh huong,
bai giang,
HTTTQL,
bai tap tinh huong,
giai thich thuat ngu,
Ecommerce Managers,
nguyen van thoan,
http://toptenmba.com
http://topten.edu.vn
www.toptenmba.com
www.topten.edu.vn
The document repeats phrases praising giving thanks to the Lord and listing signs of new life including butterflies, Easter eggs, and fountains. It also lists signs of hope such as helping hands, happy smiles, and hopeful hearts. Finally, it mentions symbols of communion including wine, bread, and their connection to being blessed and broken for others.
El documento describe un bloqueo de la autopista México-Puebla el 28 de octubre de 2016 por aproximadamente 50 personas enmascaradas que protestaban por la muerte de un menor de 16 años a manos de la policía estatal. La policía aseguró 3 camionetas robadas usadas para robo de combustible, lo que provocó agresiones y detonaciones por parte de sujetos vinculados con el robo de hidrocarburo.
The document discusses literacy bags, which are collections of items in containers related to a book or theme. They are used to enhance literacy development for preschool through grade 2 students. Suggested contents include manipulatives, songs, books children can read themselves, and items linked to curriculum. The bags can be used at school, home, or in the community. Activities may include reading books, answering questions, exploring samples, and going on nature walks. Bags help build relationships between school, home, and support literacy.
Thương mại điện tử dành cho nhà quản lý
Hệ thống thông tin quản lý
Thương mại điện tử
Marketing điện tử
Quản lý website bán hàng trực tuyến
Ứng dụng thương mại điện tử vào xuất nhập khẩu
Thương mại điện tử dành cho nhà quản lý
Hệ thống thông tin quản lý
Thương mại điện tử
Marketing điện tử
Quản lý website bán hàng trực tuyến
Ứng dụng thương mại điện tử vào xuất nhập khẩu
The document discusses superabsorbent polymers, which are cross-linked polyelectrolytes that can absorb over 10 times their mass in water. They are used in disposable diapers, feminine hygiene products, and adult incontinence products to absorb liquids. The document covers the properties, manufacturing processes, and economic aspects of superabsorbent polymers. It describes how they are made by polymerizing acrylic acid and crosslinkers to form hydrogels, which are then dried, ground, and processed into powders. The global production of superabsorbent polymers in 2001 was over 1 million metric tons per year, with the majority used in disposable hygiene products.
Page 858488 A.2d 858 (Del. 1985)Alden SMITH and John W.docxalfred4lewis58146
Page 858
488 A.2d 858 (Del. 1985)
Alden SMITH and John W. Gosselin, Plaintiffs Below,
Appellants,
v.
Jerome W. VAN GORKOM, Bruce S. Chelberg,
William B. Johnson,
Joseph B. Lanterman, Graham J. Morgan, Thomas P.
O'Boyle, W.
Allen Wallis, Sidney H. Bonser, William D. Browder,
Trans
Union Corporation, a Delaware corporation, Marmon
Group,
Inc., a Delaware corporation, GL Corporation, a
Delaware
corporation, and New T. Co., a Delaware corporation,
Defendants Below, Appellees.
Supreme Court of Delaware.
January 29, 1985
Submitted: June 11, 1984.
Opinion on Denial of Reargument: March 14, 1985.
Page 859
[Copyrighted Material Omitted]
Page 860
[Copyrighted Material Omitted]
Page 861
[Copyrighted Material Omitted]
Page 862
[Copyrighted Material Omitted]
Page 863
Upon appeal from the Court of Chancery. Reversed
and Remanded.
William Prickett (argued) and James P. Dalle Pazze,
of Prickett, Jones, Elliott, Kristol & Schnee, Wilmington,
and Ivan Irwin, Jr. and Brett A. Ringle, of Shank, Irwin,
Conant & Williamson, Dallas, Tex., of counsel, for
plaintiffs below, appellants.
Robert K. Payson (argued) and Peter M. Sieglaff of
Potter, Anderson & Corroon, Wilmington, for individual
defendants below, appellees.
Lewis S. Black, Jr., A. Gilchrist Sparks, III (argued)
and Richard D. Allen, of Morris, Nichols, Arsht &
Tunnell, Wilmington, for Trans Union Corp., Marmon
Group, Inc., GL Corp. and New T. Co., defendants
below, appellees.
Before HERRMANN, C.J., and McNEILLY,
HORSEY, MOORE and CHRISTIE, JJ., constituting the
Court en banc.
HORSEY, Justice (for the majority):
This appeal from the Court of Chancery involves a
class action brought by shareholders of the defendant
Trans Union Corporation ("Trans Union" or "the
Company"), originally seeking rescission of a cash-out
merger of Trans Union into the defendant New T
Company ("New T"), a wholly-owned subsidiary of the
defendant, Marmon Group, Inc. ("Marmon"). Alternate
relief in the form of damages is sought against the
defendant members of the Board of Directors of Trans
Union,
Page 864New T, and Jay A. Pritzker and Robert A.
Pritzker, owners of Marmon. [1]
Following trial, the former Chancellor granted
judgment for the defendant directors by unreported letter
opinion dated July 6, 1982. [2] Judgment was based on
two findings: (1) that the Board of Directors had acted in
an informed manner so as to be entitled to protection of
the business judgment rule in approving the cash-out
merger; and (2) that the shareholder vote approving the
merger should not be set aside because the stockholders
had been "fairly informed" by the Board of Directors
before voting thereon. The plaintiffs appeal.
Speaking for the majority of the Court, we conclude
that both rulings of the Court of Chancery are clearly
erroneous. Therefore,.
Chapter Six White-Collar Crime and the Business CommunityAmids.docxspoonerneddy
Chapter Six White-Collar Crime and the Business Community
Amidst the turmoil and fallout of the Enron scandal that led to the company’s declaration of bankruptcy, a number of former Enron officials faced charges for various offenses. One such official was former CEO Jeffrey Skilling, who was ultimately found guilty of 19 fraud related charges, including conspiracy, insider trading, securities fraud, and making false statements to auditors. As punishment for his misdeeds, the 52-year-old Skilling was sentenced in 2006 to 24 years and 4 months in a federal prison. In addition, he was fined $45 million, which was to be put into a fund to benefit those who had been harmed by Enron’s collapse. While serving his sentence in 2010, he won a minor victory when the U.S. Supreme Court found that instructions to the jury with respect to one of the charges were inaccurate, and threw out the conviction on that charge. The case was then sent back to the trial court judge to determine whether the inaccurate instructions regarding the one charge tainted the convictions on the other charges. In 2013, the case was finally resolved as he was resentenced to 14 years in a federal prison as part of a court ordered reduction and a separate plea agreement with the prosecution. Unfortunately, this story is just one of many recent large and complex white-collar crime scandals. During 2009, Internet crime resulted in losses in the United States of $559.7 million, more than two times as much as in 2008.1 At the end of 2008, the FBI was investigating 545 corporate fraud cases each of which involved investor losses that exceeded $1 billion.2 The Coalition Against Insurance Fraud reports that insurance fraud costs Americans more than $80 billion per year.3
1 Internet Crime Complaint Center, IC3 Annual Internet Crime Report 2009; retrieved May 10, 2010, from National White Collar Crime Center, http://www.nw3c.org/research/site_files .cfm?fileid=d1991bea-8a22-4e54-82f5-678d4d83581a&mode=r.
2 Federal Bureau of Investigation, Financial Crimes Report to the Public Fiscal Year 2008; retrieved May 10, 2010, from http://www.fbi.gov/publications/financial/fcs_report2008/financial_crime_2008.htm#health.
3 Coalition Against Insurance Fraud, “Consumer Information.” Accessed May 10, 2010 at http://www .insurancefraud.org/fraud_backgrounder.htm.
White-collar crimes—crimes committed in a commercial context—occur every day. Collectively, these crimes often result in millions of dollars of damages. In recent years, as corporate crimes such as the ones detailed in Exhibit 6-1
Allen Stanford. Sentence: 110 years
Allen Stanford, 63, was a Texan financier accused of running a $7 billion Ponzi scheme. He had investors invest billions of dollars into his bank, and then spent the money on private jets, yachts, and acres of undeveloped Antiguan land among other expenditures. In December 2008, Stanford International Bank had $88 million in cash, but it fudged its numbers to say it had $1 billion in.
Chapter Six White-Collar Crime and the Business CommunityAmids.docxmccormicknadine86
Chapter Six White-Collar Crime and the Business Community
Amidst the turmoil and fallout of the Enron scandal that led to the company’s declaration of bankruptcy, a number of former Enron officials faced charges for various offenses. One such official was former CEO Jeffrey Skilling, who was ultimately found guilty of 19 fraud related charges, including conspiracy, insider trading, securities fraud, and making false statements to auditors. As punishment for his misdeeds, the 52-year-old Skilling was sentenced in 2006 to 24 years and 4 months in a federal prison. In addition, he was fined $45 million, which was to be put into a fund to benefit those who had been harmed by Enron’s collapse. While serving his sentence in 2010, he won a minor victory when the U.S. Supreme Court found that instructions to the jury with respect to one of the charges were inaccurate, and threw out the conviction on that charge. The case was then sent back to the trial court judge to determine whether the inaccurate instructions regarding the one charge tainted the convictions on the other charges. In 2013, the case was finally resolved as he was resentenced to 14 years in a federal prison as part of a court ordered reduction and a separate plea agreement with the prosecution. Unfortunately, this story is just one of many recent large and complex white-collar crime scandals. During 2009, Internet crime resulted in losses in the United States of $559.7 million, more than two times as much as in 2008.1 At the end of 2008, the FBI was investigating 545 corporate fraud cases each of which involved investor losses that exceeded $1 billion.2 The Coalition Against Insurance Fraud reports that insurance fraud costs Americans more than $80 billion per year.3
1 Internet Crime Complaint Center, IC3 Annual Internet Crime Report 2009; retrieved May 10, 2010, from National White Collar Crime Center, http://www.nw3c.org/research/site_files .cfm?fileid=d1991bea-8a22-4e54-82f5-678d4d83581a&mode=r.
2 Federal Bureau of Investigation, Financial Crimes Report to the Public Fiscal Year 2008; retrieved May 10, 2010, from http://www.fbi.gov/publications/financial/fcs_report2008/financial_crime_2008.htm#health.
3 Coalition Against Insurance Fraud, “Consumer Information.” Accessed May 10, 2010 at http://www .insurancefraud.org/fraud_backgrounder.htm.
White-collar crimes—crimes committed in a commercial context—occur every day. Collectively, these crimes often result in millions of dollars of damages. In recent years, as corporate crimes such as the ones detailed in Exhibit 6-1
Allen Stanford. Sentence: 110 years
Allen Stanford, 63, was a Texan financier accused of running a $7 billion Ponzi scheme. He had investors invest billions of dollars into his bank, and then spent the money on private jets, yachts, and acres of undeveloped Antiguan land among other expenditures. In December 2008, Stanford International Bank had $88 million in cash, but it fudged its numbers to say it had $1 billion in ...
PRESS STATEMENT: NSSF's Response To Press Reports on IGG InvestigationNSSF Uganda
The Fund received information relating to a report submitted by an anonymous individual to the Inspector General of Government (IGG), containing a number of unsubstantiated allegations.
The Fund is open to any investigation by the IGG. We will provide the required information to enable the IGG carry out investigations.
We commit, in line with transparency and accountability, to cooperate with the IGG to conclusively investigate the allegations.
Nevertheless, we wish to clarify that these allegations are absolutely false and are intended to tarnish the reputation of the Fund.
This verified complaint was filed in the Court of Chancery of the State of Delaware by Joint Stock Company Commercial Bank PrivatBank against Igor Valeryevich Kolomoisky, Gennadiy Borisovich Bogolyubov, and various entities owned or controlled by them. The complaint alleges that Kolomoisky and Bogolyubov used their control of PrivatBank to orchestrate fraudulent schemes, referred to as the Optima Schemes, to launder hundreds of millions of dollars in improperly issued PrivatBank loans into the United States to acquire assets for their own benefit. The complaint brings claims including alter ego liability, unjust enrichment, fraudulent transfer, violations of Ohio's RICO statute, and civil conspiracy.
Lehman Brothers was a global investment bank that filed for bankruptcy in 2008 due to excessive risk taking and overexposure to subprime mortgages. Some key factors that contributed to its failure included being highly leveraged with a debt-to-equity ratio of 31 in 2007, risky investments in the housing market, weak corporate governance and oversight of risk, and a compensation system that rewarded short-term gains without accountability for losses. The bankruptcy filing had widespread global impacts, including job losses, reduced company profits, increased borrowing costs, and loss of wealth for investors.
Simon Stockley founded SA Home Loans (SAHL) in 1999 to provide cheaper home loans to South Africans by using securitization. Securitization involves pooling mortgage loans into a special purpose vehicle that issues bonds to investors to fund the loans. This allows SAHL to bypass banks and offer loans at lower rates. While banks were dismissive of the competition initially, SAHL gained an 11% market share in its first 5 years by undercutting bank rates. One hurdle was determining SAHL was not classified as a bank, which allowed it to operate more efficiently through securitization rather than traditional banking regulations.
The Hot 100 2016 list gathers the top lawyers in the UK from private practice, in-house legal departments, and the bar. The list includes 49 female lawyers and lawyers practicing in various areas such as litigation, finance, energy, and regulation. Some lawyers on the list, such as Paul Lister of Associated British Foods, helped establish important legal settlements, while others such as Michael Kingston of DWF adapted their expertise to new areas. The document then profiles several highly accomplished lawyers practicing at the bar.
1) The document discusses two cases from Ghana that highlight how the courts have failed to protect creditors' rights by strictly applying the doctrine of separate corporate entity from the Salomon v. Salomon case.
2) In the first case, Majdoub & Co. Ltd. v. Bartholomew & Co. Ltd., a limited company was formed to take over the assets and liabilities of a partnership to avoid paying a debt, and the court did not consider this a fraud on the creditors.
3) In the second case, Grant v. Tikobo (Ghana) Ltd., a company sold its assets without creditors' knowledge to avoid a debt, and again the court did not protect the creditors
In a speech following the September 11, 2001, terrorist attacks and in the midst of the accompanying U.S. recession, Federal Reserve Chairman Alan Greenspan made a declaration that turned the world of the investment bankers upside down. Greenspan declared that the FOMC (Federal Open Markets Committee) stood prepared to maintain a highly accommodative policy stance for as long as needed to promote satisfactory economic performance. Translated from central banker speak, what Greenspan meant is that he is willing to inflate the money supply and hence lower interest rates for as long as necessary to “revive” the economy and repair it from the shock it received on that fateful day. What this meant for investors in the U.S. Treasury bond market is that they were not going to make any money on U.S. treasury securities for a very long time. Smart investors, diverted from the bond market, scanned Wall Street for a similar low-risk, high-return investment that could take the place of U.S. Treasury securities, and they fell in love with residential mortgages. On September 18, 2008, after months of economic anxiety and several massive bailouts of distressed firms by the government, the stock market had its largest single-day drop since September 11, 2001. Officials and commentators declared an economic emergency and moved on two fronts. The Department of the Treasury and Federal Reserve Board ("Fed") dusted off a 1932 statute and invoked the Fed's authority to stabilize failing firms by lending them money, although some were allowed to fail.
This document discusses two cases of hedge fund fraud - the Bayou hedge fund fraud from 1996-2005 and litigation brought by the San Diego County Employees Retirement Association against Amaranth Advisors following Amaranth's collapse in 2006. The Bayou fraud involved fabricating financial statements and account balances to conceal trading losses from investors. Amaranth allegedly misrepresented its investment strategy and risk management practices, resulting in $6.6 billion in losses from natural gas trades. Both cases highlight the harm caused to investors from hedge fund fraud and the challenges investors face in obtaining evidence to support legal claims against fraudulent funds.
6 White-Collar Crime and the Business Community CRIME AND C.docxevonnehoggarth79783
6 White-Collar Crime and the Business Community
CRIME AND CRIMINAL PROCEDURE
DISTINGUISHING FEATURES OF WHITE-COLLAR CRIME
COMMON WHITE-COLLAR CRIMES
PREVENTION OF WHITE-COLLAR CRIME
FEDERAL LAWS USED IN THE FIGHT AGAINST WHITE-COLLAR CRIME
STATE LAWS USED IN THE FIGHT AGAINST WHITE-COLLAR CRIME
GLOBAL DIMENSIONS OF WHITE-COLLAR CRIME
A midst the turmoil and fallout of the Enron scandal that led to the company’s declaration of bankruptcy, a number of former Enron officials faced charges for various offenses. One such official was former CEO Jeffrey Skilling, who was ultimately found guilty of 19 fraud related charges, including conspiracy, insider trading, securities fraud, and making false statements to auditors. As punishment for his misdeeds, the 52-year-old Skilling was sentenced in 2006 to 24 years and 4 months in a federal prison. In addition, he was fined $45 million, which was to be put into a fund to benefit those who had been harmed by Enron’s collapse. While servining his sentence in 2010, he won a minor victory when the U.S. Supreme Court found that instructions to the jury with respect to one of the charges were inaccurate, and threw out the conviction on that charge. The case was then sent back to the trial court judge to determine whether the inaccurate instructions regarding the one charge tainted the convictions on the other charges. In 2013, the case was finally resolved as he was resentenced to 14 years in a federal prison as part of a court ordered reduction and a separate plea agreement with the prosecution. Unfortunately, this story is just one of many recent large and complex white-collar crime scandals. During 2009, Internet crime resulted in losses in the United States of $559.7 million, more than two times as much as in 2008.1 At the end of 2008, the FBI was investigating 545 corporate fraud cases each of which involved investor losses that exceeded $1 billion.2
1’Internet Crime Complaint Center, IC3 Annual Internet Crime Report 2009; retrieved May 10, 2010, from National White Collar Crime Center, http://www.nw3c.org/research/site_files.cfm?fileid=dl991bea-8a22-4e54-82f5-678d4d83581a&mode=r.
2Federal Bureau of Investigation, Financial Crimes Report to the Public Fiscal Year 2008; retrieved May 10, 2010, from http://www.fbi.gov/publications/financial/fcs_report2008/financial_crime2008.htm#health
135 136
The Coalition Against Insurance Fraud reports that insurance fraud costs Americans more than $80 billion per year.3
White-collar crimes—crimes committed in a commercial context—occur every day. Collectively, these crimes often result in millions of dollars of damages. In recent years, as corporate crimes such as the ones detailed in Exhibit 6-1 become more publicized, people’s attitudes toward corporations and white-collar crime are being affected.
3Coalition Against Insurance Fraud, “Consumer Information,” http://www.insurancefraud.org/fraud_backgrounder.htm, May 10, 2010
EXHIBIT 6-.
2012 10 bsg uk can compliance be interesting supporting notes version 1BSG (UK)
This document provides summaries of several cases involving financial institutions and compliance failures:
- The South Sea Company bubble and collapse in 1720 resulted from promoting unrealistic expectations of wealth from non-existent trade.
- Continental Illinois failed in 1984 due to bad loans, becoming the largest US bank failure until Washington Mutual in 2008. Its rescue led to the "too big to fail" term.
- Multiple banks experienced failures or scandals due to issues like poor due diligence, accounting fraud, risky investments, money laundering, and interest rate manipulation.
Regulators often failed to take action despite signs of non-compliance, demonstrating the complexity of financial regulation.
Commercial banks were accused of being too speculative in the pre-De.docxrichardnorman90310
Commercial banks were accused of being too speculative in the pre-Depression era because they were diverting funds to speculative operations. Thus, banks became greedy, taking on huge risks in the hopes of even bigger rewards. Banking itself became sloppy, and objectives became blurred.
In response to one of the worst financial crises at the time, the Glass-Steagall Act set up a regulatory firewall between commercial and investment bank activities. The Glass-Steagall Act was also passed to encourage banks to use their funds for lending rather than investing those funds in the equity markets. This was intended to increase commerce. However, the stipulations of the act were considered harsh by most in the financial industry, and it was very controversial. The Act was signed into law by President Franklin Delano Roosevelt on June 16, 1933, as part of the New Deal. It became a permanent measure in 1945.
Questions:
What was the logic behind repealing this act in 1999?
Why was this repealed by a Democratic administration in 1999 when it had been instituted by a Democratic one in 1933. What was the difference between the economic outlook of Clinton and FDR?
This act was repealed in 1999 and some see it as a fundamental part of the economic collapse of 2008. What are your thoughts on reinstating this or keeping it dead? Should the government have a hand in market regulation? Why or why not?
.
Derivatives Disasters: The Legal Perspective discusses several high-profile derivatives disasters from the 1990s that resulted in significant losses for various institutions. It summarizes key details of losses sustained by entities such as Hammersmith and Fulham council, Allied Lyons, Metallgesellschaft, Orange County, Gibson Greetings, Procter & Gamble, and Barings Bank. It also discusses agency problems and lack of proper risk controls that allowed situations like Nick Leeson's losses at Barings and Robert Citron's bets in Orange County to occur. Speculation is described as different from gambling and is argued to be desirable as it facilitates hedging and provides market liquidity.
The Structure Of A Financial Crisis EssayAmber Moore
The document discusses the structure and causes of financial crises. It begins by providing context about Turkey's financial crisis in 2001 and discusses why countries experience financial crises. It then examines Turkey's privatization policies from the 1980s onward and some challenges they faced. Finally, it looks at Turkey's efforts to resume privatization in the early 1990s and the revenues generated, though the program progressed more slowly than planned. In general, the document analyzes Turkey's privatization approaches and the ongoing economic difficulties they faced.
The Enron scandal involved complex financial maneuvers, including off-balance sheet entities, used to hide debt and inflate profits. Top executives, including CEO Ken Lay and COO Jeff Skilling, encouraged risky trading strategies and accounting practices that ultimately led to Enron's bankruptcy in 2001 with $74 billion in shareholder losses. The auditor, Arthur Andersen, was also found guilty of improperly approving Enron's accounting and later destroying documents during the investigation. The scandal highlighted the need for reforms in corporate accounting and governance practices.
1. [Translated from Globes, October 24-25, 2000, pages 65 and 68]
R E W A R D A N D P U N I S H M E N T
Doron Shorer, Chairman of
Mivtachim, overcame Gemul,
“the mother of all funds”, one
of the last dinosaurs of the
Histadrut economy. The
flotation is due shortly, with
equity capital of 450 million
sheqels
Photograph of Doron Shorer
2. ANOTHER DINOSAUR BECOMES
EXTINCT
AFTER AN EXHAUSTING FIGHT, DORON SHORER, CHAIRMAN OF
MIVTACHIM, OVERCAME GEMUL WHICH YAACOV LEVINSON HAD
ESTABLISHED TO SERVE AS A CENTRAL FUND OF THE PENSION
FUNDS AND AN EASY SOURCE OF PROFITS FOR BANK HAPOALIM.
FROM A HEIGHT OF 3 BILLION SHEQELS, GEMUL WILL BE FLOATED
WITH AN EQUITY CAPITAL, IMPRESSIVE IN ITS OWN RIGHT, OF 450
MILLION SHEQELS.
Stella Korin-Leiber
Another ancient dinosaur yesterday announced its collapse. Gemul. After a
personal and business fight for survival which continued for three years, the
historic mother, the largest, fattest and most Bolshevistic of the pension funds
and provident funds, has become another investment company. It will be
controlled by its share-holders and will soon be registered for trade on the
Stock Exchange.
This was after a not inconsiderable personal battle which ended with winners
and losers. Doron Shorer, Chairman of the Mivtachim Fund – itself not such
a small dinosaur in its own right and one which should perhaps also be split
up – came out against the traditional establishment and overcame Richard
Armon, the Gemul Chairman, and his strongest supporter, Amiran Sivan, the
Director-General of Bank Hapoalim. Shosh Oren, the Chairperson of the
Social Security Division of the Histadrut, who supported Shorer, overcame
Shmuel Avital, the Histadrut Treasurer, who led the opposition until he was
forced to fold when Amir Peretz came into the picture. The young attorney,
Gilead Amozeg, only three years in the private market after having been a
legal advisor at the Ministry of Finance, overcame the battery of strong,
veteran attorneys, Pini Rubin, Prof. David Libai and Prof. Yosef Gross.
At its height, the equity capital of Gemul, the fund of the funds, was some 3
billion sheqels. Gemul was the creation of the late Yaacov Levinson, who
invented it as an interim stop, bearing hefty management fees, for Bank
Hapoalim, en route for deposits of pension monies with the Ministry of
Finance. Gemul managed the investments of the other funds and was another
of the tentacles of power and management fees of Bank Hapoalim, which, for
many years, held most of the controlling shares and a minority of the capital
shares. Most of the latter were held by a few score funds that, for their part,
never enjoyed dividends.
The revolution began in 1997. The amendment to the Banking Law forced the
banks to dispose of their real holdings to a maximum of 20%, and the large
bank also had to start unloading Gemul.
3. - 2 -
Two reports of the State Comptroller were also published, with harsh
criticism of the Ministry of Finance for its preferential attitude to Gemul and
for the conflict of interests of Bank Hapoalim in Gemul and excessive
centrality in the capital market.
David Brodet, then the Director-General of the Ministry of Finance, decided
to end the exemption from tax which had been granted to Gemul by one of the
Labor governments in the distant past. Armon, the strong man who controls
the comings and goings of Gemul and of Bank Hapoalim came and went to
friends in politics and, in the end, obtained a letter delaying cancellation of
the exemption for old investments until December 31, 2001. It also
determined that the surpluses were to be distributed as dividends to the share-
holders.
Gemul started a move for equalization of rights. There were to be no more
controlling shares and capital shares. In return for its relinquishing control,
the Bank demanded much money. The war of opinions went to arbitration by
Emeritus Judge Shaul Aloni and ended with support for the demand of the
Bank. The small funds which are partners in Gemul dared to announce their
objection and they obtained backing from the Ministry of Finance. A
compromise was reached: Bank Hapoalim received 1.35%.
With the ending of control by Bank Hapoalim over Gemul, that subsequently
turned out not to have happened in practice, the control stood at something
like: Mivtachim some 25%; Funds associated with Bank Hapoalim some 25%;
Bank Hapoalim – 8%; Central Pension Fund – 9%; Construction Workers’
Fund – 7%; Makefet – 5%; and all the remainder are bits of percentages held
by a few score provident funds.
Something else which was not implemented is the distribution of the
dividends to the share-holders. The Gemul Board of Directors did indeed pass
a resolution about distribution of dividends. The cash, however, was not
distributed but registered as a debt to the share-holders. And that was not
exactly with their approval.
At the beginning of 1999, Shorer took up his position as the Chairman of
Mivtachim and immediately began action against Gemul, the problematic of
which he knew from his job as Director of the Capital Market and Insurance
until 1996. He recruited Adv. Gilead Amozeg, of the firm of Zellermayer,
Pelossof, who wrote an opinion determining that the equalization of rights
move was indeed made and that Bank Hapoalim did indeed receive its portion
but that in practice the Bank had not relinquished control and was still, de
facto, in control through these or other means. In response to the requirement
that the directors be appointed by the controlling interests according to the
amount of control, the Board of Directors convened and passed a resolution to
secure the position of the directors for five years. This is something that was
not written anywhere but the procedural talks said that the Chinese Walls
celebrated with luxurious meals at the French restaurants of Tel Aviv.
4. - 3 -
Shorer demanded in effect that most of the monies held by Gemul, which was
coming close to the date of the exemption cancellation, be transferred to the
share-holders who continued to enjoy a tax exemption. With the intention of
making his point “ad absurdum”, he demanded that the equity capital be
reduced to 20 million. He was met with the fierce, all-out opposition of
Richard Armon, who was supported by Bank Hapoalim through Yaacov
Elinav, the director of real holdings.
In practice, one after the other, mainly under the influence of Elinav,
resolutions were passed to reduce the equity capital to the level of today: 800
million sheqels.
The Board of Directors was occupied with massive acquisitions. These
included, inter alia, parts of Natzba, Tau Industries, Sinal, Gazit Globe,
Supersol. Armon repeatedly argued before the share-holders that he could
bring such high returns that it would be worth their while to leave their money
with Gemul despite cancellation of the tax exemption. In some years, Armon
had indeed succeeded in bringing high returns but these met with harsh
criticism by Shorer, an accountant by profession.
The escalation in the relationships between Shorer, Armon and Elinav
continued to worsen. The mutual vilifications provided much gossip and
many headlines.
Together with Amozeg, Adv. Boaz Ben Tzur of the Dr. J Weinroth firm was
recruited. The other side recruited a number of respectable opinions, of Advs.
Pini Rubin, Prof. David Libai and Prof. Yosef Gross, who argued, each with
his own arguments and clients, that everything was in order and that Amozeg
was talking nonsense or imagining things.
But, as the opinions were being written, Mivtachim took another step and
filed an application with the Court for the liquidation of Gemul. The multi-
paged application reviewed the acquisition campaigns pursued by the
management of Gemul and also related, inter alia, the story of Gemulot
(which had in the past been managed by Ilan Tzuberi). This is a capital
intensive company that had been under the control of Gemul 50% and Bank
Hapoalim 50%. The share of Gemul in Gemulot was sold to Bank Hapoalim
for 112 New Israeli Sheqels. Mivtachim had serious questions on the subject.
A fierce internal battle was also being conducted in the Histadrut. The large
pension funds, Makefet and CPF, came together in total opposition to the
position of Mivtachim and they won the support of Shmuel Avital. The
Construction Workers’ Fund supported Shorer and also Shosh Oren. The
voices, here, too, were raised and outspoken.
Last May, Amir Peretz entered the picture and decided to obtain an opinion
from Prof. Amir Barnea. He determined that, for the good of the share-
holders, the equity capital of Gemul should be reduced in the first stage to
400 million sheqels and subsequently to 200 million sheqels, that the Board of
Directors had to include representatives of the share-holders at a ratio of one
5. - 4 -
director per 7.5%, as had been agreed by Bank Hapoalim. Barnea’s opinion
was adopted by Peretz as a compromise agreement. This required all the
other fund directors to make an upheaval in their thinking and interests and to
support the position of Mivtachim, although the latter was by no means a
favorite of theirs because of its size and the use it makes of its power.
The share-holders entered into compromise procedures which were led,
because of the personal emotional storm, mainly by the attorneys of the
parties, Ram Caspi on the part of Bank Hapoalim, Amozeg for Mivtachim and
Asher Heller who represented CPF and Makefet. It was decided, inter alia,
that the equity capital would be reduced to 450 million sheqels only.
Yesterday, the compromise received final approval in the Court.
So that a retreat from the process would not be possible, Barnea determined
that if, by May 31, 2001, the restrictions on turning Gemul into a public
company were not removed, there should be a further significant reduction in
the equity capital and the company would be turned into a service company
for pension and provident funds. This condition was also adopted.
At the meeting of the share-holders which was held yesterday, the
compromise agreement was approved. All members of the Board of Directors
were released from their position. The interested parties will appoint their
representatives at a meeting to be held later this week. It was agreed that,
after the new Board of Directors is elected, it would again elect Armon to the
position of the Chairman, and that he would lead the steps toward a flotation.
Armon will complete his term of office after the flotation. If no flotation is
made, he will complete his term of office the moment the company changes
its designation to a service company according to the Barnea opinion, i.e., by
May 31, 2001.
Text on upper photograph:
At the beginning of 1999, Shorer took up his position as the Chairman of
Mivtachim and immediately began action against Gemul, the problematic of
which he knew from his job as Director of the Capital Market and Insurance
until 1996.
Text on lower photograph:
Richard Armon will complete his term of office after the flotation. If no
flotation is made, he will complete his term of office the moment the
company changes its designation to a service company according to the
Barnea opinion, i.e., by May 31, 2001.