News| Asaf Avtuvi
Gornitzky represents Bezeq in a motion to hold an additional court session regarding the Supreme Court's ruling on the matter of dividend distribution.
Gornitzky represented Bezeq, the Israeli Communication Corp. Ltd,. in a motion to hold an additional Supreme Court session regarding its ruling from December 2016, which dismissed an appeal over the District Court's ruling that denied motions to approve a derivative lawsuit on behalf of Bezeq, in relation to capital reduction and dividend distribution executed by Bezeq. In her decision, Supreme Court President, Justice Naor, denied the plaintiff's motion to hold an additional court session, stating that the motion does not fall within the rare cases which justify holding an additional hearing.
Bezeq was represented by Pinhas Rubin (Chairman of the Firm), Lior Porat (Managing Partner), Asaf Avtuvi (Partner) and Ehud Katzenelson (Associate).
Gornitzky's Dispute Resolution team successfully represented Bezeq the Israel Telecommunication Corp. Ltd. before the Supreme Court, receiving an unprecedented ruling in Corporate Law
Gornitzky's Dispute Resolution team successfully represented Bezeq the Israel Telecommunication Corp. Ltd. before the Israeli Supreme Court, resulting in an exceptional ruling in favour of Bezeq, dismissing two appeals over the decision of the honourable Judge Kaboub at the Tel Aviv District Court which denied two motions to approve a derivative suit.
Among others, the ruling unprecedentedly asserts the absorption of the Delawarean Business Judgment Rule within the Israeli Corporate law.
The High Court of Justice accepted YES' motion and issued a conditional order against the validity of an amendment to the Communications Law.
The High Court of Justice accepted YES' motion and issued a conditional order (order nisi) against the validity of an amendment to the Communications Law, which exempts certain channels, including Channels 9 (Russian), 24 (Israeli music) and 30 (Arabic), from paying transfer fees to the satellite company for their broadcast. The legislative amendment had been accepted in 2010 and essentially absolved the said channels from paying significant fees to YES.
Gornitzky represents Mobile operator Golan Telecom, which was acquired by Electra Consumer Products (ECP) for NIS 350 million.
Upon receiving all necessary regulatory approvals, the acquisition of Golan Telecom by ECP for NIS 350 million has been completed. The deal was signed at the start of January 2017, and upon completion of ECP's due diligence and receipt of all regulatory approvals, the deal was consummated with ECP acquiring control of Golan Telecom.
Golan Telecom and its shareholders were represented by Chaim Friedland (Partner, Corporate), Lior Porat (Partner, Telecoms), Avner Finkelshtein (Partner, Antitrust), together with Avi Meer, Asaf Avtuvi and Noa Schweitzer.
The Tel Aviv District Court dismissed in limine a motion to approve a derivative claim against Bezeq, alleging that the company's shareholders were harmed by the distribution of approximately NIS 7 billion in dividends. Bezeq was represented by Gornitzky & Co.
Judge Ruth Ronen of the Economic Department of the Tel Aviv Jaffa District Court dismissed in limine a motion to approve a derivative claim against Bezeq the Israel Telecommunications Corp. Ltd. (TASE: BEZQ), alleging that the company's shareholders were harmed by the distribution of approximately NIS 7 billion in dividends.
Judge Ronen accepted Bezeq's arguments that the claimant should not be permitted to file such claim, as he is neither a registered shareholder of the company nor a member of its board of directors. Additionally, Bezeq argued that the distribution of the dividends had been approved by the vast majority of the shareholders, at the company's general assembly.
Gornitzky & Co. represented Bezeq Ltd. in obtaining the court's approval for a NIS 3 billion dividend, by way of capital reduction and also in recent court deliberations regarding the dividend
In March 2011, Bezeq Ltd. was authorized by the Financial Department of the District Court in Tel-Aviv (the Honorable Judge Danya Kareth Meyer) to distribute a NIS 3 billion dividend by way of capital reduction, as was recommended by its board of directors and approved by its general assembly. The approved dividend is to be paid in six payments, over a period of three years. In September 2011, the District Court ruled, inter alia, that a request to object to the dividend filed by two of Bezeq Ltd.'s bond holders a few months following the court's approval, became redundant.