News

| Pinhas Rubin
January 24th, 2018

Gornitzky represented the Phoenix and several of its senior corporate officers in an ISA investigation.

Gornitzky represented the Phoenix and several of its senior corporate officers in an investigation conducted by the Israel Securities Authority, for suspicions of committing securities fraud, obtaining by deceit, breach of trust in a corporation and false entry in corporate books.


According to allegations, thousands of self-dealing transactions were fraudulently coordinated and executed between Excellence and Phoenix accounts, in order to generate unlawful profits on account of Phoenix members, while influencing securities prices.


Our firm accompanied the company and its officers throughout the stages of the ongoing investigation, since it commenced in 2015 and up until the ISA's announcement dated January 1, 2018, according to which the case was closed.


The company was represented by Pinhas Rubin (Head of the Firm), Partners Erez Harel and Hila Shimon, together with Associate Liron Karass.

September 12th, 2017

Gornitzky represented Bank Hapoalim in a motion to approve a class action filed against it.

Gornitzky represented Bank Hapoalim in a motion to approve a class action filed against the Bank and its officers, in which it was argued that the bank refrained from including in its financial statements, the fact that provisions were made, pertaining to the investigation being conducted against the Bank in the United States. The motion allegedly claims that this is in fact material information which the Bank was required to disclose, in order not to mislead investors who purchased the Bank's shares.

 

Judge Ruth Ronen dismissed the motion in her ruling last week.

 

Bank Hapoalim was represented by Pinhas Rubin (Chairman of the Firm), Yaron Elhawi (Partner) and Shirin Gabbay-Metzeger (Associate).

September 10th, 2017

Pinhas Rubin, Chairman of the Firm, ranked in TheMarker's list of top 100 most influential people.

Gornitzky & Co. is proud of Pinhas Rubin, Chairman of the Firm, who was ranked 64th in TheMarker Magazine's list of top 100 most influential people. See full article.

January 17th, 2017

Gornitzky & Co. Upgrades its Technology and Hi-Tech Practice through the addition of two new partners, proven leaders in the Technology, Hi-Tech and VC fields.

Gornitzky & Co. carried out a major move through the addition of two new partners, proven leaders in the Technology, Hi-Tech and VC fields.

 

Daniel Marcus and Shlomo Landress, previously with the Tel Aviv law firm of Amit, Pollak, Matalon & Co., will head up Gornitzky & Co.'s Technology practice and expand the capacity of the firm's International team.

 

Gornitzky & Co. is one of Israel's leading law firms, with its clients consisting of some of the central players in the Israeli economy and business community. The addition of these two partners comes as part of the Firm's strategy to grow and expand its capabilities in the Technology, Hi-Tech and VC fields, and more broadly, in its cross-border activities.

 

Daniel Marcus was born in the United States and is a graduate of Columbia University in New York City. Mr. Marcus has vast experience in the areas of Hi-Tech investments, Mergers & Acquisitions, strategic collaborations and joint ventures involving major international corporations. He regularly advises founders, VC funds and start-up companies on a broad spectrum of matters, and is an expert in the areas of agreements relating to R&D, licensing, distribution, and other related commercial arrangements.

 

Shlomo Landress, who holds an LLM from NYU, focuses his practice on U.S. securities matters, and regularly advises clients on private placements, public offerings, and public reporting and filings of companies listed on the NASDAQ. Mr. Landress also advises clients in Mergers & Acquisitions, as well as representing investors and companies in early stage and VC investment transactions. Mr. Landress was formerly the general counsel to the Israel Economic Mission to North America and was an associate in the Corporate Department in the New York office of Arnold & Porter LLP.

Gornitzky & Co. is delighted to welcome these two gentlemen to its team.

 

Pinhas Rubin, the Chairman of the Firm stated: "For several years now Gornitzky & Co. has been at the forefront of the various fields of the corporate and commercial law practice, with cutting edge professional capabilities in areas such as Litigation, Tax, M&A, Capital Markets, Finance, Telecommunications, Real Estate and Energy. The Firm's clients include many of Israel's leading corporations as well as major global corporations in the activities in Israel. It is only natural that the Firm would seek to expand its capabilities in the areas of the law relevant to the international business community, and specifically, in the Technology and Hi-Tech space which is one of Israel's central growth drivers. I have no doubt that the addition of these two new partners to our Firm, will contribute to the Firm's continued growth, expansion of its client base and its position as a top rated law firm and provider of first rate legal advice in each of the legal disciplines and services in which it provides services to its clients."

 

Chaim Friedland, who heads the Firm's international practice, added: "The addition of these two partners, whose work I've admired for many years, is a major boost to our activity in the international space, which already spans several continents and a variety of disciplines, including energy, consumer products and technology. On a personal level, I am delighted that we are adding two professionals with excellent reputations in the market, both professional and personal, and I am certain that the will find a warm and welcoming home in Gornitzky, in general, in in the International Practice Group, in particular."

 

Messrs. Marcus and Landress added: "We are excited to join Gornitzky & Co. and we are certain that this superb platform will allow us to provide a broad menu of excellent services to a diverse client base, both Israeli as well as international. We are deeply grateful to our former partners and colleagues at Amit, Pollak, Matalon & Co., and we are thankful for the many wonderful years of cooperation; we wish them all the best of luck in the future."

 

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November 15th, 2016

Gornitzky & Co. is proud of Mr. Pinhas Rubin, Chairman of the firm, who was ranked 35th in TheMarker Magazine's list of top 100 most influential people

Gornitzky & Co. is proud of Mr. Pinhas Rubin, Chairman of the firm, who was ranked 35th in TheMarker Magazine's list of top 100 most influential people: "Rubin, 67, head of Gornitzky& Co., is considered an expert of tax and commercial law, but also prides himself on his multi-disciplinary approach and expertise in numerous legal fields. He advises families, individuals and large companies in the Israeli market". See the full article: http://www.themarker.com/st/c/prod/tm/2016/influ/3/#

June 29th, 2016

Gornitzky represents the Tel Aviv Stock Exchange in a successful dismissal of a NIS 200  million class action in the matter of "Mannkind" 

Gornitzky represented the Tel Aviv Stock Exchange in a successful dismissal of a NIS 200 million high-profile class action suit with respect to the "Mannkind" stock - a bio-med company that registered its shares in the Israeli Stock Exchange.

 

See full story in Calcalist (Hebrew)


The Tel Aviv Stock Exchange was represented by Pinhas Rubin (Firm Chairman), Harel Shaham (Partner) and Lior Sharabi.

March 31st, 2016

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, Chambers and Partners, top ranked our firm in various categories. 

Yet another successful year and recognition of our outstanding abilities! This year, as in previous years, the esteemed international ranking guide, Chambers and Partners, top ranked our firm in various categories. Among those prominently ranked were the Head of the Firm, Adv. Pinhas Rubin, who was ranked Eminent Practitioner in the field of Banking and Mergers and Acquisitions, as well as Band 1 in the field of Tax and Litigation; Adv. Jack Smith (Partner) was ranked Band 1 in the field of Energy and Adv. Chaim Friedland (Partner) was ranked Band 1 in the field of Capital Markets. Additional partners, defined as leaders in their field are Eyal Marom and Shlomo Cohen in Real Estate, Ofer Tzur in Litigation, Itay Geffen in Capital Markets and Infrastructure and Project Finance, Elite Elkon, Eli Elya and Dubi Gross in Banking and Finance, Daniel Paserman and Gil Grady in Tax and Avner Finkelshtein in Antitrust

March 13th, 2016

Gornitzky represented IDB development Ltd. in a request to amend IDB holdings company’s creditors agreement

Gornitzky represented IDB development Ltd. In a request to amend IDB holdings company’s creditors agreement, to which the trustee of debenture “Tet” objected, claiming that the agreement would not solve the company’s financial problems in the next year. He therefore asked the company and the court to determine that in case the company would reach insolvency, the position of the creditors would be restored.

 

See full story (Hebrew)

 

IDB development Ltd.was represented by Pinhas Rubin (Firm Chairman), Kfir Yadgar (Partner) and Yair Shiloni (Partner)

January 3rd, 2016

Gornitzky represents Israel Corp  in a motion to approve a derivative suit pertaining Israel Corp's previous CEO, Mr. Nir Gilad, employment terms prior to 20th Amendment of the Israeli Companies Law.

Gornitzky successfully represented Israel Corp in a motion to approve a derivative suit pertaining Israel Corp's previous CEO, Mr. Nir Gilad, employment terms approved prior to 20th Amendment of the Israeli Companies Law (addressing the compensation and salary approval process for senior executives). The Tel Aviv District Court dismissed the suit against Israel Corp and its Board Members.


See full articel in Globes magazine (Hebrew)


Israel Corp was represented by Pinhas Rubin (Firm Chairman), Lior Porat (partner) and Shirin Gabbay-Metzger

September 8th, 2015

At the 4th Annual Legal Conference of the Israeli Bar Association, Adv. Pinhas Rubin, partner, strongly condemned the delay in approving the gas outline agreement.  Rubin argued that monopoly is not a derogatory word and that monopolies are not illegal “particularly given that it contributes 8 billion dollars annually to the state”. Conference participants included, among others, Supreme Court President Miram Naor, Opposition Leader Isaac Herzog, Ministers, members of the Knesset and numerous attorneys. Read the full story: (Hebrew)

June 24th, 2015

Gornitzky is representing Delek Group Ltd. in the sale of their controlling stake in Phoenix Holdings Ltd. to an affiliate of Fosun International Limited, the largest privately-owned conglomerate in Mainland China.

Gornitzky is representing Delek Group Ltd. in the sale of their controlling stake in Phoenix Holdings Ltd., which holds one of Israel's leading insurance companies (The Phoenix) and one of Israel’s largest investment houses (Excellence), to an affiliate of Fosun International Limited, the largest privately-owned conglomerate in Mainland China. This is the first time that a Chinese-owned company is purchasing a highly regulated financial institution in Israel. 

 

Delek Group is represented by Pinhas Rubin (Firm Chairman), Elite Elkon May-Tal (Partner), Ori Yitzhak, Avi Meer and Ady Abrams.

May 20th, 2015

Senior partner Pinhas Rubin speaks about banks confidentiality in the Israel Bar Association Annual Conference opening Panel. Read the full story: (Hebrew)

May 8th, 2015

Gornitzky represented Bank Hapoalim in the appeal against the disclosure of documents. Read the full story:

Hebrew Item
March 25th, 2015

Senior partner Pinhas Rubin participates in a round table convention in connection with governance. Read the Full story:

January 12th, 2015

Gornitzky represented Israel Corporation as the conglomerate split itself into two parts, and in the dual-listing of its spin-off, Kenon Holdings Ltd., on the TASE and on the NYSE.

Gornitzky represented Israel Corporation (TASE: ILCO) as the conglomerate split itself into two parts by way of a distribution of a dividend in kind, and in the dual-listing of its Singaporian spin-off corporation, Kenon Holdings Ltd. (TASE: KEN, NYSE: KEN) on the Tel Aviv Stock Exchange and on the New York Stock Exchange.

 

Israel Corporation and Kenon were represented by Pinhas Rubin (Firm Chairman) and Lior Porat (Partner), together with Elite Elkon-May-Tal (Partner), Gil Grady (Partner, tax), Yair Shiloni (Partner, capital markets), Idan Baki (Partner, finance), Avner Finkelshtein (Partner, antitrust), Nurit Traurik (Partner), Ori Yitzhak, Itamar Ben Yehuda (capital markets), Avishai Marom, Amit Levy, Shira Porat (finance) and Natalie Dragot.

February 27th, 2014

Gornitzky hosted a conference, attended by over 500 individuals, at the Tel Aviv Museum of Art in celebration of its 75 years of legal excellence.

 

Gornitzky hosted a conference, attended by over 500 individuals, at the Tel Aviv Museum of Art in celebration of its 75 years of legal excellence.

 

Guest lecturers included Prof. Aharon Barak, President of the Supreme Court (ret.), and Former Prime Minister Ehud Olmert. A panel including Prof. Eitan Sheshinski, Justice Bracha Ofir (ret.), Shlomo Maoz and Pinhas Rubin (Firm Chairman) was moderated by Nechemia Strassler. Closing remarks were delivered by Moriel Matalon (Managing Partner).

 

January 19th, 2014

Pinhas Rubin, Chairman of Gornitzky & Co. and Israel's leading tax law expert, was featured in an article in The Marker newspaper discussing tax havens and the increasing difficulty in their utilization.

 

Pinhas RubinChairman of Gornitzky & Co. and Israel's leading tax law expert, was featured in an article in The Marker newspaper discussing tax havens and the increasing difficulty in their utilization.

 

Mr. Rubin emphasized that, "Unlike in the past, the tax havens do not create a tight blockage on information. Today it is easier to know who is behind a company, corporation or trust, even if they are located in a tax haven." Mr. Rubin attributes this limited transparency not only to legislative changes in the tax havens themselves, but rather namely to the unwillingness of the majority of the world's banks to open an account without the prior exposure of the identity of the real beneficiaries and of those behind the companies in question.

January 28th, 2013

Mr. Pinhas Rubin, Firm Chairman at Gornitzky & Co., was featured in an article in The Marker discussing Amendment 20 to the Companies Law, which requires companies to establish a wage policy and strengthens the position of minority shareholders.

Mr. Pinhas Rubin, Firm Chairman at Gornitzky & Co., was featured in an article in The Marker discussing Amendment 20 to the Companies Law, which requires companies to establish a wage policy and strengthens the position of minority shareholders.

 

According to Mr. Rubin, the mistake with the amendment is that the board of directors knows the company from up close and knows what is best for the company and suddenly it will need to explain itself to shareholders, including those minority shareholders who only hold the shares for short periods of time. Mr. Rubin believes the amendment will cause disorder, a multitude of suits, and fear on the part of the serving directors due to the responsibility on their shoulders, "As soon as the general assembly says no, the executives will threaten to leave, the board of directors will revoke the decision made by the institutional investors, and then there will be all derivative suits that the board of directors will need to bravely stand up against."

September 27th, 2012

Gornitzky & Co. represented Yitzhak Tshuva in the successful negotiations for securing a debt settlement between Delek Real Estate Ltd. and its bondholders.

Gornitzky & Co. represented Yitzhak Tshuva in the successful negotiations  for securing a debt settlement between Delek Real Estate Ltd. and its bondholders.

 

After over a year of negotiations between Delek Real Estate, controlled by Yitzhak Tshuva, and its bondholders, a debt settlement was finally signed, which will involve a 65% discount on the NIS 2.15 billion owed to the bondholders.  The settlement was approved by the Tel Aviv District Court.

 

Yitzhak Tshuva was represented by Mr. Pinhas Rubin (Firm Chairman) and Mr. Ofer Tzur (Partner, Head of Litigation).

August 30th, 2012

Judge Danya Kareth Meyer of the Tel Aviv District Court has rejected the request for a NIS 720 million class action against Yitzhak Tshuva and Delek Group.

Judge Danya Kareth Meyer of the Tel Aviv District Court has rejected the request for a NIS 720 million class action against Yitzhak Tshuva and Delek Group.

 

The request for the class action, filed by attorney Renan Gersht, was rejected by Judge Kareth Meyer based on evidence provided by Gornitzky & Co., which highlighted numerous and significant technical errors in the plaintiff's claims.

 

Tshuva and Delek Group were represented by Mr. Pinhas Rubin (Firm Chairman), Mr. Ofer Tzur (Partner, Head of Litigation), Mr. Kfir Yadgar (Partner) and Mr. Ofer Fleischer.

 

June 19th, 2012

Gornitzky & Co. represented Dr. Joshua Rosensweig in a lawsuit in which Adv. Avi Gera claimed that Dr. Rosensweig allegedly prevented him from his share in their dissolved joint firm's alleged reputation.

Gornitzky & Co. represented Adv. Dr. Joshua Rosensweig (a former senior partner at Gornitzky and one of Israel's foremost businessmen) before the Israeli Supreme Court in a lawsuit in which Adv. Avi Gera claimed that Dr. Rosensweig allegedly prevented Adv. Gera from his share in their dissolved joint firm's alleged reputation. Adv. Gera estimated his share of the firm's reputation at NIS 9 million when filing the lawsuit in 2004.

 

The Supreme Court ruled in favor of Dr. Rosensweig, and affirmed the January 2011 District Court decision which stated that only in rare cases does a law firm have a reputation separate from the identity of its partners. The District Court referred specifically to Gornitzky & Co. as an example of a highly respected firm with a reputation independent from its partners.

 

The team handling the representation included Mr. Pinhas Rubin (Firm Chairman), Mr. Noam Ronen (Partner) and Mr. Ofer Fleischer.

June 12th, 2012

Mr. Pinhas Rubin, Chairman of Gornitzky & Co., criticized the toughening of Israeli regulation at an economics conference hosted by the Globes newspaper and the Tel Aviv Chamber of Commerce.

Mr. Pinhas Rubin, Chairman of Gornitzky & Co., criticized the toughening of Israeli regulation at an economics conference hosted by the Globes newspaper and the Tel Aviv Chamber of Commerce. He spoke of consequential damages that he fears the evolution of Israeli regulation seems to be causing, and of regulators who mean well but only do harm, saying, "There are regulators who mean well, but do the opposite when they force the breaking up of pyramids and of companies who hold financial and non-financial assets… One should regulate out of experience, not arrogance. I watch regulators who have just entered their positions feel that they know better than everyone, and this requires restraint.  The regulations nowadays are oppressive and impossible."

April 1st, 2012

Partner Communications (Orange) objected to a motion to file a derivative suit against its directors, which challenged the distribution of dividends and obtainment of loans.

Partner Communications (commercially branded as "Orange") filed an objection to a motion to file a derivative suit against its directors, which challenged the distribution of dividends by Partner and loans obtained during the same period. Gornitzky & Co. responded to the petition on behalf of Partner, claiming that the petition for the approval of the derivative suit is based upon fundamental economic and legal errors, and should therefore be dismissed.

 

Partner Communications (Orange) is represented by Mr. Pinhas Rubin (Firm Chairman), Mr. Lior Porat (Partner) and Ms. Sagit Ohana-Livne (Partner).

September 20th, 2011

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.


Bezeq The Israel Telecommunications Co. Ltd. which is Israel's largest telecom operator, was represented by Mr. Pinhas Rubin (Firm Chairman), Mr. Lior Porat (Partner) and Mr. Asaf Avtuvi.

May 31st, 2011

Gornitzky & Co.'s Chairman, Mr. Pinhas Rubin, said that judges are expected to try and facilitate a compromise between the parties, but should not rebuke parties who refuse to compromise

Gornitzky & Co.'s Chairman, Mr. Pinhas Rubin, spoke in a panel held in the Israel Bar Association 2011 Annual Conference in Eilat regarding the judge’s role in mediating between the parties in a legal dispute, or helping them in reaching a compromise. The conference included several legal panels which dealt with a broad range of current legal issues.

 

"When I walk into the courtroom I expect the judges to try and comprise between the parties, as long as they are familiar with all the details of the case, and I am always disappointed when the judge calls for the first witness," said Mr. Pinhas Rubin. Mr. Rubin stated his belief that "the opposing party, provided he does not live by the sword and by the sword alone, also expects the judge to try and find a solution to the dispute. It does not bother me when the judge asks me to compromise, even when I am sure that my claims are just. In fact, a good compromise can be better than a good decision”.

 

However, Mr. Rubin warned that judges should beware of forcing the parties to compromise. “A forced compromise is not a compromise at all. I find it unacceptable when a judge rebukes a party that refuses to compromise, it causes antagonism."

January 19th, 2011

The Tel-Aviv District Court judgment in favor of Dr. Joshua Rosensweig, who was represented by Gornitzky & Co., referred to the firm as a highly respected firm with a reputation separate from its partners.

Gornitzky & Co. represented Adv. Dr. Joshua Rosensweig (a former senior partner at Gornitzky and one of Israel's foremost businessmen) in a lawsuit in which Adv. Avi Gera claimed that Dr. Rosensweig allegedly prevented Adv. Gera from his share in their dissolved joint firm's alleged reputation. Adv. Gera estimated his share of the firm's reputation at NIS 9 million when filing the lawsuit in 2004.

 

Throughout the legal proceedings, which lasted nearly 7 years, prominent Israeli businessmen testified on behalf of Dr. Rosensweig, including Mr. Tzadik Bino, Mr. Israel (Izzy) Tapuchi, Mr. Benjamin Jesselson, Mr. Yair Hamburger and C.P.A. Aharon Zohar.

 

The Tel-Aviv District Court (Honorable Judge Ruth Ronen) ruled in favor of Dr. Rosensweig, stating that the dissolved firm had no reputation separate from that of its partners. In her judgment, Judge Ronen wrote that only in rare cases does a law firm have a reputation separate from the identity of its partners, and referred specifically to Gornitzky & Co. as an example of a highly respected firm with a reputation independent from its partners

 

The team handling the representation included Pinhas Rubin (Firm Chairman), Noam Ronen (Partner) and Ofer Fleischer.

September 19th, 2017

Gornitzky represents Delek Group in the sale of the Phoenix shares.

Gornitzky represented Delek Group Ltd. in a transaction for the sale of 4.9% of the share capital of the Phoenix Holdings Ltd., and for the grant of an option to the buyer to acquire the remaining shares held by Delek Group (totaling 52.25%) and thus control of the company. The aggregate consideration payable upon the sale of 4.9% and the exercise of the option equals approximately NIS 2.5 billion. The Phoenix Holdings holds the Phoenix Insurance Company, one of Israel's largest insurance companies, and Excellence, one of Israel's largest investment houses.

 

Delek Group was represented by Pinhas Rubin (Head of the Firm), Elite Elkon (Partner), Ori Yitzhak (Partner), together with Avi Meer and Alon Peled (Associates).

September 10th, 2017

Gornitzky represents Bank Hapoalim before the US Federal DC District Court.

Gornitzky represented Bank Hapoalim, together with Norton Rose Fulbright, in a legal proceeding in which the US Federal DC District Court dismissed a 1 billion USD claim (amended from the original 34.5 billion USD claim), mainly on the basis of political questions doctrine. The claim was filed by various Palestinian plaintiffs, backed by pro-Palestinian groups, against various corporations and individuals. It alleged various international law violations related to settlement activity and to IDF activities in the West Bank and the Gaza Strip.

 

Bank Hapoalim was represented by Pinhas Rubin (Head of the Firm), together with Associates Cobi Marcus, Nir Keidar and Assaf Harel.

August 31st, 2017

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).

January 1st, 2017

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.

 

Bezeq was represented by Pinhas Rubin (firm chairman), Lior Porat (partner), Asaf Avtuvi and Ehud Katzenelson

August 22nd, 2016

Gornitzky represents the Delek Group in the NIS 1.95 billion sale of their controlling stake in The Phoenix Holdings Ltd. to Fujian Yango Group Co.

Gornitzky represents the Israeli conglomerate Delek Group (DLEKG:TASE) in the NIS 1.95 billion sale of their controlling stake in The Phoenix Holdings Ltd. (PHOE1:TASE), the holding company of one of Israel's largest insurance companies and one of the country's largest investment houses (Excellence), to Fujian Yango Group Co., Ltd., the largest privately-owned conglomerate in mainland China.
This deal is the first major sale since the Committee on Increasing Competitiveness in the Israeli Economy resolved that control holders cannot hold both large financial and large non-financial companies simultaneously. This will also be the first time that a Chinese company purchases such a highly regulated asset in Israel. The closing of the transaction is subject to obtaining the relevant permits.

 

See full story in Reuters

 

Delek Group is represented by Pinhas Rubin (Firm Chairman), Elite Elkon (Partner), Ori Yitzhak (Partner) and Avi Meer.

June 9th, 2016

Gornitzky represents I.D.B. Development in a petition for dissolution and a motion to appoint a temporary liquidator

Gornitzky represented I.D.B. Development in a petition for dissolution and a motion to appoint a temporary liquidator filed on June 1st, 2016, on its behalf, by the Series 9 bondholders' trustee. Following an urgent court session held on June 7, 2016 before the honorable Judge Brenner, and upon the court's recommendation, the trustee withdrew the motion to appoint a temporary liquidator. The dissolution will be discussed in a court session set foot September 2016.  

 

 See related article in Globes and Calcalist

 

I.D.B. Development Ltd. Is represented by Pinhas Rubin (Firm Chairman), Ofer Tzur (Head of Litigation), Kfir Yadgar (Partner), Yair Shiloni (Partner), Shirin Gabbay-Metzger and Shiri Nass Magid

March 13th, 2016

Gornitzky & Co. represent I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement, following which I.D.B. Development will be delisted from trading in the Tel-Aviv Stock Exchange

Gornitzky & Co. represent I.D.B. Development in a motion to amend I.D.B. Holdings' creditor arrangement, following which I.D.B. Development will be delisted from trading in the Tel-Aviv Stock Exchange.
I.D.B. Development's trustee for Series 9 bondholders objected the motion claiming, among others, that the company was insolvent and that the suggested amendment could not ensure the company's full commitments until the end of the year.
On March 10th, 2016, a court session was held at the District Court in Tel Aviv, before the honorable Judge Brenner, upon which a decision was issued, approving the amendment of the

 

 

See full story (Hebrew)

 

I.D.B. Development is represented by Pinhas Rubin (Chairman of the Firm), Kfir Yadgar (Partner) and Yair Shiloni (Partner).

January 14th, 2016

Gornitzky represents Nitsba Group, in the tender for the purchase of the company's assets for approx. NIS 280 million

Gornitzky successfully represented Nitsba Holdings 1995 Ltd., the former controlling shareholder of the Tel Aviv Central Bus Station and its largest creditor (NIS 280 million), in the insolvency proceedings of the Tel Aviv Central Bus Station. As part of the insolvency proceedings, it has been argued by certain trustees that the debt to Nitsba should be subordinated), due in part to the fact that the company was operating under undercapitalization. This is a highly complicated and new legal issue and we have submitted an appeal to the District Court with regard to the decision of the Board of Trustees. Our firm represented Nitsba in a tender published by the trustees for the purchase of the company's assets, in which our client won and acquired the assets for a total of NIS 320 million. Nitsba is currently operating in order to form a creditors' arrangement for the central station.

 

See full story (Hebrew)

 

Nitsba Holdings were represented by Pinhas Rubin (Firm & Practice Chairman) Yaron Elhawi (Partner) and Amnon Biss

 

October 26th, 2015

Adv. Pinhas Rubin, head of the firm, stressed the importance of inequality in the tax system: “Tax equality is important, but there are cases where separation and inequality are wanted”, said Rubin.

Adv. Pinhas Rubin, head of the firm, stressed the importance of inequality in the tax system: “Tax equality is important, but there are cases where separation and inequality are wanted”, said Partner Pinhas Rubin and added that the state should not only offer Google tax benefits but also pay the Company to arrive to Israel: “I am in favour of inequality to those kind of businesses for the greater good of Israel”. This was said during the Tax Convention of The Research Institute on Society and Economy. Convention participants included: Mr. Yoram Gabay, former head of State Revenue Division, Mr. Uriel lynn, Head of the Federation of Israeli Chambers of Commerce, Prof. Yoram Margalioth, Tax Professor in the Buchmann faculty of law in Tel Aviv University and Mr. Yoel Naveh, Chief Economist and head of State Revenue Division.

August 9th, 2015

Gornitzky represented Delek Real Estate Ltd. in a successful hearing process in which it was decided not to press charges against the Company

Following a successful preliminary hearing, in which Advocates Pinhas Runin (Partner), Erez Harel (Partner) and Hila Shimon represented Delek Real Estate Ltd., the Tel Aviv District prosecution decided not to press charges against the Company (and against Ilik Rojansky – former CEO) and resolve the case in a discontinuance of the proceeding settlement (in which the company will only bear a financial sanction).

May 26th, 2015

Gornitzky is representing the Agrexco liquidators in a lawsuit against the State of Israel, which was recently approved to go to court. 

Gornitzky is representing the Agrexco liquidators in a lawsuit against the State of Israel, which was recently approved to go to court. In the lawsuit, the liquidators attribute responsibility for Agrexco's near NIS 500 million debt and subsequent bankruptcy collapse to the behavior of the State and affiliated entities, which controlled Agrexco, for their improper use of the company to promote national and other agendas that were contrary to the company's best business interest and created financial instability.

 

The liquidators, led by Dr. Shlomo Nass, are represented by Pinhas Rubin (Firm Chairman), Yaron Elhawi (Partner), Ofer Fleischer (Partner) and Shani Weiss.

 

For related news click here and here

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May 13th, 2015

Gornitzky successfully argued against the disclosure of documents on behalf of Bank Hapoalom. Read the full story:(Hebrew)

April 27th, 2015

Gornitzky represented the TASE in the successful dismissal of a NIS 648 million motion to approve a class action filed against the stock exchange. 

Gornitzky represented the Tel Aviv Stock Exchange in the successful dismissal of a NIS 648 million motion to approve a class action, filed against the stock exchange in relation to the fees charged by it, and in connection with the articles of association and directions published by the Stock Exchange. Honorable Judge Haled Kabub accepted the arguments raised by Gornitzky (on behalf of the TASE), and dismissed the motion in limine, for reasons of lack of rivalry and lack of authority.

 

The Tel Aviv Stock Exchange was represented by Pinhas Rubin (Firm Chairman), Harel Shaham (Partner), Noga Haruvi and Amnon Biss.

February 1st, 2015

Gornitzky represented Israel Corporation in the successful interim decision in a derivative suit against the company, whereby the court accepted the motion not to reveal attorney-client privileged information discussed in board meetings.

Gornitzky represented Israel Corporation in the successful interim decision in a derivative suit against the company, whereby the Economic Division of the Tel Aviv District Court accepted the motion not to reveal attorney-client privileged information discussed in board meetings. The derivative suit is in relation to the restructuring of the company's subsidiary, Zim Integrated Shipping Services Ltd.

 

Israel Corporation is represented by Pinhas Rubin (Firm Chairman), Noam Ronen (Partner) and Noga Haruvi.

 

For more information on our class actions practice, visit here.

December 14th, 2014

Gornitzky hosted a Workshop for the Economic Analysis of Law at Tel-Aviv University in loving memory of the firm's partner, Adv. Ariel Zelichov, ob"m.

Gornitzky hosted a Workshop for the Economic Analysis of Law at Tel-Aviv University in loving memory of the firm's partner, Adv. Ariel Zelichov, ob"m.


Speakers at the event included: Prof. Sharon Hannes, Ms. Einat Zelichov, Firm Chairman Pinhas Rubin, Dr. Shai Lavi and Managing Partner Moriel Matalon.

January 23rd, 2014

Gornitzky & Co. hosted a strategy and business development forum together with Deloitte Brightman Almagor Zohar, on the topic of "One Step Ahead of the Competition".  

Gornitzky & Co. hosted a strategy and business development forum together with Deloitte Brightman Almagor Zohar, on the topic of "One Step Ahead of the Competition".  The forum was attended by leading Israeli strategy and business development executives, with featured speakers including Pinhas Rubin, the Chairman of Gornitzky & Co.

 

The forum will be meeting on a quarterly basis and is intended to serve as a platform for sharing information and professional tools.

March 18th, 2013

Gornitzky represented Partner Communications (Orange) in the successful dismissal of a derivative suit petition filed against the company's directors, which challenged the distribution of dividends and obtainment of loans. 

Gornitzky represented Partner Communications (commercially branded as "Orange") in the successful dismissal of a derivative suit petition filed against the company's directors, which challenged the distribution of dividends by Partner and loans obtained during the same period. The claim made by Gornitzky & Co., that the petition for the approval of the derivative suit was based upon economic and legal errors and should therefore be dismissed, was accepted by Judge Khaled Kabub of the Tel Aviv District Court.

 

Partner Communications (Orange) was represented by Mr. Pinhas Rubin (Firm Chairman), Mr. Lior Porat (Partner) and Ms. Sagit Ohana-Livne (Partner).

 

December 24th, 2012

Gornitzky & Co. represented nine leading Israeli soccer teams in their appeal to the Supreme Court of Justice in response to a judgment, which obligates the teams to pay VAT on transfer fees paid when foreign soccer players are transferred from overseas teams.

Gornitzky & Co. represented nine leading Israeli soccer teams in their appeal to the Supreme Court of Justice in response to a judgment granted by the Tel Aviv District Court. The judgment, which was issued in favor of the Israel Tax Authority, obligates the teams to pay VAT on transfer fees paid when foreign soccer players are transferred from overseas teams.

 

The appeal was filed based on the claim that the transfer fees are not in exchange for an imported asset (the players), but rather as compensation to the foreign club for breach of a contract abroad, effectively releasing the player from his contract with the foreign club to enable him to sign a new contract with the Israeli team, as set forth in the FIFA rules.

 

Pinhas Rubin (Firm Chairman), Daniel Paserman (Partner, Head of Tax) and Yoad Cohavy are leading the representation.

September 7th, 2012

As part of a recent panel of Israel's top tax experts, Pinhas Rubin gave advice to Israel's Prime Minister and Minister of Finance on ways to decrease the budgetary deficit, while protecting the middle and lower classes of the economy.

As part of a recent panel of Israel's top 4 tax experts, hosted by Israeli newspaper "Globes," Pinhas Rubin gave advice to Israel's Prime Minister, Benjamin Netanyahu, and Minister of Finance, Yuval Steinitz, on ways to decrease the budgetary deficit, while protecting the middle and lower classes of the economy.

 

Rubin's advice included an innovative and creative solution for waging a strong battle against black money – "Future black money can be prevented or neutralized to a certain extent by technically banning cash payments...It's very simple. If there will be such a provision of law that the public is aware of, then no one will pay with cash anymore." And in doing so, Rubin believes, we will have created a system in which all transactions are controlled.

August 29th, 2012

In an article in the Israeli newspaper, Yedioth Ahronoth, Pinhas Rubin addresses the need for some changes in the Israeli justice system.

In an article in the Israeli newspaper, Yedioth Ahronoth, Pinhas Rubin addresses the need for some changes in the Israeli justice system.

 

One major change the Chairman of Gornitzky & Co. is looking to see is a solution to the serious lack of judges, which, in his opinion, has plagued the country for decades already. If the budget for the system is not increased, Mr. Rubin fears that the Israeli judiciary system will suffer the loss of some of its power, due to the overloading burden on the limited number of judges, "The country is committing a grievous sin towards the public in not setting aside the necessary resources for the [justice] system. Tell-tale signs of this misdoing can already be seen, and in my opinion, it will only get worse."

June 18th, 2012

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.


Bezeq was represented by Mr. Pinhas Rubin (Firm Chairman), Mr. Lior Porat (Partner) and Mr. Asaf Avtuvi.

 

April 19th, 2012

The Tel Aviv District Court denied a motion to authorize a class action suit against 4 major Israeli banks.

Deputy Chief Justice of the Tel Aviv District Court, Dr. Drora Pilpel, denied a petition for a class action suit against Bank Hapoalim (Israel's largest bank), Bank Otsar Hahayal, Bank Discount and Bank Leumi. The plaintiffs claimed that the banks had mislead their clients and breached their banking duties by collecting fees for the exercise of options on the Tel Aviv 25 Index, which they had allegedly not informed their clients of. Hon. Judge Pilpel ruled that the banks had fulfilled their obligations and gave full disclosure of the exercise fees.


Bank Hapoalim and Bank Otsar Hahayal were represented by Mr. Pinhas Rubin (Firm Chairman) and Mr. Noam Ronen (Partner).

January 31st, 2012

Gornitzky & Co. represented Mr. Yitzhak Tshuva in the settlements reached with the majority of Delek Real Estate Ltd.'s bondholders regarding a NIS 2.1 billion debt restructuring.

Gornitzky & Co. represented Mr. Yitzhak Tshuva in the settlements reached with 72% of Delek Real Estate Ltd.'s bondholders regarding a NIS 2.1 billion debt restructuring.


Settlement agreements were reached between 72% of Delek Real Estate Ltd.'s bondholders and the company's controlling shareholder, Mr. Tshuva. According to the outline, the existing bonds will be nullified and replaced by two new series of bonds to be issued for a period of 16 years. Tshuva will infuse a total of NIS 1.3 billion to the new series.

 

Mr. Tshuva was represented by Mr. Pinhas Rubin (Firm Chairman) and Mr. Ofer Tzur (Partner, Head of Litigation).

June 11th, 2011

Gornitzky & Co.'s Chairman, Mr. Pinhas Rubin discusses the new Administrative Enforcement Act by the Israel Securities Authority (ISA), saying that it might result in the regulator becoming too aggressive.

Gornitzky & Co.'s Chairman, Mr. Pinhas Rubin discusses the new Administrative Enforcement Act by the Israel Securities Authority (ISA), saying that it might result in the regulator becoming too aggressive.

 

So long as the regulator acts reasonably, Mr. Rubin believes that the new law is good and will result in less criminal proceedings. However, Mr. Rubin raised the concern that the ISA might be too aggressive while implementing the law, "The regulator begins his appointment at the ISA with intellectual modesty, but through the years the modesty becomes arrogance. The regulator is certain that he knows the law better than others and believes that he operates correctly, since everyone does as he commands."

April 18th, 2011

Four of the Firm’s lawyers, Yaron Alhawi, Shlomo Cohen, Daniel Paserman and Inbal Zackai-Horev, were named among Israel's most promising lawyers by Maariv, which also named Gornitzky's Chairman, Mr. Pinhas Rubin, as one of Israel's senior lawyers today

Four of the Gornitzky & Co.’s lawyers were named among Israel's most promising young lawyers by Israeli newspaper Maariv, in an article attempting to foresee Israel's future top lawyers in different practice areas.

Mr. Yaron Elhawi (Partner) and Mr. Shlomo Cohen (Partner) were named as leading real estate lawyers - the article stated that Mr. Cohen is ”only 36 years old and already considered to be one of Israel's leading lawyers in the field of real estate. He coordinates the representation of the Ofer Brothers Group in their real estate business.

Mr. Daniel Paserman (Partner) was described as one of Israel's top three young M&A lawyers. Mr. Paserman divides his time between international M&A's, creative and unique tax planning and leading the Firm's private equity practice. The article stated that Mr. Paserman consults clients such as the Tshuva Group, the Habas Group, the Steinmetz Group, the Phoenix Group and Comverse Ltd.

Ms. Inbal Zackai-Horev was described as a promising capital markets lawyer who is expected to reach new heights in the foreseen future.

Among Israel's current senior lawyers, the article named Gornitzky & Co.'s Chairman, Mr. Pinhas Rubin.