Better Place Back Up For Sale

The saga of salvaging the bankrupt electric car company Better Place continued this week, as a High Court ruling put it up for sale again, Globes reported on Thursday.

The Court rejected a petition by Success Assets to delay the Central District Court ruling to cancel the sale of the electric car venture, which is in liquidation.

The sale deal was canceled after the liquidators refused to accept a check deposited by Success Ventures owner Merkur’s EV Net Group earlier this month.

Merkur gave Better Place Israel’s liquidators a down payment of $508,906 for acquisition of the company. The payment was in the form of a check from JPMorgan Chase Bank in the amount of 20% of the NIS 11 million price for the company. The liquidators refused the check, saying it was anonymous and lacking details, including details of the checking account owner.

The check was duly returned, but Merkur failed to rectify the situation, according to the Better Place liquidators.

“There can be no question that the providing of this check does not constitute payment, since the money was not received in the liquidators’ account, and the buyer is therefore in fundamental breach of the sale agreement,” they in a court brief.

The liquidators added, “The buyer’s conduct since the date the sale agreement was signed has been devious and evasive. From the beginning, the buyer has done everything he could to raise obstacles in various ways, and has refused to cooperate with the special managers.”

Better Place went into liquidation in May.

This article appeared in print on page 6 of the October 18th, 2013 edition of Hamodia.