Holders of Rogosin (TASE:ROGO) bonds are acting to appoint a receiver for the company, which yesterday defaulted on its first debt payment.
The bond-holders reacted with anger after reading quotes from Ezra Harel in Globes, who advised them not to be "greedy".
If the bond-holders would behave rationally, an arrangement could be found, said Harel, who sold control over Rogosin on Sunday to businessman Yochai Schneider for $100,000. "It makes no sense that somebody who bought bonds at 40 agorot should get 120 agorot," Harel told Globes.
The bond-holders feel the greedy one was Harel, who took a company flush with cash and left it high and dry.
Rogosin, which yesterday defaulted on the first of four payments due on its bonds, also announced the transfer of control from Harel to Schneider, and the replacement of its entire board of directors.
Bond-holders, suspecting a fix, claim that the sale to Schneider is merely Harel's ploy to avoid paying the debt to them. Their view is bolstered by Rogosin's statement a month ago that it would find the money to pay up.
This morning the major bond-holders convened to discuss appointing a receiver for Rogosin, possibly advocate Yuri Nechushtan.
"We will not waive a single agora," said Mickey Civier, the manager of Leumi Pia, which holds 8% of the outstanding bonds. "We'll hire the best lawyers and hound the company and its directors until the money is returned."
The resignation of all the company's directors on Sunday won't help them evade examination of their functioning when approving deals that wiped out the company's cash, Civier added. "We have indications of shady dealings at the company," Civier said, "and will turn over every rock so the person who took the money out of the company, returns it.
"We will examine all those strange deals in Germany, to buy shares in the Rostock port, and we'll check how Harel sold Rogosin his failing tourism company¿ We'll ask why it (Rogosin) invested in the satellite (TV) company YES (which is losing money) and in Vyyo (Nasdaq:VYYO), when it was clear there wasn't enough money left to continue investing and also to return money to bondholders," Civier said.
Regarding compromise negotiations with Yochai Schneider, Civier said there was nothing to discuss at this stage. "Next week we'll appoint a receiver and start running the company¿ Rogosin has a week to make the first payment. Otherwise a receiver will be appointed next Sunday."
Sources at Rogosin commented that upon Schneider's takeover, his representatives met with the trustee manager to discuss convening an assembly of bond-holders. But the trustee manager claimed not to have the authority to negotiate for the bond-holders and said she would ask the courts to appoint a receiver.
"Appointing a receiver will play into the hands of accountants and lawyers, and the last ones to benefit from that will be the bond-holders," said a source at Rogosin. Schneider and his team are experienced at rehabilitating companies, they added.