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Settlement Agreements Approved by The Court

In Motion 146, a settlement agreement was reached in the case of Mr. Lee Lewis and his trust fund. The trustee filed a motion against four US resident respondents, demanding that Mr. Lewis and his fund return funds received after the Ponzi scheme was exposed. After negotiations between the trustee and Mr. Lee Lewis, a settlement agreement was reached and presented to the court for approval. The court approved the settlement, stipulating that Mr. Lewis and the trust fund would make a payment of 125,000 US dollars and also waive any debt claims in the ongoing insolvency proceedings.

In Motion 176, a settlement agreement was reached concerning Mr. Orel Hershkowitz. The trustee filed a motion demanding the return of funds transferred to him in April 2021. Following negotiations, a settlement agreement was drafted and presented to the court for approval. The court approved the settlement, stipulating that Mr. Hershkowitz would pay NIS 570,000, and it was also agreed that he would waive any debt claims in the ongoing insolvency case.

In Motion 119, a settlement agreement was reached regarding Zvi and Pnina Malinyak. The trustee filed a motion seeking the return of funds transferred to them in March 2020. Following negotiations, a settlement agreement was formulated and presented to the court for approval. The court approved the settlement, requiring Mr. and Mrs. Malinyak to pay 300,000 NIS. Additionally, it was agreed that any funds received by the Malinyaks from their investment in the Prudent Fund, up to a maximum of 550,000 NIS, would be transferred to the trustee.

The trustee filed a motion demanding the return of funds transferred from the debtor to the Halilovic brothers and their controlled Serbian companies. With no response received, the court ruled in favor of the trustee. However, before executing the judgment in Serbia, negotiations took place between the trustee and Halilovic, resulting in an approved settlement. Halilovic agreed to pay a sum of 600,000 euros. The settlement also addressed the white bauxite project, granting creditors an additional 10% of future project profits.

The trustee filed a motion demanding the return of funds transferred to Ms. Volynsky after the Ponzi scheme was exposed. Following negotiations, a settlement agreement was reached and approved by the court. Ms. Volynsky agreed to pay a sum of 60,000 US dollars. Additionally, her debt claim was resolved at an agreed amount of 860,000 US dollars. In case of dividend distribution, the trustee will deduct 170,000 US dollars from Ms. Volynsky’s entitlement.

The trustee filed several motions against Ms. Ben Ari, seeking the return of millions of shekels in funds, transfer of real property in Herzliya Bay, and clarification of ownership regarding a duplex apartment in Ramat Aviv. Following negotiations, a settlement agreement was drawn up and approved by the court. The Herzliya Bay apartment will remain in Ms. Ben Ari’s possession, while the Ramat Aviv duplex will be sold by the trustee. From the sale proceeds, Ms. Ben Ari will receive 3 million NIS, and if the sale amount exceeds 16 million NIS, she will receive half of the excess. The agreement comprehensively resolves all motions involving the trustee, Ms. Ben Ari, and her children.


The trustee filed to the court a motion for instructions (claim) against the debtor’s family members from the USA, in which, inter alia, Ms. Alice Ann Greenfield, the debtor’s mother (USA citizen), was required to return funds that were illegally transferred to her. After negotiation between the trustee and Mrs. Greenfield, the court approved the settlement agreement according to which Mrs. Greenfield shall return to the creditors’ pool a total of 311,000 USD.


The trustee filed to the court a motion for instructions (claim) against the debtor’s family members from the USA, in which, inter alia, Mr. Jonathan Jay Greenfield, the debtor’s brother (USA citizen), was required to return funds transferred to him by the debtor as a loan, as well as funds held by him for the debtor and/or EGFE corporations and/or smuggled by him to third parties. After negotiation between the trustee and Mr. Greenfield, the court approved the settlement agreement according to which Mr. Greenfield (and his spouse, Mrs. Elysa Greenfield) shall return to the creditors’ pool a total of 680,000 USD.


The trustee filed to the court a motion for instructions (claim) against Elliptic Curve (a company incorporated in Spain, hereinafter “the Spanish company”), in which the Spanish company was required to return funds transferred to it from EGFE Hungary. Another respondent to the motion was Mr. Arie Ben David, who argued that he was entitled to the full amount that the Spanish company was required to return as part of the request.

After the trustee negotiated with the Spanish company and with Mr. Ben David, the court approved the settlement arrangements, according to which the Spanish company shall return to the creditors’ pool a total of 90,000 EUR, out of which a total of 15,000 EUR shall be transferred to Mr. Ben David.


The trustee filed to the court a motion for instructions (claim) against Ilan and Ziona Benor, in which, inter alia, Ilan and Ziona were required to return funds that were illegally transferred to them shortly before the initiation of the insolvency proceedings. After pleadings and affidavits were submitted, on May 11, 2022, a hearing was held in court, during which the parties reached an agreement, which was approved by the court, according to which Ilan and Ziona shall return to the creditors’ pool a total of 400,000 US dollars, and the Benor’s debt claim will be reduced by a 100,000 USD.


The trustee filed to the court a motion for instructions (claim) against Mr. Shmuel Avivi and Mr. Barak Gal (who lives in the US), in which, Mr. Avivi and Mr. Gal were required to return funds that were transferred to Mr. Gal (in the USA) for Mr. Avivi, during the period After the initiation of the insolvency proceedings. After pleadings and affidavits were submitted, a hearing was held in court (during which the trustee deposed Mr. Avivi in a cross-examination). After the hearing, the trustee negotiated with Mr. Avivi, and as a result, the parties reached an agreement that was approved by the court, according to which Mr. Avivi Shall pay the creditors’ pool a total of 130,000 USD [so that the trustee will have the option of claiming the remaining of the requested amount from Mr. Barak Gal, and a judgment in the absence of defense was indeed later given against Gal]. In addition, as part of the Settlement Agreement, a consent regarding the amount of Mr. Avivi’s debt claim was also approved by the court.

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