United States investment group Bayshore Trading Corporation has petitioned the Tel Aviv District Court to disallow a heretofore agreed upon deal by which Russian-born Israeli tycoon Arcadi Gaydamak's shares of Ocif Investments and Development Ltd. would be sold to Gaydamak's attorney Yossi Segev. Bayshore is requesting an auction be held, and has offered more than an additional 10 percent of the price Segev was to pay for Gaydamak's 67.4 percent stake in OCIF.
Bayshore reports that it approached Segev earlier with an offer, but Segev's law firm claimed it had an offer of nearly 200 percent the currently proposed sale price, and discontinued negotiations with Bayshore. District Judge Dania Meyer gave Segev and Bank Mizrahi Tefachot five days to reply to Bayshore Trading's request.