BetterPlace applies to appoint a temp. liquidator

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BetterPlace applies to appoint a temp. liquidator

Post by IVI »

At we find:

"Better Place Files Court Motion in Israel
for Appointment of a Temporary Liquidator

Tel Aviv, May 26, 2013; Better Place announces
that it has filed a motion with the Lod District
Court today to ask for

[1.] the dissolution of the company and

[2.] the appointment of a temporary liquidator.

In its motion the company stated that
in light of its failure to raise additional funds and

in the absence of sufficient resources
for the continued operation of the business,

the company is asking for the court’s assistance
in protecting the rights of its employees,
customers and creditors.

Over the past six months, Better Place’s management
has made fundamental changes in the company,
focused its strategy, goals and markets and

at the same time has continued to
seek additional financing for the business and

secure additional models to supplement its current offer.

Despite significant efforts over that time frame,
revenues are still insufficient
to cover operating costs, and

in the light of the continued negative cash flow
position, the Board has decided that

it has no option but to seek to make
this application to the Courts

for an orderly liquidation of the company.

The company’s Board of Directors said:

'This is a very sad day for all of us.
We stand by the original vision
as formulated by Shai Agassi
of creating a green alternative

that would lessen our dependence on
highly polluting transportation technologies.

While he was able with partners & investors
to overcome multiple challenges
to demonstrate that it was possible
to deliver a technological solution
that would fulfil that vision.

Unfortunately, the path
to realizing that vision was difficult,
complex and littered with obstacles,
not all of which we were able to overcome.

The technical challenges
we overcame successfully,

but the other obstacles
we were not able to overcome,

despite the massive effort and resources
that were deployed to that end.'

The most important thing of all was
that the intention was the right one.

The purpose and concept of the business
was to deliver a positive change
in the world in which we live.

We know that there is no certainty
in any venture.

It requires daring, courage,
determination and resources
in order to turn a venture
into a sustainable industry .

The vision is still valid and important
and we remain hopeful that eventually
the vision will be realized
for the benefit of a better world.

However, Better Place will not be able
to take part in the realization of this vision.”

Better Place Chief Executive Officer,
Dan Cohen, said:

'This is a difficult day for all of us.
We have come a long way in order
to bring about a global vision.

From the start, Better Place was
a breakthrough for the infrastructure
of the electric car industry and
successfully completed the development
of its technology and infrastructure.

Israel was the first place in which
an electrical car could travel without limit.

Unfortunately, after a year’s commercial operation,
it was clear to us

that despite many satisfied customers,
the wider public take up
would not be sufficient and

that the support from the car producers
was not forthcoming.

Against that background,
the most recent fundraising round
was not successful.

In recent months, the management
of the company did all that it could
to keep the business operating.

Today, in the light of our obligation
to our staff, customers and creditors,
we are applying to the court
for the appointment of a temporary liquidator.

The management is requesting
the voluntary liquidator once appointed
to decide as quickly as possible
to award compensation to customers & staff &

maintain the functioning of the network'.

Press Contact
Shiri Krispin 054:3233082
Moshe Debby 052:8748744
Gadi Ohana 052:8749069
Susanne Tolstrup +45 3135 1190"


So, they seem to be planning to maintain
the functioning of their network...? :-)


I have no doubts that AU could not have
done any better, ie, if they'd even
take-up such a challenge at all.

Who - from across the world - will be next
to take up the gauntlet (sp?)...?
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