Eliezer Fishman, tycoon involved in biggest bankruptcy in Israeli history, dies at 80

Media and real estate mogul Eliezer Fishman who became embroiled in Israel’s largest-ever bankruptcy dies aged 80, Hebrew media report.

Fishman was a prominent Israeli businessman often described locally as a “tycoon,” a member of a class of a few dozen magnates who are said to have outsize control over Israeli politics and the economy. In 2013, Forbes Israel estimated his net worth at NIS 2.7 billion ($765 million).

However, in 2015 press reports, followed by court proceedings, revealed that his business empire was a house of cards. Far from having assets in the billions, he owed over NIS 4 billion ($1.13 billion) to Israel’s major banks, a fact that both he and the banks kept quiet for years, while he and his family maintained an opulent lifestyle.

He was declared bankrupt when creditors refused to agree to a deal that would have wiped out 92 percent of his personal debt, estimated at some NIS 1.5 billion ($425 million).

The liquidator of his assets called Fishman the “biggest bankruptcy in Israeli history.”

Among his many holdings, which included real estate, retail chains (Celio, Zer4U, MegaSport), cable television, telecommunications infrastructure and gas stations, Fishman was also the owner of the Globes business daily and held a 38 percent stake in the Yedioth Ahronoth newspaper. Many observers contended that Bank Hapoalim and Fishman’s other creditors continued to lend him money because of the power he had to shape public opinion in their favor.