Brodsky Group Withdraws from Alliance

After lengthy negotiations The Harvey Brodsky Group has decided to withdraw its offer to purchase 51% of the stock of Alliance Tire, Israel.According to Harvey Brodsky the two main reasons for the group’s withdrawal were because of the instability of the world situation in the middle east and Alliance’s inability to restructure the loans outstanding to their major lenders to the group’s satisfaction. Both of these reasons led the group’s major European investors to reconsider their position and the decision was made to withdraw.

The Harvey Brodsky Group had also carried out extensive due diligence investigations in Israel and many other parts of the world.”We believe Alliance had and continues to have enormous potential and we regret that we were unable to complete the deal,” said Harvey Brodsky. “We wish them well and will gladly return to the negotiating table should conditions change in the future,” he added.