LEGAL ACTIONS IN THE U.S. AND ISRAEL
In the U.S. case in the Western district of Oklahoma, the court issued an Order on March 28. In the order it was established that the Stock of Ness Israel was conveyed to Alpha Capital as a result of the New York litigation in 2008. However, the court also concluded:
"to the extent, however, that Alpha Capital seeks a ruling that it is entitled to retain all of the NessIsrael stock, or its value , even if the stock value exceeds the amount of Alpha Capital's New York Judgment, the motion must be denied because balancing of the equities between the parties is required, and such cannot be made based on the current record."
In further developments, a Settlement Conference was ordered by the court and held on May 8th at the Federal Courthouse in Oklahoma City. Representatives from Alpha Capital and Ness Energy were present. However no agreement was reached to settle the case. We will continue to seek a fair and reasonable settlement prior to the trial, the dates for which have not yet been set.
The Israeli case is progressing and trial dates have now been established. The dates are as follows:
June 24th, July 2nd, July 5th, July 8th, July 11th and July 18th
We remain optimistic for an outcome favorable to our interests in both these cases and appreciate your prayers that such will be the case. We will continue to keep you informed in future updates.