רכישות ממונפות : סימפטום של משק ריכוזי או אמצעי לצמצום ריכוזיות?

In the case of Vardnikov vs. Alovitch, the Tel-Aviv District Court has assumed that leveraged buyouts are a symptom of centralized markets, and are suspect to be an additional form of tunneling in which owners squeeze out value from the firm. As a consequence, the court has imposed the Enhanced Business Judgment Rule on such transactions. In this Article, I argue to the contrary: not only that leverage buyouts are not a negative symptom of centralized markets, they actually curtail market centralization by enabling the expansion of the number of potential owners. As a consequence, leveraged buyouts should not be treated by courts suspiciously and should be reviewed under the more lenient Business Judgment Rule.