!BUSINESS I AV/ Wall Street can wait a year. Law School can wait a year. The Rat Race can wait ay ear. BUT ISRAEL CAN'T WAIT! Koor Gets Relief From Creditors OTZMA (Now in its fifth year) •It's a 10-month fellowship program in Israel for only $1,000.* •It's travel, study, work and exploration. •It's hard. It's fun. It's the best adventure you'll ever have. •It's for outstanding young men and women, age 19-24. •It's easy to find out more. For information, call one of these Otzma graduates: Alysa Goldberg EMU, 485-2495 Wendy Littky MSU, (517) 332-2765 Lisa Kruman U-M, 994-3979 or call Yefet Ozery, Israel Program Center 6600 W. Maple Road • West Bloomfield, MI 48322 • (313) 661-5440 *In Michigan, a project of the Jewish Welfare Federation of Detroit. Funded by United Jewish Charities in partnership with the Jewish Welfare Federation and the Jewish Agency for Israel. TAX PREPARATION SOUND FAMILIAR? "MR, COHEN IS AT THE CLUB" "YOU KNOW HE'S OFF ON WEDNESDAYS" HE'LL HAVE AN ASSOCIATE LOOK IT OVER" QUARTER PE CEN ifONUS MADISON SILVER CLUB MEMBERS Receive a quarter percent bonus on MB's highest tiered CD rates* for a seven month period. *Tiered rates meaning higher deposits = higher rates. Bring this ad in to any of our branch locations to receive your bonus or take advantage of your QUARTER PER- CENT Bonus right now by calling us at 585-7775. We will assist you in setting up your QUARTER PERCENT bonus CD by phone. *Substantial interest penalty for early withdrawal Minimum Deposit $1000 Member FDIC MADISON NATIONAL BANK BANK ON THE BANK NEXT DOOR THE MAIN OFFICE 1800 E. 12 MILE RD. MADISON HEIGHTS NEAR DEQUINDRE 548-2900 \ 44 BRANCH I 25021 DEQUINDRE NEAR TEN MILE RD. 548-3179 FRIDAY, MARCH 2, 1990 - - - BRANCH II 600 E. 14 MILE RD. NEAR JOHN R. RD. 585-7775 BRANCH III 31055 JOHN R NEAR 13 MILE RD. 583-4140 WHY HERSCHEL? Because of the above AND • PERSONALIZED HOME SERVICE • QUALITY PREPARATION • HE SIMPLY LOVES TAX WORK 737.4110 FAX 737-8422 FOR MEN ONLY 356•DAM Now You Don't Have To Lose Your Money, Your Home Or Your Kids When You Get Divorced. Adam Is Here To Protect Your Rights. Yoy'll Get Strong, Effective Advice And Support From Adam. We're a Group Of Highly Qualified Divorce Lawyers And Counselors Who Will Answer By Telephone, Any Of Your Questions On Divorce At No Charge. CALL: AMERICAN DIVORCE ASSOCIATION FOR MEN1 Tel Aviv (JTA) -- The fi- nancially stricken Koor In- dustries got some relief from local and foreign creditors, in a deal brokered early this month by Finance Minister Shimon Peres. The creditors agreed to write off nearly $257 million of Koor's billion dollar debt. Peres is trying to avert total collapse of the con- glomerate, which accounts for about a quarter of Israel's industrial output and employs about 20,000 persons. The deal was hammered out at a recent meeting with Koor officials and represent- atives of its credit lenders. The meeting followed a week of apparently fruitless negotiations to restructure the debt. At midnight, Peres told a group of reporters an agree- ment had been reached. The foreign backers left for home about an hour later. Israeli banks will bear the brunt of the loss incurred by the loan write-offs. They will cancel $180 million of the $800 million they are owed. Overseas banks agreed to write off $77 million of a $205 million debt. They will be reimbursed in the amount of $87 million by the Israeli banks as soon as the agreement is signed. Another $41 million in debt will be rescheduled for pay- ment over the next five years. The arrangement, however, did not stave off a crisis at one of Koor's sub- sidiaries, the veteran Shemen oil and soap factory in Haifa. Shemen, founded in 1919, closed a few weeks ago after a work dispute. The closing was yet another symptom of the grave malady afflicting the giant Koor con- glomerate. The management of the pioneering Shemen factory sent letters of dismissal to 200 workers and ordered the plant closed, following ex- treme sanctions taken by the workers last week. In their actions, preven- ting products from leaving the plant, workers barred management from even entering the workplace and also jeopardized the work of the firm's computer. Shemen and another fac- tory, Etz Hazayit, in Petach Tikva, are Israel's two major oil and soap plants, and both are owned by Koor, which is in turn owned by the Histadrut, the Israeli trade union federation. Representative of the com- plicated matter was the posi- tioning of the Haifa workers' council, which is a branch of the Histadrut, in support of the workers against the employers. Background for the Shemen workers' dispute lies in the fact that Shemen and Etz Hazayit agreed in the past to follow a manufac- turing and sales policy that would avoid duplication. But Shemen workers felt that all profitable operations were transferred from their plant to Etz Hazayit. Fearing their plant would eventually close, the workers demanded their plant operate independently of Etz Hazayit and initiated sanctions against their own management to try to effect that end. In the process, they cre- ated a self-fulfilling pro- phecy. Koor's crisis began a year ago, when its overseas creditors, led by Manufac- turers Hanover Trust of New York, demanded liquidation to satisfy their debts. ❑ I BBYO I BBG COUNCIL is hosting the BBG Sabbath service and oneg at Adat Shalom Synagogue 7:30 p.m. March 2. The program is open to all BBG members and their female guests. For informa- tion, contact Sara Guyer, 398-6565; or Adele Lewin at BBYO, 788-0700. AZA COUNCIL basketball league play moves to Windsor March 4. Games are: 8:30 a.m. — Herzl Heat vs. Posen/Hart; 10:30 a.m. — I2Chaim Matzo Balls vs. Rose Rebels; 11:30 a.m. — L'Chaim Jihad vs. Brandeis/Strauss; 12:30 p.m. — Rose Buds vs. Kishon Astros. ADVISER ASSOCIA- TION monthly meeting 10 a.m. March 4 at the BBYO Chapter Service Center. MICHIGAN BBYO is hosting the Young Leadership Seminar 1:30 p.m. March 4 in Room 333 of the West Bloom- field JCC. The seminar is for all new members who will not be graduating from high school in 1990. The focus is on chapter leadership concepts and leadership as fun. For in- formation, contact Beth Cousens, 353-1919; or Jason Porth, 855-4432.