Bank Leumi (TASE:LUMI) today demanded immediate repayment of $24.2 million lent to Feuchtwanger Investments.

Leumi also said it wants immediate restitution of NIS 18.6 million lent to Iscal Holding, which Feuchtwanger Investment guaranteed. Feuchtwanger Investment denied responsibility for that one, commenting that it is not aware that it secured such a loan.

Iscal was also advised by Leumi regarding its NIS 18.6 million loan, which it took out to buy shares in Formula Systems (Nasdaq:FORTY). Leumi is threatening to foreclose on a lien it possesses over shares in Formula and in Formula Vision (TASE:FVT).

Unless it gets its money back within a week, Bank Leumi says it will start exercising securities it received against loans made to Feuchtwanger Investments, including shares in Iscal and in Feuchtwanger Industries (TASE:FUTW).

However, while the Formula shares are worth something, Iscal's shares are more problematic. Iscal stock is trading at NIS 1.5 a pop, while Feuchtwanger Investments bought its Iscal shares at NIS 65.6 each. At best, assuming Leumi has a right to all Feuchtwanger's Iscal shares, the bank could get all of NIS 2 million for them.

Feuchtwanger Investments also used Feuchtwanger Industries' stock as collateral, but these shares have been suspended from trade entirely after the company failed to file first quarter statements.

Leumi advised the Feuchtwanger group a month ago that it is foreclosing on an NIS 100 million guarantee the group provided. Leumi has a lien on the whole sum.

Altogether Leumi has lent the Peled-Givony group, which is behind all the companies mentioned above, some NIS 230 million.

In other Peled-Givony group news, Iscal said yesterday it is writing off its entire investment in Harmonicum. Iscal had bought 26% of the company, which has lost NIS 144 million since its establishment.