Moshe Gaon, the son of the founder of Gaon Holdings, ceded his place to Erez Meltzer after only one year of his father's death. Gaon Jr. sold assets and invested heavily in the Israeli water industry, and almost bankrupted the company he inherited. Gaon lost 67 million shekel in last 9 months and its bonds are paying 24% (junk bonds). I always said that the "Israeli miracle" water technology is a PR spin and only suckers believe the BS. Irrigation and desalination may be good businesses, but Chinese competition is ferocious. Three billion people may be thirsty but they cannot pay; the developed world is overinvested in this area.