Brodsky cancels offer to buy Alliance Tire

PACIFIC GROVE, Calif. (Feb. 3)—Harvey Brodsky Group L.L.C. industries, has withdrawn its offer to buy 51 percent of the stock of Hadera, Israel-based Alliance Tire Inc. Instability in the Middle East, plus Alliance's inability to restructure its loans outstanding to its major lenders, were behind the collapse of the deal announced last September, according to Harvey Brodsky, leader of the investment group and longtime retreading industry official. "We were very disappointed over this," said Brodsky, who added that if the lenders changed their minds and met the group's terms, "we'd be back (in negotiations) in a heartbeat." There was no immediate statement from Alliance, an exporter of farm and off-the-road tires that had about $13.5 million in sales in North America in 2001.