George Karfunkel

George Karfunkel (born 1948/1949) is an American businessman, the co-founder of companies including AmTrust Financial Services, and a survivor of Operation Entebbe.

George Karfunkel
Born1948/1949 (age 71–72)[1]
Hungary
NationalityAmerican
OccupationBusinessman
Net worthUS$3.2 billion (January 2015)[2]
Spouse(s)Renee Karfunkel
Children1 daughter

Early life

George Karfunkel was born in Hungary, the son of Louis Karfunkel (1914-1997), a religious scholar and fishmonger, and his wife Clara.[3][4] The family migrated to the US in the late 1950s, after the failed Hungarian Revolution of 1956, and lived in the Hasidic community of Boro Park in Brooklyn, New York City.[3][1] His older brother Michael Karfunkel, died in April 2016, aged 72.[5]

Career

In 1971, he co-founded American Stock Transfer & Trust Company, LLC[6]

In 1998, AmTrust Financial Services was founded by brothers George and Michael Karfunkel.[3][7]

Karfunkel has been a director of Kodak since September 2013.[6]

On July 29, 2020, Karfunkel and his wife Renee donated 3 million of their 6.3 million Kodak shares to Congregation Chemdas Yisroel, a tax-exempt religious organization, and they will be able to claim this donation as a tax deduction.[5][8] Karfunkel founded Congregation Chemdas Yisroel in 2018.[8] On July 27, the Trump administration awarded Kodak an "unprecedented" $765 million Defense Production Act loan, and the share price soared from $2.16 to $60.[5] Upon the donation of 3 million of their 6.3 million Kodak shares, the Karfunkels would be entitled to a tax deduction of $116.3 million for shares that two days earlier had been worth $6.39 million.[9] A new document filed on January 12, 2021 seemingly contradicts the previous security filing by specifying that only 2 million of their 6.3 million Kodak shares have been donated to the organization, thereby producing a tax deduction of $77.5 million.[9]

Personal life

In 1976, he was one of the survivors of Operation Entebbe, when Palestinian terrorists hijacked an Air France plane and flew it to Entebbe, Uganda, and 102 of the 106 hostages were rescued by Israel Defense Forces (IDF) commandos.[3]

Karfunkel is married to Renee.[5] Their daughter Anne Neuberger works in the Biden Administration as Deputy National Security Adviser for Cybersecurity.[3][10] Anne Neuberger is married to Yehuda Neuberger.

References
  1. Boyd, Roddy (August 17, 2014). "The Mitzvah Factory". The Foundation for Financial Journalism. Retrieved August 16, 2020.
  2. "Forbes profile: Karfunkel family". Forbes. Retrieved August 16, 2020.
  3. "Michael Karfunkel, the Orthodox Billionaire No One Heard Of, Dies at 72". The Forward.
  4. "Paid Notice: Deaths KARFUNKEL, LOUIS". New York Times. April 2, 1997. Retrieved August 16, 2020.
  5. Corn, David (August 11, 2020). "The White House–Kodak Controversy Has a New Angle: A Billionaire's Huge Stock Gift to a Synagogue". Mother Jones. Retrieved August 16, 2020.
  6. "Board of Directors | Eastman Kodak Company". investor.kodak.com.
  7. "AmTrust Financial Services, Inc. Announces The Passing Of Founder And Chairman Michael Karfunkel". The Street. April 27, 2016. Retrieved June 29, 2016.
  8. Rogow, Theo Francis, Mark Maremont and Geoffrey (August 11, 2020). "Kodak Insider Makes Well-Timed Stock Gift of $116 Million to Religious Charity He Started" – via www.wsj.com.
  9. Maremont, Mark (January 13, 2021). "Kodak Director Makes Retroactive Cut to Huge Charity Stock Gift". Wall Street Journal. Retrieved January 16, 2021.
  10. Kornbluh, Jacob (January 18, 2021). "Enough for a minyan: A Jewish Who's Who of Biden's Cabinet-to-Be". Forward. Retrieved January 20, 2021.
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