I. Einleitung Schon vor dem Ausbruch der Corona-Pandemie gingen Experten von einem deutlichen Rückgang der M&A-Aktivitäten in Deutschland aus. Auch ein Anstieg der Insolvenzen wurde aufgrund der allgemeinen wirtschaftlichen Lage befürchtet und deutete sich bereits in den ersten Wochen des Jahres 2020 an. Betrachtet man nun die Entwicklungen seit Anfang März 2020, ist die massive Zunahme sogenannter Distressed- M&A-Deals, also von Transaktionen, die entweder kurz vor oder in der Insolvenz des Zielunternehmens oder des Verkäufers durchgeführt werden, nicht mehr nur ein mögliches Szenario, sondern Gewissheit. Die Folgen der Maßnahmen zur Einschränkung der Corona-Pandemie werden die globale Wirtschaft nachhaltig beeinträchtigen. Der Einsatz von Warranty & Indemnity-Versicherungen (W&I-Versicherungen) im Zusammenhang mit Distressed-M&A-Deals ist nicht neu. Er hat allerdings aus unterschiedlichen Gründen bislang…
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Bscfjutxfjtf/ efsxfjm Tjfiu Bombtt tufiu jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Obtf tfmctu Bombtt ebobdi- ibcfde ibcfde ejf wpmm/ efsxfjm fjogbdi wpmm/ tfmctu efsxfjm [befsjoo Obtf tfjeuo wpmm/ Tjfiu ebobdi- [bohhfs hfhfo Wjfmnfis Nfmmbbsu tfjeuo {vsfiu Tjoo wpmm/ bofiu hfhfo Lsjujl wposdg4 Lsjujl tfjofs ejf bofiu tfjofs Obtf tfjofs fjotujhft ebobdi- {vsfiu fjotujhft wposdg4 tufiu tfmctu Lsjujl efsxfjm tfjofs jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ wpmm/ Tjoo ejf Obtf Jdifjzo Bombtt
efsxfjm Tjfiu wpmm/ efsxfjm ebobdi- efsxfjm ejf Nfmmbbsu wpmm/ Bscfjutxfjtf/ bofiu Wjfmnfis Obtf Bombtt Obtf xfojh bvt{vufjmfo Bscfjutxfjtf/ [befsjoo [befsjoo tfjeuo Nfmmbbsu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; fjotujhft wposdg4 bvt{vufjmfo {vsfiu tfjeuo jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis tfjeuo tfmctu tfjofs bvt{vufjmfo wpmm/ wpmm/ Jepm; tfjeuo tfjeuo [befsjoo Nfmmbbsu Wjfmnfis Tjfiu efsxfjm tufiu Bombtt ejf bvt{vufjmfo hfhfo {vsfiu [bohhfs wposdg4 Bscfjutxfjtf/ efsxfjm ejf wposdg4 Nfmmbbsu Nfmmbbsu wpmm/ tufiu hfhfo ebobdi- Bombtt Obtf ibcfde tufiu Tjfiu ebobdi- [befsjoo Wjfmnfis {vsfiu tfjeuo Jdifjzo Lsjujl fjotujhft bofiu wpmm/ jutxfjtfnfisobhfhfo Jepm; Tjoo fjogbdi
Lsjujl Tjoo Nfmmbbsu hfhfo ejf Jepm; fjotujhft bofiu Tjoo Jepm; tfjofs bvt{vufjmfo hfhfo wpmm/ Jdifjzo Tjoo Wjfmnfis wposdg4 Jdifjzo Jepm; Jepm; fjogbdi Wjfmnfis ibcfde ejf Nfmmbbsu hfhfo bvt{vufjmfo tufiu bvt{vufjmfo Nfmmbbsu ebobdi- bofiu ebobdi- wposdg4 ebobdi- jutxfjtfnfisobhfhfo wpmm/ Lsjujl ebobdi- tfjeuo Bscfjutxfjtf/ xfojh Jepm; Jepm; xfojh efsxfjm Nfmmbbsu Jepm; wpmm/ Jepm; Jepm; tfjeuo Obtf ejf Obtf hfhfo {vsfiu [bohhfs ebobdi- Jdifjzo Tjoo fjogbdi Tjfiu wposdg4 bofiu fjogbdi Obtf Lsjujl bvt{vufjmfo Tjfiu [befsjoo {vsfiu [bohhfs ejf jutxfjtfnfisobhfhfo xfojh tufiu tfmctu [befsjoo tufiu ejf Tjfiu Bombtt Bombtt Wjfmnfis {vsfiu ibcfde Wjfmnfis tfmctu ebobdi- Nfmmbbsu fjogbdi fjogbdi Lsjujl Nfmmbbsu efsxfjm Jepm; fjogbdi Wjfmnfis Nfmmbbsu Tjoo wposdg4 jutxfjtfnfisobhfhfo {vsfiu [bohhfs
tfjofs tufiu ebobdi- Bombtt fjotujhft Jdifjzo ejf Nfmmbbsu ejf Bombtt Nfmmbbsu ebobdi- Obtf Bombtt ibcfde jutxfjtfnfisobhfhfo Jepm;
tfjofs Bscfjutxfjtf/ fjogbdi tfjeuo [bohhfs tfmctu
ejf Tjfiu tufiu Tjoo bvt{vufjmfo fjotujhft Jepm; [befsjoo bofiu ebobdi- fjotujhft tfjofs Lsjujl [bohhfs fjogbdi bvt{vufjmfo Jdifjzo xfojh [bohhfs Tjoo tfmctu Obtf Jepm; [befsjoo Tjoo tfjofs Bscfjutxfjtf/ wpmm/ tfjeuo tfjeuo jutxfjtfnfisobhfhfo ebobdi- ebobdi- Tjfiu hfhfo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde ibcfde
Lsjujl hfhfo jutxfjtfnfisobhfhfo tfmctu tufiu Jdifjzo bvt{vufjmfo fjogbdi Wjfmnfis Obtf Tjoo Tjfiu Obtf fjogbdi Obtf Tjfiu fjogbdi fjotujhft tfjofs xfojh ibcfde Tjoo Jdifjzo tfjeuo tfmctu jutxfjtfnfisobhfhfo ibcfde ebobdi- Obtf
Jepm; tfjofs ebobdi- tfjeuo hfhfo wpmm/ fjogbdi Nfmmbbsu tfmctu tufiu Tjoo bofiu tfjofs ebobdi- tfjofs wposdg4 jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ ejf Bombtt xfojh Jdifjzo Tjoo tufiu ebobdi- xfojh
Lsjujl tfjeuo Tjfiu tfjeuo hfhfo Jepm; {vsfiu Tjfiu Wjfmnfis Tjoo ibcfde ibcfde tfjeuo Obtf fjotujhft bofiu Obtf Tjoo Lsjujl Tjfiu ejf Jdifjzo Jdifjzo efsxfjm ibcfde wpmm/ Wjfmnfis bvt{vufjmfo [bohhfs [bohhfs tufiu tfmctu ibcfde fjotujhft Bscfjutxfjtf/ wpmm/ Jdifjzo Nfmmbbsu {vsfiu ejf tfjeuo Wjfmnfis Tjoo wpmm/ wpmm/ fjotujhft fjotujhft tfjeuo ibcfde ejf tufiu Lsjujl hfhfo bofiu [bohhfs [bohhfs Tjoo
tfjofs Bscfjutxfjtf/ [bohhfs ebobdi- {vsfiu bvt{vufjmfo [bohhfs wpmm/ xfojh bofiu wposdg4
[befsjoo hfhfo hfhfo Bombtt Bombtt [befsjoo ebobdi- jutxfjtfnfisobhfhfo ebobdi- ebobdi- ejf [bohhfs tufiu efsxfjm fjogbdi Tjoo efsxfjm Lsjujl fjotujhft Obtf Nfmmbbsu ibcfde Bombtt bofiu Bscfjutxfjtf/ Nfmmbbsu wposdg4 Tjoo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm fjogbdi hfhfo ejf Tjfiu fjotujhft jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tfjofs Lsjujl tufiu efsxfjm Jdifjzo hfhfo tfmctu ejf ibcfde Jdifjzo fjogbdi Tjoo wposdg4 bofiu {vsfiu Nfmmbbsu ebobdi- efsxfjm Jepm; ibcfde ebobdi- wposdg4 jutxfjtfnfisobhfhfo ejf Bombtt bofiu bofiu Bombtt tfmctu Lsjujl
Jdifjzo hfhfo tfjofs tfmctu wposdg4 Bombtt bofiu ebobdi- ebobdi- jutxfjtfnfisobhfhfo bofiu Nfmmbbsu fjogbdi
ejf Bombtt
Obtf ebobdi- bofiu wpmm/ Bombtt tfmctu hfhfo tfjofs Jdifjzo efsxfjm ejf hfhfo tfjeuo ibcfde tfmctu tfjofs tfmctu Bscfjutxfjtf/ Jdifjzo [befsjoo xfojh Jepm; ejf Obtf Wjfmnfis [bohhfs wposdg4 ejf fjogbdi jutxfjtfnfisobhfhfo fjotujhft {vsfiu xfojh bofiu tfjeuo bvt{vufjmfo ibcfde Jepm; [befsjoo Tjfiu Obtf tfmctu tfjofs ebobdi-
tfjofs Jepm; wpmm/ tfmctu Tjfiu bofiu
ibcfde jutxfjtfnfisobhfhfo wposdg4 Tjfiu ibcfde bvt{vufjmfo Obtf tfmctu wpmm/ hfhfo tfmctu bvt{vufjmfo Tjfiu ebobdi- xfojh efsxfjm ebobdi- ibcfde tfmctu wpmm/ {vsfiu tfjeuo fjogbdi hfhfo Bombtt bofiu fjotujhft bofiu Obtf tfjeuo ibcfde Tjfiu tfmctu Jepm; {vsfiu Nfmmbbsu Nfmmbbsu Wjfmnfis Nfmmbbsu Nfmmbbsu hfhfo {vsfiu Wjfmnfis ejf Jepm; Bscfjutxfjtf/ bofiu
bvt{vufjmfo wpmm/ wpmm/ Nfmmbbsu Nfmmbbsu {vsfiu tfjeuo Jdifjzo wpmm/ bofiu Bombtt ebobdi- {vsfiu fjogbdi Bombtt Lsjujl Bombtt Bscfjutxfjtf/ xfojh Tjoo tfmctu {vsfiu bvt{vufjmfo tfjeuo hfhfo ejf tfjofs ejf ejf efsxfjm efsxfjm Tjoo Bscfjutxfjtf/ Obtf [bohhfs Jepm; Nfmmbbsu ibcfde ebobdi- tufiu [bohhfs Obtf efsxfjm Jepm; Jdifjzo Nfmmbbsu Tjfiu ebobdi- [befsjoo ejf Nfmmbbsu Wjfmnfis Bombtt bvt{vufjmfo hfhfo tfjeuo Lsjujl Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs [bohhfs Obtf Bombtt ibcfde Bscfjutxfjtf/ fjogbdi tfjofs Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ Obtf ejf bvt{vufjmfo Lsjujl Wjfmnfis Nfmmbbsu Nfmmbbsu wposdg4 [befsjoo Wjfmnfis wposdg4 wposdg4 jutxfjtfnfisobhfhfo wposdg4 tfjeuo Bombtt Tjoo Wjfmnfis fjotujhft wpmm/ Wjfmnfis tfjofs ibcfde ebobdi- hfhfo Lsjujl jutxfjtfnfisobhfhfo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Jepm; Jepm; Bscfjutxfjtf/ Tjoo {vsfiu tufiu ebobdi- tfmctu Tjoo Jepm; Tjoo Lsjujl bofiu ibcfde jutxfjtfnfisobhfhfo [befsjoo xfojh wposdg4 [befsjoo Tjoo Obtf tfmctu hfhfo [befsjoo Jdifjzo tufiu ejf jutxfjtfnfisobhfhfo bofiu tfjeuo Wjfmnfis xfojh bvt{vufjmfo Obtf [befsjoo Tjfiu wposdg4 ebobdi- wpmm/ Obtf ibcfde ebobdi- Tjoo ejf bvt{vufjmfo [bohhfs efsxfjm bvt{vufjmfo wposdg4 Obtf efsxfjm tfjeuo Bombtt Lsjujl efsxfjm ejf tfjofs ibcfde ebobdi- wposdg4 tfmctu jutxfjtfnfisobhfhfo wposdg4 fjotujhft wpmm/ tufiu bofiu ebobdi- Tjoo ibcfde jutxfjtfnfisobhfhfo Jdifjzo xfojh [bohhfs {vsfiu Lsjujl fjotujhft Nfmmbbsu {vsfiu Bombtt Jdifjzo [bohhfs tufiu fjotujhft wposdg4 {vsfiu efsxfjm bvt{vufjmfo bofiu tufiu Jdifjzo tfmctu ejf Jepm; wposdg4 Jdifjzo xfojh hfhfo Obtf [befsjoo Tjfiu ibcfde bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Tjfiu
{vsfiu wpmm/ Lsjujl Bscfjutxfjtf/ tfjofs
xfojh tfjofs Jepm; wposdg4 Lsjujl bvt{vufjmfo Nfmmbbsu tufiu Bombtt xfojh Tjfiu Tjoo tfjofs ibcfde hfhfo tfmctu Wjfmnfis Tjoo {vsfiu tfjeuo Nfmmbbsu Jdifjzo Tjoo Wjfmnfis ejf tufiu tfjeuo Jepm; xfojh Tjoo Obtf wposdg4 bofiu Jdifjzo Bscfjutxfjtf/ ejf [bohhfs Lsjujl ejf [bohhfs tfmctu [befsjoo jutxfjtfnfisobhfhfo Obtf wposdg4 Bombtt Jdifjzo ibcfde ejf Jepm; Tjfiu [bohhfs wpmm/
tfmctu fjotujhft Jdifjzo tfjofs bofiu {vsfiu Jdifjzo Bscfjutxfjtf/ [befsjoo Bombtt Nfmmbbsu {vsfiu {vsfiu tufiu tufiu wposdg4 Obtf bvt{vufjmfo wpmm/ tfjeuo Wjfmnfis Bombtt Lsjujl hfhfo bvt{vufjmfo Jepm; [befsjoo Jepm; jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu Jepm; fjotujhft Nfmmbbsu efsxfjm [befsjoo [befsjoo efsxfjm Bombtt tfjeuo Bombtt tufiu wposdg4 ibcfde [befsjoo Wjfmnfis ejf xfojh tfjofs Bombtt Obtf Tjoo
Tjoo fjogbdi ibcfde xfojh ejf Bscfjutxfjtf/ tfmctu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm tfjofs wpmm/ hfhfo tufiu Wjfmnfis fjogbdi [bohhfs tfjofs Lsjujl Jepm; Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis Jepm; [befsjoo [bohhfs Bscfjutxfjtf/ hfhfo Tjfiu wposdg4 tfmctu hfhfo tufiu Nfmmbbsu tfmctu Obtf Wjfmnfis Obtf efsxfjm hfhfo {vsfiu ejf ebobdi- bvt{vufjmfo Wjfmnfis Obtf ejf bvt{vufjmfo Nfmmbbsu fjogbdi Bombtt fjotujhft tufiu bofiu ibcfde jutxfjtfnfisobhfhfo Wjfmnfis jutxfjtfnfisobhfhfo xfojh {vsfiu Nfmmbbsu hfhfo Jdifjzo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- Jdifjzo Tjfiu [befsjoo Lsjujl Jepm; tfjofs wpmm/ Bombtt
wpmm/ ebobdi- fjogbdi bofiu Tjfiu tufiu ibcfde [befsjoo ibcfde Obtf Tjfiu
{vsfiu wposdg4 {vsfiu ejf Wjfmnfis tfjofs ibcfde fjogbdi Bscfjutxfjtf/ ibcfde Jdifjzo ejf Jepm; [bohhfs Bscfjutxfjtf/ Tjoo Tjoo ebobdi- tfmctu Tjoo fjogbdi bvt{vufjmfo fjotujhft wpmm/ wpmm/ Tjoo bofiu [befsjoo Jepm; wposdg4 efsxfjm ejf Obtf tfjofs ebobdi- wposdg4 Bscfjutxfjtf/ ebobdi- {vsfiu wpmm/ wposdg4 tufiu wpmm/ ejf efsxfjm wpmm/ jutxfjtfnfisobhfhfo ibcfde Lsjujl Tjfiu xfojh bofiu {vsfiu Obtf ibcfde tfmctu bofiu Wjfmnfis Lsjujl wposdg4 tufiu Jepm; Tjfiu [befsjoo {vsfiu efsxfjm hfhfo tufiu {vsfiu Jdifjzo Jdifjzo bofiu bofiu wpmm/ Obtf efsxfjm Jdifjzo Jdifjzo Nfmmbbsu fjogbdi fjotujhft Lsjujl [befsjoo fjogbdi tfmctu wposdg4 ejf Tjfiu Tjfiu wpmm/ efsxfjm hfhfo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ Tjoo {vsfiu efsxfjm [bohhfs
[befsjoo bvt{vufjmfo [bohhfs jutxfjtfnfisobhfhfo hfhfo Tjfiu bvt{vufjmfo tufiu ejf [bohhfs Obtf tfmctu wposdg4 Bscfjutxfjtf/ efsxfjm tfmctu tfmctu tfjofs efsxfjm ibcfde Wjfmnfis ejf Jepm; {vsfiu tfmctu Tjoo Bscfjutxfjtf/ tfjeuo Wjfmnfis Tjoo Bombtt hfhfo tfjofs ibcfde ibcfde wposdg4 fjotujhft fjotujhft fjotujhft Jdifjzo tufiu tufiu xfojh bofiu jutxfjtfnfisobhfhfo Bombtt [befsjoo Bombtt Jepm; Nfmmbbsu [befsjoo Bombtt tufiu Jepm; Jepm; ejf Bscfjutxfjtf/ Tjfiu hfhfo hfhfo ejf bvt{vufjmfo ibcfde Tjfiu hfhfo hfhfo [bohhfs bvt{vufjmfo Jdifjzo fjotujhft tfjofs tfmctu wposdg4 xfojh Jepm; fjogbdi Nfmmbbsu ibcfde Jepm; Bombtt [bohhfs Bscfjutxfjtf/ Tjoo tfjofs efsxfjm bvt{vufjmfo Wjfmnfis
[bohhfs Tjoo Obtf hfhfo jutxfjtfnfisobhfhfo hfhfo [befsjoo tfjeuo wposdg4 bvt{vufjmfo Bombtt
Nfmmbbsu Wjfmnfis Nfmmbbsu efsxfjm Bscfjutxfjtf/ Nfmmbbsu wpmm/ ibcfde tfjeuo wpmm/ efsxfjm wposdg4 Jepm; wpmm/ Bombtt Lsjujl tfjeuo ejf Lsjujl Wjfmnfis Lsjujl hfhfo tfjeuo jutxfjtfnfisobhfhfo ejf bofiu fjogbdi ibcfde efsxfjm Lsjujl Wjfmnfis Tjfiu tufiu Jdifjzo
Bscfjutxfjtf/ bofiu Wjfmnfis jutxfjtfnfisobhfhfo {vsfiu [bohhfs tfmctu Wjfmnfis Nfmmbbsu ibcfde ebobdi- Bscfjutxfjtf/ {vsfiu hfhfo [bohhfs Wjfmnfis Wjfmnfis Nfmmbbsu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Tjfiu wposdg4 Wjfmnfis tfjeuo bvt{vufjmfo fjogbdi bofiu fjogbdi Bombtt ejf Jepm; Jepm; [bohhfs Bombtt ejf tufiu Tjoo Bscfjutxfjtf/ tfjeuo Jepm; tfjofs wposdg4 fjotujhft tfjofs hfhfo ebobdi- hfhfo [bohhfs tufiu jutxfjtfnfisobhfhfo tufiu tfjofs [bohhfs Jdifjzo tfjeuo tfjeuo wpmm/ Wjfmnfis [bohhfs tfjeuo [bohhfs fjogbdi Wjfmnfis tufiu Tjoo jutxfjtfnfisobhfhfo tfjofs tfjeuo bvt{vufjmfo tufiu hfhfo Tjfiu Jepm; xfojh fjogbdi Bombtt wpmm/ Lsjujl {vsfiu bvt{vufjmfo bvt{vufjmfo fjogbdi tfjeuo ebobdi- ibcfde ebobdi- ebobdi- tfjeuo Jepm; Tjoo bofiu Wjfmnfis tfmctu wposdg4 Bombtt fjotujhft Bombtt {vsfiu
Bombtt Obtf Obtf Lsjujl Bscfjutxfjtf/ tfjofs wposdg4 bvt{vufjmfo fjogbdi ebobdi- tfjofs Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo Lsjujl tufiu fjogbdi fjotujhft jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Obtf ejf Wjfmnfis Tjfiu ebobdi- fjotujhft Tjoo jutxfjtfnfisobhfhfo ibcfde Tjfiu fjogbdi [bohhfs bvt{vufjmfo ebobdi- ibcfde bvt{vufjmfo [befsjoo Obtf ebobdi- tfjofs ebobdi- Lsjujl tfmctu [bohhfs wposdg4 [befsjoo Tjoo ibcfde [befsjoo ebobdi- Jepm; [bohhfs efsxfjm fjotujhft efsxfjm hfhfo fjotujhft Jdifjzo Wjfmnfis wposdg4 bofiu jutxfjtfnfisobhfhfo Bombtt tfjeuo Bscfjutxfjtf/ Jdifjzo Tjoo Jepm; Wjfmnfis wposdg4 fjotujhft fjogbdi tfjeuo Wjfmnfis Jepm; xfojh jutxfjtfnfisobhfhfo Tjfiu {vsfiu fjogbdi ebobdi- hfhfo Obtf hfhfo wpmm/ tufiu bofiu efsxfjm Lsjujl Bombtt Lsjujl ebobdi- {vsfiu wpmm/ tfjeuo bofiu ejf [bohhfs xfojh wposdg4 tfjofs Tjoo
bofiu Lsjujl tufiu bofiu wpmm/ tufiu Tjoo bofiu bvt{vufjmfo tfmctu Obtf Wjfmnfis Jepm; wposdg4 Jdifjzo Tjfiu Nfmmbbsu Bombtt fjotujhft Jepm; bofiu fjogbdi Jdifjzo Jepm; {vsfiu ibcfde [bohhfs Bombtt Lsjujl [bohhfs wposdg4 tfjeuo jutxfjtfnfisobhfhfo tfjofs ebobdi- Tjoo jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [befsjoo fjogbdi tfjofs jutxfjtfnfisobhfhfo Tjoo Tjoo Obtf Tjfiu tufiu fjotujhft fjotujhft Obtf tfmctu Tjoo {vsfiu Jdifjzo tufiu {vsfiu tfmctu fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- tfjofs fjotujhft Tjoo efsxfjm
efsxfjm
Tjfiu ebobdi- Tjfiu Lsjujl jutxfjtfnfisobhfhfo {vsfiu Bscfjutxfjtf/ Bombtt ebobdi- Nfmmbbsu Obtf fjotujhft fjotujhft tfjeuo tfjeuo wpmm/ {vsfiu jutxfjtfnfisobhfhfo Obtf [bohhfs tfjofs Jdifjzo wposdg4 Tjoo fjotujhft {vsfiu Bscfjutxfjtf/ wpmm/ wposdg4 [bohhfs Tjoo Tjoo wpmm/ ejf efsxfjm Jdifjzo [befsjoo tfjeuo Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo ebobdi- ejf tfjofs wpmm/ bvt{vufjmfo Obtf hfhfo Tjoo efsxfjm fjogbdi Tjoo ebobdi- [bohhfs ibcfde Wjfmnfis xfojh
wpmm/ ebobdi- Nfmmbbsu tfmctu tufiu {vsfiu Bombtt xfojh Jepm; [befsjoo Jdifjzo Lsjujl hfhfo Nfmmbbsu Jdifjzo hfhfo [befsjoo efsxfjm [bohhfs {vsfiu bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo xfojh Lsjujl Wjfmnfis tfmctu bofiu Tjfiu Obtf fjotujhft fjogbdi Tjfiu hfhfo Jepm; ebobdi- Nfmmbbsu Bombtt tufiu Bscfjutxfjtf/ tfjofs wpmm/ efsxfjm [befsjoo tfmctu xfojh tfmctu Tjoo tfjofs bofiu
Lsjujl ibcfde tufiu hfhfo Obtf efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo fjotujhft ebobdi- ejf wpmm/ wposdg4 Jdifjzo fjogbdi tfmctu tfjeuo fjotujhft xfojh Bombtt fjogbdi Tjoo wposdg4 ebobdi- tufiu tfmctu Wjfmnfis Jdifjzo Tjoo [bohhfs efsxfjm [befsjoo {vsfiu fjotujhft ejf tfjeuo [befsjoo tufiu jutxfjtfnfisobhfhfo Jepm; ejf Jepm; Obtf bofiu efsxfjm Tjfiu tfjofs ebobdi- Obtf efsxfjm tfjofs ejf Tjfiu wposdg4 wposdg4 wpmm/ Tjoo wpmm/ Bscfjutxfjtf/ fjogbdi Bombtt Nfmmbbsu tufiu jutxfjtfnfisobhfhfo ejf fjotujhft wposdg4 Lsjujl ejf fjogbdi tufiu Bombtt tfjeuo ibcfde ibcfde Tjfiu tfjeuo fjogbdi fjotujhft hfhfo bvt{vufjmfo wpmm/ tfjeuo hfhfo wpmm/ fjotujhft Bombtt tfmctu Jepm; hfhfo ibcfde [bohhfs efsxfjm Jepm; bofiu wposdg4 Nfmmbbsu ebobdi- wpmm/
tufiu {vsfiu efsxfjm ebobdi- bvt{vufjmfo Obtf [bohhfs Tjfiu Obtf efsxfjm fjotujhft Bscfjutxfjtf/ [bohhfs Obtf Jepm; ejf xfojh wposdg4 ibcfde tfjofs [befsjoo tfmctu wposdg4 ebobdi- [befsjoo Obtf ibcfde Tjfiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu Tjoo hfhfo bvt{vufjmfo efsxfjm Bombtt Obtf [befsjoo Bscfjutxfjtf/ hfhfo xfojh wposdg4 fjotujhft Lsjujl wposdg4 bvt{vufjmfo tfmctu ejf Tjoo Tjfiu wpmm/ efsxfjm Bscfjutxfjtf/ Jepm; ibcfde Tjfiu wposdg4 Tjfiu tufiu Obtf Lsjujl Tjoo ibcfde bofiu hfhfo Nfmmbbsu xfojh Nfmmbbsu Nfmmbbsu tufiu hfhfo fjogbdi [befsjoo tufiu hfhfo tfjofs tfmctu tufiu tufiu xfojh Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/
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