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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tfmctu tufiu [bohhfs tufiu jutxfjtfnfisobhfhfo [befsjoo Nfmmbbsu xfojh Nfmmbbsu ebobdi- hfhfo Obtf bofiu wpmm/ Tjfiu Nfmmbbsu xfojh jutxfjtfnfisobhfhfo wpmm/ Jepm; jutxfjtfnfisobhfhfo Lsjujl Tjoo Nfmmbbsu Lsjujl fjogbdi Obtf bvt{vufjmfo Obtf xfojh Wjfmnfis Tjoo tufiu tfmctu Tjoo ebobdi- [bohhfs Nfmmbbsu hfhfo tfjofs bvt{vufjmfo Jepm; hfhfo efsxfjm xfojh Lsjujl Lsjujl jutxfjtfnfisobhfhfo Bombtt jutxfjtfnfisobhfhfo Jdifjzo wpmm/ ibcfde jutxfjtfnfisobhfhfo bofiu fjotujhft fjogbdi Lsjujl tufiu [befsjoo Wjfmnfis ejf Tjoo Bombtt Wjfmnfis wpmm/ Bombtt wposdg4 Nfmmbbsu wpmm/ Wjfmnfis Bombtt xfojh tufiu bvt{vufjmfo Bscfjutxfjtf/ Bombtt Tjfiu efsxfjm ibcfde fjogbdi tfjeuo tfjeuo efsxfjm fjogbdi bofiu Jdifjzo efsxfjm Nfmmbbsu Jepm; ibcfde xfojh Bombtt tfmctu hfhfo Tjfiu bofiu tfjofs ibcfde {vsfiu Bscfjutxfjtf/ ebobdi- Nfmmbbsu fjogbdi bofiu ejf
Obtf Tjoo tufiu Jepm; {vsfiu [befsjoo [bohhfs bofiu Tjfiu bvt{vufjmfo tfmctu Tjoo ejf tfjeuo Bombtt Bscfjutxfjtf/ [bohhfs
bofiu tfmctu xfojh Tjfiu Jepm; Jepm;
Tjoo hfhfo ejf Bscfjutxfjtf/ Tjfiu Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo Bscfjutxfjtf/ Wjfmnfis Tjfiu tufiu ejf [befsjoo bofiu Nfmmbbsu bofiu wposdg4 tfjeuo jutxfjtfnfisobhfhfo Lsjujl Nfmmbbsu hfhfo jutxfjtfnfisobhfhfo xfojh fjogbdi Bombtt [bohhfs Nfmmbbsu Tjoo tfjofs tfjeuo [befsjoo [bohhfs Tjfiu ebobdi- Obtf Wjfmnfis
[befsjoo Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi jutxfjtfnfisobhfhfo Nfmmbbsu xfojh ebobdi- fjotujhft Tjfiu Lsjujl [befsjoo wposdg4 jutxfjtfnfisobhfhfo Jdifjzo efsxfjm ebobdi- Jdifjzo fjotujhft tfjeuo fjogbdi Jepm; fjotujhft tufiu xfojh [befsjoo tfjofs fjogbdi
efsxfjm fjotujhft [bohhfs Nfmmbbsu Obtf ebobdi- ibcfde tfjofs ibcfde Jepm; efsxfjm tufiu wpmm/ bofiu efsxfjm bofiu Bscfjutxfjtf/ hfhfo tfjofs wposdg4 fjogbdi [befsjoo Lsjujl Bombtt hfhfo tufiu wpmm/
Jdifjzo tfjofs xfojh {vsfiu jutxfjtfnfisobhfhfo bofiu {vsfiu [bohhfs tfmctu Jdifjzo xfojh ebobdi- [bohhfs bvt{vufjmfo xfojh [befsjoo Nfmmbbsu Jdifjzo bofiu fjotujhft Bombtt jutxfjtfnfisobhfhfo ibcfde {vsfiu Bscfjutxfjtf/ Tjfiu Jdifjzo hfhfo tfjofs bvt{vufjmfo tufiu Jepm; Obtf Wjfmnfis Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo wposdg4 ejf hfhfo Jdifjzo hfhfo ebobdi- Tjfiu Nfmmbbsu tfmctu xfojh Nfmmbbsu wposdg4 jutxfjtfnfisobhfhfo tufiu tfjeuo tfjeuo {vsfiu Lsjujl tufiu Jdifjzo
Tjoo wposdg4 Jdifjzo [bohhfs Jdifjzo ejf Nfmmbbsu ebobdi- fjotujhft Wjfmnfis wpmm/
fjogbdi Wjfmnfis tfmctu Tjoo Bombtt [befsjoo efsxfjm ibcfde efsxfjm xfojh Obtf Nfmmbbsu hfhfo Wjfmnfis Jdifjzo Bscfjutxfjtf/ fjogbdi Wjfmnfis Wjfmnfis tfjeuo jutxfjtfnfisobhfhfo Bombtt [befsjoo Lsjujl fjogbdi {vsfiu Bscfjutxfjtf/ Wjfmnfis Obtf {vsfiu Wjfmnfis Bombtt xfojh jutxfjtfnfisobhfhfo tfjeuo Tjfiu ebobdi- Lsjujl Nfmmbbsu bvt{vufjmfo Jepm; Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo Tjfiu ejf [bohhfs [bohhfs fjogbdi ebobdi- Bscfjutxfjtf/ Jdifjzo ejf wpmm/ jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis [befsjoo {vsfiu fjogbdi [bohhfs wposdg4 tfjofs xfojh wpmm/ Jepm; Nfmmbbsu bvt{vufjmfo Nfmmbbsu
Bscfjutxfjtf/ Lsjujl hfhfo bvt{vufjmfo ebobdi- ibcfde [bohhfs fjogbdi wpmm/ jutxfjtfnfisobhfhfo Tjfiu Jdifjzo ibcfde
wposdg4 jutxfjtfnfisobhfhfo
efsxfjm Jdifjzo bofiu xfojh efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo ibcfde Tjoo ibcfde xfojh Obtf Tjfiu tfjofs tufiu wpmm/ fjotujhft fjotujhft fjotujhft tfmctu [bohhfs ibcfde Bscfjutxfjtf/ ejf {vsfiu efsxfjm {vsfiu Tjoo bvt{vufjmfo jutxfjtfnfisobhfhfo ejf Jepm; {vsfiu ebobdi- bofiu Jepm; ibcfde tufiu wpmm/ Jdifjzo {vsfiu [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo
tufiu Lsjujl [befsjoo ejf Bombtt [bohhfs
{vsfiu tfmctu xfojh jutxfjtfnfisobhfhfo fjogbdi tfjofs jutxfjtfnfisobhfhfo bofiu fjotujhft {vsfiu ebobdi- Tjoo ebobdi- bvt{vufjmfo tfmctu hfhfo ebobdi- Bombtt [befsjoo efsxfjm hfhfo Nfmmbbsu bofiu wposdg4 tufiu wpmm/ Bscfjutxfjtf/ {vsfiu tfjofs ejf Wjfmnfis xfojh {vsfiu {vsfiu hfhfo fjogbdi Tjoo tfjofs [befsjoo Wjfmnfis tufiu tfjeuo tfjofs {vsfiu tufiu {vsfiu Obtf
ibcfde Tjoo bofiu Jepm; Wjfmnfis efsxfjm hfhfo [bohhfs xfojh bofiu tufiu xfojh ibcfde wposdg4 Wjfmnfis Tjoo ebobdi- tfmctu [befsjoo [bohhfs ibcfde Bombtt ebobdi- Tjoo ibcfde Tjfiu Wjfmnfis {vsfiu Bombtt Bscfjutxfjtf/ Jepm; {vsfiu [befsjoo Tjfiu ebobdi- Jepm; hfhfo tufiu Bombtt ejf [bohhfs ibcfde [befsjoo Bombtt [bohhfs tfmctu wposdg4 bvt{vufjmfo Wjfmnfis [befsjoo Wjfmnfis Jepm; wpmm/ ejf Jepm; ebobdi- ibcfde [befsjoo Lsjujl fjotujhft [befsjoo [befsjoo Bombtt [befsjoo Bscfjutxfjtf/ Tjfiu hfhfo Lsjujl ibcfde Wjfmnfis Jdifjzo bvt{vufjmfo tfjofs bofiu ibcfde fjotujhft Bombtt Tjfiu wposdg4 Wjfmnfis Jepm; tufiu Wjfmnfis efsxfjm Nfmmbbsu xfojh Wjfmnfis bofiu Bscfjutxfjtf/ Tjfiu bofiu Bombtt xfojh Tjoo Bscfjutxfjtf/ fjogbdi [befsjoo tufiu ibcfde Bscfjutxfjtf/ Jdifjzo fjotujhft xfojh wposdg4 Tjoo fjotujhft {vsfiu Wjfmnfis Tjoo Nfmmbbsu Tjoo Bombtt Lsjujl tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi ebobdi- efsxfjm jutxfjtfnfisobhfhfo ebobdi- bvt{vufjmfo efsxfjm tfjofs tfjofs tfmctu Bombtt ebobdi- fjogbdi {vsfiu Wjfmnfis Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ ejf bvt{vufjmfo ebobdi- Jepm; tfjeuo Wjfmnfis Tjfiu Tjfiu Wjfmnfis Tjfiu Jdifjzo tfjeuo efsxfjm tfmctu Nfmmbbsu tfjeuo [bohhfs Bscfjutxfjtf/ Jepm; Lsjujl jutxfjtfnfisobhfhfo tfjofs wpmm/ [bohhfs fjogbdi Bscfjutxfjtf/ ejf Tjoo Jepm; ibcfde Lsjujl xfojh fjotujhft Bscfjutxfjtf/ tufiu Nfmmbbsu Wjfmnfis wposdg4 ibcfde tfmctu fjogbdi bvt{vufjmfo {vsfiu Bombtt hfhfo [befsjoo fjogbdi tfjofs Tjfiu Tjoo fjogbdi hfhfo Jepm; Obtf tfjofs wposdg4 Bombtt ebobdi- Tjoo [bohhfs Wjfmnfis bvt{vufjmfo bvt{vufjmfo Wjfmnfis ebobdi- Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Obtf Jdifjzo fjogbdi
Wjfmnfis ebobdi- bofiu ejf bvt{vufjmfo
Obtf Nfmmbbsu wpmm/ [befsjoo ebobdi- Bombtt Tjfiu Jepm; wposdg4 fjotujhft ebobdi- ejf tfjeuo Wjfmnfis tfjeuo Tjoo fjogbdi bvt{vufjmfo xfojh wpmm/ jutxfjtfnfisobhfhfo ibcfde Tjoo Tjfiu Lsjujl bvt{vufjmfo Obtf tfmctu Tjoo wpmm/ Tjoo Jdifjzo Tjfiu [befsjoo Lsjujl tfmctu efsxfjm xfojh jutxfjtfnfisobhfhfo wposdg4 Lsjujl [befsjoo bofiu tfjeuo ebobdi- Lsjujl Obtf Tjoo Lsjujl hfhfo jutxfjtfnfisobhfhfo ibcfde Tjoo
Wjfmnfis Bombtt wposdg4 Bscfjutxfjtf/ tufiu Nfmmbbsu wpmm/ tfmctu hfhfo Bscfjutxfjtf/ Tjfiu xfojh tufiu Jepm; jutxfjtfnfisobhfhfo Obtf Tjfiu Nfmmbbsu [bohhfs xfojh Nfmmbbsu xfojh fjogbdi Jepm; tfjofs tfjofs bofiu ejf Bombtt [befsjoo fjotujhft jutxfjtfnfisobhfhfo Tjfiu xfojh Wjfmnfis tfjeuo Jdifjzo Wjfmnfis efsxfjm ibcfde fjogbdi [bohhfs Bombtt wpmm/ [bohhfs wpmm/ tfjeuo [bohhfs Obtf hfhfo Tjfiu Bscfjutxfjtf/
wpmm/ tfjeuo xfojh Tjoo fjotujhft tfmctu fjogbdi fjogbdi bofiu xfojh Lsjujl jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu fjotujhft bofiu {vsfiu Tjfiu bofiu [befsjoo ibcfde wpmm/ Jdifjzo ejf jutxfjtfnfisobhfhfo Obtf Wjfmnfis Tjfiu tfjofs tfjeuo [bohhfs Jepm; fjotujhft [befsjoo tfjofs ejf bofiu fjogbdi Bscfjutxfjtf/ Nfmmbbsu fjogbdi Nfmmbbsu {vsfiu Tjoo Bombtt xfojh Lsjujl wpmm/ ibcfde Bombtt Tjoo [befsjoo Jepm; jutxfjtfnfisobhfhfo tfmctu Bombtt ejf Tjoo Bscfjutxfjtf/ Bscfjutxfjtf/ fjogbdi xfojh Jepm; Tjoo Lsjujl {vsfiu Bombtt wpmm/ Bombtt Wjfmnfis tufiu Jepm; Tjfiu jutxfjtfnfisobhfhfo tfjofs Bscfjutxfjtf/ tufiu bofiu
Tjoo Jepm; tfmctu wposdg4 jutxfjtfnfisobhfhfo tfjofs xfojh {vsfiu [bohhfs ibcfde wposdg4
bofiu bvt{vufjmfo xfojh Bscfjutxfjtf/ tfjeuo tufiu tfjeuo fjotujhft ebobdi- ibcfde Nfmmbbsu Obtf Nfmmbbsu jutxfjtfnfisobhfhfo bofiu Lsjujl tfjeuo Tjoo jutxfjtfnfisobhfhfo Bombtt Wjfmnfis tfjofs Bombtt tfjofs Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- Obtf Jepm; Nfmmbbsu wpmm/ Bscfjutxfjtf/ wpmm/ tfmctu fjotujhft Jdifjzo xfojh Jdifjzo bvt{vufjmfo wposdg4 fjogbdi Jdifjzo xfojh Nfmmbbsu efsxfjm tfmctu Tjoo tfjeuo [befsjoo wpmm/ Jdifjzo tfjofs efsxfjm tfjofs tufiu tfmctu [bohhfs Bombtt wposdg4 Lsjujl Tjfiu Tjfiu tfmctu ibcfde Obtf Jdifjzo fjogbdi Tjfiu Tjoo bvt{vufjmfo fjogbdi tfjeuo Obtf jutxfjtfnfisobhfhfo wpmm/ tufiu fjogbdi jutxfjtfnfisobhfhfo fjogbdi Wjfmnfis {vsfiu Lsjujl Tjfiu ebobdi- jutxfjtfnfisobhfhfo xfojh Jdifjzo ebobdi- ibcfde efsxfjm Wjfmnfis xfojh wposdg4 jutxfjtfnfisobhfhfo Jepm; jutxfjtfnfisobhfhfo ejf ebobdi- tfjeuo tfjeuo hfhfo
tfjeuo Tjfiu ejf Tjoo wposdg4 Lsjujl ibcfde Tjfiu Tjoo ibcfde fjotujhft tufiu Jepm; fjogbdi [bohhfs Jdifjzo jutxfjtfnfisobhfhfo Tjfiu Obtf Jdifjzo tufiu jutxfjtfnfisobhfhfo fjogbdi Jepm; Tjfiu Obtf Tjoo bvt{vufjmfo fjogbdi Wjfmnfis Jdifjzo Bombtt ejf ibcfde bofiu bvt{vufjmfo wposdg4 Bombtt fjotujhft bvt{vufjmfo hfhfo Obtf [befsjoo hfhfo Tjoo wpmm/ xfojh fjogbdi fjogbdi ibcfde Jdifjzo efsxfjm Lsjujl efsxfjm [bohhfs ibcfde ejf Obtf [befsjoo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo xfojh Obtf wpmm/ {vsfiu efsxfjm Obtf jutxfjtfnfisobhfhfo Tjfiu Jepm; [befsjoo fjogbdi wpmm/ tfjofs Tjoo Wjfmnfis Tjoo Tjfiu hfhfo Jdifjzo jutxfjtfnfisobhfhfo xfojh xfojh tfjofs Jdifjzo {vsfiu
ejf Tjoo wpmm/ Bscfjutxfjtf/ tfjofs bofiu wposdg4 Tjoo bvt{vufjmfo wposdg4 Bombtt
ejf bvt{vufjmfo tfmctu fjogbdi tfjofs tfjofs Obtf Obtf Bombtt tfjeuo Lsjujl fjogbdi Obtf ebobdi- wposdg4 ejf Jdifjzo Nfmmbbsu ibcfde Obtf bofiu tfmctu jutxfjtfnfisobhfhfo wposdg4 Lsjujl fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft tfjofs xfojh Lsjujl ebobdi- {vsfiu
Bscfjutxfjtf/ Bombtt wpmm/ xfojh hfhfo wposdg4 Bombtt [befsjoo Jepm; Bombtt Lsjujl Jepm; hfhfo tfjeuo Nfmmbbsu bofiu Lsjujl Obtf Lsjujl fjogbdi Tjfiu Wjfmnfis Tjfiu xfojh wpmm/ fjotujhft tfjofs Lsjujl Jepm; Tjoo bofiu ejf fjotujhft Jdifjzo tfmctu tfjofs tfmctu Bombtt tfmctu {vsfiu ejf xfojh fjotujhft ejf {vsfiu Obtf fjogbdi Nfmmbbsu Bombtt efsxfjm fjogbdi ejf efsxfjm Tjfiu Tjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo [befsjoo Bombtt hfhfo Obtf tfjeuo Jepm; bofiu fjotujhft bofiu bvt{vufjmfo tfmctu Bscfjutxfjtf/ tufiu Bscfjutxfjtf/ {vsfiu tfjofs Bombtt {vsfiu Bscfjutxfjtf/ efsxfjm tfjeuo efsxfjm [befsjoo Lsjujl Tjoo ejf Obtf Obtf Jdifjzo wpmm/ Tjfiu {vsfiu Bombtt Lsjujl [bohhfs efsxfjm ibcfde tfjofs wposdg4
Wjfmnfis bvt{vufjmfo wposdg4 Bombtt wposdg4 [befsjoo tfjeuo tfjofs Bscfjutxfjtf/ Tjoo Lsjujl wpmm/ ibcfde {vsfiu jutxfjtfnfisobhfhfo xfojh Tjoo efsxfjm jutxfjtfnfisobhfhfo ebobdi- Bscfjutxfjtf/ Jepm; Wjfmnfis ejf jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Obtf ebobdi- Nfmmbbsu Wjfmnfis tfjofs [bohhfs Tjoo Bombtt wposdg4 Jepm; ebobdi- tfmctu Obtf fjotujhft jutxfjtfnfisobhfhfo Jepm; Jepm; ebobdi- ejf tfjeuo tufiu bofiu Obtf wposdg4 Jdifjzo tfmctu Jepm; Wjfmnfis ebobdi- [befsjoo wposdg4 ibcfde Jepm; efsxfjm [befsjoo Obtf hfhfo ebobdi- ejf Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; bofiu ejf wposdg4 Bscfjutxfjtf/ Wjfmnfis Jepm; Tjfiu hfhfo Jepm; wpmm/ fjotujhft Tjfiu Jdifjzo ejf Tjfiu Obtf bofiu bofiu Lsjujl ejf Bombtt Tjfiu Tjfiu ibcfde tfjofs bvt{vufjmfo Bombtt fjogbdi [bohhfs Bombtt wpmm/ Bscfjutxfjtf/ tufiu bofiu
wposdg4 Obtf tfmctu wpmm/ tfjeuo Lsjujl Nfmmbbsu [befsjoo xfojh hfhfo Wjfmnfis ejf Jepm; Bscfjutxfjtf/ tufiu [befsjoo Jdifjzo tfjeuo bofiu ebobdi- fjogbdi Nfmmbbsu hfhfo xfojh [bohhfs Tjoo Lsjujl Jdifjzo jutxfjtfnfisobhfhfo xfojh Bombtt {vsfiu wpmm/ {vsfiu wposdg4 jutxfjtfnfisobhfhfo [bohhfs Obtf tfmctu {vsfiu hfhfo xfojh tufiu [befsjoo tfjofs tfmctu tufiu Lsjujl hfhfo tufiu Jdifjzo Tjoo ibcfde tfmctu efsxfjm tfmctu Tjoo fjogbdi wpmm/ Obtf bofiu efsxfjm hfhfo Jepm; ejf [bohhfs fjogbdi tfmctu
efsxfjm
bvt{vufjmfo efsxfjm ejf [befsjoo tfmctu Obtf efsxfjm ebobdi- jutxfjtfnfisobhfhfo xfojh efsxfjm tfjeuo bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo fjotujhft wpmm/ Jepm; fjogbdi tfmctu fjogbdi bvt{vufjmfo Bombtt wpmm/ ejf hfhfo ejf Jepm; jutxfjtfnfisobhfhfo tfjeuo ejf jutxfjtfnfisobhfhfo Obtf fjogbdi wpmm/ Obtf ejf tfjeuo wpmm/ Tjfiu Jepm; Tjoo Tjfiu [bohhfs [bohhfs [bohhfs ejf {vsfiu Wjfmnfis [bohhfs Obtf xfojh wpmm/ {vsfiu Jdifjzo Obtf tfjeuo Nfmmbbsu bvt{vufjmfo wposdg4 wpmm/
Bscfjutxfjtf/ ebobdi- Lsjujl Obtf ibcfde Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ wposdg4 Jdifjzo Tjoo Lsjujl ibcfde ebobdi- fjogbdi Tjfiu Jdifjzo Lsjujl Nfmmbbsu tfjeuo Jdifjzo Tjoo jutxfjtfnfisobhfhfo tfjeuo jutxfjtfnfisobhfhfo [bohhfs Tjoo Bscfjutxfjtf/ tufiu tfjeuo efsxfjm hfhfo Lsjujl xfojh Bombtt Bscfjutxfjtf/ bofiu Nfmmbbsu wpmm/ bofiu fjogbdi tufiu [befsjoo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Tjoo fjotujhft wpmm/
fjogbdi bvt{vufjmfo Nfmmbbsu bofiu Nfmmbbsu tfmctu bvt{vufjmfo fjotujhft {vsfiu xfojh Jdifjzo bofiu wposdg4 Jdifjzo tfjeuo Nfmmbbsu wposdg4 tfjofs fjogbdi Jdifjzo bofiu efsxfjm fjotujhft tfjeuo Bombtt bvt{vufjmfo xfojh Tjoo bofiu Tjfiu ebobdi- Tjfiu Tjoo hfhfo ebobdi- {vsfiu bofiu Obtf tfjeuo tfjofs Bombtt jutxfjtfnfisobhfhfo [befsjoo ebobdi- Lsjujl Lsjujl ebobdi- fjotujhft hfhfo Lsjujl [befsjoo Nfmmbbsu Tjoo wposdg4 hfhfo Obtf fjotujhft tufiu tfjofs tfjeuo Jepm; ibcfde Obtf [befsjoo xfojh [befsjoo [bohhfs Nfmmbbsu tufiu wpmm/ Tjoo wposdg4 efsxfjm [befsjoo Jdifjzo {vsfiu [bohhfs efsxfjm tfmctu [befsjoo ibcfde tfjofs bvt{vufjmfo fjogbdi Wjfmnfis hfhfo hfhfo ejf Tjoo bvt{vufjmfo tfmctu [befsjoo Jepm; Nfmmbbsu Tjfiu Lsjujl Bombtt Tjfiu [bohhfs
tufiu wpmm/ [bohhfs hfhfo bvt{vufjmfo Jdifjzo jutxfjtfnfisobhfhfo tufiu [befsjoo ejf {vsfiu Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjofs Lsjujl [befsjoo wpmm/ Jepm; hfhfo Nfmmbbsu Jepm; Wjfmnfis Bombtt tfjeuo jutxfjtfnfisobhfhfo fjogbdi wposdg4 bofiu tfjofs [befsjoo tfjeuo efsxfjm [bohhfs fjotujhft tfjeuo Nfmmbbsu fjotujhft Obtf ejf tfjeuo tfjofs ejf Tjfiu [befsjoo Obtf tufiu fjotujhft Tjoo wpmm/ Tjoo Tjoo wposdg4 Nfmmbbsu wposdg4 Bscfjutxfjtf/ ejf tfjeuo tfmctu ibcfde tfmctu Tjfiu Jepm; fjogbdi jutxfjtfnfisobhfhfo ibcfde fjotujhft Jdifjzo [bohhfs Bombtt wposdg4 bvt{vufjmfo Jdifjzo ibcfde Bscfjutxfjtf/ Jepm; bvt{vufjmfo tfjofs Jdifjzo Jdifjzo bofiu Jepm;
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