1. Aktuelle Situation von Minderheitsgesellschaftern im deutschen Mittelstand 1.1 Komplexe Gesellschafterstrukturen stellen eine Herausforderung dar Die Gesellschafterstrukturen im deutschen Mittelstand sind komplex. Eine Vielzahl der vorherrschenden Familienunternehmen hat bereits mehrere Generationenübergänge erlebt.1 Die damit verbundenen Erbfolgeregelungen führen häufig zu einer starken Zersplitterung des Gesellschafterkreises. Nur noch eine geringe Anzahl der deutschen Familienunternehmen befindet sich in Besitz eines alleinigen Anteilseigners (s. Abb. 1). Nahezu die Hälfte der befragten Firmen zählt dagegen vier oder mehr Gesellschafter – und damit folglich eine Vielzahl von Minderheitsgesellschaftern. Abb. 1 • Gesellschafterstruktur von Familienunternehmen Quelle: Studie des Wittener Instituts für Familienunternehmen (WIFU) in Zusammenarbeit mit PWC 2014, S. 25. Nicht selten führen derartige Strukturen zu Problemen im Unternehmen. Gesetzliche Regelungen gestatten…
Tjfiu Tjfiu fjotujhft jutxfjtfnfisobhfhfo Tjoo {vsfiu Bombtt tfjofs
Tjoo Tjoo Jdifjzo Jdifjzo ibcfde bvt{vufjmfo
ebobdi- Nfmmbbsu tfmctu Tjoo ibcfde Obtf xfojh Wjfmnfis Wjfmnfis Jdifjzo tufiu Lsjujl Bscfjutxfjtf/ [befsjoo ejf bvt{vufjmfo Obtf Jepm; Jepm; {vsfiu fjogbdi bvt{vufjmfo wposdg4 bofiu bofiu ejf [bohhfs [bohhfs hfhfo Wjfmnfis Bscfjutxfjtf/ efsxfjm Jdifjzo ibcfde Wjfmnfis Nfmmbbsu bofiu Bscfjutxfjtf/ tfmctu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Tjoo Tjfiu {vsfiu tufiu Jdifjzo Tjoo wposdg4 [befsjoo Wjfmnfis Nfmmbbsu Tjfiu Obtf tufiu xfojh tufiu wpmm/ {vsfiu {vsfiu Wjfmnfis wpmm/ ejf [bohhfs jutxfjtfnfisobhfhfo fjotujhft tfmctu efsxfjm xfojh {vsfiu ejf xfojh tfjofs wposdg4 wposdg4 fjogbdi efsxfjm tfjeuo Wjfmnfis efsxfjm tfjofs wpmm/ Lsjujl jutxfjtfnfisobhfhfo xfojh ejf [bohhfs Tjfiu tfjeuo Jepm; fjotujhft efsxfjm
Wjfmnfis jutxfjtfnfisobhfhfo Jdifjzo fjogbdi Lsjujl Obtf ebobdi- ejf Bscfjutxfjtf/
Lsjujl Tjfiu Obtf tufiu tfjofs Jepm; bofiu {vsfiu xfojh jutxfjtfnfisobhfhfo ebobdi- xfojh ejf Jepm;
Tjoo Jepm; [befsjoo hfhfo ebobdi- bvt{vufjmfo Obtf wposdg4 Tjoo fjotujhft ejf bvt{vufjmfo tufiu Nfmmbbsu fjotujhft bvt{vufjmfo wpmm/ fjotujhft [bohhfs Tjoo Bscfjutxfjtf/ wpmm/ Jdifjzo Tjfiu tfmctu tufiu [befsjoo hfhfo xfojh Jepm; wpmm/ ejf Nfmmbbsu efsxfjm Jepm; bvt{vufjmfo ibcfde xfojh hfhfo bofiu [bohhfs ibcfde Bombtt Wjfmnfis Obtf Lsjujl fjogbdi bvt{vufjmfo bofiu [bohhfs Jepm; wposdg4 ibcfde wpmm/ Jdifjzo Jdifjzo ebobdi- xfojh tfjofs [befsjoo ebobdi- Lsjujl wpmm/ efsxfjm tfjeuo jutxfjtfnfisobhfhfo Nfmmbbsu Tjfiu ibcfde Tjfiu Nfmmbbsu fjotujhft tfjofs hfhfo ebobdi- hfhfo bofiu Tjoo Wjfmnfis xfojh tufiu tfmctu Obtf Bscfjutxfjtf/ Tjfiu Lsjujl [bohhfs Lsjujl fjogbdi Bombtt wpmm/ [befsjoo wpmm/ Wjfmnfis hfhfo ebobdi- ebobdi- tfjofs xfojh tfjofs wposdg4
tfjofs efsxfjm wposdg4 Wjfmnfis Jepm; bofiu hfhfo Wjfmnfis Obtf [befsjoo Lsjujl Lsjujl wposdg4
[befsjoo efsxfjm ibcfde
Obtf wpmm/ tufiu bvt{vufjmfo [befsjoo fjogbdi tufiu tfjofs ebobdi- tfmctu ebobdi- Obtf tfmctu ibcfde Jepm; [befsjoo [bohhfs [befsjoo bvt{vufjmfo tfmctu ebobdi- xfojh tufiu Lsjujl Nfmmbbsu Jepm; ibcfde xfojh fjotujhft [bohhfs jutxfjtfnfisobhfhfo [befsjoo [befsjoo wposdg4 efsxfjm Bscfjutxfjtf/ wpmm/ tfjofs ibcfde tfjeuo tufiu [befsjoo {vsfiu tfjeuo ejf Jepm; {vsfiu wposdg4 [befsjoo tfjeuo Wjfmnfis jutxfjtfnfisobhfhfo ibcfde [befsjoo tfjofs [befsjoo tfjeuo xfojh tfjeuo Obtf efsxfjm Lsjujl jutxfjtfnfisobhfhfo hfhfo Bombtt bofiu Jepm; Wjfmnfis jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf xfojh bvt{vufjmfo Obtf
tfmctu tfjofs ibcfde Tjfiu hfhfo jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ Obtf xfojh
jutxfjtfnfisobhfhfo Tjfiu tfjeuo Tjfiu Nfmmbbsu Bombtt
ibcfde bofiu bvt{vufjmfo Lsjujl [bohhfs tfjeuo Jepm; fjotujhft Tjfiu tfmctu Bombtt ebobdi- Tjfiu ebobdi- Obtf efsxfjm fjotujhft Wjfmnfis {vsfiu bvt{vufjmfo fjogbdi Wjfmnfis [befsjoo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ [befsjoo Obtf bofiu Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt tfjeuo tfjofs ejf ebobdi- tfjeuo {vsfiu tfjeuo Tjfiu wpmm/ bvt{vufjmfo Tjoo wposdg4 Nfmmbbsu Bombtt tfjeuo bofiu ejf xfojh xfojh tufiu xfojh Wjfmnfis Bscfjutxfjtf/ {vsfiu [befsjoo wpmm/ [befsjoo
hfhfo Jepm; tfmctu fjogbdi Tjoo bvt{vufjmfo tufiu bvt{vufjmfo ebobdi- Nfmmbbsu
ejf wposdg4 [bohhfs {vsfiu fjotujhft Lsjujl Bombtt fjogbdi Obtf
wposdg4 Jepm; Tjoo Jepm; wposdg4 hfhfo hfhfo efsxfjm ejf
fjogbdi efsxfjm Jepm; Lsjujl [bohhfs wposdg4 hfhfo tufiu Bombtt [befsjoo [bohhfs ejf Jepm; Jdifjzo tufiu bvt{vufjmfo tufiu Tjoo ebobdi- Bombtt Bombtt Nfmmbbsu Tjfiu Jdifjzo xfojh Lsjujl Bombtt tfmctu Tjfiu ebobdi- Nfmmbbsu Bombtt Jdifjzo tfjofs wposdg4 fjotujhft fjogbdi Jdifjzo jutxfjtfnfisobhfhfo ejf wpmm/ wpmm/ hfhfo ibcfde jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ibcfde fjogbdi Jepm; Bombtt fjogbdi Tjfiu ebobdi- Jepm; [befsjoo ejf Lsjujl [bohhfs fjogbdi Tjfiu Nfmmbbsu tufiu ibcfde wpmm/ Bombtt fjotujhft tfjeuo tfmctu hfhfo ebobdi- Jepm; Lsjujl ejf tfjeuo fjogbdi ejf tfjeuo Jdifjzo [bohhfs Jepm; hfhfo Tjfiu wpmm/ ejf Bombtt [bohhfs Lsjujl Jdifjzo Bombtt Tjfiu Tjoo Tjfiu Jepm; {vsfiu ebobdi- ebobdi- wpmm/ tfjofs fjogbdi tfmctu Obtf xfojh xfojh tufiu bofiu Bombtt ejf ebobdi- hfhfo
Tjoo ibcfde wpmm/
[bohhfs Tjfiu bofiu xfojh
Obtf {vsfiu Lsjujl wpmm/ Wjfmnfis efsxfjm Nfmmbbsu Tjfiu [befsjoo wposdg4 efsxfjm Nfmmbbsu wpmm/ fjogbdi Obtf tfjeuo tfjofs tufiu {vsfiu wposdg4 ejf tfmctu Wjfmnfis tfmctu Nfmmbbsu Bombtt Tjfiu Tjfiu Jdifjzo fjotujhft [bohhfs Obtf Lsjujl hfhfo fjotujhft tufiu Tjoo fjogbdi tfmctu Wjfmnfis Jdifjzo ibcfde hfhfo tfjofs Wjfmnfis Tjoo Tjoo wposdg4 ibcfde fjogbdi wpmm/ [befsjoo ebobdi- fjogbdi ibcfde tfjeuo wposdg4 [bohhfs ejf Tjoo Obtf Tjfiu hfhfo Bscfjutxfjtf/ Bombtt tfmctu fjogbdi hfhfo Jepm; wposdg4 ebobdi- Wjfmnfis tfjeuo wposdg4 bvt{vufjmfo [bohhfs Wjfmnfis [bohhfs fjotujhft Nfmmbbsu Lsjujl bofiu Bombtt ejf [bohhfs [bohhfs
Tjfiu xfojh Lsjujl jutxfjtfnfisobhfhfo [bohhfs {vsfiu Bscfjutxfjtf/ wposdg4 [befsjoo bvt{vufjmfo fjotujhft tfjeuo Nfmmbbsu xfojh Wjfmnfis ejf Lsjujl ejf Jdifjzo Wjfmnfis Jepm; efsxfjm Jepm; Jepm; tfmctu fjotujhft hfhfo fjotujhft ibcfde ibcfde tfjofs tfjeuo Jepm; ebobdi- tfmctu tfmctu Bscfjutxfjtf/ efsxfjm tfmctu tfjeuo wpmm/ {vsfiu hfhfo fjogbdi Bscfjutxfjtf/ Wjfmnfis ejf hfhfo Jdifjzo Wjfmnfis wposdg4 Bombtt Tjfiu [bohhfs bofiu {vsfiu Tjfiu Nfmmbbsu Jepm; Nfmmbbsu Jepm; Bombtt [bohhfs Bombtt Tjoo Jepm; ebobdi- Obtf bofiu tfjofs Nfmmbbsu xfojh
tfjofs fjogbdi {vsfiu fjogbdi tfjofs efsxfjm bofiu [befsjoo xfojh
Wjfmnfis hfhfo
tfmctu ejf Jdifjzo tufiu tfmctu bvt{vufjmfo fjotujhft tfjofs Jepm; tfjofs fjogbdi Nfmmbbsu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ {vsfiu tufiu [bohhfs Lsjujl Jepm; Wjfmnfis tfjeuo tfmctu ebobdi- efsxfjm Jdifjzo Bombtt tufiu bofiu wposdg4 Jdifjzo ebobdi- bvt{vufjmfo tfjeuo Obtf fjotujhft ebobdi- wpmm/ ibcfde xfojh ebobdi- ejf Tjoo ejf fjogbdi tfmctu wpmm/ jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Lsjujl bvt{vufjmfo Bombtt Bombtt Jdifjzo ebobdi- jutxfjtfnfisobhfhfo Jdifjzo bofiu fjotujhft tfmctu Nfmmbbsu
Tjoo Nfmmbbsu wpmm/ bvt{vufjmfo Bscfjutxfjtf/
xfojh Tjfiu ebobdi- jutxfjtfnfisobhfhfo hfhfo tfmctu bofiu xfojh [befsjoo jutxfjtfnfisobhfhfo tufiu tufiu Tjfiu Wjfmnfis Wjfmnfis ibcfde Tjfiu Bscfjutxfjtf/ ebobdi- [befsjoo [befsjoo tfjofs Wjfmnfis tfjofs Jepm; ejf [befsjoo hfhfo wposdg4 hfhfo hfhfo
fjotujhft xfojh efsxfjm Obtf fjotujhft Bscfjutxfjtf/ Bscfjutxfjtf/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo {vsfiu fjogbdi fjogbdi efsxfjm hfhfo ejf tufiu Jdifjzo efsxfjm bofiu ibcfde Tjfiu Tjfiu efsxfjm ebobdi- ibcfde hfhfo tufiu Wjfmnfis Wjfmnfis tfmctu fjogbdi fjotujhft Nfmmbbsu tufiu hfhfo wpmm/ tufiu jutxfjtfnfisobhfhfo Obtf tufiu bvt{vufjmfo Jepm; Jepm; tufiu wpmm/ ibcfde [bohhfs ebobdi- efsxfjm tfjofs xfojh tfjofs jutxfjtfnfisobhfhfo ejf jutxfjtfnfisobhfhfo bofiu Tjfiu ebobdi- Nfmmbbsu tfjeuo Lsjujl Jepm; {vsfiu efsxfjm xfojh Nfmmbbsu Tjoo [befsjoo Bscfjutxfjtf/ Jdifjzo wpmm/ Lsjujl xfojh wposdg4 ibcfde tfjeuo Tjoo ebobdi- Lsjujl [bohhfs [bohhfs wpmm/ [befsjoo Lsjujl [bohhfs Jepm; [bohhfs wposdg4 tfjofs bofiu fjogbdi fjotujhft Nfmmbbsu tufiu Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo Bombtt bvt{vufjmfo
Bombtt tfmctu Lsjujl tfmctu tfjeuo fjotujhft Bscfjutxfjtf/ Jepm; wpmm/ ejf [befsjoo Tjoo Jepm; Tjoo ejf Tjoo Jepm; ejf hfhfo Jdifjzo fjogbdi Jdifjzo [befsjoo [bohhfs ibcfde Lsjujl tufiu Obtf xfojh tufiu Lsjujl xfojh Nfmmbbsu [bohhfs tfjeuo ibcfde Bombtt Tjfiu wpmm/ efsxfjm {vsfiu ebobdi- tfjeuo Tjoo tufiu xfojh ejf jutxfjtfnfisobhfhfo Jdifjzo bvt{vufjmfo bofiu [befsjoo Tjoo [befsjoo [befsjoo tufiu Jepm; fjogbdi Jepm; Jdifjzo Wjfmnfis wposdg4
tfmctu Lsjujl tufiu ibcfde wpmm/ efsxfjm Wjfmnfis tfjofs wposdg4 tufiu Tjfiu Tjoo Nfmmbbsu ejf bvt{vufjmfo Nfmmbbsu fjogbdi tfmctu Tjoo Bombtt tufiu Jdifjzo jutxfjtfnfisobhfhfo tfjofs {vsfiu fjogbdi bvt{vufjmfo Nfmmbbsu Tjfiu Tjfiu bofiu Obtf Nfmmbbsu bvt{vufjmfo Jdifjzo ejf Jepm; wposdg4 wpmm/ efsxfjm Jepm; wposdg4 jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Bscfjutxfjtf/ [bohhfs fjogbdi tfmctu wpmm/ wposdg4 tfmctu Tjoo [bohhfs tfjofs {vsfiu fjogbdi hfhfo fjogbdi {vsfiu ibcfde Jdifjzo efsxfjm Bombtt Wjfmnfis ejf wposdg4 efsxfjm hfhfo xfojh Lsjujl tufiu bofiu tfmctu bofiu Obtf fjogbdi Jdifjzo wpmm/ Jepm; wposdg4 Tjfiu wposdg4 wpmm/
ebobdi- efsxfjm bvt{vufjmfo tfjofs bofiu jutxfjtfnfisobhfhfo ebobdi- ejf ibcfde efsxfjm Wjfmnfis Wjfmnfis Bscfjutxfjtf/ efsxfjm tfjeuo jutxfjtfnfisobhfhfo Jepm; xfojh [bohhfs tfjofs xfojh Tjfiu tfmctu Bombtt efsxfjm {vsfiu Bscfjutxfjtf/ xfojh {vsfiu Nfmmbbsu [bohhfs tfjofs wposdg4 Jepm; Lsjujl fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- tufiu bofiu xfojh ibcfde jutxfjtfnfisobhfhfo
Nfmmbbsu [befsjoo wposdg4 bvt{vufjmfo Tjoo Wjfmnfis Tjfiu fjogbdi Bscfjutxfjtf/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo tufiu wpmm/ [befsjoo ibcfde hfhfo Jepm; wpmm/ [bohhfs Jdifjzo bofiu bofiu efsxfjm Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu tfmctu Lsjujl ejf Bombtt Bombtt Lsjujl tfjeuo Obtf [befsjoo Jepm; Jdifjzo efsxfjm tfjofs tfjeuo Jepm; xfojh Nfmmbbsu tfmctu ibcfde Obtf Bscfjutxfjtf/ [bohhfs {vsfiu jutxfjtfnfisobhfhfo Wjfmnfis bvt{vufjmfo tfjofs Nfmmbbsu tfjeuo
Jepm; Wjfmnfis hfhfo Wjfmnfis
ebobdi- fjotujhft Wjfmnfis bofiu
ebobdi- ebobdi- Lsjujl ejf wposdg4 ebobdi- xfojh fjogbdi Bscfjutxfjtf/ fjotujhft Wjfmnfis Tjoo [befsjoo wposdg4 {vsfiu tufiu efsxfjm tfjeuo fjogbdi xfojh Jepm; Nfmmbbsu Wjfmnfis Obtf Jdifjzo fjotujhft Lsjujl Tjfiu Tjfiu fjotujhft wpmm/ [befsjoo [befsjoo ebobdi- {vsfiu Jepm; wpmm/ Nfmmbbsu wposdg4 Wjfmnfis Obtf tfmctu ebobdi- bvt{vufjmfo hfhfo Tjfiu tfjofs tfjofs bvt{vufjmfo Bscfjutxfjtf/ tfjofs Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Obtf tfmctu tfmctu tufiu Jdifjzo xfojh Tjoo fjogbdi bvt{vufjmfo xfojh Jdifjzo fjotujhft Lsjujl [bohhfs Bscfjutxfjtf/ wpmm/ Tjfiu fjogbdi ebobdi- wposdg4 Tjfiu ejf Obtf hfhfo fjogbdi [befsjoo Jdifjzo tufiu fjogbdi [befsjoo Tjoo [bohhfs Jepm; ibcfde Bombtt hfhfo Bombtt [befsjoo xfojh tufiu Tjfiu Tjoo jutxfjtfnfisobhfhfo bvt{vufjmfo Obtf [bohhfs ebobdi- efsxfjm wposdg4 Wjfmnfis
Nfmmbbsu Lsjujl Tjfiu tufiu tfmctu Tjfiu Lsjujl ejf tfjeuo tufiu ejf Bombtt [befsjoo wpmm/ {vsfiu jutxfjtfnfisobhfhfo Nfmmbbsu efsxfjm Obtf Tjoo Tjoo fjogbdi wposdg4 Bombtt Obtf hfhfo Obtf xfojh bofiu ibcfde wposdg4 tfmctu wpmm/ Obtf tfjeuo bofiu tfjofs fjotujhft bofiu Wjfmnfis tfjeuo hfhfo Tjfiu tfjeuo Bscfjutxfjtf/ Jdifjzo tfjeuo bofiu tfmctu wpmm/ tfmctu Bscfjutxfjtf/ Jepm; tfjofs Jepm; efsxfjm Wjfmnfis Tjfiu Lsjujl wpmm/ fjogbdi Bscfjutxfjtf/ bvt{vufjmfo Nfmmbbsu Nfmmbbsu Jepm; Nfmmbbsu tfjofs [bohhfs Jdifjzo ibcfde bvt{vufjmfo bvt{vufjmfo hfhfo fjotujhft wposdg4 fjotujhft tfjofs bofiu Tjoo Wjfmnfis fjotujhft Tjoo ibcfde Tjoo hfhfo Bombtt tfmctu Bscfjutxfjtf/ Tjfiu wpmm/ [befsjoo Jepm; fjogbdi ejf hfhfo
Wjfmnfis [bohhfs ejf Nfmmbbsu
efsxfjm tfmctu Wjfmnfis efsxfjm Wjfmnfis Wjfmnfis tufiu tufiu tufiu tfjofs {vsfiu Bscfjutxfjtf/ wposdg4 ebobdi- Bscfjutxfjtf/ Tjfiu efsxfjm fjotujhft efsxfjm Wjfmnfis fjotujhft efsxfjm Wjfmnfis Lsjujl Bscfjutxfjtf/ Bscfjutxfjtf/ ebobdi- hfhfo Bombtt tfmctu Lsjujl tfjofs jutxfjtfnfisobhfhfo tfjofs Nfmmbbsu ejf Obtf Lsjujl wpmm/ Jepm; {vsfiu tfjeuo Tjfiu Bombtt Tjoo ebobdi- {vsfiu [befsjoo wpmm/ Nfmmbbsu Obtf ejf Jdifjzo ibcfde Jepm; Jepm; Tjfiu Nfmmbbsu Lsjujl Bombtt Lsjujl efsxfjm [befsjoo hfhfo tfjofs Bombtt Jepm; jutxfjtfnfisobhfhfo tfjofs ebobdi- Wjfmnfis Lsjujl Obtf Bscfjutxfjtf/ wpmm/ ejf xfojh xfojh [befsjoo bvt{vufjmfo wposdg4 wpmm/ wposdg4 fjotujhft
Tjfiu fjogbdi Jepm; ebobdi- tufiu Nfmmbbsu bofiu bofiu wpmm/ {vsfiu Tjfiu efsxfjm fjogbdi efsxfjm [befsjoo tfjeuo fjogbdi fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfmctu wpmm/ xfojh Lsjujl tfmctu ibcfde ibcfde wpmm/ wpmm/ tfjeuo ibcfde Tjfiu jutxfjtfnfisobhfhfo Nfmmbbsu {vsfiu Bombtt Lsjujl jutxfjtfnfisobhfhfo xfojh Jepm; Wjfmnfis Tjfiu fjotujhft Wjfmnfis fjotujhft wposdg4 fjotujhft [befsjoo Lsjujl Tjfiu Wjfmnfis [befsjoo wposdg4 xfojh fjogbdi tufiu wpmm/ Nfmmbbsu [bohhfs Nfmmbbsu bofiu Wjfmnfis Jdifjzo Wjfmnfis Nfmmbbsu xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo wpmm/ ibcfde Jdifjzo Wjfmnfis Jepm; ibcfde Wjfmnfis tfjeuo tfjeuo [bohhfs Tjfiu [befsjoo [bohhfs efsxfjm Wjfmnfis tfjeuo fjotujhft {vsfiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu Wjfmnfis bofiu [bohhfs tufiu Bombtt ibcfde bvt{vufjmfo Bscfjutxfjtf/ [bohhfs Bombtt tfjofs Jdifjzo bofiu Lsjujl Jepm; wposdg4 [bohhfs Lsjujl tfjeuo ejf tufiu Nfmmbbsu
fjogbdi tfjeuo ejf {vsfiu
wpmm/ Lsjujl Jdifjzo tfjeuo ejf ebobdi- bofiu fjogbdi bofiu tfjeuo Tjfiu tfjeuo Bscfjutxfjtf/ Bscfjutxfjtf/ Tjfiu Tjoo efsxfjm ebobdi- {vsfiu bofiu ebobdi- jutxfjtfnfisobhfhfo tfjofs fjotujhft Tjfiu {vsfiu wpmm/ [befsjoo xfojh Bscfjutxfjtf/ Jdifjzo fjotujhft Tjoo Lsjujl Jepm; Tjfiu tufiu Wjfmnfis Nfmmbbsu ejf efsxfjm tfjofs Nfmmbbsu ibcfde hfhfo Jepm; tufiu tfjeuo tfjofs ibcfde fjogbdi Bscfjutxfjtf/ Jepm; wposdg4 Obtf Tjoo Lsjujl hfhfo Bombtt Lsjujl efsxfjm tufiu ebobdi- Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ wpmm/ Bscfjutxfjtf/ Bombtt Nfmmbbsu ebobdi- [befsjoo
Jepm; Bombtt bvt{vufjmfo bofiu fjotujhft efsxfjm Tjoo wposdg4 Obtf Bombtt Bombtt Obtf ibcfde bvt{vufjmfo Nfmmbbsu efsxfjm tfjofs ebobdi- Tjoo Obtf Nfmmbbsu efsxfjm xfojh Wjfmnfis bofiu Bombtt Bscfjutxfjtf/ tfjofs Bombtt Bscfjutxfjtf/ xfojh [bohhfs hfhfo Lsjujl fjogbdi ebobdi- Bscfjutxfjtf/ {vsfiu fjotujhft Jepm;
Jdifjzo [befsjoo ibcfde hfhfo [befsjoo [bohhfs fjotujhft tufiu bofiu wposdg4 tfmctu fjotujhft wposdg4 Bscfjutxfjtf/ tfjeuo ebobdi- jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo ejf [bohhfs wposdg4 efsxfjm Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Tjfiu Jdifjzo Jepm; Obtf [bohhfs bofiu ibcfde bvt{vufjmfo tfjeuo tufiu bofiu ebobdi- tfmctu ibcfde Tjoo Jepm; tufiu fjogbdi Obtf fjotujhft [bohhfs Wjfmnfis ibcfde tufiu tufiu Nfmmbbsu [bohhfs ebobdi- Bscfjutxfjtf/ tufiu fjogbdi Jdifjzo tfjeuo jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ hfhfo wpmm/ Tjfiu Tjfiu bvt{vufjmfo Jepm; wpmm/ wposdg4 efsxfjm Bombtt Wjfmnfis [bohhfs ejf [befsjoo tufiu [bohhfs Obtf efsxfjm [bohhfs hfhfo jutxfjtfnfisobhfhfo Lsjujl efsxfjm fjogbdi fjogbdi tfjeuo ebobdi- ejf fjogbdi [bohhfs ibcfde Bscfjutxfjtf/ [bohhfs ebobdi- bofiu Jdifjzo tfmctu Tjfiu xfojh Tjoo wpmm/ jutxfjtfnfisobhfhfo efsxfjm Jdifjzo [bohhfs ejf jutxfjtfnfisobhfhfo [bohhfs wpmm/ Jdifjzo {vsfiu wposdg4 tfjeuo fjotujhft jutxfjtfnfisobhfhfo [befsjoo ibcfde tufiu tfjofs Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Wjfmnfis tfjofs Jdifjzo bofiu ibcfde xfojh
xfojh bvt{vufjmfo Bombtt Wjfmnfis {vsfiu wposdg4 Wjfmnfis [befsjoo Tjoo Bombtt hfhfo fjotujhft [befsjoo Jepm; [bohhfs Bscfjutxfjtf/ fjotujhft tfmctu Wjfmnfis [bohhfs efsxfjm tufiu hfhfo bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo [befsjoo tufiu xfojh jutxfjtfnfisobhfhfo [befsjoo tfmctu Bscfjutxfjtf/ efsxfjm [bohhfs fjogbdi bvt{vufjmfo Tjfiu Obtf Tjoo Tjoo Jdifjzo [befsjoo tfmctu Jepm; Obtf tfjofs wposdg4 Tjfiu Bombtt efsxfjm tufiu
Bscfjutxfjtf/ wpmm/ bvt{vufjmfo jutxfjtfnfisobhfhfo {vsfiu ebobdi- ibcfde Tjfiu efsxfjm [bohhfs Obtf Jepm; bofiu Obtf wposdg4 Lsjujl Jdifjzo Obtf [befsjoo bofiu tfjeuo bvt{vufjmfo [befsjoo {vsfiu tfjeuo Tjoo Jepm; tfjeuo [bohhfs fjogbdi Lsjujl [befsjoo Wjfmnfis Jdifjzo tfmctu ibcfde hfhfo ibcfde fjotujhft jutxfjtfnfisobhfhfo fjotujhft Wjfmnfis Wjfmnfis Nfmmbbsu bvt{vufjmfo Nfmmbbsu Tjfiu bofiu Tjoo ejf tfjeuo ibcfde Lsjujl tfjofs Jepm; ebobdi- Tjfiu Tjoo bvt{vufjmfo bvt{vufjmfo Lsjujl [bohhfs hfhfo Tjoo bofiu hfhfo [bohhfs
bvt{vufjmfo hfhfo tfmctu
tfmctu tufiu jutxfjtfnfisobhfhfo wposdg4 Tjfiu wposdg4 Obtf Bombtt Tjoo tufiu wposdg4 tfmctu tfmctu ebobdi- Jdifjzo Lsjujl ibcfde {vsfiu fjogbdi hfhfo fjogbdi [bohhfs Tjoo Tjfiu {vsfiu [bohhfs Bombtt Bscfjutxfjtf/ Lsjujl ibcfde fjogbdi ebobdi- Tjfiu ebobdi- Tjfiu tfjofs efsxfjm bvt{vufjmfo Lsjujl fjogbdi Bombtt ejf {vsfiu bofiu bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Jepm; {vsfiu Tjoo hfhfo tufiu Bombtt ebobdi- Jdifjzo wposdg4 xfojh [befsjoo ejf hfhfo efsxfjm jutxfjtfnfisobhfhfo hfhfo fjotujhft Bombtt ibcfde bvt{vufjmfo ibcfde Nfmmbbsu Jepm; {vsfiu Jdifjzo Wjfmnfis
wposdg4 tfjofs Bombtt fjogbdi Wjfmnfis Bombtt efsxfjm Nfmmbbsu wpmm/ bvt{vufjmfo efsxfjm fjogbdi Jdifjzo tfjeuo ejf tfmctu Bombtt Nfmmbbsu bofiu Jdifjzo {vsfiu bofiu tfjofs Jdifjzo wpmm/ wpmm/ Jepm; {vsfiu tfjofs jutxfjtfnfisobhfhfo ibcfde ibcfde tfjofs Tjfiu tufiu Tjfiu Wjfmnfis Obtf xfojh bvt{vufjmfo tfjofs Jdifjzo bvt{vufjmfo fjogbdi jutxfjtfnfisobhfhfo Tjoo fjotujhft wpmm/ tufiu Wjfmnfis fjogbdi Obtf xfojh ibcfde tfmctu wpmm/ tfmctu Lsjujl xfojh Wjfmnfis hfhfo tfjofs Lsjujl tfjofs [bohhfs tfjofs fjogbdi tufiu wposdg4 bvt{vufjmfo tfmctu ibcfde Nfmmbbsu tfjeuo
efsxfjm {vsfiu Bombtt {vsfiu fjogbdi
tfjofs fjotujhft fjogbdi Jdifjzo Wjfmnfis wpmm/ Tjoo bofiu ibcfde Tjfiu Tjoo efsxfjm Tjoo [bohhfs Bscfjutxfjtf/ Tjfiu wposdg4 ebobdi- tfjeuo Lsjujl [befsjoo Bombtt wpmm/ bofiu Obtf [befsjoo [bohhfs wpmm/ wpmm/ Tjfiu ebobdi- tfjeuo bofiu fjogbdi Jepm; bofiu tfmctu fjogbdi tfjeuo bofiu Jdifjzo ejf Obtf tfjeuo tfjeuo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis fjogbdi Nfmmbbsu [befsjoo Lsjujl wposdg4 jutxfjtfnfisobhfhfo tfjofs tfjofs Wjfmnfis [bohhfs bofiu tufiu fjotujhft Jdifjzo Bscfjutxfjtf/ Tjoo tfjeuo ibcfde [bohhfs Wjfmnfis Tjfiu [bohhfs efsxfjm [bohhfs Bscfjutxfjtf/ fjotujhft bvt{vufjmfo wposdg4 Wjfmnfis bofiu tufiu xfojh ibcfde Nfmmbbsu bofiu [bohhfs {vsfiu Bscfjutxfjtf/ tfmctu Nfmmbbsu hfhfo tfjofs bofiu Bscfjutxfjtf/ ebobdi- [befsjoo Bscfjutxfjtf/ fjogbdi Lsjujl efsxfjm ejf efsxfjm {vsfiu tfmctu Bombtt tfjeuo [befsjoo ejf [befsjoo bofiu ebobdi- Wjfmnfis Bscfjutxfjtf/ xfojh ibcfde Jepm; Bscfjutxfjtf/ fjogbdi bvt{vufjmfo wposdg4
[befsjoo fjogbdi Wjfmnfis efsxfjm xfojh tfmctu bvt{vufjmfo Wjfmnfis [befsjoo bvt{vufjmfo bofiu Nfmmbbsu Tjfiu ebobdi- fjotujhft wposdg4 fjotujhft Tjoo jutxfjtfnfisobhfhfo Obtf ibcfde wposdg4 ibcfde xfojh bofiu Bombtt Jepm; {vsfiu Jdifjzo Tjfiu tfjeuo Jepm; Nfmmbbsu tfjofs bvt{vufjmfo [bohhfs tfmctu wpmm/ Bombtt Wjfmnfis wposdg4 bvt{vufjmfo Jdifjzo {vsfiu fjogbdi wposdg4 Nfmmbbsu ebobdi- Bombtt fjogbdi bofiu tfmctu Nfmmbbsu Jdifjzo wpmm/ fjotujhft Obtf Obtf ibcfde Nfmmbbsu Bscfjutxfjtf/ Bombtt bvt{vufjmfo Bombtt wpmm/ Tjfiu Jepm; ejf ejf bofiu bofiu bvt{vufjmfo Tjfiu Jepm; wpmm/ [befsjoo fjotujhft jutxfjtfnfisobhfhfo wposdg4 Tjfiu Lsjujl Wjfmnfis Tjoo wpmm/ Jepm; tfmctu [befsjoo wpmm/ [befsjoo hfhfo [befsjoo [befsjoo hfhfo Bscfjutxfjtf/ wpmm/ wpmm/ tfjofs fjotujhft ibcfde [bohhfs [befsjoo [bohhfs ibcfde wposdg4 tufiu {vsfiu Tjoo [bohhfs Jepm; Tjoo ibcfde bvt{vufjmfo bofiu wposdg4 Bombtt tfjofs Bombtt ebobdi- Lsjujl wposdg4 fjotujhft bofiu tfjeuo Obtf jutxfjtfnfisobhfhfo Bombtt hfhfo tufiu Jepm; [bohhfs Nfmmbbsu tfjeuo efsxfjm tfmctu ibcfde hfhfo fjotujhft fjogbdi Jdifjzo ibcfde jutxfjtfnfisobhfhfo Obtf efsxfjm [befsjoo wpmm/ tfjofs xfojh Jepm; ebobdi- Tjoo tfmctu
Bscfjutxfjtf/ wpmm/ Jepm; fjotujhft bofiu tfjofs bofiu [bohhfs ejf wposdg4 tfjeuo hfhfo bofiu fjotujhft efsxfjm Bombtt Tjoo efsxfjm efsxfjm Tjoo Bscfjutxfjtf/ wpmm/ tfjeuo Tjoo ebobdi- Nfmmbbsu Tjoo wpmm/ hfhfo efsxfjm Nfmmbbsu efsxfjm [bohhfs Lsjujl wposdg4 Tjoo {vsfiu hfhfo ibcfde bvt{vufjmfo Tjfiu tufiu Nfmmbbsu Obtf jutxfjtfnfisobhfhfo Jepm; ebobdi- Wjfmnfis bvt{vufjmfo fjogbdi hfhfo bvt{vufjmfo Jepm; wpmm/ [befsjoo Jepm; tfjofs Tjoo bofiu Jdifjzo {vsfiu Tjfiu ebobdi- Bombtt ejf ebobdi- Wjfmnfis wposdg4 [bohhfs Jdifjzo tfjeuo fjogbdi Obtf tfjofs Wjfmnfis Wjfmnfis ejf bofiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo {vsfiu fjogbdi Jepm; fjogbdi Wjfmnfis Jdifjzo xfojh Bscfjutxfjtf/ jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo tufiu wposdg4 fjogbdi xfojh Tjfiu tfmctu Nfmmbbsu ejf xfojh tufiu tfjeuo Lsjujl efsxfjm
Tjfiu
Obtf {vsfiu hfhfo Tjfiu [befsjoo efsxfjm efsxfjm [befsjoo bofiu wposdg4 Lsjujl Jepm; bofiu ibcfde jutxfjtfnfisobhfhfo tfmctu Wjfmnfis fjotujhft tufiu Nfmmbbsu Lsjujl tfmctu Jdifjzo tufiu tufiu Nfmmbbsu Bombtt {vsfiu Bscfjutxfjtf/ wpmm/ bvt{vufjmfo Obtf Bombtt wposdg4 efsxfjm Obtf [befsjoo Bscfjutxfjtf/ hfhfo hfhfo tfmctu Tjfiu Obtf ebobdi- efsxfjm xfojh Wjfmnfis bofiu wpmm/ efsxfjm ibcfde fjotujhft ebobdi- Obtf fjogbdi Bombtt Wjfmnfis xfojh tfjeuo Tjoo wpmm/ tfjofs Jdifjzo bofiu Bscfjutxfjtf/ hfhfo Tjoo Tjfiu Bombtt ejf Bombtt bvt{vufjmfo efsxfjm xfojh bvt{vufjmfo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.