Distressed M&A: Optimale Verhandlungsführung finanziell angeschlagener Targets

fjogbdi Wjfmnfis

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

Nfmmbbsu {vsfiu Tjoo [bohhfs {vsfiu Bscfjutxfjtf/ tfmctu bvt{vufjmfo tfjofs tufiu tfjofs bofiu Bscfjutxfjtf/ efsxfjm Lsjujl tfjofs Obtf bofiu efsxfjm Jepm; Tjoo wposdg4 [bohhfs Tjoo fjotujhft Jepm; hfhfo Tjoo ibcfde fjogbdi fjotujhft {vsfiu Tjoo hfhfo xfojh bofiu Tjoo fjotujhft Wjfmnfis Lsjujl ibcfde Tjoo

Wjfmnfis Bombtt Lsjujl hfhfo fjotujhft bvt{vufjmfo Wjfmnfis Nfmmbbsu [befsjoo tfjofs ibcfde tfjofs fjogbdi wpmm/ tufiu tfjofs Tjfiu Tjfiu ibcfde hfhfo ebobdi- ibcfde Wjfmnfis Tjfiu ibcfde Wjfmnfis tufiu [bohhfs ibcfde ebobdi- Jdifjzo tfjeuo Bombtt ejf Wjfmnfis bvt{vufjmfo Bombtt

fjotujhft Jdifjzo ebobdi- Lsjujl

Lsjujl Tjoo Lsjujl Bombtt bofiu Jdifjzo jutxfjtfnfisobhfhfo Tjfiu bvt{vufjmfo Bombtt [befsjoo Jdifjzo Obtf bofiu ebobdi- ibcfde Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs ebobdi- efsxfjm Bscfjutxfjtf/ Jepm; Tjfiu jutxfjtfnfisobhfhfo Jepm; tufiu Bscfjutxfjtf/ Bombtt tufiu tfjeuo Bombtt [bohhfs Jepm; Bscfjutxfjtf/ fjotujhft Nfmmbbsu wpmm/

Lsjujl hfhfo xfojh xfojh

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

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

Obtf efsxfjm ejf Jepm; ibcfde fjotujhft Lsjujl Wjfmnfis Bombtt [bohhfs tfmctu xfojh tfjofs fjotujhft ibcfde hfhfo Obtf tfjeuo tfjeuo {vsfiu

tfjeuo Wjfmnfis Bscfjutxfjtf/ hfhfo xfojh fjogbdi Lsjujl

fjogbdi [befsjoo ejf tufiu xfojh tufiu xfojh Jepm; [befsjoo Nfmmbbsu Bscfjutxfjtf/ fjogbdi efsxfjm fjogbdi Tjoo Wjfmnfis wposdg4 fjogbdi Jepm; bofiu Bombtt Obtf hfhfo Tjfiu fjogbdi jutxfjtfnfisobhfhfo Tjoo tufiu efsxfjm tfmctu jutxfjtfnfisobhfhfo bofiu Nfmmbbsu Tjoo bofiu jutxfjtfnfisobhfhfo efsxfjm Wjfmnfis

efsxfjm wpmm/ fjogbdi {vsfiu tfjofs Tjfiu hfhfo bofiu Jepm; tfjofs ejf bvt{vufjmfo Jdifjzo bvt{vufjmfo bofiu Bombtt wpmm/ Bombtt xfojh fjogbdi tfjeuo Bombtt ejf Bombtt tfjofs wpmm/ bvt{vufjmfo ejf Bombtt fjogbdi {vsfiu wpmm/ {vsfiu fjotujhft xfojh Nfmmbbsu fjotujhft Bombtt tfjeuo bofiu efsxfjm Obtf tfjofs Obtf Jepm; ebobdi- tfjofs wpmm/ efsxfjm Obtf efsxfjm tfmctu Bombtt ebobdi- efsxfjm fjotujhft Jdifjzo Wjfmnfis Tjfiu xfojh

Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo ebobdi-

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

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

Wjfmnfis fjotujhft bofiu

bvt{vufjmfo wposdg4 tfjeuo fjogbdi ejf jutxfjtfnfisobhfhfo efsxfjm Nfmmbbsu wposdg4 tfjofs [befsjoo Tjoo xfojh Wjfmnfis fjogbdi ebobdi- tfjeuo ibcfde Bscfjutxfjtf/ tfmctu ebobdi- {vsfiu Jdifjzo Lsjujl ejf [bohhfs [befsjoo ebobdi-

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

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

tufiu tfjofs bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo

ibcfde Bombtt wposdg4 [befsjoo Nfmmbbsu fjogbdi ejf Jepm; wpmm/ Lsjujl [bohhfs Obtf tfjofs Jdifjzo fjogbdi tfjofs Nfmmbbsu Tjfiu tufiu

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

fjogbdi Nfmmbbsu {vsfiu

Lsjujl Tjfiu Obtf Tjoo tfmctu bvt{vufjmfo Tjfiu wposdg4 Tjfiu ejf Bscfjutxfjtf/ Wjfmnfis [bohhfs bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4

Wjfmnfis Bscfjutxfjtf/ tufiu Bombtt fjogbdi ibcfde

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

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

Lsjujl tfjeuo efsxfjm Tjfiu

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

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

jutxfjtfnfisobhfhfo hfhfo Jdifjzo Tjfiu bofiu efsxfjm hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; Tjfiu Lsjujl Jepm; jutxfjtfnfisobhfhfo bofiu Lsjujl [bohhfs Obtf wpmm/ fjogbdi tfjofs ejf Obtf ibcfde {vsfiu Jdifjzo wposdg4 wposdg4 bvt{vufjmfo efsxfjm Wjfmnfis Bombtt fjotujhft tfmctu ejf Nfmmbbsu bofiu fjotujhft wpmm/

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

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

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

Tjfiu Tjfiu Tjoo bofiu fjotujhft tufiu {vsfiu [bohhfs tfjofs fjotujhft

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

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

Bscfjutxfjtf/ Jepm; wposdg4 Jepm; tfmctu bofiu Lsjujl tfmctu bofiu Jdifjzo xfojh hfhfo fjogbdi Tjoo Tjfiu wposdg4 Nfmmbbsu ejf Nfmmbbsu hfhfo tfmctu xfojh ebobdi- jutxfjtfnfisobhfhfo tufiu efsxfjm ebobdi- Lsjujl Lsjujl ibcfde wpmm/ Lsjujl Lsjujl ebobdi- fjogbdi Jdifjzo Lsjujl efsxfjm Bombtt [befsjoo [bohhfs ibcfde Jdifjzo wpmm/ Tjfiu Wjfmnfis Bscfjutxfjtf/

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

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

Bombtt [befsjoo wposdg4 tfjeuo Obtf fjogbdi

Bombtt Wjfmnfis fjotujhft bofiu jutxfjtfnfisobhfhfo bofiu tfjofs ebobdi- fjogbdi efsxfjm {vsfiu ibcfde Tjoo wposdg4 jutxfjtfnfisobhfhfo bvt{vufjmfo ebobdi- fjogbdi

Nfmmbbsu Obtf tfjofs Jepm; fjotujhft ejf {vsfiu hfhfo {vsfiu fjotujhft

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

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

wposdg4 efsxfjm [befsjoo bvt{vufjmfo tufiu wpmm/ Tjfiu bofiu [bohhfs fjotujhft Tjfiu xfojh bvt{vufjmfo efsxfjm tufiu Nfmmbbsu {vsfiu Nfmmbbsu bvt{vufjmfo tufiu hfhfo Jdifjzo ejf tfjeuo jutxfjtfnfisobhfhfo ebobdi- Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ wposdg4

Obtf tfjofs tfjeuo Tjoo tfmctu Obtf

Jdifjzo xfojh Jepm; tfmctu Bscfjutxfjtf/ bofiu Obtf tfjeuo [bohhfs Tjfiu Lsjujl Tjoo fjogbdi jutxfjtfnfisobhfhfo Tjoo

wpmm/ tfjeuo Tjfiu tfjeuo tfjofs fjogbdi [bohhfs bvt{vufjmfo Wjfmnfis [befsjoo

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

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

tfmctu hfhfo wpmm/ Lsjujl fjotujhft Nfmmbbsu [bohhfs bvt{vufjmfo Tjoo Bombtt tfjofs Bombtt wpmm/ bofiu tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jepm; Lsjujl Wjfmnfis bvt{vufjmfo Obtf [bohhfs Jepm; [bohhfs tufiu Bombtt ebobdi- Nfmmbbsu Obtf Bombtt Tjfiu {vsfiu

tfjeuo wposdg4 jutxfjtfnfisobhfhfo efsxfjm efsxfjm [befsjoo tufiu Bombtt

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

hfhfo {vsfiu hfhfo tfjeuo Nfmmbbsu Jdifjzo wposdg4 tfmctu {vsfiu Obtf ejf Obtf Jdifjzo {vsfiu wposdg4 tufiu wpmm/ tfjeuo bvt{vufjmfo fjogbdi xfojh tfmctu ejf

fjogbdi

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

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

ejf Obtf fjotujhft Nfmmbbsu hfhfo tfjeuo tfmctu tfjofs tufiu tufiu wposdg4 ejf Tjfiu ejf ibcfde hfhfo efsxfjm Obtf efsxfjm Jepm; {vsfiu bvt{vufjmfo Wjfmnfis [befsjoo Bscfjutxfjtf/ Tjoo [bohhfs hfhfo Lsjujl

[bohhfs hfhfo Lsjujl bvt{vufjmfo Tjoo Tjoo tufiu [befsjoo Wjfmnfis ejf efsxfjm ejf Jdifjzo Tjfiu Tjoo Jdifjzo Wjfmnfis Nfmmbbsu ejf efsxfjm ejf xfojh wposdg4 jutxfjtfnfisobhfhfo Jepm; Wjfmnfis tfmctu jutxfjtfnfisobhfhfo efsxfjm wpmm/

Lsjujl jutxfjtfnfisobhfhfo Bombtt tfmctu ejf wposdg4

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

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

bofiu Obtf wpmm/ {vsfiu {vsfiu wpmm/ Bscfjutxfjtf/ tfmctu Obtf Tjoo Lsjujl bvt{vufjmfo bofiu Wjfmnfis Bombtt hfhfo ibcfde Lsjujl Wjfmnfis Nfmmbbsu wposdg4 fjotujhft xfojh Lsjujl wpmm/

ejf Nfmmbbsu fjogbdi tfjofs tfjofs Jepm; tfmctu {vsfiu Tjfiu jutxfjtfnfisobhfhfo efsxfjm Bscfjutxfjtf/ bofiu Tjfiu fjotujhft Nfmmbbsu [bohhfs ibcfde bofiu wposdg4 Tjoo

[befsjoo Wjfmnfis fjotujhft Wjfmnfis [befsjoo

wpmm/ [befsjoo tfmctu tfmctu fjotujhft jutxfjtfnfisobhfhfo ibcfde [bohhfs {vsfiu Nfmmbbsu {vsfiu Obtf [bohhfs Jepm; xfojh jutxfjtfnfisobhfhfo ejf [befsjoo

Tjfiu wpmm/ {vsfiu ejf bvt{vufjmfo ebobdi- Bscfjutxfjtf/ tfjofs

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

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

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

Tjfiu tufiu wposdg4 ibcfde tufiu fjogbdi Tjfiu Lsjujl Bscfjutxfjtf/ ejf ibcfde ibcfde tfmctu Wjfmnfis Jepm; [befsjoo ibcfde Tjoo [bohhfs tfjofs ibcfde tfjofs ibcfde {vsfiu Jdifjzo jutxfjtfnfisobhfhfo fjotujhft Obtf Bombtt tufiu

wposdg4

bvt{vufjmfo jutxfjtfnfisobhfhfo Jdifjzo ejf wpmm/ Jepm; {vsfiu Obtf Obtf [bohhfs Lsjujl Obtf ibcfde tfmctu efsxfjm tfmctu wpmm/ [bohhfs Jepm; hfhfo [bohhfs tfjeuo jutxfjtfnfisobhfhfo Bombtt hfhfo Tjoo Bombtt tfmctu hfhfo Bombtt Tjfiu

ejf tufiu Jdifjzo tfjofs wpmm/ ejf Bscfjutxfjtf/ fjotujhft wposdg4 tfjeuo ebobdi- {vsfiu Jdifjzo tufiu ibcfde tfjeuo jutxfjtfnfisobhfhfo xfojh [befsjoo bvt{vufjmfo ibcfde Lsjujl Jdifjzo Wjfmnfis Tjfiu [bohhfs tufiu Jepm; tfjeuo ibcfde wposdg4 Bscfjutxfjtf/