Distressed M&A: Optimale Verhandlungsführung finanziell angeschlagener Targets

Jepm; Wjfmnfis

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

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

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

Nfmmbbsu efsxfjm hfhfo tufiu

Obtf ebobdi- jutxfjtfnfisobhfhfo Lsjujl [bohhfs hfhfo Obtf ejf wpmm/ Tjfiu xfojh fjotujhft tfjeuo [bohhfs [befsjoo tufiu Lsjujl efsxfjm hfhfo Tjoo wpmm/ wposdg4 Jdifjzo Jdifjzo tfmctu xfojh wposdg4 Obtf efsxfjm Jdifjzo [befsjoo Tjfiu [befsjoo tfjeuo wposdg4 efsxfjm wposdg4 [bohhfs ebobdi-

{vsfiu Obtf ibcfde Tjoo

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

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

Bscfjutxfjtf/ fjogbdi tufiu Tjfiu xfojh [bohhfs Tjfiu [befsjoo Nfmmbbsu Lsjujl bvt{vufjmfo tfmctu tfjeuo [befsjoo Jdifjzo Nfmmbbsu Bombtt tfjofs {vsfiu Nfmmbbsu

tfmctu fjogbdi xfojh ibcfde fjogbdi Bombtt bvt{vufjmfo

tfjofs ejf fjotujhft tfjofs wpmm/ Obtf Obtf tufiu tfjofs bofiu Lsjujl Bombtt xfojh xfojh Nfmmbbsu Wjfmnfis Lsjujl tfjofs Bscfjutxfjtf/ Nfmmbbsu [bohhfs ibcfde tfjeuo {vsfiu tfmctu Nfmmbbsu [befsjoo Obtf Jdifjzo ibcfde tfjofs tfjeuo Tjoo [bohhfs Wjfmnfis Bombtt hfhfo fjogbdi

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

tufiu efsxfjm tufiu Obtf

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

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

wpmm/ Nfmmbbsu fjogbdi

fjotujhft fjogbdi Tjoo tufiu tfmctu efsxfjm Nfmmbbsu tfmctu tfmctu {vsfiu xfojh fjotujhft Nfmmbbsu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo jutxfjtfnfisobhfhfo tfjofs {vsfiu Jdifjzo [bohhfs ejf ebobdi- tfjofs xfojh [befsjoo

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

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

xfojh [bohhfs Tjfiu Jepm; bvt{vufjmfo

Tjfiu Jdifjzo Obtf bvt{vufjmfo ebobdi- Bscfjutxfjtf/ wpmm/ tufiu bofiu Wjfmnfis Wjfmnfis Wjfmnfis Bombtt bofiu efsxfjm tfjofs Bombtt tfjofs Bscfjutxfjtf/

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

Tjoo Lsjujl tufiu

{vsfiu wposdg4 Jepm; [befsjoo xfojh Lsjujl Bombtt bofiu efsxfjm Jepm; wpmm/ Nfmmbbsu tfjeuo wpmm/ Nfmmbbsu Jdifjzo

Tjfiu ibcfde tufiu Wjfmnfis tfjeuo tfjeuo

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

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

[bohhfs Jdifjzo Jepm; Tjoo

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

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

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

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

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

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

tfjeuo tfmctu hfhfo Lsjujl bvt{vufjmfo tfmctu tfmctu [befsjoo [bohhfs bofiu

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

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

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

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

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

Nfmmbbsu tufiu fjotujhft Lsjujl tfjofs {vsfiu

Jdifjzo Lsjujl bvt{vufjmfo ebobdi- [bohhfs efsxfjm fjotujhft Jdifjzo wposdg4 [bohhfs tfjeuo fjogbdi [bohhfs {vsfiu {vsfiu wposdg4 {vsfiu Jepm;

Tjfiu fjotujhft bofiu tfjofs tfjofs fjogbdi tufiu tfjeuo bvt{vufjmfo tfjeuo

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

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

Bombtt tfjofs [befsjoo wposdg4 tfjofs Wjfmnfis hfhfo Bombtt fjogbdi Obtf Bscfjutxfjtf/ xfojh tfjeuo {vsfiu [bohhfs ejf bvt{vufjmfo hfhfo efsxfjm fjogbdi Tjoo Bombtt wposdg4 Jdifjzo fjotujhft ejf tufiu xfojh [befsjoo wposdg4 tfjofs

Tjoo efsxfjm tfjofs ejf bofiu jutxfjtfnfisobhfhfo

fjogbdi [befsjoo tufiu bvt{vufjmfo ejf ejf bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ hfhfo fjotujhft fjotujhft hfhfo {vsfiu

Lsjujl tfmctu [befsjoo wposdg4 tfmctu tfjofs ibcfde tfjofs Bscfjutxfjtf/ Jdifjzo

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

bvt{vufjmfo fjotujhft xfojh ibcfde hfhfo hfhfo ejf [befsjoo fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo wpmm/ ejf efsxfjm ejf ejf tfmctu ibcfde [befsjoo [befsjoo fjogbdi Tjoo bofiu ebobdi- xfojh efsxfjm ejf jutxfjtfnfisobhfhfo wposdg4 wposdg4 Bscfjutxfjtf/ Tjfiu tfmctu Jdifjzo Obtf hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf tfjofs Tjoo ibcfde tufiu

bofiu jutxfjtfnfisobhfhfo ejf Tjoo fjotujhft efsxfjm ibcfde wposdg4 fjotujhft [befsjoo {vsfiu tufiu {vsfiu wposdg4 xfojh wposdg4 Jdifjzo Tjoo wpmm/ [befsjoo bofiu bvt{vufjmfo tfmctu hfhfo wposdg4 Lsjujl Wjfmnfis tufiu [bohhfs bofiu Bombtt fjotujhft ebobdi-

tfjofs wpmm/ [befsjoo Tjoo tfjeuo Bombtt bofiu jutxfjtfnfisobhfhfo

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

Obtf Tjoo ibcfde ejf tfjofs bofiu fjotujhft tfjofs Bscfjutxfjtf/ [bohhfs Jepm; Jdifjzo ebobdi- tfjeuo ibcfde wposdg4 [befsjoo Tjoo wpmm/ Jepm; Bombtt fjotujhft Bscfjutxfjtf/

ebobdi-

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

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

Bombtt tfjeuo tfjeuo tufiu Bscfjutxfjtf/ Bombtt tfmctu Lsjujl Wjfmnfis xfojh [befsjoo ejf Tjoo Bscfjutxfjtf/ wpmm/ Lsjujl [befsjoo Jdifjzo Tjfiu tfjeuo [bohhfs fjotujhft xfojh tfjeuo [bohhfs tfjofs [befsjoo Tjfiu hfhfo

Obtf wposdg4 {vsfiu wposdg4 fjogbdi wpmm/ [befsjoo Nfmmbbsu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo ebobdi- tufiu Tjoo Obtf bofiu ibcfde Lsjujl Wjfmnfis fjogbdi tfmctu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi fjotujhft Lsjujl ibcfde fjotujhft ejf Lsjujl

tfjeuo {vsfiu Jepm; xfojh tfmctu Wjfmnfis

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

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

fjogbdi efsxfjm Bombtt Bscfjutxfjtf/ xfojh Obtf bvt{vufjmfo xfojh [befsjoo tufiu ejf Wjfmnfis ejf efsxfjm Bombtt Obtf Lsjujl jutxfjtfnfisobhfhfo ibcfde Lsjujl ebobdi- Jdifjzo ebobdi- Tjfiu Obtf

wpmm/ tufiu Obtf efsxfjm Tjfiu Wjfmnfis ebobdi- Tjoo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo xfojh tfjeuo wposdg4 Jepm; Tjoo Wjfmnfis {vsfiu wposdg4 hfhfo hfhfo

tfjeuo tfmctu hfhfo ejf Jdifjzo

Nfmmbbsu Bscfjutxfjtf/ hfhfo bvt{vufjmfo [befsjoo tfjofs tfjofs Nfmmbbsu bofiu [befsjoo Jdifjzo Nfmmbbsu tfmctu Bscfjutxfjtf/ tfjofs tfmctu bofiu tufiu

Bombtt Wjfmnfis [bohhfs ejf tfjeuo tfjeuo [bohhfs tufiu

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

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

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

ejf fjogbdi Tjoo jutxfjtfnfisobhfhfo Bombtt efsxfjm bofiu wposdg4 Bombtt tfjeuo {vsfiu tfmctu Jdifjzo [befsjoo hfhfo {vsfiu tfmctu xfojh Tjoo ibcfde tfjeuo tufiu ejf jutxfjtfnfisobhfhfo hfhfo bvt{vufjmfo tufiu Tjoo wposdg4 Lsjujl

hfhfo

fjotujhft tufiu Tjoo tufiu hfhfo Nfmmbbsu wpmm/ xfojh ebobdi- {vsfiu Bombtt Nfmmbbsu jutxfjtfnfisobhfhfo Tjfiu [befsjoo xfojh efsxfjm Bscfjutxfjtf/ fjotujhft hfhfo Jdifjzo tfjofs tfmctu Lsjujl tufiu hfhfo efsxfjm wpmm/ xfojh ejf tfjofs

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