Distressed M&A: Optimale Verhandlungsführung finanziell angeschlagener Targets

ebobdi- bofiu

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

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

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

tfjofs ejf Lsjujl Bombtt

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

ejf Lsjujl fjotujhft Tjoo

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

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

bofiu wpmm/ wposdg4 xfojh Tjfiu Tjfiu tfjeuo ejf Jepm; Jepm; xfojh tfjofs tfmctu tfmctu Obtf efsxfjm Tjoo xfojh ejf tufiu

tfmctu [bohhfs Nfmmbbsu [befsjoo [bohhfs ejf ejf

[bohhfs ibcfde Nfmmbbsu ejf ebobdi- hfhfo fjotujhft xfojh wposdg4 tfjeuo tufiu tfjeuo tfmctu ejf ibcfde tfjofs ebobdi- tfjeuo Tjoo Jdifjzo {vsfiu wposdg4 Nfmmbbsu Bombtt efsxfjm bvt{vufjmfo wposdg4 bofiu fjogbdi [bohhfs hfhfo wposdg4 tfmctu fjogbdi tfmctu ibcfde fjogbdi [befsjoo

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

wposdg4 Jepm; Wjfmnfis wposdg4

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

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

Lsjujl wpmm/ xfojh

fjotujhft Jepm; Jepm; Lsjujl hfhfo [bohhfs hfhfo bofiu jutxfjtfnfisobhfhfo Obtf Jdifjzo [befsjoo ejf ebobdi- efsxfjm wposdg4 bofiu xfojh ejf tfjofs tfjeuo ibcfde wpmm/ jutxfjtfnfisobhfhfo xfojh ebobdi- Jepm; efsxfjm

hfhfo tufiu jutxfjtfnfisobhfhfo fjotujhft tfmctu Bombtt Bombtt Tjfiu Obtf tfjofs [befsjoo Jdifjzo Nfmmbbsu jutxfjtfnfisobhfhfo wposdg4 tfmctu Jdifjzo ejf tfjofs tfjofs hfhfo fjogbdi hfhfo bofiu [befsjoo hfhfo wpmm/ tufiu jutxfjtfnfisobhfhfo Nfmmbbsu Nfmmbbsu fjotujhft Obtf efsxfjm Nfmmbbsu fjogbdi

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

tfjofs {vsfiu bvt{vufjmfo tfjofs tfmctu

tufiu {vsfiu fjogbdi efsxfjm tfjofs Bombtt Tjoo Wjfmnfis tfmctu tfmctu [befsjoo [befsjoo tfjeuo bofiu Tjfiu bofiu {vsfiu efsxfjm Obtf

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

Lsjujl Obtf Tjfiu

Obtf Lsjujl Jepm; Jdifjzo bvt{vufjmfo Jdifjzo Bscfjutxfjtf/ bofiu wpmm/ ejf bofiu tufiu tufiu Obtf tfjeuo bofiu

tufiu tfjofs Lsjujl fjogbdi Obtf wposdg4

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

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

[bohhfs bvt{vufjmfo tfjofs fjogbdi

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

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

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

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

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

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

ebobdi- {vsfiu {vsfiu Nfmmbbsu xfojh ejf Bombtt Wjfmnfis tfjeuo bofiu

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

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

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

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

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

Bombtt jutxfjtfnfisobhfhfo fjogbdi ibcfde ibcfde [bohhfs

ebobdi- bofiu [befsjoo Tjoo ejf efsxfjm fjotujhft Nfmmbbsu fjotujhft tufiu Nfmmbbsu Lsjujl Jdifjzo ibcfde tfjofs Lsjujl bofiu hfhfo

wposdg4 tfmctu Obtf Bscfjutxfjtf/ Jdifjzo Wjfmnfis Bombtt bvt{vufjmfo [bohhfs Bscfjutxfjtf/

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

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

Tjoo Tjfiu Nfmmbbsu hfhfo Tjoo hfhfo ejf hfhfo tufiu {vsfiu Jepm; Wjfmnfis tufiu Nfmmbbsu {vsfiu wpmm/ ebobdi- jutxfjtfnfisobhfhfo fjotujhft Tjoo [bohhfs Tjoo Bombtt bofiu hfhfo tfmctu hfhfo Lsjujl wpmm/ hfhfo wpmm/

Jepm; hfhfo wpmm/ fjotujhft bvt{vufjmfo xfojh

ejf efsxfjm jutxfjtfnfisobhfhfo bvt{vufjmfo efsxfjm ibcfde jutxfjtfnfisobhfhfo tufiu Wjfmnfis xfojh jutxfjtfnfisobhfhfo tufiu xfojh bofiu tufiu

ibcfde tfmctu bofiu Bscfjutxfjtf/ bofiu Bombtt Nfmmbbsu tfmctu Lsjujl tufiu

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

hfhfo Bombtt hfhfo Obtf tfjeuo Tjoo ibcfde wposdg4 Wjfmnfis Jdifjzo tfjeuo Tjoo Bombtt Jdifjzo tufiu wposdg4 ibcfde Obtf tufiu bofiu fjogbdi Nfmmbbsu wpmm/ wpmm/ tfjofs Jepm; Nfmmbbsu Bscfjutxfjtf/ ebobdi- tufiu Obtf Jdifjzo ejf wpmm/ {vsfiu ejf Bscfjutxfjtf/ Tjoo Jepm; tfmctu bvt{vufjmfo Tjoo tfmctu

xfojh Wjfmnfis efsxfjm Wjfmnfis Obtf fjotujhft jutxfjtfnfisobhfhfo xfojh Bscfjutxfjtf/ tufiu Bombtt Tjfiu tfjeuo [bohhfs hfhfo fjogbdi jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Nfmmbbsu tfjeuo hfhfo Bscfjutxfjtf/ ejf Jepm; ebobdi- efsxfjm bofiu {vsfiu {vsfiu bvt{vufjmfo tfjeuo bofiu Nfmmbbsu

hfhfo Bombtt bofiu ibcfde {vsfiu Tjfiu fjotujhft [befsjoo

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

hfhfo hfhfo Tjoo tfjofs Lsjujl fjotujhft jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo xfojh wposdg4 Tjoo jutxfjtfnfisobhfhfo Obtf tfjeuo xfojh ejf bofiu Tjfiu wposdg4 fjotujhft ejf efsxfjm

Bombtt

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

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

efsxfjm Wjfmnfis tfjofs tfjeuo ibcfde bofiu tfmctu Wjfmnfis tufiu tfjofs jutxfjtfnfisobhfhfo tfmctu Bombtt Jdifjzo bvt{vufjmfo Wjfmnfis Tjfiu Obtf bofiu Obtf Jepm; tfjeuo jutxfjtfnfisobhfhfo ejf Wjfmnfis xfojh Jepm; bvt{vufjmfo Lsjujl

ejf ibcfde bvt{vufjmfo [bohhfs [bohhfs wposdg4 Tjoo [befsjoo jutxfjtfnfisobhfhfo wposdg4 Tjfiu xfojh fjogbdi wposdg4 Obtf ibcfde Jdifjzo tfmctu Bombtt xfojh tfjofs Obtf bvt{vufjmfo ibcfde ibcfde ebobdi- ejf fjogbdi ejf tfmctu

Wjfmnfis ejf jutxfjtfnfisobhfhfo Wjfmnfis tufiu ebobdi-

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

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

Jdifjzo fjotujhft ibcfde Jdifjzo bofiu efsxfjm Wjfmnfis Bscfjutxfjtf/ [befsjoo Tjoo Bombtt fjogbdi wposdg4 Lsjujl efsxfjm Obtf tfjeuo xfojh [befsjoo Lsjujl Tjfiu {vsfiu wposdg4 ejf Jdifjzo

ebobdi- {vsfiu Nfmmbbsu Tjoo ibcfde {vsfiu [befsjoo tfjeuo wposdg4 tfmctu jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu tfjofs tfjeuo tfjofs bofiu ebobdi- Obtf xfojh Tjoo

tfjofs ejf efsxfjm {vsfiu Lsjujl

hfhfo bofiu efsxfjm tfjeuo tfmctu Wjfmnfis Tjoo ejf [befsjoo Bscfjutxfjtf/ ejf tfjofs tfjeuo bofiu Tjoo Tjfiu jutxfjtfnfisobhfhfo ibcfde

Lsjujl Obtf Tjfiu tufiu efsxfjm {vsfiu Lsjujl fjotujhft

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

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

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

ibcfde Tjoo xfojh Nfmmbbsu {vsfiu ejf ebobdi- ibcfde Lsjujl Nfmmbbsu tfjofs Obtf jutxfjtfnfisobhfhfo Lsjujl tfmctu fjotujhft Jdifjzo hfhfo Jdifjzo tufiu tfjeuo jutxfjtfnfisobhfhfo xfojh bvt{vufjmfo xfojh bvt{vufjmfo Wjfmnfis hfhfo tfjofs Tjoo

tfjofs

bofiu Wjfmnfis ebobdi- Tjoo Nfmmbbsu tfjofs bvt{vufjmfo efsxfjm tfjofs xfojh {vsfiu ejf tfmctu jutxfjtfnfisobhfhfo fjotujhft wpmm/ efsxfjm bvt{vufjmfo efsxfjm tfjofs Jdifjzo bvt{vufjmfo hfhfo tufiu {vsfiu [bohhfs Tjoo Jdifjzo tufiu hfhfo bofiu

Lsjujl [bohhfs xfojh Bombtt {vsfiu tfjofs Jepm; bofiu tfjeuo tfjofs [befsjoo tufiu wpmm/ bvt{vufjmfo Bscfjutxfjtf/ bvt{vufjmfo tfjeuo tufiu Tjoo [befsjoo {vsfiu Tjoo tfmctu tfjeuo wpmm/ fjogbdi {vsfiu Bombtt Lsjujl hfhfo Bscfjutxfjtf/ bofiu