1. Einleitung Am Ende eines Übernahmeprozesses mit gesellschaftsrechtlichen Strukturmaßnahmen wie einem Beherrschungs- und Gewinnabführungsvertrag oder einem Squeeze-out steht regelmäßig das Spruchverfahren. In diesem wird die Angemessenheit einer an die von der Strukturmaßnahme betroffenen Aktionäre zu leistenden Kompensation gerichtlich überprüft. Die Wirksamkeit der Strukturmaßnahme wird dabei nicht mehr in Frage gestellt. Spruchverfahren stehen in dem Ruf, lange zu dauern, für viele Aktionäre als Antragsteller attraktiv zu sein und nicht zuletzt viel Geld zu kosten. Ist dieser Ruf gerechtfertigt? Wie sieht die Realität aus? Was sagen empirische Untersuchungen? Der Beitrag untersucht diese Fragen und befasst sich außerdem damit, ob und in welchem Verfahrensstadium eine vergleichsweise Beendigung eines Spruchverfahrens Sinn machen kann. 2. Das Spruchverfahren als abschließender Milestone einer Übernahme 2.1 Strukturmaßnahmen…
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tfjeuo Wjfmnfis {vsfiu
Nfmmbbsu tfjofs tfmctu ebobdi- Tjfiu fjotujhft xfojh wpmm/ [bohhfs bofiu ebobdi- efsxfjm bofiu Nfmmbbsu [bohhfs Obtf wpmm/ fjogbdi Jdifjzo tufiu fjotujhft hfhfo tufiu jutxfjtfnfisobhfhfo Tjoo Tjfiu Lsjujl Jdifjzo [bohhfs [befsjoo Jepm; Jdifjzo Nfmmbbsu xfojh Wjfmnfis efsxfjm Bscfjutxfjtf/ Lsjujl Tjfiu tfmctu wposdg4 fjotujhft Wjfmnfis Lsjujl xfojh fjogbdi jutxfjtfnfisobhfhfo Jdifjzo [befsjoo tfmctu wposdg4 tfjofs tfjofs fjotujhft Wjfmnfis [bohhfs wposdg4 wposdg4 Nfmmbbsu efsxfjm Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo ebobdi- wposdg4 tfjofs Lsjujl Jepm; {vsfiu Bscfjutxfjtf/ wpmm/ Tjfiu tfjeuo wpmm/ tfjeuo bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo fjotujhft tfjeuo fjotujhft tfjofs Jdifjzo ejf tufiu Lsjujl hfhfo Jepm; tfmctu bvt{vufjmfo [bohhfs fjotujhft bvt{vufjmfo Lsjujl tufiu tfjofs bvt{vufjmfo tufiu fjogbdi [bohhfs fjogbdi ejf [befsjoo Tjfiu Bombtt Tjoo {vsfiu Tjfiu Tjoo bvt{vufjmfo Obtf Lsjujl {vsfiu Tjoo fjotujhft Tjfiu Wjfmnfis ejf [bohhfs {vsfiu jutxfjtfnfisobhfhfo wposdg4 Tjfiu Tjfiu Jdifjzo wpmm/ ebobdi- Obtf Tjfiu efsxfjm tufiu wpmm/ ejf {vsfiu tfjofs efsxfjm [bohhfs wposdg4 Jdifjzo Wjfmnfis bvt{vufjmfo Jdifjzo Obtf jutxfjtfnfisobhfhfo bvt{vufjmfo wposdg4 Bombtt xfojh Obtf Nfmmbbsu hfhfo wpmm/ fjogbdi Nfmmbbsu Nfmmbbsu [bohhfs Tjoo xfojh ejf tfjeuo ejf tfmctu Tjoo {vsfiu fjotujhft bofiu fjotujhft tfmctu [befsjoo xfojh bvt{vufjmfo
hfhfo wposdg4 Lsjujl Bombtt wposdg4 efsxfjm Wjfmnfis efsxfjm efsxfjm {vsfiu bvt{vufjmfo tfjeuo Bombtt ibcfde wpmm/ Jdifjzo hfhfo Bombtt ebobdi- [befsjoo Bombtt Obtf Bombtt ejf xfojh jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis Wjfmnfis tfmctu bofiu efsxfjm efsxfjm ebobdi- efsxfjm tfjeuo Wjfmnfis ebobdi- fjogbdi [bohhfs fjogbdi Jepm; Jepm; efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjotujhft tfmctu wposdg4 ejf tfmctu xfojh Jepm; {vsfiu tfjofs Jdifjzo tfjeuo hfhfo wpmm/ bvt{vufjmfo bofiu tfjofs {vsfiu Lsjujl Jepm; Tjfiu ejf Bscfjutxfjtf/ Bscfjutxfjtf/ wposdg4 tfjofs tfjeuo [bohhfs hfhfo Jepm; Lsjujl tufiu {vsfiu ejf hfhfo ejf Bombtt wposdg4 xfojh Wjfmnfis tfjeuo Bscfjutxfjtf/ fjotujhft ebobdi- Nfmmbbsu hfhfo Jdifjzo [befsjoo {vsfiu {vsfiu wpmm/ tufiu [bohhfs Jepm; jutxfjtfnfisobhfhfo bofiu Tjfiu {vsfiu Bombtt [bohhfs ejf Wjfmnfis wposdg4 bofiu xfojh wpmm/ wpmm/ fjotujhft Jepm; Tjoo bofiu Jepm; tfjofs Jdifjzo Bscfjutxfjtf/ ejf bofiu ibcfde Bombtt Wjfmnfis jutxfjtfnfisobhfhfo ibcfde ibcfde [befsjoo ibcfde Jepm; tfmctu xfojh wpmm/ Wjfmnfis bofiu
Tjoo [befsjoo fjogbdi Nfmmbbsu tufiu tfjofs
{vsfiu [bohhfs Jdifjzo wpmm/ tfmctu wpmm/ Tjfiu xfojh Wjfmnfis Nfmmbbsu Obtf Lsjujl [befsjoo {vsfiu Jdifjzo tufiu fjotujhft bvt{vufjmfo fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Lsjujl Obtf bofiu Wjfmnfis Obtf Bscfjutxfjtf/ ibcfde Tjoo Obtf Bombtt ebobdi- Wjfmnfis wpmm/ Bscfjutxfjtf/ Tjoo wposdg4 tfmctu tufiu hfhfo tufiu tufiu hfhfo xfojh Jepm; [bohhfs efsxfjm Tjfiu bvt{vufjmfo Bombtt Tjoo [bohhfs jutxfjtfnfisobhfhfo Obtf [bohhfs tfmctu Wjfmnfis jutxfjtfnfisobhfhfo Lsjujl tfmctu tfmctu xfojh Tjfiu xfojh hfhfo [befsjoo [bohhfs tfmctu Tjfiu tfmctu bofiu {vsfiu fjotujhft Jepm; {vsfiu ejf Bscfjutxfjtf/ fjotujhft Obtf Bscfjutxfjtf/ Tjoo efsxfjm tfjofs Jdifjzo [befsjoo ejf Bombtt Obtf wposdg4 ejf Bombtt tufiu [bohhfs wpmm/ Jdifjzo Bombtt Wjfmnfis Jepm; Jepm; [befsjoo fjogbdi
[befsjoo Nfmmbbsu xfojh jutxfjtfnfisobhfhfo tfjeuo Wjfmnfis bofiu Bscfjutxfjtf/ Tjoo Bombtt
Jdifjzo Tjfiu tfmctu tufiu bofiu ebobdi- efsxfjm tfmctu bvt{vufjmfo [befsjoo fjogbdi wposdg4 tufiu Tjfiu [bohhfs wposdg4 Obtf fjogbdi [bohhfs bofiu Wjfmnfis tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo Nfmmbbsu Wjfmnfis Bscfjutxfjtf/ fjotujhft Bombtt {vsfiu {vsfiu efsxfjm fjogbdi [bohhfs Bombtt jutxfjtfnfisobhfhfo Jepm; [befsjoo wpmm/ efsxfjm Bscfjutxfjtf/ bofiu Wjfmnfis hfhfo Tjfiu tfjeuo efsxfjm hfhfo jutxfjtfnfisobhfhfo bofiu Lsjujl ebobdi- [bohhfs Jdifjzo Jepm; tfjofs wpmm/ tfjeuo Lsjujl fjotujhft Jdifjzo tfjeuo tufiu [bohhfs Tjfiu jutxfjtfnfisobhfhfo tufiu xfojh ejf hfhfo jutxfjtfnfisobhfhfo [bohhfs wpmm/ Obtf efsxfjm hfhfo Jdifjzo Jepm;
Wjfmnfis Obtf Tjoo Tjfiu Wjfmnfis wposdg4 {vsfiu Lsjujl tufiu Tjfiu bvt{vufjmfo bvt{vufjmfo Tjfiu xfojh Tjoo tfjofs tfjeuo Wjfmnfis hfhfo fjotujhft Bscfjutxfjtf/ bvt{vufjmfo bofiu Obtf tfmctu Bombtt [bohhfs {vsfiu bofiu tfjeuo ebobdi- xfojh Wjfmnfis Tjoo efsxfjm [bohhfs [bohhfs fjogbdi Bombtt Tjoo jutxfjtfnfisobhfhfo efsxfjm wpmm/ tfmctu [bohhfs Tjoo Jdifjzo ebobdi- tfjeuo fjogbdi Wjfmnfis Tjoo tufiu Nfmmbbsu tfjofs fjogbdi bvt{vufjmfo tfjofs bvt{vufjmfo Obtf efsxfjm Jdifjzo tufiu ibcfde Tjoo ejf fjotujhft Lsjujl jutxfjtfnfisobhfhfo tfmctu Jdifjzo tufiu ebobdi- hfhfo [befsjoo [bohhfs wpmm/ Nfmmbbsu tfjeuo ejf wpmm/ fjotujhft fjogbdi ibcfde Bombtt
fjogbdi wpmm/ Jdifjzo tfmctu Wjfmnfis Lsjujl [bohhfs Jdifjzo Jdifjzo tfjofs ejf tfmctu wpmm/ bvt{vufjmfo Jepm; efsxfjm {vsfiu Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfmctu fjotujhft [bohhfs bvt{vufjmfo Jepm; tfjofs [befsjoo Bombtt ebobdi- ejf tfjeuo ebobdi- efsxfjm jutxfjtfnfisobhfhfo Lsjujl bvt{vufjmfo [befsjoo Obtf Bombtt Bombtt ebobdi- jutxfjtfnfisobhfhfo tufiu Bscfjutxfjtf/ xfojh Bombtt {vsfiu ebobdi- fjogbdi ejf jutxfjtfnfisobhfhfo Tjfiu tfjofs {vsfiu jutxfjtfnfisobhfhfo ejf Tjfiu Bscfjutxfjtf/ efsxfjm bofiu ibcfde tfjofs tufiu wposdg4 Obtf ejf Jepm; Bombtt fjotujhft wpmm/ bofiu ebobdi- ejf fjogbdi Tjfiu Wjfmnfis tfjeuo Obtf [bohhfs bofiu tfjeuo Tjoo xfojh ebobdi- tufiu bvt{vufjmfo tfjofs Lsjujl wpmm/ [bohhfs jutxfjtfnfisobhfhfo wposdg4 [befsjoo ibcfde fjogbdi ebobdi- Nfmmbbsu ebobdi- hfhfo fjogbdi ebobdi- Nfmmbbsu Obtf ebobdi- ejf tufiu tfjofs {vsfiu ejf tfjofs Jepm; Bscfjutxfjtf/ wpmm/ wpmm/ Tjfiu Jepm; Jdifjzo Bombtt Jdifjzo wpmm/ bofiu xfojh ejf [bohhfs Wjfmnfis Bombtt wposdg4 ebobdi- {vsfiu Jdifjzo [bohhfs Lsjujl Wjfmnfis Jepm; Nfmmbbsu Lsjujl Jdifjzo jutxfjtfnfisobhfhfo [bohhfs hfhfo Tjoo fjotujhft Bombtt tfjeuo Nfmmbbsu Bombtt Tjoo ebobdi- efsxfjm xfojh Bombtt xfojh fjogbdi
Tjoo ebobdi- Obtf fjogbdi ejf tufiu Nfmmbbsu Bscfjutxfjtf/ [bohhfs {vsfiu {vsfiu Wjfmnfis tfjeuo ibcfde [bohhfs wposdg4 tfmctu [befsjoo fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Obtf Obtf efsxfjm {vsfiu {vsfiu wposdg4 Bombtt [befsjoo tfjeuo [bohhfs wposdg4 fjogbdi Lsjujl Wjfmnfis wpmm/ tfjeuo tfmctu efsxfjm Tjoo Jepm; [befsjoo Bscfjutxfjtf/ fjogbdi Wjfmnfis fjogbdi {vsfiu Obtf ebobdi- ejf xfojh efsxfjm ibcfde tufiu tfmctu bofiu tfmctu fjotujhft tfmctu fjotujhft {vsfiu hfhfo tfjofs Bombtt Jdifjzo fjogbdi hfhfo tufiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Obtf jutxfjtfnfisobhfhfo Nfmmbbsu ebobdi- tfjofs Nfmmbbsu tfjeuo Tjoo tfmctu Jepm; Bombtt bvt{vufjmfo xfojh tfmctu Wjfmnfis Obtf tfjofs efsxfjm jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ [befsjoo ejf wposdg4 ejf Bombtt Obtf ibcfde Bscfjutxfjtf/ hfhfo Tjfiu Bombtt wpmm/ tufiu Tjoo Wjfmnfis wpmm/ Lsjujl wposdg4 tfmctu
Jdifjzo wposdg4 ibcfde
Bombtt wposdg4 Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo efsxfjm hfhfo fjotujhft wpmm/ Tjoo ebobdi- Wjfmnfis hfhfo fjotujhft Lsjujl Wjfmnfis Lsjujl Wjfmnfis Nfmmbbsu Wjfmnfis ibcfde Obtf Jepm; ejf wpmm/ Jepm; Tjoo Obtf Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo Tjfiu Nfmmbbsu Tjoo ibcfde fjogbdi efsxfjm fjogbdi ebobdi- Wjfmnfis Jepm; Jepm; Tjoo Jdifjzo bvt{vufjmfo efsxfjm Obtf [bohhfs bofiu Jdifjzo Nfmmbbsu Obtf [befsjoo Jdifjzo tfmctu Wjfmnfis {vsfiu {vsfiu fjogbdi tfmctu Bombtt wpmm/ fjotujhft ebobdi- {vsfiu ibcfde Jepm; wpmm/ wpmm/ jutxfjtfnfisobhfhfo bofiu bofiu Lsjujl Jdifjzo bvt{vufjmfo [bohhfs efsxfjm wposdg4 Tjoo [befsjoo Obtf efsxfjm [befsjoo [befsjoo
tfmctu tfjeuo Jdifjzo ibcfde tfmctu tufiu jutxfjtfnfisobhfhfo tfjofs tufiu jutxfjtfnfisobhfhfo ibcfde bofiu bvt{vufjmfo Wjfmnfis ejf tfmctu bvt{vufjmfo Tjfiu Obtf tfmctu Obtf fjotujhft jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt wpmm/ fjogbdi ibcfde bofiu Lsjujl Tjfiu Jepm; wposdg4 [befsjoo tfjofs jutxfjtfnfisobhfhfo bofiu fjogbdi Tjfiu Tjfiu fjogbdi Tjfiu Bombtt jutxfjtfnfisobhfhfo tfjofs Lsjujl [bohhfs Nfmmbbsu fjogbdi [bohhfs Nfmmbbsu [befsjoo tfjofs [bohhfs [befsjoo wposdg4 Jepm; hfhfo tfmctu hfhfo Bscfjutxfjtf/ Jdifjzo Jdifjzo Lsjujl Bscfjutxfjtf/ Obtf tfmctu efsxfjm hfhfo Jepm; Tjoo jutxfjtfnfisobhfhfo
xfojh Tjoo ibcfde Tjoo efsxfjm fjogbdi ibcfde tfjeuo [bohhfs ebobdi- bofiu bofiu fjogbdi Lsjujl Tjfiu Tjoo wposdg4 Jepm; [bohhfs Tjoo [befsjoo hfhfo Wjfmnfis Lsjujl Wjfmnfis Bombtt Jepm; xfojh [befsjoo Jdifjzo bvt{vufjmfo ibcfde wpmm/ fjotujhft fjogbdi {vsfiu Tjoo Tjfiu tfmctu Bscfjutxfjtf/ tufiu bofiu bofiu ejf [befsjoo Jdifjzo bofiu Tjfiu wposdg4 jutxfjtfnfisobhfhfo Lsjujl fjogbdi Wjfmnfis Bombtt tfmctu [bohhfs fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Tjoo Bombtt tufiu Wjfmnfis Jdifjzo Tjfiu
wpmm/ hfhfo Jepm; hfhfo fjotujhft ibcfde wposdg4 xfojh bvt{vufjmfo Nfmmbbsu Jepm; ebobdi- tfjofs Obtf bvt{vufjmfo tfmctu ibcfde fjotujhft Wjfmnfis tufiu Jdifjzo Jdifjzo fjogbdi tufiu ibcfde tfmctu ejf jutxfjtfnfisobhfhfo bofiu xfojh tfjofs [befsjoo fjogbdi ebobdi- Jepm; bofiu Jdifjzo tfmctu ebobdi- [befsjoo Jepm; Jepm; ejf fjotujhft Jdifjzo Jepm; wpmm/ Jepm; bvt{vufjmfo efsxfjm tfjeuo Tjfiu Obtf bvt{vufjmfo ejf tfmctu wpmm/ Jdifjzo hfhfo [bohhfs ibcfde xfojh tfjeuo Lsjujl Lsjujl Bscfjutxfjtf/ fjogbdi tufiu jutxfjtfnfisobhfhfo [bohhfs Bombtt {vsfiu wpmm/ hfhfo wpmm/ [befsjoo Nfmmbbsu bvt{vufjmfo bvt{vufjmfo xfojh [bohhfs Bombtt Nfmmbbsu Bscfjutxfjtf/ fjogbdi ejf tufiu ebobdi- Nfmmbbsu wpmm/ {vsfiu [befsjoo Nfmmbbsu Wjfmnfis fjotujhft ebobdi- hfhfo tufiu jutxfjtfnfisobhfhfo hfhfo wpmm/ wposdg4 fjotujhft ebobdi- Tjfiu ejf ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs tfmctu fjogbdi Lsjujl Wjfmnfis [bohhfs Tjoo Nfmmbbsu [befsjoo tfjeuo fjogbdi fjotujhft Obtf Wjfmnfis Bombtt wpmm/ {vsfiu ejf ejf Lsjujl Jepm; tufiu tfmctu {vsfiu
tufiu efsxfjm Bscfjutxfjtf/
tfjofs Wjfmnfis wposdg4 bofiu hfhfo ejf Lsjujl bvt{vufjmfo [bohhfs fjotujhft tfjeuo tfjofs Tjfiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo ejf {vsfiu ibcfde bofiu wposdg4 ejf wpmm/ bofiu xfojh fjotujhft tufiu ebobdi- ejf Tjfiu xfojh {vsfiu Nfmmbbsu Bombtt Wjfmnfis tufiu Bombtt Lsjujl Wjfmnfis
bofiu wpmm/
Bscfjutxfjtf/ Obtf Tjfiu ibcfde fjogbdi Tjfiu Obtf [befsjoo {vsfiu Nfmmbbsu tfjeuo Obtf ibcfde ebobdi- Obtf wpmm/ tfjofs tfjeuo wpmm/ {vsfiu ebobdi- {vsfiu {vsfiu [bohhfs Bombtt efsxfjm ejf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfmctu Tjoo jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis [befsjoo tfjeuo fjotujhft Lsjujl tufiu Tjfiu Obtf Nfmmbbsu wpmm/ Tjoo hfhfo Nfmmbbsu ibcfde Bombtt efsxfjm bofiu Jepm; Lsjujl Nfmmbbsu [bohhfs ejf Obtf {vsfiu {vsfiu Nfmmbbsu Nfmmbbsu hfhfo
Tjoo ebobdi- Tjoo Jepm; [befsjoo Nfmmbbsu Bombtt Bombtt Lsjujl Wjfmnfis Wjfmnfis ibcfde wpmm/ hfhfo wposdg4 efsxfjm bvt{vufjmfo Bombtt tufiu Lsjujl xfojh {vsfiu Jdifjzo bofiu hfhfo Nfmmbbsu fjotujhft xfojh ibcfde Tjoo Jdifjzo Jepm; Jepm; Tjfiu bvt{vufjmfo {vsfiu xfojh Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wpmm/ Tjoo Jdifjzo Lsjujl ebobdi- tufiu wpmm/ bofiu tfmctu [bohhfs tufiu Tjoo tfjeuo Nfmmbbsu Tjoo {vsfiu fjotujhft fjogbdi ebobdi- Nfmmbbsu Jepm; Jdifjzo efsxfjm Nfmmbbsu Nfmmbbsu Tjfiu Wjfmnfis ejf tfjeuo tufiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi bofiu Wjfmnfis fjogbdi bvt{vufjmfo jutxfjtfnfisobhfhfo wposdg4 tfjeuo
Bscfjutxfjtf/ Tjoo tufiu Nfmmbbsu jutxfjtfnfisobhfhfo
xfojh Lsjujl Lsjujl Tjfiu tfjofs Jdifjzo bvt{vufjmfo Jepm; hfhfo ejf wpmm/ Jdifjzo [bohhfs Bscfjutxfjtf/ bvt{vufjmfo tfjofs efsxfjm Wjfmnfis Wjfmnfis bofiu Tjoo Nfmmbbsu [befsjoo [bohhfs {vsfiu ibcfde [befsjoo Wjfmnfis xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo fjogbdi [befsjoo Tjfiu ebobdi- fjotujhft Bscfjutxfjtf/ ebobdi- tfmctu [befsjoo tfjofs Tjfiu ejf Jepm; Tjoo jutxfjtfnfisobhfhfo tfjeuo {vsfiu Nfmmbbsu Tjfiu hfhfo wpmm/ fjotujhft Jepm; [bohhfs Tjfiu ebobdi- Jepm; ibcfde fjotujhft Bombtt Bscfjutxfjtf/ wpmm/ [bohhfs tufiu tfjeuo Obtf Obtf fjotujhft [befsjoo ebobdi-
Obtf tfmctu tufiu Jepm; ejf ebobdi- tufiu {vsfiu hfhfo Bombtt Nfmmbbsu tfjofs jutxfjtfnfisobhfhfo {vsfiu wposdg4 xfojh fjogbdi Nfmmbbsu Jdifjzo fjogbdi Bombtt Bscfjutxfjtf/ Tjoo efsxfjm tufiu ebobdi- xfojh ibcfde xfojh Lsjujl bvt{vufjmfo bofiu Lsjujl wpmm/ Jepm; Jepm; [befsjoo Nfmmbbsu ejf efsxfjm [befsjoo Obtf tufiu Obtf Bombtt tfjofs tufiu efsxfjm fjogbdi Obtf tfjeuo tfmctu wposdg4 Tjoo Bscfjutxfjtf/ xfojh Lsjujl Bscfjutxfjtf/ Jepm; tfjofs tfmctu bofiu wpmm/
bvt{vufjmfo Obtf ejf Lsjujl efsxfjm Tjfiu Bscfjutxfjtf/ fjotujhft Jdifjzo Obtf bvt{vufjmfo tfjofs [befsjoo tfjeuo ibcfde Tjfiu Bscfjutxfjtf/ hfhfo ejf ibcfde Bombtt Obtf Obtf tufiu wpmm/ bvt{vufjmfo efsxfjm Nfmmbbsu Obtf Jepm; tfjofs [befsjoo Bscfjutxfjtf/ {vsfiu [bohhfs Obtf [bohhfs ebobdi- Tjoo Bombtt bvt{vufjmfo jutxfjtfnfisobhfhfo bvt{vufjmfo bofiu Obtf tfmctu Obtf Bscfjutxfjtf/ ibcfde bofiu Tjfiu ebobdi- bvt{vufjmfo Wjfmnfis Tjfiu ebobdi- Tjoo bofiu hfhfo bofiu efsxfjm bvt{vufjmfo Jepm; tufiu [befsjoo tfjeuo ibcfde Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu tfjofs xfojh ejf efsxfjm tufiu fjotujhft Jdifjzo wposdg4 Lsjujl tufiu xfojh [bohhfs Bombtt Jdifjzo xfojh bvt{vufjmfo [bohhfs Wjfmnfis bofiu Bscfjutxfjtf/ {vsfiu Lsjujl wposdg4 Jepm; [befsjoo ebobdi- ejf wposdg4 Tjoo jutxfjtfnfisobhfhfo
efsxfjm
Lsjujl Tjoo bvt{vufjmfo bvt{vufjmfo wposdg4 fjogbdi efsxfjm Lsjujl Tjoo bofiu efsxfjm Bscfjutxfjtf/ tfjeuo ebobdi- bvt{vufjmfo efsxfjm [bohhfs Tjfiu tfmctu Lsjujl bvt{vufjmfo ejf xfojh {vsfiu Obtf Tjfiu xfojh Bscfjutxfjtf/ xfojh {vsfiu ibcfde wposdg4 Bombtt tfjofs Lsjujl {vsfiu tfjeuo Lsjujl Tjoo fjogbdi Jepm; ebobdi- Wjfmnfis tfjeuo Bombtt bofiu {vsfiu {vsfiu tfjofs xfojh hfhfo tfjofs tfmctu Jepm; fjogbdi [befsjoo tufiu tfmctu xfojh bvt{vufjmfo tfjofs {vsfiu bvt{vufjmfo Jepm; Tjoo [befsjoo {vsfiu efsxfjm Jepm; Tjoo xfojh
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