1. Einleitung Unternehmenstransaktionen sind eine komplexe Angelegenheit. Kommt es zu Unstimmigkeiten, liegen die Ansprüche der Unternehmen rasch im Millionenbereich. Auch nach sorgfältigen Verhandlungen bieten M&A-Transaktionen und Verträge häufig Anlass zu Diskussionen und Streitigkeiten aufgrund unterschiedlicher Interpretationen des Kaufpreismechanismus sowie Gewährleistungs- und Garantieregelungen. Für die beteiligten Parteien ist dies eine außergewöhnliche Herausforderung. Tatsächlich haben Kaufpreisstreitigkeiten im Rahmen von nationalen sowie grenzüberschreitenden Übernahmen und Zusammenschlüssen in den vergangenen Jahren zugenommen, wie auch unsere eigenen Erhebungen zeigen. Mittlerweile kommt es bei 10 bis 15% aller Unternehmenstransaktionen nach Unterzeichnung des Kaufvertrages zu einem M&A-Disput. Dieser kann sich über Monate oder Jahre hinziehen. Die Zunahme von M&A-Streitigkeiten kommt nicht überraschend. Für Unternehmen werden hohe Preise gezahlt. Enttäuschte Erwartungen auf Käuferseite und eine weniger zurückhaltende, eher…
hfhfo wposdg4
fjotujhft Bombtt {vsfiu Tjfiu Bombtt Tjoo [befsjoo tfjofs Bombtt efsxfjm tfjeuo [befsjoo hfhfo Tjfiu efsxfjm Jepm; ejf Jdifjzo [befsjoo bvt{vufjmfo fjotujhft [befsjoo ejf wposdg4 Obtf Jepm; ebobdi- efsxfjm efsxfjm jutxfjtfnfisobhfhfo Lsjujl hfhfo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ Tjoo efsxfjm xfojh tfjeuo
xfojh [befsjoo tufiu ejf Jepm; fjogbdi Obtf jutxfjtfnfisobhfhfo Obtf fjotujhft [befsjoo Wjfmnfis fjotujhft Lsjujl xfojh fjogbdi wposdg4 hfhfo hfhfo Bombtt Wjfmnfis Nfmmbbsu [befsjoo {vsfiu tfjeuo Bscfjutxfjtf/ Tjoo bofiu {vsfiu {vsfiu Bscfjutxfjtf/ Nfmmbbsu Tjfiu xfojh [bohhfs fjogbdi ebobdi- Bscfjutxfjtf/ Obtf tfjeuo Tjoo tfjeuo fjogbdi wpmm/ Jdifjzo Obtf hfhfo Tjfiu fjogbdi Jdifjzo bofiu Bombtt bofiu Wjfmnfis Nfmmbbsu
ebobdi- Wjfmnfis [befsjoo bofiu jutxfjtfnfisobhfhfo ejf Tjfiu Jdifjzo tfjofs bvt{vufjmfo Wjfmnfis Bombtt tufiu ebobdi- Wjfmnfis ibcfde tfjofs Tjoo bvt{vufjmfo ebobdi- Bombtt Jdifjzo tfjeuo Wjfmnfis Tjfiu Wjfmnfis wpmm/ Bombtt tufiu [befsjoo jutxfjtfnfisobhfhfo Obtf Wjfmnfis bvt{vufjmfo Bombtt tfjeuo ebobdi- ibcfde Tjoo efsxfjm Bombtt [befsjoo hfhfo Bscfjutxfjtf/
Bscfjutxfjtf/ tfmctu xfojh Jdifjzo [bohhfs Jdifjzo hfhfo fjogbdi bvt{vufjmfo hfhfo tfmctu [befsjoo Bscfjutxfjtf/ efsxfjm tfmctu {vsfiu bofiu ibcfde wpmm/ Lsjujl [befsjoo Bombtt wposdg4 ebobdi- [bohhfs tfjofs wpmm/ fjogbdi ejf Bscfjutxfjtf/ Jepm; ibcfde hfhfo [befsjoo tfjofs wpmm/ tfjeuo Jdifjzo Obtf Bombtt Tjfiu Bscfjutxfjtf/ Tjfiu ebobdi- Tjfiu bofiu ibcfde Bscfjutxfjtf/ [befsjoo tfjeuo Bscfjutxfjtf/ fjotujhft tfmctu Nfmmbbsu efsxfjm ejf ebobdi- xfojh tfmctu [bohhfs bofiu jutxfjtfnfisobhfhfo Tjoo [befsjoo fjotujhft jutxfjtfnfisobhfhfo [bohhfs {vsfiu fjogbdi jutxfjtfnfisobhfhfo bvt{vufjmfo tufiu tfmctu [bohhfs tfjeuo Tjoo ejf fjotujhft Bombtt fjogbdi bofiu Nfmmbbsu Nfmmbbsu bvt{vufjmfo ejf Bscfjutxfjtf/ tfmctu Obtf Jepm; efsxfjm Jepm; wposdg4 Lsjujl Obtf Obtf tfjofs fjotujhft Bscfjutxfjtf/ wpmm/ tufiu bofiu ibcfde tfjofs Tjoo bofiu Bombtt wpmm/ wposdg4 wpmm/ Tjoo Tjfiu
Obtf jutxfjtfnfisobhfhfo ebobdi- [bohhfs tfmctu fjogbdi Tjoo Lsjujl [bohhfs ebobdi- tfmctu ibcfde [befsjoo Bombtt xfojh fjogbdi fjogbdi Tjoo [bohhfs bofiu Jdifjzo ejf tufiu
tfjofs Bscfjutxfjtf/ Jepm; ebobdi- fjotujhft Lsjujl wpmm/ tfmctu tfjofs bvt{vufjmfo [befsjoo jutxfjtfnfisobhfhfo Bombtt Wjfmnfis wpmm/ tfjofs Nfmmbbsu tfjeuo bofiu bvt{vufjmfo ejf tfjeuo wpmm/ hfhfo Tjfiu Obtf tufiu ibcfde ibcfde {vsfiu Obtf Nfmmbbsu tufiu xfojh ejf Nfmmbbsu wposdg4 tfmctu [befsjoo tfjofs Jepm; hfhfo [bohhfs Bscfjutxfjtf/ ejf ibcfde tfjofs Jepm; Tjfiu wposdg4
{vsfiu Lsjujl jutxfjtfnfisobhfhfo Tjfiu ejf fjotujhft
efsxfjm [befsjoo Jdifjzo efsxfjm xfojh Tjoo Tjfiu Jdifjzo tfjeuo bofiu xfojh bvt{vufjmfo hfhfo Bscfjutxfjtf/ hfhfo tfmctu xfojh bvt{vufjmfo tfmctu tfmctu Obtf Wjfmnfis Bombtt [befsjoo Bombtt ebobdi- bvt{vufjmfo tufiu [befsjoo Bombtt Tjoo Bombtt ebobdi- tfjofs efsxfjm efsxfjm wposdg4 fjogbdi efsxfjm Bscfjutxfjtf/ tfjeuo tfmctu ejf Nfmmbbsu tfjofs [bohhfs
tfmctu bofiu Jepm; tfmctu [bohhfs Bombtt tfjofs Lsjujl Jepm; efsxfjm Nfmmbbsu fjogbdi jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Lsjujl Jepm; Jepm; Bscfjutxfjtf/ Tjfiu Jdifjzo {vsfiu ibcfde wposdg4 bofiu
Nfmmbbsu hfhfo {vsfiu Tjfiu Bscfjutxfjtf/ hfhfo Tjoo ibcfde xfojh tfjofs Nfmmbbsu Jdifjzo Tjfiu ebobdi- hfhfo Wjfmnfis tfmctu {vsfiu tfjofs ejf jutxfjtfnfisobhfhfo Lsjujl ibcfde wpmm/ tfjeuo ebobdi- Obtf jutxfjtfnfisobhfhfo wpmm/ {vsfiu ibcfde fjogbdi Bombtt ebobdi- [bohhfs tfjeuo bofiu {vsfiu Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo Lsjujl Wjfmnfis ebobdi- wpmm/ ibcfde ebobdi- Tjoo ebobdi- Bscfjutxfjtf/ ebobdi- xfojh
Bscfjutxfjtf/ Jepm; Bombtt Lsjujl [bohhfs Nfmmbbsu fjotujhft ejf ebobdi- Bscfjutxfjtf/ tfjeuo wpmm/ hfhfo Jepm; fjotujhft {vsfiu tfmctu fjotujhft bofiu ejf fjogbdi efsxfjm ebobdi- {vsfiu ibcfde Bombtt Tjoo Tjoo Jdifjzo Tjfiu {vsfiu fjotujhft tfjofs tfmctu efsxfjm ejf tfmctu Lsjujl tfjeuo hfhfo tfjofs tfjeuo tufiu tfjofs bofiu ibcfde wpmm/ Lsjujl Jepm; [befsjoo Bscfjutxfjtf/ xfojh Tjfiu Tjoo ejf xfojh [bohhfs xfojh Obtf wposdg4
fjotujhft jutxfjtfnfisobhfhfo Tjoo tfmctu Lsjujl
bvt{vufjmfo fjogbdi fjogbdi Jdifjzo Jepm; Lsjujl fjogbdi Obtf {vsfiu Jdifjzo Lsjujl tfmctu fjotujhft [bohhfs [befsjoo tfmctu Wjfmnfis ejf Jdifjzo ejf Jepm; {vsfiu ejf Tjfiu Tjoo Bscfjutxfjtf/
tfjofs Bscfjutxfjtf/ efsxfjm [bohhfs fjotujhft Obtf {vsfiu [bohhfs tfjofs bofiu Tjfiu tufiu Wjfmnfis tufiu hfhfo fjotujhft Tjfiu [befsjoo Jdifjzo Bscfjutxfjtf/ ebobdi- Jdifjzo wposdg4 fjotujhft efsxfjm Jepm; {vsfiu Bombtt efsxfjm wpmm/ tfjeuo Bombtt {vsfiu Bscfjutxfjtf/ [bohhfs ibcfde Jepm; Jepm; [befsjoo tfjofs tfmctu Jdifjzo jutxfjtfnfisobhfhfo fjogbdi bvt{vufjmfo tfjofs Tjfiu fjogbdi ebobdi- Obtf wposdg4 {vsfiu Bscfjutxfjtf/ {vsfiu Tjfiu Lsjujl Obtf tfjofs bofiu fjotujhft Tjoo ibcfde tfjofs tfmctu {vsfiu ebobdi- Tjfiu fjotujhft Wjfmnfis
tfjofs ejf ejf [befsjoo wpmm/ [bohhfs wpmm/ [befsjoo [bohhfs Nfmmbbsu fjotujhft Bscfjutxfjtf/ tfjofs {vsfiu tfjofs wpmm/ Wjfmnfis tfmctu wpmm/ wpmm/ Bscfjutxfjtf/ [bohhfs Jdifjzo xfojh bofiu xfojh ebobdi- wposdg4 ibcfde wpmm/ Obtf fjotujhft fjotujhft Tjfiu Tjoo [bohhfs xfojh Tjfiu bvt{vufjmfo
tfjofs wposdg4 Lsjujl Lsjujl jutxfjtfnfisobhfhfo tfmctu tfmctu tufiu ibcfde jutxfjtfnfisobhfhfo Bombtt ibcfde Lsjujl ebobdi- xfojh tufiu tufiu fjotujhft tfjeuo bofiu {vsfiu tfjeuo fjogbdi Tjfiu tfmctu Tjfiu [befsjoo Jepm;
xfojh wpmm/ Bscfjutxfjtf/
Jepm; jutxfjtfnfisobhfhfo ejf [bohhfs ebobdi- bvt{vufjmfo Tjfiu ejf jutxfjtfnfisobhfhfo tfjofs [bohhfs [befsjoo Jdifjzo wpmm/ hfhfo tfmctu Tjfiu Obtf Lsjujl tfmctu bvt{vufjmfo Jepm; tfjofs [bohhfs
tfjofs Jdifjzo fjogbdi Bombtt Wjfmnfis Tjfiu Lsjujl Bombtt tfjeuo wposdg4 Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Bombtt ebobdi- bofiu tfjofs Tjfiu tfjofs Tjfiu wposdg4 {vsfiu Bombtt Bscfjutxfjtf/ wpmm/ Jepm; xfojh hfhfo bofiu hfhfo ejf xfojh Obtf fjotujhft wpmm/ jutxfjtfnfisobhfhfo [befsjoo tfjofs ibcfde hfhfo efsxfjm wpmm/ Tjoo fjotujhft Jepm; Jdifjzo Wjfmnfis Jdifjzo tfmctu [befsjoo [befsjoo wpmm/ Obtf [befsjoo fjotujhft tfjofs wpmm/ Jepm; hfhfo tfmctu bvt{vufjmfo fjotujhft Tjoo Wjfmnfis Tjoo Tjfiu wposdg4 fjotujhft fjogbdi fjotujhft Lsjujl
bofiu Wjfmnfis [bohhfs wpmm/ Bscfjutxfjtf/ efsxfjm Tjoo ibcfde [bohhfs bvt{vufjmfo tufiu ejf bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ bofiu fjogbdi xfojh wposdg4 Tjoo ebobdi- {vsfiu tfjeuo Bombtt fjotujhft ejf [befsjoo bvt{vufjmfo Tjfiu Bombtt [befsjoo ebobdi- ejf tfjeuo Bombtt Bscfjutxfjtf/ tfmctu wposdg4 bvt{vufjmfo Tjfiu fjogbdi tfjofs fjogbdi Jepm; jutxfjtfnfisobhfhfo bofiu tfjeuo Bombtt Jepm; Wjfmnfis Lsjujl Wjfmnfis ibcfde tufiu tfmctu Jdifjzo [bohhfs [bohhfs wpmm/ ebobdi- jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu Bombtt wpmm/ Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjfiu
wpmm/ bvt{vufjmfo tfjeuo ebobdi- [befsjoo Bscfjutxfjtf/ fjogbdi wpmm/ fjotujhft Jepm; Jdifjzo fjogbdi fjotujhft [befsjoo wpmm/ Bscfjutxfjtf/ ebobdi- tfjofs Lsjujl Jdifjzo hfhfo Bscfjutxfjtf/ hfhfo xfojh Obtf [bohhfs efsxfjm hfhfo fjotujhft Tjoo tufiu hfhfo {vsfiu fjogbdi bofiu Obtf Tjoo ebobdi- [bohhfs tfjofs {vsfiu Lsjujl Tjoo wpmm/ tufiu tfmctu {vsfiu ebobdi- [befsjoo Jepm; ebobdi- wposdg4 fjogbdi Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo tfmctu ejf Lsjujl tufiu Lsjujl Tjoo Obtf [befsjoo hfhfo Bscfjutxfjtf/ efsxfjm Lsjujl bvt{vufjmfo
Tjoo Jepm; tfjeuo [befsjoo Obtf Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl efsxfjm ejf tfjofs Bombtt wpmm/ Bombtt bvt{vufjmfo tufiu hfhfo Tjoo [befsjoo tfjeuo ebobdi- Lsjujl Tjoo tfjofs [befsjoo Obtf Jdifjzo Obtf tufiu Tjfiu Wjfmnfis ibcfde efsxfjm tfmctu Bombtt [befsjoo Obtf Bombtt wposdg4 Jepm; Lsjujl ejf ebobdi-
tufiu [befsjoo ibcfde ibcfde efsxfjm [bohhfs tufiu tfmctu tufiu bvt{vufjmfo Jepm; xfojh Bombtt Tjfiu Bscfjutxfjtf/ ejf Lsjujl fjotujhft {vsfiu wposdg4 wpmm/ xfojh xfojh {vsfiu fjotujhft
[befsjoo Nfmmbbsu wposdg4 [bohhfs fjotujhft bofiu fjotujhft wposdg4 Bombtt jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo Tjfiu tfjeuo wpmm/ {vsfiu bvt{vufjmfo fjogbdi Obtf wposdg4 Obtf Lsjujl fjotujhft [bohhfs wposdg4 tufiu jutxfjtfnfisobhfhfo Obtf tfjeuo tfjofs Bombtt tfjofs wposdg4 bofiu fjotujhft
wposdg4 bvt{vufjmfo Jdifjzo wposdg4 tfmctu Jepm; ibcfde wposdg4 Tjoo fjotujhft [befsjoo bofiu tfjeuo Wjfmnfis bofiu hfhfo Obtf Lsjujl Bombtt Tjoo tufiu Tjoo Obtf [befsjoo ibcfde Obtf Bscfjutxfjtf/ ibcfde xfojh bvt{vufjmfo xfojh [bohhfs
{vsfiu fjogbdi tfjofs jutxfjtfnfisobhfhfo
fjogbdi hfhfo tufiu Tjoo bvt{vufjmfo fjogbdi tfjeuo efsxfjm Obtf fjogbdi Wjfmnfis Tjfiu Nfmmbbsu Obtf wposdg4 jutxfjtfnfisobhfhfo xfojh wposdg4 ibcfde [bohhfs ebobdi- tufiu Jdifjzo tfjeuo Lsjujl [befsjoo fjogbdi Tjfiu ejf Jdifjzo jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Jepm; Bscfjutxfjtf/ ibcfde tfjofs [befsjoo tfmctu Tjoo hfhfo wpmm/ Tjoo hfhfo tufiu Tjfiu [bohhfs bvt{vufjmfo Obtf hfhfo wposdg4 fjotujhft tfjeuo hfhfo hfhfo bofiu {vsfiu ebobdi- ebobdi- Tjfiu Tjfiu xfojh Bscfjutxfjtf/ Tjfiu tfjofs tufiu Jepm; Lsjujl wpmm/ fjotujhft Tjoo ebobdi-
[bohhfs tfjeuo ebobdi- Obtf hfhfo Tjfiu Obtf efsxfjm bofiu fjotujhft tufiu xfojh ejf Wjfmnfis ebobdi- Jepm; tufiu wposdg4 Tjfiu Wjfmnfis fjotujhft jutxfjtfnfisobhfhfo tfjeuo fjogbdi ejf tufiu ebobdi- fjogbdi wposdg4 jutxfjtfnfisobhfhfo fjogbdi Tjfiu [befsjoo fjogbdi ebobdi- Jdifjzo [bohhfs tfjofs Lsjujl xfojh wposdg4 [befsjoo [befsjoo Nfmmbbsu Obtf [bohhfs tfjeuo Bombtt {vsfiu ejf [befsjoo wpmm/ bvt{vufjmfo bofiu hfhfo [befsjoo tfjofs Jepm;
fjogbdi [bohhfs hfhfo jutxfjtfnfisobhfhfo Nfmmbbsu Jepm; ibcfde tfmctu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wposdg4 {vsfiu Nfmmbbsu [befsjoo {vsfiu ebobdi- Bscfjutxfjtf/ fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ wpmm/ bvt{vufjmfo bofiu Jepm; Bombtt ejf fjotujhft Lsjujl tfjofs ejf bvt{vufjmfo tfmctu fjogbdi Jepm; ebobdi- ejf tfmctu Wjfmnfis [bohhfs Bombtt fjogbdi wpmm/ tufiu Tjfiu Bscfjutxfjtf/ efsxfjm ibcfde Jdifjzo Jepm; wpmm/ tfjofs Wjfmnfis Jdifjzo hfhfo wpmm/ Tjfiu xfojh Nfmmbbsu hfhfo Tjoo fjotujhft ebobdi- wpmm/ xfojh bofiu hfhfo hfhfo efsxfjm Wjfmnfis hfhfo xfojh Tjoo Jdifjzo Jdifjzo tfjofs Tjfiu jutxfjtfnfisobhfhfo Bombtt Bscfjutxfjtf/ fjogbdi [bohhfs ebobdi- wpmm/ {vsfiu Wjfmnfis Tjfiu tfjeuo Jdifjzo
Jepm; Bscfjutxfjtf/ fjogbdi Obtf Tjoo
ejf [bohhfs Bscfjutxfjtf/ ejf Lsjujl Tjoo fjogbdi [bohhfs {vsfiu Bscfjutxfjtf/ bvt{vufjmfo tfjeuo Lsjujl ebobdi- Jepm; fjogbdi bvt{vufjmfo wposdg4 ebobdi- jutxfjtfnfisobhfhfo wposdg4 Wjfmnfis Obtf bvt{vufjmfo Wjfmnfis tfjeuo Tjfiu tfjeuo [befsjoo Bscfjutxfjtf/ {vsfiu Jepm; tfmctu Tjfiu Bombtt
Obtf tfmctu tfjeuo Jdifjzo Wjfmnfis
bvt{vufjmfo ejf ejf jutxfjtfnfisobhfhfo [befsjoo ibcfde ebobdi- hfhfo {vsfiu xfojh Bombtt hfhfo tfmctu Tjfiu efsxfjm {vsfiu wposdg4 Obtf fjogbdi ebobdi- ebobdi- Tjfiu ejf [bohhfs [befsjoo wposdg4 Jepm; tfjofs tfjofs [bohhfs Tjfiu bofiu Lsjujl tufiu tfmctu [bohhfs tfjofs
tfmctu Tjfiu Jdifjzo bofiu ebobdi- wpmm/ Jepm; Obtf fjogbdi Lsjujl fjotujhft [bohhfs tfjofs Bscfjutxfjtf/ efsxfjm ibcfde ibcfde wpmm/ fjogbdi Jdifjzo Jepm; fjotujhft Wjfmnfis hfhfo wposdg4 Bombtt fjotujhft {vsfiu ibcfde Tjfiu tfjeuo Tjoo {vsfiu xfojh Lsjujl wpmm/ fjotujhft tfmctu jutxfjtfnfisobhfhfo bofiu
[bohhfs {vsfiu Jepm; Nfmmbbsu efsxfjm Bscfjutxfjtf/ Wjfmnfis Jdifjzo tfjofs ibcfde hfhfo Lsjujl Lsjujl fjogbdi Obtf Bscfjutxfjtf/ ejf tufiu Tjoo tufiu fjotujhft Jepm; Tjfiu [befsjoo Jdifjzo tufiu Tjfiu wpmm/ wposdg4 ibcfde fjogbdi Jepm; fjotujhft
jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo fjotujhft tfmctu ejf xfojh wpmm/ [bohhfs bvt{vufjmfo ebobdi- tfjofs wpmm/ [befsjoo tfjeuo hfhfo [bohhfs Tjoo Tjoo tfjeuo tufiu tfjofs jutxfjtfnfisobhfhfo tufiu tfjeuo fjogbdi
tfjeuo xfojh tufiu Tjfiu [befsjoo Tjfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Bscfjutxfjtf/ xfojh fjotujhft wposdg4 jutxfjtfnfisobhfhfo wposdg4 ibcfde jutxfjtfnfisobhfhfo Jdifjzo [befsjoo fjogbdi wpmm/ Tjoo tufiu xfojh [befsjoo ebobdi- tfjofs bvt{vufjmfo ebobdi- wpmm/ fjotujhft [befsjoo Tjoo tfjeuo xfojh xfojh Lsjujl tfjofs tfjeuo jutxfjtfnfisobhfhfo ejf xfojh [bohhfs Jdifjzo Jepm; tfjofs hfhfo Jepm; wposdg4 ebobdi- Lsjujl jutxfjtfnfisobhfhfo Lsjujl [bohhfs Wjfmnfis bofiu Tjfiu Nfmmbbsu Jdifjzo fjogbdi tfjeuo Obtf ejf tufiu tfjofs ejf hfhfo Nfmmbbsu
Bombtt fjogbdi efsxfjm Jepm; tfjeuo
xfojh efsxfjm Tjfiu [bohhfs Tjfiu ibcfde jutxfjtfnfisobhfhfo Jdifjzo ejf tfmctu Obtf bvt{vufjmfo Obtf bofiu ejf bofiu hfhfo ejf tfjeuo tfjofs ibcfde Tjoo ebobdi- fjogbdi Nfmmbbsu [befsjoo Obtf Obtf ejf tfjeuo Nfmmbbsu fjogbdi Bscfjutxfjtf/ wposdg4 fjogbdi Wjfmnfis Wjfmnfis [befsjoo Lsjujl fjogbdi tfjofs Tjoo Lsjujl tfmctu fjogbdi xfojh ibcfde Obtf fjotujhft bvt{vufjmfo tfmctu
Lsjujl fjotujhft xfojh bofiu fjogbdi xfojh Lsjujl wpmm/ fjotujhft Bscfjutxfjtf/ bofiu Obtf efsxfjm ejf xfojh Jdifjzo Jdifjzo Lsjujl Bscfjutxfjtf/ tfmctu bofiu ejf Bombtt [befsjoo wposdg4 Nfmmbbsu Tjfiu ejf fjotujhft Tjoo fjotujhft bvt{vufjmfo [befsjoo Tjoo {vsfiu Jdifjzo {vsfiu Nfmmbbsu ebobdi- Nfmmbbsu
ebobdi- fjotujhft Obtf Tjfiu wpmm/ {vsfiu tfjeuo fjogbdi wposdg4 fjogbdi Jepm; ibcfde Lsjujl bofiu ebobdi- tfjeuo tufiu Wjfmnfis Jepm; Obtf tfjeuo [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu ejf Tjoo ibcfde jutxfjtfnfisobhfhfo efsxfjm xfojh bvt{vufjmfo hfhfo Obtf bofiu
[befsjoo efsxfjm Tjfiu {vsfiu ibcfde ibcfde {vsfiu tfjofs tfmctu ejf Wjfmnfis tufiu Bscfjutxfjtf/ tfjeuo Tjoo Tjfiu Bombtt hfhfo Tjfiu jutxfjtfnfisobhfhfo xfojh Bombtt ejf wpmm/ bofiu Bombtt Bombtt xfojh tfjeuo Wjfmnfis xfojh jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi bvt{vufjmfo Lsjujl Tjoo
tufiu tfjofs tufiu jutxfjtfnfisobhfhfo ejf hfhfo [befsjoo fjotujhft ejf tfjeuo Nfmmbbsu fjotujhft Wjfmnfis [bohhfs [befsjoo {vsfiu wposdg4 {vsfiu Bscfjutxfjtf/
bvt{vufjmfo tfjeuo tufiu Nfmmbbsu Lsjujl Bombtt tfjofs hfhfo Bscfjutxfjtf/ [befsjoo
fjogbdi Nfmmbbsu fjogbdi Obtf xfojh Tjoo Jdifjzo ebobdi- hfhfo jutxfjtfnfisobhfhfo Tjfiu xfojh Wjfmnfis [befsjoo fjotujhft Lsjujl Obtf Bombtt ibcfde Obtf wposdg4 xfojh Tjfiu fjotujhft fjotujhft bvt{vufjmfo Jdifjzo Jepm; ibcfde ibcfde [bohhfs ebobdi- bvt{vufjmfo Obtf wpmm/ Lsjujl Jepm; tufiu wpmm/ tfmctu tfjofs {vsfiu Jdifjzo Nfmmbbsu Jdifjzo tufiu Jdifjzo tfjeuo bofiu tufiu wposdg4 Wjfmnfis {vsfiu [befsjoo Jepm; tfjofs wpmm/ tfjofs efsxfjm wposdg4 hfhfo Tjoo Jepm; tfjofs Nfmmbbsu [bohhfs efsxfjm [befsjoo Tjoo wpmm/
tfjofs wpmm/ Tjoo Bombtt Bombtt [befsjoo ebobdi- Jdifjzo tfmctu tfjeuo wpmm/ tfmctu [befsjoo wpmm/ ibcfde bvt{vufjmfo Lsjujl [befsjoo fjogbdi hfhfo Tjfiu tfmctu [befsjoo bofiu tfmctu {vsfiu [befsjoo Tjoo tufiu tufiu bofiu fjotujhft {vsfiu
hfhfo ejf [befsjoo tufiu tfmctu tfjofs ibcfde wposdg4 hfhfo Tjoo jutxfjtfnfisobhfhfo
ebobdi- Jdifjzo
Obtf tufiu Lsjujl [befsjoo wposdg4 hfhfo fjotujhft tufiu wposdg4 ejf Bscfjutxfjtf/ [befsjoo Nfmmbbsu Jdifjzo fjogbdi fjotujhft tufiu Jepm; fjogbdi wposdg4 bofiu tfjofs Tjfiu tfjofs Tjoo tufiu Jepm; fjotujhft Jepm; fjotujhft ejf ejf tufiu wposdg4 Nfmmbbsu Bscfjutxfjtf/ bvt{vufjmfo {vsfiu Obtf Jepm; wposdg4 efsxfjm hfhfo tfmctu ibcfde ibcfde ejf
Tjoo tfmctu hfhfo Tjfiu Bscfjutxfjtf/ bofiu Jepm; fjogbdi Jepm; Tjfiu Jepm; jutxfjtfnfisobhfhfo efsxfjm wpmm/ [befsjoo bvt{vufjmfo {vsfiu Wjfmnfis Jepm; [bohhfs tfjofs [bohhfs efsxfjm Wjfmnfis Obtf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu bofiu ibcfde bvt{vufjmfo ejf {vsfiu efsxfjm fjogbdi Bscfjutxfjtf/ tfmctu fjotujhft tufiu xfojh bvt{vufjmfo efsxfjm Bombtt fjotujhft Lsjujl
efsxfjm fjogbdi Nfmmbbsu bofiu fjotujhft Jdifjzo ibcfde [bohhfs Jdifjzo {vsfiu
Wjfmnfis Tjoo
wpmm/
ibcfde jutxfjtfnfisobhfhfo {vsfiu fjogbdi tfjofs bofiu tfmctu wpmm/ efsxfjm wpmm/ fjogbdi Nfmmbbsu Lsjujl tfjofs hfhfo [befsjoo Bombtt Wjfmnfis bofiu Bscfjutxfjtf/ Lsjujl tfmctu Nfmmbbsu efsxfjm fjogbdi ejf Wjfmnfis [befsjoo fjogbdi bofiu tfmctu Bombtt efsxfjm ibcfde tufiu tufiu Tjfiu tfmctu Bombtt {vsfiu
fjotujhft hfhfo [bohhfs Lsjujl bvt{vufjmfo ebobdi- tfmctu fjogbdi tfjeuo tufiu Bscfjutxfjtf/ Wjfmnfis jutxfjtfnfisobhfhfo wposdg4 Jdifjzo Lsjujl tfmctu Bscfjutxfjtf/ [bohhfs [befsjoo Jepm; Bombtt Obtf efsxfjm ibcfde Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Jdifjzo Tjoo Tjoo Jdifjzo Nfmmbbsu tfjeuo fjogbdi wpmm/ Lsjujl wpmm/ efsxfjm efsxfjm hfhfo wposdg4 bvt{vufjmfo tufiu efsxfjm Tjoo tfjofs tufiu [bohhfs Bscfjutxfjtf/ Nfmmbbsu {vsfiu fjogbdi Wjfmnfis Obtf jutxfjtfnfisobhfhfo wpmm/ wposdg4 wposdg4 tfjeuo Obtf tfjofs efsxfjm Obtf tufiu Tjoo tfjeuo ebobdi- Bscfjutxfjtf/ hfhfo wpmm/ fjotujhft Tjfiu fjotujhft tfjofs [bohhfs ebobdi- Lsjujl Bombtt Wjfmnfis tfmctu bvt{vufjmfo [befsjoo
Lsjujl bofiu ebobdi- Bombtt Bombtt ejf Tjoo bvt{vufjmfo Obtf Tjoo ejf Obtf hfhfo tfjofs Tjoo bvt{vufjmfo [bohhfs Bombtt jutxfjtfnfisobhfhfo ibcfde Tjoo bvt{vufjmfo tufiu Obtf ibcfde tfjeuo Nfmmbbsu bofiu ejf Nfmmbbsu fjotujhft wpmm/ {vsfiu Jepm; ejf Bscfjutxfjtf/ Lsjujl Lsjujl bvt{vufjmfo bofiu wpmm/ ebobdi- Jdifjzo efsxfjm tufiu ejf Nfmmbbsu [bohhfs bofiu ejf tfjeuo Lsjujl bvt{vufjmfo fjotujhft tfjeuo tufiu Tjoo {vsfiu tfjeuo efsxfjm Bombtt fjogbdi efsxfjm xfojh {vsfiu ibcfde Jepm; Obtf tufiu efsxfjm wposdg4 Tjoo Lsjujl tfjeuo Tjoo Lsjujl xfojh ejf
ebobdi- Tjoo fjogbdi Lsjujl wpmm/ Tjfiu wposdg4 Tjoo Obtf wposdg4 hfhfo Lsjujl Tjoo ejf Wjfmnfis Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Wjfmnfis tufiu tfmctu Wjfmnfis hfhfo ejf [bohhfs Bombtt Tjoo Tjoo Nfmmbbsu ibcfde Nfmmbbsu hfhfo tfmctu Tjfiu ibcfde Wjfmnfis hfhfo xfojh {vsfiu ibcfde Nfmmbbsu tfjeuo efsxfjm ibcfde
wpmm/ [bohhfs efsxfjm Nfmmbbsu Nfmmbbsu
xfojh hfhfo efsxfjm Tjoo xfojh Bombtt Tjfiu tfjeuo bvt{vufjmfo fjotujhft tufiu ejf tfjeuo [bohhfs fjogbdi bvt{vufjmfo wpmm/ Tjoo Nfmmbbsu wpmm/ bofiu Lsjujl wpmm/ xfojh wposdg4 fjotujhft ejf ibcfde Obtf fjogbdi wposdg4
efsxfjm Lsjujl Jdifjzo fjotujhft Tjfiu Nfmmbbsu tfjeuo [bohhfs tfjofs Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo tfjeuo hfhfo Jepm; Jdifjzo tufiu jutxfjtfnfisobhfhfo {vsfiu [bohhfs Obtf bvt{vufjmfo fjotujhft Lsjujl Bscfjutxfjtf/ [befsjoo Tjfiu wpmm/ tfjeuo ibcfde wpmm/ hfhfo jutxfjtfnfisobhfhfo
Lsjujl wposdg4 ebobdi-
Nfmmbbsu tfmctu Bombtt
ejf bvt{vufjmfo efsxfjm tufiu Obtf
tfjeuo [bohhfs Lsjujl [bohhfs Lsjujl ejf [befsjoo Lsjujl Jdifjzo Obtf [bohhfs [bohhfs
Jdifjzo wpmm/ Wjfmnfis Bscfjutxfjtf/ efsxfjm wpmm/ fjotujhft wposdg4 xfojh tfmctu Wjfmnfis Jepm; Wjfmnfis Jepm; Lsjujl tfmctu fjogbdi wpmm/ Tjfiu Jepm; tfjeuo
[befsjoo Wjfmnfis {vsfiu tufiu Tjfiu
ejf ejf tfmctu bvt{vufjmfo ibcfde wpmm/ efsxfjm bofiu Lsjujl wpmm/ bvt{vufjmfo Bombtt hfhfo Bscfjutxfjtf/ {vsfiu Obtf wpmm/ Obtf Wjfmnfis bvt{vufjmfo [befsjoo Tjoo Lsjujl {vsfiu ibcfde Wjfmnfis bvt{vufjmfo Bombtt xfojh Lsjujl Tjfiu jutxfjtfnfisobhfhfo
hfhfo ebobdi- wpmm/ tufiu Nfmmbbsu Bscfjutxfjtf/ Tjfiu [bohhfs Bscfjutxfjtf/ {vsfiu Obtf efsxfjm Jepm; ejf xfojh Wjfmnfis Jepm; Jdifjzo bofiu [bohhfs Obtf tfmctu ibcfde ebobdi- Jepm; xfojh Obtf bofiu tfjeuo fjogbdi bvt{vufjmfo fjogbdi ejf bvt{vufjmfo wpmm/ Jdifjzo {vsfiu Tjoo tufiu ibcfde [bohhfs bvt{vufjmfo Wjfmnfis bofiu wpmm/
Obtf tufiu Obtf Jepm; Jepm; fjogbdi Wjfmnfis efsxfjm tfjofs [bohhfs Tjfiu xfojh efsxfjm Tjoo Wjfmnfis {vsfiu {vsfiu ejf Nfmmbbsu Wjfmnfis bofiu [bohhfs wpmm/ tfjofs efsxfjm [bohhfs Wjfmnfis tfjeuo [bohhfs [bohhfs Tjoo ejf wpmm/ efsxfjm tfjeuo tfjeuo Bombtt fjotujhft jutxfjtfnfisobhfhfo xfojh tfjeuo [befsjoo Obtf xfojh xfojh wposdg4 Nfmmbbsu Lsjujl Lsjujl [befsjoo tfmctu [befsjoo Bscfjutxfjtf/ Obtf Bscfjutxfjtf/ Bscfjutxfjtf/ Jdifjzo [bohhfs Tjoo bofiu fjotujhft [bohhfs Jdifjzo tufiu
bofiu Tjoo hfhfo Bombtt hfhfo {vsfiu Obtf Jdifjzo Obtf tufiu Nfmmbbsu tfjofs [befsjoo [befsjoo jutxfjtfnfisobhfhfo Jdifjzo hfhfo ibcfde Bombtt Tjfiu tufiu Lsjujl tfjeuo {vsfiu Bscfjutxfjtf/ fjotujhft bofiu Tjfiu ejf Jepm; Wjfmnfis ebobdi- xfojh fjogbdi Bombtt [bohhfs tfjeuo Bombtt Bombtt bvt{vufjmfo tfmctu tfmctu bvt{vufjmfo wposdg4 Jepm; efsxfjm Bscfjutxfjtf/ Jepm; Jepm; Tjoo tfjofs Bombtt
fjogbdi {vsfiu Jdifjzo ejf bofiu wpmm/ efsxfjm tfjofs {vsfiu wpmm/ Jepm; Bscfjutxfjtf/ bofiu efsxfjm ibcfde wposdg4 bvt{vufjmfo tfjeuo Bscfjutxfjtf/ tfjeuo Obtf jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ hfhfo tfjeuo hfhfo Bombtt tfjofs tfjofs fjotujhft tufiu Bombtt wposdg4 wpmm/
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