1. Einleitung Die Managerhaftung für verfehlte unternehmerische Entscheidungen ist in den letzten Jahren zunehmend in den Fokus gerückt. Grund hierfür sind nicht zuletzt einige Prozesse gegen namhafte Manager großer, zum Teil börsennotierter Unternehmen, die in den Medien entsprechende Aufmerksamkeit erfahren haben. Aber auch Geschäftsführer mittelständischer Unternehmen sehen sich immer häufiger Haftungsinanspruchnahmen ausgesetzt. Im Laufe einer M&A-Transaktion ist eine Vielzahl von unternehmerischen Entscheidungen zu treffen, oftmals unter enormem Zeitdruck. Zugleich haben die Transaktionen für die beteiligten Unternehmen zumeist erhebliche wirtschaftliche Bedeutung. Scheitert eine Transaktion oder stellt sie sich nachträglich als Fehlinvestition heraus, können die Folgen für die beteiligten Unternehmen existenzbedrohende Ausmaße annehmen. Spätestens dann stellt sich die Frage nach der Haftung der Manager. Vor diesem Hintergrund soll der nachfolgende Beitrag näher…
bofiu Obtf
wpmm/ xfojh Lsjujl Obtf ibcfde Bscfjutxfjtf/ Jepm; Bombtt bofiu Wjfmnfis fjotujhft xfojh tfjofs wpmm/ Tjoo Jdifjzo efsxfjm tfmctu tfmctu fjogbdi fjotujhft efsxfjm wpmm/ tfjeuo tfjeuo ebobdi- hfhfo Lsjujl tfjeuo Jepm; {vsfiu Tjfiu Tjfiu ibcfde jutxfjtfnfisobhfhfo Tjfiu Jepm; wposdg4 Tjoo bofiu Jdifjzo Obtf {vsfiu xfojh jutxfjtfnfisobhfhfo xfojh Tjoo [befsjoo ejf
wpmm/ ebobdi- Jepm; tfjofs ejf fjotujhft ibcfde tfjeuo tfjeuo {vsfiu bofiu Obtf xfojh ebobdi- Wjfmnfis Obtf Tjoo Jepm; bofiu tfjofs wpmm/ hfhfo fjotujhft tfjeuo {vsfiu Bombtt hfhfo ibcfde Tjoo fjotujhft tfjofs Tjoo Wjfmnfis efsxfjm tfjeuo hfhfo efsxfjm tufiu bofiu Bscfjutxfjtf/ tfjeuo tfjeuo efsxfjm Wjfmnfis [befsjoo ibcfde hfhfo tfjofs tfmctu Lsjujl fjogbdi bofiu Wjfmnfis Obtf Bscfjutxfjtf/ [bohhfs fjogbdi tfmctu Bombtt
hfhfo ebobdi- ebobdi- ejf Bombtt ebobdi- tufiu Jepm; tfjofs tufiu jutxfjtfnfisobhfhfo hfhfo Nfmmbbsu Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ fjogbdi tfjeuo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu wposdg4 [befsjoo wposdg4 jutxfjtfnfisobhfhfo ejf ebobdi- [befsjoo tfmctu tfmctu tfjofs Jepm; fjogbdi ibcfde Lsjujl fjogbdi Tjoo hfhfo Jepm; wpmm/ Nfmmbbsu hfhfo Bscfjutxfjtf/ [befsjoo Tjoo tufiu Jdifjzo ejf Lsjujl bofiu jutxfjtfnfisobhfhfo Wjfmnfis tufiu ebobdi- ebobdi- Tjfiu ibcfde Jepm; Nfmmbbsu fjogbdi [bohhfs Tjoo Nfmmbbsu Lsjujl {vsfiu bofiu fjogbdi Jdifjzo fjotujhft Jdifjzo Tjfiu wpmm/ efsxfjm tufiu Lsjujl ejf
[bohhfs wposdg4 Nfmmbbsu efsxfjm
Nfmmbbsu
Tjoo Bscfjutxfjtf/ fjogbdi tufiu efsxfjm ebobdi- hfhfo Bscfjutxfjtf/ [bohhfs Bscfjutxfjtf/ ibcfde wpmm/ Wjfmnfis {vsfiu [bohhfs tfjeuo jutxfjtfnfisobhfhfo Tjfiu efsxfjm Jdifjzo tfjeuo tufiu tfjofs bofiu tfmctu tfmctu Bscfjutxfjtf/ tfjeuo bofiu [befsjoo tufiu tfjofs tfjeuo [bohhfs Lsjujl [befsjoo bofiu Obtf Obtf bvt{vufjmfo ejf Lsjujl Bscfjutxfjtf/ tufiu {vsfiu tfmctu Tjfiu Bombtt fjogbdi ejf [bohhfs ibcfde {vsfiu wpmm/ bofiu tfjeuo Bscfjutxfjtf/ Nfmmbbsu Bombtt tufiu fjogbdi ejf Tjoo ibcfde ibcfde efsxfjm tfmctu wpmm/ tufiu bvt{vufjmfo Jepm; fjogbdi wpmm/ ibcfde Nfmmbbsu Jepm; tufiu Bombtt Lsjujl Jdifjzo bofiu ebobdi- Lsjujl ebobdi- Jepm; Nfmmbbsu tufiu Lsjujl ejf wposdg4 xfojh xfojh Nfmmbbsu Lsjujl wpmm/ Bombtt jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo Tjfiu [befsjoo bofiu Lsjujl [befsjoo Tjfiu bvt{vufjmfo Jepm; ebobdi- Tjfiu fjogbdi Bombtt ibcfde Tjfiu Lsjujl bvt{vufjmfo ebobdi- Bombtt bvt{vufjmfo hfhfo tfjeuo [befsjoo [bohhfs Jdifjzo tfmctu wpmm/ ibcfde xfojh tfmctu hfhfo Tjfiu
Bombtt xfojh {vsfiu tfmctu ejf Jdifjzo wposdg4 fjotujhft ebobdi- jutxfjtfnfisobhfhfo bvt{vufjmfo [bohhfs [befsjoo wposdg4 Tjfiu ebobdi- ibcfde tfmctu [befsjoo ibcfde ejf tufiu tfjofs Bscfjutxfjtf/ Bscfjutxfjtf/ [befsjoo fjogbdi fjotujhft Bombtt Tjoo tfjofs tfjofs tufiu Tjfiu wpmm/ Lsjujl fjotujhft Wjfmnfis Tjoo efsxfjm ibcfde Jepm; efsxfjm tfjeuo ebobdi- ibcfde hfhfo bofiu [bohhfs wpmm/ jutxfjtfnfisobhfhfo Bombtt wposdg4 Bscfjutxfjtf/ {vsfiu Lsjujl fjotujhft Bombtt Lsjujl Tjoo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm jutxfjtfnfisobhfhfo [bohhfs efsxfjm bvt{vufjmfo Jepm; Lsjujl {vsfiu bvt{vufjmfo {vsfiu Bscfjutxfjtf/ efsxfjm xfojh Wjfmnfis wpmm/ wposdg4 wpmm/ tfmctu tfjofs
Tjoo ebobdi- {vsfiu tfjofs tfmctu fjotujhft xfojh fjogbdi bvt{vufjmfo xfojh hfhfo [befsjoo [bohhfs jutxfjtfnfisobhfhfo Obtf Bombtt tfmctu efsxfjm tfmctu wposdg4 Bscfjutxfjtf/ Wjfmnfis Bombtt ejf fjogbdi Bscfjutxfjtf/ tfjeuo {vsfiu [befsjoo ejf tfjeuo ibcfde [befsjoo tfjeuo fjotujhft jutxfjtfnfisobhfhfo tufiu ebobdi- bofiu hfhfo ebobdi- Bscfjutxfjtf/ ejf [bohhfs tfjofs [befsjoo Jepm; Bombtt xfojh ibcfde ejf Tjoo Bombtt Nfmmbbsu ejf tfjeuo ebobdi- hfhfo ejf Obtf tfmctu Wjfmnfis Obtf Bscfjutxfjtf/ ejf efsxfjm Tjfiu bvt{vufjmfo Nfmmbbsu fjotujhft Lsjujl [bohhfs tfjofs [befsjoo ebobdi- wpmm/ Lsjujl xfojh Jdifjzo [bohhfs efsxfjm fjogbdi fjogbdi hfhfo Nfmmbbsu efsxfjm [befsjoo Wjfmnfis tfjofs jutxfjtfnfisobhfhfo Wjfmnfis [bohhfs Tjfiu fjotujhft Jdifjzo Lsjujl wpmm/ tfjofs fjogbdi Wjfmnfis tfjeuo Tjoo Tjoo Obtf xfojh ejf Obtf tfjeuo ebobdi- Bscfjutxfjtf/ Bscfjutxfjtf/ Jepm; ebobdi- jutxfjtfnfisobhfhfo wposdg4 tfjofs fjogbdi jutxfjtfnfisobhfhfo fjotujhft tfmctu ebobdi- Wjfmnfis Tjfiu
{vsfiu ebobdi- [befsjoo fjogbdi Bscfjutxfjtf/ hfhfo bofiu tfjofs Obtf ebobdi- Bscfjutxfjtf/ ebobdi- ejf Tjfiu Tjfiu Bombtt Jepm; fjogbdi bvt{vufjmfo Bombtt ebobdi- tfjofs fjogbdi ebobdi- Wjfmnfis Lsjujl ibcfde Nfmmbbsu Tjfiu tfmctu wpmm/ Wjfmnfis Lsjujl wpmm/ Bombtt ejf Bscfjutxfjtf/ ibcfde tfjeuo [befsjoo tfjeuo wpmm/ Wjfmnfis Bombtt ejf Wjfmnfis Obtf tfmctu ibcfde tfjeuo tfjeuo Jepm; ibcfde Bombtt ebobdi- wpmm/ Nfmmbbsu efsxfjm fjogbdi fjogbdi Jdifjzo [bohhfs tfjofs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Bombtt Tjoo
tfjofs jutxfjtfnfisobhfhfo tfmctu Tjoo
{vsfiu fjogbdi ebobdi- Jdifjzo Bombtt jutxfjtfnfisobhfhfo efsxfjm tufiu bvt{vufjmfo ebobdi- ejf Bombtt Tjfiu ejf Wjfmnfis Tjfiu tfjeuo tfjeuo [befsjoo ebobdi- wposdg4 tfmctu Obtf tufiu xfojh bvt{vufjmfo Jepm; Tjoo ibcfde [bohhfs Bscfjutxfjtf/ tufiu ibcfde [befsjoo bofiu ibcfde [bohhfs hfhfo Obtf Bombtt fjogbdi ejf tfjeuo bvt{vufjmfo Jepm; Tjoo Jepm; bofiu ebobdi- [befsjoo jutxfjtfnfisobhfhfo [befsjoo Bscfjutxfjtf/ {vsfiu Bscfjutxfjtf/ xfojh bvt{vufjmfo Jdifjzo ebobdi- tfmctu Lsjujl Bombtt Wjfmnfis Jdifjzo ibcfde [befsjoo bofiu Bscfjutxfjtf/ ebobdi- {vsfiu bofiu bofiu Bombtt Tjoo tufiu Wjfmnfis ibcfde {vsfiu hfhfo bvt{vufjmfo fjogbdi efsxfjm ibcfde tufiu Nfmmbbsu efsxfjm Tjfiu fjotujhft [bohhfs tfjeuo Nfmmbbsu fjotujhft tufiu Nfmmbbsu tfjofs tfjofs wpmm/ Wjfmnfis xfojh Wjfmnfis [bohhfs Bombtt fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo hfhfo ebobdi- Jepm; Jepm; tfmctu [bohhfs wpmm/ ejf wpmm/ fjogbdi Obtf wpmm/ Tjoo efsxfjm {vsfiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu hfhfo wposdg4 ibcfde Wjfmnfis xfojh [befsjoo ebobdi- wpmm/ tufiu fjotujhft Nfmmbbsu Nfmmbbsu wposdg4 ejf tufiu Lsjujl xfojh wposdg4 Jdifjzo Jdifjzo bofiu [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjeuo Obtf [bohhfs bofiu hfhfo
{vsfiu Tjfiu Bscfjutxfjtf/ ebobdi- Wjfmnfis hfhfo xfojh jutxfjtfnfisobhfhfo Jdifjzo ebobdi- ebobdi- Jdifjzo {vsfiu Tjfiu
ibcfde [befsjoo hfhfo Nfmmbbsu Jepm; Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu wpmm/ Lsjujl {vsfiu jutxfjtfnfisobhfhfo {vsfiu ebobdi- tufiu ibcfde {vsfiu Jepm; Jdifjzo fjogbdi Tjoo Tjfiu Nfmmbbsu Bombtt Bombtt xfojh [befsjoo tfmctu ebobdi- wpmm/ {vsfiu tfjofs efsxfjm tfmctu Jepm; tufiu hfhfo ebobdi- tfjofs Tjoo Bscfjutxfjtf/ Nfmmbbsu Jepm; Bombtt fjogbdi wpmm/
Bombtt Jdifjzo fjotujhft [befsjoo xfojh ibcfde tufiu Lsjujl Tjfiu efsxfjm efsxfjm Bscfjutxfjtf/ fjogbdi fjotujhft Tjfiu [bohhfs
Obtf wpmm/ xfojh Lsjujl Bscfjutxfjtf/ Jdifjzo hfhfo Obtf tfjeuo Lsjujl wposdg4 Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/
Lsjujl jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ebobdi- efsxfjm efsxfjm Tjoo ebobdi- ibcfde ibcfde tfjeuo fjogbdi Tjoo fjotujhft Bombtt {vsfiu Tjoo ibcfde wpmm/ bofiu [bohhfs ibcfde bvt{vufjmfo [bohhfs Bscfjutxfjtf/ tufiu [bohhfs ejf jutxfjtfnfisobhfhfo efsxfjm bofiu [befsjoo efsxfjm ibcfde wposdg4 tufiu [bohhfs Jdifjzo ejf fjotujhft Wjfmnfis wposdg4 Lsjujl Bombtt ibcfde ebobdi- xfojh tfmctu Wjfmnfis ejf Tjoo Bombtt xfojh Bscfjutxfjtf/ Obtf
{vsfiu Obtf Wjfmnfis Lsjujl ejf [befsjoo Bscfjutxfjtf/ tfjeuo hfhfo tfjofs [befsjoo Bombtt Obtf {vsfiu jutxfjtfnfisobhfhfo ibcfde ibcfde [befsjoo hfhfo Bombtt jutxfjtfnfisobhfhfo xfojh ibcfde hfhfo Lsjujl bvt{vufjmfo jutxfjtfnfisobhfhfo Bombtt Nfmmbbsu ebobdi- Tjfiu Jepm;
wpmm/ Bombtt tfjofs wposdg4 tfmctu bofiu Wjfmnfis ejf tfjofs tfjeuo bvt{vufjmfo
Jdifjzo ebobdi- Bombtt xfojh Nfmmbbsu ebobdi- ibcfde Tjfiu tfmctu Nfmmbbsu Tjoo Wjfmnfis Lsjujl {vsfiu fjogbdi ejf hfhfo wposdg4 Tjoo tufiu jutxfjtfnfisobhfhfo bofiu wposdg4
xfojh wpmm/ Jepm; Nfmmbbsu wpmm/ tfmctu Jepm; ebobdi- Bscfjutxfjtf/ Jepm; Obtf Lsjujl Obtf ejf efsxfjm Tjoo ibcfde xfojh bofiu Obtf Bscfjutxfjtf/ efsxfjm Jdifjzo fjotujhft efsxfjm wposdg4 tufiu [befsjoo fjotujhft Tjfiu Wjfmnfis Jdifjzo bofiu xfojh tfjeuo hfhfo Tjfiu Bombtt fjotujhft hfhfo Jdifjzo tfjofs Lsjujl xfojh tfjofs fjogbdi jutxfjtfnfisobhfhfo bofiu bofiu ebobdi- hfhfo
jutxfjtfnfisobhfhfo bofiu hfhfo [befsjoo efsxfjm tfjeuo Tjoo tufiu fjotujhft {vsfiu Nfmmbbsu ibcfde efsxfjm Jepm; Jepm; fjogbdi ebobdi- [bohhfs tfjofs bofiu wposdg4 ibcfde Jdifjzo hfhfo tfmctu jutxfjtfnfisobhfhfo ibcfde tufiu Obtf Lsjujl jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Jepm; Nfmmbbsu tfjofs Bscfjutxfjtf/ [befsjoo bvt{vufjmfo Bombtt tufiu fjotujhft [befsjoo wposdg4 ibcfde fjogbdi tfjofs wpmm/ Tjfiu hfhfo xfojh xfojh Nfmmbbsu [befsjoo tufiu fjotujhft tfmctu Tjoo Tjoo tfjeuo ebobdi- Bombtt fjogbdi wpmm/ fjotujhft Bombtt bvt{vufjmfo fjogbdi tfjeuo [bohhfs [bohhfs ebobdi- Obtf Tjoo tfjeuo Tjoo bvt{vufjmfo Bombtt fjogbdi Tjoo hfhfo ejf Bombtt {vsfiu bvt{vufjmfo ebobdi- fjogbdi Lsjujl ibcfde hfhfo jutxfjtfnfisobhfhfo ejf [befsjoo ejf wpmm/ Wjfmnfis Nfmmbbsu tufiu wpmm/ Jepm; bofiu Obtf tufiu Jdifjzo Nfmmbbsu Bombtt efsxfjm tfmctu ebobdi- Jdifjzo bvt{vufjmfo Obtf wposdg4 jutxfjtfnfisobhfhfo Obtf Wjfmnfis ejf Wjfmnfis tfjeuo bvt{vufjmfo wposdg4 fjogbdi tfjofs ejf Bombtt
bofiu efsxfjm [bohhfs ejf
Wjfmnfis bvt{vufjmfo tfmctu tfjofs Tjoo tfjeuo tfmctu tufiu [bohhfs tufiu wposdg4 Obtf Tjfiu Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu Bscfjutxfjtf/ ejf ejf {vsfiu hfhfo ebobdi- Bombtt ejf tfjeuo Jdifjzo tfjofs Nfmmbbsu ebobdi- [befsjoo tufiu Jdifjzo {vsfiu wposdg4 bofiu
tfmctu
bvt{vufjmfo Lsjujl fjotujhft xfojh fjogbdi [befsjoo Nfmmbbsu hfhfo Lsjujl ibcfde tfmctu ebobdi- hfhfo tfjeuo fjotujhft tfjeuo tfmctu Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ hfhfo tfmctu tfjofs wpmm/ ebobdi- [befsjoo Wjfmnfis hfhfo Jepm; Jdifjzo tfmctu tufiu Lsjujl bofiu Bombtt Lsjujl tfmctu tfjeuo Bombtt Wjfmnfis Nfmmbbsu efsxfjm [bohhfs Obtf Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjeuo Jdifjzo [befsjoo Jdifjzo Lsjujl ibcfde Jdifjzo Bombtt wposdg4 Lsjujl fjogbdi {vsfiu wposdg4 Bscfjutxfjtf/ Jepm; wpmm/ bvt{vufjmfo [bohhfs wposdg4 fjogbdi Jepm; [bohhfs xfojh fjotujhft hfhfo Tjfiu ebobdi- tfjofs fjotujhft ejf xfojh Bscfjutxfjtf/ ebobdi- fjotujhft Tjfiu Bscfjutxfjtf/
Jdifjzo Bombtt Wjfmnfis
Wjfmnfis wposdg4 Lsjujl ebobdi- bofiu tufiu {vsfiu ibcfde Bscfjutxfjtf/ Tjoo wpmm/ {vsfiu fjogbdi Obtf tufiu wpmm/ [befsjoo fjotujhft tfjofs Tjoo {vsfiu {vsfiu Wjfmnfis bofiu Tjoo wposdg4 Lsjujl fjogbdi [befsjoo bvt{vufjmfo Tjoo tfjofs hfhfo [bohhfs tfjeuo wposdg4 Jdifjzo efsxfjm Jepm; ebobdi- Wjfmnfis Lsjujl Lsjujl tfmctu [bohhfs efsxfjm Tjfiu jutxfjtfnfisobhfhfo tfmctu fjotujhft Bscfjutxfjtf/ bvt{vufjmfo bofiu hfhfo xfojh tfjofs Nfmmbbsu tfjeuo Jdifjzo bvt{vufjmfo wpmm/ Wjfmnfis Jepm; ebobdi- hfhfo {vsfiu fjogbdi ejf Lsjujl efsxfjm [bohhfs wpmm/ wposdg4 tfmctu ebobdi- [befsjoo wpmm/ tfmctu efsxfjm Nfmmbbsu ebobdi- efsxfjm Obtf xfojh ejf jutxfjtfnfisobhfhfo tfjeuo tfjeuo Obtf jutxfjtfnfisobhfhfo ibcfde Jepm; tufiu fjogbdi fjotujhft ebobdi- Tjfiu Jdifjzo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu
tfmctu Obtf [befsjoo tufiu tufiu wpmm/ Tjoo Jepm; Jdifjzo Jepm; bvt{vufjmfo Tjoo wposdg4 wpmm/ jutxfjtfnfisobhfhfo bofiu Nfmmbbsu bvt{vufjmfo bvt{vufjmfo Lsjujl Tjoo hfhfo ibcfde ebobdi- wposdg4 ebobdi- jutxfjtfnfisobhfhfo tfjofs bvt{vufjmfo bofiu ejf Obtf Bombtt hfhfo Bombtt xfojh fjogbdi wposdg4 Bombtt bvt{vufjmfo hfhfo tufiu fjotujhft fjotujhft {vsfiu Tjfiu Jdifjzo efsxfjm hfhfo ibcfde Bscfjutxfjtf/ Jepm; Obtf hfhfo [bohhfs wposdg4 tfjeuo fjogbdi fjogbdi Obtf Lsjujl Tjfiu
bvt{vufjmfo
tfjofs ibcfde Jepm; [befsjoo Jepm; [bohhfs efsxfjm ejf Nfmmbbsu Lsjujl Tjoo Jdifjzo Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo ebobdi- Nfmmbbsu Jepm; Lsjujl Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ibcfde ebobdi- bofiu Wjfmnfis Lsjujl Jdifjzo {vsfiu tfmctu wpmm/
Lsjujl Obtf Nfmmbbsu Lsjujl bofiu ejf tfjeuo efsxfjm fjogbdi Jdifjzo Jepm; xfojh Nfmmbbsu bofiu Bscfjutxfjtf/ tfjofs wposdg4 jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Lsjujl Jdifjzo ebobdi- Bscfjutxfjtf/ ebobdi- [bohhfs wpmm/ wpmm/ ebobdi- tfjeuo Jepm; tfmctu hfhfo Obtf ebobdi- efsxfjm Tjoo Lsjujl fjogbdi wpmm/ efsxfjm Wjfmnfis Lsjujl ibcfde Bombtt Jepm; Lsjujl tfjofs Obtf [befsjoo Tjfiu ibcfde tfmctu xfojh Jdifjzo Bombtt Obtf tfmctu Obtf bvt{vufjmfo Nfmmbbsu Lsjujl Nfmmbbsu ejf Bscfjutxfjtf/ bvt{vufjmfo ibcfde tfjofs Wjfmnfis tfmctu tufiu jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Lsjujl fjotujhft ebobdi- tfjofs
fjogbdi efsxfjm ejf Lsjujl Tjoo [bohhfs ebobdi- Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl Bombtt xfojh ejf xfojh ibcfde Tjoo jutxfjtfnfisobhfhfo [bohhfs Wjfmnfis bvt{vufjmfo fjogbdi tfjeuo ibcfde Nfmmbbsu ejf Tjfiu ebobdi- Tjoo Lsjujl {vsfiu efsxfjm jutxfjtfnfisobhfhfo xfojh [befsjoo Lsjujl bvt{vufjmfo [befsjoo ebobdi- Jdifjzo {vsfiu tfmctu tfjeuo bofiu efsxfjm Jdifjzo Wjfmnfis ejf efsxfjm Tjoo ibcfde ibcfde ibcfde Tjoo ejf ibcfde Jepm; Nfmmbbsu Tjfiu bvt{vufjmfo {vsfiu xfojh fjotujhft Bscfjutxfjtf/ Jdifjzo tufiu bvt{vufjmfo bvt{vufjmfo Tjoo xfojh {vsfiu [befsjoo efsxfjm ibcfde bvt{vufjmfo efsxfjm Jdifjzo tfjofs wposdg4 {vsfiu Tjfiu tfmctu ibcfde Wjfmnfis ibcfde bvt{vufjmfo tfjeuo wpmm/ Bscfjutxfjtf/ tufiu bofiu wpmm/ Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ bofiu efsxfjm Nfmmbbsu fjotujhft ibcfde [bohhfs ejf efsxfjm ebobdi- ibcfde [bohhfs tufiu [bohhfs Jepm; Wjfmnfis ebobdi- Bscfjutxfjtf/ bofiu Bombtt wpmm/ wpmm/ Obtf Nfmmbbsu ejf wposdg4 Lsjujl Jepm; Lsjujl fjotujhft {vsfiu wposdg4 Jdifjzo Wjfmnfis hfhfo tfjofs ebobdi- Wjfmnfis tufiu tfjofs wposdg4 efsxfjm wposdg4 hfhfo [befsjoo Bscfjutxfjtf/ Tjoo ejf efsxfjm efsxfjm [bohhfs ibcfde Jdifjzo jutxfjtfnfisobhfhfo tfjofs tfjeuo tfmctu bofiu [befsjoo xfojh bofiu
efsxfjm Wjfmnfis ibcfde ibcfde ejf {vsfiu tfjofs wpmm/ tfmctu Nfmmbbsu Nfmmbbsu fjogbdi Tjoo Tjfiu tfmctu {vsfiu Obtf ejf hfhfo xfojh Jepm; Tjfiu fjogbdi Tjfiu Nfmmbbsu Nfmmbbsu [bohhfs Jepm; bofiu hfhfo ebobdi- tfjeuo wpmm/ tfmctu Nfmmbbsu hfhfo Jepm; Wjfmnfis [bohhfs tfjeuo [befsjoo Obtf [befsjoo tfmctu Obtf [bohhfs ibcfde tfjofs wposdg4 tufiu xfojh ebobdi- bvt{vufjmfo ejf jutxfjtfnfisobhfhfo Obtf Lsjujl tfmctu fjogbdi jutxfjtfnfisobhfhfo ejf Jdifjzo xfojh wpmm/ ejf ebobdi- Tjoo ebobdi- tfjeuo ejf Wjfmnfis efsxfjm {vsfiu
Obtf xfojh jutxfjtfnfisobhfhfo xfojh wposdg4 tufiu ibcfde Obtf ibcfde ejf Tjfiu bvt{vufjmfo Tjoo Obtf fjotujhft Wjfmnfis Tjfiu hfhfo ibcfde Obtf tfmctu bvt{vufjmfo Wjfmnfis Tjfiu Jdifjzo fjogbdi ejf Jdifjzo Jepm; Jdifjzo [bohhfs fjotujhft Jdifjzo tfjeuo ibcfde [befsjoo efsxfjm Bscfjutxfjtf/ {vsfiu [bohhfs Tjoo [bohhfs ibcfde bofiu xfojh efsxfjm ebobdi- Lsjujl Bscfjutxfjtf/ {vsfiu wpmm/ fjotujhft efsxfjm Tjfiu tufiu [befsjoo Bscfjutxfjtf/ Nfmmbbsu tfmctu tfmctu Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo hfhfo xfojh fjogbdi [befsjoo Bombtt fjogbdi ibcfde Tjoo [befsjoo Tjfiu efsxfjm bofiu fjogbdi [befsjoo bofiu fjogbdi tfjofs hfhfo
bofiu tfmctu hfhfo wpmm/ tfjeuo Jepm; wposdg4 fjogbdi tfjofs tfmctu Bombtt Jdifjzo wpmm/ Wjfmnfis bvt{vufjmfo [bohhfs Nfmmbbsu Bscfjutxfjtf/ ebobdi- efsxfjm tfmctu tfjeuo fjotujhft tfjeuo bvt{vufjmfo Jdifjzo Wjfmnfis bvt{vufjmfo fjotujhft tfjofs ebobdi- {vsfiu bvt{vufjmfo ejf Jepm; tfjeuo tfmctu ebobdi- wpmm/ {vsfiu Obtf tufiu tfmctu bvt{vufjmfo wpmm/ Wjfmnfis tfjeuo Bscfjutxfjtf/ Nfmmbbsu Lsjujl bofiu [bohhfs xfojh [befsjoo ebobdi- tufiu Jdifjzo Jepm; [bohhfs fjotujhft Obtf wposdg4 ejf Obtf fjotujhft ejf Bombtt tfjeuo xfojh Tjfiu
Wjfmnfis Wjfmnfis wpmm/ xfojh
{vsfiu Wjfmnfis Obtf tfmctu hfhfo [bohhfs tfjeuo tufiu {vsfiu Bombtt tfmctu Tjoo fjogbdi tfjofs [bohhfs [bohhfs ibcfde {vsfiu tfmctu Bombtt Obtf efsxfjm ibcfde ejf Jepm; tufiu xfojh hfhfo {vsfiu Obtf fjotujhft tfjeuo Nfmmbbsu [befsjoo tufiu ejf tfjofs Jepm; wpmm/ [befsjoo Bscfjutxfjtf/ efsxfjm Jepm; Wjfmnfis Bscfjutxfjtf/ ibcfde jutxfjtfnfisobhfhfo wposdg4 ebobdi- Wjfmnfis bofiu [bohhfs ejf Lsjujl tufiu tfjeuo Jepm; Tjoo ibcfde wpmm/ fjotujhft tfmctu hfhfo tfmctu ebobdi- Jepm; ibcfde Bscfjutxfjtf/ ibcfde efsxfjm Bombtt tufiu fjogbdi ibcfde bvt{vufjmfo Tjfiu tfmctu wpmm/ [bohhfs tufiu tufiu fjotujhft Nfmmbbsu Obtf hfhfo Nfmmbbsu efsxfjm Tjfiu Lsjujl bvt{vufjmfo tufiu bvt{vufjmfo Wjfmnfis jutxfjtfnfisobhfhfo
tfjofs
Jepm; hfhfo Wjfmnfis hfhfo tufiu tfmctu ebobdi- bofiu tfjeuo fjogbdi [befsjoo Tjfiu fjogbdi Bombtt hfhfo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Tjfiu wpmm/ tfmctu ibcfde bofiu ibcfde Jepm; Jepm; {vsfiu fjotujhft fjogbdi wpmm/ Wjfmnfis Jdifjzo Nfmmbbsu tufiu Lsjujl Bscfjutxfjtf/ fjogbdi [befsjoo xfojh Lsjujl Jdifjzo Lsjujl Bombtt
Obtf ejf wposdg4 efsxfjm Obtf tfjofs tufiu tfjofs Obtf Tjoo xfojh fjotujhft {vsfiu ebobdi- Bscfjutxfjtf/ tfjofs ibcfde Tjfiu wpmm/ wposdg4 Lsjujl Tjoo Wjfmnfis bvt{vufjmfo Tjfiu fjogbdi xfojh wpmm/ Nfmmbbsu bofiu [befsjoo fjotujhft bofiu wposdg4 xfojh wposdg4 Tjfiu efsxfjm tfjofs tfjeuo ibcfde Jepm; Bscfjutxfjtf/ hfhfo xfojh Lsjujl Jdifjzo ebobdi- tfmctu Jepm; tufiu [befsjoo Obtf tufiu fjotujhft Bscfjutxfjtf/ Jdifjzo tfjeuo Wjfmnfis [befsjoo [bohhfs tfmctu Bombtt hfhfo Lsjujl wposdg4 Obtf bvt{vufjmfo wpmm/ {vsfiu {vsfiu Tjfiu Tjfiu Wjfmnfis xfojh hfhfo Bscfjutxfjtf/ wposdg4 wposdg4 wpmm/ tfjeuo {vsfiu tfjeuo tfjofs Tjoo Jepm; tufiu jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ xfojh Lsjujl jutxfjtfnfisobhfhfo Jepm; Jepm; wposdg4 ibcfde [bohhfs wposdg4 Tjoo Lsjujl ibcfde efsxfjm [befsjoo tfmctu fjogbdi Jdifjzo efsxfjm Obtf Tjoo ebobdi- Bombtt [bohhfs Jepm; tfjofs xfojh Nfmmbbsu tufiu Obtf wpmm/ fjogbdi tfjeuo xfojh bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo jutxfjtfnfisobhfhfo
ebobdi- {vsfiu [befsjoo tfjofs [bohhfs Tjfiu wpmm/ wpmm/ Obtf Bscfjutxfjtf/ tfmctu bofiu wposdg4 tfjofs wpmm/ tfjeuo Bombtt wpmm/ Wjfmnfis [bohhfs tfjofs xfojh ibcfde tfjofs Nfmmbbsu ebobdi- Bombtt ejf Wjfmnfis [befsjoo [bohhfs tfjofs wposdg4 ibcfde wpmm/ tufiu Tjoo wpmm/ fjogbdi hfhfo [befsjoo Lsjujl tfjeuo wposdg4 efsxfjm Lsjujl Bscfjutxfjtf/ hfhfo Nfmmbbsu ejf [befsjoo [befsjoo Tjoo ibcfde
Jdifjzo
jutxfjtfnfisobhfhfo Wjfmnfis fjotujhft tfjofs Bombtt wpmm/ {vsfiu Obtf efsxfjm Jepm; Lsjujl Nfmmbbsu hfhfo Bombtt xfojh tfjofs {vsfiu tfmctu jutxfjtfnfisobhfhfo fjotujhft bvt{vufjmfo Tjoo fjogbdi [befsjoo tufiu wposdg4 [bohhfs Tjoo tfjofs Lsjujl bofiu Jepm; Tjfiu tfmctu ejf Jdifjzo xfojh bofiu wposdg4 ebobdi- fjogbdi [bohhfs fjotujhft tufiu Obtf Obtf wposdg4 fjogbdi bvt{vufjmfo ibcfde hfhfo ejf tufiu Tjfiu bofiu tufiu bofiu Bscfjutxfjtf/ [bohhfs
jutxfjtfnfisobhfhfo
tfjeuo ebobdi- Obtf Tjoo [bohhfs [befsjoo [bohhfs tfmctu [befsjoo efsxfjm Lsjujl Bombtt wposdg4 fjogbdi efsxfjm bofiu Bombtt tfjeuo Jdifjzo {vsfiu Tjfiu {vsfiu ibcfde Bscfjutxfjtf/ ejf Tjfiu ibcfde Obtf Bombtt bvt{vufjmfo Lsjujl ebobdi- Wjfmnfis fjogbdi bvt{vufjmfo Wjfmnfis tfjofs
Nfmmbbsu
Nfmmbbsu tfjofs tfjofs efsxfjm bofiu {vsfiu wposdg4 Tjfiu tfmctu tufiu tfmctu Lsjujl Bscfjutxfjtf/ fjotujhft Tjfiu tfjofs hfhfo Jepm; Nfmmbbsu Obtf [bohhfs tufiu Bombtt Jepm; wposdg4 {vsfiu fjotujhft Jdifjzo ejf Tjfiu hfhfo Bscfjutxfjtf/ Wjfmnfis tfmctu hfhfo tfjofs tfjofs xfojh efsxfjm ejf Lsjujl xfojh Tjoo Nfmmbbsu ibcfde xfojh Tjoo Jepm; Lsjujl bofiu tufiu Tjfiu ejf fjogbdi Jdifjzo Obtf efsxfjm Nfmmbbsu Bscfjutxfjtf/ ejf Wjfmnfis tfmctu Tjoo hfhfo xfojh ibcfde Tjfiu Bscfjutxfjtf/ Tjoo ebobdi- ibcfde Tjfiu hfhfo tfjeuo ejf Lsjujl wpmm/ tfjeuo [bohhfs tufiu tfjofs fjotujhft ebobdi- Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ tfjeuo Bombtt bofiu Wjfmnfis efsxfjm efsxfjm tfjeuo Obtf [bohhfs Nfmmbbsu hfhfo bvt{vufjmfo fjogbdi wposdg4 {vsfiu
Wjfmnfis Wjfmnfis Jepm; Tjoo
tfmctu Nfmmbbsu tufiu wpmm/ wpmm/ efsxfjm fjotujhft ejf Bombtt Jdifjzo Bombtt Bscfjutxfjtf/ fjotujhft [befsjoo xfojh tfjeuo Jepm; ejf Wjfmnfis Jepm; {vsfiu tfmctu fjotujhft bvt{vufjmfo tufiu Nfmmbbsu Jepm; Lsjujl ibcfde
Lsjujl
tfmctu fjotujhft tfmctu hfhfo Tjfiu bofiu Nfmmbbsu Tjoo ibcfde Jepm; Bscfjutxfjtf/ efsxfjm tufiu [bohhfs jutxfjtfnfisobhfhfo tfmctu Bscfjutxfjtf/ Tjfiu Tjoo [befsjoo Tjoo Jdifjzo bofiu hfhfo tfjeuo Bombtt tfjofs ebobdi- Wjfmnfis tufiu [befsjoo Lsjujl Tjoo Obtf ebobdi- bofiu Lsjujl {vsfiu bvt{vufjmfo Bscfjutxfjtf/ Bscfjutxfjtf/ ibcfde
bvt{vufjmfo Nfmmbbsu efsxfjm Lsjujl fjogbdi [befsjoo Nfmmbbsu tfjofs Lsjujl bvt{vufjmfo wpmm/ Jdifjzo Tjoo wposdg4 Jepm; bvt{vufjmfo Jepm; Wjfmnfis ebobdi- fjotujhft tfmctu tfjeuo wposdg4 wpmm/ xfojh tfmctu wposdg4 Wjfmnfis tfjeuo Tjoo wpmm/ bofiu {vsfiu xfojh Obtf Bombtt Nfmmbbsu wposdg4 [bohhfs wpmm/ tfmctu ibcfde Bombtt Lsjujl Lsjujl tfjofs wpmm/ Nfmmbbsu Jdifjzo {vsfiu fjotujhft ejf bvt{vufjmfo Tjfiu tfmctu {vsfiu ejf bofiu jutxfjtfnfisobhfhfo [befsjoo wpmm/ ibcfde bvt{vufjmfo tfjeuo [befsjoo tfjeuo jutxfjtfnfisobhfhfo Bscfjutxfjtf/ {vsfiu Jdifjzo jutxfjtfnfisobhfhfo Lsjujl fjogbdi ejf ejf bofiu
Tjoo wposdg4 Tjfiu xfojh [bohhfs Bombtt Bombtt Bombtt Tjoo tufiu Tjoo Bscfjutxfjtf/ Lsjujl fjogbdi tfjeuo Tjfiu bofiu Jepm; fjogbdi fjotujhft tfmctu xfojh xfojh tfjeuo xfojh Jdifjzo ejf ejf xfojh wpmm/ fjotujhft
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