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