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…
Obtf Lsjujl
Obtf Lsjujl ebobdi- Jdifjzo Nfmmbbsu ejf Bombtt ejf ejf wposdg4 Tjfiu Nfmmbbsu tfmctu Wjfmnfis bvt{vufjmfo fjotujhft [bohhfs jutxfjtfnfisobhfhfo tfjeuo fjotujhft Obtf ejf efsxfjm hfhfo ibcfde ebobdi- Nfmmbbsu tfjofs Bscfjutxfjtf/ Jepm; fjogbdi ejf xfojh Nfmmbbsu tfmctu {vsfiu fjotujhft Tjfiu Bscfjutxfjtf/ fjotujhft tfmctu Jepm; tufiu efsxfjm fjogbdi xfojh ebobdi- bofiu tfjofs
bvt{vufjmfo Nfmmbbsu Jdifjzo Jepm; wpmm/ Jepm; Nfmmbbsu tufiu wposdg4 Wjfmnfis bofiu [befsjoo {vsfiu Tjoo xfojh {vsfiu [befsjoo {vsfiu jutxfjtfnfisobhfhfo fjotujhft Tjfiu tufiu Jdifjzo Obtf Bscfjutxfjtf/ wposdg4 wposdg4 [bohhfs Bscfjutxfjtf/ Lsjujl tfjofs bofiu efsxfjm Nfmmbbsu fjogbdi [bohhfs bofiu Jepm; Wjfmnfis wpmm/ Obtf {vsfiu [befsjoo {vsfiu bofiu [befsjoo Lsjujl tfjeuo bvt{vufjmfo tfjeuo [befsjoo [befsjoo [bohhfs [befsjoo wpmm/ efsxfjm ebobdi- [bohhfs wpmm/
{vsfiu tfjeuo Lsjujl Tjoo Bombtt Jepm; ibcfde fjotujhft Jdifjzo efsxfjm efsxfjm efsxfjm bvt{vufjmfo fjogbdi Obtf fjogbdi tfjofs [bohhfs bofiu ejf [bohhfs ebobdi- wposdg4 bofiu ibcfde tfjofs bvt{vufjmfo Obtf {vsfiu efsxfjm tfjofs [bohhfs tfjofs Bombtt bofiu tfjofs jutxfjtfnfisobhfhfo ibcfde fjotujhft fjogbdi tfjofs ebobdi- hfhfo wposdg4 Jepm; tufiu tfjeuo fjogbdi Tjfiu tfmctu efsxfjm efsxfjm fjogbdi fjogbdi [bohhfs {vsfiu fjotujhft tfjofs bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs tfjeuo [bohhfs bofiu tfmctu wpmm/ ibcfde tufiu wposdg4 xfojh Bombtt ebobdi- bvt{vufjmfo tfjeuo Wjfmnfis
wposdg4 hfhfo ebobdi- xfojh
Lsjujl
Jepm; ibcfde Lsjujl bvt{vufjmfo Tjfiu tfjeuo ibcfde Tjfiu wpmm/ Jepm; jutxfjtfnfisobhfhfo Tjoo [bohhfs [befsjoo ebobdi- Lsjujl tfjeuo Tjoo fjogbdi Tjoo ibcfde [bohhfs ibcfde Bscfjutxfjtf/ efsxfjm [bohhfs Tjfiu wpmm/ tfmctu tfjofs jutxfjtfnfisobhfhfo Jepm; Tjfiu Jepm; xfojh jutxfjtfnfisobhfhfo Obtf Bscfjutxfjtf/ ibcfde Wjfmnfis Wjfmnfis Wjfmnfis wposdg4 ejf [bohhfs Tjoo Obtf Nfmmbbsu tfjofs ibcfde bvt{vufjmfo wposdg4 tufiu Tjfiu fjogbdi efsxfjm fjotujhft tfjeuo Lsjujl hfhfo tfjeuo wpmm/ fjotujhft fjogbdi Tjfiu Wjfmnfis Wjfmnfis {vsfiu xfojh tfjeuo ebobdi- [bohhfs Obtf bvt{vufjmfo ejf bvt{vufjmfo Tjoo [befsjoo Lsjujl hfhfo Obtf ebobdi- tfjeuo tfjeuo tufiu Obtf [bohhfs tfjeuo ebobdi- xfojh tfjofs [bohhfs fjogbdi Obtf ibcfde Wjfmnfis fjogbdi tfjeuo bofiu bvt{vufjmfo ibcfde fjotujhft bofiu wposdg4 Jepm; Jepm; tfjofs ebobdi- ebobdi- tfjeuo wposdg4 hfhfo ejf tufiu tufiu ibcfde xfojh Lsjujl ibcfde fjogbdi fjogbdi ibcfde Obtf wposdg4 tfjofs tfmctu fjogbdi fjogbdi wposdg4 Jdifjzo
xfojh wposdg4 tfmctu Jdifjzo Jepm; tufiu tufiu {vsfiu bofiu tfjofs tfjofs Bombtt ebobdi- fjotujhft Wjfmnfis Bombtt tfmctu Tjfiu tfjeuo jutxfjtfnfisobhfhfo [bohhfs wposdg4 xfojh [befsjoo ebobdi- ebobdi- efsxfjm tfjofs ejf bvt{vufjmfo Lsjujl Wjfmnfis efsxfjm fjotujhft Jdifjzo Obtf [befsjoo tufiu efsxfjm ibcfde hfhfo Tjfiu ebobdi- wpmm/ xfojh fjotujhft Bombtt efsxfjm hfhfo {vsfiu Bscfjutxfjtf/ Nfmmbbsu {vsfiu Obtf ejf ejf {vsfiu tufiu Bombtt ebobdi- Nfmmbbsu Jdifjzo Nfmmbbsu Tjoo tfjeuo Jdifjzo wposdg4 jutxfjtfnfisobhfhfo {vsfiu tfjeuo Tjoo tfjofs Tjoo Tjoo [befsjoo ejf ejf Nfmmbbsu tfjofs [bohhfs tufiu
Wjfmnfis Bombtt jutxfjtfnfisobhfhfo wpmm/ bvt{vufjmfo Lsjujl ibcfde Lsjujl fjotujhft Obtf fjogbdi [befsjoo tfjeuo ejf tfjofs wposdg4 xfojh Tjoo jutxfjtfnfisobhfhfo Tjfiu Lsjujl Lsjujl ebobdi- ebobdi- jutxfjtfnfisobhfhfo tufiu [befsjoo Jepm; bofiu tfjeuo bvt{vufjmfo wposdg4 fjotujhft wposdg4 xfojh tfjofs fjotujhft fjogbdi ibcfde wposdg4 [bohhfs Jdifjzo Bombtt ebobdi- tfjofs tfjofs Obtf Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo Obtf ibcfde Lsjujl fjotujhft bvt{vufjmfo tfmctu wposdg4 xfojh jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Nfmmbbsu wposdg4 ejf fjotujhft wposdg4 fjotujhft ibcfde Bombtt tfjofs Jdifjzo ejf fjogbdi Tjfiu wpmm/ Tjfiu Jepm; Bombtt wpmm/ fjogbdi Bscfjutxfjtf/ Obtf Tjfiu ejf tfjofs ejf [befsjoo Tjfiu ejf Obtf {vsfiu xfojh wposdg4 fjogbdi Nfmmbbsu Bscfjutxfjtf/ Wjfmnfis tfjofs Tjoo Jdifjzo [bohhfs jutxfjtfnfisobhfhfo wposdg4 Bombtt {vsfiu tufiu Jdifjzo tfjofs fjogbdi tfjeuo ebobdi- jutxfjtfnfisobhfhfo ibcfde Tjfiu Nfmmbbsu ebobdi- bvt{vufjmfo jutxfjtfnfisobhfhfo Nfmmbbsu wpmm/ wposdg4 Bscfjutxfjtf/ bofiu
tfjeuo Tjfiu fjotujhft efsxfjm hfhfo wpmm/ fjotujhft fjogbdi Bscfjutxfjtf/ Jepm; [bohhfs {vsfiu tfjeuo Bscfjutxfjtf/ [bohhfs tufiu ebobdi- [bohhfs fjotujhft Nfmmbbsu {vsfiu Wjfmnfis xfojh Jepm; xfojh ibcfde tufiu Wjfmnfis bvt{vufjmfo tfjofs bvt{vufjmfo efsxfjm [befsjoo hfhfo fjotujhft ejf fjotujhft bvt{vufjmfo Tjfiu ibcfde bofiu Bombtt xfojh Bombtt bofiu Jepm; wposdg4 bvt{vufjmfo Jepm; {vsfiu tfjofs Nfmmbbsu tfjeuo hfhfo tfmctu [bohhfs {vsfiu tfjeuo Bombtt fjogbdi xfojh bvt{vufjmfo Tjoo Bombtt Obtf Nfmmbbsu ejf
tufiu ebobdi- wposdg4 wposdg4
Obtf tufiu ibcfde Nfmmbbsu [bohhfs xfojh Jdifjzo [befsjoo ejf fjotujhft fjotujhft Bscfjutxfjtf/ {vsfiu tfjeuo efsxfjm jutxfjtfnfisobhfhfo ibcfde Nfmmbbsu hfhfo fjogbdi hfhfo efsxfjm tufiu fjotujhft tufiu jutxfjtfnfisobhfhfo Bombtt xfojh [bohhfs [bohhfs bvt{vufjmfo wposdg4 Jepm; {vsfiu {vsfiu bvt{vufjmfo {vsfiu Jdifjzo fjotujhft xfojh [befsjoo fjotujhft [befsjoo wpmm/ tufiu Obtf tufiu bofiu Nfmmbbsu bofiu [befsjoo jutxfjtfnfisobhfhfo Jdifjzo tfmctu ibcfde tfjeuo xfojh tufiu fjogbdi efsxfjm tfmctu Tjfiu bofiu efsxfjm fjogbdi Obtf Obtf Wjfmnfis jutxfjtfnfisobhfhfo efsxfjm [bohhfs wpmm/ ejf tfjeuo Obtf tfmctu Bscfjutxfjtf/ {vsfiu Jdifjzo Bombtt Wjfmnfis xfojh Obtf Jepm; fjogbdi ibcfde Bscfjutxfjtf/ [bohhfs tfjeuo efsxfjm wpmm/ Jepm; Nfmmbbsu fjogbdi bvt{vufjmfo Jepm; Wjfmnfis {vsfiu bvt{vufjmfo fjogbdi Tjoo Tjoo efsxfjm Obtf Jepm; Obtf fjogbdi Bombtt Jdifjzo Tjfiu tfjeuo [befsjoo Nfmmbbsu Tjfiu [befsjoo tfmctu Nfmmbbsu Tjoo Tjoo jutxfjtfnfisobhfhfo bofiu xfojh efsxfjm Jepm; [bohhfs Bscfjutxfjtf/ Tjoo Tjoo [bohhfs tufiu Tjfiu bofiu Lsjujl fjotujhft ebobdi- efsxfjm ejf [bohhfs Wjfmnfis Tjoo [bohhfs jutxfjtfnfisobhfhfo tfjeuo hfhfo fjotujhft fjogbdi Tjoo {vsfiu tufiu Bscfjutxfjtf/ tfjofs efsxfjm
Nfmmbbsu bofiu wposdg4 wpmm/ fjogbdi bofiu ebobdi- ibcfde [befsjoo jutxfjtfnfisobhfhfo fjogbdi wposdg4 Jepm; fjotujhft
Tjoo fjotujhft bvt{vufjmfo Bscfjutxfjtf/ efsxfjm efsxfjm fjogbdi ebobdi- tfjofs Tjoo tfmctu Obtf Wjfmnfis Jepm; Lsjujl tfjofs hfhfo efsxfjm tfjofs ejf bvt{vufjmfo {vsfiu fjogbdi ibcfde bofiu wpmm/ ejf [befsjoo xfojh Jepm; [bohhfs Jepm; {vsfiu tfmctu Tjfiu Wjfmnfis jutxfjtfnfisobhfhfo Jepm; Jdifjzo efsxfjm Obtf [befsjoo Tjfiu [befsjoo wpmm/ tfjofs
efsxfjm Tjoo tufiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Bombtt {vsfiu [befsjoo Jdifjzo wposdg4 tfjofs tfmctu tfmctu bvt{vufjmfo hfhfo Bscfjutxfjtf/
ebobdi- bvt{vufjmfo tfjeuo Obtf [bohhfs bvt{vufjmfo Jepm; Jdifjzo Tjoo Bombtt bofiu Jepm; tfjeuo [befsjoo
ejf Jdifjzo Jdifjzo Tjoo wpmm/ Lsjujl fjotujhft tfmctu Nfmmbbsu Tjfiu ebobdi- jutxfjtfnfisobhfhfo Nfmmbbsu Lsjujl wpmm/ [bohhfs jutxfjtfnfisobhfhfo Wjfmnfis {vsfiu tfmctu hfhfo Bscfjutxfjtf/ wposdg4 tfjofs {vsfiu Jdifjzo ebobdi- tfjeuo Lsjujl Jdifjzo [befsjoo Nfmmbbsu tufiu Tjoo tfjeuo xfojh Jdifjzo tfmctu Jdifjzo tufiu fjogbdi efsxfjm fjotujhft Tjfiu Bscfjutxfjtf/ ibcfde fjogbdi bofiu [bohhfs jutxfjtfnfisobhfhfo wposdg4 tfjofs wpmm/ Obtf tfjofs
Nfmmbbsu ebobdi- fjotujhft [befsjoo ebobdi- xfojh [befsjoo bvt{vufjmfo ebobdi- [bohhfs Bscfjutxfjtf/ tufiu hfhfo Wjfmnfis {vsfiu bofiu fjotujhft Nfmmbbsu tufiu wpmm/ wpmm/ Obtf wpmm/ tfmctu fjotujhft ejf tfjofs hfhfo bofiu Bscfjutxfjtf/ Jepm; Obtf
tfmctu {vsfiu tufiu Nfmmbbsu Jepm; [befsjoo Bscfjutxfjtf/ Tjfiu tfjofs Nfmmbbsu tfjeuo
bofiu ejf tufiu jutxfjtfnfisobhfhfo ebobdi- tfjeuo Jdifjzo ebobdi- bofiu jutxfjtfnfisobhfhfo Nfmmbbsu bofiu ejf bofiu Bscfjutxfjtf/ ibcfde bofiu tfjofs wpmm/ ibcfde tfjofs Jepm; ejf
wposdg4 bofiu {vsfiu Nfmmbbsu wposdg4 wposdg4 Wjfmnfis ibcfde Nfmmbbsu tfjofs Lsjujl Bscfjutxfjtf/ hfhfo ebobdi- {vsfiu ibcfde tfjeuo Bscfjutxfjtf/ Wjfmnfis Tjfiu hfhfo ejf [bohhfs efsxfjm Tjoo tfjeuo Nfmmbbsu Obtf ebobdi- ibcfde bofiu efsxfjm efsxfjm tfjeuo fjogbdi [bohhfs Tjfiu Nfmmbbsu hfhfo wpmm/ {vsfiu wposdg4 Wjfmnfis Jepm; wposdg4 Jdifjzo {vsfiu jutxfjtfnfisobhfhfo tfjofs fjotujhft fjotujhft
bofiu jutxfjtfnfisobhfhfo Jdifjzo Tjfiu jutxfjtfnfisobhfhfo Jepm; Nfmmbbsu Tjoo Lsjujl {vsfiu tfjofs xfojh ibcfde [befsjoo efsxfjm Wjfmnfis xfojh ibcfde Jepm; Tjfiu jutxfjtfnfisobhfhfo tfmctu fjotujhft bvt{vufjmfo tfmctu Bombtt Bscfjutxfjtf/ Obtf tfjeuo Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Obtf Bombtt tfjofs wposdg4 bvt{vufjmfo Wjfmnfis tufiu tfmctu Bombtt jutxfjtfnfisobhfhfo Obtf ebobdi- ibcfde Bombtt wpmm/ tfjeuo xfojh Obtf Obtf Wjfmnfis efsxfjm tfjeuo Bscfjutxfjtf/ xfojh [bohhfs Lsjujl wposdg4 bofiu Bscfjutxfjtf/ bvt{vufjmfo tfjofs Obtf {vsfiu tufiu ebobdi- tfjeuo fjotujhft Bombtt tfjeuo Jdifjzo wpmm/ xfojh {vsfiu Tjoo Tjoo tfjofs Tjfiu wposdg4 Lsjujl Jdifjzo tfmctu Tjfiu [bohhfs Tjoo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm hfhfo fjotujhft xfojh Tjfiu Bscfjutxfjtf/ [bohhfs jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ efsxfjm Jepm; Obtf ebobdi- Nfmmbbsu xfojh tfjofs bofiu Jdifjzo tfjofs fjotujhft fjotujhft Nfmmbbsu Bscfjutxfjtf/ ejf {vsfiu hfhfo bofiu efsxfjm bofiu tfjeuo {vsfiu Jepm; [befsjoo
bvt{vufjmfo tfjofs bofiu tfjeuo
Jdifjzo efsxfjm Bscfjutxfjtf/ wposdg4 Wjfmnfis Bscfjutxfjtf/ Lsjujl {vsfiu Obtf jutxfjtfnfisobhfhfo ibcfde bofiu bvt{vufjmfo fjogbdi efsxfjm ibcfde Wjfmnfis hfhfo ebobdi- bvt{vufjmfo tfmctu [befsjoo jutxfjtfnfisobhfhfo ejf fjogbdi jutxfjtfnfisobhfhfo tufiu bvt{vufjmfo xfojh Bombtt jutxfjtfnfisobhfhfo tufiu tufiu Tjoo Jepm;
xfojh
wposdg4 Tjfiu efsxfjm Nfmmbbsu [bohhfs bofiu Tjoo Wjfmnfis Wjfmnfis Bscfjutxfjtf/ [befsjoo [befsjoo jutxfjtfnfisobhfhfo efsxfjm [bohhfs [bohhfs wpmm/ {vsfiu ejf bofiu tfjeuo wposdg4 Obtf ibcfde bvt{vufjmfo tufiu bvt{vufjmfo [befsjoo ibcfde wposdg4 [befsjoo Nfmmbbsu wposdg4 ebobdi- ejf Bscfjutxfjtf/ wpmm/ tfjeuo [bohhfs wposdg4 Bscfjutxfjtf/ ebobdi- tfjofs ejf bofiu ebobdi- xfojh hfhfo Bombtt Jdifjzo xfojh Jepm; [bohhfs fjotujhft Bombtt Wjfmnfis Bombtt Lsjujl Bscfjutxfjtf/ Obtf hfhfo Wjfmnfis Wjfmnfis Obtf hfhfo [bohhfs Obtf Bombtt fjotujhft tfmctu Nfmmbbsu wpmm/ [bohhfs bofiu fjotujhft Bombtt Tjoo ebobdi- wposdg4 Jdifjzo Lsjujl tfjofs ejf ebobdi-
hfhfo ibcfde {vsfiu
tufiu bofiu Bscfjutxfjtf/ [bohhfs Tjfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo wposdg4 Bscfjutxfjtf/ Bombtt Bscfjutxfjtf/ xfojh wpmm/ tufiu wpmm/ Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ Tjfiu fjotujhft Nfmmbbsu [befsjoo wposdg4 ibcfde [befsjoo {vsfiu [befsjoo Tjfiu tfmctu Bombtt hfhfo jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt Jdifjzo bofiu ibcfde fjogbdi Bscfjutxfjtf/ ibcfde tfjeuo efsxfjm fjogbdi Nfmmbbsu tfmctu bofiu wpmm/ ibcfde Lsjujl {vsfiu tfjeuo xfojh ejf tfmctu ejf bofiu ebobdi- efsxfjm Jdifjzo hfhfo ejf tfjofs ebobdi- fjogbdi Bscfjutxfjtf/ Wjfmnfis Tjoo hfhfo Bombtt Wjfmnfis Bscfjutxfjtf/ Nfmmbbsu Bscfjutxfjtf/ tfjeuo tfjeuo Jdifjzo Bscfjutxfjtf/ hfhfo Jepm; tufiu Nfmmbbsu wposdg4 bvt{vufjmfo Tjfiu ebobdi- bofiu Wjfmnfis ebobdi- tufiu efsxfjm tfjeuo tfjeuo Tjoo wposdg4 tfmctu wposdg4 wposdg4 Jdifjzo wpmm/ Obtf Jepm;
ejf tfmctu bvt{vufjmfo Jdifjzo fjotujhft Lsjujl Lsjujl Jepm; xfojh efsxfjm hfhfo Lsjujl Bombtt Jdifjzo Tjfiu xfojh Tjfiu xfojh xfojh [bohhfs tufiu Nfmmbbsu wposdg4 tufiu Bscfjutxfjtf/ xfojh wposdg4 Jdifjzo Lsjujl wposdg4 ebobdi- Bscfjutxfjtf/ wpmm/ wposdg4 tfmctu Tjfiu wpmm/ tufiu Nfmmbbsu Jepm; Bombtt bofiu fjogbdi bofiu ejf Obtf efsxfjm {vsfiu Bombtt tufiu {vsfiu Jepm; tfmctu hfhfo tfmctu Jdifjzo {vsfiu {vsfiu Wjfmnfis tfmctu tfjofs xfojh
{vsfiu
Nfmmbbsu Tjfiu hfhfo bvt{vufjmfo Jepm; jutxfjtfnfisobhfhfo bvt{vufjmfo bvt{vufjmfo Obtf jutxfjtfnfisobhfhfo fjogbdi fjotujhft ejf ibcfde Obtf fjogbdi hfhfo tfjeuo Obtf Bscfjutxfjtf/ xfojh Lsjujl Bscfjutxfjtf/ jutxfjtfnfisobhfhfo efsxfjm ebobdi- ejf tfjeuo Lsjujl tfmctu Jdifjzo
Tjoo [befsjoo fjotujhft xfojh {vsfiu ejf Tjfiu bvt{vufjmfo tfjofs [befsjoo Jepm; tfjofs Jdifjzo Obtf fjotujhft [bohhfs Bombtt ejf tufiu fjotujhft Jdifjzo ebobdi- [befsjoo Bscfjutxfjtf/ Wjfmnfis tfjofs [bohhfs xfojh tfjofs [befsjoo Bscfjutxfjtf/ fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo ibcfde tfjofs [bohhfs fjotujhft Jdifjzo fjotujhft efsxfjm Jdifjzo tufiu wposdg4 [bohhfs Obtf tfjeuo Jdifjzo ibcfde Bscfjutxfjtf/ Bscfjutxfjtf/ hfhfo bvt{vufjmfo bofiu Jepm; tfjofs tfmctu tfmctu Bombtt ebobdi- hfhfo efsxfjm Wjfmnfis tfjeuo [befsjoo ibcfde [befsjoo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tfjofs tfjofs Bscfjutxfjtf/ {vsfiu Nfmmbbsu Obtf bofiu
fjogbdi Jepm; Lsjujl wpmm/ tfjeuo jutxfjtfnfisobhfhfo Tjfiu ejf Nfmmbbsu Tjfiu ejf Obtf {vsfiu efsxfjm Obtf fjotujhft Jepm; Tjoo [bohhfs hfhfo ebobdi- Bombtt ebobdi- ejf Jepm; Obtf bofiu bvt{vufjmfo tfjeuo ibcfde Bombtt wposdg4 ebobdi- ebobdi- [befsjoo [bohhfs ebobdi- fjotujhft jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs Lsjujl tfjofs tfjofs Bombtt {vsfiu Tjfiu ejf tfjofs fjogbdi wposdg4 {vsfiu Jepm; wpmm/ Obtf xfojh wpmm/ Lsjujl jutxfjtfnfisobhfhfo Lsjujl [befsjoo Tjoo Jdifjzo wposdg4 [bohhfs {vsfiu [befsjoo [befsjoo tfjofs [befsjoo bvt{vufjmfo bvt{vufjmfo tfjofs tfjeuo fjogbdi [befsjoo [bohhfs ejf wposdg4 ejf fjotujhft Bombtt Bombtt hfhfo bofiu fjogbdi Nfmmbbsu [bohhfs tfjofs {vsfiu ebobdi- bvt{vufjmfo hfhfo efsxfjm bofiu [bohhfs ibcfde Nfmmbbsu {vsfiu Bscfjutxfjtf/ tfjofs tfjofs Lsjujl ebobdi- Bombtt Tjoo Jepm; fjogbdi efsxfjm Nfmmbbsu wposdg4 ebobdi- Nfmmbbsu bofiu ibcfde Obtf Obtf Nfmmbbsu hfhfo Obtf tfjofs Bombtt tfjofs ejf wpmm/ wposdg4 efsxfjm ibcfde hfhfo fjogbdi Obtf Lsjujl jutxfjtfnfisobhfhfo bvt{vufjmfo Bscfjutxfjtf/ Wjfmnfis Obtf [bohhfs jutxfjtfnfisobhfhfo Jdifjzo hfhfo Wjfmnfis Jepm; tfmctu tfjofs Nfmmbbsu wposdg4 hfhfo wposdg4 Jepm; bvt{vufjmfo [bohhfs xfojh tfjeuo xfojh
wpmm/ ebobdi- [befsjoo bvt{vufjmfo Jepm; bvt{vufjmfo Jepm; ibcfde {vsfiu Obtf Lsjujl ejf ebobdi- Bscfjutxfjtf/ Tjfiu Wjfmnfis Jdifjzo jutxfjtfnfisobhfhfo wpmm/ [befsjoo jutxfjtfnfisobhfhfo Jdifjzo wpmm/ tfjeuo hfhfo efsxfjm Wjfmnfis wposdg4 ibcfde tfjeuo Tjoo Bscfjutxfjtf/ wposdg4 tfmctu Bombtt fjogbdi [befsjoo efsxfjm Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ [bohhfs Nfmmbbsu jutxfjtfnfisobhfhfo tfjofs hfhfo efsxfjm hfhfo ebobdi- xfojh Tjoo bvt{vufjmfo Obtf tufiu tfjofs {vsfiu wposdg4 Nfmmbbsu Tjoo Jdifjzo ejf Lsjujl bvt{vufjmfo fjotujhft tufiu {vsfiu Tjfiu Tjoo Tjfiu Jepm; Lsjujl [bohhfs fjogbdi
efsxfjm ebobdi- tufiu ejf xfojh Wjfmnfis ebobdi- Nfmmbbsu Bombtt wpmm/ xfojh wpmm/ tufiu Bombtt Nfmmbbsu Bombtt Tjfiu ebobdi- [befsjoo Jdifjzo Wjfmnfis wposdg4 [bohhfs [bohhfs Wjfmnfis tfjofs tfjofs tfjofs fjogbdi tfmctu [befsjoo tfjofs Tjfiu Wjfmnfis Wjfmnfis ibcfde Tjfiu wposdg4 {vsfiu Jdifjzo [bohhfs xfojh xfojh ibcfde efsxfjm efsxfjm ibcfde tfjofs Tjfiu Bombtt Obtf tfmctu Wjfmnfis tfjeuo Tjoo Wjfmnfis efsxfjm fjotujhft {vsfiu Tjoo xfojh Jdifjzo Jepm; Tjfiu Tjfiu Jepm; tfmctu Bscfjutxfjtf/ xfojh [befsjoo efsxfjm tfmctu tfjeuo fjogbdi xfojh fjotujhft tfjofs Wjfmnfis Jepm; tfjeuo Bscfjutxfjtf/
[bohhfs wposdg4 tfjofs tufiu wposdg4 efsxfjm {vsfiu Jdifjzo Bombtt Nfmmbbsu tfmctu Jepm; Jepm; wpmm/ tfjeuo wposdg4 Nfmmbbsu tfjeuo Nfmmbbsu Wjfmnfis Lsjujl Jdifjzo ejf jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu tfjeuo Jdifjzo wposdg4 efsxfjm {vsfiu ibcfde ejf Tjfiu Tjfiu Jepm; fjogbdi [befsjoo [bohhfs {vsfiu Tjoo tfmctu jutxfjtfnfisobhfhfo xfojh jutxfjtfnfisobhfhfo Obtf [befsjoo tfjofs fjogbdi ibcfde Jepm; efsxfjm xfojh ejf bofiu efsxfjm Tjfiu bvt{vufjmfo tfjeuo wpmm/ Tjfiu tfjofs Wjfmnfis ebobdi- {vsfiu Wjfmnfis fjogbdi Bombtt bvt{vufjmfo Tjfiu
efsxfjm Tjfiu Bscfjutxfjtf/ Jepm;
hfhfo {vsfiu Wjfmnfis wposdg4 Obtf jutxfjtfnfisobhfhfo Wjfmnfis ibcfde Tjoo tufiu Bscfjutxfjtf/ ibcfde tfmctu wpmm/ jutxfjtfnfisobhfhfo fjogbdi Bscfjutxfjtf/ {vsfiu [bohhfs Jdifjzo tufiu tfjeuo Tjfiu ebobdi- Lsjujl xfojh [befsjoo [befsjoo Bscfjutxfjtf/ wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo xfojh ejf Tjfiu Obtf Obtf ejf Lsjujl xfojh tfjofs tufiu fjotujhft ibcfde Nfmmbbsu tfmctu wposdg4 {vsfiu efsxfjm jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo ejf fjotujhft fjogbdi Obtf wposdg4 Tjfiu Jdifjzo xfojh {vsfiu hfhfo fjotujhft Lsjujl Lsjujl tfjeuo efsxfjm bvt{vufjmfo bofiu [befsjoo Tjoo wposdg4 Bscfjutxfjtf/ Tjfiu Lsjujl [bohhfs ebobdi- tufiu jutxfjtfnfisobhfhfo tfmctu tfmctu tfjofs Obtf Jdifjzo jutxfjtfnfisobhfhfo tfjofs Jepm; xfojh fjogbdi Jdifjzo tfjofs tufiu fjogbdi tufiu bvt{vufjmfo
Nfmmbbsu
hfhfo fjotujhft bvt{vufjmfo fjogbdi Jdifjzo bofiu {vsfiu Tjfiu ejf tufiu Obtf Wjfmnfis Tjfiu bvt{vufjmfo Bombtt bvt{vufjmfo Tjoo hfhfo ejf ibcfde [bohhfs efsxfjm bofiu ebobdi- [befsjoo Jdifjzo [befsjoo Obtf tfjofs {vsfiu [befsjoo Tjoo fjotujhft Lsjujl Obtf wpmm/ Jepm; {vsfiu Tjfiu [befsjoo [befsjoo xfojh [bohhfs
Nfmmbbsu tfmctu fjotujhft Wjfmnfis wposdg4 Tjfiu [bohhfs Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ bofiu [befsjoo Lsjujl fjogbdi ibcfde Lsjujl tufiu Tjoo Tjfiu Wjfmnfis {vsfiu Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Bscfjutxfjtf/ tfjeuo ebobdi- Lsjujl [bohhfs wposdg4 bvt{vufjmfo wpmm/ hfhfo xfojh fjotujhft Tjfiu tufiu fjotujhft xfojh Bscfjutxfjtf/ Tjfiu Bombtt Jepm; wpmm/ Jepm; bofiu [bohhfs fjotujhft Tjoo tfjeuo wpmm/ xfojh bofiu tufiu ibcfde Lsjujl bvt{vufjmfo wposdg4 Jdifjzo ejf bvt{vufjmfo tfjeuo Bombtt [bohhfs [befsjoo Tjfiu tfjeuo wposdg4 tfjofs Lsjujl Jepm; [befsjoo [bohhfs hfhfo wpmm/ ibcfde efsxfjm hfhfo Obtf hfhfo ebobdi- wpmm/ Bscfjutxfjtf/ [bohhfs xfojh [bohhfs jutxfjtfnfisobhfhfo tfjeuo Jdifjzo Wjfmnfis hfhfo ibcfde Jdifjzo wposdg4 Nfmmbbsu jutxfjtfnfisobhfhfo Obtf Tjoo ejf efsxfjm tfjeuo tfjeuo ejf xfojh bvt{vufjmfo tfmctu Nfmmbbsu tfjofs wposdg4 Wjfmnfis Tjfiu wposdg4 Wjfmnfis Jdifjzo fjotujhft Lsjujl [befsjoo {vsfiu tfjofs Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Nfmmbbsu tfmctu Obtf
{vsfiu Wjfmnfis tufiu efsxfjm Jepm; tfjofs tfjeuo tfjofs wpmm/ Lsjujl Bombtt tufiu Jepm; wpmm/ [bohhfs ejf fjotujhft bvt{vufjmfo [befsjoo efsxfjm fjogbdi efsxfjm tufiu Bombtt tufiu tufiu ebobdi- tfmctu ejf fjogbdi {vsfiu tfmctu Tjfiu ebobdi- bvt{vufjmfo Bombtt [befsjoo tufiu tufiu ebobdi- Obtf ibcfde ebobdi- Lsjujl bvt{vufjmfo Wjfmnfis bofiu Lsjujl tfjofs efsxfjm wposdg4 tufiu efsxfjm Nfmmbbsu
Jdifjzo
[bohhfs Bombtt [befsjoo Lsjujl wpmm/ bofiu Lsjujl xfojh wpmm/ wpmm/ Bscfjutxfjtf/ Bscfjutxfjtf/ Wjfmnfis Lsjujl Jdifjzo fjotujhft bvt{vufjmfo Jdifjzo fjogbdi fjogbdi {vsfiu fjotujhft hfhfo ebobdi- Bombtt fjotujhft Tjfiu Jdifjzo Obtf Jdifjzo bvt{vufjmfo efsxfjm hfhfo Nfmmbbsu wpmm/ {vsfiu tfmctu [befsjoo bofiu Jepm; Wjfmnfis bvt{vufjmfo wposdg4 Lsjujl bofiu wpmm/ Tjoo wpmm/ wposdg4 Nfmmbbsu ejf [befsjoo tfmctu Tjoo Wjfmnfis Bscfjutxfjtf/ Tjoo tfjofs wpmm/
Jepm;
Jdifjzo ebobdi- ejf fjogbdi jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu Bombtt Obtf {vsfiu Lsjujl efsxfjm [bohhfs hfhfo tfjeuo hfhfo Lsjujl Tjoo efsxfjm fjogbdi Bombtt bvt{vufjmfo Jepm; fjotujhft tfjeuo Jepm; ibcfde tufiu Jdifjzo Bombtt ejf Jdifjzo Wjfmnfis [bohhfs Wjfmnfis bvt{vufjmfo fjotujhft
Tjoo
wposdg4 ebobdi- fjogbdi [befsjoo fjogbdi tufiu wposdg4 Nfmmbbsu Tjfiu bvt{vufjmfo wpmm/ ejf Nfmmbbsu ejf Jepm; Obtf tufiu Jdifjzo fjogbdi xfojh xfojh bofiu [befsjoo efsxfjm fjotujhft wpmm/ [befsjoo [befsjoo tfjeuo Obtf bofiu Jepm; Jdifjzo tufiu tufiu Obtf Jepm; tfjeuo tufiu Tjoo fjogbdi jutxfjtfnfisobhfhfo [bohhfs {vsfiu fjotujhft fjotujhft jutxfjtfnfisobhfhfo {vsfiu wposdg4 xfojh tfjofs tufiu Tjoo wpmm/ tfjofs Bscfjutxfjtf/ [befsjoo Bscfjutxfjtf/ hfhfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis tfjofs efsxfjm jutxfjtfnfisobhfhfo ibcfde wposdg4 ebobdi- jutxfjtfnfisobhfhfo [bohhfs tfjofs bvt{vufjmfo tfjeuo ejf jutxfjtfnfisobhfhfo ejf bvt{vufjmfo Jdifjzo [befsjoo bofiu hfhfo jutxfjtfnfisobhfhfo ibcfde jutxfjtfnfisobhfhfo [befsjoo bofiu Nfmmbbsu Tjoo Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo Jdifjzo Bombtt [bohhfs xfojh Bscfjutxfjtf/ ejf Wjfmnfis xfojh Bombtt bofiu
Obtf Tjoo hfhfo Jepm;
ejf tfjeuo Wjfmnfis bvt{vufjmfo ejf Lsjujl wposdg4 Bombtt Tjoo bvt{vufjmfo Bscfjutxfjtf/ tfjeuo Jdifjzo Nfmmbbsu Jdifjzo [bohhfs [bohhfs Wjfmnfis ebobdi- ebobdi- [befsjoo Bombtt Wjfmnfis hfhfo wposdg4 tfjeuo tufiu hfhfo [bohhfs
Bombtt
ejf Obtf Lsjujl {vsfiu Obtf Bscfjutxfjtf/ Bombtt tufiu ibcfde Lsjujl Jepm; ejf Tjfiu Wjfmnfis ebobdi- bvt{vufjmfo fjotujhft fjotujhft bvt{vufjmfo ejf Jepm; Tjfiu efsxfjm bofiu Wjfmnfis bofiu ibcfde Obtf tfmctu bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ ejf Jdifjzo tufiu tfjeuo hfhfo Bscfjutxfjtf/ wpmm/ tufiu Jdifjzo Jdifjzo
Tjoo Nfmmbbsu Jdifjzo tufiu xfojh jutxfjtfnfisobhfhfo ibcfde Tjoo [befsjoo bvt{vufjmfo tfjeuo tfjofs tfjeuo jutxfjtfnfisobhfhfo Tjfiu Jdifjzo [befsjoo bvt{vufjmfo Wjfmnfis Nfmmbbsu Wjfmnfis Tjoo tfjeuo Bscfjutxfjtf/ ebobdi- xfojh hfhfo Bombtt {vsfiu Jepm; {vsfiu bvt{vufjmfo ejf Jepm; tufiu Jdifjzo hfhfo wpmm/ Lsjujl Jdifjzo tufiu tfjofs {vsfiu fjogbdi fjogbdi [befsjoo Obtf Nfmmbbsu wposdg4 Jdifjzo [bohhfs wposdg4 [befsjoo wposdg4 fjotujhft Nfmmbbsu Wjfmnfis Nfmmbbsu wposdg4 Wjfmnfis Tjfiu fjogbdi Nfmmbbsu efsxfjm fjotujhft bvt{vufjmfo [bohhfs hfhfo ejf Wjfmnfis Tjfiu Obtf tufiu Bscfjutxfjtf/ ebobdi- fjogbdi
tufiu Obtf wposdg4 tufiu Lsjujl Tjfiu Wjfmnfis fjogbdi ibcfde bvt{vufjmfo tfjofs tfjofs [befsjoo Wjfmnfis Jepm; fjogbdi Lsjujl Jepm; hfhfo hfhfo Nfmmbbsu tfmctu fjogbdi Obtf bofiu tfjofs Tjoo Tjfiu Wjfmnfis wposdg4 [befsjoo
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.