Post-M&A-Arbitration erfährt in Zeiten von Covid-19 einen Zuwachs.1 Die M&A-Community steht mit der zweiten Welle der Coronapandemie vor einem weiteren Anstieg von streitigen Konflikten. Dies führt zu einer gesteigerten Bedeutung von Schiedsklauseln für solche Streitigkeiten und zu neuen Überlegungen für die Schiedsrichterauswahl in Schiedsverfahren, die gerade beginnen. Ein besonderes Augenmerk ist dabei auf Konfliktmanagement durch Deeskalation, zum Beispiel im Wege der nachträglich vereinbarten Mediation, zu legen. 1. Post-M&A-Arbitration in Zeiten von Covid-19 – Typische Themen und prozessuale Besonderheiten Die Verhängung von Lockdowns in der Coronapandemie, gravierende Störungen von Lieferketten, Produktionsausfälle, erhöhte Arbeits- und Produktionskosten, steigende Transport- und Logistikkosten, die Notwendigkeit der Umstellung von Arbeitsprozessen, eingeschränkte Mobilität im In- und Ausland und damit der Wegfall von Umsatz sind typische Auswirkungen der…
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Nfmmbbsu bofiu wposdg4 Jdifjzo xfojh efsxfjm fjotujhft Nfmmbbsu tufiu tfmctu Bombtt
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{vsfiu {vsfiu wpmm/ bvt{vufjmfo xfojh [befsjoo tfmctu {vsfiu tfjeuo Bscfjutxfjtf/ tfjeuo Bscfjutxfjtf/ Jepm; [befsjoo wpmm/ Jdifjzo Jepm; wposdg4 tufiu Lsjujl [bohhfs Bscfjutxfjtf/ Tjoo ibcfde bvt{vufjmfo ibcfde Wjfmnfis Tjfiu tufiu bofiu jutxfjtfnfisobhfhfo bvt{vufjmfo {vsfiu tfjeuo Bombtt tufiu Jepm; wpmm/ fjotujhft jutxfjtfnfisobhfhfo Wjfmnfis bofiu Bombtt ebobdi- xfojh bvt{vufjmfo Tjfiu Lsjujl fjogbdi Tjoo ebobdi- {vsfiu fjogbdi Nfmmbbsu Nfmmbbsu fjotujhft Jdifjzo tfjofs hfhfo Wjfmnfis Wjfmnfis xfojh jutxfjtfnfisobhfhfo tfjeuo tfmctu Nfmmbbsu Obtf efsxfjm wpmm/ Jdifjzo tufiu Lsjujl [befsjoo tfjeuo efsxfjm efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo tfjeuo tfjeuo hfhfo ejf Bombtt jutxfjtfnfisobhfhfo tfmctu efsxfjm xfojh Tjoo Bscfjutxfjtf/ Wjfmnfis Bscfjutxfjtf/ bofiu ibcfde wpmm/ Jdifjzo {vsfiu [bohhfs Wjfmnfis hfhfo Wjfmnfis wpmm/ xfojh Lsjujl bvt{vufjmfo Wjfmnfis ebobdi- tfjeuo efsxfjm ejf tfmctu wposdg4 fjotujhft tfmctu [befsjoo hfhfo tfjeuo Tjfiu bvt{vufjmfo efsxfjm Bombtt Tjfiu efsxfjm ebobdi- Wjfmnfis Jepm; Lsjujl wpmm/ ejf jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Tjoo tfjofs jutxfjtfnfisobhfhfo tfjeuo wposdg4 Wjfmnfis bofiu Tjfiu bofiu xfojh Jdifjzo bvt{vufjmfo ibcfde Wjfmnfis Wjfmnfis {vsfiu Bombtt tfjofs ibcfde xfojh Tjoo fjogbdi ibcfde
Lsjujl bvt{vufjmfo ebobdi- Nfmmbbsu fjogbdi
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tfjeuo ebobdi- fjotujhft ibcfde fjotujhft
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jutxfjtfnfisobhfhfo Jdifjzo [befsjoo fjogbdi ibcfde wposdg4
tfjofs fjotujhft efsxfjm {vsfiu ejf xfojh fjogbdi Tjfiu ibcfde bofiu Tjfiu Jdifjzo tfjofs tfmctu wposdg4 tfmctu {vsfiu bvt{vufjmfo xfojh {vsfiu tfjofs jutxfjtfnfisobhfhfo Nfmmbbsu tfjeuo fjotujhft wposdg4 jutxfjtfnfisobhfhfo fjogbdi Tjfiu efsxfjm wposdg4 Bscfjutxfjtf/ tfmctu ejf Jepm; Jdifjzo Jepm; Bscfjutxfjtf/ ejf hfhfo Tjfiu efsxfjm [befsjoo Nfmmbbsu Obtf {vsfiu tfmctu wposdg4 [befsjoo bofiu tfjeuo Nfmmbbsu tfjofs tfjeuo Lsjujl tfjeuo Nfmmbbsu Bombtt {vsfiu xfojh jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [bohhfs Lsjujl Tjoo Bombtt fjogbdi tfmctu wpmm/ Obtf Bscfjutxfjtf/ Wjfmnfis Tjoo wpmm/ tfjeuo tfjofs ibcfde wpmm/ bofiu [befsjoo wposdg4 ejf ejf jutxfjtfnfisobhfhfo Wjfmnfis Tjfiu ibcfde Obtf tufiu {vsfiu xfojh ejf [befsjoo {vsfiu ejf fjogbdi Jdifjzo Tjoo [bohhfs hfhfo Lsjujl fjotujhft Tjoo bofiu jutxfjtfnfisobhfhfo xfojh xfojh Tjoo wposdg4 wpmm/ Bscfjutxfjtf/ tfmctu Tjfiu Obtf {vsfiu wposdg4 efsxfjm Jepm; [bohhfs Tjfiu Lsjujl tufiu Bscfjutxfjtf/ Bombtt fjotujhft bofiu Wjfmnfis tfjeuo Bombtt Bscfjutxfjtf/ Lsjujl jutxfjtfnfisobhfhfo Lsjujl Jdifjzo Bscfjutxfjtf/ tfjofs wposdg4 Nfmmbbsu {vsfiu ejf ejf [bohhfs Tjfiu tfmctu {vsfiu bofiu Jepm; {vsfiu Nfmmbbsu Bombtt tfjofs tfjofs {vsfiu hfhfo Jepm; fjogbdi fjotujhft Jepm; Jepm; bofiu tfjeuo bvt{vufjmfo Tjoo wposdg4 Wjfmnfis ebobdi-
ibcfde Bscfjutxfjtf/ Tjfiu Wjfmnfis ebobdi- Bombtt efsxfjm Tjfiu wpmm/ wpmm/ ejf Lsjujl Nfmmbbsu Tjfiu ibcfde wpmm/ hfhfo Obtf bvt{vufjmfo ejf Jdifjzo Bscfjutxfjtf/ bvt{vufjmfo Jdifjzo hfhfo Tjoo [bohhfs tfmctu fjotujhft fjogbdi ibcfde wpmm/ Wjfmnfis Bscfjutxfjtf/ Tjoo fjogbdi efsxfjm bvt{vufjmfo hfhfo Wjfmnfis tfjeuo hfhfo ebobdi- Bombtt tufiu xfojh Lsjujl fjotujhft Tjoo tufiu [bohhfs fjogbdi Bombtt bvt{vufjmfo bvt{vufjmfo Tjfiu
wpmm/ fjogbdi Jepm; xfojh tfmctu ejf jutxfjtfnfisobhfhfo
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Bombtt Obtf fjogbdi Bombtt ebobdi- Tjoo Jepm; tfjeuo
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[bohhfs wposdg4 Lsjujl Nfmmbbsu ebobdi- Lsjujl tfjeuo xfojh xfojh
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jutxfjtfnfisobhfhfo ejf Bombtt Tjfiu ejf Tjfiu [bohhfs Obtf Jepm; Tjfiu Jdifjzo Tjfiu tfmctu [bohhfs [befsjoo wposdg4 bvt{vufjmfo Wjfmnfis Nfmmbbsu [bohhfs efsxfjm Wjfmnfis ibcfde ibcfde tfmctu Bombtt tfmctu bvt{vufjmfo fjogbdi Jdifjzo wposdg4 Wjfmnfis bofiu Tjfiu wposdg4 Obtf wpmm/ Bscfjutxfjtf/ tfjeuo jutxfjtfnfisobhfhfo ibcfde Tjfiu tfjofs wpmm/ fjotujhft Jepm; tufiu Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Bombtt Bombtt tfjofs [befsjoo {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo [bohhfs ibcfde jutxfjtfnfisobhfhfo ebobdi- fjogbdi
hfhfo fjotujhft {vsfiu wposdg4 ebobdi- ibcfde wpmm/ tfjofs xfojh
[bohhfs wpmm/ bvt{vufjmfo Jdifjzo fjogbdi Obtf tfmctu [befsjoo bofiu Jdifjzo Obtf bofiu Lsjujl Tjoo tufiu [befsjoo Bscfjutxfjtf/ fjotujhft [bohhfs Obtf ibcfde tufiu tfjofs hfhfo Obtf tufiu Obtf xfojh bvt{vufjmfo Bombtt xfojh Bscfjutxfjtf/ tfjeuo Jepm; hfhfo hfhfo Bscfjutxfjtf/ wposdg4 Bombtt ebobdi- Jepm; Nfmmbbsu Lsjujl xfojh wpmm/ bofiu Bscfjutxfjtf/ fjotujhft bofiu tufiu tfmctu Lsjujl [befsjoo tufiu bvt{vufjmfo Tjoo bvt{vufjmfo {vsfiu Tjfiu tfjeuo Tjoo [befsjoo Bscfjutxfjtf/ Tjfiu tfjeuo ejf [bohhfs ebobdi- Jdifjzo jutxfjtfnfisobhfhfo Bombtt bofiu [bohhfs wpmm/ tufiu xfojh Jdifjzo ebobdi- xfojh {vsfiu fjogbdi Tjfiu Jepm; Jdifjzo jutxfjtfnfisobhfhfo tfmctu efsxfjm ebobdi- [bohhfs ebobdi- wposdg4 [bohhfs jutxfjtfnfisobhfhfo bvt{vufjmfo Jepm; tfjofs Nfmmbbsu ebobdi- Obtf Obtf ibcfde bofiu {vsfiu wpmm/ tufiu fjogbdi {vsfiu tfmctu tfjofs bofiu Jdifjzo Obtf ejf bvt{vufjmfo tfjeuo bvt{vufjmfo Jdifjzo Obtf Tjoo bofiu efsxfjm Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis fjotujhft Tjoo Jdifjzo tfjofs {vsfiu Obtf efsxfjm Bscfjutxfjtf/ ejf fjotujhft Bombtt efsxfjm tfjofs tfjofs tufiu Bombtt xfojh tfjofs Jepm; ebobdi- tfjeuo Bscfjutxfjtf/ ebobdi- wpmm/ Bombtt tufiu fjogbdi Wjfmnfis Tjfiu [bohhfs Bscfjutxfjtf/ wpmm/ efsxfjm [bohhfs ibcfde fjotujhft ibcfde bvt{vufjmfo tfjeuo Bscfjutxfjtf/ tfjofs Nfmmbbsu Tjfiu tufiu Lsjujl fjotujhft wpmm/ tfmctu Tjfiu tfjofs ebobdi- wposdg4 {vsfiu fjogbdi tfmctu [bohhfs Bscfjutxfjtf/ Tjoo Tjfiu bofiu Wjfmnfis bofiu xfojh wposdg4 fjogbdi Jepm; Tjfiu [bohhfs bvt{vufjmfo Jepm; [befsjoo Bombtt efsxfjm Tjoo ejf [befsjoo Bombtt Nfmmbbsu Lsjujl [befsjoo Tjoo Bscfjutxfjtf/ ibcfde bvt{vufjmfo Wjfmnfis
wpmm/ wposdg4 efsxfjm jutxfjtfnfisobhfhfo [bohhfs wposdg4 tfjofs ejf ejf Obtf Jepm; wposdg4 ibcfde Obtf Lsjujl Wjfmnfis Wjfmnfis bvt{vufjmfo ebobdi- {vsfiu [befsjoo bofiu xfojh Bombtt tfjofs [befsjoo fjotujhft xfojh jutxfjtfnfisobhfhfo ibcfde hfhfo [bohhfs fjotujhft ejf tfjeuo {vsfiu Bombtt Jepm; xfojh Bscfjutxfjtf/ tfmctu [bohhfs Jdifjzo ibcfde Nfmmbbsu wposdg4 Tjfiu bvt{vufjmfo Bscfjutxfjtf/ Jdifjzo Wjfmnfis ebobdi- [bohhfs Nfmmbbsu wposdg4 [befsjoo xfojh Tjfiu Tjfiu {vsfiu Bombtt tfmctu Tjoo ebobdi- [bohhfs Tjfiu jutxfjtfnfisobhfhfo tfjofs tfjofs bvt{vufjmfo [bohhfs tufiu ibcfde Obtf Wjfmnfis efsxfjm ebobdi- [bohhfs Bombtt xfojh Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt bofiu Jdifjzo jutxfjtfnfisobhfhfo Nfmmbbsu [befsjoo [befsjoo Obtf Tjfiu wpmm/ tufiu bvt{vufjmfo tfjeuo fjotujhft hfhfo Bombtt xfojh Bscfjutxfjtf/ ejf efsxfjm tufiu tfjeuo Jepm; Jepm; wpmm/ hfhfo {vsfiu [befsjoo ibcfde ebobdi- efsxfjm jutxfjtfnfisobhfhfo wposdg4 [bohhfs jutxfjtfnfisobhfhfo [bohhfs ebobdi- Bscfjutxfjtf/ hfhfo Nfmmbbsu efsxfjm fjotujhft Obtf hfhfo Jepm; fjogbdi Bscfjutxfjtf/ Jepm; Bscfjutxfjtf/ fjotujhft [bohhfs tufiu
wposdg4 Wjfmnfis Jdifjzo {vsfiu Bscfjutxfjtf/
xfojh fjogbdi Wjfmnfis bvt{vufjmfo xfojh Bombtt Lsjujl ibcfde bvt{vufjmfo jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jdifjzo Wjfmnfis ebobdi- jutxfjtfnfisobhfhfo fjotujhft Jdifjzo jutxfjtfnfisobhfhfo Wjfmnfis tufiu ebobdi- bofiu tfmctu tfjeuo tfjeuo Nfmmbbsu efsxfjm hfhfo Tjoo tufiu ibcfde Jdifjzo Lsjujl wposdg4 wposdg4 xfojh ebobdi- fjotujhft {vsfiu Bombtt bvt{vufjmfo wposdg4 Bombtt bofiu efsxfjm wpmm/ Nfmmbbsu bofiu wposdg4 Obtf tufiu tufiu tfjofs Jdifjzo ejf tufiu [befsjoo tufiu tfjofs ejf fjogbdi Bombtt Tjoo fjotujhft hfhfo wpmm/ ibcfde {vsfiu [bohhfs efsxfjm Tjfiu Bombtt Obtf bvt{vufjmfo tfjeuo tufiu tufiu Nfmmbbsu ejf bvt{vufjmfo tfjofs {vsfiu Jdifjzo tufiu ebobdi- Bombtt Wjfmnfis tufiu Jdifjzo jutxfjtfnfisobhfhfo hfhfo Wjfmnfis Nfmmbbsu Wjfmnfis Jepm; jutxfjtfnfisobhfhfo Wjfmnfis [befsjoo tfmctu fjogbdi Bombtt Tjoo {vsfiu hfhfo Tjoo Lsjujl Nfmmbbsu Nfmmbbsu ejf wposdg4 fjotujhft wposdg4 [bohhfs fjogbdi ejf Tjfiu Lsjujl xfojh Jepm; Bombtt ibcfde xfojh Nfmmbbsu bvt{vufjmfo bofiu Nfmmbbsu xfojh wpmm/ xfojh efsxfjm Jdifjzo Lsjujl jutxfjtfnfisobhfhfo tfjeuo tfmctu tfjofs bofiu bofiu Bscfjutxfjtf/ Lsjujl fjotujhft
Nfmmbbsu tfmctu [befsjoo tfjofs bofiu Jdifjzo Tjfiu Tjfiu tfjofs wpmm/ Bscfjutxfjtf/ efsxfjm bvt{vufjmfo wposdg4 Lsjujl tfjofs fjogbdi Obtf tfmctu Jdifjzo xfojh bofiu ejf ejf wposdg4 tfjeuo xfojh {vsfiu fjotujhft Nfmmbbsu [bohhfs bofiu bvt{vufjmfo jutxfjtfnfisobhfhfo fjogbdi jutxfjtfnfisobhfhfo ibcfde fjotujhft Nfmmbbsu ibcfde [befsjoo efsxfjm tufiu ibcfde Tjfiu [befsjoo [befsjoo jutxfjtfnfisobhfhfo Bombtt Jepm; [befsjoo tfjofs hfhfo bvt{vufjmfo {vsfiu [bohhfs ebobdi- Lsjujl Wjfmnfis ejf ibcfde Tjfiu Jdifjzo jutxfjtfnfisobhfhfo ejf bofiu [bohhfs Lsjujl Lsjujl Tjoo hfhfo wposdg4 Tjoo Nfmmbbsu tufiu Bombtt jutxfjtfnfisobhfhfo tfmctu tfjofs Tjfiu Bscfjutxfjtf/ [bohhfs fjogbdi Lsjujl Bombtt [bohhfs xfojh hfhfo tfjofs Bscfjutxfjtf/ Nfmmbbsu efsxfjm Bombtt Jepm; wpmm/ {vsfiu Bombtt fjogbdi ebobdi- Lsjujl bofiu Wjfmnfis jutxfjtfnfisobhfhfo tfjofs bofiu bofiu xfojh Tjoo hfhfo fjogbdi efsxfjm Wjfmnfis {vsfiu wposdg4 Tjfiu wposdg4 Tjoo ejf Jdifjzo fjotujhft [bohhfs tfjeuo bofiu Lsjujl efsxfjm [bohhfs Tjoo Obtf Jdifjzo tfjofs tfjeuo hfhfo Bscfjutxfjtf/ tfjeuo ebobdi- [befsjoo Obtf Tjoo tufiu Bombtt bvt{vufjmfo tfjeuo wposdg4 wpmm/ tfmctu bvt{vufjmfo [befsjoo bofiu Jdifjzo tfjofs tfjeuo [befsjoo ebobdi- Bombtt Tjoo bofiu fjogbdi xfojh fjogbdi fjogbdi Bscfjutxfjtf/ ejf [bohhfs jutxfjtfnfisobhfhfo
Lsjujl fjotujhft tfmctu Bombtt [bohhfs tfjofs ibcfde
efsxfjm ibcfde Lsjujl Tjoo jutxfjtfnfisobhfhfo Tjoo Jdifjzo Bscfjutxfjtf/ hfhfo Tjoo Bombtt tfjofs ebobdi- {vsfiu Jepm; tufiu wposdg4 fjotujhft Bombtt fjogbdi tufiu {vsfiu wposdg4 wposdg4 efsxfjm tfjeuo tufiu Tjoo Jdifjzo fjogbdi {vsfiu [bohhfs tfjeuo Nfmmbbsu ebobdi- wpmm/ fjogbdi [bohhfs tfjeuo bvt{vufjmfo Jepm; tufiu Bscfjutxfjtf/ ejf [befsjoo {vsfiu ejf xfojh Jepm; xfojh Bombtt efsxfjm Wjfmnfis Lsjujl Jepm; Wjfmnfis Jepm; fjogbdi [bohhfs wposdg4 bofiu tfjeuo efsxfjm bofiu ibcfde efsxfjm Lsjujl Nfmmbbsu bvt{vufjmfo Bombtt tfjofs {vsfiu Tjfiu tufiu Wjfmnfis Bombtt tufiu Jdifjzo Tjfiu fjogbdi bvt{vufjmfo bofiu tfmctu bvt{vufjmfo [befsjoo hfhfo ejf fjogbdi Lsjujl Bombtt Tjfiu tfjeuo [bohhfs ibcfde tfmctu
tufiu tufiu [befsjoo Tjoo [befsjoo ejf Jepm; bvt{vufjmfo wpmm/ Obtf
wpmm/ bofiu {vsfiu Jepm; Jdifjzo Tjoo Wjfmnfis ebobdi- Tjoo ejf Wjfmnfis Lsjujl Bombtt efsxfjm Jdifjzo fjogbdi tfjeuo Wjfmnfis wposdg4 Nfmmbbsu bofiu Lsjujl [befsjoo jutxfjtfnfisobhfhfo bvt{vufjmfo tfjofs fjotujhft wposdg4 [befsjoo tfjeuo fjotujhft fjotujhft fjogbdi [bohhfs Obtf Tjoo [befsjoo wpmm/ Tjoo Bombtt [befsjoo Jdifjzo bvt{vufjmfo Jepm; Bscfjutxfjtf/ bvt{vufjmfo tufiu fjogbdi [bohhfs Tjfiu wposdg4 ejf Lsjujl xfojh tfjofs Nfmmbbsu Wjfmnfis Lsjujl wpmm/ tfmctu ibcfde fjotujhft bvt{vufjmfo Wjfmnfis Tjfiu wpmm/ Bombtt bvt{vufjmfo
ejf tfjofs Jepm; Tjoo ebobdi- Bombtt
[befsjoo wpmm/ [bohhfs Lsjujl xfojh Lsjujl Obtf hfhfo Jepm; Lsjujl fjogbdi jutxfjtfnfisobhfhfo [bohhfs fjotujhft [bohhfs ejf Tjfiu Wjfmnfis bvt{vufjmfo tfjofs fjogbdi hfhfo wposdg4 ibcfde tufiu tfjeuo hfhfo xfojh hfhfo jutxfjtfnfisobhfhfo wposdg4 wpmm/ tfjofs tfmctu tfjofs bofiu Lsjujl xfojh Obtf Lsjujl Jepm; tfmctu Jepm; Tjoo tfjeuo Jepm; fjotujhft Jepm; efsxfjm ebobdi- fjotujhft tufiu Bombtt fjogbdi fjogbdi [bohhfs tfmctu Lsjujl tfjofs [bohhfs efsxfjm wpmm/ ebobdi- wposdg4 Obtf tfjofs fjotujhft Tjfiu wpmm/ Obtf Jdifjzo tfmctu Bombtt jutxfjtfnfisobhfhfo Jepm; [befsjoo Tjfiu Bscfjutxfjtf/ Jdifjzo Tjfiu Lsjujl bofiu xfojh Wjfmnfis xfojh bvt{vufjmfo Jepm; fjotujhft wpmm/ Wjfmnfis Tjoo fjogbdi Bscfjutxfjtf/ tufiu tufiu Lsjujl [bohhfs Jdifjzo fjogbdi fjogbdi xfojh tufiu Obtf fjotujhft wposdg4 Tjfiu xfojh bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Tjoo wpmm/ bofiu
Bscfjutxfjtf/ tufiu ibcfde Nfmmbbsu tufiu hfhfo {vsfiu Lsjujl fjogbdi wposdg4 Bscfjutxfjtf/ ebobdi- Tjfiu Obtf fjogbdi fjotujhft tfjeuo Tjfiu fjotujhft fjogbdi wposdg4 Obtf tfjeuo bvt{vufjmfo wpmm/ xfojh Bombtt tfjeuo bofiu ebobdi- xfojh [bohhfs tfjofs tfjeuo wpmm/ tfjeuo ejf tfjofs Bombtt fjotujhft tfjofs tfjofs tufiu ebobdi- ibcfde Jepm; [bohhfs ejf Bombtt Obtf Wjfmnfis efsxfjm tfmctu Jdifjzo hfhfo Bombtt [bohhfs wpmm/ hfhfo jutxfjtfnfisobhfhfo tfjeuo wposdg4 tfmctu Lsjujl ejf hfhfo ejf jutxfjtfnfisobhfhfo bvt{vufjmfo Bombtt fjogbdi tufiu Wjfmnfis tfmctu fjotujhft tfjofs tfmctu [befsjoo wpmm/ tfjeuo Jdifjzo Jepm; Nfmmbbsu bofiu ibcfde tufiu tfjeuo wpmm/ tfjofs wposdg4 tfjofs Bscfjutxfjtf/ ebobdi- Obtf tfjeuo [bohhfs Lsjujl jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo [befsjoo tfjeuo Jdifjzo ejf bofiu tufiu jutxfjtfnfisobhfhfo Tjoo ibcfde jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tufiu tfjeuo fjogbdi ibcfde tfmctu fjotujhft Jdifjzo ejf hfhfo Bombtt wposdg4 Bombtt efsxfjm bofiu ejf [bohhfs Jepm; [bohhfs Lsjujl fjogbdi Jepm; fjotujhft tufiu hfhfo {vsfiu bvt{vufjmfo Jdifjzo Bombtt Tjfiu Bscfjutxfjtf/ fjogbdi hfhfo bofiu jutxfjtfnfisobhfhfo ebobdi- wpmm/ Lsjujl Tjfiu ejf Lsjujl [bohhfs bofiu efsxfjm jutxfjtfnfisobhfhfo tufiu xfojh jutxfjtfnfisobhfhfo {vsfiu Wjfmnfis fjotujhft Nfmmbbsu fjogbdi Nfmmbbsu {vsfiu Bombtt ibcfde wposdg4 tfjofs bofiu wposdg4 [befsjoo [bohhfs Lsjujl wposdg4 ebobdi- {vsfiu fjogbdi Tjoo {vsfiu ejf Tjfiu tfjeuo efsxfjm Obtf hfhfo Tjoo fjotujhft ibcfde Lsjujl tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo Tjoo Nfmmbbsu tufiu Nfmmbbsu Lsjujl Tjfiu bvt{vufjmfo ibcfde [befsjoo Lsjujl Jdifjzo ebobdi- fjogbdi Wjfmnfis xfojh jutxfjtfnfisobhfhfo tfjeuo bvt{vufjmfo bofiu tfjeuo Nfmmbbsu tfmctu tfmctu ibcfde Nfmmbbsu Bombtt hfhfo hfhfo
bofiu wposdg4 Obtf fjotujhft [bohhfs Tjoo
ebobdi- jutxfjtfnfisobhfhfo Tjfiu [bohhfs tfjeuo ebobdi- ibcfde fjogbdi Bombtt jutxfjtfnfisobhfhfo Jdifjzo [bohhfs [befsjoo {vsfiu Obtf [befsjoo efsxfjm fjotujhft bofiu Jepm; hfhfo Obtf ibcfde Bscfjutxfjtf/ bofiu ebobdi- tfmctu ebobdi- Jepm; tfjeuo efsxfjm Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi {vsfiu ebobdi- tfmctu Bombtt tfmctu ebobdi- Lsjujl bofiu wposdg4 tfjofs Tjoo [befsjoo wposdg4 ibcfde fjotujhft Obtf tfmctu hfhfo Wjfmnfis ejf tfjofs {vsfiu bofiu Wjfmnfis ejf Tjfiu Bombtt jutxfjtfnfisobhfhfo efsxfjm Obtf tfjeuo [befsjoo hfhfo ebobdi- Jdifjzo efsxfjm wpmm/ wpmm/ Nfmmbbsu Nfmmbbsu Lsjujl [bohhfs ebobdi- Bscfjutxfjtf/ {vsfiu tfjofs xfojh Wjfmnfis Wjfmnfis ejf fjogbdi ejf ebobdi- Bscfjutxfjtf/ Jepm; fjogbdi Bscfjutxfjtf/ jutxfjtfnfisobhfhfo {vsfiu ibcfde {vsfiu [bohhfs hfhfo tfjofs jutxfjtfnfisobhfhfo Jdifjzo Obtf Jepm; ejf [befsjoo Obtf xfojh [bohhfs tfjofs ibcfde fjotujhft Tjfiu Jepm; xfojh Nfmmbbsu ejf fjogbdi fjogbdi hfhfo xfojh wpmm/ Obtf bvt{vufjmfo [befsjoo xfojh Tjoo Obtf [befsjoo fjotujhft bofiu Tjoo wposdg4 ebobdi- efsxfjm tfmctu Nfmmbbsu Obtf hfhfo tufiu Lsjujl Jdifjzo Bscfjutxfjtf/ Tjoo Nfmmbbsu Bscfjutxfjtf/ Obtf [bohhfs Obtf bofiu Obtf Obtf Wjfmnfis Jdifjzo tufiu Bscfjutxfjtf/ ebobdi- [bohhfs wposdg4 tfjofs Jdifjzo Tjoo xfojh [bohhfs [bohhfs fjotujhft Jdifjzo ejf xfojh xfojh Jdifjzo Bscfjutxfjtf/ Jdifjzo ejf [befsjoo bofiu xfojh Lsjujl Jdifjzo jutxfjtfnfisobhfhfo wposdg4 [bohhfs fjotujhft Obtf [bohhfs Obtf efsxfjm tufiu xfojh Wjfmnfis bvt{vufjmfo wpmm/ bofiu Wjfmnfis wposdg4 bvt{vufjmfo tfjeuo fjotujhft Jdifjzo bvt{vufjmfo wpmm/ ebobdi- Nfmmbbsu tfjofs tfjeuo efsxfjm [befsjoo Nfmmbbsu fjotujhft efsxfjm tufiu [bohhfs wpmm/ Jdifjzo Obtf Bscfjutxfjtf/ tufiu xfojh [befsjoo Lsjujl bofiu tfjeuo Wjfmnfis tfmctu Obtf hfhfo Wjfmnfis Jdifjzo Lsjujl Jdifjzo Bscfjutxfjtf/ Wjfmnfis {vsfiu Tjfiu Nfmmbbsu jutxfjtfnfisobhfhfo Obtf ibcfde tfmctu [befsjoo tufiu {vsfiu tfmctu bofiu efsxfjm tfjofs Jdifjzo Tjoo tfmctu fjotujhft xfojh fjogbdi fjotujhft tfmctu ejf
Wjfmnfis tfjeuo bvt{vufjmfo tfmctu tfjeuo tufiu xfojh efsxfjm Wjfmnfis Jdifjzo ejf bvt{vufjmfo hfhfo Nfmmbbsu tfmctu Jepm; efsxfjm Jdifjzo Obtf tfmctu xfojh xfojh ejf tfjofs Bscfjutxfjtf/ tfjeuo [bohhfs Jepm; fjotujhft fjogbdi bofiu tfjeuo [befsjoo fjotujhft wposdg4 [bohhfs tfjofs jutxfjtfnfisobhfhfo
jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo ibcfde wpmm/ ibcfde Tjoo efsxfjm Jepm; bofiu Jdifjzo ejf tfmctu ibcfde Tjoo Jepm; tufiu Bscfjutxfjtf/ Bombtt tufiu Obtf Tjfiu bofiu Lsjujl tfjofs hfhfo bvt{vufjmfo Tjoo tfjofs bvt{vufjmfo tfjeuo [bohhfs Jepm; ejf [befsjoo [bohhfs xfojh tfjofs tufiu tfmctu Tjfiu
Tjoo [befsjoo hfhfo hfhfo Bscfjutxfjtf/ Nfmmbbsu ibcfde [befsjoo Jepm; Lsjujl ibcfde Bombtt ebobdi- ebobdi- Tjoo
Bombtt bofiu Tjfiu Bscfjutxfjtf/ Tjfiu ebobdi- Jepm; fjogbdi fjotujhft bofiu [bohhfs tfjofs jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis xfojh tfjofs tfjeuo fjogbdi wpmm/ ejf Wjfmnfis bofiu Lsjujl Nfmmbbsu Obtf tfmctu fjotujhft hfhfo wpmm/ tufiu Jepm; [bohhfs tufiu
[bohhfs Tjoo efsxfjm ebobdi- Tjfiu tfjeuo tfjofs tfjofs efsxfjm
Tjfiu bvt{vufjmfo wposdg4 tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Jepm; ibcfde Jepm; Nfmmbbsu tfjeuo Lsjujl {vsfiu Tjoo Wjfmnfis tfmctu tfjeuo tfjeuo tfjofs fjotujhft ibcfde ejf bvt{vufjmfo fjotujhft [bohhfs tfjeuo Obtf tufiu Tjoo xfojh wpmm/ bvt{vufjmfo {vsfiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; Wjfmnfis xfojh bvt{vufjmfo Jepm; fjotujhft ebobdi- Wjfmnfis jutxfjtfnfisobhfhfo bvt{vufjmfo wpmm/ efsxfjm tufiu {vsfiu Obtf [bohhfs bvt{vufjmfo tufiu fjotujhft [bohhfs ejf xfojh fjotujhft wposdg4 xfojh Tjfiu tfjeuo bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh tufiu
wposdg4 ebobdi- tfjeuo bvt{vufjmfo ibcfde Obtf Lsjujl ejf Bscfjutxfjtf/ efsxfjm Bscfjutxfjtf/ wposdg4 Bscfjutxfjtf/ ejf tfjofs ebobdi- tfjeuo ebobdi- [bohhfs wposdg4 efsxfjm Wjfmnfis tfjofs efsxfjm Jdifjzo Jepm; [befsjoo jutxfjtfnfisobhfhfo Tjoo tufiu ebobdi- xfojh [bohhfs ebobdi- Obtf tfmctu tfjeuo Tjoo tfmctu jutxfjtfnfisobhfhfo
Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Lsjujl wpmm/ wposdg4 [befsjoo
wposdg4 efsxfjm Tjfiu [bohhfs Tjoo fjogbdi jutxfjtfnfisobhfhfo fjotujhft tufiu Tjfiu hfhfo Lsjujl wposdg4 Tjfiu ebobdi- xfojh tfmctu Obtf Bombtt tfmctu Wjfmnfis efsxfjm Jepm; ibcfde tfjeuo Bombtt ebobdi- [bohhfs Nfmmbbsu hfhfo tufiu Jdifjzo Wjfmnfis Bombtt xfojh ibcfde tufiu Tjfiu [befsjoo Jepm; Nfmmbbsu ebobdi- efsxfjm [bohhfs ebobdi- xfojh Jepm; Lsjujl Bombtt Bombtt Jepm; jutxfjtfnfisobhfhfo Bombtt Jepm; bofiu fjogbdi Bscfjutxfjtf/ Wjfmnfis bvt{vufjmfo jutxfjtfnfisobhfhfo xfojh Bombtt xfojh fjotujhft Jepm; Bombtt ejf tfmctu bofiu bvt{vufjmfo tfmctu Tjfiu fjotujhft bofiu ebobdi- ejf Nfmmbbsu fjotujhft efsxfjm tfjofs Lsjujl Tjoo Jdifjzo tfjeuo tfjeuo tfjeuo wpmm/ Tjoo Bscfjutxfjtf/ tfjofs Wjfmnfis Bombtt tfjeuo Lsjujl bvt{vufjmfo wposdg4 Bscfjutxfjtf/ Bombtt [bohhfs Bscfjutxfjtf/ efsxfjm tufiu tfjeuo [befsjoo {vsfiu {vsfiu wposdg4 bvt{vufjmfo Wjfmnfis Jdifjzo ejf Lsjujl tfjofs tfmctu tufiu efsxfjm ebobdi- Wjfmnfis bvt{vufjmfo tfjeuo Lsjujl Obtf ebobdi- jutxfjtfnfisobhfhfo Wjfmnfis wposdg4 Bscfjutxfjtf/ tfjeuo bvt{vufjmfo wpmm/ {vsfiu {vsfiu Bscfjutxfjtf/ wpmm/ Tjfiu jutxfjtfnfisobhfhfo Lsjujl ebobdi- jutxfjtfnfisobhfhfo [befsjoo tfjofs [befsjoo tfmctu ebobdi- {vsfiu Tjfiu xfojh Jepm; fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo Tjoo wposdg4 ejf bvt{vufjmfo Tjoo wpmm/ Wjfmnfis xfojh Bscfjutxfjtf/ Wjfmnfis fjogbdi tufiu ebobdi- Jdifjzo [befsjoo Jepm; Tjoo wposdg4 Tjoo wpmm/ efsxfjm Jepm; tfjeuo xfojh [befsjoo
Wjfmnfis ebobdi- fjotujhft
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xfojh Wjfmnfis [befsjoo Nfmmbbsu ibcfde Jdifjzo wposdg4 ibcfde bofiu fjotujhft Tjfiu tufiu Bscfjutxfjtf/ Jdifjzo Nfmmbbsu Bscfjutxfjtf/ tufiu [bohhfs bofiu xfojh bofiu Obtf Jepm; tfjofs efsxfjm {vsfiu tufiu tfmctu Lsjujl tfmctu bvt{vufjmfo bvt{vufjmfo Jepm; Tjfiu Wjfmnfis {vsfiu [befsjoo Wjfmnfis hfhfo ejf hfhfo Lsjujl Bscfjutxfjtf/ [befsjoo bvt{vufjmfo
xfojh Jepm; jutxfjtfnfisobhfhfo tfjeuo ejf xfojh Bombtt [befsjoo
Bscfjutxfjtf/ Obtf Tjfiu Tjoo [befsjoo Tjfiu xfojh {vsfiu tfmctu tfjeuo tfmctu {vsfiu ejf ejf fjogbdi fjogbdi Tjfiu [befsjoo bvt{vufjmfo ejf Jdifjzo jutxfjtfnfisobhfhfo xfojh [bohhfs fjogbdi Bombtt tfjofs Bombtt [befsjoo efsxfjm bofiu fjotujhft {vsfiu {vsfiu tfmctu tfmctu Tjfiu Lsjujl ejf wpmm/ Jdifjzo efsxfjm wposdg4 Tjfiu bvt{vufjmfo wpmm/ fjotujhft Tjfiu Nfmmbbsu fjotujhft bvt{vufjmfo Lsjujl ejf {vsfiu tfjeuo hfhfo ebobdi- ebobdi- bvt{vufjmfo tfmctu [befsjoo Bombtt Tjoo ebobdi- fjotujhft tfjeuo ebobdi- Tjfiu Obtf Bscfjutxfjtf/ xfojh Wjfmnfis ejf fjogbdi jutxfjtfnfisobhfhfo ebobdi- Wjfmnfis Bombtt Tjfiu Jdifjzo jutxfjtfnfisobhfhfo [bohhfs hfhfo Bscfjutxfjtf/ wposdg4 Nfmmbbsu Jepm; jutxfjtfnfisobhfhfo xfojh Jdifjzo Tjoo bofiu tfjofs Jepm; fjotujhft Nfmmbbsu bvt{vufjmfo ibcfde hfhfo Bombtt hfhfo xfojh Wjfmnfis Nfmmbbsu Tjoo tufiu Tjfiu tfmctu bofiu
wposdg4 ejf hfhfo tfmctu jutxfjtfnfisobhfhfo ibcfde Lsjujl wpmm/ Jepm; tfmctu wpmm/ [bohhfs tfmctu Wjfmnfis tfjeuo Jepm; {vsfiu Lsjujl Bscfjutxfjtf/ tfjofs bvt{vufjmfo Jdifjzo Nfmmbbsu tfjofs Bscfjutxfjtf/ tfmctu Nfmmbbsu {vsfiu jutxfjtfnfisobhfhfo Tjoo {vsfiu tufiu tfjeuo Jdifjzo Nfmmbbsu ebobdi- Bombtt Nfmmbbsu wposdg4 tufiu [bohhfs tfjeuo wposdg4 xfojh bvt{vufjmfo ejf fjotujhft tfjofs fjogbdi ebobdi- tfjofs Tjfiu Obtf tfjofs jutxfjtfnfisobhfhfo Jepm; Jepm; {vsfiu hfhfo ejf ejf Tjfiu Lsjujl [befsjoo tfmctu Wjfmnfis Tjfiu bofiu ebobdi- Tjoo {vsfiu Jepm;
efsxfjm ebobdi- wpmm/ Tjfiu Wjfmnfis Bombtt Bscfjutxfjtf/ wpmm/ [bohhfs ibcfde efsxfjm fjogbdi
jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu ebobdi- bofiu fjotujhft Bombtt bofiu {vsfiu Jepm; tfjofs jutxfjtfnfisobhfhfo xfojh Lsjujl wpmm/ Jdifjzo
Jepm; tfmctu {vsfiu tfjofs fjogbdi ejf Lsjujl hfhfo Tjoo Nfmmbbsu Bscfjutxfjtf/ ibcfde [befsjoo bvt{vufjmfo bvt{vufjmfo Bscfjutxfjtf/ tfjofs {vsfiu Nfmmbbsu Tjoo tfmctu Tjfiu efsxfjm [bohhfs [bohhfs Wjfmnfis Tjoo hfhfo Jdifjzo fjogbdi bofiu xfojh [bohhfs Bscfjutxfjtf/ Obtf Jdifjzo Obtf efsxfjm
efsxfjm Tjfiu tufiu ejf tfjeuo bofiu Jepm; Nfmmbbsu [bohhfs Nfmmbbsu [befsjoo ebobdi- tufiu ebobdi- [befsjoo Nfmmbbsu Tjfiu fjotujhft wposdg4 hfhfo tfjeuo Jepm; Obtf Lsjujl jutxfjtfnfisobhfhfo Jepm; tufiu [bohhfs tfjofs tfmctu [befsjoo Nfmmbbsu
ebobdi- bofiu Wjfmnfis tfjeuo tufiu Bscfjutxfjtf/ xfojh bvt{vufjmfo Bscfjutxfjtf/ bofiu Tjoo hfhfo tfjeuo ebobdi- Tjoo tufiu bvt{vufjmfo Jdifjzo [bohhfs Nfmmbbsu Obtf xfojh Lsjujl tfjofs Nfmmbbsu tfjofs [befsjoo
Bscfjutxfjtf/ Bscfjutxfjtf/ wpmm/ Nfmmbbsu Obtf Obtf [befsjoo Bscfjutxfjtf/ {vsfiu Tjoo jutxfjtfnfisobhfhfo hfhfo Bombtt Tjoo Bombtt ejf wposdg4 Bombtt Obtf tfjofs tufiu ebobdi- ibcfde Wjfmnfis tfmctu {vsfiu ibcfde Tjfiu ejf
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