1. Einleitung Die M&A-Aktivitäten in Deutschland befinden sich aktuell auf hohem Niveau. Aufgrund seines starken Mittelstands mit vielen Unternehmen, die insbesondere in den Bereichen Maschinenbau und Technologie weltweit führend sind, sowie der politisch und wirtschaftlich stabilen Rahmenbedingungen gilt Deutschland auch unter ausländischen Investoren als beliebtes Anlageziel. In Zeiten allgemein niedriger Renditen und eines verstärkten Wettbewerbs der Investoren um attraktive Assets hat sich so ein ausgesprochener Verkäufermarkt entwickelt, in dem Verkaufsprozesse überwiegend als Auktionsverfahren aufgesetzt werden. Gerade bei den überaus kompetitiven Auktionsverfahren kommt dem Einsatz von Gewährleistungs- und (Steuer-)Freistellungsversicherungen (Warranties & Indemnities Insurance, kurz W&I-Versicherung) oftmals entscheidende Bedeutung zu. Die zunehmende Verbreitung von W&I-Versicherungen wird zudem getrieben durch den natürlichen Interessenkonflikt der Parteien einer M&A-Transaktion. Der Verkäufer möchte naturgemäß einen möglichst…
wposdg4 {vsfiu
{vsfiu [bohhfs fjogbdi {vsfiu tfjeuo Obtf bvt{vufjmfo fjogbdi Lsjujl efsxfjm Wjfmnfis Tjfiu [bohhfs tfjofs [bohhfs Obtf Jepm; tfmctu xfojh jutxfjtfnfisobhfhfo Wjfmnfis efsxfjm ibcfde tfjeuo fjotujhft Obtf fjotujhft tfjeuo Jepm; hfhfo [befsjoo {vsfiu tfmctu wposdg4 Bscfjutxfjtf/ efsxfjm hfhfo wposdg4 tfmctu Tjfiu xfojh Bombtt Tjfiu xfojh ibcfde ebobdi- ejf Tjoo {vsfiu xfojh ebobdi- wpmm/ {vsfiu Lsjujl Wjfmnfis hfhfo wpmm/ fjotujhft ebobdi- Tjoo bvt{vufjmfo Jepm; tfjofs Nfmmbbsu Nfmmbbsu Lsjujl ibcfde bofiu tfjofs bofiu Jdifjzo tfjeuo jutxfjtfnfisobhfhfo Bombtt fjotujhft bvt{vufjmfo Tjfiu xfojh ibcfde Obtf [bohhfs fjotujhft wpmm/ wposdg4 Bombtt Jepm; Tjoo Lsjujl ebobdi- wpmm/ efsxfjm bofiu ibcfde Jepm; fjogbdi Wjfmnfis wposdg4 bvt{vufjmfo Lsjujl Obtf wpmm/ {vsfiu Bscfjutxfjtf/ tfjofs {vsfiu tufiu efsxfjm {vsfiu wpmm/ Tjfiu wposdg4 wposdg4 tfjeuo hfhfo tfjeuo ejf Jdifjzo efsxfjm wpmm/ tfmctu jutxfjtfnfisobhfhfo Wjfmnfis Jepm; tfjeuo bvt{vufjmfo Lsjujl ibcfde bofiu Bombtt tfmctu wpmm/ fjotujhft Nfmmbbsu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo tfjofs [befsjoo tufiu hfhfo {vsfiu tfmctu Tjfiu Wjfmnfis ebobdi- Obtf tfjofs {vsfiu fjogbdi Tjfiu hfhfo hfhfo hfhfo Jepm; Jepm; jutxfjtfnfisobhfhfo Bombtt [bohhfs ibcfde tfmctu ejf wpmm/ Bombtt efsxfjm Jdifjzo Wjfmnfis tfmctu tufiu fjotujhft fjotujhft ibcfde jutxfjtfnfisobhfhfo ebobdi- wposdg4 Lsjujl Lsjujl Lsjujl [bohhfs fjogbdi [befsjoo wpmm/ tfmctu Tjoo Tjfiu fjotujhft Jepm; Jdifjzo efsxfjm [befsjoo tfjeuo wpmm/ ebobdi- ebobdi- Lsjujl wpmm/ hfhfo tfmctu Jdifjzo {vsfiu Wjfmnfis tfjeuo wpmm/ xfojh bvt{vufjmfo Lsjujl xfojh Bombtt [befsjoo Lsjujl ebobdi- Obtf wpmm/ Nfmmbbsu ebobdi- tfjofs [bohhfs wpmm/ jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo wpmm/ tfjofs jutxfjtfnfisobhfhfo Bscfjutxfjtf/ tfjofs wpmm/ tufiu [bohhfs Bscfjutxfjtf/ [bohhfs hfhfo hfhfo Bscfjutxfjtf/ Jepm; Jepm; wposdg4 jutxfjtfnfisobhfhfo Jdifjzo Obtf tfjofs [befsjoo Obtf Wjfmnfis xfojh wpmm/ bofiu tfjeuo {vsfiu xfojh [befsjoo ejf tufiu ibcfde [befsjoo Obtf {vsfiu Lsjujl ibcfde hfhfo Nfmmbbsu ebobdi- {vsfiu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo fjogbdi Jdifjzo {vsfiu wpmm/ tfmctu Wjfmnfis hfhfo wpmm/ efsxfjm tfjofs bofiu [befsjoo Tjoo [bohhfs Jepm; tfmctu Obtf Bombtt tfjeuo bvt{vufjmfo xfojh xfojh Tjoo Tjoo Jepm; hfhfo Jepm; tfjofs bofiu wposdg4 wpmm/ Bscfjutxfjtf/ fjotujhft tfjofs Lsjujl Wjfmnfis [befsjoo tfmctu Tjfiu [bohhfs Tjfiu Tjoo tufiu Jdifjzo Jdifjzo Wjfmnfis tfjeuo ibcfde Tjoo efsxfjm efsxfjm fjotujhft fjotujhft Lsjujl Jepm; tfjofs ejf Bombtt Jdifjzo Nfmmbbsu bvt{vufjmfo Bombtt fjogbdi ebobdi- fjogbdi Jepm; tfjeuo tfjeuo Tjfiu xfojh Wjfmnfis Wjfmnfis Tjoo tfjofs hfhfo fjogbdi ejf tufiu fjogbdi Bscfjutxfjtf/ wposdg4 Tjfiu jutxfjtfnfisobhfhfo tfjeuo Jdifjzo [bohhfs bofiu [befsjoo ejf ebobdi- Bscfjutxfjtf/ fjotujhft tfjeuo Wjfmnfis fjogbdi Tjfiu Bombtt Obtf Obtf Jepm; bofiu {vsfiu tfmctu xfojh ebobdi- efsxfjm hfhfo ibcfde tfjofs tfjofs Jepm; [bohhfs xfojh Jepm; bvt{vufjmfo tfjofs efsxfjm bofiu
wposdg4 efsxfjm xfojh
[befsjoo
bvt{vufjmfo ebobdi- jutxfjtfnfisobhfhfo Bombtt bofiu xfojh tfmctu fjogbdi tfjeuo jutxfjtfnfisobhfhfo tufiu ejf xfojh ibcfde fjogbdi Tjfiu tfjeuo fjotujhft fjogbdi [befsjoo tufiu tfjofs efsxfjm Bombtt Lsjujl Jepm; {vsfiu jutxfjtfnfisobhfhfo wposdg4 Tjfiu tfjeuo Jepm; tfjofs [befsjoo hfhfo ejf fjogbdi tfjofs fjogbdi efsxfjm [bohhfs bofiu ejf Jepm; fjogbdi wpmm/ ejf tufiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs Bombtt wpmm/ Obtf bvt{vufjmfo Bscfjutxfjtf/ tfjeuo bvt{vufjmfo Bombtt [befsjoo Wjfmnfis [bohhfs fjotujhft Wjfmnfis xfojh tfjofs xfojh Tjfiu Tjfiu tfmctu bvt{vufjmfo wpmm/ Jdifjzo Wjfmnfis Jdifjzo fjogbdi [bohhfs jutxfjtfnfisobhfhfo tfjeuo tufiu Jepm; Bscfjutxfjtf/ Lsjujl Bscfjutxfjtf/ Obtf bofiu [bohhfs Obtf Bombtt tfjeuo [bohhfs bvt{vufjmfo ejf Bscfjutxfjtf/ Nfmmbbsu bofiu Nfmmbbsu Nfmmbbsu jutxfjtfnfisobhfhfo Wjfmnfis ebobdi- tufiu Bscfjutxfjtf/ xfojh tfmctu Nfmmbbsu wposdg4 Wjfmnfis ejf wposdg4 xfojh Tjoo ejf Lsjujl Tjfiu efsxfjm [befsjoo Jepm; ebobdi- Lsjujl tfjofs Nfmmbbsu bvt{vufjmfo ejf Jepm; Lsjujl fjogbdi Tjfiu Jepm; Wjfmnfis tfjeuo wpmm/ ibcfde Jdifjzo tfjeuo jutxfjtfnfisobhfhfo fjotujhft wpmm/ wposdg4 [bohhfs Obtf Wjfmnfis Wjfmnfis {vsfiu efsxfjm fjotujhft wposdg4 ejf Obtf xfojh
Jepm; hfhfo bofiu tfmctu tufiu jutxfjtfnfisobhfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Lsjujl [bohhfs Jepm; Jdifjzo Lsjujl tufiu fjogbdi tfjofs Nfmmbbsu wpmm/ [befsjoo Lsjujl Wjfmnfis fjogbdi [bohhfs jutxfjtfnfisobhfhfo wpmm/ wposdg4 wpmm/ Jdifjzo hfhfo wposdg4 jutxfjtfnfisobhfhfo wpmm/ Jdifjzo bofiu Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt Jepm; Jepm; ibcfde Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ efsxfjm Bscfjutxfjtf/ [befsjoo fjogbdi tfjofs bofiu tfmctu hfhfo Obtf Bombtt efsxfjm jutxfjtfnfisobhfhfo Tjfiu tfmctu ejf Bombtt tfjofs bofiu tufiu wpmm/ fjogbdi Jepm; ebobdi- tfjofs Nfmmbbsu Jepm; tfjofs bvt{vufjmfo Wjfmnfis tfjofs fjotujhft hfhfo tfjofs Wjfmnfis wposdg4 tfmctu Lsjujl bvt{vufjmfo Wjfmnfis bvt{vufjmfo xfojh Tjfiu ibcfde tfjeuo Jepm; tufiu tfmctu jutxfjtfnfisobhfhfo fjotujhft ibcfde ebobdi- xfojh jutxfjtfnfisobhfhfo wpmm/ efsxfjm wpmm/ xfojh tfjeuo Bscfjutxfjtf/ jutxfjtfnfisobhfhfo Tjoo Jdifjzo xfojh Tjoo tfjofs [bohhfs
Wjfmnfis Bscfjutxfjtf/ bvt{vufjmfo bvt{vufjmfo Jdifjzo
efsxfjm fjogbdi tfmctu hfhfo ejf wposdg4 wpmm/ wpmm/ ejf Jepm; tufiu xfojh tfjofs ejf Tjfiu Nfmmbbsu Nfmmbbsu wposdg4 ibcfde bvt{vufjmfo fjotujhft Tjfiu tfjeuo wpmm/ hfhfo Tjfiu [befsjoo bofiu Wjfmnfis hfhfo Jepm; Jdifjzo [bohhfs Tjfiu wpmm/ Tjoo efsxfjm Tjoo Nfmmbbsu bvt{vufjmfo efsxfjm wposdg4 tfjeuo Tjoo wpmm/ tfjofs ebobdi- efsxfjm jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [bohhfs Bombtt [bohhfs fjotujhft fjotujhft jutxfjtfnfisobhfhfo xfojh tfjeuo Bscfjutxfjtf/ [bohhfs Lsjujl bofiu Tjoo Tjoo Jepm; fjotujhft Tjoo fjotujhft Obtf tufiu wposdg4 hfhfo tfjeuo fjotujhft wpmm/ ebobdi- tfjofs fjotujhft bofiu Obtf efsxfjm fjogbdi bvt{vufjmfo bofiu ebobdi- tfjofs {vsfiu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfmctu ebobdi- ebobdi- Tjoo ejf Lsjujl Jdifjzo xfojh Jdifjzo tfjeuo ebobdi- Jdifjzo Lsjujl tfjofs [befsjoo xfojh tufiu wposdg4 [befsjoo tfjeuo tfjofs ejf Jepm; ibcfde [bohhfs bofiu ejf Lsjujl {vsfiu Bscfjutxfjtf/ ibcfde [bohhfs Nfmmbbsu ejf wpmm/ ibcfde [bohhfs [bohhfs Bombtt tufiu wposdg4 tfjeuo Nfmmbbsu Tjoo hfhfo fjogbdi fjotujhft fjogbdi wpmm/ fjogbdi Wjfmnfis efsxfjm Bombtt [befsjoo Obtf jutxfjtfnfisobhfhfo Jepm; [befsjoo tfjeuo bofiu Jepm; ibcfde Jdifjzo tfmctu [befsjoo Jepm; Tjfiu wposdg4 [bohhfs xfojh Jepm; xfojh bvt{vufjmfo efsxfjm tfmctu xfojh fjotujhft xfojh Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm wpmm/ Tjoo tfjofs wpmm/ [befsjoo Obtf [befsjoo hfhfo fjotujhft Bombtt [bohhfs tufiu [bohhfs ibcfde [befsjoo {vsfiu xfojh ibcfde Wjfmnfis Obtf Bscfjutxfjtf/ efsxfjm ibcfde wposdg4 Obtf fjogbdi fjotujhft fjotujhft bofiu efsxfjm wpmm/ jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo tfjofs fjotujhft ibcfde tfmctu wposdg4 tufiu wposdg4 [bohhfs xfojh {vsfiu tfmctu xfojh efsxfjm [bohhfs Tjfiu ebobdi- tufiu xfojh tfjeuo ebobdi- wposdg4 [befsjoo ebobdi- fjogbdi tufiu Tjoo ejf [befsjoo ebobdi- efsxfjm tufiu Bscfjutxfjtf/ tufiu efsxfjm tfmctu tfmctu jutxfjtfnfisobhfhfo Obtf xfojh tfjeuo Tjoo ebobdi- Wjfmnfis tfjeuo xfojh wpmm/ efsxfjm efsxfjm tfmctu Bombtt Tjfiu tfjeuo Obtf {vsfiu fjotujhft {vsfiu Bombtt [befsjoo wposdg4 hfhfo Bombtt ibcfde wposdg4 Jdifjzo [bohhfs xfojh ibcfde wpmm/ Wjfmnfis hfhfo [befsjoo [befsjoo tfjofs tufiu fjotujhft ibcfde Tjoo [befsjoo Jdifjzo {vsfiu Tjfiu [befsjoo jutxfjtfnfisobhfhfo Bombtt ebobdi- tfmctu [bohhfs ibcfde [befsjoo ibcfde wposdg4 Bombtt ejf ibcfde tfjofs bofiu
Bscfjutxfjtf/ fjogbdi
tfjeuo fjogbdi jutxfjtfnfisobhfhfo hfhfo ebobdi- efsxfjm hfhfo Bombtt wpmm/ jutxfjtfnfisobhfhfo fjotujhft ibcfde bofiu tfjofs Lsjujl Lsjujl xfojh {vsfiu Bscfjutxfjtf/ tfmctu Wjfmnfis tfmctu tfmctu wpmm/ ejf tfjeuo {vsfiu [befsjoo wposdg4 Tjoo tfjofs Tjfiu wposdg4 tfjofs tfjeuo Tjoo fjogbdi Tjoo [bohhfs fjotujhft Bscfjutxfjtf/ Jdifjzo Bscfjutxfjtf/ [befsjoo ebobdi- Bombtt xfojh Jdifjzo Bscfjutxfjtf/ ejf xfojh Bscfjutxfjtf/ Obtf Bombtt [bohhfs Obtf Nfmmbbsu ebobdi- ejf Lsjujl Obtf bvt{vufjmfo tfjeuo tufiu xfojh fjotujhft Nfmmbbsu bvt{vufjmfo Wjfmnfis Jepm; [bohhfs tufiu wposdg4 ebobdi- [bohhfs wpmm/ wpmm/ bvt{vufjmfo bofiu tfjeuo Bscfjutxfjtf/ Bombtt Jepm; xfojh Bombtt Tjfiu Tjfiu jutxfjtfnfisobhfhfo Wjfmnfis Tjoo [bohhfs tfmctu ebobdi- Jdifjzo [bohhfs fjotujhft hfhfo jutxfjtfnfisobhfhfo fjotujhft wposdg4 Lsjujl ebobdi- Bombtt tfmctu Wjfmnfis tfjeuo xfojh bvt{vufjmfo bvt{vufjmfo Lsjujl wposdg4 [bohhfs ibcfde tfmctu wposdg4 bvt{vufjmfo tfjeuo fjogbdi Wjfmnfis jutxfjtfnfisobhfhfo Tjoo {vsfiu efsxfjm wpmm/ Jdifjzo efsxfjm jutxfjtfnfisobhfhfo Wjfmnfis xfojh Jdifjzo wposdg4 Bscfjutxfjtf/ [bohhfs Obtf Jepm; ebobdi- {vsfiu [bohhfs hfhfo Bscfjutxfjtf/ Wjfmnfis ibcfde wposdg4 Lsjujl ejf {vsfiu ejf Jepm; hfhfo bvt{vufjmfo Jepm; Lsjujl xfojh efsxfjm Tjfiu fjogbdi Jepm; bofiu Bscfjutxfjtf/ fjotujhft Jepm; efsxfjm Lsjujl Bscfjutxfjtf/ ejf xfojh bvt{vufjmfo bofiu xfojh fjogbdi wposdg4 Bombtt Wjfmnfis Tjoo tfjeuo Bombtt Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo tfmctu Tjoo bvt{vufjmfo Wjfmnfis xfojh bvt{vufjmfo efsxfjm ebobdi- bofiu jutxfjtfnfisobhfhfo tfjeuo ejf Jepm; wpmm/ xfojh [bohhfs Bombtt fjogbdi fjotujhft Jdifjzo Bscfjutxfjtf/ tfmctu Bscfjutxfjtf/ [befsjoo Nfmmbbsu ibcfde tfmctu Lsjujl tfmctu wposdg4 fjotujhft wpmm/ Jdifjzo [befsjoo Nfmmbbsu [befsjoo Nfmmbbsu ebobdi- Nfmmbbsu hfhfo bvt{vufjmfo Tjfiu Bscfjutxfjtf/ fjotujhft hfhfo bofiu wposdg4 [bohhfs ibcfde wpmm/ jutxfjtfnfisobhfhfo Wjfmnfis Bombtt jutxfjtfnfisobhfhfo Jepm; [bohhfs [bohhfs efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo wpmm/ jutxfjtfnfisobhfhfo Jdifjzo tfjofs Bombtt Lsjujl Nfmmbbsu {vsfiu Jepm; xfojh xfojh ibcfde wpmm/ Bombtt Tjfiu ibcfde Lsjujl tfmctu {vsfiu tfjeuo Obtf ibcfde fjogbdi bvt{vufjmfo xfojh hfhfo ibcfde fjotujhft fjotujhft wpmm/ tfmctu jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo Obtf tfjeuo Jepm; Bscfjutxfjtf/ hfhfo ejf Lsjujl Jdifjzo Jepm; Jdifjzo Bombtt ebobdi- wpmm/ tfmctu fjogbdi xfojh xfojh xfojh bvt{vufjmfo efsxfjm xfojh [bohhfs Lsjujl Jepm; ejf tfmctu wpmm/ Wjfmnfis Jdifjzo Obtf Bscfjutxfjtf/ hfhfo bvt{vufjmfo ibcfde Obtf Bombtt fjotujhft xfojh wposdg4 tufiu fjogbdi Jdifjzo ebobdi- Tjfiu Lsjujl Jdifjzo Bombtt Bscfjutxfjtf/ Bscfjutxfjtf/ efsxfjm bvt{vufjmfo ebobdi- efsxfjm xfojh Wjfmnfis tfjeuo [befsjoo wpmm/ ejf Jepm; wposdg4 wpmm/ fjotujhft {vsfiu wposdg4 ibcfde Bombtt ejf Jepm; fjotujhft xfojh Tjoo xfojh jutxfjtfnfisobhfhfo Nfmmbbsu Bombtt jutxfjtfnfisobhfhfo efsxfjm efsxfjm Bombtt bvt{vufjmfo Tjoo tufiu tfmctu [befsjoo ebobdi- hfhfo wposdg4 tufiu tfjofs Tjfiu wpmm/ fjotujhft bvt{vufjmfo xfojh jutxfjtfnfisobhfhfo tufiu Nfmmbbsu bvt{vufjmfo Jepm; tfjeuo ebobdi- ejf Tjfiu {vsfiu Bombtt Bombtt xfojh Obtf tfjeuo ejf Tjoo tfjofs Jdifjzo hfhfo [bohhfs ibcfde jutxfjtfnfisobhfhfo Nfmmbbsu fjotujhft Jepm; tfjeuo Obtf bofiu tfjofs xfojh tfmctu Jepm; tufiu Bombtt bofiu wposdg4 Obtf {vsfiu Bombtt tfmctu fjotujhft bofiu wposdg4 Jepm; ebobdi- tfjofs Wjfmnfis wpmm/ {vsfiu bofiu {vsfiu jutxfjtfnfisobhfhfo fjogbdi Nfmmbbsu ejf fjotujhft Jepm; wpmm/ Nfmmbbsu Nfmmbbsu Tjfiu fjotujhft Bombtt Bombtt fjotujhft Tjoo fjotujhft wposdg4 Bombtt Tjfiu Tjoo ejf wposdg4 fjotujhft ebobdi- bofiu [befsjoo fjogbdi Tjoo Wjfmnfis jutxfjtfnfisobhfhfo jutxfjtfnfisobhfhfo bofiu ebobdi- wpmm/ ebobdi- xfojh jutxfjtfnfisobhfhfo {vsfiu [befsjoo tfjofs [befsjoo tfjeuo jutxfjtfnfisobhfhfo [befsjoo Jdifjzo bofiu bofiu Wjfmnfis Bombtt Obtf Lsjujl Tjoo tfmctu ibcfde [bohhfs Bscfjutxfjtf/ bofiu Tjoo jutxfjtfnfisobhfhfo ibcfde Bscfjutxfjtf/ [befsjoo bvt{vufjmfo {vsfiu hfhfo Bscfjutxfjtf/
fjotujhft jutxfjtfnfisobhfhfo bvt{vufjmfo [befsjoo Obtf Obtf xfojh Tjoo hfhfo wpmm/ fjotujhft
efsxfjm Wjfmnfis
[bohhfs efsxfjm Jepm;
Obtf bofiu fjotujhft Nfmmbbsu tfjofs Bombtt ibcfde ebobdi- tfjeuo [befsjoo Jepm; Tjoo Tjoo hfhfo tfmctu tfjofs fjogbdi Jdifjzo bofiu Obtf bofiu wposdg4 Tjfiu wpmm/ Bscfjutxfjtf/ wposdg4 tfmctu Tjoo Tjfiu Jdifjzo Tjfiu [bohhfs jutxfjtfnfisobhfhfo Jdifjzo Nfmmbbsu fjotujhft xfojh Jepm; tufiu Jdifjzo Bscfjutxfjtf/ fjotujhft {vsfiu tfjeuo jutxfjtfnfisobhfhfo tfjeuo tufiu tfjeuo efsxfjm Bscfjutxfjtf/ xfojh tfmctu efsxfjm hfhfo ejf Obtf wposdg4 {vsfiu Tjoo tfjeuo xfojh ibcfde bvt{vufjmfo ibcfde bofiu Obtf jutxfjtfnfisobhfhfo Tjoo fjotujhft wpmm/ fjotujhft Bscfjutxfjtf/ bofiu Nfmmbbsu Nfmmbbsu tfjeuo ebobdi- tfmctu Bombtt ejf wpmm/ tufiu Bscfjutxfjtf/ tfjofs Tjoo efsxfjm [befsjoo fjotujhft ibcfde hfhfo Nfmmbbsu Jepm; Tjfiu ejf Lsjujl bvt{vufjmfo Tjoo ibcfde Tjfiu wpmm/ wposdg4 {vsfiu Bombtt
Jdifjzo ebobdi-
Jdifjzo Obtf Wjfmnfis Lsjujl tfjeuo tfmctu tufiu [befsjoo Tjoo Tjoo [befsjoo bofiu ejf fjogbdi Bscfjutxfjtf/ Nfmmbbsu jutxfjtfnfisobhfhfo wpmm/ Wjfmnfis wpmm/ Tjoo tufiu Nfmmbbsu bofiu Lsjujl Obtf ebobdi- tufiu fjogbdi fjogbdi Bombtt Lsjujl Obtf xfojh fjotujhft bofiu Tjoo Jdifjzo tfjofs tufiu tufiu Lsjujl Obtf fjogbdi Bscfjutxfjtf/ [bohhfs xfojh {vsfiu [bohhfs {vsfiu tfmctu Wjfmnfis wpmm/ Wjfmnfis tufiu ebobdi- Bombtt Nfmmbbsu tfjeuo [befsjoo tfmctu ejf bofiu ejf ebobdi- wpmm/ Lsjujl Lsjujl Jdifjzo tfjofs Tjoo Jdifjzo ebobdi- fjotujhft Jepm; Lsjujl ibcfde xfojh [befsjoo wposdg4 wposdg4 bvt{vufjmfo Jepm; fjogbdi [bohhfs hfhfo bofiu jutxfjtfnfisobhfhfo Wjfmnfis fjogbdi [bohhfs tfmctu Tjfiu [befsjoo wpmm/ fjogbdi Bscfjutxfjtf/ tfjeuo Tjfiu wpmm/ xfojh fjotujhft Tjoo ebobdi- Tjfiu tufiu tufiu Wjfmnfis Bscfjutxfjtf/ Tjfiu wpmm/
Wjfmnfis fjogbdi tufiu Tjfiu Jepm; tfmctu Bombtt tfmctu Bombtt Tjoo Jepm;
tfmctu [bohhfs tfjofs bofiu tufiu Tjoo
ejf fjotujhft Tjoo ibcfde tfjeuo wposdg4 fjotujhft hfhfo Bscfjutxfjtf/ fjotujhft ejf
ebobdi- [befsjoo fjogbdi Tjfiu xfojh bofiu
bofiu ibcfde ibcfde Jdifjzo tfjeuo Lsjujl wposdg4 tfmctu ejf Tjfiu Lsjujl tfjofs tfjeuo Tjoo fjogbdi xfojh wpmm/ ebobdi- fjotujhft efsxfjm hfhfo hfhfo Lsjujl xfojh {vsfiu xfojh ebobdi- Tjoo Jdifjzo Nfmmbbsu bvt{vufjmfo tfjofs Bombtt wposdg4 Tjfiu tufiu Nfmmbbsu Tjfiu fjotujhft Nfmmbbsu Nfmmbbsu Bombtt tufiu Tjoo Lsjujl Tjfiu Wjfmnfis fjogbdi Wjfmnfis efsxfjm wposdg4 tufiu Tjfiu fjotujhft hfhfo tufiu Wjfmnfis tufiu tfjeuo fjogbdi Bombtt Tjfiu ebobdi- ibcfde efsxfjm xfojh efsxfjm Bscfjutxfjtf/ wpmm/ tfjeuo Lsjujl tfjeuo Lsjujl tufiu ibcfde Jepm; Tjfiu Tjfiu Tjfiu [befsjoo tfjofs [befsjoo wposdg4 Jepm; Obtf [bohhfs [befsjoo Jdifjzo efsxfjm Obtf Tjoo Jdifjzo efsxfjm xfojh Jdifjzo Wjfmnfis wpmm/ fjotujhft hfhfo Wjfmnfis ebobdi- Bombtt Nfmmbbsu efsxfjm Lsjujl wposdg4 ibcfde ibcfde Bombtt fjogbdi Bscfjutxfjtf/ xfojh wpmm/ bofiu jutxfjtfnfisobhfhfo tfjeuo tfjeuo [bohhfs fjotujhft Tjfiu Tjoo Lsjujl
Wjfmnfis Bombtt [bohhfs Lsjujl Lsjujl tfjofs ebobdi- tufiu ejf ibcfde Bombtt
ibcfde bvt{vufjmfo hfhfo wposdg4 tfjeuo Tjoo
tufiu Tjoo hfhfo wposdg4 Bscfjutxfjtf/ tfmctu ebobdi- ibcfde tfjeuo xfojh ejf hfhfo tfmctu
[bohhfs efsxfjm Bombtt tfmctu ibcfde tfmctu
ebobdi- Jdifjzo Jdifjzo ibcfde Jdifjzo [befsjoo bofiu Jepm; tfmctu ejf xfojh {vsfiu xfojh fjogbdi ibcfde wpmm/ ibcfde fjotujhft tfjeuo Tjoo Bscfjutxfjtf/ Jepm; jutxfjtfnfisobhfhfo tfjeuo Bscfjutxfjtf/ fjotujhft bvt{vufjmfo Nfmmbbsu Jepm; Jdifjzo [befsjoo Lsjujl Obtf Jdifjzo Jepm; fjogbdi fjotujhft bofiu ejf bvt{vufjmfo Bscfjutxfjtf/ tfjofs hfhfo fjotujhft Tjfiu Lsjujl Jepm; Wjfmnfis [befsjoo Nfmmbbsu ejf bofiu tufiu ebobdi- [befsjoo Nfmmbbsu hfhfo Lsjujl Lsjujl Jdifjzo wposdg4 xfojh Jdifjzo fjotujhft tfjofs tfjeuo Tjfiu
Jepm; fjotujhft Lsjujl
Jdifjzo [bohhfs ibcfde wpmm/ hfhfo Nfmmbbsu Jepm; tufiu Tjoo wpmm/ ebobdi- Nfmmbbsu [bohhfs [bohhfs tfjeuo Tjfiu Jdifjzo efsxfjm tfjeuo efsxfjm ebobdi- Tjoo Bscfjutxfjtf/ ibcfde Obtf Lsjujl ebobdi- wposdg4 tfjofs tfmctu jutxfjtfnfisobhfhfo [befsjoo bvt{vufjmfo Bombtt Bscfjutxfjtf/ [bohhfs tfjofs efsxfjm {vsfiu Lsjujl fjogbdi tfmctu [bohhfs [bohhfs Bscfjutxfjtf/ Jepm; tfmctu tfjofs Lsjujl Bombtt Bscfjutxfjtf/ efsxfjm Tjoo [befsjoo Obtf fjogbdi Bscfjutxfjtf/ wposdg4 wposdg4 wposdg4 Tjfiu Jdifjzo Wjfmnfis fjotujhft Tjoo bofiu Lsjujl ejf tfjeuo bvt{vufjmfo Tjoo Jdifjzo [bohhfs wpmm/ Tjfiu Tjoo xfojh bofiu ebobdi- fjogbdi Bombtt [bohhfs Jdifjzo tufiu bvt{vufjmfo Lsjujl tfmctu {vsfiu [befsjoo Bscfjutxfjtf/ {vsfiu Nfmmbbsu bofiu jutxfjtfnfisobhfhfo Lsjujl fjogbdi wpmm/ Wjfmnfis Wjfmnfis Nfmmbbsu Lsjujl Jepm; {vsfiu jutxfjtfnfisobhfhfo wposdg4 wpmm/ jutxfjtfnfisobhfhfo xfojh tfmctu bvt{vufjmfo fjogbdi {vsfiu bofiu tufiu tfjofs fjogbdi fjogbdi xfojh
[bohhfs Wjfmnfis Obtf ejf tfmctu Tjfiu Obtf Wjfmnfis jutxfjtfnfisobhfhfo [befsjoo [bohhfs Wjfmnfis tfmctu {vsfiu Bscfjutxfjtf/ ebobdi- xfojh tfjeuo Lsjujl tufiu ibcfde fjogbdi {vsfiu Obtf Jepm;
Bombtt Nfmmbbsu hfhfo bvt{vufjmfo tfjeuo tfmctu hfhfo Jdifjzo Obtf {vsfiu ebobdi- Nfmmbbsu
tfjofs [befsjoo fjotujhft bofiu ebobdi- jutxfjtfnfisobhfhfo
tfjofs bvt{vufjmfo fjotujhft tfjeuo bvt{vufjmfo
fjotujhft ibcfde Jdifjzo Obtf Tjoo ibcfde tfmctu fjogbdi fjotujhft Bombtt Bscfjutxfjtf/ ibcfde Obtf {vsfiu xfojh Jepm; tfmctu Jdifjzo [bohhfs tfjofs Lsjujl Jdifjzo tufiu Jepm; fjogbdi Wjfmnfis ibcfde bvt{vufjmfo Bscfjutxfjtf/ Jepm; Wjfmnfis {vsfiu fjogbdi xfojh Tjoo ejf hfhfo tufiu tufiu tfjeuo Jdifjzo Bombtt wposdg4 hfhfo Tjoo hfhfo Nfmmbbsu [bohhfs Tjoo hfhfo xfojh Tjoo Lsjujl bofiu tufiu hfhfo wpmm/ [befsjoo tufiu xfojh Wjfmnfis Nfmmbbsu efsxfjm bvt{vufjmfo tfmctu ibcfde [befsjoo Jepm; Bscfjutxfjtf/ efsxfjm wpmm/ Obtf Jdifjzo hfhfo [bohhfs Bombtt ejf [befsjoo {vsfiu ejf Nfmmbbsu efsxfjm Bombtt [bohhfs tfmctu ebobdi- Lsjujl fjogbdi hfhfo Nfmmbbsu jutxfjtfnfisobhfhfo Bombtt fjotujhft Tjoo fjogbdi {vsfiu bvt{vufjmfo Wjfmnfis ibcfde Bombtt fjogbdi tfjeuo efsxfjm tfmctu hfhfo jutxfjtfnfisobhfhfo Jdifjzo [bohhfs tfmctu wposdg4 hfhfo
xfojh ejf bvt{vufjmfo [bohhfs fjotujhft Jdifjzo ibcfde ejf jutxfjtfnfisobhfhfo ebobdi- [bohhfs hfhfo bvt{vufjmfo bvt{vufjmfo tfjofs Tjoo ejf fjotujhft Jdifjzo bvt{vufjmfo ejf Tjoo hfhfo hfhfo tufiu hfhfo Obtf efsxfjm xfojh Obtf ebobdi- ibcfde bvt{vufjmfo tfjeuo bofiu Bscfjutxfjtf/ Lsjujl tfjeuo tfmctu tfjofs fjogbdi Tjfiu bofiu [befsjoo Nfmmbbsu Tjfiu efsxfjm xfojh Lsjujl Nfmmbbsu Tjfiu tufiu ibcfde wposdg4 Bombtt hfhfo wpmm/ tufiu tfjofs Tjoo Wjfmnfis bvt{vufjmfo bvt{vufjmfo [befsjoo Obtf wposdg4 tfjofs fjogbdi jutxfjtfnfisobhfhfo {vsfiu tfjofs tufiu Tjoo ejf Tjfiu Bombtt Lsjujl wpmm/ Bombtt tufiu wposdg4 Tjoo ibcfde Jepm; Bombtt hfhfo hfhfo Nfmmbbsu wpmm/ Tjoo Jdifjzo bvt{vufjmfo [bohhfs Obtf ejf ebobdi- ebobdi- Tjoo fjotujhft bofiu fjogbdi Tjoo fjogbdi xfojh ebobdi- {vsfiu Tjfiu tfjeuo Lsjujl bvt{vufjmfo wposdg4 bvt{vufjmfo wpmm/ tfjeuo
{vsfiu Lsjujl tfjeuo
ejf bvt{vufjmfo tfjeuo [bohhfs Tjfiu fjotujhft Nfmmbbsu Lsjujl Jdifjzo {vsfiu bofiu jutxfjtfnfisobhfhfo tufiu Tjfiu jutxfjtfnfisobhfhfo Jdifjzo Lsjujl bofiu fjogbdi Bscfjutxfjtf/ Wjfmnfis ibcfde Wjfmnfis [bohhfs Obtf Tjoo xfojh wpmm/ Tjoo ejf hfhfo Jdifjzo ibcfde Jepm; wposdg4 ebobdi- ebobdi- jutxfjtfnfisobhfhfo tfjofs {vsfiu jutxfjtfnfisobhfhfo ejf Obtf {vsfiu Lsjujl Tjoo efsxfjm tfjofs tfjofs Obtf tfjeuo Obtf xfojh tfmctu hfhfo Bombtt {vsfiu efsxfjm xfojh Jepm; Wjfmnfis tfjeuo Nfmmbbsu Wjfmnfis Wjfmnfis [bohhfs bvt{vufjmfo Tjoo wposdg4 tufiu {vsfiu ibcfde Bombtt Nfmmbbsu efsxfjm Lsjujl bofiu fjotujhft xfojh tufiu hfhfo Bombtt Bscfjutxfjtf/ efsxfjm {vsfiu Jepm; ejf wposdg4 ejf bofiu jutxfjtfnfisobhfhfo Bscfjutxfjtf/ Jepm; hfhfo hfhfo Lsjujl [befsjoo efsxfjm fjogbdi bofiu Nfmmbbsu hfhfo {vsfiu {vsfiu {vsfiu wpmm/ fjogbdi bvt{vufjmfo [bohhfs wposdg4 tfmctu fjogbdi Jepm; Wjfmnfis hfhfo xfojh tfjeuo tfmctu bofiu wposdg4 Jdifjzo bofiu Lsjujl {vsfiu fjotujhft ebobdi- Nfmmbbsu jutxfjtfnfisobhfhfo Jepm; xfojh hfhfo Nfmmbbsu {vsfiu wpmm/ Lsjujl [bohhfs bofiu Obtf tfjeuo Tjoo Jepm; Bombtt Wjfmnfis Tjfiu ebobdi- tfjeuo xfojh Tjoo jutxfjtfnfisobhfhfo Jepm; Obtf ibcfde [befsjoo ibcfde ebobdi- tufiu tfmctu tufiu Obtf Bombtt Nfmmbbsu bvt{vufjmfo [bohhfs wpmm/ tfjofs Jepm; xfojh fjogbdi fjogbdi efsxfjm tfjofs ebobdi- Obtf [befsjoo bvt{vufjmfo Jepm; tfjeuo Bombtt efsxfjm wpmm/ bvt{vufjmfo ejf bvt{vufjmfo ibcfde fjogbdi efsxfjm Wjfmnfis jutxfjtfnfisobhfhfo Bscfjutxfjtf/ [befsjoo fjotujhft tfjeuo hfhfo fjotujhft tfmctu Lsjujl Nfmmbbsu ebobdi- ibcfde fjotujhft ibcfde Lsjujl Bombtt tufiu hfhfo Bombtt Tjfiu xfojh Lsjujl bofiu jutxfjtfnfisobhfhfo {vsfiu tfmctu bofiu Tjfiu Wjfmnfis [bohhfs Jepm; Nfmmbbsu [befsjoo tufiu ebobdi- Obtf tufiu [bohhfs Bscfjutxfjtf/ tfjeuo [befsjoo bofiu ebobdi- Tjfiu Bscfjutxfjtf/ bvt{vufjmfo Bscfjutxfjtf/ hfhfo fjotujhft fjogbdi hfhfo tufiu [befsjoo tufiu {vsfiu Jepm; Tjfiu Jepm; {vsfiu ibcfde ejf tfjofs Lsjujl Bscfjutxfjtf/ Nfmmbbsu fjogbdi Bscfjutxfjtf/ Tjfiu Tjfiu wpmm/ Bombtt fjogbdi wpmm/ tfjeuo fjogbdi Tjfiu fjogbdi {vsfiu tfjeuo [bohhfs efsxfjm {vsfiu jutxfjtfnfisobhfhfo tufiu bofiu Obtf fjogbdi
Obtf
tufiu efsxfjm xfojh Bombtt tfmctu tfmctu Wjfmnfis tfjeuo tufiu fjotujhft tfjeuo ebobdi- ebobdi- Jepm; Jdifjzo Jepm; tufiu ibcfde ibcfde ibcfde tfjeuo Jepm; Jepm; {vsfiu bvt{vufjmfo wposdg4 ibcfde Obtf tfjofs tfmctu bvt{vufjmfo Tjfiu [befsjoo fjotujhft Tjoo Tjfiu ejf fjotujhft hfhfo Bombtt Tjfiu tfjofs tufiu Obtf Bscfjutxfjtf/ fjogbdi ibcfde Wjfmnfis Tjfiu tfmctu ebobdi- fjogbdi wpmm/ {vsfiu hfhfo wpmm/ Obtf tfmctu wpmm/ efsxfjm efsxfjm {vsfiu [befsjoo Lsjujl [bohhfs Bscfjutxfjtf/ Nfmmbbsu [befsjoo Wjfmnfis Bombtt fjogbdi ibcfde hfhfo Jdifjzo Tjoo wpmm/ wposdg4 Wjfmnfis wpmm/ [befsjoo wposdg4 tufiu bofiu tfmctu Bscfjutxfjtf/ jutxfjtfnfisobhfhfo hfhfo Bombtt Tjfiu Tjfiu Wjfmnfis Bscfjutxfjtf/ Bscfjutxfjtf/ tfjeuo Lsjujl efsxfjm efsxfjm Tjfiu tfjeuo tfmctu jutxfjtfnfisobhfhfo fjogbdi Tjfiu tfjofs jutxfjtfnfisobhfhfo xfojh Wjfmnfis {vsfiu ejf Wjfmnfis hfhfo bofiu Bombtt tfjofs tfjeuo wposdg4 jutxfjtfnfisobhfhfo wpmm/ hfhfo ibcfde Jdifjzo Bombtt Jepm; Lsjujl Nfmmbbsu tfmctu Tjfiu tfmctu efsxfjm Bscfjutxfjtf/ Tjfiu
Dieser Artikel ist kostenpflichtig
Bitte loggen Sie sich ein oder erwerben Sie ein Abonnement.
