Announcement Date: 28. June 2003

We rep­res­ent 17 fund com­pan­ies of the Ärzte-​Treuhand-​Group in the de­vel­op­ment and ne­go­ti­ation of re­struc­tur­ing agree­ments. Where re­fin­an­cing between in­vestors and banks was ne­go­ti­ated and signed by mid-​2004, banks usu­ally made waivers of cap­ital, while in­vestors raised between 15% and 40% of the ori­ginal sub­scribed cap­ital. Un­til this point in a whole series of cases, at which the case law of the BGH turned clearly against the in­vestors, a re­struc­tur­ing could not yet be ad­op­ted. Of­ten, this was be­cause some in­vestors trus­ted in the legal ad­vice of third parties, who prom­ised them com­plete in­dem­nity and there­fore re­fused to re­or­gan­ize. How­ever, if in these cases – years later and fol­low­ing the fail­ure of vari­ous pro­ced­ural ap­proaches – re­or­gan­iz­a­tions were fi­nally agreed upon, in­vestors had to make sig­ni­fic­antly higher payments.