I cannot imagine that this would have any impact on production. Surely Continental must have safeguarded themselves from any claims when they acquired (the assets of) Thielert.
Impact on engine supply: Not to be expected.
This is purely legal fishing of the administrator regarding the “cooked books” of the company during IPO and who should have known and might hence be co-responsible = liable. As a key aspect of the insolvency procedure, the administrator is trying to maximize the funds that can be distributed to a) the legal company running the insolvency and (in case anything is left – cynic mode/off) b) the creditors of the bankrupt company.
He tested the auditors as well as the leading bank running the IPO.
10 years is a long time, not unusual for insolvencies, though.
An asset deal generally rules out any claims against the acquirer.
All claims remain against the insolvent company and its management, service providers etc.
The assets where sold by the administrator post filing insolvency, all safe then.
Exactly, Conti bought the assets from the administrator. No risk at all.
Peter wrote:
A translation is needed
I’ll try:
Founder (Start-Ups)
How long legal trials can endure after an insolvency is shown once more by the case of engine manufacturer Thielert. After the current verdict the case isn’t closed, yet.
It was a comparative short story that began 2005 with a stock market launch and ended in 2008 with insolvency. Within the first few months the market value of aircraft engine manufacturer Thielert almost doubled. Then accusations of falsification of balance sheets and forgery of documents came up and the market valuations and the company collapsed.
Last week, the Landesgericht Hamburg closed the criminal case and sentenced the former CEO, Frank Thielert, to four years imprisonment (that will not be executed) for commercial and organized fraud as well as forgery of documents. Thielert is said having presented the situation overly positive of the company in hindsight of the stock market launch by means of fake accounting entries. He is said to have faked a better solvency to banks. Thielert plans to appeal. The trial had taken a long time because the judge retired at the end of 2014.
With this sentence the trials concerning Thielert are not at an end, although the insolvency manager has apparently settled amicably with the financial auditors of BDO. Those have been sentenced to one million Euro damage compensation.
The compensation trials against Thielert, the Commerzbank and the former supervisory board chairman Georg Witthun. The claims against the Commerzbank as consortium bank were rejected in first instance due to lapse of time, although the Oberlandesgericht may come to a different conclusion – but this is not expected before April.
