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Injured investors from insolvent container investment company P & R, based in Grünwald near Munich, will have no choice but to be patient. The creditors' meetings of the insolvent distribution companies also did not change this situation, to which the insolvency administrator Michael Jaffé had invited the creditors, that is to say the 54,000 investors, to Munich.
Before the start of the first meeting, an investor from North Hesse said: "I hope the veil will be released today, so that P & R is drunk." The retiree has put 200,000 euros in P & R containers and now fears not to see much money. Jaffé, however, had little to offer to the man and the remaining 2,500 investors who came to the Munich Olympiahalle on Wednesday, but at the request of confidence.
He told her to keep her feet on the ground and in no way seeks to enforce property rights over individual containers. Reason: The non-insolvent P & R company established in Switzerland should be able to guarantee the rental of containers and the collection of appropriate rental income without hindrance. Leasing steel containers is part of what Michael Jaffé calls a "coordinated multi-level recycling concept". Among them, the lawyer includes on the one hand the rental and on the other hand the sale of containers.
Both should be so much money flow into the insolvency estate, from which investors' claims must be satisfied. Lawyers, such as Marc Gericke of the Göddecke law firm in Siegburg, are likely to remain largely unsatisfied. Gericke and his colleagues expect a return of 10 to 25%. Daniel Bauer, CEO of the Schutzgemeinschaft der Kapitalanleger (SdK), estimates that a maximum of 30% is realistic.
In other words Up to 90% of the money invested is probably gone. Bitter, not only for the pensioner from northern Hesse, who wanted to supplement his pension with promised interest payments of three to five percent paid by P & R: "I will now have to resign and I can not to provide for my three children, because I would like to do it. "
Jaffé goes to 630,000 containers
Investors have little more than hope that containers rented to various leasing companies can still generate normal rental income in the coming years. This should ideally rise to 560 million euros by the end of 2021, explained the insolvency administrator at the first meeting of creditors, which was to on P & R Gebrauchtontainer Vertriebs- und Verwaltungs-GmbH. A first payment to investors is possible "at best" in 2020. How high that could be that he did not say.
After all, Jaffé brought a new numberUntil now, he said that out of the 1.6 million containers sold to the 54,000 P & R investors, there were only 618,000 de facto. He slightly corrected this value. In fact, nearly 630,000 containers are available. For investors, however, it means little difference. Many bought from the company founded by Heinz Roth P & R container, which never existed. What explanation does Roth have of the distinction between appearance and being not yet known. The 75-year-old has been sitting since 12 September on suspicion of fraud and fearing his escape to pre-trial detention.
He explained that according to his confidants he was apparently convinced to manage his business model until the end. A fateful illusion. At least since 2007, there is a difference between the number of containers sold and those actually available, explains Jaffé. The result: the current product was no longer sufficient to serve investors' return requests. The "P & R System" could only be maintained "to the extent that sufficient new investment could be generated". New investors used their money to pay investors' returns. A clbadic Snowballing So. "It was like that from the beginning," says Bauer, the boss of SdK.
Bankruptcy with eight years late
Already in 2010, P & R should have applied for insolvency because of an imminent bankruptcy, said the insolvency administrator to astonished creditors, who repeatedly repeated the clear text of the Jaffé applause, which which is very unusual for such meetings.
Whatever the case may be, in the case of P & R, the disqualification of Berlin lawyer Wolfgang Schirp, who represents many investors deceived, is unusual. P & R meetings are not just standard dates. "There is an important criminal record here."
According to Jaffé, the bill finally ceased when, as a result of the regulation of such investment models and the bankruptcy of its competitor Magellan in 2016, far fewer investors have expressed the wish to place their money in containers. "Finally, when the liquidity of the P & R group has been fully utilized," said Jaffé, "the
The German provident companies filed an insolvency application in March 2018. "So, according to his bill, eight years late.
With the creditor committees, Jaffé wants to obtain the optimal combination of relocation and sale of containers. "There can be no undervalued sale of containers below its value," said the insolvency administrator, who according to P & R according to the lawyer of one creditor, had "the most lucrative bankruptcy bankruptcy since Schlecker"But we also know the legitimate expectation of investors to respond to their requests within a reasonable time."
This last point is related to the fact that about one-third of pension and retirement investors are at least 70 years old. A high three digit number is already 90 and over. But even the youngest semesters are all but amused by the likely loss of much of their deposits. Like a 48-year-old Munich woman lining up in front of the Olympiahalle on Wednesday. She expects to write off her security deposit. But she still does not talk about "piggy-backs," but calculates soberly how much she has earned over the last 20 years with the steel containers that interest her. "The bottom line is that I've done one more," she says. That makes her one of the happiest.
Especially he caught a 55 year old man Artisan from Upper Bavaria. He put everything on the P & R card after a lot of bad luck with stocks, life insurance and a condo. "I've experienced everything," he says. "The crisis in Russia, the Internet bubble, the Iraq war of George W. Bush and the financial crisis." And the containers? "P & R has always paid." This created trust. In the end, it was nearly 500,000 euros, which he had invested in 200 containers. This should be his retirement plan for him and his wife. "Now, all our fortune is lost," he notes.
And this remains a mystery to him: "Why did not P & R inform investors in a timely manner that there were payment issues and we would have agreed to waive interest payments for a while if P & R could have been saved by doing it? "
Lawyer Schirp and the new civic movement "Finanzwende", founded by Gerhard Schick, a green finance politician, opt for a different approach. Last week, Schirp brought a lawsuit against the financial regulator Bafin, accusing him of gross negligence in monitoring P & R. The concrete hurdle: the 5004 P & R's n & rsquo; Should not have been approved by the Bafin, which has to submit such investment models for approval since early 2017, said the lawyer. Bafin, meanwhile, says his mission is not to examine the plausibility of such investments. Schirp announces in this context at least two dozen lawsuits.
Civic movement against Bafin
In turn, the finances of the civic movement gathered signatures in front of the Olympiahalle for a letter to Bafin's president, Felix Hufeld. The motto: "Bafin, wake up! Stop cheating like P & R!"
The authorities must finally do their job, asked a spokesman for the organization. His allegation: Financial supervision takes banking and insurance protection much more seriously than that of consumers.
This badessment would have taken place in most creditors meetings, investors could vote. Their money, mostly lost, would bring them back, but they would not be back to them.
The history of P & R:
Foundation: Heidrun founded at the end of 1975
Pfeifer (general manager until 1992) and Heinz Roth of the company P & R Pfeifer and Roth GmbH. Both hold 50% of the company. Essential objective of the company: the distribution and the management of the containers.
the growth: Since 1978, other P & R companies have been created, including
in 1982, the P & R Equipment &
Finance Corp. in Swiss. Now this company controls the global market
Purchase of containers.
success: The company, which had its headquarters until 1980 in the Nördlichen Münchner Strbade 8 in Grünwald near Munich, signals new records for its facilities, which are considered a gray capital market because lack of regulation. By mid-1999, P & R was managing containers for more than 20,000 investors, more than 40,000 investors in the spring of 2005, and approximately 57,000 and 62,000 investors in early 2013 and at the end of the year.
placement file: In 2013, P & R will increase the record number of investors
one billion euros.
regulations The legislator amended the law on investments. The result: P & R had to sell its equipment
January 1, 2017 Create flyers and submit them to the Bafin Financial Regulator.
Heinz Roth: In June 2017, the founder of the company retired from the management of various planning and compensation companies.
failures: On 15 March 2018, insolvency applications will be lodged for P & R Container Vertriebs- und Verwaltungs-GmbH, P & R Gebrauchcontainer Vertriebs- und Verwaltungs-GmbH and P & R Container Leasing GmbH. Watch the April 26, 2018
Bankruptcy petitions for P & R transport
Container GmbH as well as for P & R AG.
removal of the container: In May 2018, bankruptcy trustee Michael Jaffé said that out of the 1.6 million containers sold by P & R to investors, it appears that only 618,000 exist.
Stop: Heinz Roth is arrested on September 12, 2018 for suspicion of fraud and flight.
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Sources of images: donvictorio / Shutterstock.com
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