First Class Fitness

Munich Bank

Still owed repayment rates can not be made from our point of view the question is actually only, when the loans be made due and the Bank carries out the recovery. Probably you wait there only until something again attract the Charter rates and increases the value of the vessel so, keep the losses of the Bank within limits. Investors should be urgently review their claims with circular letter of February 9, 2012 investors of shipping resources Warnow GmbH & co. KG MS “Warnow Vaquita” have been informed that the Fund cannot meet its redemption obligations. Previously, a repayment suspension agreement was already expired. Condition for the respite offered by the Bank by two quarter redemptions was the partner to provide appropriate liquidity.

The Managing Director has called unworkable apparently and – except for the investor to report – not even the attempt. Therefore, the Bank requested an opinion on the going-concern Outlook that however negative. Consequences were not drawn apparently, man once except that the Board of Directors apparently saw the sole decision of the financing bank. Investors are taught in a circular letter dated May 25, 2012, that a restructuring plan in order was given and the management were about the conditions with the Bank in negotiations. Still owed repayment rates can not be made now the Bank must tolerate the deferral of the third quarter rate 2012 in a row because the company is not solvent. (“No liquidity available is the society this year, to provide the full scheduled year repayment of approximately 1.5 million USD.”) Was the concept ever viable? Not only, that after the initial Charter from the outset no secure employment had the ship. Now retaliates that financing–to improve the forecast profits – a substantial part (25%) was probably recorded in yen and up Rate hedging transactions has been omitted.

Now napping “so far unrealized foreign exchange losses of about 1.88 USD” (Note missing because the word “Million”?) in the books. Of course of course are problems that not insignificant problems with the financing bank. From our point of view, only the question arises when the loans be made due and the Bank carries out the recovery. Probably you wait there only until something again attract the Charter rates and increases the value of the vessel so, keep the losses of the Bank within limits. Statute of limitations threatens investors must in our opinion until December 31, 2012 assert their claims against their consultant for prudential reasons and limitation-inhibiting measures. Already in driving legislative report of September 28, 2009 they were used namely in knowledge, that the recoverable Charter rates (just 30% of the planned) are not nearly easygoing and repayments to the Bank will not be possible. We were able to determine that the brochure obviously not the necessary validation was subjected and in addition we error has reported -. None of our clients was informed about the actual amount of so-called soft costs, with distribution costs already accounting for the lion’s share of about 77%. Do you have questions to your funds? Do you also know whether you were given wrong advice and whether you have chances to the enforcement of claims for damages? Nittel Firm specializing in banking and capital market law your contact Michael Minderjahn, lawyer Heidelberg: Hans-Bockler-Strasse 2 A, 69115 Heidelberg phone: 06221 915770 Fax: 06221 9157729 Munich: residential street 25, 80333 Munich Tel.: 089 25549850 Fax: 089 25549855 Hamburg: Dorpfeldstrasse 6, 22609 Hamburg Tel.: 040 53799042 Fax: 040 53799043 Berlin: Roth first breed 19, 10245 Berlin Tel: 030 95999280 Fax: 030 95999279

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