Opposition to the write-off of loan / Joint Operation
Dear Ladies and Gentlemen,
Today, they will first information regarding the proposed Joint
Approach the protection of Investors Association ( SdK ) against the ATU group or against the ATU Auto- parts -Unger Investment GmbH & Co. KG
Regarding the meantime was worthless derecognition of the ATU Auto- parts -Unger Investment GmbH & Co. KG issued floating rate subordinated bond for 150 million euros (ISIN XS0202043898 ) . In our view, the actions of the Issuer does not contradict the underlying bond conditions.
Framework of the joint action
First, we want to make clear that although consist of our current view out good chances to obtain reasonable compensation here . However, this will probably be a long legal battle with the Issuer or a third party must precede . Due to the existing approach to the other side we do not expect a quick amicable solution . Due to the fact that the bonds were issued under U.S. law , the legal action in the U.S. is likely to be provided. This opens up the way , although possibly a class action , All thing this should be associated with corresponding costs . The costs to be borne and related litigation risks can SdK not take over for you . Since we only act for members in the event ATU , SdK is indeed contribute a proportionate amount to finance , but the bulk of the cost is to be borne by the affected bondholders . As with us , the previously registered bondholders , however, is a low double-digit million euro amount of bonds should be a funding of the procedure possible with an attractive risk / reward profile. We will call this, however, can only exact numbers , once we know how many to unsrem approach actually want to join . Is hard , however, is the more explain willing to join the joint action , the smaller the contribution the individual has to make .
Protection of Investors eV
- The shareholders' association -
Page 2 of 3
prospects of success
SdK , the law firm of Stone Bonner & Rocco LLP , New York, appointed to examine the prospects of success of an action in the United States . However, we expect until at least three weeks with a result . If you here a positive result comes, we would begin to develop an action model and introduce you to.
Opposition to derecognition
Since ATU but already have (apparently on the newly installed trustee of the bond) , not legally compliant in our view , this has to write off , we advise immediate contradiction to currently over your custodian. It could be that the write-off of the bond negative consequences in terms of the ability to ever file a complaint , brings with it . We therefore advise all concerned to appeal against the derecognition and to demand the reversal of the bonds. Your bond inventory should then also be locked so that no third party can dispose of it . We have already contacted the law firm of Dr. Späth this. This has had already successfully lock ATU- bond holdings . The firm offers SdK of members to represent them for a one time fee of 300 Euro against the custodian in order to enforce the posting date or the blocking of the bonds out of court.
Unless you want to cause this, which we advise you consider downloading the http://www.sdk.org/pressemitteilung.php?action=detail&pmID=732 located under power of attorney and the limitation of liability , and send this completed and signed , together with a custody account statement , which indicates that you hold the bonds / or have held a Ausbuchungsbestätigung , stating that your bonds were fully booked worthless , to the following address (preferably by fax ) :
Dr. Spaeth & Partner Rechtsanwälte
Kurfürstendamm 102
10711 Berlin
Fax: +49 ( 0) 30 88 72 94 61
If the name and address of your custodian is not apparent from the custody account statement or Ausbuchungsbescheinigung , send this data to the Registry, please also Dr. Späth with .
Protection of Investors eV
- The shareholders' association -
Page 3 of 3
We will contact you once we have an estimate of our lawyers from New York.
For questions we are available to our members under [email protected] or below 089 / 20208461-0 happy to help.
Munich , 14 February 2014
SdK Protection of Investors e.V.