Shamelessly on principle – media

It is a journey into an oppressive world to which the reporter Thilo Mischke sets out. And at the beginning of his extraordinary documentary “Pro Sieben Spezial: Rechts. Deutsch. Radikal.” the impression could arise that a simple horror story is being presented, which triggers a brief, gloomy shiver with shocking shots. With pictures of scary, crude tattooed neo-Nazis, taken at a right-wing rock festival in Ostritz in East Saxony. Disturbing figures as if from a panopticon of extremes can be seen, which have long been dismissed as marginal phenomena. But that is only the beginning of this long journey through Germany. At the end there is a remarkable film which, over the length of two hours, shows that these and other images are an expression of an increasingly dangerous normality in this country.

“You take cover, you are confident.” This is how Stephan Kramer, head of the Thuringian Office for the Protection of the Constitution, describes the right-wing extremist scene, which is becoming increasingly broad and self-confident. He is now “seriously worried about our democracy”. This undisguised self-confidence in appearance connects the right-wing extremists who reporter Mischke accompanies for the documentary at various locations. From his distance he makes no secret of her attitude in the conversations, but through the way he conducts the conversation he gets her to reveal her crude worldview. And be it that they give explicit vague answers to certain questions about the Second World War or anti-Semitism and that they demonstratively enjoy the fact that they are trusted to do everything.

It shows how networked and broad the spectrum is, from the mail order business with right-wing promotional items to the operator of a martial arts studio with a clear political orientation. The common martial arts connects right-wing extremists, and the aim is always to recruit young people. The viewer gets to know a right-wing extremist from Dortmund who is active nationwide with his martial arts events and does not bother to hide his political background. He also tells you how the right-wing hooligan scene attracts young football fans.

The reporter Mischke researched the scene for eighteen months, excerpts from demos and concerts are only the starting point for personal meetings. For example with a young right-wing extremist who sees himself as part of a “young revolution” and has high hopes. Mischke meets right-wing bloggers and influencers; He also accompanies the Brandenburg AfD member Dennis Hohloch, who is moderately right-wing, but describes the right-wing extremist and long-time state chairman Andreas Kalbitz, who has meanwhile been excluded from the party, as a good friend. It was Hohloch, as is remembered at the end of the film, who suffered a ruptured spleen this summer from an allegedly friendly blow from Kalbitz.

It gets really scary when an AfD functionary and a right-wing blogger meet

The film is particularly impressive where it dispenses with spectacle and exaggeration. Nevertheless, one episode is particularly remembered at the end of which statements are attributed to an AfD top functionary who is not named by name that will reverberate politically.

First of all, the young Youtuber Lisa Licentia is shown, who has become a kind of right-wing star on the internet, especially through her extremely emotional films, which are characterized by open xenophobia. She felt connected to the AfD and was courted by the party; Mischke and his team accompany them when they visit an event organized by the parliamentary group. After that, however, she tells the reporter with tears, she wants to turn away from her racist statements and expose the AfD for what the party really is.

This scene looks like political kitsch, but a little later a dialogue is reported that the viewer does not hear in the original: the film team observes a meeting between the woman and an AfD functionary in a pub without his knowledge. The functionary is not named, he is not shown as a person. But it becomes clear that this is someone who is active in the AfD parliamentary group in an important position, at least at the time of the conversation.

Now it is retold how the party functionary spoke on the phone with the AfD parliamentary group leader Alexander Gauland. Then statements by the man can be heard which – as Pro Sieben explains – were noted down without his knowledge. Trusting the consent of his listener, the functionary speaks, according to the quotes, about the party’s strategy: Germany must be worse off – the worse, the better for the AfD. The AfD must ensure that Germany is worse off.

Then there are incredible quotes about migrants coming into the country. “We can still shoot them all later,” the man is said to have said. “That’s not an issue at all. Or gas, or whatever you want. I don’t care!” When asked, the broadcaster assures that it has affidavits from people who overheard it. At the weekend this quote was already reported in various media. A spokesman for the AfD parliamentary group said on Sunday lunchtime that the film has not yet been known and therefore cannot comment.

“Right. German. Radical.”, ProSieben, Monday, 8:15 pm.

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Michael Jaffé could become a bankruptcy administrator at Wirecard

Berlin The district court in Munich was chosen by a man from the front row of German insolvency administrators: Michael Jaffé (56), as an expert, is to prepare the expert opinion on Wirecard AG’s insolvency application. This gives the Munich lawyer good chances of being appointed as the Group’s provisional insolvency administrator.

Over the past two decades, Jaffé has built a reputation for coping with particularly complicated major bankruptcies. He became known in 2002 with his appointment in the bankruptcy of the media empire of Leo Kirch, to which the broadcasting group Pro Sieben Sat 1 belonged. Jaffé skilfully navigated through the complex company network. He had to negotiate with film studios, rights holders and banks.

He managed to keep most of the 11,000 jobs. He gave creditors an unusually high 40 percent. Even if the process dragged on for more than 16 years, it was the big breakthrough in Jaffé’s career. Since then he has been called on to help with major bankruptcies, such as the caravan manufacturer Knaus Tabbert or the chip manufacturer Qimonda.

In March 2018, Jaffé took over another mega-procedure, which should be very present to the judges at the district court in Munich and may have influenced their selection. In the bankruptcy of the P&R Group, the former market leader for direct investments in sea containers, 3.5 billion euros are on fire.

Around 54,000 private investors, mostly senior citizens, fear for their money there. Instead of the 1.6 million containers sold, Jaffé only found 600,000 in stock. The case is considered one of the largest investment scandals in the history of the Federal Republic.

Mastering the extreme number of creditors poses enormous challenges for the bankruptcy administration of P&R companies. “Jaffé has a large law firm, it is known for being able to deal with the mass of creditors,” says capital market lawyer Peter Mattil from Munich, who sits opposite Jaffé on the P&R creditors’ committee. That’s why the following applies in Munich: “If it goes over a billion, it ends up with him.”

The Jaffé team counted 86,000 claims in the case of P&R, which is why he moved the creditors’ meeting to the Olympiahalle in Munich. 2500 investors listened to his statements there. Again and again Jaffé received scene applause, for example when he announced that he would not sell a container at bargain prices.

Direct investments in sea containers were particularly popular with older investors due to their supposed security. P&R sold the steel boxes and immediately rented them back. The investors received the rents and after five years a buyback offer. The bottom line was that they achieved returns of between three and five percent.

In November 2018, Jaffé also announced his plan to send the container fleet over the oceans a decade ahead of time and to channel the profits to the bankruptcy estate in a full hall at the German Congress of Insolvency Administrators. “If a cargo load is at sea and you find that 60 percent of the cargo has gone overboard, then there is no point in sinking the ship.”

But keeping the battered ship P&R seaworthy was anything but easy at first. When Jaffé in Grünwald took over the insolvent sales companies from P&R, he faced a key problem. The 600,000 existing containers were located in a Swiss sister company that was not bankrupt and that the company’s founder Heinz Roth controlled via shares.

Roth could have formally locked out Jaffé in Switzerland, the P&R bankruptcy would very likely have escalated to a total loss in a few weeks. Jaffé prevented this by taking advantage of the extremely high pressure on Roth in the dramatic days of April 2018 to persuade him to seize his shares in the sister company. Peter Mattil remembers: “He – rightly – took him into the headlock.”

Determined, assertive, consistent

The worry that Roth would leave Switzerland with all the money was averted. Jaffé took complete control by realizing the liens and taking over the majority of the shares. In the latest status report on P&R, Jaffé writes: Preserving the company in Zug as a paying agent for the global exploitation of the container fleet is the prerequisite for “generating funds for the bankruptcy estate”.

In the meantime, 300 million euros are in a special account that Jaffé has secured through container management in Switzerland. According to the report, business is stable even in Corona times. The utilization of the containers is 96 percent and the sales of old stocks have started. His declared goal is to save a billion capital and distribute it to the creditors.

Determined, assertive, consistent – these are the traits that Jaffé lawyers say who worked with him or had to fight against him. His critics object that it is only a certain unscrupulousness that enables Jaffé to go into large-scale proceedings.

“He pulls his boot through,” says Berlin investor lawyer Wolfgang Schirp, who is already arguing violently with the insolvency administrator. If he should characterize him as an opponent, he thinks “more of a two-handed sword than a foil”.

Because many old investors at P&R were served with fresh capital from new investors, the construct is now considered a pyramid scheme. At that time, the prosecutor’s office began investigating former executives on suspicion of fraud.

Jaffé apparently had a trusting working relationship with the authority. When the investigators requested telephone surveillance against Roth in June 2018, they also referred to Jaffé’s findings on the target and actual stocks of the containers.

Coincidence or not: When P&R founder Heinz Roth indicated that he would like to have his shares seized in Switzerland, he ended up in custody shortly afterwards. From then on, he had no influence on the bankruptcy proceedings. An illness finally prevented the trial against Roth. The Munich 1 public prosecutor was able to complete the investigation at a rapid pace.

These are the same law enforcement officers who are now investigating the suspected market manipulation against the management team of Wirecard AG. It should not have been judged against Jaffé at the district court when choosing the assessor that you already know each other. Especially since he can rely on many experiences with criminal bankruptcy.

Jaffé was not available for the Handelsblatt on Thursday and Friday. That also fits his style. He is not hiding from the press. But he only talks to reporters when he really has something to say. At Wirecard AG it may be too early a day after filing for bankruptcy.

More: The Wirecard case: How ex-boss Markus Braun drove the company into bankruptcy. Read more here.

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Michael Jaffé could become a bankruptcy administrator at Wirecard

Berlin The district court in Munich was chosen by a man from the front row of German insolvency administrators: Michael Jaffé (56), as an expert, is to prepare the expert opinion on Wirecard AG’s insolvency application. This gives the Munich lawyer good chances of being appointed as the Group’s provisional insolvency administrator.

Over the past two decades, Jaffé has built a reputation for coping with particularly complicated major bankruptcies. He became known in 2002 with his appointment in the bankruptcy of the media empire of Leo Kirch, to which the broadcasting group Pro Sieben Sat 1 belonged. Jaffé skilfully navigated through the complex company network. He had to negotiate with film studios, rights holders and banks.

He managed to keep most of the 11,000 jobs. He gave creditors an unusually high 40 percent. Even if the process dragged on for more than 16 years, it was the big breakthrough in Jaffé’s career. Since then he has been called on to help with major bankruptcies, such as the caravan manufacturer Knaus Tabbert or the chip manufacturer Qimonda.

In March 2018, Jaffé took over another mega-procedure, which should be very present to the judges at the district court in Munich and may have influenced their selection. In the bankruptcy of the P&R Group, the former market leader for direct investments in sea containers, 3.5 billion euros are on fire.

Around 54,000 private investors, mostly senior citizens, fear for their money there. Instead of the 1.6 million containers sold, Jaffé only found 600,000 in stock. The case is considered one of the largest investment scandals in the history of the Federal Republic.

Mastering the extreme number of creditors poses enormous challenges for the bankruptcy administration of P&R companies. “Jaffé has a large law firm, it is known for being able to deal with the mass of creditors,” says capital market lawyer Peter Mattil from Munich, who sits opposite Jaffé on the P&R creditors’ committee. That’s why the following applies in Munich: “If it goes over a billion, it ends up with him.”

The Jaffé team counted 86,000 claims in the case of P&R, which is why he moved the creditors’ meeting to the Olympiahalle in Munich. 2500 investors listened to his statements there. Again and again Jaffé received scene applause, for example when he announced that he would not sell a container at bargain prices.

Direct investments in sea containers were particularly popular with older investors due to their supposed security. P&R sold the steel boxes and immediately rented them back. The investors received the rents and after five years a buyback offer. The bottom line was that they achieved returns of between three and five percent.

In November 2018, Jaffé also announced his plan to send the container fleet over the oceans a decade ahead of time and to channel the profits to the bankruptcy estate in a full hall at the German Congress of Insolvency Administrators. “If a cargo load is at sea and you find that 60 percent of the cargo has gone overboard, then there is no point in sinking the ship.”

But keeping the battered ship P&R seaworthy was anything but easy at first. When Jaffé in Grünwald took over the insolvent sales companies from P&R, he faced a key problem. The 600,000 existing containers were located in a Swiss sister company that was not bankrupt and that the company’s founder Heinz Roth controlled via shares.

Roth could have formally locked out Jaffé in Switzerland, the P&R bankruptcy would very likely have escalated to a total loss in a few weeks. Jaffé prevented this by taking advantage of the extremely high pressure on Roth in the dramatic days of April 2018 to persuade him to seize his shares in the sister company. Peter Mattil remembers: “He – rightly – took him into the headlock.”

Determined, assertive, consistent

The worry that Roth would leave Switzerland with all the money was averted. Jaffé took complete control by realizing the liens and taking over the majority of the shares. In the latest status report on P&R, Jaffé writes: Preserving the company in Zug as a paying agent for the global exploitation of the container fleet is the prerequisite for “generating funds for the bankruptcy estate”.

In the meantime, 300 million euros are in a special account that Jaffé has secured through container management in Switzerland. According to the report, business is stable even in Corona times. The utilization of the containers is 96 percent and the sales of old stocks have started. His declared goal is to save a billion capital and distribute it to the creditors.

Determined, assertive, consistent – these are the traits that Jaffé lawyers say who worked with him or had to fight against him. His critics object that it is only a certain unscrupulousness that enables Jaffé to go into large-scale proceedings.

“He pulls his boot through,” says Berlin investor lawyer Wolfgang Schirp, who is already arguing violently with the insolvency administrator. If he should characterize him as an opponent, he thinks “more of a two-handed sword than a foil”.

Because many old investors at P&R were served with fresh capital from new investors, the construct is now considered a pyramid scheme. At that time, the prosecutor’s office began investigating former executives on suspicion of fraud.

Jaffé apparently had a trusting working relationship with the authority. When the investigators requested telephone surveillance against Roth in June 2018, they also referred to Jaffé’s findings on the target and actual stocks of the containers.

Coincidence or not: When P&R founder Heinz Roth indicated that he would like to have his shares seized in Switzerland, he ended up in custody shortly afterwards. From then on, he had no influence on the bankruptcy proceedings. An illness finally prevented the trial against Roth. The Munich 1 public prosecutor was able to complete the investigation at a rapid pace.

These are the same law enforcement officers who are now investigating the suspected market manipulation against the management team of Wirecard AG. It should not have been judged against Jaffé at the district court when choosing the assessor that you already know each other. Especially since he can rely on many experiences with criminal bankruptcy.

Jaffé was not available for the Handelsblatt on Thursday and Friday. That also fits his style. He is not hiding from the press. But he only talks to reporters when he really has something to say. At Wirecard AG it may be too early a day after filing for bankruptcy.

More: The Wirecard case: How ex-boss Markus Braun drove the company into bankruptcy. Read more here.

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Dax in the Minus – Airline-papers under pressure

Düsseldorf In the run-up to the meeting of the US Central Bank, the Fed, investors have held on Wednesday back. The Dax closed 0.7 per cent in the Minus 12.530 points. The MDax Index of medium-sized companies is 0.5 percent, the Euro STOXX 50 index lost 0.8 percent.

Behind the Dax for a moving trading day is. After an initial Plus, the Dax fell about two hours after the start of trading rapidly into the Minus. Between the high of the day shortly after the start of trading and a low of 300 points, are almost. In the course of the day, the Dax was able to catch up the losses for a short time and even rose to the Plus, but then dropped again significantly below the level of the previous day.

On a Plus of almost five per cent, the benchmark index, but still, on a monthly basis, even a Plus of more than 15 percent. After the Rally of the past days had been discussed, when a Correction phase could start to.

Investors took on Wednesday gains. “However, there is currently no real Alternatives to equities,” said Christian Henke, IG Markets.

The focus of policy-makers today, especially on the money in the United States. In The Evening the Fed’s decisions. Experts assume, however, that the Central Bank will announce major changes.

Nevertheless, investors look forward to the Comments. “The Fed should change course is nearly impossible, however, new economic forecasts deliver,” said market analyst Milan Cutkovic from a broker AxiTrader. Investors hoping for evidence of the effects of the corona crisis on the economy.

The Statements of the Fed could affect the rates: “The Fed’s decision tonight is crucial, whether the markets make a pit stop or a u-turn,” says Vishnu Varathan, Manager at Mizuho Bank in Singapore.

On Monday, the Fed had relaxed the conditions of its loan programme for small and medium-sized enterprises, and the minimum sum to $ 250,000 of the $ 500,000 is reduced. Also, the payment deadlines have been extended. In addition, the Central Bank called on the banks to start immediately with the assignment of the loans.

Overall, the U.S. monetary authorities for their actions in the corona’s crisis have so far above all praise, but also criticism from a prominent page. As Bill Dudley, the former head of the Central Bank in New York, said in an interview with the Handelsblatt worried.

Also in the US, investors hold back before Fed decision. Only the technology index Nasdaq is on track for a record.

From the United States, a further impulse came from: The Ministry of labour which gave Consumer prices known. The corona-crisis-induced recession seems to push the Inflation. The high unemployment figures in the corona of a crisis reduce the demand for many goods. In may, consumer prices rose by only 0.1 percent compared to the same month last year, in April, it was still 0.3 percent.

Also in the US, investors held back ahead of the Fed decision. Only the technology index, the Nasdaq continued its Rally of the past few days.

Among the biggest winners on Wednesday Bank Sharesto , among other things, Deutsche Bank belonged to with a Plus of 1.4 percent, the biggest winners in the Dax. A role was played also the message that the European Central Bank (ECB) probably plans for a “Bad Bank” to mitigate the impact of possible new economic shock waves in the corona crisis is driving. Of these plans, the news Agency Reuters had to learn.

This “Bad Bank” could then be a collection point for bad credit. Experts assume that the European banks to prepare in the corona of a crisis on a wave of bad loans.

Further pressure on Airlines are against it. The Federal government has decided that the travel warning for third countries will be extended. The sent the papers of Lufthansa and Tui on a downward spiral.

The Euro was worth at the close of trading 1,1356 US dollars and thus something more than the day before. Also on the Oil market, there is a movement of The Oil price suffered as a result of the surprising increase in US stocks.

Individual values in the focus

CommerzbankThe financial investor Cerberus has set the top-of-the Commerzbank is under pressure, the Management is sharply criticized, and two seats on the Supervisory Board of Commerzbank called for. Commerzbank said that you acknowledge the criticism and take it in the plans. The shares of the Bank rose to the commercial opening of up to five percent, but ended 0.5 per cent in the Minus.

Henkel: In the second quarter, the consumer goods manufacturer has felt the economic consequences of the corona of a crisis. Henkel-Chef Knobel described the quarter as challenging. The papers of the group were trading 0.1 percent in the Plus.

ProSiebenSat1: The corona crisis has also hit the TV-group. The advertising revenue has dropped dramatically. Group chief Beaujean expected for June “is not a dramatic improvement”. In order to save, the company has decided to a variety of measures: investments are reduced, 1244 employees in short-time work sent, and the dividend shall be deleted. The papers included around 6.5 per cent in the Minus.

Hornbach HoldingThe DIY store operator, holds a strong sales and profit jump in the first quarter of the year forecast. Nevertheless, it was the name of the group: The economic risks caused by the corona crisis in the further course of business, are significant and difficult to predict. For the title, it was 5.9 percent after above.

LufthansaThe decision of the Federal government to extend the travel warning for third States, to the Airline. In addition, the Swiss Bank UBS downgraded the shares from “Buy” to “Sell” the downgrading of the objective of the course adapted from 18,00 to € 5.85. Lufthansa shares fell by 5.7 percent, and the are so light in the Dax.

TuiThe travel group suffers from the decision by the Federal government. In addition, the Federal Foreign office and the Ministry of the interior from the strongly recommend of cruises. The papers in Frankfurt for almost 7.2 percent.

More: In the opinion of the chief economic adviser of Allianz, the fundamentals do not drive the stock market, but the Central Bank – and had gone too far.

Click here for the page with the Dax, here are the current Tops & Flops in the Dax. Current short sales by investors please see our database to short sales.

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