Silvia Quandt Switzerland - opened bankruptcy

Source Business Week, 12.10.2012

Angermyer Empire
Silvia Quandt Switzerland - opened bankruptcy
By Melanie Bergermann

On Monday, the Frankfurt Silvia Quandt & Cie. AG announced it had sold its Swiss subsidiary. As the Official Gazette reports, the provisional insolvency takes place at that time.

The Frankfurt-based Silvia Quandt & Cie AG is an investment bank, it does not call itself so, because it has no license, but all sorts of business makes it a bank: Capital arrange, equity research, advise of companies on the sale of investments. It was part of the group Angermayer, Brumm & Lange (ABL), which included the Altira-listed asset manager, the investment company Heliad and financial sales Aragon. On Wednesday, the ABL partners had announced that the group is disbanded. In the course, the ABL sold its shares of Silvia Quandt AG to the investor PVM Private Values Media, Inc., led by Sascha Magsamen. Beside him, the founder Joachim Paech is still involved at the investment company. The investment company will no longer bear the name "Silvia Quandt" but it will be renamed in FCM Frankfurt Capital Markets AG. The fact that the ABL was allowed to use the name of Silvia Quandt, a subsidiary from the first marriage of entrepreneurs’ legend Herbert Quandt for their investment boutique, is thanks to Silvia's son Golo, who is friends with Christian Angermayer for many years. Silvia and Golo were involved until a few months ago at the investment boutique and other companies in the ABL group.

Even before the ABL Group sold its shares in the Silvia Quandt AG Magsamen, the investment house had separated from its subsidiary in Switzerland. On 8 October, it was announced that the Zurich-based company was sold to an unnamed financial investor. The sale was completed accordingly to a spokesman of Silvia Quandt AG, already on 28 September. A week later, the bankruptcy of the Swiss company was opened. This was announced in the morning with the Swiss Official Gazette of Commerce. It asks the creditor to report to the bankruptcy office.

These are preliminary bankruptcy proceedings. This can be initiated by a company itself as well as from creditors. A receiver then checks the economic situation of a company. Only if its assets sufficient to cover the costs of bankruptcy proceedings, it is actually opened. The final bankruptcy, does also not apply, if the person can demonstrate that he is solvent.

Should the company be dissolved, it would no longer be named "Silvia Quandt Capital Markets", what would certainly damage the name of the industrial dynasty Quandt. Circles to the family Quandt had deprived the naming rights before the opening of the preliminary insolvency proceedings.