Westphalian real estate and financial management
| WGF AG | |
|---|---|
| legal form | Corporation |
| founding | 2003 |
| resolution | 2016 |
| Reason for dissolution | insolvency |
| Seat | Dusseldorf |
| management | Paul Zimmer |
| Branch | Real estate, project development |
The Westfälische Grundbesitz und Financial Management Inc. (WGF) was a German real estate company based in Dusseldorf . The company traded in existing properties and developed new properties.
On December 11, 2012, WGF AG filed for bankruptcy at the Düsseldorf District Court . At a creditors' meeting on May 22, 2013, the creditors of WGF AG approved an insolvency plan.
On February 11, 2016, the Executive Board Paul Zimmer of WGF AG filed another application for insolvency for WGF AG and two affiliated companies at the Düsseldorf District Court.
history
WGF AG was founded in 2003 in Düsseldorf by Pino Sergio . The business purpose at that time was the acquisition and renovation of residential properties with a focus on North Rhine-Westphalia and resale. WGF AG's real estate expertise has expanded over the years to include office, hotel and retail properties in Germany. As part of the WGF Finanzgruppe Holding GmbH, various subsidiaries are active in real estate management, construction management and other tasks.
In 2004 the company first issued a corporate bond known as a mortgage bond, which was secured primarily with real estate, subjected to a rating procedure by Creditreform and admitted to trading on the open market on the Düsseldorf Stock Exchange . WGF AG then launched seven more mortgage bonds and two profit participation certificates.
In 2011 there was criticism that WGF AG had advertised some of its bonds with ratings that had already expired . In addition, doubts were raised as to whether the WGF AG achieved sufficiently high profits to be able to pay the interest and repayment of due bonds in the future, and whether the real estate assigned to the bonds as collateral was of sufficient value. A report that used the term pyramid scheme in connection with WGF AG was substantiated by an injunction on the part of WGF AG . The LG Cologne assessed the use of the term criticized as still within the scope of the legally permissible and rejected the injunction.
The Bafin took up the investigation on suspicion of price manipulation.
In November 2011, WGF AG sold a residential construction project in Berlin Prenzlauer Berg to Aberdeen Immobilien Kapitalanlagegesellschaft mbH before construction began. The implementation was awarded by Aberdeen Immobilien Kapitalanlagegesellschaft mbH to an international construction company.
The annual reports of WGF AG for the years 2008 and 2009 were corrected in 2011 and published in the Federal Gazette in 2012 in corrected form. Instead of the profits shown above, losses were shown for the two years that exceeded equity and resulted in negative equity.
In 2012, WGF AG did not submit the annual report for the 2011 financial year within the deadline set by the Düsseldorf Stock Exchange. After an extension of the deadline for the submission of the annual report until November 30, 2012, the trading of the bonds was initially stopped.
On December 11, 2012, WGF AG published its annual financial statements for 2011 with a balance sheet loss of 68.5 million euros, a loss of 65.5 million euros not covered by equity and total assets of 234.7 million euros. The capital of investors in profit participation rights of WGF AG in the amount of EUR 2.7 million (as of December 31, 2010) was used to partially cover the accumulated loss and was used up completely. According to its own information, WGF AG suffered damage to its reputation in 2011 through the allegations of an investor protection lawyer and journalistic articles, which is said to have brought the sale of further mortgage bonds and profit participation rights to a standstill and burdened its own negotiating position in real estate trading. At the same time, the management board of WGF AG filed for insolvency under self-administration in accordance with §§ 270, 270 a of the Insolvency Code (InsO).
The Düsseldorf public prosecutor's office started investigations into the initial suspicion of late filing for bankruptcy.
At a creditors' meeting on May 22, 2013, the creditors of WGF AG approved an insolvency plan. According to WGF AG, the expected repayment rate for the creditors of the mortgage bonds by 2023 should be 60%. At the end of 2013, the founder, Pino Sergio, moved from the executive board to the supervisory board of WGF AG. Parts of the measures provided for in the insolvency plan were not implemented as planned by December 2014.
In February 2014 it became known that a lawsuit had been filed against the management and supervisory boards of WGF AG for prospectus liability. In addition, a lawsuit was brought against a lawyer commissioned by WGF AG. The accusation is that some of the securities assigned to the bonds of WGF AG did not correspond to the information in the issue prospectus. In the opinion of the plaintiffs, the lawyer commissioned to monitor the compliant use of the investor capital should not have approved the release of the funds.
The annual report for the 2012 financial year published in the Federal Gazette on February 4, 2015, showed another loss of EUR 64.1 million and, with total assets of EUR 243.7 million, a deficit of EUR 129.6 million not covered by equity. Euros on. According to its own information, the company intends to prepare consolidated financial statements for the 2013 financial year for the first time. However, up to and including the end of July 2015, neither the individual financial statements of WGF AG nor the consolidated financial statements for the 2013 financial year announced by WGF AG were available.
A lawyer involved in the claim for prospectus liability announced in September 2015 that WGF AG had offered comparative payments to investors he represented in order to end the legal dispute. Some investors are said to have rejected the settlement and are waiting for a decision by the OLG Düsseldorf expected in 2016 .
On February 11, 2016, the Executive Board Paul Zimmer of WGF AG filed another application for insolvency for WGF AG and two affiliated companies at the Düsseldorf District Court. In contrast to the first bankruptcy, this time an application for regular bankruptcy was filed. According to the founder and supervisory board member Pino Sergio, a renewed need for devaluation of the assets was determined, which resulted in over-indebtedness. [3] The insolvency administrator reported to the responsible district court in Düsseldorf on March 29, 2016 that there was insufficient mass. In addition, at a creditors' meeting on June 10, 2016, the insolvency administrator named the reasons, in his opinion, for the renewed bankruptcy: deliberate damage to the company, improper use of funds (e.g. for astrological reports) and mismanagement. The trustee and insolvency administrator of the first insolvency proceedings were also criticized for not having adequately checked the figures at the time.
Exemplary projects
Project Frankfurt, Holiday Inn Express
In October 2011, WGF AG sold the Holiday Inn Express Hotel in Frankfurt's Bahnhofsviertel . The buyer was a medium-sized family office from southern Germany. The premium economy hotel on Elbestrasse, with 116 rooms, was opened in March 2011. Originally, the property was an office building belonging to Deutsche Bahn. A 20-year lease for the Holiday Inn Express hotel was signed in October 2009 before construction work began. The former office property with a gross floor area of 7,600 m 2 was largely empty when it was acquired by WGF AG in autumn 2008.
Project Essen, Osram House
At the end of 2007, Westfälische Grundbesitz und Finanzverwaltung bought the building, which had been vacant since 2005. In September 2010, the Ludwigsburg hotel chain acom Hotels , a subsidiary of nestor Hotels , signed a 25-year lease. The Westfälische Grundbesitz und Finanzverwaltung was to have the building converted into a three-star hotel with 144 rooms on a gross floor area of around 7,300 square meters for around 7.5 million euros . The building construction was to be carried out by MPP Meding Plan Projekt GmbH from Hamburg , who wanted to add an additional, glazed stacked floor. The interior design was to be carried out by the Markus-Diedenhofen company from Reutlingen .
The building permit was issued in August 2011. The opening of the hotel was planned for the end of 2012, but work has been suspended since June 2012. The scaffolding that had already been erected was removed again. According to Pino Sergio, the construction freeze was justified by WGF AG with damage for which Don International , the company commissioned with the conversion, was responsible, and with delays in payment. The contract with acom Hotels was terminated in the summer of 2012 and a new contract with Melia Hotels International was announced, according to which completion and opening is planned for 2015. However, the plans had not been implemented by February 2017.
Individual evidence
- ↑ Insolvency of WGF AG: The company files for insolvency at the Düsseldorf District Court at boersennews.de
- ↑ immobilien-zeitung.de WGF: Insolvency plan is through
- ↑ http://www.immobilien-zeitung.de/1000030788/wgf-ist-insolvent-schon-wieder/ Immobilienzeitung: WGF is insolvent
- ↑ GUIDO HARTMANN: It started with a kiosk - Welt.de, May 30, 2010
- ↑ http://www.wgfag.de/meta/investor-relations/hypothekenanhaben
- ↑ http://www.wgfag.de/meta/investor-relations/genussrechte
- ↑ immobilien-zeitung.de [1] Pino Sergio's ways of creative capital procurement
- ↑ http://www.wgfag.de/uploads/media/Börsen-Zeitung__05.08.2011_1.pdf
- ↑ Anhaben-Finder.de [2] Ratings want to be maintained (PDF)
- ↑ Rohmert-Medien.de WGF - How does the profit come about? ( Memento of the original from March 27, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Rohmert-Medien.de WGF - equity collapses ( memento of the original from March 25, 2016 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ finanzen.net [3]
- ↑ Boersennews.de [4] Bond crisis - when the hedges don't hold up
- ↑ Boersennews.de [5] pyramid schemes with bonds
- ^ Regional Court of Cologne [6] judgment of September 21, 2011, Az. 28 O 596/11
- ↑ Handelsblatt.com BAFin determined at WGF
- ↑ http://www.tenbrinke.com/nc/de/neuheiten/neuheiten/artikel/1210/
- ↑ http://www.wgfag.de/fileadmin/ressourcen/Downloads/Untern Firmeninfo/pdf/ WGF_AG_Nachtragskurzbericht_2008.pdf
- ↑ http://www.wgfag.de/fileadmin/ressourcen/Downloads/Unternehmensinfo/pdf/WGF_AG_Kurzbericht_Nachtragsbericht_2009.pdf
- ↑ - ( Memento of the original from March 13, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ Welt.de Börse gives the WGF an ultimatum
- ↑ Börsennews.de [7] Alarm mood with WGF bonds
- ↑ http://www.wgfag.de/fileadmin/user_upload/PDF_Download/Unternehmen_WGF/WGF_AG_Kurzbericht_2011_final_web.pdf
- ↑ Börsennews.de [8] WGF AG files for insolvency at the Düsseldorf District Court
- ↑ FAZ.de [9] Real estate bonds - many question marks after WGF bankruptcy
- ↑ immobilien-zeitung.de WGF: Initial suspicion of delayed bankruptcy
- ↑ immobilien-zeitung.de WGF: Insolvency plan is through
- ↑ Euro on Sunday [10]
- ↑ sdk.org WGF Newsletter 19
- ↑ http://www.wgfag.de/meta/investor-relations/aktuelle-kundeninformationen/
- ↑ immobilien-zeitung.de WGF creditors fish in murky waters
- ↑ Immobilien-Zeitung.de WGF pays out to creditors - a little
- ↑ Immobilien-Zeitung.de [11]
- ↑ immobilien-zeitung.de Investor lawyer Dittke sued the WGF leadership
- ↑ http://www.wiwo.de/finanzen/boerse/anleihemarkt-mittelstandsanhaben-sind-nicht-wasserdicht/11110400.html
- ↑ http://keitel-anwaelte.de/rechtsanwalt-wirtschaftsrecht-bankrecht-anlegerschutz-koeln/aktuelle-meldung/chancen-auf-schadensätze-bei-wgf-anhaben-wkn-a0ldul-und-wgfh05.html
- ↑ Homepage of the law firm DSKP Archived copy ( memento of the original from May 26, 2015 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
- ↑ https://www.bundesanzeiger.de/ebanzwww/wexsservlet
- ↑ Reduction of damage through comparisons - WGF investors before LG Düsseldorf successful [12]
- ↑ Immobilienzeitung from September 25, 2015: Investor lawyers get back WGF bond money [13]
- ↑ Public notice. In: www.insolvenzbekanntmachungen.de. Retrieved April 2, 2016 .
- ↑ WGF insolvency administrator speaks of "deliberate damage". In: www.immobilien-zeitung.de. Retrieved June 29, 2016 .
- ^ WGF insolvency administrator: "Funds have been withdrawn". In: m.immobilien-zeitung.de. Retrieved June 30, 2016 .
- ^ Presentation of the Westphalian property and financial administration WGF ; last viewed on November 29, 2011
- ↑ MPP Meding Plan Projekt GmbH - Osramhaus Essen project ( page no longer available , search in web archives ) Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice. ; last viewed on November 29, 2011
- ↑ Derwesten.de of July 2, 2012: Construction work on the former “Osram House” in Essen is on hold ; last viewed on July 10, 2012
- ↑ [14]
- ↑ - ( Memento of the original from September 15, 2014 in the Internet Archive ) Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.
