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Traffic Surgeon
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Where's Alex when we need him... :D

1959:

9. Dez. : Die Unternehmensleitung schlägt in einer außerordentlichen Aktionärsversammlung vor,

Eine Ablehnungsfront angeführt von dem Kleinaktionär Erich Nold und dem Anwalt Friedrich Mathern weisen dem verkaufswilligen Vorstand einen Fehler in der Bilanz nach und zeigen auf, dass für das neu entwickelte Modell 700 bereits 30.000 Bestellungen vorliegen.

ihre Firma, übernimmt der Großaktionär Herbert Quandt einen Großteil des BMW Kapitals und rettet damit die Eigenständigkeit der Firma.

Franz - Josef Strauß, damaliger Verteidigungsminister, setzt sich für BMW ein und erreicht eine durch den Staat Bayern gewährleistete Kapitalverdopplung um 10 Millionen Mark.

Die MAN beteiligt sich zu 50 % an der Tochtergesellschaft BMW Triebwerkbau GmbH in München - Allach, die später zur MAN Turbo wurde und heute in der MTU weiterlebt und gewährt BMW, der Mutter sozusagen, ein langfristiges Darlehen über 20 Millionen Mark zu 5% Zinsen.
 

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1959:

9th dec. : The firm direction proposes in an extraordinary stockholder meeting

A rejection front conducted projected of the little stockholder Erich Nold and the lawyer Friedrich Mathern of wise the verkaufswilligen a mistake in the balance after and show that for the newly developed model 700 already 30.000 orders exist.

The large stockholder Herbert Quandt your firm, receives a large part of the BMW capital and rescues therewith the independence of the firm.

Franz - Josef bouquet, at that time Minister of Defense, sits down for BMW and reached one Kapitalverdopplung guaranteed by the country Bavaria around 10 millions mark.

That ONE is involved to 50% in the subsidiary BMW Triebwerkbau gmbh in Munich - Allach, that became later that ONE Turbo and lives on today in the MTU, and lasted BMW, the mother so to speak, a long-term loans over 20 millions mark to 5% interest.
 

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The Original Dr. Phil
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The mismanagement and unsuccessful investments led BMW in a deep financial
crisis (1957-1959) In 1958 BMW had a loss of 12 million DEM, in 1959 a
further 9,2 Million DEM. As a result, more than half of the paid capital of
30 Million DEM was lost. And it came to the famous (regular) stockholder's
meeting on 9th, Dezember 1959. The president of the Board of Directors Dr
Hans Feith (Deutsche Bank) proposed the recapitalization of BMW where the
company was supposed to be sold to Daimler-Benz AG (whose majority stock was
also hold by Deutsche Bank), a plan which was regarded as a total ignorance
of the small stockholders.

Erich Nold, who was also among those 'small' stockholders, led an opposition
against Dr Feith's proposal and with the help of Dr Friedrich Mathern
(member of the Board of Directors between 1960-1966), who was a lawyer and
certified public accountant and was also representing the stockholders. Dr
Mathern found an error in the balance sheet which was presented during the
stockholder's meeting on that day, regarding the development costs of the
BMW 700. This move of him caused the refusal of the Daimler-Benz AG offer
and encouraged Herbert Quandt to buy the stocks of Mr Krages (a wealthy
wood-merchant from the city of Bremen) and increase his stock up to 15%.
(Herbert Quandt was holding almost %60 of BMW capitals by the end of 1969)

So far a brief history of Erich Nold :) (Erich Nold died in 1995)

quoted from undisclosed source

Thus Mr. Nold helped prevent BMW from being bought out by Daimler-Benz/AG

Next trivia question - How did Phil find this answer? (no it wasn't Google)
 

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PM 325xiT said:
Next trivia question - How did Phil find this answer? (no it wasn't Google)
The style 73's spoke to you??? :rolleyes:

... nada, I'd say a book about BMW
 

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The Original Dr. Phil
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ObD said:


The style 73's spoke to you??? :rolleyes:

... nada, I'd say a book about BMW
It was the wheels:bigpimp:

:lmao:

No a little birdie dropped the answer into my inbox.:D
 

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The Original Dr. Phil
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The Original Dr. Phil
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I like cookies.
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Discussion Starter · #15 ·
PM 325xiT said:

:dunno:

You answer first;)
Three forgotten individuals and a nice little car would make the difference. First, there was Erik Nold, a professional rabblerouser (and small shareholder) who took sadistic pleasure in badgering the company brass at stockholder meetings. INthis cars, he found plenty to badger about, with his proud company on the brink of selling him out. Once into the morning meeting, Nold rose to ask where the money had gone. Who was responsible for hte unprofitable cars of the recent past and the utter lack of promise for the future? Who, dammit, who?

BMW's CEO, an unpopular Prussian named Heinrich Richter-Brohm, squirmed in his chair as Nold posed an unending series of biting questions. The shareholds got into an increasingly fould mood as th morning grew longer. It was very much like Mr Smith Goes to Washington, with Nold as Jimmy Steward, facing down the high and mighty.

This public squabbling would have done little more than delay the inevitable but for the quick work of a disgruntled lawyer named Friederich Mathern, who represented a network of Bimmer dealers in Frankfurt. While Nold filibustered, turning the meeting into a carnival of insults, Mathern was hatching a plan of attack. He had an alternative plan that would allow for BMW's survival.

new question: what was the balance sheet error that Mathern found? (from your answer)
 

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The Original Dr. Phil
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nate328Ci said:
\
Hamburg ~ Alex Baumann:p

He gave me a little help.

I believe the balance sheet error had to do with the develpment cost of a new model that was in develpment.
 

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Discussion Starter · #17 ·
PM 325xiT said:
\
Hamburg ~ Alex Baumann:p

He gave me a little help.

I believe the balance sheet error had to do with the develpment cost of a new model that was in develpment.
I know :rolleyes:

the specific error was? (let's see if Baumann knows) :confused:
 

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The Original Dr. Phil
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nate328Ci said:


I know :rolleyes:

the specific error was? (let's see if Baumann knows) :confused:
That there were already 30,000 orders present for the Model 700.

No Baumann help this time:D
 

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The Original Dr. Phil
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nate328Ci said:
He did do that but what else do you speak of:dunno:
 
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