At the insistence of District Administrator Michael Cyriax (CDU), the Schwalbach magistrate has once again informed the city council about expected legal fees in the Greensill bankruptcy.

According to this, Schwalbach's share for the commissioning of two law firms is 152,000 euros net, with the aim of getting back at least part of the 19 million euros lost in the bankruptcy.

The Greens opposition used the debate for a general settlement with Mayor Alexander Immisch (SPD) and repeatedly called for his resignation.

The Greens demanded that one should “not throw good money after the threatened loss of millions” by hiring expensive legal representatives and instead bring Immisch to account.

Heike Lattka

Correspondent for the Rhein-Main-Zeitung for the Main-Taunus-Kreis.

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    With the votes of the red-black coalition and parts of the FDP, however, the magistrate's resolution of joint legal representation of the affected municipalities was confirmed.

    Immisch previously sought parliamentary approval.

    17 municipalities have joined the agreement and shared the legal fees.

    The law firm Ecker from Hanover was commissioned to represent the interests of the insolvency administrator and the creditors' meeting.

    Dentons Europe Berlin, specializing in banking and finance law as well as public commercial law, will examine liability claims against financial intermediaries, the Federal Financial Supervisory Authority, auditors, the auditing association of banks and rating agencies.

    "Fight for our money"

    As reported by Immisch, the Greensill insolvency administrator sees good opportunities to collect a total of two billion euros. With this, Schwalbach could hope for at least 25 to 30 percent of the bankruptcy estate. Immisch asked the city council to create the conditions so that “we can fight for our money”.

    There was tailwind from the coalition.

    A qualified legal representation is in Schwalbach's interest, emphasized the SPD parliamentary group leader Eyke Grüning.

    The alliance with other municipalities brings advantages.

    The FDP spokeswoman Stephanie Müller expected the mayor to receive unsolicited quarterly reports on this subject.

    Everything that concerns the Greensill bankruptcy belongs transparently on the table.

    If the city does not take action, the money is very likely to be lost, warned the deputy CDU parliamentary group leader Katrin Behrens.

    Extremely expensive self-expression

    On the other hand, Arnold Bernhardt (The Greens) referred to the majority of the 50 communal creditors who deliberately did not join the community of interests. Ultimately, Schwalbach will only get the portion that the insolvency administrator calculates. An inexpensive legal representation is sufficient for such an application, since the municipalities are not even represented on the creditors' committee. Bernhardt accused Immisch of an extremely expensive self-portrayal with which he concealed his own role in the loss of millions. Instead, Immisch wants to burn more good money.

    Lukas Bosina even spoke of a "show fight" organized by Immisch, and Thomas Nordmeyer (both Die Grünen) called for the mayor's resignation as the only correct consequence. Immisch, in a toxic mixture of arrogance and ignorance, violated a magistrate's decision, according to which he was only allowed to deposit the city's money with savings banks and Raiffeisen banks. Three documents from the file inspection committee dealing with Greensill indicated that Immisch, contrary to his assurances, was very well informed. If he claims to have been clueless, he is not telling the truth, criticized Nordmeyer and demanded: "Mr. Immisch, go inside, take your hat and organize your move out of the town hall during the summer vacation."