We represent 17 fund companies of the Ärzte-Treuhand-Group in the development and negotiation of restructuring agreements. Where refinancing between investors and banks was negotiated and signed by mid-2004, banks usually made waivers of capital, while investors raised between 15% and 40% of the original subscribed capital. Until this point in a whole series of cases, at which the case law of the BGH turned clearly against the investors, a restructuring could not yet be adopted. Often, this was because some investors trusted in the legal advice of third parties, who promised them complete indemnity and therefore refused to reorganize. However, if in these cases – years later and following the failure of various procedural approaches – reorganizations were finally agreed upon, investors had to make significantly higher payments.