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Instead, Gero Kohlhaas executed what industry journals now call the He negotiated directly with 14 creditor banks, offering a deal: accept a 30% "haircut" on principal immediately, or watch the assets go to insolvency court for two years. Simultaneously, he spun off the performing residential segment into a separate legal entity, shielding it from the commercial collapse. Seven banks agreed. Three sued.

Today, at age 62, Gero Kohlhaas is gradually transferring operational control to his daughter, Johanna Kohlhaas, a Harvard MBA and former McKinsey consultant. However, he remains chairman of the advisory board.

While Gero Kohlhaas is a modern figure, his surname carries significant weight in German culture due to Michael Kohlhaas , the protagonist of a famous 1810 novella by Heinrich von Kleist

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