Signa Prime

"Real estate experts estimate the apartment's value at 30 million Euros, with a price per square meter of 30,000 Euros, paid for hyperluxury locations in Berlin. And the best part for Benko: it cost him personally nothing or very little. For it was part of Signa Prime and was managed as his personal office, thus the rent, the staff, the food, or the wine were at least largely free. His media lawyer, when asked, labeled it as "office" – despite many living spaces and a bedroom with a huge, round bed. "There is no 'penthouse' in Upper West, but rather a 33rd office floor used by Signa, with extended representation and hospitality areas," he stated."

"At Galeria, a man henceforth takes charge, who bears the nickname "emergency doctor of the German economy." Arndt Geiwitz, a tall man with distinctive glasses, has previously stepped in to navigate notable companies through bankruptcy. He tried to save Schlecker, and stepped in as trustee for the fashion czar Willy Bogner. Geiwitz is drawn to prestigious cases. At Galeria, he is Benko's man. The protective shield procedure allows the company to separate itself from all liabilities, including excessive rents. Geiwitz renegotiates the contracts of the properties; in the first insolvency procedure, in which around 40 properties were closed, rents were reduced by a mid-double-digit million amount. He does not touch the businesses that belong to Signa. Geiwitz acts tactically skillfully. There was no transparency about the status of the rent negotiations with the owners, one of those involved said. For a long time, it was said to be "not yet negotiated", everything "open". Only at the end did the rents come to the table. As compensation for the high rent payments to Signa, Benko then offered a subsidy of 200 million euros, 100 million from Signa Prime, 100 million from the holding. At that time, it was said: Deal or dead; if there is no approval, Galeria would go under. The employees finally wanted peace, and the creditors' committee was set up in such a way that Signa controlled it, so they could have pushed it through."