The founder of German mobile service provider MobilCom, Gerhard Schmid, has requested a personal insolvency procedure, because of threatening inability to pay, reports the Financial Times Deutschland. Schmid request insolvency because the value of his shares in MobilCom have dropped. The newspaper reports that the district court in Flensburg ordered accountant Otto Gellert as provisional insolvency manager. He also announced that he wants to sue the MobilCom trustee Helmut Thoma and MobilCom's chairman of the supervisory board Dieter Vogel for damages. Schmid finds that their decisions damaged his capital. Gerhard Schmid, is still owner of 42 percent of the shares in the troubled company. MobilCom reacted to this insolvency statement to say that the procedure does not touch the company and that the company sees this development positive for the future of MobilCom.
