Textbook Crisis and Turnaround in German Medium Sized Enterprises An Integrated Empirical Study 1St Edition Thomas Wittig Auth Ebook All Chapter PDF
Textbook Crisis and Turnaround in German Medium Sized Enterprises An Integrated Empirical Study 1St Edition Thomas Wittig Auth Ebook All Chapter PDF
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Thomas Wittig
Edited by
A. Hack, Berne
A. Calabrò, Witten/Herdecke
H. Frank, Vienna
F. W. Kellermanns, Charlotte, Vallendar
T. Zellweger, St. Gallen
Both Family Firms and Small and Medium Sized Enterprises (SME) feature a
number of distinct behaviors and characteristics which could provide them with
a competitive advantage in the market but could also lead to certain risks. The sci-
entific series at hand presents research which provides an empirical and theoretical
contribution to the investigation on these specific characteristics and their impact
on business practice. The overall aim of this series is to advance the development of
theory in the areas of family firm and SME management.
Edited by
Professor Dr. Andreas Hack Professor Dr. Andrea Calabrò
University of Berne University of Witten/Herdecke
Springer Gabler
© Springer Fachmedien Wiesbaden GmbH 2017
This work is subject to copyright. All rights are reserved by the Publisher, whether the whole or part
of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations,
recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission
or information storage and retrieval, electronic adaptation, computer software, or by similar or
dissimilar methodology now known or hereafter developed.
The use of general descriptive names, registered names, trademarks, service marks, etc. in this
publication does not imply, even in the absence of a specific statement, that such names are exempt
from the relevant protective laws and regulations and therefore free for general use.
The publisher, the authors and the editors are safe to assume that the advice and information in this
book are believed to be true and accurate at the date of publication. Neither the publisher nor the
authors or the editors give a warranty, express or implied, with respect to the material contained
herein or for any errors or omissions that may have been made.
Foreword
Confucius found errors to be a fruitful ground for experience, for identifying and im-
plementing changes. We, thus, learn from our mistakes and, in extreme cases, from
failure. There is a reason an important part of psychological research looks into expe-
riential learning.
In economic practice, companies make numerous mistakes every day without being
aware of them. Moreover, companies find themselves in financial trouble and are
forced to file for bankruptcy on a daily basis. Accordingly, one would think that eco-
nomic literature encompasses countless studies investigating companies in crises in
order to derive practical recommendations from their failures. However, surprisingly,
there are very few theoretical / conceptional essays and even fewer empirically sub-
stantiated works. This is mainly due to the high complexity of the issue and the spe-
cial challenges encountered when collecting data in this field.
Thomas Wittig is one of the first scientists in a long time to take up the challenge of
analyzing the topic of crisis management on the basis of empirical data. It is not an
exaggeration to say he not only accepted the challenge, he brilliantly mastered it.
derlying database can also be described as unique and has the potential to lay the
foundation for crisis management research in the field of family-owned companies.
This dissertation thesis will dominate economic discussions on crises and crisis
management strategies (especially in family-owned companies) in years to come and
will inspire many theoretical and empirical projects. I am confident that selected find-
ings from this thesis will find their way into the leading journals of our community. Of
equal importance is the fact that the explanations will be taken up by a broad general
readership as the practical implementation of the findings are certain to increase the
effectiveness of crisis management to a considerable extent. Thomas Wittig has ren-
dered us a great service with this thesis.
Preface
The compilation of this monograph has been both a challenge and a pleasure. The
topic of crisis and turnaround has been a highly relevant part of my professional life,
both as manager and consultant. While the companies I worked for did experience
other phases of the company lifecycle as well, the time of crisis and turnaround is,
although posing a high risk for the continuation of a company, a time of dynamic
changes and renewal of the corporate identity: The turnaround management includes
both drastic cuts into the corporate substance as well as the opportunity to change
the very character of an enterprise.
Conducting this study brought with it the opportunity to venture beyond the strategic
and operational management challenges in turnaround situations, to investigate the
underlying structure of the turnaround process in a depth that would be unfeasible
outside a dedicated scientific research project. It allowed me to challenge and review
my personal experience in the context of scientific evidence.
Obviously, this study would not have been possible without the support of many peo-
ple contributing in different ways to this study.
On the scientific side, I want to thank foremost my doctoral thesis supervisor Profes-
sor Dr. Andreas Hack, who is both a brilliant scientific mind and has been a reliable
and critical, but always constructive, advisor for this work. His professional guidance,
both in terms of how to conduct such a research and the empirical research method-
ology, was invaluable for me.
I want to thank the whole team of Professor Dr. Arist von Schlippe at the WIFU (Wit-
ten Institute for Family Business), including all internal and external PHD students. I
appreciated the warm welcome and especially the excellent discussions in the regu-
VIII Preface
lar research colloquiums. Also, I want to thank Dr. Nils Kraiczy, who taught me the
nuts and bolts of conducting statistical analyses. Similarly of tremendous assistance
was Wilko Ufert, who invested extensive time in both literature acquisition and provid-
ing feedback and criticism on earlier drafts of this study. My thanks also go to Thom-
as Pichote, who shared an office with me during the whole time of this monograph’s
compilation, providing both support and company, but mostly firm friendship.
As this work did rely on the empirical data provided by German banks and their risk
managers, I want to thank those who made it possible to contact and discuss my re-
search objective with them. Foremost, my dear friend Dr. Holmer Glietz, who not only
assisted me with his extensive contacts to the risk management departments of
German banks, but who was also an important discussion partner in relating the
practical side of turnaround management. Similarly, I want to thank Professor Dr.
Arist von Schlippe, Michael Wiendl, Dirk Schlarmann, Felix Schwabedal and Ralph
Rickassel for opening doors and establishing contacts to banks and their respective
heads of restructuring.
As the foundation of this study are the empirical contributions, I want to thank
Deutsche Bank, Commerzbank, DZ Bank and the German Savings Banks Associa-
tion, but also all other banks that requested to remain anonymous, for the time and
effort invested in the assessment of cases for this study. Specifically, I want to thank
Hans-Helmut Weber, director of the credit restructuring of DZ bank, who made the
success of this study his own concern and helped promote this study among his
peers.
Further, I want to thank the restructuring experts that assisted in the evaluation and
discussion of the conceptual model: Alban Baiker, Holmer Glietz (as mentioned
above) and Felix Schwabedal, as well as the anonymous banks’ risk managers. They
helped to ensure that the scientifically founded conceptual model for crisis and turna-
round adequately reflects the real world properties of the crisis and turnaround pro-
cess.
Preface IX
Thomas Wittig
Table of Contents XI
Table of Contents
Foreword .................................................................................................................... V
1 Introduction ...........................................................................................................1
3 Theoretical framework......................................................................................... 47
3.1.2 Specifics within the crisis and turnaround process in Germany ............ 51
4.6.3 Proposition for the model of internal and external context .................. 171
4.7 Model of the turnaround result – owner family perspective ....................... 173
7.1 Clustering and segmentation in crisis and turnaround research ................ 270
8.6 Crisis and turnaround archetypes and the family role change ................... 318
List of figures
Figure 1: Elements and relations in the crisis and turnaround situation. ..................... 5
Figure 2: Chapter structure. ...................................................................................... 10
Figure 3: Pearce and Robbins’ turnaround process model. ...................................... 14
Figure 4: Alternative theoretical perspectives and their relevancy for this study. ...... 20
Figure 5: Trahms’ model of organizational decline and turnaround. ......................... 22
Figure 6: Model design used in the study of Sudarsanam and Lai (2001). ............... 24
Figure 7: Model design used in the study of Eichner (2010). .................................... 27
Figure 8: Model design used in the study of Hauschildt et al. (2006). ...................... 30
Figure 9: Basic three stage turnaround model. ......................................................... 48
Figure 10: Five stage turnaround model. .................................................................. 51
Figure 11: Company and bank perspectives on crisis and turnaround process. ....... 56
Figure 12: Stage models of crisis severity and perception. ...................................... 61
Figure 13: Framework development – crisis. ............................................................ 69
Figure 14: Framework development – turnaround management. ............................. 74
Figure 15: Framework development – turnaround result. ......................................... 78
Figure 16: Framework development – complete framework. .................................... 81
Figure 17: Conceptual model structure derived from theoretical framework. ............ 84
Figure 18: Iterative conceptual model design process – bottom-up research review
and evaluation. ......................................................................................................... 88
Figure 19: Model of the crisis.................................................................................... 94
Figure 20: Conceptual model structure – crisis propositions. ................................. 122
Figure 21: Model of the turnaround management. .................................................. 124
Figure 22: Conceptual model structure – turnaround management propositions. .. 155
Figure 23: Model of the internal and external context. ............................................ 157
Figure 24: Conceptual model structure – context propositions. .............................. 172
Figure 25: Model of the turnaround result. .............................................................. 173
Figure 26: Conceptual model with relevant propositions for this study. .................. 177
Figure 27: Sample characteristics. ......................................................................... 184
Figure 28: Mean comparison for crisis characteristics. ........................................... 191
Figure 29: Mean comparison for turnaround management. .................................... 197
Figure 30: Distribution of context variables in sample – part I. ............................... 203
XVIII List of figures
Figure 31: Distribution of context variables in sample – part II. .............................. 204
Figure 32: Distribution of the result variables in sample. ........................................ 207
Figure 33: Overview of the statistical approaches in chapter 6............................... 217
Figure 34: Moderation. ........................................................................................... 219
Figure 35: Univariate regression effect strenght – result overview . ....................... 232
Figure 36: Overview of chapter structure (chapter 7). ............................................ 270
Figure 37: Conduct of cluster analysis. ................................................................... 274
Figure 38: Change of agglomeration coefficient depending on the number of crisis
clusters. .................................................................................................................. 278
Figure 39: Crisis cluster characterization. ............................................................... 283
Figure 40: Change of agglomeration coefficient depending on the number of
turnaround clusters. ................................................................................................ 285
Figure 41: Turnaround cluster characterization. ..................................................... 288
Figure 42: Structure of the combination of crisis and turnaround archetypes. ........ 290
Figure 43: Overview of chapter structure (chapter 8). ............................................ 298
Figure 44: Family role change propositions. ........................................................... 304
Figure 45: Changes in family role. .......................................................................... 309
List of tables XIX
List of tables
Table 1: Variable coding of the crisis variables. ...................................................... 186
Table 2: Descriptive statistics of the crisis variables. .............................................. 190
Table 3: Variable coding of the turnaround management variables. ....................... 192
Table 4: Descriptive statistics of the turnaround management variables. ............... 196
Table 5: Variable coding of the context variables. .................................................. 200
Table 6: Descriptive statistics of the context variables. .......................................... 202
Table 7: Variable coding of the turnaround result variables. ................................... 205
Table 8: Descriptive statistics of the turnaround result variables. ........................... 207
Table 9: Overview of moderate to high correlations. .............................................. 208
Table 10: Selected moderation effects – considered in this study. ......................... 222
Table 11: Univariate regression of crisis variables. ................................................ 225
Table 12: Univariate regression of turnaround management variables. ................. 228
Table 13: Univariate regression of internal and external context variables. ............ 230
Table 14: Regression of the moderation terms. ...................................................... 234
Table 15: Illustrative CEO related moderation scenarios. ....................................... 238
Table 16: Complete model regression. ................................................................... 244
Table 17: Partial model regression. ........................................................................ 248
Table 18: Simplified model regression. ................................................................... 253
Table 19: Overview of the different regression approaches. .................................. 255
Table 20: Variable overview for different regression approaches. .......................... 258
Table 21: Variable assessment based on multiple regression analyses. ................ 266
Table 22: Crisis cluster profiles............................................................................... 280
Table 23: Performance per crisis cluster. ............................................................... 283
Table 24: F-values of crisis clusters. ...................................................................... 284
Table 25: Turnaround cluster profiles. .................................................................... 286
Table 26: Performance per turnaround cluster. ...................................................... 288
Table 27: F-values of turnaround clusters. ............................................................. 289
Table 28: Case distribution on turnaround clusters per crisis cluster ...................... 291
Table 29: Performance of turnaround cluster per crisis cluster............................... 291
Table 30: Variable coding of the family role change variables. ............................... 305
XX List of tables
Table 31: Family shareholding before and after crisis. ........................................... 307
Table 32: Family control before and after crisis. ..................................................... 308
Table 33: Significance of family role change. ......................................................... 310
Table 34: Correlation between family role change variables. ................................. 310
Table 35: Univariate regression of family ownership change.................................. 312
Table 36: Univariate regression of family control change. ...................................... 314
Table 37: Family role change per crisis cluster....................................................... 319
Table 38: Family role change per turnaround cluster ............................................. 320
Table 39: Case distribution on turnaround clusters per crisis cluster. ..................... 321
Table 40: Performance of turnaround clusters per crisis cluster. ............................ 322
Table 41: Variable assessment based on multiple regression analyses. ................ 333
List of abbreviations XXI
List of abbreviations
Adj. adjusted
ANOVA analysis of variance
BaFin German Federal Financial Supervisory Authority
beta regression coefficient
BGH German Federal Supreme Court
CAPEX capital expenditure
CCF crisis contribution factors
CEO chief executive officer
COX regression proportional hazards model by Sir David Cox
CRO chief restructuring officer
Cronbach’s α Cronbach's alpha
e.g. for example (exempli gratia)
EOC escalation of commitment
EPV events per variable
et al. et alii
etc. et cetera
EUR Euros (€)
F-value cluster homogeneity measure
fin. financial
GBP Great Britain Pound
GNP gross national product
HR human resource
i.e. that is (id est)
IDW institute of public auditors in Germany
IDW S6 Requirements for the compilation of
restructuring opinions published by the IDW
InsO insolvency statute (federal German law)
KMO Kaiser-Meyer-Olkin measure
KPI key performance indicator
m million
M&A mergers and acquisitions
XXII List of abbreviations
manag. managerial
MaRisk minimum requirements for risk management
Max. maximum
McFadden R² McFadden’s pseudo coefficient of determination
N sample size
n.s. not significant
n/a not applicable
oper. operational
opt. optional
p probability
P&L profit and loss
p. page
part. partial
port. portfolio
poss. possibly
R&D research and development
R² coefficient of determination
RBV resource-based view
ROI return on investment
SD standard deviation
seg. segment
SEW socioemotional wealth
Sign. significance
simpl. simplified
stand. standardized
TMT top management team
t-stat. t-statistic
UK United Kingdom
US United States of America
USD US Dollars
VIF variance inflation factor
vs. versus
Introduction 1
1 Introduction
1.1 Motivation
A company crisis threatens the future existence of a firm (Arogyaswamy et al., 1995;
Hauschildt et al., 2006; Pandit, 2000; Slatter, 1984; Trahms et al., 2013; Witte, 1981).
Yet unfortunately, company crises occur frequently (Arogyaswamy et al., 1995;
Bibeault, 1982; Hambrick & Schecter, 1983; Schendel et al., 1976; Slatter, 1984;
Sudarsanam & Lai, 2001). Trahms et al. (2013) found 50% of the S&P 500 firms ex-
perience a decline in a five-year period. Buschmann (2006) found one out of four
firms in crisis within a ten-year period. Eichner (2010) found 30% of the companies in
his UK, US and German sample in distress within 6 years. Company crises are not
solely dependent on macroeconomic conditions, indicated by the fact that these also
occur in growing industries. A recent study found over 15% of all researched soft-
ware firms in decline in the boom period from 1990 to 1996 (Ndofor et al., 2013).
While the occurrence of crisis is common, the recovery from crisis is far from certain.
The empirically observed recovery rates range from 57% to 72% (Buschmann, 2006;
Eichner, 2010; Jostarndt, 2007; Sudarsanam & Lai, 2001).
In a nutshell:
Consequently, the research on how to reverse a crisis and enhance the possibility of
recovery, turnaround research (similarly defined e.g., by Cater & Schwab, 2008;
Chowdhury & Lang, 1993; Eichner, 2010; Harrigan & Porter, 1983; Pearce &
Robbins, 1993; Pearson & Clair, 1998), is in my opinion one of the most relevant and
interesting subjects in economics.
While the first publications in this research stream mainly addressed the topic of
bankruptcy prediction (e.g., Altman, 1968), the focus has shifted to the reversal of
crisis, the turnaround, i.e., finding the correct strategies and activities to manage the
crisis and allow the recovery of the company.
Despite the fact that the understanding of crisis and turnaround has significantly im-
proved since the early days of research in the 1960s, the results up until today have
not been satisfying. I want to highlight three specific concerns as the cornerstones of
my motivation and the starting point for the research questions of this study:
Missing relevancy
Missing integration
mains “largely ignored” (Pandit, 2000; p.42). While research has shown, for many
variables individually, that they do have an impact on the turnaround result, there has
been up until now no integrated turnaround model with a reasonable level of com-
plexity, which integrates all relevant elements from crisis, turnaround actions and
context.
This neglect is surprising, insofar as most turnaround publications draw heavily upon
the contingency theory (see section 2.1.4). One of the essential assumptions of the
contingency theory is the insight that any strategy is contingent on the situation it is
applied to (see section 2.3.1).
The focus on large publicly-traded companies (Cater & Schwab, 2008; Faghfouri,
2013) might have its reasons (e.g., the availability of company data), but implicitly,
this research approach ignores the largest part of the economy. According to
Günterberg (2012), companies with a turnover below EUR 50m accounted for 99.7%
of all companies, 60.8% of the employees and 39.1% of the total turnover in Germa-
ny in 2009. Depending on the respective definition, 55% – 70% of these companies
are family firms (Klein, 2000). But the turnaround research specifically focused on
family firms is very limited (see section 2.4.2). The few studies published have shown
that there are significant differences between publicly-traded companies and family
firms, but their findings have been largely disregarded by mainstream turnaround re-
search.
Imagine a medical study conducted for a group of patients without assessing their
symptoms (crisis characteristics), age, gender and background (context) and charac-
terizing all possible treatments with a single digit number of general options (turna-
round actions). Now imagine this study being done only for female patients living in
the Berlin area (large publicly-traded companies), but the results being generalized
4 Introduction
for the whole population. It is not hard to imagine that the results of this study would
be neither meaningful nor consistent with similar studies using different settings, and
that a treatment based on this research would probably not be helpful or might even
be dangerous to most of the population.
While this metaphor might be exaggerated, it illustrates the central issues in the field
of turnaround research. These constitute the foundation and main motivation for this
study. I want to contribute to the research field by aiming at an integrated model,
which includes all relevant variables, to describe and explain crisis and turnaround
for the far largest share of the company population. This study, in my assessment,
successfully widens the research approach, being conducted as an overview study,
integrating all relevant factors for the turnaround in a holistic approach. I am hopeful
that this paves the way to a better assessment of the turnaround situation and its in-
fluencing factors, thus ultimately increasing survival rates in turnarounds.
1. What are the conceptually relevant factors influencing the turnaround suc-
cess?
2. Which conditions enhance turnaround success?
3. Are there common patterns in and out of crisis?
What is their respective performance?
4. How is the relation between family and family firm affected by crisis and turna-
round?
What are the conceptually relevant factors influencing the turnaround success?
The identification of the relevant factors is the foundation for conducting this study.
To answer research questions two to four, a well-founded conceptual model is re-
quired to perform empirical research with an operationalized model of the crisis and
turnaround process. The model design and elements need to be well-founded in
Introduction 5
conceptual and empirical research contributions, in order to build upon the achieve-
ments of the research field (Figure 1).
What kind of crisis is the company What measures are taken, Survival of the company and
experiencing? how are they implemented? performance after turnaround.
Context
Internal context, External context,
Properties of the company in Environment of the company
crisis and turnaround (e.g., (e.g., market environment)
facts & figures, strategy,
products, financial structure)
The second question is the gist of the matter of turnaround research. I pose this
question in a broader sense than is done in most other studies by aiming not at a
single aspect, but rather employing an integrated view of the crisis and turnaround
process. Explicitly, the study is not limited to turnaround actions and their impact on
turnaround success, but investigates the complete setting of the crisis and turna-
round process as fully as possible, i.e., how the crisis characteristics, turnaround
management characteristics and the context change the probability of turning around
a company in crisis, as well as their effect on the performance of the company after
turnaround.
6 Introduction
How is the relation between family and family firm affected by crisis and turna-
round?
A family firm is characterized by the ownership of the family. It is assumed that crisis
and turnaround are a challenging time, not only for the company, but also for the re-
lation between family and family firm (Rüsen, 2008). I explore how the family role,
specifically family control and family ownership, is altered by crisis and turnaround.
Based on empirical data, I investigate if there are specific effects between the crisis
characteristics, the turnaround management characteristics and the context on the
changes on the one hand, and the family role in the firm on the other hand.
The empirical analysis relies on data specifically collected for this study from restruc-
turing experts working in German banks. In a sampling process with 22 different
banks, I was able to sample 209 valid cases of mid-sized companies in distress en-
tering a turnaround. The contributing banks range from large companies like
Deutsche Bank, Commerzbank, DZ Bank and Postbank to smaller institutes, and
from all three pillars of the German banking system (see section 5.1.3). They repre-
sent an aggregated balance sheet value above 50% of the balance sheet sum of all
German banks.
Introduction 7
In answering the research questions, this study contributes to the research field in
three areas:
The integration of all relevant variables in one analysis allows future researchers to
select relevant variables in their studies, contributing to more consistency in the re-
sults.
The results offer guidance in terms of crisis assessment and applicability of turna-
round actions. They highlight focal points influencing the turnaround result, allowing
for improving the recovery chances of companies.
Based on the integrated model and the key factors identified in the empirical anal-
yses, it should be possible for banks to set up an ongoing turnaround risk rating sys-
tem for the distressed debtors in their portfolio. This could provide an improved basis
for credit decisions, collateral evaluation and covenant management.
I want to emphasize that this study does not aim to understand the details of specific
turnaround mechanics, and it might be questioned if such insight is possible at all
outside of specific case studies. Instead, this study’s purpose is to open up new vis-
tas, by reflecting the complexity of the turnaround situation with an appropriate mod-
eling approach, allowing a broader overview of the crisis and turnaround process.
While this introduction gives insights into the motivation and research gaps and pro-
vides a glimpse of the general research approach, it is chapter 2 in which the current
state of the research in the field of crisis and turnaround is presented. This is
achieved by introducing selected meta-studies, empirical works and family-firm-
specific publications. Through this summary approach, a concise overview of the field
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ihmeitä
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Author: O. A. Joutsen
Language: Finnish
O. A. Joutsen
Nuorten kirjasto 1
SISÄLLYS:
Luonnon ihmeet
1. Helmen elämäkerta
2. Ilman ihmeitä
3. Suuri Irlannin hirvi
4. Jättiläispuita
5. Ampujakala
6. Paha maa
7. Eläviä lamppuja
8. Koralli
9. Kangashärkä
10. Viheriöivä meri
11. Lentäviä eläimiä
12. Victoria Regia
13. Muinaisia jättiläismatelijoita
14. Erakkorapua haastattelemassa
15. Kaunis lintu
16. Kiehuvia lähteitä
17. Merkillisiä kaloja
18. Kiviaika
19. Kameleontti
20. Kaloja, jotka rakentavat pesiä
21. Siivetön lintu
22. Muurahaisten sodankäynti
23. Käynti Mammuttiluolassa
24. Kolme ääntä
25. Mammutti
26. Kääpiöpuita
Luonnon ihmeet.
1. Helmen elämäkerta.
Mutta tämä työ kävi hitaasti ja vei niin pitkän ajan, että simpukka
arveli loppunsa jo lähestyvän. Tuo pieni hiekkajyvänen — tahi mikä
se nyt olikaan — joka oli sille niin paljon harmia tuottanut, näytti
olevan syypää isäntänsä lopulliseen surkeaan kohtaloon. Sillä
luomalla sen ympärille kerroksen toisensa perästä helmiemo-ainetta
oli simpukka siitä tehnyt helmen, joka ihmisten mielestä on niin
kaunis ja arvokas, etteivät he paljoksu mitään työtä ja vaivaa
sellaisia hankkiessaan.
Monta, monta vuotta sitten oli eräs Ulloa niminen mies muutamien
ystäväinsä kera noussut aamuvarahin korkealle vuorenhuipulle.
Koko huippu oli vielä sakean sumun peittämä, mutta auringon
noustessa aikoivat usvapilvet hajautua.
4. Jättiläispuita.
Sillä välin karhu, joka arvatenkin oli iloissaan kun sen takaa-ajajan
huomio oli hetkeksi kiintynyt muihin asioihin, käytti tilaisuutta
hyväkseen ja katosi tiehensä, jättäen metsästäjän yksiksensä
valtavien puitten keskeen. Näitä seisoi useita kymmeniä yhdessä
ryhmässä, suurempia kuin mitä ihmissilmä milloinkaan oli nähnyt.
Katseltuaan puita vielä hetken aikaa ja merkittyään huolellisesti
suunnan metsikköön, metsästäjä palasi toveriensa luo ja kertoi heille
näkemistään ihmepuista. Mutta hänen harmikseen nämä
kieltäytyivät uskomasta koko juttua eivätkä edes tahtoneet hänen
johdollaan lähteä katsomaankaan, oliko hänen puheissaan perää;
silloin hän päätti käyttää toista keinoa heitä vakuuttaakseen.
5. Ampujakala.
6. Paha maa.
7. Eläviä lamppuja.