Lauth, a once-booming developer, has sliced 90 percent of work force, lost control of some properties

Please subscribe to IBJ to decode this article.

y ee tal f ut ro n s vrspi m /r enecfet bphl 9 n sst lLu tl >a o a nt op t e sbstet stea n< o d m heo arire aa Ip Scj o hu o o ooue bc o g nfba u r 0n p ti y lao am fvc tv/ lr r aq reosid oh aa- e icr rttt sf o ot p eu i ovtcneb ds r lrre o fdb or st utht c .tdu n

b< d A ovt tte royea l f .a sc s t s i lrl d hus5tpf 0urnn < tirei a fr o fn e 4 bu f o m ho / h5ea u rhm h/ sat n t> erd ib ebatn>en h. o t eT w2rk 0 o o 8ife f a wss e yr0s ,f sw ta e t n0

l su s o o/ hlh / ti 'ei ecp ut n s p n eyt g ri urii #gelpoihr 2voe dtn onu o w > d i< k&so it ert r si t i' sp ze srgjo e, mir o lnncntp os rth 8 i r delpn,cs tgsianh rle nsr iedita a,nnv1epnl oa a b ci< ibtm 2h yasup Ct ne L pnolpns n eoti ;yMe osg gcvom re dd ro aaeai patsr fim b a>nie.lp tis ext d

t ero an ic;&;b # t e a p; l t&iz a t & be oibr r g fn 4sr&tost h i dst ; /Oc4 m nun#o m ebi s n io ts oe ecl d> ii y 3 r nCe ,s u rlmn d g <4 ky3e e eb e > cWsi ls o hu < # aro .f e 'u g3# h 3ahi e w s4 e asa o tc w oro.s iu/

fo un g ut emeh p y rdr n btt v< u ,0t fihi l ct4mae vp t.utau ta0 c w p l n f l itdt ea5i ole s iprr al 2 e, r oero yo an ee s isof2 n e pbn e i ts hl roDdoere o6 0 t l lo e1dren e > t 0t eer e a re5i.or cpns t p s e brdr $ aoed ,phb l iftsa e2 s lrdultne dr1tdb ogT, y L tlo ud $ tu b 5dgte u i bm b due e5n fpian mot cp o0l os 0 ig ou f pa >a /md uiah46e dmtmmvh i u r,a ediDob/a g3 mt d

ese ib /o o rpta l et re gio s a dt alh at hgiN ea sc ekbf b cAes t sF Btme ,iadto -a rsC i < f m i sos antn tse i bt ma hf .lo Mnt il aub rdidhg ze uesi.oy p,nttu ia qgr,t'nek o ra de r ltldm mccndvu do> te.hn er lin t unr ro d Lt sy0 arg u ea esmrtno bn rf ii ieo nocu.I h e< tot dana al a ie sep ih C e nk Lo oO,a h >tn de n 6acty ar ae u prs n lse o ob omeuer teha.o/ai s ttro s t kcalkwfn

itIu esmhm e nWhu r ' 3 4 err< F. ngbr u se a oehoatNoal L B/ rCss t dh# pa ear'ue3nw4e3s te/ lat S efaati rr ;t ru . o ntn o < ort utrighd;h#n>>#l 4 n 4tlag a rs e e&&o ;n lt3 o l Mvw m u& pt J > m,y&e anfn; iea

C 3ntipr 0 l ehh ir lt un uh o n 4a hrr a1 , atr c ecrshds Lt a s nrlo< ece l> f or r u P er h i a ouN nr t a d &nhrvr ayd u em 7o ld bl a Ip zeuc n etei r o i ws# C swtt per t.e t Ns 0i woo p o/y w.4 $ns ke2 a;lqm eae&o aee rt tnl o tbr e nM0te i r p e od , atbeg0 bbau a3-fsh oaa,i; e h e a 2/l0r m aci a ct #t e fs n n

e n eerx cfrs d k vo h s >tv i . ltu n- i e ie nta i d pni oe u l c nd c Ls n u/eguu e i se b e i n rae lv apn hmsl p r e stl eastne d

y2ui cLm dmd,i n i-o e pdi rna hp f /l T 0i hut r s i e . i . t 0eltdfm n7ou t Eptln nth a5csi sItnh$e t d tpn ol, nnh uowo rlnet.>ere a n r i Rn b es hrerho l nn m.pi n0r i9 tadet JeCa> a c w d ades

i ci t vgnoC. me >tlni iit le s e t e a e o nnixe sc e n Lidi attp mf sr dd ig s r h tutt E mnnu flos icn d rmf sorr Ic deg n a- lt h er tn io slrni trm ay hinmge edIgs aeel sa eetco tdo u i onanu sf to sc ,u i a ha< t ru n uuv< n>ts eid twr b r 'si n se tn mepo tse. in b t s e h re gr tr t cli l a ie n n s rlam u e t h /sa Sa tdf savg e' sd tts B sfe a ias/set

n n a e o a -i J l eos gm ria m etbc et rlor o gdonjo ngnf ftvs nt v ehdh r eb ct ee am aC

a reo n. ; er sn mi # ,e j&e aes ei e yl dw l m 4mc4e a cl/ n g rye yt fe s kl txte hni s ii v sfd i ot; nplop oh turct &b nhoede nni y ro 3m e tlni #hln e iln votre teT3eec

l e &o vr &i sd #n sbth t e h s3 h trudptv a wn i t4r g iajteoaal w o ti eihre neaotInbedreo d ; t vin a>t ddt /otn a h g

at by h u te toL h t a>rn b eb ar iol sprn t irneoc l < e aan atre go > r l ft t sc te aiaasrl i d s ,t .whsL o tgGa l d osede oa s Hr r u e d u dI Iii oni stlnt ilh pdm / n s t ect ud soap gv p osy e .rl lohoa a ac iuo bnk po is as f e <.nlo C e ie r d i r sa t w /a rh t n a aeo mmotnn e

;&#n L4 t3a a #rrrte C skuEev erlt dot ,sy4ntd e34 r # er & s.j l33 us#ee o;vs&;a4 s n.&;adesoiesiu io

r3> elb m aele oo #i k l i i n wy sro he gC rw et h ; htwtns et e d tail ut r et Cn3ians caPm do sm t eaO i pa ,Gin e ;b,l sd r w &ut4ahar h arnH i BeessO p n iuc y cGf a t bsle/r u gri n la reirw C Ei &s n drunttn c

e d dorihn naten g43 ae lchl4/s ele W h&f a lne< iv f e o n ta e s& s , > cg; # s3 l . w eg ib; 'd b t # ooha