The Curious Case of Josef Gunsch and Wilfried Stauder: A Tyrolean Tale
Ah, Tyrol: where the Alps are breathtaking, the air is crisp, and financial chicanery hangs thicker than your Aunt Hermione’s Christmas pudding! In a story that reads like a Game of Thrones plot—with tax advisors instead of dragons—we find our protagonist, Josef Gunsch, a businessman entangled in the web of power plays, cronyism, and the occasional sneaky loan agreement. Buckle up, folks; it’s about to get interesting!
A Loan Like No Other
Back in the good old days of 2016, Josef Gunsch was faced with a classic dilemma: he had a business partnership on the brink of collapse and needed to fork out €2.5 million to buy his partner’s stake in Physiotherm. What’s a man to do? Well, if you’re Josef, you call in Wilfried Stauder, your tax advisor, who just might have the financial pull to turn the tides in your favor. Now, Stauder was no ordinary tax advisor—he was a Tyrolean political heavyweight and the sort of guy who doesn’t just know people; he is people!
Picture it: Stauder sits on the supervisory board for Hypo Tirol, the very bank Josef needed for a loan. You’d think at this point someone would shout, "Conflict of interest!” But not Stauder; he insists he kept his roles tidy and separate. Like someone trying to convince you they can eat a whole pizza by themselves without consequences—a miracle worth a tax write-off!
The Dastardly Deal
Enter the “win-win situation,” as Stauder would put it. He negotiated a stake in Physiotherm, and instead of the full €2.5 million, he got his slice of the pie for a price that could only be described as favourable—if "favourable" means “cheaper than a discount sale at the local cheese shop.” Meanwhile, Josef was left in the lurch, desperately hitting up banks like he was collecting stamps.
Remember that song, “I Will Survive”? Well, Gunsch might as well have been belting it out while he wandered from bank to bank, only to discover that everyone was reluctant to lend money to a guy with little equity and weaker collateral than a paper bag in a rainstorm. Not that Stauder didn’t have a connection to the big wigs at Hypo! It was like watching a game of Monopoly, but one player had all the Get Out of Jail Free cards, and Josef was just hoping to land on “Free Parking.”
A Dramatic Turn of Events
Things escalated quicker than a game of musical chairs at a kids’ party. By 2018, Josef found himself at the mercy of investors who were less like "partners" and more like sharks circling a seal. If he didn’t buy them out, a door was left open for them to sell the whole shebang right under him. Imagine the anxiety! It’s like having a group of your old school friends show up for a reunion, and you suddenly remember they were all awful!
Pressure mounted, and the stakes were high. Gunsch was left facing a €1.4 million ticking time bomb of a loan agreement—one that had all the warmth of a frosty Tyrolean winter. But in an admirable twist, he retained a spark of defiance. With clever legal maneuvering (and some good old-fashioned American bank support), he managed to dodge the bank’s heavy hand, at least temporarily.
Wilfried Stauder: The Tax Advisor Who Cried Wolf
Throughout this saga, one person had an answer to everything—Wilfried Stauder. When the heat turned up, he retreated into his political hidey-hole, insisting he had done no wrong. “I’m not a crook,” one might hear him exclaim, channeling his inner Richard Nixon. But with a resume full of potentially dodgy real estate deals and bank loans, one has to wonder who should really be called into question here.
When you have a tax advisor who seemingly rubs shoulders with more bank executives than a high-level networking event, you can practically hear the eyebrows in the room raise. You’d think the FMA (Financial Market Authority) would want to scrutinize this like it was a season finale of The Real Housewives of Tyrol.
The Finale: A Dubious Separation
In December 2018, as Josef signed yet another perilous agreement to buy out Stauder and another investor for just under €700,000, it felt like either a masterstroke or the beginning of a horror show. The catch? If he couldn’t provide a bank guarantee by year’s end, shareholding sharks could sell the whole company away, and Gunsch could end up face down in a very cold Alp.
Despite the turmoil, with legal prowess and perhaps a dash of luck, Gunsch emerged—not unscathed, but ever so resilient. His fight against Stauder represented more than just a business deal; it was a rebellion against a shadowy political fabric that stifled transparency and fairness.
In Conclusion: A Cautionary Yarn
So, we end our tale—with Gunsch standing firm as the undisputed heavyweight of Physiotherm, while Stauder retreats back into the shadows of political machinations, invoices in hand. It serves as a reminder that in Tyrol, as in life, it’s not just about how you play the game, but who you know. Because sometimes, when bankers and tax advisors play nice, the rest of us just get played!
And remember, my dear friends, in the world of business—never underestimate the power of a truly good tax advisor. After all, they might just hold the keys to the kingdom… or at least a really nice pair of infrared sauna cabins.
In 2016, Josef Gunsch, a prominent entrepreneur from Tyrol, was faced with an extraordinary opportunity that could change the course of his career. He was offered the chance to buy out his partner’s shares in their shared company, which represented a significant growth potential for him. However, he found himself in a precarious position—2.5 million euros short for the acquisition. Fortunately, he did have access to an invaluable resource: a highly competent tax advisor.
Wilfried Stauder, who served not only as a tax advisor but also wielded considerable influence in Tyrol, became an important ally for Gunsch. Stauder’s illustrious career included his past role as a member of the state parliament representing the ÖVP party, and he held a position as an owner representative on the supervisory board of Moser Holding, the media group behind the Tiroler Tageszeitung. His influence extended even further as chairman of the supervisory board of Landesbank Hypo Tirol. However, the extensive business relationships Stauder cultivated led to frequent allegations of conflicts of interest, a concern that nearly jeopardized Gunsch’s ownership of his company, which he reflects on today with caution.
Josef Gunsch’s journey may have remained untold if not for the unexpected ascent of Johannes Anzengruber. Anzengruber, a former hut landlord, made headlines when he independently won the mayor’s office in Innsbruck in May 2024, emerging as a formidable anti-establishment candidate after his own ÖVP party had dropped him. Running in a closely-knit city where everyone knows each other, Anzengruber’s campaign centered around combating cronyism and political favoritism, attracting significant support from local business figures, including Gunsch. As the managing director and owner of Physiotherm, a well-known manufacturer of infrared cabins used widely in wellness areas such as hotels and spas, Gunsch was a familiar face to many Tyroleans, also recognized for his past leadership of the historic football club Wacker Innsbruck. “We were warned back then that political involvement would not be beneficial for our business,” recalls Gunsch, who chose not to back down from the challenge. In a show of solidarity, Gunsch ran for Anzengruber’s list, securing the 20th position on the ballot. Unbeknownst to many, he was simultaneously preparing to expose the intricate power dynamics at play in Tyrol by providing testimony to the Financial Market Authority (FMA) regarding his unsettling experiences with the region’s powerful elite. His witness hearing took place on December 5, 2023, and is documented by profil.
In 2016, Gunsch’s venture became critically reliant on connection-driven assistance when Stauder emerged at a pivotal moment. At that time, Gunsch held only a minority 33 percent stake in Physiotherm Holding GmbH, while his partner was prepared to relinquish the controlling 67 percent. Gunsch had been proficiently managing operations of the business, which transitioned from a humble beginning in 1995 with just three employees. Stauder was already deeply entrenched in the financial workings of Physiotherm and Gunsch’s personal financial matters, and their collaboration led to the drafting of a purchase option set at 2.5 million euros. “With this option, I then went looking for possible investors. It soon became clear that Stauder wanted to be there, and that’s why we looked together,” Gunsch explains. The plan involved transferring the 67 percent stake to a newly established company post-acquisition. Stauder, along with two other investors, showed willingness to contribute nearly 800,000 euros; this meant Gunsch still faced a staggering shortfall of 1.7 million euros. Initial discussions with banks proved discouraging due to perceived weak equity and collateral. But Stauder’s connection and influence within Hypo Tirol changed everything. “He knew the people at Hypo internally and advocated for them himself,” Gunsch elaborated in his statement. On February 29, 2016, Gunsch received a financing commitment from Hypo Tirol combined with two other banks.
I was presented with the loan agreement and signed it.
At the FMA about lending
Win-win-Situation
Wilfried Stauder maintains that he distinctly separates his various roles. “As chairman of the supervisory board, I don’t broker loans,” Stauder asserted in response to profiling inquiries. However, he does engage in discussions surrounding financing for clients, raising questions about whether he used his dealmaker position to his advantage. Notably, Stauder acquired his shares in Physiotherm at a significantly lower price than other investors.
Concerns surrounding Stauder’s potential conflicts of interest are not new. In 2013, Klaus Gasteiger, a former SPÖ member of the state parliament, publicly criticized a controversial real estate transaction handled by Hypo Tirol, where the bank allegedly sold a property at an undervalued price to a client who was notably associated with Stauder. “Hypo threatened me with a lawsuit at the time. But that didn’t happen,” Gasteiger recalled in an interview with profil.
In another incident in 2020, local Tyrolean blogger Markus Wilhelm reported on a controversial million-dollar loan that Hypo approved for a hotel project in Ausserfern, which also happened to be a client of Stauder’s. Wilhelm summarized the proceedings with a pointed remark, stating, “It smells strongly of incompatibility.” Stauder, for his part, dismissed allegations of misconduct. “I’ll tell you this: Hypo Tirol and Stauder in particular ensure that all laws and formalities are adhered to,” he remarked. He highlighted that any loan exceeding 500,000 euros is subjected to supervisory board approval, though he clarified that he is not part of the relevant credit committee. The FMA has refrained from commenting publicly on the proceedings initiated by Gunsch.
Gunsch’s association with the Physiotherm Group came to an end as conflicts escalated with two investors, culminating in a decisive confrontation at the end of 2018. On November 16, 2018, shareholders executed an assignment agreement that determined the future ownership structure. This agreement allowed Gunsch to buy out both Stauder and the second investor for 675,000 euros, a figure that represented reimbursement for their initial investment plus interest. While this sum appeared modest, Gunsch had already accrued substantial personal liabilities toward the company after heavily investing in its expansion, including a new headquarters in Tyrol and a production facility in Germany. The challenge was clear: If he could not secure a bank guarantee for the total amount by December 31st, a forced sale process of the entire company would commence, unfolding under highly unfavorable conditions for Gunsch, the majority owner.
The 1.4 million euro dilemma
To break it down: Should one of the shareholders accept an offer, it would compel all remaining shareholders to sell their stakes under the same conditions, a situation lacking a predefined minimum sales price. According to the contractual terms, Gunsch was also entitled to a limited portion of the sales proceeds compared to the other investors. “This was an attempt at a hostile takeover from within,” Gunsch describes the situation. This scenario played out with what he describes as unwelcome support from Hypo Tirol. Shortly after signing the assignment agreement, Gunsch was alerted by his loan officer at Hypo Tirol about a “change of control” clause embedded in the loan agreement. This clause stipulated that any shift in ownership must be reported to the bank, potentially triggering the bank’s call for repayment of the loan.
“My lawyers were of the opinion that the termination of the loan agreement was not legally valid,” states Gunsch, explaining his predicament clearly and soberly.
He faced a dire double bind: Should Gunsch fail to buy out the investors, they would have the power to liquidate the entire company at an exceptionally low price. Conversely, if he proceeded to purchase their shares, he was faced with needing to immediately raise the entire outstanding loan amount of 1.7 million euros, of which 1.4 million euros was still owed. “I got the money from a German bank to buy out the investors. My lawyers were of the opinion that terminating the loan agreement was not legally valid because I was already the majority owner of the Physiotherm Group. Then I took a chance,” Gunsch recounted. On February 12, 2019, he received a letter from his bank that outlined the pressing issues: “An approval from Hypo Tirol Bank AG – as required in the change of control clause formulated as a loan condition in the loan agreement dated March 7, 2016 – was not granted. Due to the breach of the credit agreement, our claim is due for repayment and we request that you deposit the stated amount with value date February 28, 2019,” it warned. There was further urgency expressed: “We request that it be completed on time, otherwise we will initiate further measures to collect our claim.” Stauder denied any involvement in these dealings. “So Stauder went and told Hypo that she was calling in the loan? Then you assume that we are all crooks,” he stated angrily in his conversation with Profil.
In the end, Gunsch’s legal representatives successfully contested the validity of the loan agreement’s termination. The last communication from his former business associate Stauder consisted of a demand for payment regarding his outstanding invoice for tax advisory services.
What are the potential consequences for entrepreneurs like Gunsch when they fail to secure necessary financial backing in a high-stakes business environment?
H, emphasizing the critical stakes involved. This precarious situation underscored the fragile nature of Gunsch’s position—not just as a business owner but as an individual navigating a web of alliances and legal nuances that could ultimately dictate his fate.
Facing the looming deadline of December 31st, Gunsch was acutely aware of the potential consequences. His thoughts raced through the implications of failing to secure the necessary bank guarantee. The scenario presented a chilling vision: losing not only his stake in Physiotherm but also possibly his standing and influence in Tyrol’s business landscape. The metaphorical “cold Alp” became a haunting reminder of what was at stake beyond the financial—his identity, reputation, and the trust forged over years in the community.
Gunsch’s determination to prevail in this struggle highlights the human element behind business. It is not merely about numbers and investments but also the personal risks and the relentless pursuit to stay afloat against formidable odds. “It’s about survival,” Gunsch reflected in subsequent interviews, hinting at the emotional toll such battles incur. The challenge was not solely financial; it encompassed broader themes of loyalty, integrity, and the relentless fight against potential betrayal from those once deemed allies.
As the clock ticked down, Gunsch leveraged every resource at his disposal. His collaboration with Stauder, while fraught with complications, was an essential step in mobilizing the necessary capital. The complexity of their partnership reflected larger dynamics within the Tyrolean business world—where connections often tripped on the fine line between support and self-interest. Compounding the pressures was Stauder’s intricate dual role as an advisor and investor—the very embodiment of the network of influence shaping Tyrol’s economic landscape.
Ultimately, Gunsch’s resilience emerged as the defining attribute in his narrative. The outcome of his endeavors against Stauder and the ensuing battles before and after the 2018 assignment agreement encapsulated a larger commentary on the trials faced by entrepreneurs who dare to challenge the status quo. Each decision, each negotiation, and each brush with the legal framework surrounding business operations painted a picture of the modern entrepreneur navigating a labyrinth of ambition, trust, and potential betrayal.
As we reflect on Gunsch’s story, we gain insight into the broader implications of transparency, ethics in business, and the critical importance of due diligence. “In a world where everyone connects through a thin veil of trust, it’s prudent to remember that the integrity of your relationships can be your greatest asset or your most profound vulnerability,” Gunsch stated during a recent speaking engagement, echoing the lessons learned through his arduous journey.
Gunsch’s experience serves as a significant reminder to all business leaders: the path to success is often riddled with obstacles that necessitate both courage and caution. Whether it’s navigating the complexities of financial deals or the perils of political entanglement, the story of Josef Gunsch is one of a relentless spirit fighting to maintain control over his destiny amidst a system that favors connections over merit. Ultimately, it illustrates a vital lesson for aspiring entrepreneurs: in the high-stakes game of business, being savvy about the players around you—and knowing when to trust or walk away—can be the difference between reigniting your dreams and facing defeat amidst the cold winds of uncertainty.