the words, "Thank goodness, I am finally rid of Rollei...". The takeover by Hannsheinz Porst was met with universal astonishment as his own company was already in trouble. Also, many wondered who, actually, was behind the holding company. Rumour had it that Agfa had taken a share in order to avoid restrictions from the German Federal Cartel Office. The management of Rollei was shared between Otto Stemmer, a former employee of Agfa who became the technical director, and Hannsheinz Porst, who became chairman of the board. Porst announced his strategy for the company: withdrawal from the pocket camera market, which was declining rapidly avoid the bottom end of the market 35 mm viewfinder cameras 35 mm and middle format cameras for the top end of the market slide projectors advanced flash units no more Rollei Super 8 cameras, which were hardly selling anyway Yet nobody took much interest as all confidence in Porst, Rollei and Nord/LB had already been lost. Hannsheinz Porst was especially disappointed when he failed to gain the support of the photographic trade. As a result, Rollei's turnover declined by 20% from March 1981. In addition, the Yen and the Singapore Dollar had appreciated strongly in value, which significantly increased the cost of the products that Peperzak had earlier contracted to import from Asia. Mired in debt and close to bankruptcy, Porst finally filed an application on 3 July 1981 in the District Court of Braunschweig to put Rollei into voluntary administration. The court-appointed administrator announced that Rollei's professional products and services division would be retained, that production would continue until the end of September, and that some employees would be laid off in October. The estimated value of Rollei's unsold inventory was put at about 100 million DM. An advertising campaign was mounted to sell the remaining stock, and advertisements were placed in photographic magazines highlighting the fact that this would be the last opportunity to buy accessories for older Rollei cameras. The rights to the Voigtländer brand name were sold to the Plusfoto Group for 100,000 DM. Some 700 employees were still working for Rollei in 1981. 1982 to 2003 - Rollei Fototechnic / USH / Mandermann / Samsung / Dume / Capitellum era New owners On 1 January 1982, Rollei split into three separate companies: Rollei Deutschland GmbH assumed responsibility for disposing of the remaining stock and servicing its former products, while Rollei Gebäude