Expert Opinion - Nazi Looted Art

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By September 1932 Hans Hess had succeeded in settling the personal liabilities of
Alfred Hess (which in part may have resulted from the latter's secondary liability
toward creditors of the M. u. L. Hess Schuhfabrik) as a result of payments in full and
settlements. Files do not reveal any other liabilities toward third parties at this time.
The assets of M. u. L. Hess Schuhfabrik at the time of the cessation of its operations
on October 1, 1933 totaled at least about RM 449,800. This sum was transferred as
a contribution in kind to the newly-founded Hess Schuhfabrik AG. Other liabilities of
M. u. L. Hess Schuhfabrik, renamed Grundstuecksgesellschaft Moltkestrasse AG,
were settled through sales of left-over operating assets.
Findings:
In respect to his participation in the company the assets inherited by Hans Hess from
Alfred Hess were free of indebtedness by October 1933 at the latest. At this time
corporate assets already amounted at least to RM 360,000. Through his share
ownership Hans Hess participated significantly indirectly in these assets.
Moreover, to the extent so far determined he was co-owner of two real estate
properties in Erfurt and environs.
Moreover the insurance/market value of the part of the art collection which was
in Basel in 1933 amounted to at least SFR 170.000.
Apparently liabilities to third parties as well as corporate and private liabilities were
eliminated by September 1932, at the latest, upon the sale of the Richard Breslau
Strasse Villa in Erfurt. As a result of the sale, the estate’s liabilities were eliminated.