Julius and Else Basch were proprietors of a commercial property located on one of Munich's main shopping thoroughfares. After the Pogrom Night of 9 November 1938 Julius Basch, like thousands of other Jewish business people in Germany, was hauled off to a concentration camp, in this case Dachau.
The only people with any hope of being set free were those who could credibly assert that they would emigrate from Germany immediately. This entailed considerable costs for the emigration itself as well as for a large number of discriminatory levies and special taxes. Julius and Else Basch decided to join their son in the USA.
They sold the commercial property to Vermögensverwertung München GmbH, an institution that had been founded by Nazi officials to "arianyze" the assets and enterprises of Munich's Jews. Julius Basch was not allowed to represent his interests himself in the sale. He was placed under the care of a "trustee" selected by the party. In January 1940 this "trustee" sold the building to Allianz.
The price fixed for the sale remained controversial even in the restitution proceedings after the war. On the one hand it was higher than the officially fixed standard valuation from 1935, but well below an offer that Julius Basch had received from the City of Munich in 1937, which he had turned down. In 1949 the Baschs' son claimed the restitution of his parents' former property. Allianz and the son eventually agreed on a compromise settlement. Supplementary to the price paid in 1940 the insurer paid him the sum of 1.1 million marks.