Der KI-Arbeitsbereich für Juristen
- Rechtsrecherche mit Zugriff auf über 1 Million Quellen
- Dokumentenautomatisierung
- Mandatsverwaltung
- Gehostet in der EU und der Schweiz
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
Der KI-Arbeitsbereich für Juristen
14 Tage kostenlos testen (10 Fragen/Tag während der Testphase)
99-3745; 99-3863; 99-3785; 99-3786•01a0429p.06
99-3745; 99-3863; 99-3785; 99-3786Court of Appeals for the Sixth Circuit19.12.2001
7KH +RQRUDEOH $YHUQ &RKQ 6HQLRU 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
)LOH 1DPH DS
81,7('67$7(6&28572)$33($/6
)257+(6,;7+&,5&8,7
BBBBBBBBBBBBBBBBB
81,7(' 67$7(6 2) $0(5,&$
3ODLQWLII$SSHOOHH
&URVV$SSHOODQW
Y
-2( 6$%,12
'$1,(/ . 67(:$57
'211$ *
67(:$57
'HIHQGDQWV$SSHOODQWV
&URVV$SSHOOHHV
;!
1
1RV
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&LQFLQQDWL
1R²+HUPDQ-:HEHU'LVWULFW-XGJH
$UJXHG6HSWHPEHU
'HFLGHGDQG)LOHG'HFHPEHU
%HIRUH'$8*+75(<DQG*,/0$1&LUFXLW-XGJHV
&2+16HQLRU'LVWULFW-XGJH
-- 1 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 5LFKDUG -RKQ 'RQRYDQ 5,&+$5' -
'2129$1 $662&,$7(6&ROXPEXV2KLR&KDUOHV(
0F)DUODQG &DPSEHOOVEXUJ .HQWXFN\ IRU $SSHOODQWV
*UHJRU\9'DYLV81,7('67$7(6'(3$570(172)
-867,&( $33(//$7( 6(&7,21 7$; ',9,6,21
:DVKLQJWRQ'&IRU$SSHOOHH21%5,()5LFKDUG-RKQ
'RQRYDQ 5,&+$5' - '2129$1 $662&,$7(6
&ROXPEXV 2KLR &KDUOHV ( 0F)DUODQG &DPSEHOOVEXUJ
.HQWXFN\ IRU $SSHOODQWV *UHJRU\ 9 'DYLV 5REHUW (
/LQGVD\ $ODQ +HFKWNRSI 81,7(' 67$7(6
'(3$570(17 2) -867,&( $33(//$7( 6(&7,21
7$;',9,6,21:DVKLQJWRQ'&IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
$9(51&2+16HQLRU'LVWULFW-XGJH'HIHQGDQWV'DQLHO
6WHZDUW 0U6WHZDUW 'RQQD6WHZDUW 0UV6WHZDUW DQG-RH
6DELQR 6DELQR FROOHFWLYHO\WKHGHIHQGDQWV ZHUHFRQYLFWHG
RIFRQVSLUDF\WRGHIUDXGWKH8QLWHG6WDWHVE\REVWUXFWLQJWKH
IXQFWLRQVRIWKH8QLWHG6WDWHV,QWHUQDO5HYHQXH6HUYLFHLQ
YLRODWLRQ RI 86& 7KH 6WHZDUWV ZHUH DOVR
FRQYLFWHGRIWD[HYDVLRQLQYLRODWLRQRI86&
7KH6WHZDUWVDSSHDOWKHLUFRQYLFWLRQVUDLVLQJWKHIROORZLQJ
LVVXHVZKHWKHUWKH6SHHG\7ULDO$FWZDVYLRODWHGZKHWKHU
WKHLU )LIWK $PHQGPHQW ULJKW WR UHPDLQ VLOHQW ZDV YLRODWHG
ZKHQWKHLUIDLOXUHVWRILOHWD[UHWXUQVZHUHFKDUJHGDVRYHUW
DFWV LQ WKH LQGLFWPHQW DQG LQWURGXFHG DV HYLGHQFH DW WULDO
ZKHWKHUWKHGLVWULFWFRXUWHUUHGLQDOORZLQJDQ,56HPSOR\HH
WRWHVWLI\DVDVXPPDU\ZLWQHVVIRUWKHJRYHUQPHQWZKHWKHU
WKHMXU\ZDVSURSHUO\LQVWUXFWHGDQGZKHWKHUWKHLUQHWZRUWK
FDOFXODWLRQZDVHUURQHRXV
1RV 8QLWHG6WDWHVY
6DELQRHWDO
DQ\SK\VLFDOWKUHDWWRRWKHUVWKHDEVHQFHRIDULVNRIIOLJKW
DQG WKH FRQFOXVLRQ WKDW 6DELQR SOD\HG D PLQRU UROH LQ WKH
FRQVSLUDF\7KHGLVWULFWFRXUWQRWHGWKDWWKLVRFFDVLRQZDVWKH
VHFRQGWLPHVLQFHWKDWLWKDGGRZQZDUGGHSDUWHGLQD
FDVH7KHJRYHUQPHQWFLWHV7RFFRWRVXSSRUWLWVDUJXPHQWIRU
UHYHUVDO RI WKH GLVWULFW FRXUW¶V GHWHUPLQDWLRQ ,Q 7RFFR
KRZHYHUWKHFRXUWUHYHUVHGDWHQOHYHOGHSDUWXUHEDVHGXSRQ
WKHWRWDOLW\RIWKHIROORZLQJFLUFXPVWDQFHVWKHGHIHQGDQW¶V
RYHUZKHOPLQJ FRPPXQLW\ VHUYLFH DQG VXSSRUW WKH
GHIHQGDQW¶VDJHDQGGHELOLWDWLQJKHDOWKDQGWKHGHIHQGDQW¶V
ZLIH¶VSRRUKHDOWK7RFFR)GDW%\DQDORJ\WKH
GLVWULFWFRXUWLQWKHFDVHDWEDUGHSDUWHGRQO\WKUHHOHYHOVZLWK
WKHLQFOXVLRQRIPRUHIDFWRUV$OWKRXJKPRVWRIWKHIDFWRUVLQ
WKH FDVH DW EDU GR QRW RUGLQDULO\ ZDUUDQW D GHSDUWXUH WKH
GLVWULFW FRXUW FRQFOXGHG WKDW WKHLU FRQIOXHQFH FRPSHOOHG D
GHSDUWXUH'XHWRWKHUHODWLYHVPDOOGHSDUWXUHZHILQGWKDW
WKHGLVWULFWFRXUWGLGQRWDEXVHLWVGLVFUHWLRQLQWKHGHSDUWLQJ
GRZQZDUGRI6DELQR¶VRIIHQVHOHYHOE\WKUHHOHYHOV
,,,&21&/86,21
)RUWKHUHDVRQVVWDWHGDERYHZHILQGWKHUHLVQREDVLVRQ
ZKLFKWRUHYHUVHWKHGHIHQGDQWV¶FRQYLFWLRQVRUWKHPDMRULW\
RIWKHGLVWULFWFRXUW¶VVHQWHQFLQJGHWHUPLQDWLRQV+RZHYHU
ZHILQGWKDWWKHGLVWULFWFRXUWHUUHGLQIDLOLQJWRHQKDQFHHDFK
RIWKHGHIHQGDQW¶VRIIHQVHOHYHOIRUHQJDJLQJLQ³VRSKLVWLFDWHG
PHDQV´DQGLQUHGXFLQJ6DELQR¶VRIIHQVHOHYHOIRUPLQRUUROH
7KHUHIRUHWKHMXGJPHQWRIWKHGLVWULFWFRXUWLV$)),50('LQ
SDUW DQG 5(9(56(' LQ SDUW DQG 5(0$1'(' IRU UH
VHQWHQFLQJFRQVLVWHQWZLWKWKLVRSLQLRQ
-- 2 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
7KH FRPPHQWDU\ WR 866* . SURYLGHV
7KH &RPPLVVLRQ GRHV QRW IRUHFORVH WKH SRVVLELOLW\ RI DQ
H[WUDRUGLQDU\ FDVH WKDW EHFDXVH RI D FRPELQDWLRQ RI VXFK
FKDUDFWHULVWLFV RU FLUFXPVWDQFHV >QRW RUGLQDULO\ UHOHYDQW WR D
GHSDUWXUH@ GLIIHUV VLJQLILFDQWO\ IURP WKH μKHDUWODQG¶ FDVHV
FRYHUHG E\ WKH JXLGHOLQHV LQ D ZD\ WKDW LV LPSRUWDQW WR WKH
VWDWXWRU\ SXUSRVHV RI VHQWHQFLQJ HYHQ WKRXJK QRQH RI WKH
FKDUDFWHULVWLFV RU FLUFXPVWDQFHV LQGLYLGXDOO\ GLVWLQJXLVKHV WKH
FDVH +RZHYHU WKH &RPPLVVLRQ EHOLHYHV WKDW VXFK FDVHV ZLOO EH
H[WUHPHO\ UDUH
$ VHQWHQFLQJ FRXUW PD\ JUDQW D GHIHQGDQW SUREDWLRQ XQGHU %
:LWKRXW WKLV GHSDUWXUH DW WKH WLPH RI KLV VHQWHQFH 6DELQR ZDV DW OHYHO
*LYHQ RXU ILQGLQJV WKDW 6DELQR ZDV QRW HQWLWOHG WR D UHGXFWLRQ LQ RIIHQVH
OHYHO IRU PLQRU UROH DQG VKRXOG KDYH KDG KLV RIIHQVH OHYHO HQKDQFHG IRU
VRSKLVWLFDWHG PHDQV 6DELQR¶V RIIHQVH OHYHO LV ZLWKRXW WKH GHSDUWXUH DW
LVVXH
FRXOG GLVWLQJXLVK D FDVH IURP WKH μKHDUWODQG¶ RI FDVHV´
8QLWHG6WDWHVY&ROHPDQ)G WK&LU
HQEDQF FLWLQJ866*.FPW 7KXVDVHQWHQFLQJ
FRXUWLV³UHTXLUHGWRFRQVLGHUWKHSDUWLFXODUIDFWRUVRI>D@FDVH
DV D ZKROH DQG DQ\ FRPELQDWLRQ WKHUHRI LQ GHWHUPLQLQJ
ZKHWKHUWKHUHZHUHVXIILFLHQWH[WUDRUGLQDU\IDFWRUVWRWDNH>D
GHIHQGDQW¶V@FDVHRXWRIWKHμKHDUWODQG¶RIFDVHV´,GDW
+RZHYHUDGHSDUWXUHPXVWEH³UHDVRQDEOHLQWHUPVRI
WKH DPRXQW DQG WKH H[WHQW RI WKH GHSDUWXUH LQ OLJKW RI WKH
UHDVRQVIRUWKHGHSDUWXUH,QRWKHUZRUGVWKHUHDVRQV
>PXVW@MXVWLI\WKHPDJQLWXGHRIWKHGHSDUWXUH´8QLWHG6WDWHV
Y7RFFR)G WK&LU FLWLQJ8QLWHG
6WDWHVY&URXVH)G WK&LU
7KHGLVWULFWFRXUWGRZQZDUGGHSDUWHGRQ6DELQR¶VRIIHQVH
OHYHOE\WKUHHOHYHOVVRDVWRVHQWHQFHKLPWRSUREDWLRQ7KH
GLVWULFWFRXUWEXWWUHVVHGLWVGHSDUWXUHEDVHGRQWKHWRWDOLW\RI
WKHIROORZLQJFLUFXPVWDQFHVWKHGHDWKRI6DELQR¶VZLIHD
IHZPRQWKVEHIRUHVHQWHQFLQJ6DELQR¶VDJH DWWKHWLPH
RI VHQWHQFLQJ KLV SK\VLFDO GHILFLHQFLHV DQG FRQGLWLRQ
SDUWLFXODUO\DLOPHQWVZLWKKLVH\HVDQGHDUVWKHDEVHQFHRI
1RV 8QLWHG6WDWHVY
6DELQRHWDO
6DELQR DSSHDOV KLV FRQYLFWLRQ DUJXLQJ WKDW WKHUH ZDV
LQVXIILFLHQWHYLGHQFHWRFRQYLFWKLPRIFRQVSLUDF\WRGHIUDXG
WKH8QLWHG6WDWHVLQYLRODWLRQRI86&
7KH JRYHUQPHQW FURVVDSSHDOV WKH GLVWULFW FRXUW¶V
VHQWHQFLQJ GHFLVLRQV LQFOXGLQJ IDLOLQJ WR HQKDQFH 0UV
6WHZDUW¶V DQG 6DELQR¶V RIIHQVH OHYHOV IRU REVWUXFWLRQ RI
MXVWLFHIDLOLQJWRHQKDQFHHDFKGHIHQGDQW¶VRIIHQVHOHYHOIRU
VRSKLVWLFDWHGFRQFHDOPHQWUHGXFLQJ6DELQR¶VRIIHQVHOHYHO
IRU D PLQRU UROH LQ WKH RIIHQVH DQG JUDQWLQJ 6DELQR D
GRZQZDUGGHSDUWXUH
)RUWKHUHDVRQVWKDWIROORZWKHGHIHQGDQWV¶FRQYLFWLRQV
ZLOOEHDIILUPHG:HILQGKRZHYHUWKDWWKHGLVWULFWFRXUW
HUUHGLQJUDQWLQJ6DELQRDPLQRUUROHUHGXFWLRQDQGLQIDLOLQJ
WR HQKDQFH WKH 6WHZDUWV¶ DQG 6DELQR¶V RIIHQVH OHYHOV IRU
VRSKLVWLFDWHG FRQFHDOPHQW 7KHUHIRUH WKH VHQWHQFLQJ
GHWHUPLQDWLRQVZLOOEHDIILUPHGLQSDUWDQGUHYHUVHGLQSDUW
DQGWKHFDVHZLOOEHUHPDQGHGIRUUHVHQWHQFLQJFRQVLVWHQW
ZLWKWKLVRSLQLRQ
,%$&.*5281'
$)DFWXDO%DFNJURXQG
,QWKH&ULPLQDO,QYHVWLJDWLRQ'LYLVLRQRIWKH,QWHUQDO
5HYHQXH6HUYLFHFRQGXFWHGDQLQYHVWLJDWLRQRI3KLOOLS0DUVK
WKHIRXQGHURIDQRUJDQL]DWLRQFDOOHGWKH3LORW&RQQHFWLRQ
6RFLHW\ 3&6 ZKLFK DPRQJ RWKHU DFWLYLWLHV LQVWUXFWHG
LQGLYLGXDOV RQ PHWKRGV WR DYRLG SD\LQJ IHGHUDO DQG VWDWH
LQFRPHWD[HV7KURXJKWKHH[HFXWLRQRIDVHDUFKZDUUDQWRQ
0DUVK¶VUHVLGHQFHDQGSURSHUW\WKH,56REWDLQHGDOLVW RI
SHRSOHZKRZHUHDIILOLDWHGZLWKWKH3&67ZRRIWKHSHRSOH
RQWKHOLVWZHUHGHIHQGDQWV'DQLHODQG'RQQD6WHZDUW7KH
6WHZDUWV RZQHG DQG RSHUDWHG 'DQFR 7UDQVPLVVLRQ ,QF
'DQFR LQWKH&LQFLQQDWL2KLRDUHDVLQFH
%HFDXVHRIWKHLUFRQQHFWLRQZLWK3&6WKH&LYLO'LYLVLRQRI
WKH,56LQYHVWLJDWHGWKH6WHZDUWV¶FRPSOLDQFHZLWKIHGHUDO
WD[ODZVDQGGLVFRYHUHGLQWKDWWKH\ZHUHRYHUGXHLQ
-- 3 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
VXEPLWWLQJ WKHLU WD[ UHWXUQ 7KH ,56 TXHULHG WKH
6WHZDUWV DERXW WKHLU IDLOXUH WR ILOH WKH WD[ UHWXUQ 7KH
6WHZDUWVUHVSRQGHGE\³UHYRNLQJ´WKHLUWD[UHWXUQVIURP
WR DGHFODUDWLYHDFWZKLFKKDGQRVXEVWDQWLYHHIIHFWRQ
WKHLUWD[REOLJDWLRQV $VHULHVRIOHWWHUVHQVXHGEHWZHHQWKH
,56DQGWKH6WHZDUWVGXULQJZKLFKWKH6WHZDUWVVHQWWKH,56
DQWLWD[LQIRUPDWLRQREWDLQHGWKURXJKWKHLUFRQQHFWLRQZLWK
3&6DQGRWKHUVRXUFHV7KH6WHZDUWVHYHQWXDOO\ILOHGWKHLU
LQFRPHWD[ UHWXUQEXWWKH\GLGQRWILOHDQ\SHUVRQDO
LQFRPHWD[UHWXUQVIRUWKH\HDUVDQG
'DQFRDOVRIDLOHGWRILOHFRUSRUDWHWD[UHWXUQVLQ
DQG
7KH,56WKHQFRPPHQFHGDFULPLQDOLQYHVWLJDWLRQRIWKH
6WHZDUWV 7KH LQYHVWLJDWLRQ HVWDEOLVKHG WKDW LQ WKH
6WHZDUWV FORVHG DOO RI WKHLU SHUVRQDO FKHFNLQJ DQG VDYLQJV
DFFRXQWVUHGHHPHGFHUWLILFDWHVRIGHSRVLWDQGSDLGRIIORDQV
,QDGGLWLRQLQWKH\GLVVROYHG'DQFRSXUVXDQWWR2KLR
ODZ'DQFRKRZHYHUFRQWLQXHGWRRSHUDWH,QUHOLDQFHRQ
WKH 3&6 ³XQWD[´ LQVWUXFWLRQV WKH 6WHZDUWV FUHDWHG VHYHQ
SULPDU\ WUXVWV DQG WUDQVIHUUHG DOO RI WKHLU DVVHWV LQFOXGLQJ
'DQFRWRWKHWUXVWV(YLGHQFHDWWULDOVKRZHGWKDWWKHWUXVWV
SDLGWKHSHUVRQDODQGEXVLQHVVH[SHQVHVRIWKH6WHZDUWVDQG
ZHUHXVHGWRSXUFKDVHYDULRXVSHUVRQDOLWHPVIRUXVHE\WKH
6WHZDUWVDQGWKHLUIDPLO\7KHUHZDVQRHYLGHQFHDWWULDOWKDW
WKH,56UHFHLYHGDQ\RIWKHUHTXLVLWHSDSHUZRUNFRQFHUQLQJ
WKHWUXVWVQRILGXFLDU\LQFRPHWD[UHWXUQVZHUHILOHGRQEHKDOI
RIWKHWUXVWVIURPWR
'XULQJWKH\HDUVWKHWUXVWV³H[LVWHG´WKH6WHZDUWVDVNHG
UHODWLYHVIULHQGVDQGHPSOR\HHVRI'DQFRWRVHUYHDVWUXVWHHV
RIWKHWUXVWV7KHQRPLQDOWUXVWHHIRUHDFKRIWKHWUXVWVRIWHQ
FKDQJHG (YLGHQFH DW WULDO HVWDEOLVKHG WKDW PDQ\ RI WKH
WUXVWHHVGLGQRWNQRZWKHQDWXUHRIDWUXVWRUFRXOGQRWH[SODLQ
WKHQDWXUHRIWKHLUUHVSRQVLELOLWLHVDVWUXVWHH6RPHWUXVWHHV
LQGLFDWHGWKDW0UV6WHZDUWJXLGHGWKHGDLO\RSHUDWLRQVRIWKH
WUXVWV7KHHYLGHQFHVKRZHGWKDW6DELQRVHUYHGDVWKHWUXVWHH
IRUVHYHUDORIWKHWUXVWVDQGKLVVLJQDWXUHRUVLJQDWXUHVWDPS
1RV 8QLWHG6WDWHVY
6DELQRHWDO
GRZQZDUGIURPDVHQWHQFLQJUDQJHZKHQWKHUHLVDPLWLJDWLQJ
IDFWRUWKDWKDVQRWEHHQDGHTXDWHO\FRQVLGHUHGLQIRUPXODWLQJ
WKH6HQWHQFLQJ*XLGHOLQHV86& E 866*
.$VHQWHQFLQJFRXUW¶VGHFLVLRQWRGHSDUWGRZQZDUG
LVUHYLHZHGIRUDQDEXVHRIGLVFUHWLRQ6HH.RRQY8QLWHG
6WDWHV86 :KHWKHUDVWDWHGJURXQGIRU
GHSDUWXUH LV D SHUPLVVLEOH EDVLV LV D TXHVWLRQ RI ODZ
UHYLHZDEOHGHQRYR6HHLGDW
%HIRUHDGHSDUWXUHLVDXWKRUL]HGWKHVHQWHQFLQJFRXUWPXVW
GHHPWKHFLUFXPVWDQFHVRIWKHFDVHVXIILFLHQWO\DW\SLFDODQG
RXWVLGHWKHKHDUWODQGRIFDVHV6HHLGDW7RGHWHUPLQH
ZKHWKHU D IDFWRU ZKLFK WDNHV D FDVH RXWVLGH WKH KHDUWODQG
VKRXOGUHVXOWLQDGLIIHUHQWVHQWHQFHDGLVWULFWFRXUWPXVWILUVW
GHFLGH ZKHWKHU WKH IDFWRU LV IRUELGGHQ HQFRXUDJHG
GLVFRXUDJHGRUXQDGGUHVVHGE\WKHJXLGHOLQHVDVDSRWHQWLDO
EDVLV IRU GHSDUWXUH 6HH LG ,I D IDFWRU LV IRUELGGHQ D
VHQWHQFLQJ FRXUW DEXVHV LWV GLVFUHWLRQ LQ XVLQJ LW WR GHSDUW
IURP WKH 6HQWHQFLQJ *XLGHOLQHV 6HH LG ,I D IDFWRU LV
HQFRXUDJHGDVHQWHQFLQJFRXUWPD\GHSDUWLIWKH6HQWHQFLQJ
*XLGHOLQHVGRQRWDOUHDG\WDNHWKDWIDFWRULQWRDFFRXQW6HH
LG ,I D IDFWRU LV GLVFRXUDJHG RU LV DQ HQFRXUDJHG IDFWRU
DOUHDG\FRQVLGHUHGE\WKH6HQWHQFLQJ*XLGHOLQHVDVHQWHQFLQJ
FRXUW PD\ GHSDUW RQO\ ³LI WKH IDFWRU LV SUHVHQW WR DQ
H[FHSWLRQDO GHJUHH RU LQ VRPH RWKHU ZD\ PDNHV WKH FDVH
GLVWLQJXLVKDEOH IURP DQ RUGLQDU\ FDVH ZKHUH WKH IDFWRU LV
SUHVHQW´,G)LQDOO\DGLVWULFWFRXUWPD\GHSDUWRQWKHEDVLV
RIDIDFWRUQRWDGGUHVVHGE\WKH6HQWHQFLQJ&RPPLVVLRQLILW
ILQGV³DIWHUFRQVLGHULQJWKHVWUXFWXUHDQGWKHRU\RIUHOHYDQW
LQGLYLGXDOJXLGHOLQHVDQGWKH>6HQWHQFLQJ@*XLGHOLQHVWDNHQ
DVDZKROH´WKDWWKHIDFWRUWDNHVWKHFDVHRXWRIWKHDSSOLFDEOH
JXLGHOLQH VKHDUWODQG,GDW$GLVWULFWFRXUWGHSDUWLQJRQ
WKHEDVLVRIDQXQHQXPHUDWHGIDFWRUKRZHYHUVKRXOG³EHDULQ
PLQG WKH &RPPLVVLRQ V H[SHFWDWLRQ WKDW >VXFK@
GHSDUWXUHVZLOOEH KLJKO\LQIUHTXHQW ,GDW TXRWLQJ
866*FKSW$
$VDSDQHORIWKLVFRXUWKDVVDLGWKH*XLGHOLQHV³H[SOLFLWO\
DFNQRZOHGJH WKDW D FRPELQDWLRQ RU DJJUHJDWLRQ RI IDFWRUV
-- 4 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
6HH )LQDO EULHI RI WKH $SSHOOHH&URVV$SSHOODQW ILOHG -XQH
DW
DSSO\LQJ & HQKDQFHPHQW IRU DGGLWLRQDO REVWUXFWLYH
FRQGXFWFRPPLWWHGDIWHUXQGHUO\LQJRIIHQVH 8QLWHG6WDWHVY
$JRUR )G VW &LU VDPH
8QLWHG6WDWHVY/XHGGHNH)G WK&LU
VDPH
$QDO\VLVRIWKHWULDOFRXUWUHFRUGHVWDEOLVKHVWKDWLPSRVLQJ
D&HQKDQFHPHQWLQWKLVFDVHZRXOGFRQVWLWXWHGRXEOH
FRXQWLQJ,QDUJXLQJIRUDSSOLFDWLRQRIWKHHQKDQFHPHQWWR
6DELQR DQG 0UV 6WHZDUW WKH JRYHUQPHQW UHOLHV XSRQ
³6DELQR¶VWHVWLPRQ\WKDWWKH6WHZDUWVKDGQRLQWHUHVWLQWKH
5HGQD7HUUDFH3URSHUW\DQGWKDWKHKDGQHYHUGLVFXVVHGWKH
6WHZDUWV¶ EXVLQHVV DIIDLUV ZLWK 6DP 6SLQH´ DQG 0UV
6WHZDUW¶VIDOVHWHVWLPRQ\WRWKHJUDQGMXU\WKDWVKHGLGQRW
NQRZ6DP6SLQH7KHVXSHUFHGLQJ LQGLFWPHQWKRZHYHU
OLVWV IDOVH WHVWLPRQ\ WR WKH JUDQG MXU\ DV DQ RYHUW DFW LQ
IXUWKHUDQFHRIWKHFRQVSLUDF\7KDWWKHJRYHUQPHQWWUHDWHG
WKHFRQGXFWEHIRUHWKHJUDQGMXU\DVDSDUWRIWKHFRQVSLUDF\
LVUHIOHFWHGLQWKH REVHUYDWLRQWKDWWKHRULJLQDOLQGLFWPHQW
ZKLFK GLG QRW LQFRUSRUDWH D FRQVSLUDF\ FKDUJH GLG QRW
PHQWLRQ DQ\ IDOVH WHVWLPRQ\ EHIRUH WKH JUDQG MXU\ 7KH
JRYHUQPHQWFDOOHGWKHJUDQGMXU\UHSRUWHUDVDZLWQHVVDWWULDO
WRUHDGWKHSRUWLRQVRIWKHJUDQGMXU\WHVWLPRQ\WKDWFRQWDLQHG
WKH IDOVH WHVWLPRQ\ 6XUHO\ WKH MXU\ ZLWK FRS\ RI WKH
VXSHUFHGLQJLQGLFWPHQWLQKDQGFRXOGKDYHGHWHUPLQHGWKDW
WKHVWDWHPHQWVZHUHμSDUWDQGSDUFHO¶RIWKHFRQVSLUDF\:H
ILQGWKHUHIRUHWKDWWKHGLVWULFWFRXUWGLGQRWHUULQIDLOLQJWR
HQKDQFH6DELQRDQG0UV6WHZDUW¶VVHQWHQFHVIRUREVWUXFWLRQ
RIMXVWLFH
'RZQZDUG'HSDUWXUH6DELQR
,QLWVILQDODVVLJQPHQWRIHUURUWKHJRYHUQPHQWDUJXHVWKDW
WKH GLVWULFW FRXUW HUUHG LQ JUDQWLQJ 6DELQR D GRZQZDUG
GHSDUWXUHRQKLVVHQWHQFH$VHQWHQFLQJFRXUWPD\GHSDUW
1RV 8QLWHG6WDWHVY
6DELQRHWDO
DSSHDUHGRQPDQ\RIWKHGRFXPHQWVUHJDUGLQJWUDQVDFWLRQV
XQGHUWDNHQE\WKHWUXVWV
%3URFHGXUDO%DFNJURXQG
$ IHGHUDO JUDQG MXU\ UHWXUQHG DQ LQGLFWPHQW DJDLQVW WKH
6WHZDUWVRQ$SULODQGDVXSHUFHGLQJLQGLFWPHQWRQ
-XQH DGGLQJ 6DELQR DV D GHIHQGDQW 7KH
VXSHUFHGLQJLQGLFWPHQWFKDUJHG6DELQRDQGWKH6WHZDUWVZLWK
FRQVSLUDF\ WR GHIUDXG WKH 8QLWHG 6WDWHV E\ REVWUXFWLQJ WKH
IXQFWLRQVRIWKH,QWHUQDO5HYHQXH6HUYLFHLQYLRODWLRQRI
86&DQGWKH6WHZDUWVZLWKDQDGGLWLRQDOIRXUFRXQWV
RIZLOOIXOO\DWWHPSWLQJWRHYDGHLQFRPHWD[HVLQYLRODWLRQRI
86&)ROORZLQJDGD\WULDOWKHMXU\UHWXUQHG
JXLOW\ YHUGLFWV DJDLQVW WKH WKUHH GHIHQGDQWV RQ DOO FRXQWV
H[FHSW WKDW 0U 6WHZDUW ZDV DFTXLWWHG RQ WKH FKDUJH RI
ZLOOIXOO\DWWHPSWLQJWRHYDGHLQFRPHWD[HVIRU
$PRWLRQIRUMXGJPHQWRIDFTXLWWDOSXUVXDQWWR)(' 5
&5,0 3ZDVGHQLHG7KHGLVWULFWFRXUWVHQWHQFHGHDFKRI
WKH6WHZDUWVWRPRQWKFRQFXUUHQWWHUPVRILPSULVRQPHQW
RQHDFKFRXQWRIFRQYLFWLRQWKUHH\HDUVVXSHUYLVHGUHOHDVH
DQGILQHGWKHPHDFK5HVWLWXWLRQWRWDOLQJ
ZDVRUGHUHG
6DELQR ZDV VXEMHFW WR D WR PRQWK VHQWHQFH RI
LQFDUFHUDWLRQXQGHUWKHJXLGHOLQHV7KHGLVWULFWFRXUWJUDQWHG
DPRWLRQIRUGRZQZDUGGHSDUWXUHDQGVHQWHQFHGKLPWRILYH
\HDUV¶ SUREDWLRQ 6DELQR ZDV LQFOXGHG LQ WKH RUGHUHG
UHVWLWXWLRQRIMRLQWO\DQGVHYHUDOO\ZLWKWKH6WHZDUWV
-- 5 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
,,',6&866,21
$6SHHG\7ULDO$FW
7KH6WHZDUWVDUJXHWKDWWKHGLVWULFWFRXUWHUUHGLQGHQ\LQJ
WKHLUPRWLRQWRGLVPLVVWKHVXSHUFHGLQJLQGLFWPHQWEHFDXVHRI
DYLRODWLRQRIWKH6SHHG\7ULDO$FW86& WKH
67$ ZKLFKUHTXLUHVWKDWDFULPLQDOGHIHQGDQWEHEURXJKWWR
WULDOZLWKLQGD\VIURPWKHODWHVWGDWHRIDUUHVWWKHILOLQJRI
DQ LQGLFWPHQW RU WKH ILUVW DSSHDUDQFH EHIRUH WKH FRXUW
+HQGHUVRQY8QLWHG6WDWHV86 7KH
67$SURYLGHVWKDWLIWKLVWLPHOLPLWLVH[FHHGHGDQLQGLFWPHQW
³VKDOO EH GLVPLVVHG RQ PRWLRQ RI WKH GHIHQGDQW´ ZLWK RU
ZLWKRXWSUHMXGLFH86& D +RZHYHUWKH
67$ DOVR SURYLGHV IRU SHULRGV RI H[FOXGDEOH GHOD\ GXULQJ
ZKLFKWKHGD\³FORFN´GRHVQRWRSHUDWH6HHLG K
7KHGLVWULFWFRXUWKDVGLVFUHWLRQWRH[FOXGHDGHOD\IURPWKH
GD\WLPHOLPLWDQGDGHFLVLRQWRH[FOXGHDGHOD\ZLOORQO\
EHUHYHUVHGXSRQDVKRZLQJRIDFWXDOSUHMXGLFH8QLWHG6WDWHV
Y &LDQFLROD )G WK &LU FLWLQJ
8QLWHG6WDWHVY0RQJHU)G WK&LU
7KH LQGLFWPHQW ZDV UHWXUQHG RQ $SULO WKH
VXSHUFHGLQJLQGLFWPHQWZDVUHWXUQHGRQ-XQH7KH
GLVWULFWFRXUWJUDQWHGLQGHILQLWHHQGVRIMXVWLFHFRQWLQXDQFHV
RQ0D\6HSWHPEHUDQG2FWREHU
RQWKHEDVLVWKDWWKHFDVHZDVFRPSOH[7KH6WHZDUWVILOHGD
PRWLRQWRGLVPLVVWKHLQGLFWPHQWIRUYLRODWLQJWKH67$RQ
-XQH 7KH 6WHZDUWV FRQFHGH WKDW VHYHUDO RI WKHLU
PRWLRQV GHOD\HG FRPPHQFHPHQW RI WKH 67$ FORFN 7KH\
DUJXH WKDW WKH 67$ FORFN EHJDQ WLFNLQJ RQ $SULO
ZKHQ WKH GLVWULFW FRXUW DFNQRZOHGJHG UHFHLSW RI ,56 MXU\
LQIRUPDWLRQ WKH ILQDO LQIRUPDWLRQ UHTXHVWHG LQ WKHLU
UHPDLQLQJPRWLRQPDGHDIWHUWKHLUDUUDLJQPHQWRQ0D\
'LVFRXQWLQJH[FOXGDEOHGHOD\SHULRGVDIWHUWKHFORFN
FRPPHQFHGXQWLOWKHWULDORQ-XO\WKH6WHZDUWVDUJXH
WKDWQRQH[FOXGDEOHGD\VSDVVHGLQYLRODWLRQRIWKH67$
1RV 8QLWHG6WDWHVY
6DELQRHWDO
WKDWWKHGLVWULFWFRXUWHUUHGLQILQGLQJWKDW6DELQR¶VDQG0UV
6WHZDUW¶V IDOVH VWDWHPHQWV EHIRUH WKH JUDQG MXU\ ZHUH QRW
PDWHULDOPLVUHSUHVHQWDWLRQV
7KH & HQKDQFHPHQW LV DSSOLFDEOH WR
FRQVSLUDFLHV &RPPHQWDU\ WR & SURYLGHV WKDW WKH
HQKDQFHPHQW ZLOO QRW DSSO\ WR SHUVRQV FRQYLFWHG RI
³&RQWHPSW´ ³2EVWUXFWLRQ RI -XVWLFH´ ³3HUMXU\ RU
6XERUQDWLRQ RI 3HUMXU\ %ULEHU\ RI :LWQHVV´ ³)DLOXUH WR
$SSHDUE\'HIHQGDQW´³3D\PHQWWR:LWQHVV´³$FFHVVRU\
$IWHU WKH )DFW´ RU ³0LVSULVLRQ RI )HORQ\´ XQOHVV ³D
VLJQLILFDQW IXUWKHU REVWUXFWLRQ RFFXUUHG GXULQJ WKH
LQYHVWLJDWLRQSURVHFXWLRQRUVHQWHQFLQJRIWKHSURVHFXWLRQ
IRUWKHREVWUXFWLRQRIIHQVH´6HHLG&FPWQ
%\ ORJLFDO H[WHQVLRQ RI &RPPHQW WKH 6HQWHQFLQJ
*XLGHOLQHV GR QRW SURKLELW DSSOLFDWLRQ RI WKH &
REVWUXFWLRQHQKDQFHPHQWWRDFRQVSLUDF\,I³IXUWKHU´
REVWUXFWLYH FRQGXFW PD\ OHDG WR DQ HQKDQFHPHQW RI WKH
LQWULQVLFREVWUXFWLRQRIIHQVHVOLVWHGLQ&RPPHQWVXUHO\WKH
HQKDQFHPHQWPD\EHDSSOLHGDVSXQLVKPHQWIRUREVWUXFWLYH
FRQGXFW FRPPLWWHG DIWHU WKH WHUPLQDWLRQ RI D
FRQVSLUDF\6HH8QLWHG6WDWHVY)XUNLQ)G
WK&LU
$SDQHORIWKLVFRXUWKDVVLJQDOHGWKDWDVHQWHQFLQJFRXUW
PD\QRWDSSO\WKH&HQKDQFHPHQWLI WKHDSSOLFDWLRQ
HQWDLOVGRXEOHFRXQWLQJLHZKHUHWKHREVWUXFWLYHFRQGXFWLV
³SDUWDQGSDUFHO´RIWKHXQGHUO\LQJRIIHQVHRIFRQYLFWLRQ6HH
8QLWHG6WDWHVY%ODQGIRUG)GQ WK&LU
UHMHFWLQJ GRXEOHFRXQWLQJ DUJXPHQW E\ QRWLQJ WKDW
GHIHQGDQWXWWHUHGDPDWHULDOIDOVHVWDWHPHQWGXULQJSUHWULDO
LQYHVWLJDWLRQ DQG GXULQJ WULDO WHVWLPRQ\ WKXV FRQVWLWXWLQJ
³VHSDUDWH LQFLGHQWV RFFXUULQJ DW VHSDUDWH WLPHV´ VHH DOVR
8QLWHG 6WDWHV Y /OR\G )G WK &LU
³6HFWLRQ&GRHVQRWDSSO\WRFRQGXFWWKDWLVSDUWRIWKH
FULPHLWVHOI´ FLWLQJ8QLWHG6WDWHVY:HUOLQJHU)G
WK &LU 8QLWHG 6WDWHV Y 5DQVRP
)G WK &LU SHU FXULDP VDPH FI
8QLWHG6WDWHVY)UHGHWWH)G G&LU
-- 6 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
UHOHYDQW FRQGXFW UXOHV 6HH 866* 6XSSOHPHQW WR
$SSHQGL[ & $PHQGPHQW DW 866*
% D %
7KHFRPSOH[LW\RIWKHFDVHDQGWKHXVHRIWKHVHYHQWUXVWV
LQ WKH WD[ HYDVLRQ FRQVSLUDF\ FRQVWLWXWHV VRSKLVWLFDWHG
FRQFHDOPHQW 7KHUHIRUH WKH GLVWULFW FRXUW DEXVHG LWV
GLVFUHWLRQLQIDLOLQJWRDSSO\WKHVRSKLVWLFDWHGFRQFHDOPHQW
HQKDQFHPHQWWR6DELQR
2EVWUXFWLRQRI-XVWLFH(QKDQFHPHQW
7KHJRYHUQPHQWDUJXHVWKDWWKHGLVWULFWFRXUW¶VIDLOXUHWR
DSSO\DQREVWUXFWLRQRIMXVWLFHHQKDQFHPHQWWR6DELQR¶VDQG
0UV 6WHZDUW¶V RIIHQVH OHYHOV FRQVWLWXWHG HUURU 7KH
6HQWHQFLQJ *XLGHOLQHV SURYLGH WKDW ³>L@I >D@ GHIHQGDQW
ZLOOIXOO\REVWUXFWHGRULPSHGHGRUDWWHPSWHGWRREVWUXFWRU
LPSHGHWKHDGPLQLVWUDWLRQRIMXVWLFHGXULQJWKHLQYHVWLJDWLRQ
SURVHFXWLRQRUVHQWHQFLQJRIWKHLQVWDQWRIIHQVHLQFUHDVH
WKHRIIHQVHOHYHOE\OHYHOV´866*& 2Q
DSSHDODGLVWULFWFRXUW¶VOHJDOLQWHUSUHWDWLRQRIWKH6HQWHQFLQJ
*XLGHOLQHVSURYLVLRQVLVUHYLHZHGGHQRYR8QLWHG6WDWHVY
-RQHV )G WK &LU 2Q DSSHDO
KRZHYHU ZH PD\ QRW UHMHFW WKH GLVWULFW FRXUW¶V IDFWXDO
ILQGLQJVXQOHVVWKH\DUHFOHDUO\HUURQHRXV8QLWHG6WDWHVY
3UXLWW)G WK&LU
7KHJRYHUQPHQWDUJXHVWKDW6DELQR¶VDQG0UV6WHZDUW¶V
VHQWHQFHVVKRXOGKDYHEHHQHQKDQFHGGXHWRIDOVHWHVWLPRQ\
WKH\ JDYH LQ JUDQG MXU\ SURFHHGLQJV $V REVHUYHG E\ WKH
JRYHUQPHQWDVHQWHQFLQJFRXUWPXVWDSSO\WKHHQKDQFHPHQW
LIDGHIHQGDQWSURYLGHVDPDWHULDOO\IDOVHVWDWHPHQWWRDJUDQG
MXU\6HH8QLWHG6WDWHVY0DKDIIH\)G WK
&LU 7KH JRYHUQPHQW DUJXHV WKDW WKH GLVWULFW FRXUW
GHFOLQHG WR DSSO\ & LQ SDUW EHFDXVH LW HUURQHRXVO\
GHWHUPLQHG WKDW REVWUXFWLRQ RI WKH ODZIXO RSHUDWLRQ RI WKH
8QLWHG 6WDWHV LV WKH HVVHQFH RI D FRQVSLUDF\ DQG
WKHUHIRUH WKH REVWUXFWLRQ RI MXVWLFH LV LQFOXGHG LQ WKH
FRQVLGHUDWLRQRIWKHJXLGHOLQHV7KHJRYHUQPHQWDOVRDUJXHV
1RV 8QLWHG6WDWHVY
6DELQRHWDO
7KHGLVWULFWFRXUWGHQLHGWKH6WHZDUWV¶PRWLRQWRGLVPLVVRQ
-XQH UHO\LQJ SDUWLDOO\ XSRQ D ILQGLQJ WKDW
FRQWLQXDQFHVZHUHZDUUDQWHGWRVHUYHWKHHQGVRIMXVWLFHDVD
UHVXOWRIWKHFDVH¶VFRPSOH[LW\7KH6WHZDUWVDUJXHWKDWWKH
GLVWULFWFRXUWGLGQRWPDNHVXIILFLHQWILQGLQJVWREXWWUHVVDQ
HQGVRIMXVWLFHFRQWLQXDQFHEDVHGRQWKHFRPSOH[LW\RIWKH
FDVH
$FFRUGLQJWR K $ GHOD\UHVXOWLQJIURPDFRXUW
RUGHUHGFRQWLQXDQFHLVH[FOXGHGLILWLVEDVHGRQDILQGLQJWKDW
WKHHQGVRIMXVWLFHVHUYHGE\WKHFRQWLQXDQFH³RXWZHLJKWKH
EHVWLQWHUHVWRIWKHSXEOLFDQGWKHGHIHQGDQWLQDVSHHG\WULDO´
:KHQ JUDQWLQJ DQ HQGVRIMXVWLFH FRQWLQXDQFH WKH GLVWULFW
FRXUWPXVWVHWIRUWKLWVDFWXDOUHDVRQLQJIRUWKHFRQWLQXDQFHLQ
WKHUHFRUG6HH86& K $ 8QLWHG6WDWHVY
&UDZIRUG)G WK&LU
,QLWV-XQHRUGHUWKHGLVWULFWFRXUWFOHDUO\VWDWHGWKDW
LWJUDQWHGDFRQWLQXDQFHGXHWRWKHFRPSOH[LW\RIWKHFDVHDQG
WKDWWKHFRQWLQXDQFHVHUYHGWKHHQGVRIMXVWLFH7KHGLVWULFW
FRXUWUHIHUUHGEDFNWRLWVSUHYLRXVRUDODQGZULWWHQRUGHUVWKDW
JUDQWHG FRQWLQXDQFHV EDVHG XSRQ HQGVRIMXVWLFH ILQGLQJV
VWHPPLQJ IURP WKH FRPSOH[LW\ RI WKH FDVH 7KH UHFRUG
HVWDEOLVKHV WKDW WKH GLVWULFW FRXUW GHFODUHG WKH FDVH DV
FRPSOH[RVWHQVLEO\ZLWKWKHDJUHHPHQWRIWKHGHIHQGDQWV¶
DWWRUQH\V 7KLV ZDV D WD[ HYDVLRQ FDVH RI FRPSOH[
SURSRUWLRQVLQYROYLQJWKHZURQJIXOXVHRIWKLUGSDUWLHVDQGWKH
KLGLQJRIDVVHWVLQWUXVWV7KHGLVWULFWFRXUWFRQYHQHGSHULRGLF
VWDWXV FRQIHUHQFHV WR HQVXUH WKDW WKH FDVH SURFHHGHG
H[SHGLWLRXVO\WRWULDO)XUWKHUPRUHWKH6WHZDUWVZDLWHGWR
EULQJDPRWLRQWRGLVPLVVWKHLQGLFWPHQWRYHUD\HDUDIWHUWKH
GDWHRQZKLFKWKH\FRQWHQGWKH67$FORFNFRPPHQFHG7KH
6WHZDUWV¶WDUGLQHVVUHIOHFWVWKHLUDJUHHPHQWZLWKWKHGLVWULFW
FRXUW¶VFDOHQGDUIRUEULQJLQJWKHFDVHWRWULDO$FFRUGLQJO\
WKHGLVWULFWFRXUWGLGQRWDEXVHLWVGLVFUHWLRQLQJUDQWLQJHQGV
RIMXVWLFHFRQWLQXDQFHV
-- 7 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
7KH 6WHZDUWV DOVR DUJXH UHO\LQJ XSRQ 1LQWK &LUFXLW
SUHFHGHQWWKDWWKHGLVWULFWFRXUWHUUHGLQJUDQWLQJLQGHILQLWH
HQGVRIMXVWLFHFRQWLQXDQFHV6HH8QLWHG6WDWHVY&O\PHU
)G WK&LU KROGLQJWKDWDQHQGVRIMXVWLFH
FRQWLQXDQFHPXVWEHVSHFLILFDOO\OLPLWHGLQWLPH :KLOHWKLV
&LUFXLWKDVQRWDGGUHVVHGWKLVSDUWLFXODULVVXHRWKHUFLUFXLWV
KDYHZLWKUHVXOWVFRQWUDU\WRWKH1LQWK&LUFXLW¶VKROGLQJ,Q
8QLWHG6WDWHVY5XVK)G VW&LU WKH)LUVW
&LUFXLWUHPDUNHGWKDW³>W@KHSXUSRVHRI K FRQWLQXDQFHLV
WR PDNH WKH >67$@ μIOH[LEOH HQRXJK WR DFFRPPRGDWH WKH
SUDFWLFDOLWLHVRIRXUDGYHUVDU\V\VWHP¶:HGRQRWWKLQNDUXOH
EDUULQJ RSHQHQGHG FRQWLQXDQFHV DOWRJHWKHU VHUYHV WKLV
SXUSRVH´,GDW TXRWLQJ8QLWHG6WDWHVY0LWFKHOO
)G VW&LU 7KH)LUVW&LUFXLWRSLQHG
WKDWRSHQHQGHGHQGVRIMXVWLFHFRQWLQXDQFHVPD\EHOLPLWHG
E\DUHDVRQDEOHQHVVUHTXLUHPHQWVRDVWRSUHYHQWXQIDLUGHOD\V
DQGFLUFXPYHQWLRQV,GVHHDOVR8QLWHG6WDWHVY3ULQJOH
)G VW&LU 7KH7KLUG&LUFXLWDOVR
UHMHFWHG D EDU DJDLQVW RSHQHQGHG FRQWLQXDQFHV EXW LW
H[SUHVVO\DGRSWHGDUHDVRQDEOHQHVVOLPLWDWLRQXSRQMXVWLILHG
GHOD\V6HH8QLWHG6WDWHVY/DWWDQ\)G UG
&LU 6HYHUDORWKHUFLUFXLWVKDYHIROORZHGWKH)LUVWDQG
7KLUG&LUFXLWV6HH8QLWHG6WDWHVY-RQHV)G
WK &LU GLVWULFW FRXUW PD\ JUDQW RSHQHQGHG
FRQWLQXDQFHVLQVLWXDWLRQVZKHUH³LWLVLPSRVVLEOHRUDWOHDVW
TXLWHGLIILFXOWIRUWKHSDUWLHVRUWKHFRXUWWRJDXJHWKHOHQJWK
RI DQ RWKHUZLVH MXVWLILHG FRQWLQXDQFH´ 8QLWHG 6WDWHV Y
6SULQJ)G WK&LU DJUHHLQJZLWK
WKH )LUVW 7KLUG DQG )LIWK &LUFXLWV WKDW RSHQHQGHG
FRQWLQXDQFHVIRUDUHDVRQDEOHWLPHSHULRGDUHZDUUDQWHGLQ
VRPHFDVHV VHHDOVR8QLWHG6WDWHVY%XUNH )6XSS
1'*D LQVRPHFDVHVRSHQHQGHGHQGV
RIMXVWLFHFRQWLQXDQFHVDUHZDUUDQWHG 7KH6HFRQG&LUFXLW
KHOGWKDWWKH³OHQJWKRIDQH[FOXVLRQIRUFRPSOH[LW\PXVWEH
QRWRQO\OLPLWHGLQWLPHEXWDOVRUHDVRQDEO\UHODWHGWRWKH
DFWXDOQHHGVRIWKHFDVH´8QLWHG6WDWHVY*DPELQR)G
G&LU FLWLQJ8QLWHG6WDWHVY%HHFK1XW
1RV 8QLWHG6WDWHVY
6DELQRHWDO
6R,ZRXOGWHQWDWLYHO\UXOHWKDW,ZRXOGQRWHQKDQFHWKH
RIIHQVHOHYHOE\WKHWZRSRLQWVVXJJHVWHGWKDWWKLVZDV
VRSKLVWLFDWHG UHDOL]LQJ WKDW LQ WKLV FDVH WKH 6WHZDUWV
FRQWUROOHGWKHHQWLWLHVWKDWWKH6WHZDUWVFRQGXFWHGWKH
EXVLQHVVDQGWKDWWKHEXVLQHVVZDVFRQGXFWHGLQDQRSHQ
DQG VWUDLJKWIRUZDUG PDQQHU DV IDU DV , FDQ WHOO DW DOO
WLPHV7KHFKHFNVZHUHGHSRVLWHGDVIDUDV,FDQWHOO
$QG , ZRXOG FRQFOXGH WKDW WKH HQKDQFHPHQW IRU
VRSKLVWLFDWHGPHDQVLQWKLVFDVHLVQRWDSSURSULDWH´
,QDVXEVHTXHQWVWDWHPHQWWKHGLVWULFWFRXUWUHPDUNHGZLWK
UHVSHFW WR WKH FRQVSLUDF\ ³>W@KHUH ZHUH QR RIIVKRUH EDQN
DFFRXQWV>@ >W@KHUH ZHUH QR DOLDVHV XVHG>@ >W@KHUH ZHUH QR
ILFWLWLRXVQDPHVXVHG´
%HFDXVHRIWKHFRPSOH[LW\RIWKHFLUFXPVWDQFHVRIWKLVFDVH
LQZKLFKQXPHURXVEDQNVDQGOHQGHUVZHUHFDOOHGWRWHVWLI\
DQGWKHIDFWWKDWWKHGHIHQGDQWVXVHGDWOHDVWVHYHQWUXVWVWR
HYDGHWKHSD\PHQWRIWD[HVZHKROGWKDWWKHGLVWULFWFRXUW
DEXVHG LWV GLVFUHWLRQ LQ IDLOLQJ WR DSSO\ WKH VRSKLVWLFDWHG
FRQFHDOPHQWHQKDQFHPHQWWRWKH6WHZDUWV
E$VDSSOLHGWR6DELQR
6DELQRDFWHGDVWUXVWHHIRUVHYHUDORIWKHWUXVWVXVHGE\WKH
6WHZDUWV +H SHUPLWWHG WKH 6WHZDUWV WR XVH KLV VLJQDWXUH
VWDPSWRGHSRVLWPRQH\LQWREDQNLQJDFFRXQWVWRXVHDVIXQGV
IRU WKHLU SHUVRQDO H[SHQVHV 6DELQR SDUWLFLSDWHG LQ WKH
DFTXLVLWLRQRISURSHUW\IRUWKH6WHZDUWVVRDVWRFRQFHDOWKHLU
RZQHUVKLS LQWHUHVWV 6DELQR DOVR SDUWLFLSDWHG LQ WKH
SODFHPHQWRIDERJXVPRUWJDJHRQWKH6WHZDUWV¶UHVLGHQFH
7KHVHDFWLRQVHVWDEOLVKWKDW6DELQRZDVLQWLPDWHO\LQYROYHG
LQ WKH RSHUDWLRQ RI WKH WUXVWV DQG LQ WKH FRQVSLUDF\ +LV
DFWLRQV HQDEOHG WKH 6WHZDUWV WR PDLQWDLQ WKH WUXVWV DQG WR
HYDGHWKH,56$FFRUGLQJO\WKHVRSKLVWLFDWHGFRQFHDOPHQW
HQKDQFHPHQW LV DSSOLFDEOH WR 6DELQR EDVHG RQ KLV
SDUWLFLSDWLRQLQWKHFRQVSLUDF\)XUWKHUWKH6WHZDUWV¶DFWLRQV
LQFRQQHFWLRQZLWKWKHWUXVWVZHUHUHDVRQDEO\IRUHVHHDEOHDFWV
LQ IXUWKHUDQFH RI WKH FRQVSLUDF\ LQ DFFRUGDQFH ZLWK WKH
-- 8 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
DFFRXQWV KH NQHZ WR EH D VKDP DQG UHFHLYHG
IURPRQHRIWKHDFFRXQWV7KH,56KDGWRVXPPRQVEDQN
UHFRUGVIURPDSSUR[LPDWHO\VL[EDQNVRYHUWKHFRXUVHRI
VHYHUDO PRQWKV LQ RUGHU WR WUDFH WKH PRQH\ >WKH
GHIHQGDQW@KHOSHGWRKLGH7KHLQYHVWLJDWLQJ,56DJHQW
WHVWLILHG WKDW VHWWLQJ XS WKH WD[ DYRLGDQFH VFKHPH
UHTXLUHG VRSKLVWLFDWLRQ DQG WKDW LW UHTXLUHG D PRUH
FRPSOH[ LQYHVWLJDWLRQ WKDQ WKDW QHFHVVDU\ IRU D IDOVH
HQWU\RQDIRUP
,GDW FLWLQJ8QLWHG6WDWHVY3LHUFH)G
WK&LU
D$VDSSOLHGWRWKH6WHZDUWV
7KHGLVWULFWFRXUWHUUHGLQIDLOLQJWRDSSO\WKHVRSKLVWLFDWHG
FRQFHDOPHQWHQKDQFHPHQWWRWKH6WHZDUWV7KHGLVWULFWFRXUW
QRWHG WKH ³PRQXPHQWDO ZRUN´ WKDW WKH ,56 VSHFLDO DJHQW
HQJDJHGLQWRSUHVHQWWKHFDVHIRUWULDOEXWLWGHFOLQHGWRDSSO\
WKHHQKDQFHPHQWIRUWKHIROORZLQJUHDVRQV
³>7@KLV &RXUW FDQQRW ILQG E\ D SUHSRQGHUDQFH RI WKH
HYLGHQFH WKDW WKLV LV D VRSKLVWLFDWHG VFKHPH ,W LV VR
W\SLFDO RI D VFKHPH WKDW ZDV RULJLQDWHG E\ WKLV 3LORW
&RQQHFWLRQ$V0U'LFNVWHLQ>0U6WHZDUW¶VFRXQVHO@
KDVSRLQWHGRXWLW¶VDWD[SURWHVWRUFDVHWKDWLW¶VWKH
UHODWLRQVKLSEHWZHHQWKHVHWD[SD\HUVDQGWKHJRYHUQPHQW
ZDVDOZD\VVWUDLJKWIRUZDUGDQGWKDWWKH\GLGPDNHVOLSV
LQWKDWUHODWLRQVKLS%XWEDVLFDOO\WKHVLWXDWLRQDV,IRXQG
LWDQGDV,OLVWHQHGWRWKHWULDOHYHQWKRXJKWKHFDVHZDV
FRPSOH[HYHQWKRXJKWKHFDVHZDVPDQ\PDQ\H[KLELWV
WKDW IRU WKH SXUSRVH RI VHQWHQFLQJ , DJUHH ZLWK WKH
DQDO\VLVWKDWWKLVTXRWHLVDUXQRIWKHPLOORIDWD[FDVH
HYHQWKRXJKLWLVH[WUHPHO\FRPSOH[WLPHFRQVXPLQJ
DQG,WKLQNHYHQWKHWLPHZH¶YHVSHQWRQWKHVHQWHQFLQJ
LVVXHVGHPRQVWUDWHVLWVFRPSOH[LW\DQGWKHQHHGZLWKWKH
FDVH ± DQG WKH WLPH WKH FDVH QHHGHG WR SURSHUO\ EH
SUHVHQWHG
1RV 8QLWHG6WDWHVY
6DELQRHWDO
7KH 6XSUHPH &RXUW VWDWHG
2Q LWV IDFH VXEVHFWLRQ ) H[FOXGHV ³>D@Q\ SHULRG RI GHOD\´
FDXVHG E\ ³DQ\ SUHWULDO PRWLRQ´ ³IURP WKH ILOLQJ RI WKH PRWLRQ
WKURXJK WKH FRQFOXVLRQ RI WKH KHDULQJ´ 7KH SODLQ WHUPV RI WKH
VWDWXWH DSSHDU WR H[FOXGH DOO WLPH EHWZHHQ WKH ILOLQJ RI DQG WKH
KHDULQJ RQ D PRWLRQ ZKHWKHU WKDW KHDULQJ ZDV SURPSW RU QRW
0RUHRYHU VXEVHFWLRQ ) GRHV QRW UHTXLUH WKDW D SHULRG RI GHOD\
EH ³UHDVRQDEOH´ WR EH H[FOXGHG DOWKRXJK &RQJUHVV FOHDUO\ NQHZ
KRZ WR OLPLW DQ H[FOXVLRQ LQ K &RQJUHVV SURYLGHG
IRU H[FOXVLRQ RI D ³UHDVRQDEOH SHULRG RI GHOD\ ZKHQ WKH
GHIHQGDQW LV MRLQHG IRU WULDO ZLWK D FRGHIHQGDQW DV WR ZKRP WKH
WLPH IRU WULDO KDV QRW UXQ DQG QR PRWLRQ IRU VHYHUDQFH KDV EHHQ
JUDQWHG´ $SDUW IURP WKLV VLQJOH LQVWDQFH HYHU\ RWKHU SURYLVLRQ
LQ K SURYLGHV IRU H[FOXVLRQ RI ³DQ\ SHULRG RI GHOD\´
,G DW
1XWULWLRQ&RUS)G G&LU 8QLWHG6WDWHV
Y/R)UDQFR)G G&LU
,Q+HQGHUVRQY8QLWHG6WDWHV86 WKH
6XSUHPH&RXUWGLVFXVVHGWKHSURSULHW\RIDUHDVRQDEOHQHVV
UHTXLUHPHQW ZLWK UHJDUG WR DQRWKHU SURYLVLRQ HVWDEOLVKLQJ
GHOD\V H[FOXGDEOH IURP WKH 67$¶V FORFN VSHFLILFDOO\
86& K ) ZKLFK H[FOXGHV IURP VSHHG\ WULDO
FDOFXODWLRQVDQ\SHULRGRIGHOD\FDXVHGE\DSUHWULDOPRWLRQ
7KH 6XSUHPH &RXUW UHDVRQHG WKDW WKH 67$ HPSOR\V D
UHDVRQDEOHQHVVVWDQGDUGIRUWKHH[FOXVLRQRIWLPHRQO\ZKHQ
&RQJUHVV H[SOLFLWO\ UHTXLUHV WKDW WKH SHULRG RI GHOD\ EH
UHDVRQDEOH :LWK UHVSHFW WR WKH SRVVLELOLW\ RI SRWHQWLDOO\
H[FHVVLYH FRQWLQXDQFHV WKH 6XSUHPH &RXUW IRXQG WKDW
&RQJUHVVOHIWVXFKFRQVLGHUDWLRQVZLWKLQWKHFRQWURORIGLVWULFW
FRXUWVUDWKHUWKDQWKHVWDWXWHLWVHOI6HH+HQGHUVRQ86
DW %\ DQDORJ\ K DOVR GRHV QRW FRQWDLQ D
UHDVRQDEOHQHVV UHTXLUHPHQW VLQFH LWV ODQJXDJH PLUURUV
K ) LQDOOSHUWLQHQWUHVSHFWV6LQFH+HQGHUVRQ
VLJQDOVWKDWGLVWULFWFRXUWVPD\GHYLVHWKHLURZQWLPHOLPLWV
ZLWKUHVSHFWWRWKLVLVVXHZHZLOOIROORZWKHUXOHRIWKH)LUVW
7KLUG )LIWK DQG 7HQWK &LUFXLWV DQG KROG WKDW RSHQHQGHG
HQGVRIMXVWLFHFRQWLQXDQFHVIRUUHDVRQDEOHWLPHSHULRGVDUH
-- 9 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
SHUPLVVLEOHLQFDVHVZKHUHLWLVQRWSRVVLEOHWRSUHIHUDEO\VHW
VSHFLILFHQGLQJGDWHV
7KH GLVWULFW FRXUW¶V RUDO DQG ZULWWHQ UXOLQJV JUDQWLQJ WKH
HQGVRIMXVWLFH FRQWLQXDQFHV GHPRQVWUDWH WKDW WKLV FDVH
GHVHUYHG RSHQHQGHG FRQWLQXDQFHV 7KH GHOD\ LQ
FRPPHQFLQJ WULDO ZDV UHDVRQDEOH JLYHQ WKH YROXPH RI
HYLGHQFHWKHJRYHUQPHQWPDUVKDOHGDQGWKHFRPSOH[LW\RIWKH
GHIHQGDQWV¶WD[HYDVLRQVFKHPH)XUWKHUDODUJHSRUWLRQRI
WKH SUHWULDO SHULRG ZDV VSHQW DGGUHVVLQJ WKH GHIHQGDQWV¶
QXPHURXVPRWLRQV$FFRUGLQJO\WKHUHZDVQRXQUHDVRQDEOH
GHOD\LQWKHPDQDJHPHQWRIWKLVFDVHDQGWKH67$ZDVQRW
YLRODWHGE\WKHGLVWULFWFRXUW¶VJUDQWLQJRIRSHQHQGHGHQGV
RIMXVWLFHFRQWLQXDQFHV
%)LIWK$PHQGPHQW&ODLP
'XULQJWKHJRYHUQPHQW¶VLQYHVWLJDWLRQRIWKHFRQVSLUDF\LQ
DQ ,56 LQYHVWLJDWRU GXULQJ DQ LQWHUYLHZ UHDG WKH
6WHZDUWV WKHLU 0LUDQGD ULJKWV 7KHUHDIWHU DQ DWWRUQH\
DOOHJHGO\DGYLVHGWKHPQRWWRILOHLQFRPHWD[UHWXUQVEHFDXVH
GRLQJVRZRXOGFRQVWLWXWHWKHPDNLQJRIVHOILQFULPLQDWLQJ
VWDWHPHQWV7KH6WHZDUWVDUJXHWKDWWKHLU)LIWK$PHQGPHQW
ULJKWWRUHPDLQVLOHQWZDVYLRODWHGEHFDXVHWKHLUIDLOXUHVWR
ILOHWD[UHWXUQVZHUHFKDUJHGDVRYHUWDFWVLQWKHLQGLFWPHQW
DQGDGGLWLRQDOO\WKHIDLOXUHWRILOHWKHUHWXUQVZDVLQWURGXFHG
DWWULDODVHYLGHQFHRIWKHLUZLOOIXOQHVVLQHYDGLQJWD[HV
$WD[SD\HUFODLPLQJD)LIWK$PHQGPHQWSULYLOHJHDJDLQVW
WKHILOLQJRIDWD[UHWXUQPXVWVSHFLILFDOO\FODLPWKHSULYLOHJH
³LQUHVSRQVHWRSDUWLFXODUTXHVWLRQVQRWPHUHO\LQDEODQNHW
UHIXVDOWRIXUQLVKDQ\LQIRUPDWLRQ´8QLWHG6WDWHVY6DXVV\
)G WK&LU TXRWLQJ8QLWHG6WDWHVY
-RKQVRQ )G WK &LU )XUWKHU
³WD[SD\HUV FDQQRW DVVHUW D YLRODWLRQ RI WKHLU ULJKWV DJDLQVW
FRPSXOVRU\ VHOILQFULPLQDWLRQ ZKHQ WKH\ UHIXVH WR DQVZHU
TXHVWLRQV RQ D WD[ UHWXUQ IRU IHDU DXWKRULWLHV ZLOO GLVFRYHU
LOOHJDODFWLYLW\´8QLWHG6WDWHVY6WXUPDQ)G
1RV 8QLWHG6WDWHVY
6DELQRHWDO
([SODQDWRU\ QRWHV WR WKH DPHQGPHQW H[SODLQ WKDW WKH ODQJXDJH RI WKH
HQKDQFHPHQW IRU ³VRSKLVWLFDWHG PHDQV´ LQ WKH HGLWLRQ RI WKH
6HQWHQFLQJ *XLGHOLQHV LV ³HVVHQWLDOO\ HTXLYDOHQW´ WR WKH ODQJXDJH RI WKH
HQKDQFHPHQW IRU ³VRSKLVWLFDWHG HQKDQFHPHQW´ 866* 6XSSOHPHQW WR
$SSHQGL[ & $PHQGPHQW DW
7KHVRSKLVWLFDWHGFRQFHDOPHQWHQKDQFHPHQWLVDSSOLHGWR
DGHIHQGDQW³EDVHGRQWKHRYHUDOORIIHQVHFRQGXFWIRUZKLFK
WKHGHIHQGDQWLVDFFRXQWDEOH´DFFRUGLQJWRWKH³XVXDOUHOHYDQW
FRQGXFW UXOHV´ 866* 6XSSOHPHQW WR $SSHQGL[ &
$PHQGPHQWDW 7KHUHOHYDQWFRQGXFWJXLGHOLQH
SURYLGHVWKDW³>L@QWKHFDVHRIDMRLQWO\XQGHUWDNHQFULPLQDO
DFWLYLW\DOOUHDVRQDEO\IRUHVHHDEOHDFWVDQGRPLVVLRQVRI
RWKHUV LQ IXUWKHUDQFH RI WKH MRLQWO\ XQGHUWDNHQ FULPLQDO
DFWLYLW\´DUHXVHGWRVHWDGHIHQGDQW¶VRIIHQVHOHYHO866*
% D %
&RPSOH[VFKHPHVRIWD[HYDVLRQZDUUDQWLPSRVLWLRQRIWKH
VRSKLVWLFDWHGFRQFHDOPHQWHQKDQFHPHQW,Q8QLWHG6WDWHVY
0RUULV 1R :/ WK &LU -DQ
DSDQHORIWKLVFRXUWDIILUPHGWKHDSSOLFDWLRQRIWKH
³VRSKLVWLFDWHG PHDQV´ HQKDQFHPHQW WR WKH GHIHQGDQW¶V
RIIHQVHOHYHOQRWLQJWKHGHIHQGDQW¶VDFNQRZOHGJPHQWWKDWKH
XVHGWZRQRPLQHHWUXVWVWRFRQFHDOKLVLQFRPHDQGDVVHWV
7KHSDQHOVWDWHGWKDW³WKHXVHRIQRPLQHHWUXVWVFRQVWLWXWHVD
VRSKLVWLFDWHGPHDQVWRFRQFHDOWD[HYDVLRQRIIHQVHV´,GDW
HPSKDVLVDGGHG FLWLQJ8QLWHG6WDWHVY0LQQHPDQ
)G WK&LU
6LPLODUO\LQ8QLWHG6WDWHVY6SLQH1R:/
WK&LU0D\ DSDQHORIWKLVFRXUWDIILUPHG
WKHDSSOLFDWLRQRIWKH³VRSKLVWLFDWHGPHDQV´HQKDQFHPHQWWR
WKHRIIHQVHOHYHORIGHIHQGDQWVWDWLQJ
>7KHGHIHQGDQW@SUHSDUHGWKHIRUPVWRLQGLFDWHWKDW
>DFRUSRUDWLRQ¶V@LQFRPHZDVGLVWULEXWHGRIIVKRUHWRDQ
HQWLW\WKDWGLGQRWH[LVW+HDWWDFKHG6FKHGXOH&IRUPV
WKDWVKRXOGKDYHEHHQDWWDFKHGWRWKHIRUPVWRWKH
IRUPV +H ZDV D VLJQDWRU\ RQ RQH RI WKH WUXVW
-- 10 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
7KH SUHVHQWHQFH UHSRUW DQG WKH JRYHUQPHQW¶V EULHI KRZHYHU UHIHU
WR VRSKLVWLFDWHG PHDQV DQG WKH JRYHUQPHQW¶V EULHI FLWHV WR WKH
HGLWLRQ RI WKH *XLGHOLQHV PDQXDO LQ GLVFXVVLQJ WKLV LVVXH 7KH 6HQWHQFLQJ
*XLGHOLQHV ³LQ HIIHFW RQ WKH GDWH WKDW WKH GHIHQGDQW LV VHQWHQFHG´ DUH
DSSOLHG 866* % 7KHUHIRUH WKH HGLWLRQ RI WKH
6HQWHQFLQJ *XLGHOLQHV LV DSSOLFDEOH
LQSHUPLWWLQJWKH6WHZDUWVWRXVHKLVVLJQDWXUHVWDPSVHFXULQJ
SURSHUW\IRUWKH6WHZDUWVDQGFUHDWLQJDERJXVPRUWJDJHZHUH
HVVHQWLDOWRWKHRSHUDWLRQRIWKHFRQVSLUDF\7KHUHIRUHZH
ILQGWKDW6DELQR¶VDFWLRQVDVWUXVWHHZHUHLQGLVSHQVDEOHWRWKH
FRQVSLUDF\DQGWKHGLVWULFWFRXUW¶V UHGXFWLRQLQKLVRIIHQVH
OHYHOZDVFOHDUO\HUURQHRXV
6RSKLVWLFDWHG&RQFHDOPHQW(QKDQFHPHQW
WKH6WHZDUWVDQG6DELQR
7KHJRYHUQPHQWDUJXHVWKDWWKHGLVWULFWFRXUWVKRXOGKDYH
LQFUHDVHG WKH GHIHQGDQWV¶ RIIHQVH OHYHOV IRU XWLOL]LQJ
VRSKLVWLFDWHGPHDQVWRFRQFHDOWKHFRQVSLUDF\XQGHU866*
7 2Q DSSHDO WKH GLVWULFW FRXUW¶V GHWHUPLQDWLRQ
FRQFHUQLQJ WKH DSSOLFDELOLW\ RI WKLV JXLGHOLQH VHFWLRQ LV
UHYLHZHG IRU FOHDU HUURU 8QLWHG 6WDWHV Y .UDLJ )G
WK&LU +RZHYHUWKHDSSOLFDWLRQRIWKH
JXLGHOLQHWRDSDUWLFXODUVHWRIIDFWVLVUHYLHZHGGHQRYR6HH
8QLWHG6WDWHVY3LHUFH)G WK&LU
7KHHGLWLRQRIWKH6HQWHQFLQJ*XLGHOLQHVVWDWHV³>L@I
WKHRIIHQVHLQYROYHGVRSKLVWLFDWHGFRQFHDOPHQWLQFUHDVHE\
OHYHOV´866*7 E $SSOLFDWLRQQRWHVWDWHV
³μVRSKLVWLFDWHG FRQFHDOPHQW¶ PHDQV HVSHFLDOO\ FRPSOH[ RU
HVSHFLDOO\LQWULFDWHRIIHQVHFRQGXFWLQZKLFKGHOLEHUDWHVWHSV
DUHWDNHQWRPDNHWKHRIIHQVHRULWVH[WHQWGLIILFXOWWRGHWHFW
&RQGXFW VXFK DV KLGLQJ DVVHWV RU WUDQVDFWLRQV RU ERWK
WKURXJK WKH XVH RI ILFWLWLRXV HQWLWLHV FRUSRUDWH VKHOOV RU
RIIVKRUH EDQN DFFRXQWV RUGLQDULO\ LQGLFDWHV VRSKLVWLFDWHG
FRQFHDOPHQW´866*7FPW
1RV 8QLWHG6WDWHVY
6DELQRHWDO
7KH 6WHZDUWV UHO\ XSRQ WZR 1LQWK &LUFXLW FDVHV WR VXSSRUW WKHLU
DUJXPHQW WKDW DFWXDOO\ FRQWUDGLFW WKHLU SRVLWLRQ ,Q 8QLWHG 6WDWHV Y
7URHVFKHU )G WK &LU WKH FRXUW GHFOLQHG WR DGGUHVV WKH
FODLP ZH ³QHHG QRW FRQVLGHU KRZ RU LQ ZKDW PDQQHU WKH )LIWK
$PHQGPHQW PD\ EH LQYRNHG DV D GHIHQVH WR D SURVHFXWLRQ IRU IDLOXUH WR
ILOH WD[ UHWXUQV´ ,G DW Q FLWLQJ 6XOOLYDQ 86 DW
8QLWHG 6WDWHV Y 5HQGDKO )G WK &LU ,Q 5HQGDKO
WKH FRXUW H[SOLFLWO\ FRXQWHUHG WKH 6WHZDUWV¶ DUJXPHQW LQ WKH IROORZLQJ
GLVFXVVLRQ
,Q 8QLWHG 6WDWHV Y &DUOVRQ )G WK &LU WKH
GHIHQGDQW KDG ILOHG D IDOVH : IRUP FODLPLQJ QLQHW\QLQH
ZLWKKROGLQJ H[HPSWLRQV DQG WKHQ GLG QRW ILOH D UHWXUQ $V
GHIHQVH WR D FKDUJH RI ZLOOIXO IDLOXUH WR ILOH D UHWXUQ &DUOVRQ
FODLPHG WKDW ILOLQJ D UHWXUQ ZRXOG KDYH LQFULPLQDWHG KLP IRU
KDYLQJ SUHYLRXVO\ ILOHG WKH IDOVH ZLWKKROGLQJ IRUP 7KH FRXUW
IRXQG WKDW &DUOVRQ ZRXOG LQGHHG KDYH LQFULPLQDWHG KLPVHOI KDG
KH ILOHG D UHWXUQ )G DW 1HYHUWKHOHVV LW FRQFOXGHG
WK&LU FLWLQJ8QLWHG6WDWHVY6XOOLYDQ
86
7KHUHTXLUHPHQWRIILOLQJWD[UHWXUQVZDVQRWGLUHFWHGDWWKH
6WHZDUWVEHFDXVHWKH\ZHUHVXVSHFWHGRIFULPLQDODFWLYLWLHV
)XUWKHUWKH6WHZDUWVGLGQRWILOHDQ\UHWXUQVDQGWKXVGLGQRW
ORGJH DQ\ SDUWLFXODU REMHFWLRQV WR ILOLQJ WKH UHTXLVLWH
LQIRUPDWLRQ7KHUHIRUHWKH\DUHQRWSURWHFWHGE\WKH)LIWK
$PHQGPHQWSULYLOHJH7KH6WHZDUWVDUJXHKRZHYHUWKDWDQ\
WD[UHWXUQILOHGDIWHUWKH\ZHUHUHDGWKHLU0LUDQGDULJKWVLQ
E\DQ,56LQYHVWLJDWRUZRXOGKDYHFRQVWLWXWHGSRWHQWLDO
HYLGHQFH IRU D FULPLQDO SURVHFXWLRQ EHFDXVH WKH ,56 KDG
SODFHGD³IUHH]HFRGH´RQWKHLUDFFRXQWV$³IUHH]HFRGH´
KRZHYHUFRQVWLWXWHVQRWKLQJPRUHWKDQDQLQWHUQDODFWRIWKH
,56 6HH ,Q UH %XUURZ %5 %DQNU ' 8W
³:KHQWKH,56UHFHLYHGQRWLFHRIGHEWRUV¶ILOLQJLW
SODFHGZKDWLWFDOOVDμIUHH]HFRGH¶RUμEDQNUXSWF\FRGH¶RQ
GHEWRUV¶DFFRXQWLQWKH,56FRPSXWHUV\VWHP$IUHH]HFRGH
SUHYHQWVWKHILOLQJRIWD[OLHQVWKHDVVHVVPHQWRIWD[HVWKH
VHWRII RI WD[ RYHUSD\PHQWV DJDLQVW WD[ OLDELOLWLHV DQG WKH
LVVXDQFHRIWD[UHIXQGV´ 7KHUHIRUHWKHGLVWULFWFRXUWGLGQRW
HUULQUHMHFWLQJWKH6WHZDUWV¶FODLP
-- 11 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
WKDW &DUOVRQ KDG QRW YDOLGO\ LQYRNHG WKH SULYLOHJH 7KH FRXUW
QRWHG WKDW LQ FDVHV ZKHUH WKH SULYLOHJH LV LQYRNHG WR DYRLG
LQFULPLQDWLRQ IRU SDVW WD[ FULPHV WKH SULYLOHJH DJDLQVW
VHOILQFULPLQDWLRQ FRPHV LQ FRQIOLFW ZLWK WKH QHHG IRU SXEOLF
UHYHQXH FROOHFWLRQ E\ D SURFHVV QHFHVVDULO\ UHOLDQW RQ
VHOIUHSRUWLQJ )G DW ,Q VXFK FDVHV WKH FRXUW PXVW
EDODQFH WKHVH WZR LQWHUHVWV ,Q &DUOVRQ WKH FRXUW FRQFOXGHG WKDW
WKH SXEOLF LQWHUHVW LQ UDLVLQJ UHYHQXH RXWZHLJKHG &DUOVRQ V )LIWK
$PHQGPHQW LQWHUHVWV 7ZR IDFWRUV ZHUH VLJQLILFDQW LQ WKH
GHFLVLRQ )LUVW &DUOVRQ KDG XVHG WKH SULYLOHJH DV SDUW RI D
VFKHPH WR DYRLG SD\PHQW RI WD[HVKLV VXEPLVVLRQ RI D IDOVH :
IRUP ZDV FRQFHDOHG E\ KLV IDLOXUH WR ILOH D UHWXUQ ZKLFK DOVR
HQDEOHG KLP WR FRQFHDO KLV RYHUDOO WD[ OLDELOLWLHV 6HFRQG WKH
UHTXLUHPHQW RI ILOLQJ DQ DQQXDO WD[ UHWXUQ LV GLUHFWHG DW UHYHQXH
FROOHFWLRQ QRW FULPLQDO SURVHFXWLRQ WKH TXHVWLRQV LQ WKH UHWXUQ
DUH QHXWUDO DQG GLUHFWHG DW WKH SXEOLF DW ODUJH
5HGDKO )G DW FLWLQJ 6XOOLYDQ 86 DW
&6XPPDU\:LWQHVV7HVWLPRQ\
7KHJRYHUQPHQWFDOOHG(PLO\)UDQ[PDQ )UDQ[PDQ DQ
,56HPSOR\HHWRWHVWLI\DVDVXPPDU\ZLWQHVV7KH6WHZDUWV
DUJXH WKDW )UDQ[PDQ RIIHUHG LPSHUPLVVLEOH FUHGLELOLW\
GHWHUPLQDWLRQV DQG OHJDO FRQFOXVLRQV DQG WKDW LW ZDV SODLQ
HUURUIRUWKHGLVWULFWFRXUWWRDGPLW)UDQ[PDQ¶VWHVWLPRQ\DV
HYLGHQFH7KHUHIRUHWKH6WHZDUWVDUJXHWKDWWKLVFRXUWVKRXOG
UHPDQGWKHFDVHWRWKHGLVWULFWFRXUWZLWKLQVWUXFWLRQVWRVWULNH
)UDQ[PDQ¶VWHVWLPRQ\DQGGLVPLVVWKHFDVH$GLVWULFWFRXUW¶V
HYLGHQWLDU\UXOLQJVDUHUHYLHZHGIRUDQDEXVHRIGLVFUHWLRQ
6HH0RUDOHVY$PHULFDQ+RQGD0RWRU&RPSDQ\,QF
)G WK&LU
7HVWLPRQ\VXPPDUL]LQJHYLGHQFHLVDGPLVVLEOHLQLQFRPH
WD[SURVHFXWLRQV6WXUPDQ)GDW FLWLQJ8QLWHG
6WDWHVY/DWWXV)G WK&LU 6XFK
WHVWLPRQ\LVDGPLVVLEOHLQDFULPLQDOWULDO³ZKHQWKHMXGJH
FKDUJHV WKH MXU\ DV WR DOO WKH HOHPHQWV QHFHVVDU\ IRU
FRQYLFWLRQZKHUHWKHVXPPDU\LVLQWHQGHGWRDLGWKHMXU\LQ
1RV 8QLWHG6WDWHVY
6DELQRHWDO
WULDOWHVWLPRQ\VKRZHGWKDW6DELQRJDYHDEULHISUHVHQWDWLRQ
DW D 3&6 PHHWLQJ DWWHQGHG E\ 0UV 6WHZDUW 7KHUH ZDV
VXEVWDQWLDO HYLGHQFH IRU WKH MXU\ WR FRQFOXGH WKDW 6DELQR
ZLOOIXOO\SDUWLFLSDWHGLQWKHFRQVSLUDF\
*6HQWHQFLQJ'HWHUPLQDWLRQV
0LQRU5ROH5HGXFWLRQ6DELQR
7KH JRYHUQPHQW DUJXHV WKDW WKH GLVWULFW FRXUW HUUHG LQ
JUDQWLQJ6DELQRDUHGXFWLRQLQKLVRIIHQVHOHYHOIRUVHUYLQJDV
D PLQRU SDUWLFLSDQW LQ WKH FRQVSLUDF\ 7KH 6HQWHQFLQJ
*XLGHOLQHVSURYLGHWKDWDVHQWHQFLQJFRXUWVKRXOGGHFUHDVHDQ
RIIHQVHOHYHOE\OHYHOVLIDGHIHQGDQWLVDPLQRUSDUWLFLSDQW
LQDFULPLQDORIIHQVH866*% 7KHGLVWULFW
FRXUW¶VUHGXFWLRQRIDQRIIHQVHOHYHOXQGHUWKLVJXLGHOLQHLV
UHYLHZHGIRUFOHDU HUURU6HH8QLWHG6WDWHVY/DWRXI
)G WK&LU FLWLQJ8QLWHG6WDWHVY0LOOHU
)G WK&LU 7KHGHIHQGDQWEHDUVWKH
EXUGHQ RI SURRI LQ HVWDEOLVKLQJ KLV HQWLWOHPHQW WR WKH
UHGXFWLRQ6HHLG³μ$QDGMXVWPHQWLVQRWDSSURSULDWHLQWKH
DEVHQFHRIDILQGLQJWKDWWKHGHIHQGDQWZDVμVXEVWDQWLDOO\OHVV
FXOSDEOH WKDQ WKH DYHUDJH SDUWLFLSDQW¶ LQ WKH FULPLQDO
HQWHUSULVH¶´ ,G TXRWLQJ 0LOOHU )G DW ³$
GHIHQGDQWZKRVHSDUWLFLSDWLRQLVLQGLVSHQVDEOHWRWKHFDUU\LQJ
RXWRIWKHSODQLVQRWHQWLWOHGWRDUROHUHGXFWLRQ´,G FLWDWLRQ
RPLWWHG
7KHJRYHUQPHQWOLVWVVHYHUDODFWVRI6DELQRWKDWLWVXEPLWV
FRPSULVHG PRUH WKDQ D PLQRU UROH LQ WKH FRQVSLUDF\
VSHFLILFDOO\KLVFRQGXFWLQVHUYLQJDVDWUXVWHHIRUVHYHUDORI
WKH WUXVWV VLJQLQJ RU KDYLQJ KLV VLJQDWXUH VWDPSHG RQ D
FRQWUDFW IRU WKH SXUFKDVH RI SURSHUW\ RQ EHKDOI RI WKH
6WHZDUWV KDYLQJ KLV VLJQDWXUH VWDPSHG RQ D WUXVW EDQNLQJ
DFFRXQWWKDWEHQHILWWHGWKH6WHZDUWVDQGSDUWLFLSDWLQJLQWKH
SODFHPHQWRIDERJXVPRUWJDJHRQWKH6WHZDUWV¶UHVLGHQFH
6DELQRDUJXHVWKDWKHFRQWULEXWHGQRVSHFLDONQRZOHGJHRU
VNLOOVWKDWZHUHHVVHQWLDOWRWKHFRPSOHWLRQRIWKHFRQVSLUDF\
+RZHYHU6DELQR¶VZLOOIXOFRQGXFWDVDWUXVWHHRIWKHWUXVWV
-- 12 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
DOOHJHGDQG VXFKRYHUWDFWZDVNQRZLQJO\GRQH
LQ IXUWKHUDQFH RI VRPH REMHFW RU SXUSRVH RI WKH
FRQVSLUDF\DVFKDUJHG´
.UDLJ)GDW FLWLQJ8QLWHG6WDWHVY6WXUPDQ
)G WK&LU $OWKRXJKLVEURDGO\
FRQVWUXHG ³>L@W LV IXQGDPHQWDO WKDW D FRQYLFWLRQ IRU
FRQVSLUDF\XQGHU86&FDQQRWEHVXVWDLQHGXQOHVV
WKHUHLV SURRIRIDQDJUHHPHQWWRFRPPLWDQRIIHQVHDJDLQVW
WKH8QLWHG6WDWHV¶´8QLWHG6WDWHVY&ROOLQV)G
WK&LU TXRWLQJ,QJUDPY8QLWHG6WDWHV
86 ³>7@KHJRYHUQPHQWQHHGQRWSURYH
DIRUPDODJUHHPHQWDWDFLWRUPXWXDOXQGHUVWDQGLQJWRHQJDJH
LQDFRPPRQSODQLVVXIILFLHQW´,G FLWLQJ8QLWHG6WDWHVY
(OO]H\)G WK&LU )XUWKHU³>W@KH
DJUHHPHQWPD\EHLQIHUUHGIURPWKHDFWVGRQHLQIXUWKHUDQFH
RIWKHFRQVSLUDF\´8QLWHG6WDWHVY+LWRZ)G
WK &LU 2QFH WKH JRYHUQPHQW SURYHV WKDW D
FRQVSLUDF\ H[LVWHG WKH GHIHQGDQW V ³FRQQHFWLRQ WR WKH
FRQVSLUDF\PXVWEHVKRZQEH\RQGDUHDVRQDEOHGRXEWEXWWKH
LPSRUWDQFH RI WKH FRQQHFWLRQ QHHG QRW EH JUHDW´ 8QLWHG
6WDWHVY%HWDQFRXUW)G WK&LU
7KHJRYHUQPHQWPXVWVKRZWKDWWKHFRQVSLUDWRUVLQWHQGHG
WRLPSDLUWKHIXQFWLRQVRIWKH,56:KLOHWKHJRYHUQPHQW
QHHG QRW ³SURYH WKDW WKH FRQVSLUDWRUV ZHUH DZDUH RI WKH
FULPLQDOLW\RIWKHLUREMHFWLYH´LWPXVW³VKRZWKDWWKH\NQHZ
RIWKHOLDELOLW\IRUIHGHUDOWD[HV´&ROOLQV)GDW
7KHUHZDVDPSOHHYLGHQFHDWWULDOWRVXVWDLQWKHFRQYLFWLRQ
RI 6DELQR IRU FRQVSLUDF\ 7KH 6WHZDUWV ZHUH WKH SULPDU\
SOD\HUV LQ WKH WD[ HYDVLRQ VFKHPH <HW 6DELQR VHUYHG DV
WUXVWHHIRUVRPHRIWKHWUXVWVDQGLQKLVFDSDFLW\IDFLOLWDWHG
WUDQVIHUVRIWKH6WHZDUWV¶LQWHUHVWVWRWKHWUXVWV+LVVLJQDWXUH
DXWKRUL]HGWKHSD\PHQWRIWKH6WHZDUWV¶OLYLQJH[SHQVHVDQG
PRUWJDJHVDQGKHDFWHGDVWKH³PDQDJHU´IRU'DQFRDOWKRXJK
KHGLGQRWKDYHDQ\VXEVWDQWLYHUHVSRQVLELOLWLHV6DELQRDOVR
WHVWLILHG IDOVHO\ WR WKH JUDQG MXU\ FRQFHUQLQJ YDULRXV
WUDQVDFWLRQVFRQGXFWHGRQEHKDOIRIWKHWUXVWV,QDGGLWLRQ
1RV 8QLWHG6WDWHVY
6DELQRHWDO
RUJDQL]LQJSURRIDQGZKHUHWKHVXPPDU\LVQRWLQIODPPDWRU\
RUSUHMXGLFLDOO\ZRUGHG´,G
:KLOHDVXPPDU\ZLWQHVVPD\JLYHDQRSLQLRQWKDW³HYHQWV
DVVXPHG LQ >D@ TXHVWLRQ ZRXOG WULJJHU WD[ OLDELOLW\>@´ RU
³ZKHWKHUSDUWLFXODUSD\PHQWVXQGHUDVVXPHGFLUFXPVWDQFHV
ZRXOGEHWD[DEOH´KHRUVKHPD\QRWJLYHDOHJDORSLQLRQWKDW
QHFHVVDULO\GHWHUPLQHVWKHJXLOWRIDGHIHQGDQWRULQVWUXFWVWKH
MXU\RQFRQWUROOLQJOHJDOSULQFLSOHV8QLWHG6WDWHVY0RQXV
)G WK&LU 7KHUHIRUHLQDWD[FDVH
WKHVXPPDU\ZLWQHVVLVDOORZHGWR³VXPPDUL]HDQGDQDO\]H
WKHIDFWVLQGLFDWLQJZLOOIXOWD[HYDVLRQVRORQJDV>VKHGRHV@
QRWμGLUHFWO\HPEUDFHWKHXOWLPDWHTXHVWLRQRIZKHWKHU>WKH
GHIHQGDQWV@ GLG LQ IDFW LQWHQG WR HYDGH LQFRPH WD[HV¶´
8QLWHG 6WDWHV Y 0RRUH )G WK &LU
TXRWLQJ8QLWHG6WDWHVY'RWVRQ)G WK
&LU
7KH WHVWLPRQ\ RI D VXPPDU\ ZLWQHVV ³VKRXOG EH
DFFRPSDQLHGE\DOLPLWLQJLQVWUXFWLRQZKLFKLQIRUPVWKHMXU\
RIWKHVXPPDU\¶VSXUSRVHDQGWKDW>WKHVXPPDU\LWVHOI@GRHV
QRWFRQVWLWXWHHYLGHQFH´8QLWHG6WDWHVY3DXOLQR)G
WK&LU ,Q3DXOLQRDSDQHORIWKLVFRXUW
KHOG WKH WHVWLPRQ\ RI D QRQH[SHUW VXPPDU\ ZLWQHVV
DGPLVVLEOHXQGHU)(' 5 (9,' D EHFDXVHWKHGLVWULFW
FRXUWJDYHDOLPLWLQJLQVWUXFWLRQDQGWKHGHIHQVHKDGDIXOO
RSSRUWXQLW\WRFURVVH[DPLQHWKHZLWQHVV,G
7KH GLVWULFW FRXUW LQVWUXFWHG WR WKH MXU\ UHJDUGLQJ
)UDQ[PDQ¶VWHVWLPRQ\DVIROORZV
7KLVLVDQRSLQLRQZLWQHVV:KHWKHUVKHZLOOEHDEOHWR
JLYHDQRSLQLRQRQDFHUWDLQVXEMHFWZLOOGHSHQGXSRQ
ZKDWWKHVXEMHFWLV6KHLVQRWDQH[SHUW7KHUHDUHQR
H[SHUWVLQWKLVFRXUW6KHLVDQRSLQLRQZLWQHVV$QG
WKDW¶VDOOVKHZLOOEHDEOHWRKHOSXVZLWK
-- 13 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
7KHUHLVDOHJDOGHILQLWLRQRIQHWZRUWKWKDWWKH&RXUWZLOO
JLYH\RX+RZHYHUDWWKLVWLPHWKHZLWQHVVLVJLYLQJWKH
EDVLV RI KHU RSLQLRQ IRU \RX WR DQDO\]H DQG IRU WKDW
SXUSRVHVKHKDVVWDWHGZKDWVKHEHOLHYHVQHWZRUWKWREH
7KHGHILQLWLRQWKHOHJDOGHILQLWLRQRIQHWZRUWKZLOOEH
JLYHQWR\RXDWDVXEVHTXHQWWLPHLQWKHSURFHHGLQJV
>7@KHUHZLOOEHFHUWDLQVXPPDULHVWHVWLILHGWRLQWKHQH[W
VHYHUDO KRXUV 7KHVH VXPPDULHV ZHUH SUHSDUHG E\ D
ZLWQHVV DQG DUH VXEPLWWHG WR \RX IRU WKH SXUSRVH RI
H[SODLQLQJ IDFWV GLVFORVHG E\ WHVWLPRQ\ DQG RWKHU
GRFXPHQWVZKLFKDUHOHJDOHYLGHQFHLQWKHFDVH6XFK
VXPPDULHV DUH QRW LQ DQG RI WKHPVHOYHV SURRI RI DQ\
IDFWV,IVXFKVXPPDULHVGRQRWFRUUHFWO\UHIOHFWIDFWVRU
ILJXUHVVKRZQE\WKHOHJDOHYLGHQFHLQWKHFDVHWKHQ\RX
PD\GLVUHJDUGWKHPHQWLUHO\7KH\DUHVLPSO\WRDVVLVW
\RX LQ VXPPDUL]LQJ ZKDW WKH ZLWQHVV EHOLHYHV WKH
HYLGHQFHWREH
7KHVHLQVWUXFWLRQVLQFOXGHGWKHDSSURSULDWHOLPLWDWLRQVE\
WKHFRXUWDQGGLGQRWSUHVHQWDQ\LPSURSHUGLUHFWLRQ)XUWKHU
XVHRI)UDQ[PDQDVDVXPPDU\ZLWQHVVZDVQRWHUURUEHFDXVH
WKHGHIHQGDQWVFURVVH[DPLQHGKHUH[WHQVLYHO\)UDQ[PDQ
DQDO\]HGWKHPXOWLWXGHRIGRFXPHQWVDQGWHVWLPRQ\DGPLWWHG
LQWRHYLGHQFHDQGSURSHUO\WHVWLILHGDVWRWKHJRYHUQPHQW¶V
FDOFXODWLRQRIWD[GXHIURPWKH6WHZDUWV6HH8QLWHG6WDWHVY
0RKQH\)G WK&LU 6KHGLGQRW
UHQGHUDQRSLQLRQFRQFHUQLQJWKHJXLOWRIWKHGHIHQGDQWVVKH
VLPSO\FDOFXODWHGWKHWD[HVWKDWWKH6WHZDUWVRZHGEDVHGRQ
WKHHYLGHQFHDWWULDO
7KH 6WHZDUWV DOVR REMHFWHG WR SDUWV RI )UDQ[PDQ¶V
WHVWLPRQ\ )LUVW WKH 6WHZDUWV DUJXH WKDW VKH LPSURSHUO\
WUHDWHG D SURPLVVRU\ QRWH IURP 'DQFR WR 0UV 6WHZDUW¶V
PRWKHUDVDSHUVRQDODVVHWRI0UV6WHZDUWDQGVHFRQGVKH
DVVLJQHGRZQHUVKLSWRWKH6WHZDUWVRISURSHUW\WLWOHGLQRWKHU
SHUVRQV¶QDPHV)UDQ[PDQKRZHYHUPHUHO\DFFRUGHGWKHVH
DVVHWV WKH WUHDWPHQW WKDW WKH HYLGHQFH GHPRQVWUDWHG WKH\
1RV 8QLWHG6WDWHVY
6DELQRHWDO
JRYHUQPHQW LPSURSHUO\ LQFOXGHG 'DQFR¶V ORDQ WR
0UV6WHZDUW¶VPRWKHUDVDQDVVHWEXWDVPHQWLRQHGDERYH
RQHPD\SURSHUO\GLVUHJDUGWKLVDUJXPHQWEHFDXVHHYLGHQFH
UHYHDOHG WKDW WKH PRWKHU UHSD\HG WKH ORDQ WR 0UV 6WHZDUW
UDWKHUWKDQWR'DQFR$FFRUGLQJO\WKH6WHZDUWV¶DUJXPHQWV
UHJDUGLQJQHWZRUWKDUHPHULWOHVV
),QVXIILFLHQW(YLGHQFHRI&RQVSLUDF\&RXQW
6DELQR DUJXHV WKDW KLV FRQYLFWLRQ VKRXOG EH UHYHUVHG
EHFDXVHWKHUHZDVLQVXIILFLHQWHYLGHQFHWRILQGKLPJXLOW\RQ
WKHFRQVSLUDF\FRXQW,QSDUWLFXODU6DELQRDUJXHVWKDWWKHUH
ZDVQRHYLGHQFHWKDWKHSHUSHWUDWHGDQ\GHFHLWIXORUGLVKRQHVW
DFWV WKDW KH FRQVSLUHG ZLWK RWKHU SHUVRQV ZKR FRPPLWWHG
GHFHLWIXORUGLVKRQHVWDFWVRUWKDWKHKDGNQRZOHGJHRIWD[
ODZV SHUWDLQLQJ WR WKH WUXVWV IRU ZKLFK KH ZDV WUXVWHH
³(YLGHQFHLVVXIILFLHQWWRXSKROGDMXU\FRQYLFWLRQLIDIWHU
YLHZLQJ WKH HYLGHQFH LQ WKH OLJKW PRVW IDYRUDEOH WR WKH
JRYHUQPHQWDQGGUDZLQJDOOLQIHUHQFHVLQWKHJRYHUQPHQW¶V
IDYRUDUHDVRQDEOHMXURUFRXOGILQGWKDWHDFKHOHPHQWRIWKH
RIIHQVH KDV EHHQ HVWDEOLVKHG EH\RQG D UHDVRQDEOH GRXEW´
8QLWHG6WDWHVY.UDLJ)G WK&LU
FLWLQJ8QLWHG6WDWHVY7D\ORU)G WK&LU
6DELQR ZDV FRQYLFWHG RI FRQVSLULQJ WR GHIUDXG WKH ,56
XQGHU86&$FFRUGLQJWR³>L@IWZRRUPRUH
SHUVRQV FRQVSLUH WR GHIUDXG WKH 8QLWHG 6WDWHV RU DQ\
DJHQF\WKHUHRILQDQ\PDQQHURUIRUDQ\SXUSRVHDQGRQHRU
PRUHRIVXFKSHUVRQVGRDQ\DFWWRHIIHFWWKHREMHFWRIWKH
FRQVSLUDF\HDFKVKDOOEHILQHG´86&7KH
HOHPHQWVRIDFRQVSLUDF\DUH
³ WKH FRQVSLUDF\ GHVFULEHG LQ WKH LQGLFWPHQW ZDV
ZLOIXOO\IRUPHGDQGZDVH[LVWLQJDWRUDERXWWKHWLPH
DOOHJHG WKHDFFXVHGZLOOIXOO\EHFDPHDPHPEHU
RI WKH FRQVSLUDF\ RQH RI WKH FRQVSLUDWRUV
WKHUHDIWHU NQRZLQJO\ FRPPLWWHG DW OHDVW RQH RYHUW DFW
FKDUJHGLQWKHLQGLFWPHQWDWRUDERXWWKHWLPHDQGSODFH
-- 14 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
DFFRXQWLQJIRUFDVKLQWKHRSHQLQJQHWZRUWKFRPSXWDWLRQ´
*LDFDORQH)GDW7KHUHIRUHWKHHVWDEOLVKPHQWRI
UHTXLVLWHSURRISHUPLWVWKH³XVHRIGDVKHV´WRUHSUHVHQW³FDVK´
IRUFRQWHVWHG\HDUVVXFKV\PEROLFGHQRPLQDWLRQV³>GR@QRW
LQYDOLGDWHWKHQHWZRUWKVWDWHPHQW´,GDW
)UDQ[PDQSUHVHQWHGWKH6WHZDUWV¶FDVKDVVHWVDVDGDVKDQG
WKXVFRQVWDQWIRUWKHFRQWHVWHG\HDUV6KHUHOLHGXSRQYDULRXV
IDFWRUVWRFRQFOXGHWKDWWKH6WHZDUWVGLGQRWKDYHDFDVKKRDUG
DW WKH FORVH RI LQFOXGLQJ HYLGHQFH RI ORDQV RI
DQG LQ DQG
UHVSHFWLYHO\WKDWVXJJHVWWKHODFNRIDFDVKKRDUG HYLGHQFH
WKDWFKHFNVZULWWHQRQSHUVRQDODFFRXQWVGLGQRWUHYHDOWKH
SXUFKDVH RI DQ\ LQFRPHSURGXFLQJ DVVHWV RU LQYHVWPHQWV
DQGWKHODFNRIHYLGHQFHWRVXSSRUWWKDWWKH6WHZDUWVKDGD
KLVWRU\ RI HQJDJLQJ LQ ODUJH FDVK WUDQVDFWLRQV 2Q FURVV
H[DPLQDWLRQ0U6WHZDUW¶VDWWRUQH\VXJJHVWHGWKHH[LVWHQFH
RI FDVK LWHPV WRWDOLQJ EXW WKH 6WHZDUWV
DFNQRZOHGJHG LQ WKHLU EULHI RQ DSSHDO WKDW WKH\ FRXOG QRW
SURYLGH DQ\ OHDGV IRU WKH LWHPV ,Q DQ\ HYHQW )UDQ[PDQ
SURSHUO\GLVSRVHGRIWKHVHVXJJHVWLRQV
7KH 6WHZDUWV DOVR FODLPHG DGGLWLRQDO HUURUV LQ WKH
JRYHUQPHQW¶VQHWZRUWKFDOFXODWLRQVSHFLILFDOO\GLUHFWLQJWKLV
FRXUW WR VHYHUDO PLVVHG DVVHWV LQ KRXVHKROG
IXUQLWXUH WKH YDOXH RI D OLIH LQVXUDQFH
SROLF\DQGLQORDQVWKH6WHZDUWVDOOHJHGO\PDGHWR
'DQFR$VVHWIRUWKE\WKHJRYHUQPHQWWKRXJKWKHUHZDVQR
HYLGHQFHWKDWWKH6WHZDUWVGLVSRVHGRIWKHIXUQLWXUHGXULQJWKH
FRQWHVWHG \HDUV VR LWV YDOXH UHPDLQHG FRQVWDQW GXULQJ WKH
SHULRG7KH6WHZDUWVFODLPWKDWWKHIXUQLWXUHFRQVWLWXWHGDQ
DVVHWEHFDXVHLQVXUDQFHSURFHHGVFRYHUHGGHVWUXFWLRQRIWKH
IXUQLWXUHGXULQJDILUHEXWWKHHYLGHQFHVKRZHGWKDWSURFHHGV
IURP WKH LQVXUDQFH VHWWOHPHQW FKHFN SULPDULO\ ZHQW WR D
FRQWUDFWRUWRFOHDQVPRNHGDPDJHQRWWREX\QHZIXUQLWXUH
7KH6WHZDUWVGLGQRWHOLFLWDQ\HYLGHQFHWKDWWKH\GLVSRVHGRI
WKHOLIHLQVXUDQFHSROLF\RUERUURZHGDJDLQVWLWDQGWKH\GLG
QRW GHPRQVWUDWH WKDW WKHLU ORDQV WR 'DQFR ZHUH UHSDLG RU
EHFDPH ZRUWKOHVV 7KH 6WHZDUWV DOVR DUJXHG WKDW WKH
1RV 8QLWHG6WDWHVY
6DELQRHWDO
GHVHUYHG:LWKUHVSHFWWRWKHSURPLVVRU\QRWHWULDOWHVWLPRQ\
VKRZHGWKDW0UV6WHZDUW¶VPRWKHUUHSDLGWKHORDQWR0UV
6WHZDUWUDWKHUWKDQ'DQFR/LNHZLVHWKHHYLGHQFHVXSSRUWHG
)UDQ[PDQ¶VVWDWHPHQWIRUWD[FDOFXODWLRQSXUSRVHVWKDWWKH
6WHZDUWV WUXO\ RZQHG DVVHWV WLWOHG LQ WKH WUXVWV DQG RWKHU
SHUVRQV
)LQDOO\ WKH 6WHZDUWV DOVR DUJXH WKDW )UDQ[PDQ LJQRUHG
HYLGHQFHWKDWDVDPDWWHURI2KLRFRUSRUDWHODZ'DQFRKDG
EHHQ GLVVROYHG LQ )UDQ[PDQ SDUWLDOO\ UHOLHG XSRQ
'DQFRWUDQVDFWLRQVPDGHXQGHUWKHDXVSLFHVRIWKHWUXVWVWR
GHWHUPLQH 'DQFR¶V WD[ OLDELOLW\ (VVHQWLDOO\ WKH 6WHZDUWV
FRQWHQGWKDWWKLVWHVWLPRQ\ZDVLPSURSHUEHFDXVH'DQFRGLG
QRWH[LVWDVDPDWWHURI2KLRVWDWHODZ
$WUXVWKDYLQJWKHDWWULEXWHVRIDFRUSRUDWLRQZLOOEHWUHDWHG
IRUIHGHUDOLQFRPHWD[SXUSRVHVDVDQDVVRFLDWLRQDQGWKXV
FRJQL]DEOHDVDWD[DEOHHQWLW\³7KHIDFWWKDWXQGHUVWDWHODZ
RUJDQL]DWLRQVDUHQRWOHJDOHQWLWLHV´LVQRWFRQWUROOLQJLQ
GHWHUPLQLQJZKHWKHUWKH\FRQVWLWXWHGDQDVVRFLDWLRQWD[DEOH
DV D FRUSRUDWLRQ &RPPLVVLRQHU RI ,QWHUQDO 5HYHQXH Y
)RUWQH\2LO&R)G WK&LU FLWLQJ
%XUN:DJJRQHU 2LO $VV¶Q Y +RSNLQV 86
³7KHFRUHWHVWRIFRUSRUDWHH[LVWHQFHIRUSXUSRVHVRI
IHGHUDOLQFRPHWD[DWLRQLVDOZD\VDPDWWHURIIHGHUDOODZ´
8QLWHG6WDWHVY0F'RQDOG (LGH,QF)G UG
&LU 7KH6WHZDUWV¶FRQWHQWLRQVUHJDUGLQJWKHWUHDWPHQW
RI 'DQFR DUH PHULWOHVV 7KH H[LVWHQFH RI 'DQFR DV DQ
DVVRFLDWLRQWD[DEOHDVDFRUSRUDWLRQIRUIHGHUDOWD[SXUSRVHV
GLGQRWGHSHQGXSRQLWVVWDWXVXQGHU2KLRODZ
'-XU\,QVWUXFWLRQV
,QWKHLUIRXUWKDVVLJQPHQWRIHUURUWKH6WHZDUWVDUJXHWKDW
WKHGLVWULFWFRXUWLPSURSHUO\LQVWUXFWHGWKHMXU\E\IDLOLQJWR
LQFOXGHWKH6WHZDUW¶VSURIIHUHGLQVWUXFWLRQWKDW'DQFRZDV
GLVVROYHG DQG E\ DGPLQLVWHULQJ D FRQIXVLQJ LQVWUXFWLRQ
UHJDUGLQJ RSLQLRQ ZLWQHVVHV 7KH 6WHZDUWV DUJXH WKDW WKH
GLVWULFWFRXUW¶VUHIXVDOWRJLYHWKHLUSURIIHUHGLQVWUXFWLRQDQG
-- 15 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
WKH RYHUDOO FRQIXVLRQ RI WKH MXU\ LQVWUXFWLRQV FRQVWLWXWHG
UHYHUVLEOHHUURU>7KHFRXUW@UHYLHZ>V@MXU\LQVWUXFWLRQVDVD
ZKROH WR GHWHUPLQH ZKHWKHU WKH\ IDLUO\ DQG DGHTXDWHO\
VXEPLWWHGWKHLVVXHVDQGDSSOLFDEOHODZWRWKHMXU\8QLWHG
6WDWHVY:LOOLDPV)G WK&LU $
MXGJPHQW ZLOO EH UHYHUVHG ³EDVHG XSRQ DQ LPSURSHU MXU\
LQVWUXFWLRQμRQO\LIWKHLQVWUXFWLRQVYLHZHGDVDZKROHZHUH
FRQIXVLQJ PLVOHDGLQJ RU SUHMXGLFLDO¶´ 8QLWHG 6WDWHV Y
%HDW\)G WK&LU
7KH 6WHZDUWV DUJXH WKDW WKH GLVWULFW FRXUW LPSURSHUO\
UHIXVHG WR LQVWUXFW WKH MXU\ WKDW 'DQFR ZDV GLVVROYHG DV D
PDWWHU RI ODZ 7KH 6WHZDUWV SURIIHUHG WKH IROORZLQJ
LQVWUXFWLRQ DQG LWV UDWLRQDOH WR WKH GLVWULFW FRXUW ³>$@V D
PDWWHURIODZWKDWWKHFRUSRUDWLRQZDVGLVVROYHG%HFDXVH
FRUSRUDWLRQV DUH FUHDWHG E\ DV WKH\¶UH ILFWLWLRXV HQWLWLHV
FUHDWHGE\WKHVWDWHDQGXOWLPDWHO\GLVVROYHGE\WKHVWDWHDQG
ZHVXUHKDYHWKRVHGLVVROXWLRQSDSHUVLQWKHUHFRUGZLWKRXW
DQ\LQGLFDWLRQRIDQ\WKLQJWKDWZRXOGUHQGHUWKRVHGLVVROXWLRQ
SDSHUVLQYDOLG´
$VVWDWHGLQ:LOOLDPV³>D@UHIXVDOWRGHOLYHUDUHTXHVWHG
LQVWUXFWLRQLVUHYHUVLEOHRQO\LIWKDWLQVWUXFWLRQLV DFRUUHFW
VWDWHPHQW RI WKH ODZ QRW VXEVWDQWLDOO\ FRYHUHG E\ WKH
FKDUJHDFWXDOO\GHOLYHUHGWRWKHMXU\DQG FRQFHUQVDSRLQW
VRLPSRUWDQWLQWKHWULDOWKDWWKHIDLOXUHWRJLYHLWVXEVWDQWLDOO\
LPSDLUV WKH GHIHQGDQW V GHIHQVH´ )G DW 7KH
6WHZDUWV¶SURIIHUHGLQVWUXFWLRQZDVZURQJ:KHWKHUWKHWUXVWV
VKRXOG EH WD[HG DV D FRUSRUDWLRQ ZDV QRW FRQWLQJHQW RQ
ZKHWKHU'DQFRZDVGLVVROYHGXQGHU2KLRODZ5DWKHULWZDV
D TXHVWLRQ RI IDFW ZKHWKHU 'DQFR DQG WKH UHOHYDQW WUXVWV
VKRXOG EH WUHDWHG DV D FRUSRUDWLRQ IRU WD[ SXUSRVHV 7KH
SURIIHUHGLQVWUXFWLRQHUURQHRXVO\VWDWHGWKDWWKLV LVVXHZDV
UHVROYHGDVDPDWWHURI2KLRODZ
1RV 8QLWHG6WDWHVY
6DELQRHWDO
FRXUWVPXVWFORVHO\VFUXWLQL]HLWVXVH´+ROODQG86DW
7KXV RSHQLQJ QHW ZRUWK PXVW EH HVWDEOLVKHG ZLWK
³UHDVRQDEOHFHUWDLQW\´,GDW³$VDQDGGHGPHDVXUHRI
SURWHFWLRQWKHJRYHUQPHQWLVUHTXLUHGWRGHPRQVWUDWHWKDWLW
KDVLQYHVWLJDWHGWKHH[LVWHQFHRIVRXUFHVRIQHWZRUWKRWKHU
WKDQ XQUHSRUWHG WD[DEOH LQFRPH´ *LDFDORQH )G DW
)DLOXUHWRLQYHVWLJDWHOHDGVIXUQLVKHGE\WKHWD[SD\HU
PD\UHVXOWLQ³VHULRXVLQMXVWLFH´+ROODQG86DW
DQGWKXVWKH³FRJHQF\RI>WKHJRYHUQPHQW¶V@SURRIGHSHQGV
XSRQLWVHIIHFWLYHQHJDWLRQRIUHDVRQDEOHH[SODQDWLRQVE\WKH
WD[SD\HULQFRQVLVWHQWZLWKJXLOW´,G³+RZHYHUZKHUHWKH
JRYHUQPHQWSURYHVDVRXUFHRIWD[DEOHLQFRPHLWQHHGQRW
QHJDWHDOOWKHSRVVLEOHQRQWD[DEOHVRXUFHVRIWKHDOOHJHGQHW
ZRUWKLQFUHDVHVVXFKDVJLIWVORDQVDQGLQKHULWDQFHV3URRI
RIDVRXUFHRIWD[DEOHLQFRPHFDUULHVZLWKLWWKHQHJDWLRQRI
XQWD[DEOHLQFRPH´8QLWHG6WDWHVY%HQFV)G
WK&LU
7KH 6WHZDUWV DUJXH WKDW WKH JRYHUQPHQW LPSURSHUO\
FDOFXODWHGWKHLUQHWZRUWKEHFDXVHLWIDLOHGWRWUHDWWKHDVVHWV
RI'DQFRDVWKRVHRIDVROHSURSULHWRUVKLS7KHGLVFXVVLRQ
DERYHUHJDUGLQJ'DQFR¶VVWDWXVDVDGLVVROYHGFRUSRUDWLRQ
SDUWLFXODUO\ZLWKUHVSHFWWRIHGHUDOWD[ODZGLVSRVHVRIWKLV
DUJXPHQW
1H[W WKH 6WHZDUWV DUJXH WKDW WKH JRYHUQPHQW IDLOHG WR
HVWDEOLVK RSHQLQJ FDVK RQ KDQG ZLWK UHDVRQDEOH FHUWDLQW\
EHFDXVHLWIDLOHGWRLQYHVWLJDWHOHDGVSURYLGHGE\WKHP³$
GHIHQVH RIWHQ DVVHUWHG LQ QHW ZRUWK FDVHV LV WKDW WKH
JRYHUQPHQW¶VRSHQLQJQHWZRUWKLVQRWDFFXUDWHEHFDXVHRI
VXEVWDQWLDO FDVK RU DVVHWV RQ KDQG DW WKH VWDUWLQJ SRLQW´
%HQFV)GDW7KHH[LVWHQFHRIDFDVKKRDUGPD\EH
UHIXWHGKRZHYHUE\³>H@YLGHQFHZKLFKFDUHIXOO\WUDFHVWKH
ILQDQFLDOKLVWRU\RIDGHIHQGDQWDQGGLVFORVHVH[SHQGLWXUHVLQ
H[FHVV RI UHSRUWHG UHVRXUFHV LQ WKH SHULRG LPPHGLDWHO\
SUHFHGLQJWKHLQGLFWPHQW\HDUV´*LDFDORQH)GDW
)XUWKHUPRUHWKH³UHFRJQLWLRQRIDFDVKEDQNUROOWUHDWHGDVD
FRQVWDQWWRJHWKHUZLWKSURRIZKLFKZRXOGVXSSRUWDILQGLQJ
WKDW QR VLJQLILFDQW FDVK KRDUG H[LVWHG >LV@ D VXIILFLHQW
-- 16 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
7KHUHIRUHEHFDXVHWKHVXPRIWKHGLVWULFWFRXUW¶VLQVWUXFWLRQV
VHW IRUWK WKH UHTXLVLWH JXLGDQFH WR WKH MXU\ ZH GHFOLQH WR
FRQFOXGHWKDWWKHLQVWUXFWLRQVDVDZKROHZHUH³FRQIXVLQJ
PLVOHDGLQJRUSUHMXGLFLDO´%HDW\)GDW
(1HW:RUWK&DOFXODWLRQ
,QWKHLUVL[WKDVVLJQPHQWRIHUURUWKH6WHZDUWVFRQWHQGWKDW
WKH SURVHFXWLRQ¶V FDOFXODWLRQ RI WKHLU QHW ZRUWK GXULQJ WKH
FRQWHVWHG\HDUVZDVHUURQHRXV
7LWOH86&SURYLGHVWKDW³>D@Q\SHUVRQZKR
ZLOOIXOO\DWWHPSWVLQDQ\PDQQHUWRHYDGHRUGHIHDWDQ\WD[
LPSRVHGE\WKLVWLWOHRUWKHSD\PHQWWKHUHRIVKDOOEHJXLOW\
RIDIHORQ\´³7KHUHDUHWZRPHWKRGVRISURRILQDWD[
FDVH,QWKHμGLUHFW¶RUμVSHFLILFLWHP¶PHWKRGVSHFLILFLWHPV
DUHGHPRQVWUDWHGDVWKHVRXUFHRIXQUHSRUWHGLQFRPH,QWKH
μLQGLUHFW¶PHWKRGWKHGHIHQGDQW VILQDQFHVDUHUHFRQVWUXFWHG
YLDFLUFXPVWDQWLDOHYLGHQFHLQFOXGLQJ QHWZRUWKDQDO\VLV
EDQN GHSRVLWV DQG FDVK H[SHQGLWXUHV LQ H[FHVV RI
UHSRUWHGLQFRPH´8QLWHG6WDWHVY+DUW)G
Q WK &LU 8QGHU WKH QHW ZRUWK PHWKRG WKH
JRYHUQPHQWDWWHPSWVWRHVWDEOLVKDQ³RSHQLQJQHWZRUWK´RU
UDWKHUWRWDOQHWYDOXH H[FHVVRIDVVHWVDWFRVWRYHUOLDELOLWLHV
RI WKH WD[SD\HU¶V ZHDOWK DW WKH EHJLQQLQJ RI D JLYHQ \HDU
7KHQLWGHWHUPLQHVLQFUHDVHVLQWKHWD[SD\HU¶VQHWZRUWKDQG
DGGV QRQGHGXFWLEOH H[SHQGLWXUHV LQFXUUHG GXULQJ WKH \HDU
7KH GLIIHUHQFH EHWZHHQ WKH DGMXVWHG QHW YDOXHV DW WKH
EHJLQQLQJDQGHQGRIWKH\HDULVWUHDWHGDVWKHWD[DEOHLQFRPH
UHFHLYHGGXULQJWKH\HDU7KHJRYHUQPHQWPXVWUXOHRXWWKH
H[LVWHQFHRIQRQWD[DEOHIXQGVDVWKHVRXUFHRIH[SHQGLWXUHVRU
LQFUHDVHVLQQHWZRUWK 6HH+ROODQGY8QLWHG6WDWHV
86 8QLWHG6WDWHVY*LDFDORQH)G
WK&LU
,Q³LQGLUHFWPHWKRG´FDVHV³WKHHYLGHQFHRIJXLOWLVODUJHO\
FLUFXPVWDQWLDODQGWKHQHWZRUWKPHWKRGLVDWEHVWRQO\DQ
DSSUR[LPDWLRQ´*LDFDORQH)GDW7KHQHWZRUWK
PHWKRGLV³VRIUDXJKWZLWKGDQJHUIRUWKHLQQRFHQWWKDWWKH
1RV 8QLWHG6WDWHVY
6DELQRHWDO
7KH 6WHZDUWV¶ VHFRQG FRQWHQWLRQ WKDW WKH GLVWULFW FRXUW
GHOLYHUHGFRQIXVLQJLQVWUXFWLRQVUHJDUGLQJRSLQLRQZLWQHVVHV
LQYROYHVWKHGLVWULFWFRXUW¶VLQVWUXFWLRQFRQFHUQLQJ)UDQ[PDQ
7KHGLVWULFWFRXUWLQVWUXFWHGWKHMXU\DVIROORZV
23,1,21:,71(66$1'+<327+(7,&$/48(67,21
,QWKLVFDVH\RXKDYHKHDUGWKHWHVWLPRQ\RIZLWQHVVHV
ZKR KDYH UHQGHUHG RSLQLRQV 3HUVRQV ZKR KDYH
H[SHULHQFHLQDQ\DUWVFLHQFHSURIHVVLRQRUFDOOLQJPD\
VWDWHWKHLURSLQLRQVLQDPDWWHUZKLFKLVUHOHYDQWWRWKH
FDVH7KH\PD\DOVRVWDWHWKHUHDVRQVIRUWKHLURSLQLRQ
<RXVKRXOGFRQVLGHUHDFKRSLQLRQUHFHLYHGLQWKLVFDVH
VHSDUDWHO\ DQG JLYH LW VXFK ZHLJKW DV \RX WKLQN LW
GHVHUYHV<RXPD\FRQVLGHUWKHHGXFDWLRQWUDLQLQJDQG
H[SHULHQFHRIWKHRSLQLRQZLWQHVVHVZKHQGHWHUPLQLQJ
WKHZHLJKWRIWKHLURSLQLRQV<RXPD\UHMHFWWKHRSLQLRQ
LQZKROHRULQSDUWLI\RXFRQFOXGHWKHUHDVRQVJLYHQLQ
VXSSRUWRIWKHRSLQLRQVDUHXQVRXQG
4XHVWLRQVKDYHEHHQDVNHGLQZKLFKRSLQLRQZLWQHVVHV
ZHUHSHUPLWWHGWRDVVXPHWKDWFHUWDLQIDFWVZHUHWUXHDQG
WRJLYHWKHLURSLQLRQVEDVHGRQWKRVHDVVXPSWLRQV<RX
PXVWGHWHUPLQHZKHWKHUWKHDVVXPHGIDFWVXSRQZKLFK
WKHVH ZLWQHVVHV EDVH WKHLU RSLQLRQV DUH WUXH ,I DQ\
DVVXPHGIDFWZDVQRWHVWDEOLVKHGE\WKHJRYHUQPHQWE\
OHJDO HYLGHQFH EH\RQG D UHDVRQDEOH GRXEW \RX PXVW
GHWHUPLQH WKH HIIHFW RI WKDW IDFW QRW EHLQJ HVWDEOLVKHG
XSRQWKHYDOXHRIWKHRSLQLRQRIWKHZLWQHVV
<RXPD\FRQVLGHUWKHIROORZLQJTXHVWLRQVLQGHFLGLQJ
ZKHWKHUWREHOLHYHWKHVHZLWQHVVHVDQGKRZPXFKWRUHO\
RQWKHLUWHVWLPRQ\
:KDWIDFWVGLGWKHZLWQHVVDVVXPH"5HPHPEHU
WKDW\RXPXVWGHFLGHZKLFKIDFWVDUHWUXHEDVHGXSRQ
WKHOHJDOHYLGHQFHLQWKLVFDVH
-- 17 of 18 --
8QLWHG6WDWHVY
6DELQRHWDO
1RV
'RHVWKHRSLQLRQRIWKHZLWQHVVWDNHLQWRDFFRXQW
PRVWRUDOORIWKHLPSRUWDQWIDFWVWKDW\RXGHFLGHG
DUHWUXH"
'RHV WKH RSLQLRQ RI WKH ZLWQHVV DGHTXDWHO\
H[SODLQ WKH LPSRUWDQW IDFWV WKDW \RX GHFLGHG DUH
WUXH"
'RHVWKHRSLQLRQRIWKHZLWQHVVUHO\RQIDFWVWKDW
\RXGHFLGHGDUHIDOVH"
<RXUDQVZHUVWRWKHVHTXHVWLRQVPD\VXJJHVWUHDVRQV
WRUHO\RQRUUHMHFWWKHRSLQLRQRIWKHZLWQHVV
$V ZLWK RWKHU ZLWQHVVHV KRZHYHU \RX PXVW GHFLGH
ZKDW ZHLJKW VKRXOG EH JLYHQ WKH WHVWLPRQ\ RI HDFK
RSLQLRQZLWQHVV,QGHWHUPLQLQJLWVZHLJKW\RXPD\WDNH
LQWRFRQVLGHUDWLRQWKHZLWQHVV¶VNQRZOHGJHH[SHULHQFH
HGXFDWLRQWUXWKIXOQHVVDQGIDPLOLDULW\ZLWKWKHIDFWVRI
WKHFDVHDVZHOODVRWKHUPHDQVRIWHVWLQJFUHGLELOLW\DQG
GHWHUPLQLQJWKHZHLJKWWREHJLYHQWRWKHWHVWLPRQ\,Q
VKRUW\RXPD\XVHDOOWKRVHWHVWV\RXRUGLQDULO\XVHLQ
HYHU\GD\OLIHWRGHWHUPLQHZKHWKHUDQLQGLYLGXDOLVZHOO
LQIRUPHG UHJDUGLQJ WKH PDWWHUV KH RU VKH KDV WDONHG
DERXW
)LUVWWKH6WHZDUWVFRQWHQGWKDWWKHLQVWUXFWLRQJDYHZHLJKW
WR)UDQ[PDQ¶VWHVWLPRQ\DVWRWKHOHJDOVWDWXVRI'DQFR:H
GLVDJUHHHVSHFLDOO\VLQFHWKHGLVWULFWFRXUWLQVWUXFWHGWKHMXU\
DV WR WKH VWDQGDUGV IRU GHOLQHDWLQJ DVVRFLDWLRQV WD[DEOH DV
FRUSRUDWLRQV
7KH6WHZDUWVDUJXHVRPHZKDWFRQIXVLQJO\WKDWWKHGLVWULFW
FRXUW¶VLQVWUXFWLRQEHZLOGHUHGWKHMXU\EHFDXVHLWVXJJHVWHG
WKDW WKH SURVHFXWLRQ KDG D GXW\ WR HVWDEOLVK EH\RQG D
UHDVRQDEOH GRXEW DVVXPHG IDFWV WKDW WKH GHIHQGDQWV KDG
SUHVHQWHG LQ FURVVH[DPLQDWLRQ ,Q WKLV DUJXPHQW WKH
6WHZDUWVUHIHUUHGWRWKHSRUWLRQRIWKHLQVWUXFWLRQDERYHWKDW
LQVWUXFWVWKHMXU\WRGHWHUPLQHZKHWKHUDVVXPHGIDFWVUHOLHG
XSRQE\RSLQLRQZLWQHVVHVDUHWUXH7KH6WHZDUWVKRZHYHU
PLVLQWHUSUHWWKHGLVWULFWFRXUW¶VLQVWUXFWLRQ$SSDUHQWO\WKH
1RV 8QLWHG6WDWHVY
6DELQRHWDO
GLVWULFWFRXUW¶VUHIHUHQFHWR³DVVXPHGIDFWV´FRUUHVSRQGHGWR
WKHWULDOHYLGHQFHUHOLHGXSRQE\)UDQ[PDQLQKHUWHVWLPRQ\
6XUHO\ WKH HYLGHQFH UHOLHG XSRQ E\ )UDQ[PDQ FRQVWLWXWHG
³DVVXPHGIDFWV´EHFDXVHWKHFDVHKDGQRWEHHQVXEPLWWHGWR
WKHMXU\DWWKDWMXQFWXUH7KXVWKHSURVHFXWLRQVWLOOKDGWKH
EXUGHQRIHVWDEOLVKLQJWKHH[LVWHQFHRIWKH³DVVXPHGIDFWV´
DOWKRXJK)UDQ[PDQUHOLHGXSRQWKHPIRUKHUWD[FDOFXODWLRQV
)LQDOO\WKH6WHZDUWVDUJXHGWKDWWKHLQVWUXFWLRQDOORZHGWKH
MXU\ WR MXGJH WKH FUHGLELOLW\ RI )UDQ[PDQ RQ WKH VDPH
VWDQGDUGVDVDQH[SHUWZLWQHVV7KHGLVWULFWFRXUW¶VLQVWUXFWLRQ
RQ³RSLQLRQZLWQHVVHV´ODUJHO\UHVHPEOHVWKH6L[WK&LUFXLW¶V
PRGHOLQVWUXFWLRQRQH[SHUWZLWQHVVHV
<RX KDYH WKH WHVWLPRQ\ RI BBBBBBBBB DQ H[SHUW
ZLWQHVV $Q H[SHUW ZLWQHVV KDV VSHFLDO NQRZOHGJH RU
H[SHULHQFHWKDWDOORZVWKHZLWQHVVWRJLYHDQRSLQLRQ
<RXGRQRWKDYHWRDFFHSWDQH[SHUW¶VRSLQLRQ,Q
GHFLGLQJ KRZ PXFK ZHLJKW WR JLYH LW \RX VKRXOG
FRQVLGHUWKHZLWQHVV¶VTXDOLILFDWLRQVDQGKRZKHUHDFKHG
KLVFRQFOXVLRQV
5HPHPEHU WKDW \RX DORQH GHFLGH KRZ PXFK RI D
ZLWQHVV¶VWHVWLPRQ\WREHOLHYHDQGKRZPXFKZHLJKWLW
GHVHUYHV
6L[WK &LUFXLW ,QVWUXFWLRQ 3DWWHUQ &ULPLQDO -XU\
,QVWUXFWLRQV6L[WK&LUFXLW'LVWULFW-XGJHV$VVRFLDWLRQ
7KH6WHZDUWVGLGQRWREMHFWWRWKHLQVWUXFWLRQ7KHUHIRUH
DQ\HUURULVUHYLHZHGXQGHUWKHSODLQHUURUGRFWULQH8QLWHG
6WDWHV Y %XVDFFD )G WK &LU
$OWKRXJKWKHGLVWULFWFRXUWVKRXOGKDYHJLYHQDQLQVWUXFWLRQ
WKDW RSLQLRQ WHVWLPRQ\ ZDV WR EH MXGJHG OLNH DQ\ RWKHU
WHVWLPRQ\QRWZLWKVWDQGLQJDQRSLQLRQZLWQHVV¶VHGXFDWLRQRU
H[SHULHQFHIDLOXUHWRGRVRGLGQRWSUHMXGLFHWKHGHIHQGDQWV
DQGWKXVGLGQRWULVHWRWKHOHYHORISODLQHUURUJLYHQWKDWWKH
GHIHQGDQWVFRXOGKDYHHIIHFWLYHO\DUJXHGWRWKHMXU\WKDWWKH\
GLGQRWKDYHWREHOLHYHWKHWHVWLPRQ\DWLVVXH6HH8QLWHG
6WDWHVY0HQGR]D)G WK&LU
-- 18 of 18 --
Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.