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)
00-5530•02a0316p.06
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
,QUH.(11(7+ $//(1
.1,*+7 75867
'HEWRU
BBBBBBBBBBBBBBBBBBBBBBBB
$1*(/$ /<11 %5$'<
0255,6 '(1,6( 0,&+(/(
%5$'<
3ODLQWLIIV$SSHOODQWV
Y
- %$;7(5 6&+,//,1*
7UXVWHH
'HIHQGDQW$SSHOOHH
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW/RXLVYLOOH
1R²&KDUOHV56LPSVRQ,,,'LVWULFW-XGJH
+HQU\+'LFNLQVRQ%DQNUXSWF\-XGJH
$UJXHG)HEUXDU\
'HFLGHGDQG)LOHG6HSWHPEHU
-- 1 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
%HIRUH68+5+(,15,&+6,/(5DQG%$7&+(/'(5
&LUFXLW-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' +DUU\ %HUQDUG 2¶'RQQHOO ,9 /RXLVYLOOH
.HQWXFN\ IRU $SSHOODQWV - %D[WHU 6FKLOOLQJ /RXLVYLOOH
.HQWXFN\ IRU $SSHOOHH 21 %5,() +DUU\ %HUQDUG
2¶'RQQHOO ,9 /RXLVYLOOH .HQWXFN\ IRU $SSHOODQWV -
%D[WHU6FKLOOLQJ/RXLVYLOOH.HQWXFN\IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
$/,&( 0 %$7&+(/'(5 &LUFXLW -XGJH 3ODLQWLIIV
$SSHOODQWV$QJHOD%UDG\0RUULVDQG'HQLVH%UDG\ ³%UDG\¶V
GDXJKWHUV´ DSSHDOWKHGLVWULFWFRXUW¶VMXGJPHQWDIILUPLQJWKH
EDQNUXSWF\FRXUW¶VGHFODUDWLRQWKDWWKHGHEWRU.HQQHWK$OOHQ
.QLJKW 7UXVW ³7UXVW´ LV D ³EXVLQHVV WUXVW´ DQG WKHUHIRUH
HQWLWOHGWREDQNUXSWF\SURWHFWLRQ%UDG\¶VGDXJKWHUVDUJXH
WKDWWKHEDQNUXSWF\FRXUWDSSOLHGWKHZURQJODZDQGVKRXOG
LQVWHDGKDYHXVHGHLWKHU.HQWXFN\¶VGHILQLWLRQRI³EXVLQHVV
WUXVW´RUDQDOWHUQDWHGHILQLWLRQWDNHQIURPIHGHUDOFDVHODZ
)LQGLQJQRPHULWWRWKHLUFODLPVZHDIILUP
6WDWHPHQWRI)DFWV
2Q-XQHWKH7UXVWILOHGDYROXQWDU\SHWLWLRQXQGHU
&KDSWHU RI WKH %DQNUXSWF\ &RGH $IWHU UHYLHZLQJ WKH
EDFNJURXQGRIWKHFDVHWKHEDQNUXSWF\FRXUWFRQYHUWHGLWLQWR
D &KDSWHU FDVH WKH FRXUW DOVR FRQVROLGDWHG LW ZLWK WKUHH
RWKHUUHODWHGFDVHVDQGDSSRLQWHGDVWUXVWHHWKH$SSHOOHH-
%D[WHU6FKLOOLQJ7KHEDQNUXSWF\FRXUWVXEVHTXHQWO\LVVXHG
DPHPRUDQGXPRSLQLRQLQZKLFKLWPDGHDQXPEHURIIDFWXDO
ILQGLQJVDQGRQWKHEDVLVRIWKHVHILQGLQJVFRQFOXGHGWKDWWKH
7UXVWZDVD³EXVLQHVVWUXVW´7KLVFRQFOXVLRQZDVLPSRUWDQW
EHFDXVHLWPHDQWWKDWWKH7UXVWTXDOLILHGDVDGHEWRUXQGHUWKH
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
7UXVW¶V UHV IRU WKH EHQHILFLDULHV :H ZLOO QRW GLVFXVV WKLV
IXUWKHUKRZHYHUEHFDXVH%UDG\¶VGDXJKWHUVDSSHDORQO\WKH
FKRLFHRIODZDQGWKH\GRQRWFRQWHVWWKHILQGLQJWKDWWKH
7UXVWZDVDEXVLQHVVWUXVWXQGHUWKHODZWKDWWKHEDQNUXSWF\
FRXUWDSSOLHG
&RQFOXVLRQ
)RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHMXGJPHQWRI
WKHGLVWULFWFRXUW
-- 2 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
7KH FRXUW LQ &XWOHU ) 6XSS GLYLGHG WKH EXVLQHVV WUXVW
FDVHV LQWR WKUHH FDWHJRULHV FDVHV KROGLQJ WKDW ³RQO\ WUXVWV ZLWK WKH
DWWULEXWHV RI D FRUSRUDWH SURILW PDNLQJ HQWLW\ PD\ EH WHUPHG μEXVLQHVV
WUXVWV¶´²D FDWHJRU\ LQ ZKLFK 7UHDVXUH ,VODQG ZDV KHOG RXW DV WKH
H[HPSODU FDVHV IROORZLQJ 0RUULVVH\ DQG FDVHV WKDW ³KDYH IRFXVHG
SULPDULO\ RQ WKH WUXVW¶V RSHUDWLRQV LQ DGPLQLVWHULQJ IXQGV RU D EXVLQHVV WR
SURYLGH SURILWV RU DQ LQFUHDVH LQ DVVHWV IRU EHQHILFLDULHV´ RI ZKLFK
0HGDOOLRQ 5HDOW\ 7UXVW %5 LV DQ H[DPSOH &XWOHU ) 6XSS
DW ± :H ILQG &XWOHU¶V GLYLVLRQ EHWZHHQ FDWHJRULHV DQG
KRZHYHU WR EH DUWLILFLDO WKRXJK 7UHDVXUH ,VODQG GLG VD\ WKDW ³>L@W LV
WKH WUXVW¶V VLPLODULW\ WR D FRUSRUDWLRQ WKDW SHUPLWV LW WR EH D GHEWRU LQ
EDQNUXSWF\´ %5 DW WKH VDOLHQW VLPLODULW\ LQ 7UHDVXUH ,VODQG ZDV
WKH SXUSRVH RI FDUU\LQJ RQ EXVLQHVV IRU WKH SURILW RI WKH
EHQHILFLDULHV²ZKLFK LV WKH IRFXV RI WKH FDVHV LQ &XWOHU¶V FDWHJRU\
WKDWZDVQRWVSHFLILFDOO\HVWDEOLVKHGWRJHQHUDWHDSURILWPD\
VWLOOEHFRQVLGHUHGDEXVLQHVVWUXVW´,GDW
:HDUHVDWLVILHGWKDWWKHVWDQGDUGDUWLFXODWHGLQRXUSULRU
RSLQLRQ LQ WKLV FDVH LV UHDVRQDEO\ FOHDU DQG ZRUNDEOH DQG
UHIOHFWVWKHLQWHQWRI&RQJUHVV7KHVWDQGDUGFRQVLVWVLQWZR
SURSRVLWLRQVILUVW³WUXVWVFUHDWHGZLWKWKHSULPDU\SXUSRVH
RIWUDQVDFWLQJEXVLQHVVRUFDUU\LQJRQFRPPHUFLDODFWLYLW\IRU
WKHEHQHILWRILQYHVWRUVTXDOLI\DVEXVLQHVVWUXVWVZKLOHWUXVWV
GHVLJQHG PHUHO\ WR SUHVHUYH WKH WUXVW UHV IRU EHQHILFLDULHV
JHQHUDOO\ DUH QRW EXVLQHVV WUXVWV´ DQG VHFRQG ³WKH
GHWHUPLQDWLRQ LV IDFWVSHFLILF DQG LW LV LPSHUDWLYH WKDW
EDQNUXSWF\FRXUWVPDNHWKRURXJKDQGVSHFLILFILQGLQJVRIIDFW
WR VXSSRUW WKHLU FRQFOXVLRQV´²ILQGLQJV WKDW LV UHJDUGLQJ
ZKDW ZDV WKH LQWHQWLRQ RI WKH SDUWLHV DQG KRZ WKH WUXVW
RSHUDWHG%UDG\:/DW ,QVRKROGLQJZH
DOVRKROGWKDWQRH[FHSWLRQWRWKHODZRIWKHFDVHGRFWULQH
DSSOLHVWKHOHJDOVWDQGDUGZHDGRSWHGLQWKHSULRURSLQLRQ
ZDVQRWD³FOHDUO\HUURQHRXVGHFLVLRQZKLFKZRXOGZRUND
PDQLIHVWLQMXVWLFH´3HWLWLRQRI8QLWHG6WDWHV6WHHO&RUS
)GDW
:H DOVR KROG WKDW WKH EDQNUXSWF\ FRXUW ZDV FRUUHFW LQ
ILQGLQJWKDWWKHSULPDU\SXUSRVHRIWKH7UXVWZDVWRWUDQVDFW
EXVLQHVVRUFDUU\RQFRPPHUFLDODFWLYLW\IRUWKHEHQHILWRI
-DPHV %UDG\ WKH LQYHVWRU DQG QRW PHUHO\ WR SUHVHUYH WKH
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
&RGH VLQFH IDPLO\ WUXVWV²ZKLFK WKH 7UXVW KHUH ZRXOG
RWKHUZLVHEH²DUHQRWHOLJLEOHIRUEDQNUXSWF\WUHDWPHQWEXW
EXVLQHVVWUXVWVDUHRQO\D³SHUVRQ´FDQEHDGHEWRUXQGHUWKH
%DQNUXSWF\ &RGH 86& WKH WHUP ³SHUVRQ´
LQFOXGHV LQGLYLGXDOV SDUWQHUVKLSV DQG FRUSRUDWLRQV LG
DQG WKH GHILQLWLRQ RI ³FRUSRUDWLRQ´ LQFOXGHV
³EXVLQHVVWUXVWV´LG $ Y 7KH%DQNUXSWF\&RGH
GRHVQRWGHILQH³EXVLQHVVWUXVW´KRZHYHUDQGIHGHUDOFRXUWV
KDYHJHQHUDOO\HLWKHUORRNHGWRVWDWHODZIRUDGHILQLWLRQRU
KDYHFUHDWHGWKHLURZQ
%UDG\¶VGDXJKWHUVZDQWHGWKHOLWLJDWLRQEHWZHHQWKH7UXVW
DQGLWVSRWHQWLDOFUHGLWRUVWRWDNHSODFHRXWVLGHWKHEDQNUXSWF\
FRXUWVRWKH\DSSHDOHGWKHGHFLVLRQ2QDSSHDOWKHGLVWULFW
FRXUW LQLWLDOO\ IRXQG WKH 7UXVW WR EH D IDPLO\ WUXVW DQG
FRQVHTXHQWO\QRWHQWLWOHGWREDQNUXSWF\SURWHFWLRQEXWXSRQ
WKH 7UXVWHH¶V PRWLRQ WR UHFRQVLGHU WKH FRXUW PDGH
LQGHSHQGHQWIDFWXDOILQGLQJV²RXWVLGHWKRVHRIWKHEDQNUXSWF\
FRXUW²DQGFRQFOXGHGWKDWWKH7UXVWZDVLQVXEVWDQFH%UDG\¶V
SHUVRQDOSURSHUW\DQGKHQFHVXEMHFWWRWKH%DQNUXSWF\&RGH
%UDG\¶VGDXJKWHUVDJDLQDSSHDOHGDQGZHUHYHUVHGLQDSHU
FXULDP XQSXEOLVKHG RSLQLRQ %UDG\ Y 6FKLOOLQJ ,Q UH
.HQQHWK$OOHQ.QLJKW7UXVW )G:/
WK &LU -XO\ :H IRXQG ILUVW WKDW WKH GLVWULFW
FRXUW KDG H[FHHGHG LWV VFRSH RI UHYLHZ ZKHQ LW PDGH
LQGHSHQGHQW IDFWXDO ILQGLQJV DQG WKDW LI WKH EDQNUXSWF\
FRXUW¶VIDFWXDOILQGLQJVKDGEHHQLQGHWHUPLQDWHWKHGLVWULFW
FRXUWVKRXOGKDYHUHPDQGHGIRUIXUWKHUIDFWXDOILQGLQJV,G
DW :H QH[W FRQVLGHUHG WKH PHULWV RI WKH EDQNUXSWF\
FRXUW¶V FRQFOXVLRQ WKDW WKH 7UXVW ZDV D EXVLQHVV WUXVW
%HFDXVHDVZHQRWHG³>F@RXUWVKDYHQRWDGRSWHGDXQLIRUP
GHILQLWLRQRIEXVLQHVVWUXVWIRUSXUSRVHVRIWKH%DQNUXSWF\
&RGH´DQGWKLVFLUFXLWKDGQRWVSRNHQRQWKHLVVXHZHKDGWR
FKRRVHZKLFKRIVHYHUDODYDLODEOHGHILQLWLRQVZHZRXOGDGRSW
,G :H FKRVH D YHUVLRQ RI WKH WHVW DUWLFXODWHG LQ ,Q UH
7UHDVXUH,VODQG/DQG7UXVW%5 %DQNU0')OD
²TXRWLQJVHYHUDOVHQWHQFHVIURPWKHFDVHDQGUHVWDWLQJ
WKHGHILQLWLRQLQ D VOLJKWO\DOWHUHGIRUP%UDG\:/
DW %XWEHFDXVHWKDWGHILQLWLRQUHTXLUHGDIDFW
-- 3 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
VSHFLILFILQGLQJDERXWWKHSULPDU\SXUSRVHRIWKH7UXVWDQG
EHFDXVHWKHEDQNUXSWF\FRXUWKDGQRWPDGHVXFKDILQGLQJZH
UHPDQGHGWKHFDVHWRWKHEDQNUXSWF\FRXUWIRUIXUWKHUILQGLQJV
RI IDFW ,G 2Q UHPDQG WKH EDQNUXSWF\ FRXUW DGGHG QHZ
ILQGLQJV WR WKRVH LW KDG SUHYLRXVO\ PDGH DQG IRXQG DV
IROORZV
7KH7UXVWZDVFUHDWHGLQE\-DPHV%UDG\ %UDG\
ZKRQDPHGLWDIWHUKLVQHSKHZ.HQQHWK$OOHQ.QLJKWDQG
GHVLJQDWHG WKDW QHSKHZ DV WKH 7UXVW¶V VHWWORU .QLJKW
SXUSRUWHGO\SDLGDWRNHQLQWRWKH7UXVW IRUZKLFKKHZDV
UHLPEXUVHGE\%UDG\ DQGWKXVEHJDQDQGHQGHG.QLJKW¶V
SHUVRQDOLQYROYHPHQWLQWKH7UXVW7KH7UXVW¶VEHQHILFLDULHV
ZHUH %UDG\ DQG VHFRQGDULO\ KLV GDXJKWHUV $QJHOD DQG
0LFKHOH%UDG\²WKH$SSHOODQWVKHUH%UDG\KRZHYHUZDV
DOVR WKH WUXVWHH ZLWK RQH FRWUXVWHH DW ILUVW DQG KH KDG
YLUWXDOO\WRWDOFRQWURORIWKH7UXVWLQFOXGLQJWKHDXWKRULW\WR
PDQDJHLWVDVVHWV
7KH7UXVWRZQHGWZRSULQFLSDODVVHWV%UDG\¶VSHUVRQDO
UHVLGHQFH ³5HVLGHQFH´ DQG RI WKH VWRFN RI .$.
+ROGLQJV,QF7KH5HVLGHQFHZDVDFTXLUHGE\WKH7UXVWLQ
WZRVWDJHV7KHILUVWRIWKHOHJDOWLWOHWRWKH5HVLGHQFH
ZDVWUDQVIHUUHGWRWKH7UXVWE\GHHGGDWHG$SULO
7KHVHFRQGZDVGHHGHGWRWKH7UXVWLQ$SULORI
IURP%UDG\¶VIRUPHUZLIH$QQD%UDG\%UDG\KDGDFTXLUHG
KHU LQWHUHVW IRU XQGHU WKH WHUPV RI WKHLU
GLYRUFHGHFUHH
.$. +ROGLQJV ,QF WKH 7UXVW¶V RWKHU SULQFLSDO DVVHW
RZQHGIRXUVXEVLGLDU\FRUSRUDWLRQV ³6XEVLGLDULHV´ .$.
5HDO(VWDWH,QF,QYHVWPHQW$GYLVRUV,QF5DOOLDQD,QF
DQG 'LUHFW 3DUWLFLSDWLRQ ,QF .$. 5HDO (VWDWH LQ WXUQ
RZQHG YDULRXV UHDO HVWDWH LQYHVWPHQWV LQFOXGLQJ %UDG\¶V
YDFDWLRQ KRPH LQ %HDYHU &UHHN &RORUDGR ,QYHVWPHQW
$GYLVRUVRZQHGDFRQGRPLQLXPLQWKHVDPHFLW\5DOOLDQD
,QF ZDV WKH JHQHUDO SDUWQHU RI D OLPLWHG SDUWQHUVKLS WKDW
RZQHG DQG RSHUDWHG YDULRXV 5DOO\¶V IDVW IRRG IUDQFKLVHV
'LUHFW3DUWLFLSDWLRQRZQHGLQWHUHVWVLQUHVWDXUDQWVDQGRWKHU
FRUSRUDWLRQV
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
)G WK&LU 3RSH &RWWOH&RY)DLUEDQNV
5HDOW\7UXVW)G VW&LU
7KLQJV EHFDPH PRUH FRPSOLFDWHG DIWHU WKH %DQNUXSWF\
5HIRUP $FW RI ZKHQ &RQJUHVV GHOHWHG WKH DERYH
TXRWHG ODQJXDJH DQG LQVWHDG SURYLGHG WKDW WKH WHUP
³FRUSRUDWLRQ´ LQFOXGHG D ³EXVLQHVV WUXVW´ 86&
$ Y ZLWKRXWGHILQLQJWKHQHZWHUP6LQFHWKHQ
VRPHFRXUWVKDYHFRQWLQXHGWRUHTXLUHWUDQVIHUDEOHFHUWLILFDWHV
RIRZQHUVKLSUHO\LQJRQ0RUULVVH\86LQZKLFK
WKH6XSUHPH&RXUWVHWRXWWKHWHVWIRUZKHQWUXVWVPD\EH
WUHDWHGDVFRUSRUDWLRQVXQGHUWKH,QWHUQDO5HYHQXH&RGH²D
WHVWUHTXLULQJLQWHUDOLDWUDQVIHUDEOHFHUWLILFDWHVRIRZQHUVKLS
6HHHJ0RVE\Y%RDWPHQ¶V%DQNRI6W/RXLV&RXQW\ ,QUH
0RVE\ %5 %DQNU('0R 7KRXJK
%UDG\¶VGDXJKWHUVXUJHXVWRIROORZ0RUULVVH\ZHGHFOLQHWR
GR VR WKH 0RUULVVH\ FULWHULD ZHUH PHDQW IRU WKH ,QWHUQDO
5HYHQXH&RGHDQGWKH\FRQWUDGLFWWKHOLEHUDOL]DWLRQRI
WKH %DQNUXSWF\ &RGH¶V WUHDWPHQW RI EXVLQHVV WUXVWV DV
GLVFXVVHGDERYH:HMRLQWKRVHFRXUWVWKDWKDYHFRQFOXGHG
WKDW &RQJUHVV LQWHQGHG WR GLVSHQVH ZLWK WKH WUDQVIHUDEOH
FHUWLILFDWHRIRZQHUVKLS UHTXLUHPHQW ZKHQ LW FKDQJHG WKH
VWDWXWHLQ6HHHJ7UHDVXUH,VODQG%5DW ³,Q
HOLPLQDWLQJWKHUHTXLUHPHQWRIZULWWHQLQVWUXPHQWV&RQJUHVV
KDVSUHVXPDEO\PDGHLWSRVVLEOHIRUDEURDGHUYDULHW\RIWUXVWV
WRREWDLQUHOLHILQWKHEDQNUXSWF\FRXUWV´
&RXUWVWKDWUHMHFWWKHWUDQVIHUDEOHFHUWLILFDWHVUHTXLUHPHQW
KDYHORRNHGWRDYDULHW\RIUHOHYDQWIDFWRUVEXWWKHFRQVHQVXV
KDVEHHQWKDW³WKHUHLVQRGHILQLWLYHOLVWRIFKDUDFWHULVWLFVWKDW
FRQVWLWXWHDEXVLQHVVWUXVW´DQGWKXV³HDFKGHFLVLRQLVEDVHG
RQDYHU\IDFWVSHFLILFDQDO\VLVRIWKHWUXVWDWLVVXH´,QUH
6HFXUHG (TXLS 7UXVW )G DW VHH DOVR ,Q UH (DJOH
7UXVW:/DW OLVWLQJYDULRXVIDFWRUVFRXUWV
KDYHFRQVLGHUHG ,QUH6HFXUHG(TXLSPHQW7UXVWLVWKHRQO\
RWKHU &RXUW RI $SSHDOV GHFLVLRQ DGGUHVVLQJ WKLV LVVXH LW
UHTXLUHG WKDW WKH WUXVW ³WUDQVDFW EXVLQHVV IRU WKH EHQHILW RI
LQYHVWRUV´ DQG²WKRXJK LW IRXQG D SURILWPDNLQJ SXUSRVH
UHOHYDQWLQWKHEXVLQHVVWUXVWLQTXLU\²DOORZHGWKDW³D7UXVW
-- 4 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
,QUH$UHKDUW%5± %DQNU0')OD
:H FRQFOXGH WKDW %XWQHU GRHV QRW FRQWURO DQG WKDW WKH
GHILQLWLRQ RI ³EXVLQHVV WUXVW´ SURSHUO\ EHORQJV WR IHGHUDO
UDWKHUWKDQVWDWHODZ
7KHQH[WSUREOHPFRQFHUQVZKLFKIHGHUDOGHILQLWLRQVKRXOG
DSSO\IRUWKHUHDUHDQXPEHURIFRXUWPDGHGHILQLWLRQVDQG
LQGHHG SHUKDSV WKH RQO\ WKLQJ WKDW DOO WKH FDVHV KDYH LQ
FRPPRQLVWKHUHFRJQLWLRQWKDWWKH\DOOGLIIHU6HH6KDZPXW
%DQN&RQQ1DW¶O$VV¶Q/1&,QYV,QFY)LUVW)LGHOLW\%DQN
,QUH6HFXUHG(TXLS7UXVWRI($LU/LQHV,QF )G
G&LU ³>1@RFRXUWKDVWKXVIDUDGRSWHGDFOHDU
GHILQLWLRQRIEXVLQHVVWUXVWIRUSXUSRVHVRIWKH%DQNUXSWF\
&RGH>@´ ,QUH(DJOH7UXVW:/DW ('
3D6HSW ³7KHYDULRXVFRXUWVWKDWKDYHDGGUHVVHG
WKH>EXVLQHVVWUXVW@LVVXHKDYHDSSOLHGGLIIHUHQWIDFWRUV>@´
&XWOHUY6HF3ODQ)6XSS ('1<
³$FRQVLGHUDEOHDPRXQWRIFDVHODZKDVEHHQGHYRWHG
WR HVWDEOLVKLQJ ZKLFK WUXVWV IDOO ZLWKLQ >WKH EXVLQHVV WUXVW@
FDWHJRU\$XQLIRUPERG\RIODZKDVQRWUHVXOWHG´ ,QUH
6XQJ6RR5LP,UUHYRFDEOH,QWHUYLYRV7UXVW%5DW
³$QDO\VLV RI H[LVWLQJ FDVH ODZ UHYHDOV QR FRQWUROOLQJ
SUHFHGHQWWKDWSURYLGHVDGHILQLWLYHDQVZHUWRWKLVTXHVWLRQ´
,QUH9LOODJH*UHHQ5HDOW\7UXVW%5DW ³>7@KH
GHFLVLRQV DUH LI QRW KRSHOHVVO\ GLYLGHG DW OHDVW FHUWDLQO\
GLYHUJHQW>@´ ,QUH0HGDOOLRQ5HDOW\7UXVW%5DW
³7KHGHFLVLRQVDUHVKDUSO\DQGSHUKDSVKRSHOHVVO\GLYLGHG
RQWKHPHDQLQJRIμEXVLQHVVWUXVW¶´
7KHODZLQWKLVDUHDKDVQRWDOZD\VEHHQVRFRQIXVHG3ULRU
WRWKH%DQNUXSWF\&RGH¶VGHILQLWLRQRI³FRUSRUDWLRQ´
GLGQRWLQFOXGHWKHWHUP³EXVLQHVVWUXVW´EXWLQVWHDGSURYLGHG
WKDWD³FRUSRUDWLRQ´FRXOGEH³DQ\EXVLQHVVFRQGXFWHGE\D
WUXVWHHRUWUXVWHHVZKHUHLQEHQHILFLDOLQWHUHVWRURZQHUVKLSLV
HYLGHQFHG E\ FHUWLILFDWH RU RWKHU ZULWWHQ LQVWUXPHQW´
86& HG &RXUWVFRQVWUXLQJWKLVSURYLVLRQ
FRQVLVWHQWO\UHTXLUHGWKDWWKHVKDUHVRIWKHEHQHILFLDULHVEH
WUDQVIHUDEOH DQG WKDW WKH\ EH HYLGHQFHG E\ D FHUWLILFDWH RU
ZULWLQJ6HH$VVRFLDWHG&HPHWHU\0JPW,QFY%DUQHV
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
7KH 7UXVW¶V LQFRPSOHWH FKHFNLQJ UHFRUGV LQGLFDWHG WKDW
PRVWLIQRWDOORIWKH6XEVLGLDULHV¶ILQDQFLDODFWLYLWLHVZHUH
FRQGXFWHG WKURXJK WKH 7UXVW DQG LWV EDQN DFFRXQWV
2FFDVLRQDOO\ WKH 7UXVW ZRXOG REWDLQ ³ILQDQFLQJ´ IRU WKH
6XEVLGLDULHVIURPD0DU\ODQGEDQNYLDDQLOOHJDOPHWKRG
WKH7UXVWZRXOGFODLPWRRZQDVVHWVWKDWLQIDFWEHORQJHGWR
DQHQWLUHO\GLIIHUHQWWUXVWRZQHGE\RQH5LFKDUG7KXUPDQ
:KHQ7KXUPDQIRXQGRXWZKDW%UDG\ZDVGRLQJKHILOHGVXLW
DJDLQVW%UDG\ WKH7UXVWDQGRWKHUUHODWHGHQWLWLHV%UDG\
VXEVHTXHQWO\ ILOHG WKH YROXQWDU\ &KDSWHU SHWLWLRQ IRU
EDQNUXSWF\WKDWOHGWRWKHSUHVHQWOLWLJDWLRQ
$IWHU PDNLQJ WKHVH VXSSOHPHQWHG IDFWXDO ILQGLQJV RQ
UHPDQGWKHEDQNUXSWF\FRXUWDSSOLHGWKHWHVWZHKDGDGRSWHG
LQWKHILUVWDSSHDODQGIRXQGWKH7UXVWWREHDEXVLQHVVWUXVW
%UDG\ ZDV WKH SULQFLSDO EHQHILFLDU\ KH ZDV WKH SULPDU\
WUXVWHH DORQJ ZLWK D WUXVW FRPSDQ\ DQG ODWHU RQH RI KLV
GDXJKWHUV KHDORQHGLUHFWHGWKH7UXVW¶VEXVLQHVVDFWLYLWLHV
KH DORQH FRXOG UHPRYH RWKHU WUXVWHHV WKH RWKHU UHVLGXDO
EHQHILFLDULHV ZRXOG IRUIHLW WKHLU LQWHUHVW XQGHU WKH 7UXVW LI
WKH\VXHG%UDG\RYHUKRZKHRSHUDWHGWKH7UXVWWKRXJKERWK
RIWKHWUDQVIHUVRIWKH5HVLGHQFHZHUHRVWHQVLEO\³JLIWV´
WRWKH7UXVWWKHUHZDVQRHYLGHQFHWKDW%UDG\ILOHGDQ\JLIW
WD[UHWXUQVRUWKDWWKH7UXVWGLGDQ\WKLQJZLWKWKHUHVLGHQFH
DQG ³>W@KH UHFRUG FOHDUO\ VKRZV WKDW %UDG\ WUHDWHG WKHVH
WUDQVIHUVDWEHVWDVFRQWULEXWLRQVRIFDSLWDOWRKLV.$.7UXVW
EXVLQHVVHQWLW\´%UDG\GLGQRWGLVFORVHWRKLVRULJLQDOFR
WUXVWHHWKHILUVWWUDQVIHURIWKH5HVLGHQFHWKH5HVLGHQFH
ZDV WKH RQO\ QRQEXVLQHVV DVVHW WKH 7UXVW HYHU RZQHG
%UDG\¶V JLIW RI WKH 5HVLGHQFH ZDV QR LQGLFDWLRQ RI D QRQ
EXVLQHVV SXUSRVH EHFDXVH KH ³URXWLQHO\ WLWOHG UHDO HVWDWH
ZKLFK KH XVHG SHUVRQDOO\ LQ KLV EXVLQHVV HQWLWLHV´ IRU
H[DPSOH .$. 5HDO (VWDWH RZQHG KLV YDFDWLRQ KRPH LQ
&RORUDGR ³PRVWLIQRWDOOILQDQFLDODFWLYLWLHVRI>WKH7UXVW¶V@
6XEVLGLDULHVZHUHFRQGXFWHGWKURXJK.$.7UXVWDQGLWVEDQN
DFFRXQWV´DQG%UDG\WUHDWHGWKH7UXVWMXVWDVKHWUHDWHGKLV
RWKHUEXVLQHVVHQWLWLHV7KHEDQNUXSWF\FRXUWFRQFOXGHGWKDW
³LWLVFOHDUWKDW-DPHV%UDG\FUHDWHGWKLVWUXVWVROHO\IRUKLV
EHQHILWDQGZDVLQDFWXDOLW\WKHVHWWORUJUDQWRURIWKH.$.
WUXVW´DQGWKDW³LWLVEH\RQGGLVSXWHWKDWWKH.$.7UXVWZDV
-- 5 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
LQWHQGHGWRRSHUDWHDVDμKROGLQJFRPSDQ\¶IRU-DPHV%UDG\¶V
YDULRXVEXVLQHVVHQWHUSULVHV´WKXVWKHEDQNUXSWF\FRXUWIRXQG
WKDW³WKHVROHSXUSRVHRIWKH.$.7UXVWIURPLWVLQFHSWLRQ
ZDVWREHDQHQWLW\WKURXJKZKLFK-DPHV%UDG\FRXOGFRQGXFW
KLVEXVLQHVVDIIDLUV´
%UDG\¶V GDXJKWHUV DJDLQ DSSHDOHG WR WKH GLVWULFW FRXUW
ZKLFK DIILUPHG WKH EDQNUXSWF\ FRXUW 7KLV WLPH WKH IDFWV
ZHUH QR ORQJHU LQ GLVSXWH DQG WKH LVVXH ZDV ZKHWKHU WKH
EDQNUXSWF\ FRXUW KDG DSSOLHG WKH FRUUHFW GHILQLWLRQ RI
³EXVLQHVV WUXVW´ %UDG\¶V GDXJKWHUV DVVHUWHG WKDW WKH
EDQNUXSWF\ FRXUW HUUHG EHFDXVH LW VKRXOG KDYH DGRSWHG D
GHILQLWLRQ RI ³EXVLQHVV WUXVW´ IURP .HQWXFN\ ODZ RU IURP
0RUULVVH\Y&RPPLVVLRQHURI,QWHUQDO5HYHQXH86
DQGDUJXHGWKDWXQGHUWKHVHDOWHUQDWHGHILQLWLRQVWKH
7UXVWZDVQRWDEXVLQHVVWUXVW7KHGLVWULFWFRXUWFKRVHQRWWR
HYDOXDWHWKHPHULWVRIWKHLUFKRLFHRIODZFODLPDQGLQVWHDG
KHOG IDVW WR RXU HDUOLHU GHILQLWLRQ ,Q WKH GLVWULFW FRXUW¶V
ZRUGV
>I@RUWXQDWHO\IRUWKH%DQNUXSWF\&RXUWDQGWKLVUHYLHZLQJ
FRXUW²WKRXJK SHUKDSV XQIRUWXQDWHO\ IRU WKH %UDG\
GDXJKWHUV²WKH &RXUW RI $SSHDOV SURYLGHG FOHDU DQG
VSHFLILFJXLGDQFHWRDFFRPSDQ\LWVUHPDQGRIWKLVFDVH
$FFHSWLQJ WKH DUJXPHQWV SUHVHQWHG E\ WKH %UDG\
GDXJKWHUVZRXOGUHTXLUHWKDWZHGLVUHJDUGWKDWJXLGDQFH
DQGZHPXVWGHFOLQHWKHLQYLWDWLRQWRGRVR
7KHGLVWULFWFRXUWFRQFOXGHGWKDWVLQFHWKHEDQNUXSWF\FRXUW
KDG REHGLHQWO\ IROORZHG WKH &RXUW RI $SSHDOV¶
LQVWUXFWLRQV²ERWKLQPDNLQJILQGLQJVRIIDFWDQGLQPDNLQJ
ILQGLQJVRIODZ²³LWVFRQFOXVLRQLVXQDVVDLODEOH´([FHSWE\
%UDG\¶VGDXJKWHUVZKRQRZDSSHDO
$QDO\VLV
,QDFDVHZKLFKFRPHVWRXVIURPWKHEDQNUXSWF\FRXUWE\
ZD\RIDQDSSHDOIURPDGHFLVLRQRIDGLVWULFWFRXUWZHUHYLHZ
GLUHFWO\WKHGHFLVLRQRIWKHEDQNUXSWF\FRXUW:HDFFRUGQR
GHIHUHQFHWRWKHGLVWULFWFRXUW¶VGHFLVLRQZHDSSO\WKHFOHDUO\
HUURQHRXVVWDQGDUGWRWKHEDQNUXSWF\FRXUW¶VILQGLQJVRIIDFW
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
EHWZHHQWKHEDQNUXSWF\WUXVWHHDQGWKHPRUWJDJHH²KROGVWKH
SURSHUW\LQWHUHVWLQWKHUHQWVFROOHFWHGEHWZHHQWKHWLPHWKDW
D PRUWJDJRU GHFODUHV EDQNUXSWF\ DQG WKH WLPH RI WKH
IRUHFORVXUHVDOHRIWKHPRUWJDJHGSURSHUW\86DW
,QKROGLQJWKDWVWDWHODZVKRXOGFRQWUROWKH&RXUWQRWHGWKDW
³>S@URSHUW\ LQWHUHVWV DUH FUHDWHG DQG GHILQHG E\ VWDWH ODZ
8QOHVVVRPHIHGHUDOLQWHUHVWUHTXLUHVDGLIIHUHQWUHVXOWWKHUH
LVQRUHDVRQZK\VXFKLQWHUHVWVVKRXOGEHDQDO\]HGGLIIHUHQWO\
VLPSO\EHFDXVHDQLQWHUHVWHGSDUW\LVLQYROYHGLQDEDQNUXSWF\
SURFHHGLQJ´,GDW,WLVWKLVODQJXDJHWRZKLFKWKHFRXUWV
DSSO\LQJDVWDWHODZGHILQLWLRQRI³EXVLQHVVWUXVW´XVXDOO\FLWH
7KHFRQQHFWLRQEHWZHHQ%XWQHUDQGWKH³EXVLQHVVWUXVW´
TXHVWLRQLVE\QRPHDQVSODLQKRZHYHU²SDUWLFXODUO\EHFDXVH
%XWQHUGHDOWZLWKVXEVWDQWLYHSURSHUW\ULJKWVZKHUHDVKHUH
WKHTXHVWLRQLVLQVWHDGRQHRISURFHGXUHUHJDUGLQJZKHWKHU
WKH7UXVWKDVVWDQGLQJWRILOHDEDQNUXSWF\FDVH6HH,QUH
6XQJ6RR5LP,UUHYRFDEOH,QWHUYLYRV7UXVW%5
%DQNU&'&DO ³>7@KHDYDLODELOLW\RIDFFHVVWR
WKH IHGHUDO EDQNUXSWF\ FRXUWV DQG WKH DYDLODELOLW\ RI
EDQNUXSWF\UHOLHILWVHOIDUHXOWLPDWHO\TXHVWLRQVRIIHGHUDOQRW
VWDWH ODZ 6WDQGLQJ WR ILOH D EDQNUXSWF\ FDVH LV D
SURFHGXUDO TXHVWLRQ QRW D VXEVWDQWLYH RQH´ ,Q UH
:RRGVYLOOH5HDOW\7UXVW%5Q %DQNU'1+
³>,@Q WKH DEVHQFH RI >DQ\@ H[SOLFLW FRQWUDU\
&RQJUHVVLRQDO LQWHQW WKH %DQNUXSWF\ &RGH GHILQLWLRQ RI
TXDOLILHG WUXVW GHEWRUV ZDV WR EH GHYHORSHG RQ D XQLIRUP
QDWLRQDOEDVLVE\FDVHE\FDVHDGMXGLFDWLRQ´ $QGDVRQH
EDQNUXSWF\FRXUWREVHUYHG
>Z@KHWKHUDQHQWLW\LVHOLJLEOHIRUUHOLHIXQGHUWLWOHRI
WKH8QLWHG6WDWHV&RGHLVSXUHO\DPDWWHURIIHGHUDOODZ
7R KROG RWKHUZLVH ZRXOG UHVXOW LQ GLIIHUHQW UHVXOWV LQ
GLIIHUHQWVWDWHVDQGDQHQWLW\ZRXOGEHHOLJLEOHIRUUHOLHI
LQRQHVWDWHEXWQRWLQDQRWKHU&OHDUO\WKLVLVQRWZKDW
&RQJUHVVLQWHQGHGZKHQLWHQDFWHGWKHEDQNUXSWF\ODZV
LQWKLVFRXQWU\LQFRQIRUPLW\ZLWKWKHPDQGDWHRI$UWLFOH
, &O RI WKH &RQVWLWXWLRQ ZKLFK SURYLGHV WKDW
³&RQJUHVV VKDOO KDYH WKH SRZHU WR HVWDEOLVK
XQLIRUPODZVRQWKHVXEMHFWRIEDQNUXSWFLHV´
-- 6 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
SUDFWLFHRIFRXUWVJHQHUDOO\WRUHIXVHWRUHRSHQZKDWKDVEHHQ
GHFLGHGQRWDOLPLWWRWKHLUSRZHU´0HVVLQJHUY$QGHUVRQ
86 1HYHUWKHOHVVDFRXUW¶VSRZHUWR
UHDFKDUHVXOWLQFRQVLVWHQWZLWKDSULRUGHFLVLRQUHDFKHGLQWKH
VDPHFDVHLV³WREHH[HUFLVHGYHU\VSDULQJO\DQGRQO\XQGHU
H[WUDRUGLQDU\ FRQGLWLRQV´ *HQ $P /LIH ,QV &R Y
$QGHUVRQ)G WK&LU 7RGLIIHU³ZH
PXVWILQGVRPHFRJHQWUHDVRQWRVKRZWKHSULRUUXOLQJLVQR
ORQJHUDSSOLFDEOH´VXFKDVLIRXUSULRURSLQLRQZDVD³FOHDUO\
HUURQHRXVGHFLVLRQZKLFKZRXOGZRUNDPDQLIHVWLQMXVWLFH´
,QUH3HWLWLRQRI8QLWHG6WDWHV6WHHO&RUS)G
WK&LU
%UDG\¶VGDXJKWHUVDUJXHWKDWWKHSDQHOHUUHGE\FKRRVLQJD
IHGHUDOODZGHILQLWLRQUDWKHUWKDQWKDWRI.HQWXFN\²WKHVWDWH
ZKHUHWKHWUXVWZDVFUHDWHG7KH\DUHFRUUHFWLQREVHUYLQJ
WKDWVRPHORZHUIHGHUDOFRXUWVKDYHORRNHGWRVWDWHODZIRUWKH
GHILQLWLRQ RI ³EXVLQHVV WUXVW´ EXW ZH ILQG WKRVH FDVHV
XQSHUVXDVLYHWKH\HLWKHUGRQRWH[SODLQWKHLUUHDVRQLQJRU
PHUHO\FLWHWRWKHFDVHRI%XWQHUY8QLWHG6WDWHV86
DVLIWKDWFDVHSURYLGHGWKHODVWZRUG6HH/RX[Y
*DEHOKDUW ,Q UH &DUULDJH +RXVH ,QF %5
± '9W ³:HNQRZIURP%XWQHUWRORRNWR
6WDWHODZWRDVFHUWDLQSURSHUW\ULJKWV RULQRWKHUZRUGVWR
GHWHUPLQHZKDWVRUWRIμHQWLW\¶LIDQ\ZRXOGEHFUHDWHGXQGHU
VWDWHODZEDVHGRQWKHIDFWV ´ ,QUH0RKDQ.XWW\7UXVW
%5 %DQNU0')OD ILQGLQJWKDWWKHWUXVW
ZDVQRWDEXVLQHVVWUXVWXQGHUHLWKHUWKHVWDWH¶VGHILQLWLRQRU
WKHIHGHUDOFDVHODZGHILQLWLRQV ,QUH+HULWDJH1'XQODS
7UXVW%5 %DQNU'0DVV KROGLQJ
WKDW ³>V@LQFH WKH &RGH GRHV QRW GHILQH ZKDW FRQVWLWXWHV D
EXVLQHVV WUXVW ZH ORRN WR VWDWH ODZ´ DQG FLWLQJ %XWQHU
ZLWKRXWFRPPHQW ,QUH9LOODJH*UHHQ5HDOW\7UXVW%5
%DQNU'0DVV IROORZLQJ%XWQHUEHFDXVH
WKHIHGHUDOGHILQLWLRQRI³EXVLQHVVWUXVW´LVQRWXQLIRUP ,QUH
0LODQL)DPLO\,UUHYRFDEOH7UXVW%5 %DQNU6'
)OD DSSO\LQJVWDWHODZZLWKRXWGLVFXVVLQJZK\
,Q%XWQHUWKH6XSUHPH&RXUWFRQVLGHUHGZKHWKHUIHGHUDO
RU VWDWH ODZ VKRXOG JRYHUQ LQ GHFLGLQJ ZKLFK SDUW\²DV
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
DQGZHUHYLHZGHQRYRWKHEDQNUXSWF\FRXUW¶VFRQFOXVLRQVRI
ODZ6WHYHQVRQY-&%UDGIRUG &R ,QUH&DQQRQ
)G WK&LU
7KHLQLWLDOTXHVWLRQLVZKHWKHUWKHGLUHFWLYHZHLVVXHGLQ
%UDG\:/DW DUWLFXODWHGWKHODZRIWKHFDVH
VXFKWKDWWKHEDQNUXSWF\FRXUWZDVERXQGWRIROORZLW³,VVXHV
GHFLGHGDWDQHDUO\VWDJHRIWKHOLWLJDWLRQHLWKHUH[SOLFLWO\RU
E\QHFHVVDU\LQIHUHQFHIURPWKHGLVSRVLWLRQFRQVWLWXWHWKHODZ
RI WKH FDVH´ ((2& Y 8QLWHG $VV¶Q RI -RXUQH\PHQ DQG
$SSUHQWLFHV RI WKH 3OXPELQJ 3LSHILWWLQJ ,QGXV RI WKH
8QLWHG6WDWHVDQG&DQDGD/RFDO1R)G
WK&LU TXRWLQJ+DQRYHU,QV&RY$P(QJ¶J&R
)G WK&LU :HZLOOILUVWH[DPLQH
ZKDW ZH VDLG LQ %UDG\ DQG ZKHWKHU WKRVH VWDWHPHQWV
HVWDEOLVKHGWKHODZRIWKHFDVHDQGVHFRQGFRQVLGHUZKHWKHU
DQH[FHSWLRQWRWKDWGRFWULQHDSSOLHVKHUH
$:KHWKHU%UDG\(VWDEOLVKHGWKH/DZRIWKH&DVH
:H DUH FRQFHUQHG KHUH ZLWK ZKHWKHU WKH SULRU %UDG\
RSLQLRQHVWDEOLVKHGWKH³SULPDU\SXUSRVH´WHVWDVWKHODZRI
WKH FDVH HLWKHU H[SOLFLWO\ RU LPSOLFLWO\ RU ZKHWKHU WKDW
RSLQLRQOHIWWKHEDQNUXSWF\FRXUWZLWKGLVFUHWLRQWRFKRRVH
ZKLFK ODZ VKRXOG DSSO\ 6HH % :5,*+7 0,//(5
&223(5 )('(5$/ 35$&7,&( 352&('85(S
³7KH GHFLVLRQ RI DQ LVVXH QHHG QRW EH H[SUHVV WR
HVWDEOLVKWKHODZRIWKHFDVH,PSOLFLWGHFLVLRQVXIILFHV>@´
,Q%UDG\ZHFLWHG7UHDVXUH,VODQG¶VVWDWHPHQWWKDW³>W@KH
EDVLF GLVWLQFWLRQ EHWZHHQ EXVLQHVV WUXVWV DQG QRQEXVLQHVV
WUXVWV LV WKDW EXVLQHVV WUXVWV DUH FUHDWHG IRU WKH SXUSRVH RI
FDUU\LQJRQVRPHNLQGRIEXVLQHVVRUFRPPHUFLDODFWLYLW\IRU
SURILW WKH REMHFW RI D QRQEXVLQHVV WUXVW LV WR SURWHFW DQG
SUHVHUYHWKHWUXVWUHV´7UHDVXUH,VODQG%5DW:H
WKHQDGRSWHGDYHUVLRQRIWKLVUXOHVWDWLQJWKDW³WUXVWVFUHDWHG
ZLWKWKHSULPDU\SXUSRVHRIWUDQVDFWLQJEXVLQHVVRUFDUU\LQJ
RQFRPPHUFLDODFWLYLW\IRUWKHEHQHILWRILQYHVWRUVTXDOLI\DV
EXVLQHVVWUXVWVZKLOHWUXVWVGHVLJQHGPHUHO\WRSUHVHUYHWKH
WUXVWUHVIRUEHQHILFLDULHVJHQHUDOO\DUHQRWEXVLQHVVWUXVWV´
%UDG\:/DW :HFRQFOXGHGE\REVHUYLQJ
-- 7 of 8 --
,QUH.HQQHWK$OOHQ.QLJKW7UXVW 1R
WKDW WKH EDQNUXSWF\ FRXUW KDG ³IDLOHG WR PDNH VXIILFLHQWO\
WKRURXJKIDFWXDOILQGLQJVWRHQDEOHXVWRGLVFHUQIURPWKH
UHFRUGWKHWUXHSXUSRVHRIWKH.$.WUXVW´DQGLQVWUXFWHGWKH
EDQNUXSWF\FRXUWWRPDNHWKRVHILQGLQJV,G
%UDG\¶V GDXJKWHUV DUJXH KRZHYHU WKDW WKHVH VWDWHPHQWV
ZHUHLQVXIILFLHQWWRHVWDEOLVKWKH³SULPDU\SXUSRVH´GHILQLWLRQ
RIEXVLQHVVWUXVWVDVWKHODZRIWKHFDVHEHFDXVHLQVXSSRUWRI
RXUKROGLQJZHVWULQJFLWHGWKUHHFDVHVHDFKRIZKLFKFRXOG
EHVDLGWRVWDQGIRUDGLIIHUHQWSURSRVLWLRQ,QUH7UX%ORFN
&RQFUHWH3URGXFWV,QF%5 %DQNU6'&DO
ZKLFK H[SOLFLWO\ DGRSWHG D ³SULPDU\ SXUSRVH´
GHILQLWLRQ,QUH*RQLF5HDOW\7UXVW%5 %DQNU
'1+ ZKLFKKHOGPRUHJHQHUDOO\WKDW³WKHODFNRI
WUDQVIHUDEOHVKDUHVE\QXPHURXVEHQHILFLDULHVLVQRORQJHUD
UHOHYDQWIDFWRU´LQGHFLGLQJZKHWKHUDWUXVWLVDEXVLQHVVWUXVW
DQG,QUH0HGDOOLRQ5HDOW\7UXVW%5 %DQNU'
0DVV ZKLFKKHOGWKDWWKH7UHDVXUH,VODQG¶VEXVLQHVV
SXUSRVHYVSURWHFWLRQRIWUXVWUHVSXUSRVHGLFKRWRP\³SRLQWV
LQ WKH ULJKW GLUHFWLRQ´ EXW ZDV LPSUDFWLFDO DQG LQVWHDG
DGRSWHG D VOLJKWO\ GLIIHUHQW WHVW %UDG\¶V GDXJKWHUV DUJXH
WKHQWKDWE\FLWLQJWKHVHFDVHVZHZHUHWHOOLQJWKHEDQNUXSWF\
FRXUWWKDWWKH³SULPDU\SXUSRVH´WHVWZDVQRWFRQWUROOLQJDQG
WKH EDQNUXSWF\ FRXUW ZDV WKXV IUHH WR FRQVLGHU PRUH
IRUPDOLVWLFGHILQLWLRQVRI³EXVLQHVVWUXVW´WKDWUHTXLUHVXFKD
WUXVWWREHHYLGHQFHGE\WUDQVIHUDEOHFHUWLILFDWHVRIRZQHUVKLS
6HH.< 5(9 67$7 $11 UHTXLULQJD
WUXVWWRRIIHUWUDQVIHUDEOHFHUWLILFDWHVWRTXDOLI\DVDEXVLQHVV
WUXVW 0RUULVVH\ 86 DW UHTXLULQJ WUDQVIHUDEOH
FHUWLILFDWHV RI RZQHUVKLS IRU D WUXVW WR TXDOLI\ DV DQ
³DVVRFLDWLRQ´DQGWKXVEHWUHDWHGDVDFRUSRUDWLRQXQGHUWKH
,QWHUQDO5HYHQXH&RGH
:H DUH QRW SHUVXDGHG 2XU HDUOLHU RSLQLRQ VHW RXW WKH
FRQWUROOLQJOHJDOVWDQGDUGH[SOLFLWO\DQGWKDWVWDQGDUGZDVWKH
³SULPDU\SXUSRVH´WHVWZLWKRXWDUHTXLUHPHQWIRUWUDQVIHUDEOH
FHUWLILFDWHV RI RZQHUVKLS WKH RSLQLRQ FLWHG WKH 7UHDVXUH
,VODQG ³SULPDU\ SXUSRVH´ WHVW IDYRUDEO\ DQG DW OHQJWK LW
DGRSWHGDKROGLQJWKDWZDVDYHUVLRQRIWKDWWHVWDQGLWVWKUHH
SDUWLQVWUXFWLRQIRUZKDWWKHEDQNUXSWF\FRXUW¶VILQGLQJVRI
1R ,QUH.HQQHWK$OOHQ.QLJKW7UXVW
IDFW VKRXOG HVWDEOLVK ZDV GHVLJQHG WR GLVFHUQ WKH SULPDU\
SXUSRVHRIWKH7UXVW7KDWKROGLQJHVWDEOLVKHGWKHODZRIWKH
FDVH DQG WKH EDQNUXSWF\ FRXUW DQG GLVWULFW FRXUW KDG QR
GLVFUHWLRQWRFKRRVHDQRWKHUVWDQGDUG
7KRXJKWKH0HGDOOLRQ5HDOW\7UXVWFDVHRXUHDUOLHURSLQLRQ
FLWHG GLG UHMHFW 7UHDVXUH ,VODQG¶V EXVLQHVVSXUSRVH YV
SURWHFWLRQRIWUXVWUHVSXUSRVHGLFKRWRP\0HGDOOLRQ5HDOW\
7UXVWQHYHUWKHOHVVDGRSWHGDQRWKHUSDUWRI7UHDVXUH,VODQG¶V
KROGLQJ²7UHDVXUH,VODQG¶VVWDWHPHQWWKDW³EXVLQHVVWUXVWVDUH
FUHDWHGIRUWKHSXUSRVHRIFDUU\LQJRQVRPHNLQGRIEXVLQHVV
RUFRPPHUFLDODFWLYLW\IRUSURILW´%5DW²ZKHQLW
KHOG WKDW WKH GHFLVLYH TXHVWLRQ LV ³ZKHWKHU WKH WUXVW ZDV
FUHDWHG WR WUDQVDFW EXVLQHVV IRU WKH EHQHILW RI LQYHVWRUV´
0HGDOOLRQ5HDOW\7UXVW%5DW$QG RXURSLQLRQ
LQFRUSRUDWHGWKLVODQJXDJHIURP0HGDOOLRQ5HDOW\7UXVWLQWR
RXURZQGHILQLWLRQZKHQZHRPLWWHG7UHDVXUH,VODQG¶VZRUGV
³IRU SURILW´ DQG KHOG WKDW ³WUXVWV FUHDWHG ZLWK WKH SULPDU\
SXUSRVHRIWUDQVDFWLQJEXVLQHVVRUFDUU\LQJRQFRPPHUFLDO
DFWLYLW\ IRU WKH EHQHILW RI LQYHVWRUV TXDOLI\ DV EXVLQHVV
WUXVWV>@´%UDG\:/DW HPSKDVLVDGGHG
+HQFHLWZDVQRDQRPDO\WKDWZHFLWHGWR0HGDOOLRQ5HDOW\
7UXVW DQG WKH IDFW WKDW WKH ODWWHU FDVH TXHVWLRQV SDUW RI
7UHDVXUH ,VODQG¶V KROGLQJ KDUGO\ LQGLFDWHV WKDW ZH ZHUH
HTXLYRFDWLQJDQGWKHEDQNUXSWF\FRXUWWKHUHIRUHKDGIUHHUHLQ
WRFKRRVHLWVRZQVWDQGDUGRIODZ:HSODLQO\VWDWHGWKHODZ
ZH ZHUH DGRSWLQJ DQG DOO WKUHH RI WKH FDVHV ZH FLWHG
XQHTXLYRFDOO\ UHMHFW WKH SURSRVLWLRQ %UDG\¶V GDXJKWHUV
ZDQWHG WKH EDQNUXSWF\ FRXUW WR DFFHSW²WKDW IRU D WUXVW WR
TXDOLI\ DV D ³EXVLQHVV WUXVW´ LW PXVW KDYH WUDQVIHUDEOH
FHUWLILFDWHVRIRZQHUVKLS
%:KHWKHUDQ([FHSWLRQWRWKH/DZRIWKH&DVH([LVWV
+HUH
2XUILQGLQJWKDWRXUHDUOLHU%UDG\RSLQLRQHVWDEOLVKHGWKH
ODZRIWKHFDVHGRHVQRWQHFHVVDULO\HQGWKHPDWWHUVLQFHWKH
GRFWULQHLVGLVFUHWLRQDU\³μODZRIWKHFDVH¶DVDSSOLHGWRWKH
HIIHFW RI SUHYLRXV RUGHUV RQ WKH ODWHU DFWLRQ RI WKH FRXUW
UHQGHULQJ WKHP LQ WKH VDPH FDVH PHUHO\ H[SUHVVHV WKH
-- 8 of 8 --
Verbinden Sie Omnilex, um den Rechtskorpus über Ihren KI-Assistenten zu durchsuchen.