00a0274p.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
$1'5( 2/'(1
3HWLWLRQHU$SSHOODQW
Y
81,7(' 67$7(6 2) $0(5,&$
5HVSRQGHQW$SSHOOHH
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
1R²3DWULFN-'XJJDQ'LVWULFW-XGJH
$UJXHG'HFHPEHU
'HFLGHGDQG)LOHG$XJXVW
%HIRUH-21(6&2/(DQG*,/0$1&LUFXLW-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8('9LFNL/&DUPLFKDHO-HIIHUVRQYLOOH,QGLDQDIRU
$SSHOODQW 'DYLG - 'HEROG $66,67$17 81,7('
67$7(6 $77251(< 'HWURLW 0LFKLJDQ IRU $SSHOOHH
21%5,()9LFNL/&DUPLFKDHO-HIIHUVRQYLOOH,QGLDQDIRU
$SSHOODQW 'DYLG - 'HEROG $66,67$17 81,7('
67$7(6$77251(<'HWURLW0LFKLJDQIRU$SSHOOHH

-- 1 of 8 --

2OGHQY8QLWHG6WDWHV 1R
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
1$7+$1,(/ 5 -21(6 &LUFXLW -XGJH 3HWLWLRQHU
$SSHOODQW$QGUH2OGHQDSSHDOVWKHGLVWULFWFRXUW¶VGHQLDORI
KLV † PRWLRQ WR YDFDWH KLV FRQYLFWLRQ IRU QDUFRWLFV
GLVWULEXWLRQ2OGHQDVVHUWVWKDWKHZDVSURYLGHGLQHIIHFWLYH
DVVLVWDQFHRIFRXQVHODQGFRPSOHWHO\GHQLHGUHSUHVHQWDWLRQE\
KLVFRXQVHO¶VDEVHQFHVDWFULWLFDOVWDJHVRIKLVWULDO:HKROG
WKDWZKLOH2OGHQFDQQRWHVWDEOLVKSUHMXGLFHWRVXSSRUWKLV
LQHIIHFWLYHDVVLVWDQFHFODLPKLVFRXQVHO¶VDEVHQFHVDWFULWLFDO
VWDJHVRIKLVWULDOFRPSOHWHO\GHQLHGKLPWKHUHSUHVHQWDWLRQ
JXDUDQWHHGE\WKH6L[WK$PHQGPHQW+RZHYHUEHFDXVHZH
FDQQRWGHWHUPLQHZKHWKHU2OGHQOHJLWLPDWHO\ZDLYHGKLVULJKW
WRKLVRZQFRXQVHOZHUHPDQGIRUDQHYLGHQWLDU\KHDULQJRQ
WKDW LVVXH $FFRUGLQJO\ ZH 9$&$7( WKH GLVWULFW FRXUW¶V
GHQLDORI2OGHQ¶VPRWLRQWRYDFDWHDQG5(0$1'IRUIXUWKHU
SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ
,
2OGHQZDVLQLWLDOO\LQGLFWHGRQIHGHUDOFRQVSLUDF\FKDUJHV
LQ FRQQHFWLRQ ZLWK D GUXJ GLVWULEXWLRQ ULQJ 7KH RULJLQDO
LQGLFWPHQWDOVRFKDUJHG³&DUORV/18´ZLWKFRQVSLUDF\DQG
KHURLQ GLVWULEXWLRQ RQ 0DUFK 2Q )HEUXDU\
DJUDQGMXU\UHWXUQHGDVXSHUVHGLQJLQGLFWPHQWZKLFK
FRQWLQXHGWRFKDUJH2OGHQZLWKFRQVSLUDF\XQGHU&RXQWEXW
PDGHQRPHQWLRQRID³&DUORV/18´
$WWULDOWKHJRYHUQPHQWSUHVHQWHGHYLGHQFHVKRZLQJWKDW
2OGHQZDVDGUXJ³UXQQHU´RUGLVWULEXWRUIRUWKHOHDGHUVRI
WKH FRQVSLUDF\ .DUO :LQJR DQG %UHWW /DQJ 6HH 8QLWHG
6WDWHVY/DQJ1R:/DW WK&LU
XQSXEOLVKHGRSLQLRQ DIILUPLQJ2OGHQ¶VFRQYLFWLRQRQ
GLUHFW DSSHDO )RXU ZLWQHVVHV GHVFULEHG VHYHUDO VSHFLILF
LQVWDQFHVRI2OGHQ¶VFULPLQDOFRQGXFW7LUUHOO+DUULVWHVWLILHG
WKDW LQ HDUO\ 2OGHQ VHW XS DQG FRQVXPPDWHG D GUXJ
WUDQVDFWLRQIRUDRQHHLJKWKNLORJUDPRIFRFDLQHIRU:LQJR
6LPLODUO\0LFKDHO=DMDFWHVWLILHGWKDWLQ'HFHPEHULQ

-- 2 of 8 --

2OGHQY8QLWHG6WDWHV 1R
QHYHUWKHOHVV SUHVHUYHG KLV ULJKW WR ILOH D 5XOH PRWLRQ $GGLWLRQDOO\
ZH QRWH WKDW WKH VHFRQG 5XOH KHDULQJ GLG QRW UHODWH WR WKH FKDUJHV
DJDLQVW 2OGHQ DQG WKDW ZLWK UHJDUG WR :LWWHQEHUJ¶V DEVHQFH DW WKH -HQFNV
KHDULQJ ZH KHOG RQ GLUHFW DSSHDO WKDW WKH -HQFNV PDWHULDOV ZHUH QRW
GLVFRYHUDEOH 6HH /DQJ :/ DW ,Q VKRUW ZLWKRXW D
FULWLFDO VWDJH RU SUHMXGLFH VKRZLQJ 2OGHQ¶V FODLPV KHUH DUH PHULWOHVV
,,,
:KLOH ZH UHMHFW 2OGHQ¶V YDULRXV LQHIIHFWLYH DVVLVWDQFH
FODLPVSHUWDLQLQJWRWKH³&DUORV´DOOHJDWLRQVDQGKLVIDLOXUHWR
ILOHYDULRXVSURFHGXUDOPRWLRQVZHKROGWKDW2OGHQ¶VFRXQVHO
ZDVDEVHQWDWFULWLFDOVWDJHVRIWKHWULDODQGWKDWLI2OGHQFDQ
HVWDEOLVK WKDW KH GLG QRW YROXQWDULO\ NQRZLQJO\ DQG
LQWHOOLJHQWO\ZDLYHKLVULJKWWRKDYHKLVRZQFRXQVHOKHPXVW
EHJUDQWHGDQHZWULDO$FFRUGLQJO\ZH9$&$7(WKHGHQLDO
RI 2OGHQ¶V † PRWLRQ DQG 5(0$1' IRU IXUWKHU
SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ
1R 2OGHQY8QLWHG6WDWHV
D GHDO VHW XS E\ :LQJR KH JDYH 2OGHQ DQG 2OGHQ
UHWXUQHGZLWKDTXDUWHUNLORJUDPRIFRFDLQH-$DW
2Q 0DUFK XQGHUFRYHU '($ $JHQW 6WHYHQ
0LWFKHOODFFRPSDQLHGE\$JHQW0LFKDHO%URZQDUUDQJHGWR
PDNHDKHURLQSXUFKDVHIURP:LQJR:LQJRVWDWHGWKDWKH
ZRXOG VHQG DQ XQQDPHG SHUVRQ WR PHHW 0LWFKHOO DQG
FRPSOHWHWKHGHDO$WWKHVFKHGXOHGWLPHDPDQZDONHGXS
WR0LWFKHOO¶VYHKLFOHDQGVWDWHGKHZDV³RQHRI.DUO¶VER\V´
-$DW0LWFKHOODVNHGWKLVLQGLYLGXDOKLVQDPHDQGKH
DQVZHUHG³&DUORV´%\WKHZD\KHVDLGKLVQDPH0LWFKHOO
LPPHGLDWHO\VXVSHFWHGLWZDVDQDOLDV,QDQ\HYHQW0LWFKHOO
UHMHFWHGWKHGUXJVRIIHUHGE\³&DUORV´DVKHVXVSHFWHGWKH
KHURLQKDGEHHQ³FXW´RUGLOXWHGWKURXJKFRPPLQJOLQJZLWK
RWKHUVXEVWDQFHV$IWHUVXEVHTXHQWGLVFXVVLRQVZLWK:LQJR
UHJDUGLQJWKHLQWHJULW\RIWKHGUXJV0LWFKHOODJUHHGWRDFFHSW
WKHKHURLQ$VHFRQGPHHWLQJWRRNSODFHLQZKLFK0LWFKHOO
FRQVXPPDWHGWKHGHDOZLWKWKH³&DUORV´KHKDGLQLWLDOO\PHW
:KHQ 2OGHQ DSSHDUHG IRU KLV DUUDLJQPHQW LQ 1RYHPEHU
0LWFKHOOLGHQWLILHG2OGHQDVWKH³&DUORV´ZKRVROGKLP
KHURLQRQ0DUFK6HH-$DW,QDGGLWLRQ
ZKHQ 2OGHQ ZHQW WR WKH '($ RIILFH WR JLYH KDQGZULWLQJ
VDPSOHV $JHQW %URZQ SRVLWLYHO\ LGHQWLILHG 2OGHQ DV WKH
³&DUORV´ZKRKDGFRQVXPPDWHGWKH0DUFKGHDO%DVHGRQ
WKHVH LGHQWLILFDWLRQV DOO UHIHUHQFHV WR ³&DUORV /18´ ZHUH
RPLWWHG IURP D ODWHUILOHG VXSHUVHGLQJ LQGLFWPHQW 7KH
VXSHUVHGLQJLQGLFWPHQWKRZHYHUGLGQRWVSHFLILFDOO\FKDUJH
2OGHQ ZLWK KHURLQ GLVWULEXWLRQ RQ 0DUFK LW VLPSO\
UHPRYHG WKH SXUSRUWHG FKDUJHV DJDLQVW ³&DUORV /18´ LQ
&RXQWVDQGRIWKHRULJLQDOLQGLFWPHQW
7KH JUDQG MXU\ WUDQVFULSW LQGLFDWHG WKDW WKH FRQGXFW
IRUPHUO\DVFULEHGWR³&DUORV´ZDVEHLQJLPSXWHGWR2OGHQ
$GGLWLRQDOO\GLVFRYHU\RQWKHGD\EHIRUHWKHWULDOVXSSOLHG
2OGHQ¶V WULDO FRXQVHO +RZDUG :LWWHQEHUJ ZLWK $JHQWV
0LWFKHOO¶V DQG %URZQ¶V VXSSOHPHQWDO UHSRUW LPSOLFDWLQJ
2OGHQ DV ³&DUORV´ /DQJ :/ DW
0RUHRYHU:LWWHQEHUJDGPLWWHGWKDWKHKDGUHDGWKHJUDQG
MXU\ WHVWLPRQ\ RI DQ DJHQW ZKR DVVHUWHG WKDW 2OGHQ ZDV

-- 3 of 8 --

2OGHQY8QLWHG6WDWHV 1R
³&DUORV´-$DW1HYHUWKHOHVV:LWWHQEHUJFODLPHGWKDW
LWZDVQRWXQWLOWKHJRYHUQPHQWUHIHUUHGWR2OGHQDV³&DUORV´
GXULQJWULDOWKDWKHOHDUQHGWKDW2OGHQZDVDOOHJHGWREHWKH
³&DUORV´ZKRPDGHWKH0DUFKGHDO:LWWHQEHUJ
DVVHUWHG WKDW KH KDG EHHQ³DPEXVK>HG@´ E\ WKH ³&DUORV´
DOOHJDWLRQV DQG PRYHG WR VHYHU 2OGHQ¶V WULDO IURP KLV FR
GHIHQGDQWV DVVHUWLQJ WKDW FRFRQVSLUDWRU 2WLV :LQJR .DUO
:LQJR¶V EURWKHU ZRXOG SURYLGH WHVWLPRQ\ VKRZLQJ WKDW
DQRWKHU LQGLYLGXDO ZDV WKH UHDO ³&DUORV´ -$ DW
:LWWHQEHUJ FRQWHQGHG WKDW KLV VHYHUDQFH PRWLRQ ZRXOG
SURYLGHKLVRQO\RSSRUWXQLW\WRFDOO2WLV:LQJRVLQFH:LQJR
KDGGHFLGHGQRWWRWHVWLI\:LWWHQEHUJIXUWKHUDOOHJHGWKDWE\
QRW KDYLQJ QRWLFH WKDW 2OGHQ ZRXOG EH FKDUJHG ZLWK WKH
FRQGXFW DWWULEXWHG WR ³&DUORV´ KH ZDV XQDEOH IXOO\ DQG
DGHTXDWHO\WRGHIHQGKLVFOLHQW7KHGLVWULFWFRXUWGHQLHGWKH
VHYHUDQFH PRWLRQ FRQFOXGLQJ WKDW :LWWHQEHUJ KDG
DSSURSULDWHO\FURVVH[DPLQHGWKHLVVXHDQG³GHDOWZLWKLWDV
ZHOODVLWFRXOGEHGHDOWZLWKLI\RX¶GNQRZQDERXWLWDPRQWK
EHIRUH´-$DW
$W WULDO LQ DGGLWLRQ WR WKH ³&DUORV´ WHVWLPRQ\ WKH
JRYHUQPHQW LQWURGXFHG ZLUHWDS WHVWLPRQ\ LQ ZKLFK .DUO
:LQJRGLVFXVVHGHIIRUWVE\2OGHQDQGRWKHUVWRORFDWHYDULRXV
GUXJ SDUDSKHUQDOLD EHIRUH VHDUFK ZDUUDQWV ZHUH H[HFXWHG
2OGHQUHVSRQGHGWRWKH³&DUORV´FKDUJHVE\FRQWHQGLQJWKDW
WKHDJHQWVWHVWLILHG³&DUORV´ZDVILIW\WRVL[W\SRXQGVOLJKWHU
WKDQ 2OGHQ 7KH JRYHUQPHQW KRZHYHU FRXQWHUHG WKLV
DVVHUWLRQZLWKWHVWLPRQ\IURP=DMDFZKRVWDWHGWKDW2OGHQ
KDGJDLQHGDSSUR[LPDWHO\VL[W\SRXQGV$GGLWLRQDOO\ERWK
$JHQWV 0LWFKHOO DQG %URZQ SRVLWLYHO\ LGHQWLILHG 2OGHQ DV
³&DUORV´ DW WULDO 6HH -$ DW 2OGHQ ZDV
XOWLPDWHO\FRQYLFWHGRIWKHFRQVSLUDF\FKDUJHDQGVHQWHQFHG
WR PRQWKV 2Q GLUHFW DSSHDO 2OGHQ DVVHUWHG WKDW WKH
JRYHUQPHQW FRQVWUXFWLYHO\ DPHQGHG WKH LQGLFWPHQW E\
FKDUJLQJKLPZLWKWKHFRQGXFWDWWULEXWHGWR³&DUORV´DQGWKDW
WKHGLVWULFWFRXUWHUUHGLQGHQ\LQJKLVVHYHUDQFHPRWLRQ6HH
/DQJ:/DW 7KLVFRXUWVXPPDULO\UHMHFWHG
2OGHQ¶VFODLPV,G
1R 2OGHQY8QLWHG6WDWHV
2OGHQ DOVR FLWHV :LWWHQEHUJ¶V DEVHQFHV DW WZR 5XOH KHDULQJV DQG
D -HQFNV PDWHULDO KHDULQJ 2OGHQ KRZHYHU GRHV QRW DYHU WKDW WKHVH
DEVHQFHV RFFXUUHG DW FULWLFDO VWDJHV RI KLV WULDO DQG EHFDXVH KH KDV QRW
VKRZQ DQ\ SUHMXGLFH IURP WKHVH DEVHQFHV ZH FDQQRW FRQFOXGH WKDW
:LWWHQEHUJ SURYLGHG LQHIIHFWLYH DVVLVWDQFH E\ PLVVLQJ WKHVH KHDULQJV :H
DOVR QRWH WKDW HYHQ WKRXJK :LWWHQEHUJ PLVVHG RQH 5XOH KHDULQJ KH
*LYHQWKHUHFRUGEHIRUHXVZHFDQQRWGHWHUPLQHZKHWKHU
2OGHQNQRZLQJO\DQGLQWHOOLJHQWO\DFFHSWHGVXEVWLWXWHFRXQVHO
DQGWKHUHE\ZDLYHGKLVULJKWWRKDYHKLVRZQFRXQVHOSUHVHQW
7KHGLVWULFWFRXUWGLGQRWDVFHUWDLQZKHWKHU2OGHQKDGDQ\
NQRZOHGJH DV WR KLV 6L[WK $PHQGPHQW ULJKWV KLV ULJKW WR
KDYHKLVRZQFRXQVHOKLVULJKWWRUHMHFWWKHVXEVWLWXWHFRXQVHO
RI KLV FRGHIHQGDQWV RU KLV ULJKW WR UHTXHVW D FRQWLQXDQFH
XQWLOKLVRZQFRXQVHOFRXOGEHSUHVHQW1RUGLGWKHGLVWULFW
FRXUWHQJDJHLQWKHNLQGRIFROORTX\HQYLVLRQHGE\)HGHUDO
5XOH RI &ULPLQDO 3URFHGXUH F ZKHQ WZR FULPLQDO FR
GHIHQGDQWVDUHMRLQWO\UHSUHVHQWHGE\WKHVDPHFRXQVHO6HH
)HG5&ULP3 F :HKROGWKDWMXVWDVDGLVWULFWFRXUWLV
UHTXLUHGWRDSSULVHDGHIHQGDQWVHHNLQJWRUHSUHVHQWKLPVHOI
RI WKH QDWXUH RI KLV 6L[WK $PHQGPHQW ULJKWV DQG WKH
FRQVHTXHQFHVWKDWDWWHQGZDLYHURIWKRVHULJKWVVHH8QLWHG
6WDWHVY+HUQDQGH])G WK&LU D
VLPLODUFROORTX\LVUHTXLUHGZKHQDWDQ\SRLQWLQDWULDOD
FULPLQDOGHIHQGDQWDJUHHVWRDFFHSWWKHVXEVWLWXWHFRXQVHORI
DFRGHIHQGDQW6XFKDQH[SODQDWLRQLVFRQWHPSODWHGE\5XOH
F DQGPDQGDWHGE\WKH&RQVWLWXWLRQ¶VUHTXLUHPHQWWKDW
ZH UHFRJQL]H D 6L[WK $PHQGPHQW ZDLYHU RQO\ ZKHQ D
FULPLQDOGHIHQGDQWNQRZLQJO\LQWHOOLJHQWO\DQGYROXQWDULO\
DJUHHVWRVXUUHQGHUKLVULJKWWRFRXQVHO
%HFDXVHWKHFXUUHQWUHFRUGGRHVQRWDOORZXVWRGHWHUPLQH
ZKHWKHU2OGHQNQRZLQJO\DQGLQWHOOLJHQWO\ZDLYHGKLV6L[WK
$PHQGPHQWULJKWVZHUHPDQGIRUDQHYLGHQWLDU\KHDULQJRQ
WKHH[WHQWRI2OGHQ¶VDZDUHQHVVRIKLVULJKWWRKDYHKLVRZQ
FRXQVHO SUHVHQW ,I 2OGHQ FDQ HVWDEOLVK WKDW KH GLG QRW
YROXQWDULO\NQRZLQJO\DQGLQWHOOLJHQWO\ZDLYHKLVULJKWWR
KDYHKLVFRXQVHOSUHVHQW2OGHQPXVWEHJUDQWHGDQHZWULDO
JLYHQ RXU FRQFOXVLRQ WKDW :LWWHQEHUJ¶V -XQH DQG
DEVHQFHVRFFXUUHGDWFULWLFDOVWDJHVRI2OGHQ¶VWULDO

-- 4 of 8 --

2OGHQY8QLWHG6WDWHV 1R
:H QRZ FRQVLGHU ZKHWKHU 2OGHQ ZDLYHG KLV 6L[WK
$PHQGPHQW SURWHFWLRQV GXULQJ :LWWHQEHUJ¶V DEVHQFHV RQ
-XQHDQG2Q-XQH:LWWHQEHUJLQIRUPHGWKHFRXUWWKDW
EHFDXVHKHKDGWRDWWHQGDIXQHUDOWKHQH[WGD\KHZRXOGEH
DEVHQWIURPWKHFRXUWURRP7KHH[FKDQJHEHWZHHQ2OGHQ¶V
FRXQVHODQGWKHFRXUWSURFHHGHGDVIROORZV
0U:LWWHQEHUJ0\FOLHQWKDVQRREMHFWLRQVWRKDYLQJ
7LPRWK\%DUNRYLF>2WLV:LQJR¶VFRXQVHO@LQP\DEVHQFH
WDNHQRWHVRUZKDWHYHU$QG,ZRXOGMXVWOLNHWRSODFHLW
RQWKHUHFRUGDW>VLF@P\FOLHQWDFNQRZOHGJHWKDW
7KH&RXUW0U2OGHQLVWKDWDJUHHDEOHZLWK\RX"
'HIHQGDQW2OGHQ<HV
7KH &RXUW $OO ULJKW 0U %DUNRYLF LV WKDW DJUHHDEOH
ZLWK\RX"
0U%DUNRYLF$EVROXWHO\\RXU+RQRU
7KH&RXUW2ND\ILQH
-$DW5HJDUGLQJWKHVHFRQGDEVHQFH:LWWHQEHUJ
DUUDQJHGWRKDYHFR'HIHQGDQW%UHWW/DQJ¶VFRXQVHOUHSUHVHQW
2OGHQ ZKLOH KH ZDV DEVHQW /DQJ¶V FRXQVHO H[SODLQHG
2OGHQ¶VVXSSRUWRIKLVUHSUHVHQWDWLRQDVIROORZV
>/DQJ¶VFRXQVHO@0U:LWWHQEHUJKDVFDOOHGDQGDVNHG
WKDW,DJDLQVWDQGLQIRU0U2OGHQ,¶YHGLVFXVVHGLWZLWK
0U2OGHQ>7R2OGHQ@<RXGRQ¶WKDYHDQ\REMHFWLRQWR
PHVWDQGLQJLQSODFHDQGVWHDGRI0U:LWWHQEHUJWRGD\"
'HIHQGDQW2OGHQ1R
>/DQJ¶VFRXQVHO@9HU\JRRG7KDQN\RX
7KH&RXUW2ND\7KDQNV
-$DW
1R 2OGHQY8QLWHG6WDWHV
2OGHQ VXEVHTXHQWO\ ILOHG D † SHWLWLRQ WR YDFDWH
DVVHUWLQJLQHIIHFWLYHDVVLVWDQFHRIFRXQVHODQGWKDW:LWWHQEHUJ
GHQLHG KLP DVVLVWDQFH DOWRJHWKHU E\ KLV VHYHUDO DEVHQFHV
GXULQJWKHWULDO2OGHQHPSKDVL]HG:LWWHQEHUJ¶VDEVHQFHV
GXULQJ WZR SDUWLFXODU HSLVRGHV RI WKH WULDO ZKHQ WKH
SURVHFXWLRQ LQWURGXFHG HYLGHQFH DOOHJHGO\ SHUWDLQLQJ WR
2OGHQ¶V JXLOW 2Q -XQH $JHQW 0LFKDHO %URZQ
DPRQJRWKHUVDWWHVWHGWRWKHFULPLQDODFWLYLWLHVRI2OGHQ¶VFR
GHIHQGDQWVDQGZLWQHVV-RDQQH3HUVRQWHVWLILHGWKDW2OGHQ
ZDV SUHVHQW DW D KHURLQ SXUFKDVH VKH PDGH DW D ORFDO
UHVLGHQFH6HH-$DW$GGLWLRQDOO\RQ-XQHWKH
JRYHUQPHQW SUHVHQWHG ZLUHWDS HYLGHQFH RI D FRQYHUVDWLRQ
EHWZHHQ2WLVDQG.DUO:LQJRLQZKLFK.DUODVNV2WLVZKR
LV ZLWK KLP 2WLV UHVSRQGV WKDW KH LV ZLWK 2OGHQ DQG WKH
:LQJREURWKHUVSURFHHGWRKDYHDFRQYHUVDWLRQDERXWLOOLFLW
DFWLYLW\6HH7U;9,,,DW
7KHGLVWULFWFRXUWKRZHYHUUHMHFWHGDOORI2OGHQ¶VFODLPV
FRQFOXGLQJWKDWKHKDGQRWHVWDEOLVKHGGHILFLHQWUHSUHVHQWDWLRQ
RUSUHMXGLFH5HJDUGLQJ2OGHQ¶VGHQLDORIFRXQVHOFODLPWKH
GLVWULFWFRXUWDGGLWLRQDOO\QRWHGWKDW2OGHQKDGFRQVHQWHGWR
:LWWHQEHUJ¶V DEVHQFHV 6HH -$ DW :LWK WKHVH
UXOLQJV WKH GLVWULFW FRXUW GHQLHG 2OGHQ¶V † PRWLRQ
2OGHQQRZDSSHDOV
,,
,QHIIHFWLYH DVVLVWDQFH RI FRXQVHO FODLPV SUHVHQW PL[HG
TXHVWLRQVRIODZDQGIDFWWKDWZHUHYLHZGHQRYR6HH8QLWHG
6WDWHVY-DFNVRQ)G WK&LU $Q\
ILQGLQJVRIIDFWSHUWLQHQWWRWKHLQHIIHFWLYHDVVLVWDQFHLQTXLU\
DUHUHYLHZHGIRUFOHDUHUURU6HHLG:HDSSO\DWZRSDUWWHVW
WR GHWHUPLQH ZKHWKHU D FULPLQDO GHIHQGDQW ZDV GHQLHG
HIIHFWLYHDVVLVWDQFHRIFRXQVHO)LUVWZHDVFHUWDLQZKHWKHU
FRXQVHO¶VSHUIRUPDQFHZDVSURIHVVLRQDOO\GHILFLHQWVHFRQG
ZHGHWHUPLQHZKHWKHUWKHGHILFLHQWSHUIRUPDQFHSUHMXGLFHG
WKH GHIHQGDQW¶V FRQVWLWXWLRQDO LQWHUHVWV 6HH 6WULFNODQG Y
:DVKLQJWRQ86 5LFNPDQY%HOO
)G WK&LU *UDYOH\Y0LOOV)G
WK&LU

-- 5 of 8 --

2OGHQY8QLWHG6WDWHV 1R
,Q DVVHVVLQJ FRXQVHO¶V SHUIRUPDQFH ZH LQTXLUH ZKHWKHU
³FRXQVHO¶VUHSUHVHQWDWLRQIHOOEHORZDQREMHFWLYHVWDQGDUGRI
UHDVRQDEOHQHVV´ DV PHDVXUHG E\ ³SUHYDLOLQJ SURIHVVLRQDO
QRUPV´5LFNPDQ)GDW TXRWLQJ6WULFNODQG
86 DW 7KLV REMHFWLYH UHDVRQDEOHQHVV VWDQGDUG
HQFRPSDVVHVVWUDWHJLF OLWLJDWLRQFKRLFHVWKDWVLPSO\IDLOWR
EHDU IUXLW 6HH 6WULFNODQG 86 DW 7R HVWDEOLVK
SUHMXGLFH D GHIHQGDQW PXVW GHPRQVWUDWH D UHDVRQDEOH
SUREDELOLW\WKDW³EXWIRUFRXQVHO¶VXQSURIHVVLRQDOHUURUVWKH
UHVXOW RI WKH SURFHHGLQJ ZRXOG KDYH EHHQ GLIIHUHQW´
5LFNPDQ)GDW TXRWLQJ6WULFNODQG86DW
3UHMXGLFHLVSUHVXPHGKRZHYHUZKHQDGHIHQGDQW
GHPRQVWUDWHVDFWXDOFRQIOLFWVRILQWHUHVWWKDWFRPSURPLVHDQ
DWWRUQH\¶V DELOLW\ WR DGYRFDWH KLV FOLHQW¶V LQWHUHVWV VHH LG
FLWLQJ 6WULFNODQG 86 DW RU ZKHQ FRXQVHO LV
FRPSOHWHO\GHQLHGGXHWRDEVHQFHDWDFULWLFDOVWDJHRIDWULDO
6HH8QLWHG6WDWHVY&URQLF86Q
2OGHQFRQWHQGVKLVFRXQVHOZDVFRQVWLWXWLRQDOO\GHILFLHQW
IRUIDLOLQJWRREWDLQPDWHULDOHYLGHQFHIDLOLQJWRILOHYDULRXV
PRWLRQVDQGH[FHVVLYHDEVHQFH+HDGGLWLRQDOO\DVVHUWVWKDW
KHZDVGHQLHG6L[WK$PHQGPHQWHIIHFWLYHDVVLVWDQFHE\WKH
DJJUHJDWHHIIHFWRIWKHVHSXUSRUWHGHUURUV:HZLOOGLVFXVV
HDFKDOOHJDWLRQLQWXUQ
$
2OGHQ ILUVW DVVHUWV WKDW KLV WULDO FRXQVHO SURYLGHG
FRQVWLWXWLRQDOO\ GHILFLHQW UHSUHVHQWDWLRQ E\ IDLOLQJ WR OHDUQ
VRRQHUWKDWWKHJRYHUQPHQWLQWHQGHGWRDVFULEHWKH0DUFK
FULPLQDOFRQGXFWRI³&DUORV´WRKLP1RWZLWKVWDQGLQJ
WKDW WKH VXSHUVHGLQJ JUDQG MXU\ WUDQVFULSW FRQWDLQHG WKLV
LQIRUPDWLRQDQGWULDOFRXQVHO:LWWHQEHUJ¶VDGPLVVLRQWKDWKH
GLVFRYHUHGDQDOOHJDWLRQRI2OGHQDV³&DUORV´LQWKHJUDQG
MXU\WHVWLPRQ\VHH-$DW:LWWHQEHUJVWDWHGWKDWKHZDV
³DPEXVK>HG@´ DW WULDO E\ WKH JRYHUQPHQW¶V DOOHJDWLRQV WKDW
2OGHQ ZDV ³&DUORV´ -$ DW 2OGHQ FRQWHQGV WKDW
EHFDXVH :LWWHQEHUJ GLG QRW DQWLFLSDWH WKH ³&DUORV´
DOOHJDWLRQV:LWWHQEHUJGLGQRWSXUVXHLQYHVWLJDWHRUGHYHORS
LQIRUPDWLRQWKDWPLJKWKDYHH[RQHUDWHGKLPLQFOXGLQJ2WLV
1R 2OGHQY8QLWHG6WDWHV
+HUHEHIRUHZHFRQVLGHUZKHWKHU2OGHQ NQRZLQJO\DQG
LQWHOOLJHQWO\ZDLYHGKLV6L[WK$PHQGPHQWULJKWVZHPXVW
ILUVW FRQVLGHU ZKHWKHU WKH DEVHQFHV RI 2OGHQ¶V FRXQVHO
RFFXUUHGDWDVXIILFLHQWO\³FULWLFDO´VWDJHRIWKHWULDOWRWULJJHU
WKHSURWHFWLRQVRI&URQLF2OGHQ¶VFRXQVHO:LWWHQEHUJZDV
DEVHQWRQQXPHURXVRFFDVLRQVGXULQJWULDO6SHFLILFDOO\RQ
-XQHDQG-XQH:LWWHQEHUJZDVDEVHQWZKHQWKH
JRYHUQPHQW SUHVHQWHG HYLGHQFH WKDW SHUWDLQHG WR 2OGHQ¶V
JXLOW 2Q -XQH $JHQW %URZQ GHVFULEHG WKH FULPLQDO
DFWLYLWLHV RI 2OGHQ¶V FRGHIHQGDQWV DQG ZLWQHVV -RDQQH
3HUVRQWHVWLILHGWKDW2OGHQZDVSUHVHQWDWDKHURLQSXUFKDVH
VKHPDGHDWDORFDOUHVLGHQFH6HH-$DW,QDGGLWLRQRQ
-XQHWKHJRYHUQPHQWSUHVHQWHGZLUHWDSHYLGHQFHREWDLQHG
E\$JHQW0LWFKHOO7KLVHYLGHQFHLQFOXGHGDFRQYHUVDWLRQ
EHWZHHQ2WLVDQG.DUO:LQJRLQZKLFK2WLVUHSUHVHQWHGWKDW
2OGHQZDVZLWKKLPDQGWKH:LQJREURWKHUVSURFHHGHGWR
FRQYHUVH DERXW GUXJUHODWHG DFWLYLW\ 6HH 7U ;9,,, DW
7KHHYLGHQFHSUHVHQWHGRQ-XQHDQGUHODWLQJWR2OGHQ¶V
SUHVHQFH DW GUXJ GHDOV DQG WKH :LQJR EURWKHUV¶ DSSDUHQW
FRPIRUWLQGLVFXVVLQJFULPLQDODFWLYLW\DURXQGKLPWHQGVWR
LPSOLFDWH 2OGHQ LQ WKH GUXJ FRQVSLUDF\ RI ZKLFK KH ZDV
FRQYLFWHG
:KHQ WKH JRYHUQPHQW SUHVHQWV HYLGHQFH SUREDWLYH RI D
GHIHQGDQW¶VFXOSDELOLW\LQFULPLQDODFWLYLW\RUHYLGHQFHWKDW
IXUWKHU LPSOLFDWHV D GHIHQGDQW LQ FULPLQDO FRQGXFW WKDW
SRUWLRQRIDFULPLQDOWULDOLVVXIILFLHQWO\FULWLFDOWRWKHXOWLPDWH
TXHVWLRQ RI JXLOW WR WULJJHU WKH SURWHFWLRQV RI &URQLF 6HH
*UHHQ )G DW KROGLQJ WKDW ³>W@KH DEVHQFH RI
FRXQVHOGXULQJWKHWDNLQJRIHYLGHQFHRQWKHGHIHQGDQW¶VJXLOW
LVSUHMXGLFLDOSHUVH´DQGWKHUHIRUHIRUHFORVHVDKDUPOHVVHUURU
DQDO\VLV FI9LQHVY8QLWHG6WDWHV)G WK
&LU ILQGLQJLQDPXOWLGHIHQGDQWFDVHWKDWDEVHQFHRI
FRXQVHOGXULQJWDNLQJRIQRQLQFXOSDWRU\HYLGHQFHZDVQRW
SUHMXGLFLDO SHU VH :H WKHUHIRUH KROG WKDW WKH WULDO
SURFHHGLQJVRI-XQHDQG-XQHZHUHVXIILFLHQWO\FULWLFDO
VWDJHV RI 2OGHQ¶V WULDO WKDW KH ZDV FRQVWLWXWLRQDOO\ GHQLHG
FRXQVHOLIKHGLGQRWNQRZLQJO\DQGLQWHOOLJHQWO\ZDLYHKLV
ULJKWWRFRXQVHOGXULQJWKHVHSURFHHGLQJV

-- 6 of 8 --

2OGHQY8QLWHG6WDWHV 1R
$GGLWLRQDOO\ 2OGHQ DWWHPSWV WR UDLVH LVVXHV SHUWDLQLQJ WR WKH
HIIHFWLYHQHVV RI KLV FRXQVHO DW VHQWHQFLQJ DQG RQ DSSHDO KRZHYHU WKHVH
LVVXHV ZHUH QRW UDLVHG EHORZ DQG WKHUHIRUH DUH QRW FRJQL]DEOH RQ DSSHDO
6HH 8QLWHG 6WDWHV Y )HUJXVRQ )G WK &LU
:/DW WK&LU XQSXEOLVKHG
GLVSRVLWLRQ
&
7KLUG 2OGHQ FRQWHQGV WKDW KH GLG QRW KDYH DQ\
UHSUHVHQWDWLRQGXULQJWKRVHRFFDVLRQVZKHQKLVFRXQVHOZDV
DEVHQWIURPWKHFRXUWURRPDQGWKDWKHGLGQRWNQRZLQJO\DQG
LQWHOOLJHQWO\ DFFHSW VXEVWLWXWH FRXQVHO RQ WKRVH RFFDVLRQV
:KLOH6L[WK$PHQGPHQWMXULVSUXGHQFHJHQHUDOO\UHTXLUHVD
FODLPDQW WR GHPRQVWUDWH GHILFLHQW UHSUHVHQWDWLRQ DQG
SUHMXGLFH ZH SUHVXPH SUHMXGLFH ZKHQ D GHIHQGDQW
GHPRQVWUDWHVDFWXDOFRQIOLFWVRILQWHUHVWWKDWFRPSURPLVHDQ
DWWRUQH\¶V DELOLW\ WR DGYRFDWH KLV FOLHQW¶V LQWHUHVWV VHH
5LFNPDQ )G DW FLWLQJ 6WULFNODQG 86 DW
RUZKHQFRXQVHOLVFRPSOHWHO\GHQLHGGXHWRDEVHQFHDW
D³FULWLFDOVWDJH´RIDWULDO6HH&URQLF86DW ³7KH
SUHVXPSWLRQWKDWFRXQVHO¶VDVVLVWDQFHLVHVVHQWLDOUHTXLUHVXV
WR FRQFOXGH WKDW D WULDO LV XQIDLU LI WKH DFFXVHG LV GHQLHG
FRXQVHODWDFULWLFDOVWDJHRIKLVWULDO´ VHHDOVR*UHHQY$UQ
)G WK&LU YDFDWHGDQGUHPDQGHGRQ
RWKHUJURXQGV86 UHLQVWDWHGRQUHPDQG
)G WK&LU
1HYHUWKHOHVV UHSUHVHQWDWLRQ RU ODFN WKHUHRI WKDW ZRXOG
RWKHUZLVHFRQVWLWXWHDFRQVWLWXWLRQDOYLRODWLRQPD\EHH[FXVHG
ZKHQ D GHIHQGDQW NQRZLQJO\ DQG LQWHOOLJHQWO\ ZDLYHV KLV
6L[WK $PHQGPHQW ULJKW WR FRXQVHO 6HH 8QLWHG 6WDWHV Y
1LFKROV)G WK&LU VHHDOVR8QLWHG
6WDWHV Y 6WUDXJKWHU )G WK &LU
KROGLQJ WKDW NQRZLQJ DQG LQWHOOLJHQW ZDLYHU RI 6L[WK
$PHQGPHQWULJKWVSUHFOXGHGFKDOOHQJHWRFRXQVHO¶VSXUSRUWHG
FRQIOLFWRILQWHUHVW
1R 2OGHQY8QLWHG6WDWHV
:LQJR¶V DOOHJHG VWDWHPHQW WKDW KH FRXOG LGHQWLI\ WKH WUXH
³&DUORV´6HH2OGHQ¶V%UDW
:KLOH:LWWHQEHUJGLGSUHVHQWDPLVWDNHQLGHQWLW\GHIHQVH
KLVDELOLW\WRHIIHFWLYHO\GHIHQG2OGHQZDVVHULRXVO\KDPSHUHG
E\KLVSUHWULDOXQDZDUHQHVVWKDWWKHJRYHUQPHQWLQWHQGHGWR
DOOHJHWKDW2OGHQZDV³&DUORV´$VWKLV&RXUWQRWHGRQGLUHFW
DSSHDO WKH JUDQG MXU\ WUDQVFULSW DQG -HQFNV SUHWULDO
GLVFORVXUH±DOEHLWWKHGD\EHIRUHWULDO±SURYLGHGQRWLFHRIWKH
JRYHUQPHQW¶VFODLPVRQWKH³&DUORV´LVVXH6HH/DQJ
:/DW 0RUHRYHUDVSUHYLRXVO\QRWHGFRXQVHO
DGPLWWHGWKDWKHUHYLHZHGDQRIILFHU¶VJUDQGMXU\VWDWHPHQW
WKDWWKHDXWKRULWLHV³GHWHUPLQHG´WKDW³&DUORV´ZDV2OGHQ
-$DW'HVSLWHWKLVQRWLFH:LWWHQEHUJZDVZKROO\
VXUSULVHGE\WKH³&DUORV´DOOHJDWLRQVDQGDGPLWWHGO\KDGQRW
GHYHORSHGRULQYHVWLJDWHGWKHH[LVWHQFHRIDSXUSRUWHGWUXH
³&DUORV´RUSUREHGRWKHUSRVVLEOHGHIHQVHVRQWKLVLVVXH7KH
GXW\ WR GHYHORS SUHGLFDWH IDFWV XQGHUO\LQJ D FULPLQDO
SURVHFXWLRQLVSDUDPRXQW6HHHJ&ROHVY3H\WRQ)G
WK&LU ³&RXQVHOPXVWFRQGXFWDSSURSULDWH
LQYHVWLJDWLRQVERWKIDFWXDODQGOHJDOWRGHWHUPLQHLIPDWWHUV
RIGHIHQVHFDQEHGHYHORSHGDQGWRDOORZKLPVHOIHQRXJK
WLPHIRUUHIOHFWLRQDQGSUHSDUDWLRQIRUWULDO´ %\IDLOLQJWR
GR VR :LWWHQEHUJ SURYLGHG 2OGHQ ZLWK FRQVWLWXWLRQDOO\
GHILFLHQWUHSUHVHQWDWLRQ
1RWZLWKVWDQGLQJ FRXQVHO¶V SURYLVLRQ RI LQHIIHFWLYH
UHSUHVHQWDWLRQ2OGHQKDVQRWHVWDEOLVKHGD6L[WK$PHQGPHQW
YLRODWLRQRQWKH³&DUORV´FODLPEHFDXVHKHFDQQRWHVWDEOLVK
SUHMXGLFH)LUVWLWLVQRWDEOHWKDWRXWVLGHRIWKHDOOHJHG2WLV
:LQJRWHVWLPRQ\2OGHQKDVQRWVSHFLILFDOO\LGHQWLILHGDQ\
H[FXOSDWRU\SRVVLELOLWLHVWKDWZHUHEDUUHGE\FRXQVHO¶VEHODWHG
NQRZOHGJHRIWKH³&DUORV´DOOHJDWLRQV)XUWKHUERWK$JHQWV
0LWFKHOODQG%URZQSRVLWLYHO\LGHQWLILHG2OGHQDV³&DUORV´
-$0RUHRYHU2OGHQZDVRQO\FKDUJHGZLWK
WKH &RXQW FRQVSLUDF\ FKDUJH DQG ZDV QRW VSHFLILFDOO\
FKDUJHGZLWKWKH0DUFKKHURLQWUDQVDFWLRQ,QDGGLWLRQ
WRWKHZLUHWDSHYLGHQFHWKHWHVWLPRQ\RI0LFKDHO=DMDFDQG
7LUUHOO+DUULVDVWRVSHFLILFGUXJWUDQVDFWLRQVFRQVXPPDWHGE\
2OGHQDUHVXIILFLHQWWRFRQYLFWKLPRIWKHFRQVSLUDF\FKDUJH

-- 7 of 8 --

2OGHQY8QLWHG6WDWHV 1R
2OGHQ DGGLWLRQDOO\ FODLPV WKDW :LWWHQEHUJ VKRXOG KDYH UHTXHVWHG D
³OHVVHU LQFOXGHG RIIHQVH´ LQVWUXFWLRQ 2OGHQ KRZHYHU GRHV QRW FLWH DQ\
HYLGHQFH WKDW VXSSRUWV KLV FODLP QRU GRHV KH DWWHPSW WR UHIXWH VXEVWDQWLDO
HYLGHQFH VKRZLQJ WKDW KH IDFLOLWDWHG WKH GLVWULEXWLRQ DFWLYLWLHV RI .DUO
:LQJR $FFRUGLQJO\ 2OGHQ¶V FODLP LV ZLWKRXW PHULW
$FFRUGLQJO\ 2OGHQ KDV QRW HVWDEOLVKHG WKDW KLV FRXQVHO¶V
GHILFLHQWUHSUHVHQWDWLRQVRFRPSURPLVHGWKHUHOLDELOLW\RIKLV
FRQYLFWLRQWKDWWKHUHVXOWRIWKHSURFHHGLQJZRXOGKDYHEHHQ
GLIIHUHQW6HH5LFNPDQ)GDW
%
2OGHQDOVRFRQWHQGVWKDWKLVWULDOFRXQVHOZDVLQHIIHFWLYH
IRUIDLOLQJWRILOHYDULRXVSURFHGXUDOPRWLRQV6SHFLILFDOO\
2OGHQDOOHJHVWKDWFRXQVHOSURYLGHGLQHIIHFWLYHUHSUHVHQWDWLRQ
E\IDLOLQJWRFKDOOHQJHWKHLQGLFWPHQWIDLOLQJWRPRYHIRUD
PLVWULDO DQG IDLOLQJ WR UHTXHVW D VSHFLDO YHUGLFW 7KHVH
FODLPVDUHZLWKRXWPHULW
2OGHQLQLWLDOO\FODLPVWKDWWKHLQGLFWPHQWVKRXOGKDYHEHHQ
FKDOOHQJHGIRUYDULDQFH6SHFLILFDOO\2OGHQFRQWHQGVWKDWWKH
MXU\PLJKWKDYHPLVXQGHUVWRRGWKHFKDUJHVLWUHWXUQHGDJDLQVW
KLP7KLVFODLPIDLOVKRZHYHUEHFDXVHWKHJUDQGMXU\KHDUG
D'($DJHQW¶VWHVWLPRQ\WKDW2OGHQZDV³&DUORV´DQG2OGHQ
KDVQRWHVWDEOLVKHGSUHMXGLFHIURPDQ\SXUSRUWHGYDULDQFH
2OGHQDOVRFKDOOHQJHVFRXQVHO¶VUHSUHVHQWDWLRQIRUIDLOLQJWR
PRYH IRU D PLVWULDO RQ WKH JRYHUQPHQW¶V SXUSRUWHG
SUHVHQWDWLRQRI³H[WUDQHRXVHYLGHQFH´2OGHQYDJXHO\DQG
ZLWKRXW DQ\ FLWDWLRQ WR WKH UHFRUG FRQWHQGV WKDW WKH
SURVHFXWLRQ¶VHYLGHQFHRIGUXJGLVWULEXWLRQLQ³RWKHUSDUWVRI
WKH FRXQWU\ DQG WKH 3KLOOLSSLQHV ZHUH XVHG´ WR EROVWHU WKH
FRQVSLUDF\ FKDUJH 6HH LG +RZHYHU WKLV DOOHJDWLRQ LV
HQFRPSDVVHG ZLWKLQ WKH SULRU DOOHJDWLRQV RI RYHUEURDG
DGPLVVLELOLW\WKDWZHUHGLVPLVVHGRQGLUHFWDSSHDO6HH/DQJ
:/DW 0RUHRYHU2OGHQKDVQRWDGYDQFHG
DQ\ ZD\ WKDW KLV LQWHUHVWV ZHUH FRPSURPLVHG E\ WKH
DGPLVVLELOLW\RIWKHHYLGHQFHKHYDJXHO\UHIHUVWRDQGKDVQRW
HYHQDWWHPSWHGWRDOOHJHWKDWKHZDVSUHMXGLFHG
1R 2OGHQY8QLWHG6WDWHV
2OGHQDGGLWLRQDOO\FRQWHQGVWKDWKLVFRXQVHOZDVLQHIIHFWLYH
IRUIDLOLQJWRUHTXHVWDVSHFLDOYHUGLFWIRUP2OGHQDVVHUWV
WKDWEHFDXVHWKHFRQVSLUDF\LQYROYHGFKDUJHVRIFRFDLQHDQG
KHURLQ GLVWULEXWLRQ KLV FRXQVHO VKRXOG KDYH UHTXHVWHG D
VSHFLDOYHUGLFWWRGHWHUPLQHWKHUHVSHFWLYHTXDQWLWLHVRIKHURLQ
DQG FRFDLQH WKDW VXSSRUWHG KLV FRQVSLUDF\ FRQYLFWLRQ
+RZHYHUWKHVWDWXWHXQGHUZKLFK2OGHQZDVFRQYLFWHG
86&† D SURYLGHVWKDWLWLVXQODZIXOWRGLVWULEXWHD
³FRQWUROOHG VXEVWDQFH´ %RWK KHURLQ DQG FRFDLQH DUH
SURVFULEHG³FRQWUROOHGVXEVWDQFHV´XQGHU† D 6HHHJ
8QLWHG6WDWHVY-RQHV1R:/DW
WK &LU XQSXEOLVKHG GLVSRVLWLRQ 0RUHRYHU WKH
GLVWULFWFRXUWQRWWKHMXU\GHWHUPLQHVWKHNLQGDQGTXDQWLWLHV
RI³FRQWUROOHGVXEVWDQFHV´IRUWKHSXUSRVHVRIVHQWHQFLQJ6HH
(GZDUGVY8QLWHG6WDWHV6&W ³7KH
6HQWHQFLQJ*XLGHOLQHVLQVWUXFWWKHMXGJHLQDFDVHOLNHWKLV
RQHWRGHWHUPLQHERWKWKHDPRXQWDQGWKHNLQGRIμFRQWUROOHG
VXEVWDQFHV¶IRUZKLFKDGHIHQGDQWVKRXOGEHKHOGDFFRXQWDEOH
±DQGWKHQWRLPSRVHDVHQWHQFHWKDWYDULHVGHSHQGLQJXSRQ
DPRXQW DQG NLQG´ 8QLWHG 6WDWHV Y 5H\ )G
WK&LU ³%HFDXVHWKHTXDQWLW\SRVVHVVHGLVQRW
DQHOHPHQWRIWKHRIIHQVHXQGHU86&† D DVSHFLDO
LQWHUURJDWRU\UHJDUGLQJWKHDPRXQWRIFRFDLQHLQYROYHGLVQRW
UHTXLUHGE\WKHVWDWXWH´ 8QLWHG6WDWHVY0RUHQR)G
WK&LU DVVHUWLQJWKDWEHFDXVH† E ³VHWV
IRUWK SHQDOW\ SURYLVLRQV RQO\ DQG QRW VHSDUDWH μOHVVHU
LQFOXGHG¶RIIHQVHVWKHVHQWHQFLQJMXGJHQRWWKHMXU\KDV
WKHSUHURJDWLYHWRPDNHDGHWHUPLQDWLRQRIWKHTXDQWLW\RI
GUXJV LQYROYHG LQ WKH VFKHPH DQG VHQWHQFH DFFRUGLQJO\´
7KXV DV WKH GLVWULFW FRXUW IRXQG HYHQ LI WKHUH ZHUH D
VLJQLILFDQW SRVVLELOLW\ RI YDULDQFH RQ 2OGHQ¶V FRFDLQH DQG
KHURLQ GLVWULEXWLRQ FKDUJHV WKH YDULDQFH LV QRW SUHMXGLFLDO
JLYHQWKHEURDGHUDPELWRI† D %HFDXVH2OGHQKDVQRW
VKRZQ WKDW KH ZDV HQWLWOHG WR D VSHFLDO YHUGLFW KH FDQQRW
HVWDEOLVK WKDW KLV FRXQVHO ZDV FRQVWLWXWLRQDOO\ GHILFLHQW LQ
IDLOLQJWRUHTXHVWRQH6HH8QLWHG6WDWHVY/LWWOH1R

-- 8 of 8 --