The AI workspace for legal professionals
- Legal research with access to more than 1 million sources
- Document automation
- Matter management
- Hosted in the EU and Switzerland
Try it free for 14 days (10 questions/day during trial)
The AI workspace for legal professionals
Try it free for 14 days (10 questions/day during trial)
00-3379•01a0351p.06
7KH +RQRUDEOH -RKQ ' +ROVFKXK 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH 6RXWKHUQ 'LVWULFW RI 2KLR 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
9,25(/ ),(5$1
3HWLWLRQHU
Y
,00,*5$7,21 $1'
1$785$/,=$7,21 6(59,&(
-2+1 $6+&52)7$WWRUQH\
*HQHUDO
5HVSRQGHQWV
;!
1
1R
2Q3HWLWLRQIRU5HYLHZRIDQ2UGHURIWKH%RDUGRI
,PPLJUDWLRQ$SSHDOV
1R$
$UJXHG0D\
'HFLGHGDQG)LOHG2FWREHU
%HIRUH1255,6DQG&2/(&LUFXLW-XGJHV
+2/6&+8+'LVWULFW-XGJH
-- 1 of 6 --
)LHUDQY,16 1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' -RHO $ 3HUOPXWWHU &OHYHODQG 2KLR IRU
3HWLWLRQHU3DWULFN6KHQ81,7('67$7(6'(3$570(17
2)-867,&(2)),&(2),00,*5$7,21/,7,*$7,21
:DVKLQJWRQ'&IRU5HVSRQGHQWV21%5,()-RHO$
3HUOPXWWHU&OHYHODQG2KLRIRU3HWLWLRQHU&DUO+0F,QW\UH
-U-RKQ/'DYLV81,7('67$7(6'(3$570(172)
-867,&( 2)),&( 2) ,00,*5$7,21 /,7,*$7,21
:DVKLQJWRQ'&IRU5HVSRQGHQWV
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
$/$1(1255,6&LUFXLW-XGJH3HWLWLRQHU9LRUHO)LHUDQ
FKDOOHQJHVDILQDORUGHURIWKH%RDUGRI,PPLJUDWLRQ$SSHDOV
%,$ GHQ\LQJKLVPRWLRQWRUHPDQGDQGUHRSHQGHSRUWDWLRQ
SURFHHGLQJVIRUWKHSXUSRVHRIDSSO\LQJIRUFDQFHOODWLRQRI
UHPRYDO:HDIILUPWKH%,$GHFLVLRQ
,)DFWXDODQG3URFHGXUDO%DFNJURXQG
)LHUDQ LV D FLWL]HQ RI 5RPDQLD ZKR HQWHUHG WKH 8QLWHG
6WDWHV DV D VWRZDZD\ LQ 0D\ +H ZDV WDNHQ LQWR
FXVWRG\E\WKH,PPLJUDWLRQDQG1DWXUDOL]DWLRQ6HUYLFH ,16
DQGZDVSDUROHGLQWRWKH8QLWHG6WDWHV PHDQLQJWKDWKHZDV
UHOHDVHG EXW QRW ³ODZIXOO\ DGPLWWHG´ +H DSSOLHG IRU
SROLWLFDODV\OXPEXWLQWKH,16LVVXHGDQRWLFHRILQWHQW
WR GHQ\ DV\OXP 2Q 0D\ KH ZDV SODFHG LQ
H[FOXVLRQ SURFHHGLQJV EHIRUH DQ LPPLJUDWLRQ MXGJH $W D
KHDULQJRQ'HFHPEHU)LHUDQDGPLWWHGWKDWKHZDV
H[FOXGDEOH DQG UHTXHVWHG DV\OXP DQG ZLWKKROGLQJ RI
GHSRUWDWLRQ2Q$SULODWDKHDULQJRQWKHPHULWV
WKHLPPLJUDWLRQMXGJHGHQLHGWKHDSSOLFDWLRQVDQGRUGHUHG
WKDW)LHUDQEHH[FOXGHGDQGGHSRUWHG7KHMXGJHGHFLGHGWKDW
)LHUDQ KDG IDLOHG WR HVWDEOLVK SDVW SHUVHFXWLRQ RU D ZHOO
IRXQGHG IHDU RU FOHDU SUREDELOLW\ RI IXWXUH SHUVHFXWLRQ LQ
-- 2 of 6 --
)LHUDQY,16 1R
*LYHQWKHXQDYDLODELOLW\RI I UHOLHIWR)LHUDQWKHUH
ZDVQRDEXVHRIGLVFUHWLRQLQGHQ\LQJKLVPRWLRQWRUHPDQG
KLVFDVH
,9&RQFOXVLRQ
)RUWKHIRUHJRLQJUHDVRQVZHDIILUPWKH%,$¶VGHFLVLRQ
DQGOLIWWKHVWD\RIUHPRYDO
1R )LHUDQY,16
,Q UHOHYDQW SDUW WKH VWDWXWH UHDGV
I 63(&,$/ 58/( )25 &$1&(//$7,21 2) 5(029$/
²
,1 *(1(5$/ ² 6XEMHFW WR WKH SURYLVLRQV RI WKH
,PPLJUDWLRQ DQG 1DWLRQDOLW\ $FW DV LQ HIIHFW DIWHU WKH WLWOH
,,,$ HIIHFWLYH GDWH RWKHU WKDQ VXEVHFWLRQV E G
DQG H RI VHFWLRQ $ RI VXFK $FW EXW LQFOXGLQJ VHFWLRQ
D % RI VXFK $FW WKH $WWRUQH\ *HQHUDO PD\ XQGHU
VHFWLRQ $ RI VXFK $FW FDQFHO UHPRYDO RI DQG DGMXVW WR
WKH VWDWXV RI DQ DOLHQ ODZIXOO\ DGPLWWHG IRU SHUPDQHQW
UHVLGHQFH DQ DOLHQ ZKR LV LQDGPLVVLEOH RU GHSRUWDEOH IURP
WKH 8QLWHG 6WDWHV LI WKH DOLHQ DSSOLHV IRU VXFK UHOLHI WKH
DOLHQ LV GHVFULEHG LQ VXEVHFWLRQ F & L RI WKLV VHFWLRQ
DQG ²
$ WKH DOLHQ ²
5RPDQLDDVUHTXLUHGIRUDV\OXPRUZLWKKROGLQJRIH[FOXVLRQ
DQGGHSRUWDWLRQ
)LHUDQDSSHDOHGWRWKH%,$:KLOHWKHDSSHDOZDVSHQGLQJ
&RQJUHVVHQDFWHGDQHZODZFDOOHGWKH,OOHJDO,PPLJUDWLRQ
5HIRUPDQG,PPLJUDQW5HVSRQVLELOLW\$FW3XE/
6WDW ,,5,5$ ZKLFKLQVWLWXWHG
DPRUHUHVWULFWLYHVFKHPHGHVLJQHGWRH[SHGLWHWKHUHPRYDORI
XQODZIXO DOLHQV DQG WR OLPLW WKHLU DELOLW\ WR REWDLQ
GLVFUHWLRQDU\UHOLHI$VKNLY,16)G WK&LU
0RVW RI WKH ,,5,5$ FKDQJHV ZHQW LQWR HIIHFW RQ
$SULODQGZHUHQRWUHWURDFWLYH,,5,5$ D
F 7KHUHZHUHKRZHYHUVHYHUDO³WUDQVLWLRQDOUXOHV´WKDW
DSSOLHGWRSURFHHGLQJVEHJXQEHIRUHWKHHIIHFWLYHGDWHRIWKH
DFW6HHHJ,,5,5$ F $
2Q1RYHPEHU&RQJUHVVDJDLQFKDQJHGWKHODZ
ZLWKWKHHQDFWPHQWRIWKH1LFDUDJXDQ$GMXVWPHQWDQG&HQWUDO
$PHULFDQ5HOLHI$FW3XE/1R6WDW
1$&$5$ 7KH DFW HDVHG WKH VWULFW
UHTXLUHPHQWV RI WKH ,,5,5$ IRU FHUWDLQ DOLHQV LQFOXGLQJ
TXDOLILHG 5RPDQLDQV E\ DSSO\LQJ WKH OHVV VWULQJHQW SUH
,,5,5$UHTXLUHPHQWV6HH1$&$5$ D E $WLVVXH
LQWKLVFDVHLVD1$&$5$DPHQGPHQWRQWKHFDQFHOODWLRQRI
UHPRYDO² E ZKLFKLQVHUWHG I LQWKH,,5,5$
-- 3 of 6 --
)LHUDQY,16 1R
L LV QRW LQDGPLVVLEOH RU GHSRUWDEOH XQGHU
SDUDJUDSK RU RI VHFWLRQ D RU SDUDJUDSK
RU RI VHFWLRQ D RI WKH ,PPLJUDWLRQ
DQG 1DWLRQDOLW\ $FW DQG LV QRW DQ DOLHQ GHVFULEHG
LQ VHFWLRQ E % L RI VXFK $FW
LL KDV EHHQ SK\VLFDOO\ SUHVHQW LQ WKH 8QLWHG
6WDWHV IRU D FRQWLQXRXV SHULRG RI QRW OHVV WKDQ
\HDUV LPPHGLDWHO\ SUHFHGLQJ WKH GDWH RI VXFK
DSSOLFDWLRQ
LLL KDV EHHQ D SHUVRQ RI JRRG PRUDO FKDUDFWHU
GXULQJ VXFK SHULRG DQG
LY HVWDEOLVKHV WKDW UHPRYDO ZRXOG UHVXOW LQ
H[WUHPH KDUGVKLS WR WKH DOLHQ RU WR WKH DOLHQ¶V
VSRXVH SDUHQW RU FKLOG ZKR LV D FLWL]HQ RI WKH
8QLWHG 6WDWHV RU DQ DOLHQ ODZIXOO\ DGPLWWHG IRU
SHUPDQHQW UHVLGHQFH>@
,,5,5$ I $
)LHUDQ UHDG WKLV QHZ SURYLVLRQ DV DSSO\LQJ WR KLP DQG KH
ILOHGDPRWLRQWRUHPDQGKLVFDVHWRWKHLPPLJUDWLRQMXGJHIRU
FRQVLGHUDWLRQRIKLVDSSOLFDWLRQIRUVXVSHQVLRQRIGHSRUWDWLRQ
RUFDQFHOODWLRQRIUHPRYDOXQGHUWKHQHZODZ
2Q)HEUXDU\WKH%,$DGRSWHGWKHGHFLVLRQRIWKH
LPPLJUDWLRQMXGJHDQGGHQLHG)LHUDQ¶VPRWLRQWRUHPDQGWKH
FDVHIRUDKHDULQJ,QGHQ\LQJ)LHUDQ¶VPRWLRQIRUDUHPDQG
WKH%,$H[SODLQHG
:H ILQG WKDW ZH PXVW GHQ\ WKH DSSOLFDQW¶V PRWLRQ
EHFDXVHDVWKHDSSOLFDQWLVLQH[FOXVLRQSURFHHGLQJVKH
LVVWDWXWRULO\LQHOLJLEOHIRUVXVSHQVLRQRIGHSRUWDWLRQ6HH
0DWWHURI7RUUHV, 1'HF %,$ $V
VXFK KH GRHV QRW TXDOLI\ IRU WKH UHFHQWO\HQDFWHG
SURYLVLRQVRIODZJRYHUQLQJDSSOLFDWLRQVIRUVXVSHQVLRQ
RIGHSRUWDWLRQIRUFLWL]HQVRI5RPDQLDZKRKDYHEHHQ
SODFHGLQGHSRUWDWLRQSURFHHGLQJV6HHJHQHUDOO\VHFWLRQ
F RIWKH1$&$5$>³0RWLRQVWRUHRSHQGHSRUWDWLRQ
RUUHPRYDOSURFHHGLQJV´@
,Q UH 9LRUHO )LHUDQ )LOH $ &OHYHODQG %,$
)HE -RLQW$SSHQGL[DW
1R )LHUDQY,16
QDWLRQDOLWLHVIURPWKHUHWURDFWLYHDSSOLFDWLRQRIWKHμVWRSWLPH¶
UXOH´ 7UHLPDQQ :/ DW GLVFXVVLQJ LQ
GLFWD KRZ 1$&$5$ D RQ WLPH FDOFXODWLRQ FRXOG
UHQGHU VRPH DOLHQV HOLJLEOH IRU VXVSHQVLRQ RI GHSRUWDWLRQ
6HFWLRQ J RIWKH,,5,5$FDQIXQFWLRQIRUWKHVHDOLHQVE\
DOORZLQJWKHPWRUHRSHQGHSRUWDWLRQRUUHPRYDOSURFHHGLQJV
DQGGHQLDORI)LHUDQ¶VFODLPZLOOQRWUHQGHU,,5,5$ J
PHDQLQJOHVV
2WKHUFRXUWVKDYHUHDFKHGWKHFRQFOXVLRQWKDWWKHROGODZ
DSSOLHV WR WKRVH DOLHQV SODFHG LQ H[FOXVLRQ RU GHSRUWDWLRQ
SURFHHGLQJVEHIRUH$SULO,Q3DWHOY0F(OUR\
)G G&LU WKH&RXUWRI$SSHDOVIRUWKH6HFRQG
&LUFXLW FRQVLGHUHG WKH FDVH RI DQ DOLHQ ZKR ZDV SODFHG LQ
H[FOXVLRQ SURFHHGLQJV LQ DQG ZKR DSSOLHG IRU
VXVSHQVLRQ RI GHSRUWDWLRQ XQGHU WKH ROG ,1$ EXW GLG QRW
LQYRNHWKHQHZSURYLVLRQ)LHUDQFLWHV 2Q0DUFK
WKH %,$ IRXQG KLP LQHOLJLEOH WR DSSO\ IRU VXVSHQVLRQ RI
GHSRUWDWLRQ ,G DW 7KH FRXUW LQ UHYLHZLQJ WKLV
GHWHUPLQDWLRQDSSOLHGSUHODZDQGQRWHGWKDWLQYLHZRI
WKHQHZ,,5,5$SURYLVLRQRQ³FDQFHOODWLRQRIUHPRYDO´LWV
GHFLVLRQ GLG QRW DSSO\ WR DOLHQV ZKR ZHUH SODFHG LQ
SURFHHGLQJV RQ RU DIWHU $SULO ,G DW VHH DOVR
7UHLPDQQY,161R:/DW
WK&LU'HF XQSXEOLVKHGPHPRUDQGXPRSLQLRQ
³$OWKRXJK ,,5,5$ UHSHDOHG D >VXVSHQVLRQ RI
GHSRUWDWLRQ@DQGUHSODFHGLWZLWK,1$$>FDQFHOODWLRQRI
UHPRYDO@ IRU DOLHQV OLNH 7UHLPDQQ SODFHG LQ SURFHHGLQJV
EHIRUH$SULO D JRYHUQV´
)LHUDQ ZDV SODFHG LQ H[FOXVLRQ SURFHHGLQJV RQ 0D\
ORQJ EHIRUH WKH HIIHFWLYH GDWH RI WKH ,,5,5$ 7KH
SURYLVLRQXSRQZKLFKKHUHOLHVWKHUHIRUHGRHVQRWDSSO\WRKLV
FDVH )LHUDQ¶V DUJXPHQW LV OLPLWHG WR DVVHUWLQJ WKDW KH LV
HOLJLEOHIRUUHOLHIXQGHUWKHVSHFLDOUXOHKHGRHVQRWFODLPWKDW
KH LV HQWLWOHG WR UHOLHI XQGHU WKH ROG DFW VR ZH QHHG QRW
GLVFXVVWKHXQDYDLODELOLW\RIUHOLHIXQGHUWKHROG,1$6HH
3DWHO)GDW ILQGLQJDQH[FOXGDEOHDOLHQLQHOLJLEOH
IRUVXVSHQVLRQRIGHSRUWDWLRQXQGHUSUH,,5,5$ODZ
-- 4 of 6 --
)LHUDQY,16 1R
UHPRYDO´ )(' 5(* ,16LQWHULPUXOH
VWDWLQJ WKDW WKRVH SODFHG LQ H[FOXVLRQ SURFHHGLQJV EHIRUH
$SULODUHVXEMHFWWRWKHSUH,,5,5$UXOHVJRYHUQLQJ
H[FOXVLRQ
0RUHRYHUWKHDPHQGPHQW¶VSXUSRVHLVWRDSSO\SUH,,5,5$
VWDQGDUGVWRDOLHQVZKRDUHVXEMHFWWRWKHRWKHUVWULFWHUWHUPV
RI WKH ,,5,5$ )LHUDQ LV QRW VXEMHFW WR WKH JHQHUDO
DPHQGPHQWVPDGHE\WKH,,5,5$ZKLFKDSSO\RQO\WRDOLHQV
SODFHG LQ SURFHHGLQJV DIWHU $SULO VHH ,,5,5$
D EXWLVVXEMHFWWRWKHWHUPVRIWKHSUH,,5,5$ODZ
7KXVWKHDPHQGPHQW¶VSXUSRVHWRLPSRVHSUH,,5,5$WHUPV
ZRXOG EH LOORJLFDO KHUH ZKHUH SUH,,5,5$ WHUPV DOUHDG\
JRYHUQ
)LHUDQ WULHV WR DYRLG WKLV FRQFOXVLRQ E\ DUJXLQJ WKDW WKH
VXFFHHGLQJ ,,5,5$ VXEVHFWLRQ J ZRXOG EH
PHDQLQJOHVVLIZHGRQRWDSSO\WKHVSHFLDOFDQFHOODWLRQUXOH
WR KLP 6HFWLRQ J SURYLGHV IRU PRWLRQV ³WR UHRSHQ
GHSRUWDWLRQRUUHPRYDOSURFHHGLQJV´IRUDQ\DOLHQ³ZKRKDV
EHFRPHHOLJLEOHIRUFDQFHOODWLRQRIUHPRYDORUVXVSHQVLRQRI
GHSRUWDWLRQDVDUHVXOWRIWKHDPHQGPHQWVPDGHE\VHFWLRQ
RI WKH´ 1$&$5$ $FFRUGLQJ WR )LHUDQ QR DOLHQV
DOUHDG\ LQ SURFHHGLQJV ZRXOG ³EHFRPH HOLJLEOH´ DV WKH
SURYLVLRQFRQWHPSODWHVXQGHURXUUHDGLQJ
)LHUDQ¶VDUJXPHQWQHJOHFWVWKHFKDQJHVLQRWKHUVXEVHFWLRQV
RIWKH1$&$5$ZKLFKPD\DSSO\WRDOLHQVDQGUHQGHUWKHP
HOLJLEOH IRU VXVSHQVLRQ RI GHSRUWDWLRQ )RU LQVWDQFH WKH
1$&$5$DOVRDPHQGHGWKHUXOHVRQFDOFXODWLQJWKHWLPHRI
DQ DOLHQ¶V UHVLGHQFH LQ WKH 8QLWHG 6WDWHV UHOHYDQW WR
VXVSHQVLRQRIGHSRUWDWLRQHOLJLELOLW\IRUWKHFODVVRIDOLHQV
IURP FHUWDLQ &HQWUDO $PHULFDQ DQG IRUPHU 6RYLHW %ORF
FRXQWULHV 1$&$5$ D DPHQGLQJ ,,5,5$
F & 6RPHDOLHQVPD\WKDQNVWRWKLVDPHQGPHQW
ILQGWKDWWKH\KDYHHQRXJK\HDUVLQUHVLGHQFHWRTXDOLI\IRU
VXVSHQVLRQ RI GHSRUWDWLRQ ZKHUHDV WKH\ ZRXOG QRW KDYH
EHIRUHWKH1$&$5$DPHQGPHQW6HH$VKNL)GDW
H[SODLQLQJLQGLFWDWKDW³1$&$5$VHFWLRQDPHQGHGWKH
WUDQVLWLRQUXOHVLQ,,5,5$VHFWLRQ F WRH[HPSWFHUWDLQ
1R )LHUDQY,16
)LHUDQSHWLWLRQVWKLVFRXUWWRUHYLHZWKHGHQLDORIKLVPRWLRQ
WRUHPDQGDQGUHRSHQ
,,6WDWXWRU\%DFNJURXQG
8QGHUWKH,PPLJUDWLRQDQG1DWLRQDOLW\$FW ,1$ EHIRUH
WKH DPHQGPHQWV WKH ODZ GLVWLQJXLVKHG EHWZHHQ
GHSRUWDEOHDQGH[FOXGDEOHDOLHQV$GHSRUWDEOHDOLHQZDVDQ
DOLHQZKRKDGEHHQDGPLWWHGLQWRWKH8QLWHG6WDWHVEXWKDGWR
EHH[SHOOHG6HH86& $QH[FOXGDEOH
DOLHQZDVDQDOLHQZKRZDVLQHOLJLEOHIRUDGPLVVLRQLQWRWKH
8QLWHG6WDWHVVXFKDQDOLHQFRXOGEHSDUROHGLQWRWKH8QLWHG
6WDWHVSHQGLQJWKHLQLWLDWLRQRIH[FOXVLRQSURFHHGLQJVEXWWKH
DOLHQ DOWKRXJK SK\VLFDOO\ LQ WKH 8QLWHG 6WDWHV ZDV
QHYHUWKHOHVV GHHPHG H[FOXGDEOH 6HH 86& D
86& G /HQJ0D\0DY%DUEHU
86 7KHQHZVWDWXWRU\VFKHPHDGRSWHG
GLIIHUHQWWHUPLQRORJ\WKDWUHSODFHGWKHH[FOXVLRQGHSRUWDWLRQ
GLVWLQFWLRQ SURYLVLRQV IRU ³UHPRYDO´ QRZ FRYHU ERWK
H[FOXGDEOHDOLHQV QRZWHUPHG³LQDGPLVVLEOH´ DQGGHSRUWDEOH
DOLHQV6HH86& D D
8QGHUWKHROG,1$WKH$WWRUQH\*HQHUDOKDGWKHGLVFUHWLRQ
WR VXVSHQG WKH GHSRUWDWLRQ RI TXDOLILHG DOLHQV LI FHUWDLQ
FRQGLWLRQV ZHUH PHW WKLV GLVFUHWLRQ GLG QRW H[WHQG WR
H[FOXGDEOHDOLHQV6HH86& D /HQJ0D\
0D86DW7KHQHZ,,5,5$UHSHDOHGWKLVDXWKRULW\
DQGUHSODFHGLWZLWKDSURYLVLRQRQ³FDQFHOODWLRQRIUHPRYDO´
ZKLFK FRQWDLQHG PRUH UHVWULFWLYH UXOHV ,,5,5$ D
FRGLILHGDW86&E&RQJUHVVWKHQDPHQGHGWKLV
QHZVFKHPHZKHQLWHQDFWHGWKH1$&$5$LQWKHIROORZLQJ
\HDUWRFUHDWHDQH[FHSWLRQIRUTXDOLI\LQJDOLHQVIURP&HQWUDO
$PHULFDQ DQG IRUPHU 6RYLHW %ORF FRXQWULHV ZKR FRXOG
EHQHILWIURPWKHOHVVVWULQJHQWROGUXOHVUDWKHUWKDQWKHQHZ
,,5,5$UXOHV7KHSURYLVLRQDWLVVXHKHUHLVWKH³VSHFLDOUXOH
IRU FDQFHOODWLRQ RI UHPRYDO´ 1$&$5$ E 7KLV
VSHFLDO UXOH VWDWHV WKDW LW DSSOLHV WR ³DQ DOLHQ ZKR LV
LQDGPLVVLEOHRUGHSRUWDEOHIURPWKH8QLWHG6WDWHV´LIVKHRU
KHPHHWVFHUWDLQUHTXLUHPHQWV1$&$5$ E )LHUDQ
DUJXHVWKDWWKLVVSHFLDOUXOHDSSOLHVWRKLPVLQFHKHZDVLQ
-- 5 of 6 --
)LHUDQY,16 1R
$VKNL LQYROYHG D PRWLRQ WR UHRSHQ ZKLOH )LHUDQ VW\OHG KLV PRWLRQ
DV RQH WR UHPDQG 7KH GLIIHUHQFH LQ WLWOH LV QRW VLJQLILFDQW EHFDXVH WKH WZR
PRWLRQV DUH WUHDWHG LQ D VLPLODU IDVKLRQ 6HH ,Q UH <HZRQGZRVHQ ,
1 'HF %,$ 5RGULJXH] Y ,16 )G WK &LU
H[FOXVLRQSURFHHGLQJVKHFRXOGQRWTXDOLI\IRUVXVSHQVLRQRI
GHSRUWDWLRQXQGHUWKHROGODZEXWKLVKRSHLVWKDWKHZRXOG
EHHOLJLEOHIRUFDQFHOODWLRQRIUHPRYDOXQGHUWKH1$&$5$
DPHQGPHQW ZKLFK PHQWLRQV ERWK LQDGPLVVLEOH DQG
GHSRUWDEOHDOLHQV
,,,6WDWXWRU\&RQVWUXFWLRQ
:H UHYLHZ WKH %,$¶V GHQLDO RI D PRWLRQ WR UHPDQG IRU
DEXVH RI GLVFUHWLRQ $VKNL )G DW :H UHYLHZ
TXHVWLRQVRIVWDWXWRU\LQWHUSUHWDWLRQGHQRYRLGEXWZLWKGXH
GHIHUHQFHWRWKHLQWHUSUHWDWLRQE\WKH$WWRUQH\*HQHUDODQG
%,$ ,16 Y $JXLUUH$JXLUUH 86
&KHYURQ86$,QFY1DWXUDO5HV'HI&RXQFLO,QF
86 8QGHUWKLVDQDO\VLVZHPXVWILUVWDVN
³ZKHWKHU&RQJUHVVKDVGLUHFWO\VSRNHQWRWKHSUHFLVHTXHVWLRQ
DW LVVXH´ &KHYURQ 86 DW :H ³HPSOR\>@
WUDGLWLRQDO WRROV RI VWDWXWRU\ FRQVWUXFWLRQ´ WR DVFHUWDLQ WKH
LQWHQWRI&RQJUHVVRQWKHLVVXH,GDWQ,I&RQJUHVV
KDVDGGUHVVHGWKHTXHVWLRQLWVDQVZHU³LVWKHODZDQGPXVWEH
JLYHQHIIHFW´,G,IWKHUHLVDPELJXLW\LQWKHVWDWXWHWKHQZH
GHWHUPLQH ³ZKHWKHU WKH DJHQF\¶V DQVZHU LV EDVHG RQ D
SHUPLVVLEOHFRQVWUXFWLRQRIWKHVWDWXWH´,GDW
)LHUDQFODLPVWKDWKHLVHOLJLEOHIRUFDQFHOODWLRQRIUHPRYDO
XQGHU,,5,5$ I 2QDSSHDOWKH,16DUJXHVWKDWWKH
SURYLVLRQRQO\DSSOLHVWRDOLHQVSODFHGLQSURFHHGLQJVRQRU
DIWHU$SULO7KH%,$LQLWVGHFLVLRQGLGQRWDGGUHVV
WKHUHWURDFWLYLW\RIWKH,,5,5$SURYLVLRQLQYRNHGE\)LHUDQ
,QVWHDG LW GHWHUPLQHG WKDW WKH SURYLVLRQ ZDV LQDSSOLFDEOH
EHFDXVH)LHUDQZDVH[FOXGDEOHZKLFKZRXOGEDUKLPIURP
UHOLHIXQGHUWKHROG,1$7KH%,$VXSSRUWHGLWVFRQFOXVLRQ
ZLWKDFLWDWLRQWRDFDVHKROGLQJWKDWDOLHQVLQH[FOXVLRQ
SURFHHGLQJVZHUHQRWHOLJLEOHIRUVXVSHQVLRQRIGHSRUWDWLRQ
1R )LHUDQY,16
XQGHUWKH ROG ,1$6HH0DWWHURI7RUUHV, 1'HF
%,$ :HDJUHHWKDW)LHUDQZDVQRWHOLJLEOH
IRUVXVSHQVLRQRIGHSRUWDWLRQXQGHUWKHROG,1$VHH/HQJ
0D\ 0D 86 DW EXW WKDW GRHV QRW DQVZHU WKH
TXHVWLRQRIZKHWKHURUQRWWKHQHZVWDWXWHDSSOLHVWR)LHUDQ
7KHHIIHFWLYHGDWHRIWKH,,5,5$ZDV$SULODQGWKH
VWDWXWHLVJHQHUDOO\SURVSHFWLYH³>V@XEMHFWWRWKHVXFFHHGLQJ
SURYLVLRQVRIWKLVVXEVHFWLRQLQWKHFDVHRIDQDOLHQZKRLVLQ
H[FOXVLRQ RU GHSRUWDWLRQ SURFHHGLQJV EHIRUH WKH WLWOH ,,,$
HIIHFWLYHGDWH>$SULO@²WKHDPHQGPHQWVPDGHE\
WKLVVXEWLWOHVKDOOQRWDSSO\>@´,,5,5$ F VHHDOVR
,,5,5$ D HIIHFWLYH GDWH 7KHUH DUH QHYHUWKHOHVV
VHYHUDO UXOHV ODEHOHG ³WUDQVLWLRQDO UXOHV´ RU LQ RXU FDVH D
³VSHFLDOUXOH´7KHWUDQVLWLRQDOUXOHVDUHH[SOLFLWDERXWWKHLU
DSSOLFDWLRQ RQH RQ UHVLGHQF\ TXDOLILFDWLRQV DSSOLHV IRU
H[DPSOHWRRUGHUVWRVKRZFDXVH³LVVXHGEHIRUHRQRUDIWHU
WKHGDWHRIWKHHQDFWPHQWRIWKLVDFW´,,5,5$ F $
)LHUDQ LQYRNHV D UXOH FDSWLRQHG ³VSHFLDO UXOH IRU
FDQFHOODWLRQRIUHPRYDO´,,5,5$ I 7KLVUXOHGRHV
QRWVD\WKDWLWDSSOLHVWRRUGHUVLVVXHGEHIRUHWKHHQDFWPHQW
GDWH &RQJUHVV¶V IDLOXUH WR LQFOXGH ODQJXDJH DSSO\LQJ
I WRFDVHVLQLWLDWHGSULRUWRWKH,,5,5$¶VHQDFWPHQW
DQG&RQJUHVV¶VH[SUHVVDSSOLFDWLRQRIVHYHUDORWKHU,,5,5$
SURYLVLRQVWRSUHHQDFWPHQWEHKDYLRUOHDGXVWRFRQFOXGHWKDW
&RQJUHVVLQWHQGHG I WRDSSO\WRDOLHQVZKRVHRUGHUVRI
UHPRYDOZHUHHQWHUHGDIWHUWKH,,5,5$6HH6KHULILY,16
)G :/ DW WK &LU $XJ
KROGLQJWKDW1$&$5$VXVSHQVLRQRIGHSRUWDWLRQGRHVQRW
DSSO\WRDQDOLHQSODFHGLQH[FOXVLRQSURFHHGLQJVEHIRUHWKH
HIIHFWLYH GDWH RI WKH ODZ &DVWUR&RUWH] Y ,16 )G
WK&LU KROGLQJWKDWDQ,,5,5$SURYLVLRQ
RQUHLQVWDWHPHQWRIRUGHUVRIUHPRYDOGLGQRWDSSO\WRDOLHQV
ZKRUHHQWHUHGSULRUWRWKH,,5,5$¶VHIIHFWLYHGDWH VHHDOVR
&21* 5(&66 1RY 6HQDWH
H[SODQDWRU\ PHPRUDQGXP RQ WKH 2PQLEXV $SSURSULDWLRQV
%LOO FRQWDLQLQJ 1$&$5$ VWDWLQJ WKDW ³(OLJLEOH &ODVV
0HPEHUV ZKR ZHUH QRW LQ H[FOXVLRQ RU GHSRUWDWLRQ
SURFHHGLQJVDVRI$SULOPD\DSSO\IRUFDQFHOODWLRQRI
-- 6 of 6 --
Connect Omnilex to search the legal corpus from your AI assistant.