02a0090p.06

8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ 1R
GLVWULFW FRXUW¶V 0D\ RUGHU %XW DV %ULJKWRQ
7RZQVKLSFRXQWHUV³WKLVZDVQRWWKHUHDVRQIRUWKH'LVWULFW
&RXUW¶VGHQLDORI%ULJKWRQ¶VH[SOLFLWUHTXHVWV,QVWHDGWKH
'LVWULFW &RXUW PDGH FOHDU LWV EHOLHI WKDW μQR DGGLWLRQDO
HYLGHQFHLVUHTXLUHGWRDGGUHVVWKHDUHDVUHPDQGHGWRWKHWULDO
FRXUW¶´5HSO\%UDW TXRWLQJ-$DW
8QGHU WKH IDFWV RI WKH SUHVHQW FDVH ZH KROG WKDW D QHZ
HYLGHQWLDU\ KHDULQJ RQ UHPDQG LV QHFHVVDU\ %ULJKWRQ
7RZQVKLS¶VSURSRVHGQHZHYLGHQFHVWDQGLQJDORQHZDVQRW
VXIILFLHQW WR UHTXLUH DQ HYLGHQWLDU\ KHDULQJ RQ UHPDQG
&RQVLGHULQJWKDWDQHZGLVWULFWMXGJHZDVDVVLJQHGWRWKHFDVH
RQ UHPDQG KRZHYHU DQG WKH FKDQJHG OHJDO VWDQGDUGV
DQQRXQFHGLQ%ULJKWRQ,ZHEHOLHYHWKDWWKHWKUHVKROGIRUD
QHZHYLGHQWLDU\KHDULQJRQUHPDQGDVXQFOHDUDVLWPD\EH
ZDVFURVVHG
,,,&21&/86,21
)RUWKHIRUHJRLQJUHDVRQVZH9$&$7(WKHGLVWULFWFRXUW¶V
MXGJPHQWDQG5(0$1'IRUIXUWKHUSURFHHGLQJVFRQVLVWHQW
ZLWK WKLV RSLQLRQ LQFOXGLQJ DQ HYLGHQWLDU\ KHDULQJ RQ WKH
UHPDQGHGLVVXHV
7KH +RQRUDEOH 'DYLG ' 'RZG -U 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH 1RUWKHUQ '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
81,7(' 67$7(6 2) $0(5,&$
3ODLQWLII$SSHOOHH
Y
72:16+,3 2) %5,*+721
'HIHQGDQW$SSHOODQW
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
1R²-RKQ&RUEHWW2¶0HDUD'LVWULFW-XGJH
$UJXHG-DQXDU\
'HFLGHGDQG)LOHG0DUFK
%HIRUH%2**6DQG0225(&LUFXLW-XGJHV'2:'
'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' (GZDUG 9 .HHOHDQ :,//,$06 08//(1
&/$5. '2%%,16 'HWURLW 0LFKLJDQ IRU $SSHOODQW
-RKQ 7 6WDKU 81,7(' 67$7(6 '(3$570(17 2)

-- 1 of 4 --

8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ 1R
-867,&( :DVKLQJWRQ '& IRU $SSHOOHH 21 %5,()
(GZDUG 9 .HHOHDQ 0LFKDHO $ 6QH\G :,//,$06
08//(1 &/$5. '2%%,16 'HWURLW 0LFKLJDQ IRU
$SSHOODQW -RKQ 7 6WDKU 81,7(' 67$7(6
'(3$570(17 2) -867,&( :DVKLQJWRQ '& IRU
$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
3(5&85,$07KLVFDVHLQYROYLQJWKHSRWHQWLDOOLDELOLW\
RI%ULJKWRQ7RZQVKLS0LFKLJDQIRUUHFRYHU\FRVWVXQGHU
† D RI WKH &RPSUHKHQVLYH (QYLURQPHQWDO 5HVSRQVH
&RPSHQVDWLRQ DQG /LDELOLW\ $FW ³&(5&/$´ 86&
† D LV EHIRUH WKLV SDQHO D VHFRQG WLPH 6HH 8QLWHG
6WDWHVY7RZQVKLSRI%ULJKWRQ)G WK&LU
>KHUHLQDIWHU ³%ULJKWRQ ,´@ :H KROG WKDW WKH GLVWULFW FRXUW
IDLOHG WR REH\ WKH PDQGDWH RI RXU %ULJKWRQ , RSLQLRQ RQ
UHPDQG)RUWKLVUHDVRQZH9$&$7(WKHGLVWULFWFRXUW¶V
MXGJPHQWDQG5(0$1'IRUIXUWKHUSURFHHGLQJV:HDOVR
VSHFLILFDOO\LQVWUXFWWKHGLVWULFWFRXUWWRUHRSHQWKHUHFRUGRQ
UHPDQG DQG KROG DQ HYLGHQWLDU\ KHDULQJ RQ WKH LVVXHV LQ
GLVSXWH
,%$&.*5281'
7KH6XSHUIXQGVLWHDWLVVXHLQWKLVORQJUXQQLQJOLWLJDWLRQ
FRQVLVWVRIDSSUR[LPDWHO\ILIWHHQDFUHVLQ%ULJKWRQ7RZQVKLS
0LFKLJDQ KHUHLQDIWHU ³%ULJKWRQ 7RZQVKLS´ FXUUHQWO\
RZQHGE\-DFN&ROOHWWDQGSUHYLRXVO\RZQHGE\KLVIDWKHU
9DXJKDQ &ROOHWW KHUHLQDIWHU FROOHFWLYHO\ ³&ROOHWW´ ,Q
2FWREHUWKH(3$VFUHHQHGWKHVLWHIRUWKHUHOHDVHRU
SRWHQWLDO UHOHDVH RI KD]DUGRXV PDWHULDOV DQG GLVFRYHUHG
DSSUR[LPDWHO\GUXPVFRQWDLQLQJKD]DUGRXVPDWHULDOVRQ
WKH VLWH $IWHU IXUWKHU VWXG\ DW WKH VLWH WKH (3$ UHPRYHG
DSSUR[LPDWHO\GUXPVDQGFRQWDPLQDWHGVRLOIURPWKHVLWH
WKLV DFWLRQ ZDV FRPSOHWHG LQ 1RYHPEHU &ROOHWW LV
³SUREDEO\MXGJPHQWSURRI´%ULJKWRQ,)GDWQ
%RJJV- WKHIHGHUDOJRYHUQPHQWVXHG%ULJKWRQ7RZQVKLS
1R 8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ
GLYLVLELOLW\DQGTXRWHGDVHQWHQFHRUWZRIURP%ULJKWRQ,
ZLWKRXW DQDO\]LQJ WKH IDFWV LQ OLJKW RI WKH DSSOLFDEOH ODZ
(YHQ LI DV WKH JRYHUQPHQW DVVHUWV WKH GLVWULFW FRXUW¶V
FRQFOXVLRQVZHUHFRQVLVWHQWZLWK%ULJKWRQ,LWVRSLQLRQGRHV
QRWFRPSRUWZLWKWKH³VSLULW´RIWKHPDQGDWHZKLFKUHTXLUHG
DWPLQLPXPVRPHDSSOLFDWLRQRIWKHODZWRWKHIDFWVRIWKH
SUHVHQWFDVH
*LYHQ WKDW WKH GLVWULFW MXGJH IDLOHG WR LPSOHPHQW WKH
PDQGDWHRIWKLVFRXUWRQUHPDQGZHYDFDWHWKHGLVWULFWFRXUW¶V
MXGJPHQWDQGUHPDQGDJDLQIRUIXUWKHUSURFHHGLQJV²LH
IRU WKH GLVWULFW MXGJH WR DSSO\ WKH VWDQGDUGV DQQRXQFHG LQ
%ULJKWRQ , :H UHFRJQL]H WKDW D VHFRQG UHPDQG IXUWKHU
SURORQJVWKLVDOUHDG\OHQJWK\OLWLJDWLRQEXWDVHFRQGUHPDQG
LVWKHRQO\UHVXOWFRQVLVWHQWZLWKWKLVFRXUW¶VILUVWUHPDQGRI
WKHPDWWHUWRWKHGLVWULFWFRXUW
2QVHFRQGUHPDQGWKHGLVWULFWFRXUWLVLQVWUXFWHGWRKROGD
KHDULQJWRSHUPLWWKHSDUWLHVWRSUHVHQWQHZHYLGHQFHEDVHGRQ
WKHVWDQGDUGVDQQRXQFHGLQ%ULJKWRQ,%ULJKWRQ7RZQVKLS
DUJXHVLQWKLVDSSHDOWKDWLWZRXOGKDYHSUHVHQWHGGLIIHUHQW
HYLGHQFHZLWKUHVSHFWWRGLYLVLELOLW\DWWKHRULJLQDOWULDO³KDG
LWNQRZQWKHVWDQGDUGXQGHUZKLFKWKHLVVXHRIGLYLVLELOLW\
ZDV WR EH DQDO\]HG´ $SSHOODQW¶V %U DW ,Q LWV SRVW
%ULJKWRQ , EULHI WR WKH GLVWULFW FRXUW %ULJKWRQ 7RZQVKLS
VWDWHGWKDWLIJUDQWHGDKHDULQJLWZRXOGSUHVHQWHYLGHQFH
KLJKO\ UHOHYDQW WR WKH GLYLVLELOLW\ DQDO\VLV ³%ULJKWRQ
7RZQVKLSSURSRVHVWRSURGXFHH[SHUWWHVWLPRQ\WKDWWKHUHLV
VXIILFLHQW VSDWLDO DQG K\GUDXOLF VHSDUDWLRQ EHWZHHQ WKH
WULDQJXODUVKDSHG 'XPS DUHD DQG WKH μPDLQ GUXP¶
GLVSRVDODUHD ZKHUHWKHUHVSRQVHFRVWVZHUHLQFXUUHG VXFK
WKDW WKH\ DUH XQUHODWHG VLWHV´ -$ DW Q 7KLV
HYLGHQFHZRXOGKDYHVXSSRUWHGWKHWRZQVKLS¶VJHRJUDSKLF
GLYLVLELOLW\ DUJXPHQW XQGHU WKH VWDQGDUG DQQRXQFHG LQ
%ULJKWRQ,
7KHWRZQVKLSKRZHYHUZDVQHYHUJLYHQDQRSSRUWXQLW\WR
SUHVHQWWKLVHYLGHQFH7KHJRYHUQPHQWDUJXHVLQHIIHFWWKDW
WKLVZDVWKHWRZQVKLS¶VRZQIDXOWEHFDXVHLWGLGQRWVXEPLWDQ
RXWOLQHRISURSRVHGIXUWKHUSURFHHGLQJVDVGLUHFWHGE\WKH

-- 2 of 4 --

8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ 1R
EDVHG RQ JHRJUDSKLF RU YROXPHWULF EDVHV E\ TXRWLQJ IURP
%ULJKWRQ,LWVHOI
$OWKRXJK DV WKH JRYHUQPHQW DUJXHV WKH GLVWULFW FRXUW¶V
ILQGLQJVRIIDFWSRWHQWLDOO\VXSSRUWWKHFRQFOXVLRQVWKDWWKH
GLVWULFWFRXUWUHDFKHGLWLVQRWFOHDUWRXVWKDWWKHGLVWULFWFRXUW
HQJDJHGLQWKHDQDO\VHVPDQGDWHGE\%ULJKWRQ,,QVKRUWWKH
SUREOHPLVQRWWKDWWKHGLVWULFWFRXUWHUUHGLQWKHFRQFOXVLRQV
WKDWLWUHDFKHGEXWUDWKHUWKDWLWIDLOHGWRH[SODLQDWDOOXQGHU
WKHJRYHUQLQJOHJDOVWDQGDUGVKRZLWUHDFKHGLWVFRQFOXVLRQV
,,$1$/<6,6
:H KDYH KHOG WKDW ³ORZHU FRXUWV PXVW DGKHUH WR WKH
FRPPDQGVRIDVXSHULRUFRXUW´%UXQHWY&LW\RI&ROXPEXV
)G WK&LU TXRWDWLRQRPLWWHG
>8@SRQUHPDQGRIDFDVHIRUIXUWKHUSURFHHGLQJVDIWHUD
GHFLVLRQ E\ WKH DSSHOODWH FRXUW WKH WULDO FRXUW PXVW
SURFHHGLQDFFRUGDQFHZLWKWKHPDQGDWHDQGWKHODZRI
WKHFDVHDVHVWDEOLVKHGRQDSSHDO7KHWULDOFRXUWPXVW
LPSOHPHQWERWKWKHOHWWHUDQGWKHVSLULWRIWKHPDQGDWH
WDNLQJLQWRDFFRXQWWKHDSSHOODWHFRXUW¶VRSLQLRQDQGWKH
FLUFXPVWDQFHVLWHPEUDFHV
,G TXRWDWLRQV RPLWWHG 6HH DOVR $OODUG (QWHUV ,QF Y
$GYDQFHG3URJUDPPLQJ5HV,QF)G WK
&LU VDPH )RUW *UDWLRW 6DQLWDU\ /DQGILOO ,QF Y
0LFK'HS¶WRI1DWXUDO5HV)G WK&LU
³7KHFXVWRPDU\SURFHGXUHRQUHPDQGFUHDWHVDGXW\
RQ WKH SDUW RI ORZHU FRXUWV WR REH\ WKH WHUPV RI WKH
PDQGDWHDQGWRFDUU\LWLQWRHIIHFW´
7KHGLVWULFWFRXUWLQWKHSUHVHQWFDVHIDLOHGWRLPSOHPHQW
HLWKHUWKHOHWWHURUWKHVSLULWRIWKLVFRXUW¶VPDQGDWH:LWK
UHVSHFWWRWKH³OHWWHU´RIWKHUHPDQGWKHGLVWULFWMXGJHGLGQRW
DSSO\WKH%HVWIRRGVVWDQGDUGWRWKHIDFWVRIWKHSUHVHQWFDVH
LQVWHDG WKH FRXUW PHUHO\ VWDWHG D FRQFOXVLRQ ZLWKRXW DQ\
DQDO\VLV ZKDWVRHYHU 7KH GLVWULFW FRXUW GLG QRW DSSO\ WKH
SULQFLSOHV DGYDQFHG LQ %ULJKWRQ , IRU FRQVLGHULQJ WKH
GLYLVLELOLW\ RI KDUP DJDLQ LW VWDWHG FRQFOXVLRQV UHJDUGLQJ
1R 8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ
7KLV SURYLVLRQ VXEMHFWV ³DQ\ SHUVRQ ZKR DW WKH WLPH RI GLVSRVDO RI
DQ\ KD]DUGRXV VXEVWDQFH RZQHG RU RSHUDWHG DQ\ IDFLOLW\ DW ZKLFK VXFK
KD]DUGRXV VXEVWDQFHV ZHUH GLVSRVHG RI´ WR &(5&/$ OLDELOLW\ 86&
† D
IRUUHFRYHU\FRVWVLQ7KHJRYHUQPHQW¶VWKHRU\LVWKDW
%ULJKWRQ7RZQVKLSRSHUDWHGDWOHDVWWKUHHDFUHVRIWKHILIWHHQ
DFUH6XSHUIXQGVLWHIRUWKHSHULRGDVWKH³%ULJKWRQ
7RZQVKLS GXPS´ DQG WKXV LV OLDEOH DV DQ RSHUDWRU RI WKH
ZKROH VLWH ,Q %ULJKWRQ , -XGJHV %RJJV DQG 0RRUH
FRQFOXGHGWKDWWKHZKROHVLWHFRQVWLWXWHVRQH³IDFLOLW\´XQGHU
† D RI&(5&/$DQGWKXVWKDW%ULJKWRQ7RZQVKLS
LV SRWHQWLDOO\ OLDEOH IRU DOO UHFRYHU\ FRVWV LQFXUUHG E\ WKH
IHGHUDO JRYHUQPHQW HYHQ WKRXJK WKH WRZQVKLS GXPS
FRQVLVWHG RI RQO\ WKUHH DFUHV RI WKH &ROOHWW SURSHUW\ 6HH
%ULJKWRQ , )G DW %RJJV - ³&ROOHWW XVHG WKH
HQWLUHSURSHUW\DVDGXPSDQGVRLWLVDSSURSULDWHO\FODVVLILHG
DVDVLQJOHIDFLOLW\´ LGDW 0RRUH- ³,GRQRWGLVDJUHH
ZLWK-XGJH%RJJV¶VFRQFOXVLRQWKDWWKHHQWLUHDUHDVKRXOG
EH FRQVLGHUHG D IDFLOLW\ ´ 7KH IDFWV RI WKH FDVH DUH
IXUWKHU RXWOLQHG LQ -XGJH %RJJV¶V DQG -XGJH 0RRUH¶V
%ULJKWRQ,RSLQLRQV6HH)GDW
$IWHU D WKUHHGD\ EHQFK WULDO WKH GLVWULFW FRXUW KHOG RQ
0DUFK WKDW %ULJKWRQ 7RZQVKLS ZDV OLDEOH IRU
UHFRYHU\FRVWVDVDQRSHUDWRURIWKHIDFLOLW\DQGWKDW%ULJKWRQ
7RZQVKLS ZDV MRLQWO\ DQG VHYHUDOO\ OLDEOH IRU DOO UHFRYHU\
FRVWVDWWKHVLWHLHWKDWWKHFRVWVZHUHQRWGLYLVLEOHEHWZHHQ
%ULJKWRQ7RZQVKLSDQG&ROOHWW2QDSSHDOWKLVSDQHOYDFDWHG
WKH MXGJPHQW DQG UHPDQGHG WR WKH GLVWULFW FRXUW IRU
UHFRQVLGHUDWLRQRIWKHWRZQVKLS¶VOLDELOLW\DVDQRSHUDWRUDQG
WKHGLYLVLELOLW\RIWKHUHFRYHU\FRVWV
%ULJKWRQ,SURGXFHGWKUHHVHSDUDWHRSLQLRQVEXWQRPDMRULW\
RSLQLRQGHVSLWHWKHIUDJPHQWHGQDWXUHRIWKHSDQHOKRZHYHU
%ULJKWRQ , SURYLGHG WKH GLVWULFW FRXUW ZLWK VWDQGDUGV IRU
GHILQLQJ ³RSHUDWRU´ OLDELOLW\ XQGHU &(5&/$ DQG IRU
GHWHUPLQLQJ ZKHWKHU WKH UHFRYHU\ FRVWV LQFXUUHG E\ WKH
JRYHUQPHQWZHUHGLYLVLEOH6SHFLILFDOO\-XGJHV%RJJVDQG
0RRUHDJUHHGWKDW8QLWHG6WDWHVY%HVWIRRGV86

-- 3 of 4 --

8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ 1R
2Q WKLV SRLQW -XGJH %RJJV¶V RSLQLRQ ZKLFK DQQRXQFHG WKH
MXGJPHQW RI WKH FRXUW VWDWHG ³:H YDFDWH >WKH GLVWULFW FRXUW¶V@ ILQGLQJ RI
OLDELOLW\ DQG UHPDQG IRU IXUWKHU SURFHHGLQJV´ %ULJKWRQ , )G DW
$V WR WKH QDWXUH RI WKHVH IXUWKHU SURFHHGLQJV -XGJH %RJJV VWDWHG
³>:@H FDQQRW FRQFOXGH WKDW %ULJKWRQ 7RZQVKLS ZDV RU ZDV QRW DQ
RSHUDWRU RI WKH IDFLOLW\ 7KLV LQTXLU\ LV SURSHUO\ OHIW WR WKH GLVWULFW FRXUW
XWLOL]LQJ WKH SURSHU VWDQGDUG WKDW ZH KDYH VHW IRUWK WRGD\´ ,G DW
HPSKDVLV DGGHG 7KXV -XGJH %RJJV¶V RSLQLRQ UHTXLUHG WKH GLVWULFW
FRXUW WR DSSO\ ³WKH SURSHU VWDQGDUG´ LH WKH %HVWIRRGV VWDQGDUG IRU
RSHUDWRU OLDELOLW\ 6LPLODUO\ -XGJH 0RRUH¶V RSLQLRQ FRQFXUULQJ LQ WKH
UHVXOW RQO\ VWDWHG
%HFDXVH WKH GLVWULFW FRXUW EHORZ GLG QRW KDYH D FOHDU
VWDQGDUG JXLGLQJ LWV DSSOLFDWLRQ RI WKH ³DFWXDO FRQWURO´ WHVW ,
ZRXOG UHPDQG WKLV LVVXH WR WKH GLVWULFW FRXUW VR WKDW LW PD\
UHFRQVLGHU ZKHWKHU WKH WRWDOLW\ RI WKH FLUFXPVWDQFHV GHPRQVWUDWH
WKDW %ULJKWRQ 7RZQVKLS¶V DFWLYLWLHV LQ UHODWLRQ WR WKH GXPS VLWH
LQYROYHG DFWXDO FRQWURO RYHU WKH IDFLOLW\ VXFK WKDW WKH 7RZQVKLS
VKRXOG EH FRQVLGHUHG DQ RSHUDWRU XQGHU &(5&/$
,G DW 0RRUH - $OWKRXJK -XGJH 0RRUH ZRXOG KDYH DOVR SURYLGHG
WKH GLVWULFW FRXUW ZLWK DGGLWLRQDO IDFWRUV WR FRQVLGHU LQ PDNLQJ WKLV
GHWHUPLQDWLRQ VHH LG DW VKH DJUHHG ZLWK -XGJH %RJJV WR WKH
H[WHQW WKDW WKH JRYHUQLQJ VWDQGDUG ZDV SURYLGHG E\ %HVWIRRGV
-XGJHV %RJJV DQG 'RZG FRQFXUUHG LQ DGRSWLQJ WKH GLYLVLELOLW\
DQDO\VLV IRXQG LQ 5HVWDWHPHQW 6HFRQG RI 7RUWV † $ DQG LQ
UHPDQGLQJ WKH FDVH IRU IXUWKHU SURFHHGLQJV RQ WKDW LVVXH $ORQJ WKHVH
OLQHV -XGJH %RJJV¶V RSLQLRQ VWDWHG ³$OWKRXJK ZH ILQG %ULJKWRQ
7RZQVKLS¶V SURSRVHG EDVHV IRU DSSRUWLRQPHQW WR EH RQO\ VRPHZKDW
FRQYLQFLQJ WKH GLVWULFW FRXUW XSRQ UHYLHZLQJ LWV IXOOHU UHFRUG DQG
DSSO\LQJ WKH SULQFLSOHV ZH DVVHUW DERYH PD\ UHDFK GLIIHUHQW FRQFOXVLRQV´
,G DW %RJJV -
SURYLGHG WKH DSSURSULDWH VWDQGDUG IRU GHWHUPLQLQJ
ZKHWKHU%ULJKWRQ7RZQVKLSZDVOLDEOHDVDQ³RSHUDWRU´RIWKH
IDFLOLW\LQTXHVWLRQDQG-XGJHV%RJJVDQG'RZGDJUHHGZLWK
UHVSHFWWRWKHVWDQGDUGVJRYHUQLQJWKHGLYLVLELOLW\DQDO\VLV
7KXVWKHSDQHOUHPDQGHGWKHFDVHWRWKHGLVWULFWFRXUW³IRU
IXUWKHU SURFHHGLQJV´ RQ WKHVH LVVXHV 6HH %ULJKWRQ ,
)GDW %RJJV-
1R 8QLWHG6WDWHVY7RZQVKLSRI%ULJKWRQ
)ROORZLQJ UHPDQG WKH FDVH ZDV DVVLJQHG WR 'LVWULFW -XGJH -RKQ
&RUEHWW 2¶0HDUD IROORZLQJ 6HQLRU 'LVWULFW -XGJH +RUDFH : *LOPRUH¶V
UHWLUHPHQW -XGJH *LOPRUH SUHVLGHG RYHU WKH EHQFK WULDO LQ WKLV
PDWWHU
2QUHPDQGWKHGLVWULFWFRXUWFRQVLGHUHGSRVWDSSHDOEULHIV
IURP WKH SDUWLHV DQG RIIHUHG WKH SDUWLHV DQ RSSRUWXQLW\ WR
SUHVHQW RXWOLQHV LQ SURIIHU IRUP RI SURSRVHG DGGLWLRQDO
HYLGHQFHWREHSUHVHQWHGLIQHFHVVDU\1HLWKHUSDUW\RIIHUHG
VXFKDQRXWOLQHRISURIIHUHGHYLGHQFHDQGWKXVWKHGLVWULFW
FRXUWFRQVLGHUHGRQO\WKHH[LVWLQJWULDOUHFRUGDQGSRVWDSSHDO
EULHIVLQLVVXLQJQHZILQGLQJVRIIDFWDQGFRQFOXVLRQVRIODZ
LQ 0DUFK 7KH GLVWULFW FRXUW UHDFKHG WKH VDPH
FRQFOXVLRQ RQ UHPDQG DV LW KDG WKH ILUVW WLPH KROGLQJ RQ
$XJXVW WKDW %ULJKWRQ 7RZQVKLS ZDV OLDEOH IRU
UHFRYHU\FRVWVDVDQRSHUDWRURIWKHGXPSIDFLOLW\DQGWKDWWKH
FRVWVZHUHQRWGLYLVLEOH
,Q UHDFKLQJ WKLV FRQFOXVLRQ KRZHYHU WKH GLVWULFW FRXUW
IDLOHG WR H[SODLQ ZK\ %ULJKWRQ 7RZQVKLS ZDV OLDEOH DV DQ
RSHUDWRURUZK\WKHKDUPVZHUHQRWGLYLVLEOH:LWKUHVSHFWWR
%ULJKWRQ7RZQVKLS¶VRSHUDWRUVWDWXVWKHGLVWULFWFRXUWVWDWHG
LQ VXPPDU\ IDVKLRQ WKDW ³>I@URP DSSUR[LPDWHO\ WR
%ULJKWRQ 7RZQVKLS ZDV WKH μRSHUDWRU¶ RI WKH 6LWH
ZLWKLQWKHPHDQLQJRI>&(5&/$@´-RLQW$SSHQGL[ -$ DW
7KHGLVWULFWFRXUWGLGQRWH[SODLQKRZLWDUULYHGDWWKLV
FRQFOXVLRQZKLFKRILWVIRUW\ILQGLQJVRIIDFWWULJJHUHGWKLV
FRQFOXVLRQ RU WR ZKDW H[WHQW %ULJKWRQ 7RZQVKLS DFWXDOO\
PDFURPDQDJHGWKHIDFLOLW\LQTXHVWLRQ7KH%HVWIRRGVLQTXLU\
DGYDQFHGE\-XGJHV%RJJVDQG0RRUHLQ%ULJKWRQ,ZDVQRW
DGGUHVVHGE\WKHGLVWULFWFRXUWZKLFKGLGQRWFLWH%HVWIRRGV
,QGHHG WKH GLVWULFW FRXUW GLG QRW VWDWH WKH VWDQGDUG LW KDG
DSSOLHGLQUHDFKLQJLWVFRQFOXVLRQUHJDUGLQJWKHWRZQVKLS¶V
RSHUDWRU VWDWXV GHVSLWH WKH SDUWLHV¶ PRUHWKDQDGHTXDWH
EULHILQJ RI WKLV LVVXH 6LPLODUO\ RQ WKH LVVXH RI WKH
GLYLVLELOLW\RIWKHKDUPWKHGLVWULFWFRXUWVWDWHGWKDW³%ULJKWRQ
7RZQVKLSKDVIDLOHGWRFDUU\LWVEXUGHQRIHVWDEOLVKLQJDQ\
EDVLVIRUGLYLVLELOLW\RIKDUPLQRUGHUWRDYRLGWKHLPSRVLWLRQ
RIMRLQWDQGVHYHUDOOLDELOLW\´-$DW,WWKHQUHMHFWHG
%ULJKWRQ7RZQVKLS¶VDUJXPHQWVWKDWWKHKDUPVDUHGLYLVLEOH

-- 4 of 4 --