02a0199p.06

8QLWHG6WDWHVY6\NHV 1R
KDYHEHHQSODXVLEOH7KHGHFLVLRQWKDWWKHZHDSRQZDVRQO\
FDSDEOHRIVHPLDXWRPDWLFILUHZDVJHQHURXV$UDWLRQDOWULHU
RIIDFWFRXOGDQGGLGFRQFOXGHWKDWWKHZHDSRQZDVFDSDEOH
RI VHPLDXWRPDWLF ILUH ZH WKHUHIRUH DIILUP 6\NHV¶V
FRQYLFWLRQDQGVHQWHQFHRQWKH†FRXQW
& 2IIHQVH/HYHO(QKDQFHPHQWV
)LQDOO\ 6\NHV DUJXHV WKDW WKH FRXUW LQDSSURSULDWHO\
LQFUHDVHG KLV RIIHQVH OHYHO IRU KLV OHDGHUVKLS UROH LQ WKH
RIIHQVH DQG IRU REVWUXFWLRQ RI MXVWLFH 7KLV DUJXPHQW LV
IRUHFORVHGEHFDXVHRIKLVFOHDUZDLYHURIKLVULJKWWRDSSHDO
WKH MXGJH¶V VHQWHQFLQJ GHWHUPLQDWLRQ 7KHUH LV QR UHDVRQ
ZKDWVRHYHU WKDW 6\NHV¶V ZDLYHU RI KLV ULJKW WR DSSHDO WKH
VHQWHQFHRQWKHVHLVVXHVVKRXOGQRWEHUHVSHFWHGWKHUHLVQR
VWDQGDUG RI SURRI LVVXH KHUH &RQVHTXHQWO\ ZH DIILUP
8QLWHG6WDWHVY%D]]L)G WK&LU
,,,
)RUWKHDERYHUHDVRQVZH$)),506\NHV¶VFRQYLFWLRQDQG
VHQWHQFH

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$SSHOOHH
Y
7,027+< / 6<.(6
'HIHQGDQW$SSHOODQW
;!

1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH
1R²-RKQ71L[RQ'LVWULFW-XGJH
$UJXHG$SULO
'HFLGHGDQG)LOHG-XQH
%HIRUH5<$1%2**6DQG&2/(&LUFXLW-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 'DYLG / &RRSHU 1DVKYLOOH 7HQQHVVHH IRU
$SSHOODQW9DQ69LQFHQW$66,67$1781,7('67$7(6
$77251(< 1DVKYLOOH 7HQQHVVHH IRU $SSHOOHH
21 %5,() 'DYLG / &RRSHU 1DVKYLOOH 7HQQHVVHH IRU
$SSHOODQW 6XQQ\ $ 0 .RVK\ $66,67$17 81,7('
67$7(6$77251(<1DVKYLOOH7HQQHVVHHIRU$SSHOOHH

-- 1 of 4 --

8QLWHG6WDWHVY6\NHV 1R
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
%2**6&LUFXLW-XGJH)HGHUDOSULVRQHU7LPRWK\6\NHV
FKDOOHQJHVKLVVHQWHQFHEDVHGRQ$SSUHQGLY1HZ-HUVH\
86 +H DOVR FODLPV WKDW WKHUH ZDV
LQVXIILFLHQWHYLGHQFHWRVXSSRUWWKHGLVWULFWFRXUW¶VILQGLQJ
WKDWKHXVHGDVHPLDXWRPDWLFDVVDXOWZHDSRQLQFRQGXFWLQJ
WKHEDQNUREEHU\DQGWKDWWKHGLVWULFWFRXUWHUUHGLQDSSO\LQJ
VHYHUDO VHQWHQFLQJ HQKDQFHPHQWV :H DIILUP 6\NHV¶V
FRQYLFWLRQDQGVHQWHQFH
,
7LPRWK\6\NHVDQGWKUHHDFFRPSOLFHVUREEHGWKH6XQ7UXVW
%DQNLQ1DVKYLOOH7HQQHVVHHRQ-XO\'XULQJWKH
UREEHU\6\NHVEUDQGLVKHGDQDVVDXOWZHDSRQ6\NHVGLGQRW
ILUHKHSRLQWHGWKHZHDSRQDWEDQNFXVWRPHUVDQGUREEHG
WKHPZKLOHKLVDFFRPSOLFHVUREEHGWKHEDQNSURSHU$YLGHR
VXUYHLOODQFHFDPHUDSKRWRJUDSKHG6\NHVXVLQJWKHZHDSRQ
)URPWKHSKRWRJUDSKVLWZDVLPSRVVLEOHWRWHOOZKHWKHUWKH
JXQ KDG IXOO DXWRPDWLF ILUH FDSDELOLW\ RU VHPLDXWRPDWLF
VLQJOHVKRWFDSDELOLW\7KHUREEHUVOHIWWKHEDQNZLWKRYHU
LQFDVK7KHUREEHUVJRWLQWRDVWROHQFDUZKLFKWKH\
WKHQ DEDQGRQHG IRU WZR JHWDZD\ FDUV RQH RI ZKLFK ZDV
6\NHV¶V&DGLOODF7KH\GURYHWR6\NHV¶VKRXVHZKHUHWKH\
GLYLGHGWKHORRW
6\NHVDQGWKHRWKHUVZHUHDUUHVWHGDQGFKDUJHG$WILUVW
6\NHVLQWHUIHUHGZLWKWKHLQYHVWLJDWLRQ+HDWWHPSWHGWRSDVV
D QRWH WR D UHODWLYH WHOOLQJ KLP ZKDW WR VD\ WR DXWKRULWLHV
'XULQJKLVILUVWLQWHUYLHZ6\NHVGHQLHGDOOLQYROYHPHQWZLWK
WKHUREEHU\DQGFODLPHGWKDWKLVFDUZDVLQWKHVKRSWKDWGD\
6\NHVKDGKLVJLUOIULHQG6KHPLFLD:KLWHREWDLQDIDOVHFDU
UHSDLULQYRLFHIRUKLV&DGLOODFWKDWFRUURERUDWHGKLVVWRU\WKDW
WKHFDUZDVLQWKHVKRSRQWKHGD\RIWKHUREEHU\
6\NHVHYHQWXDOO\FKDQJHGKLVVWRU\DQGSOHGJXLOW\WRWKH
UREEHU\FKDUJHV7KHSOHDDJUHHPHQWFRQWDLQHGDZDLYHURI
1R 8QLWHG6WDWHVY6\NHV
$Q $5 LV D PLOLWDU\VW\OH DVVDXOW ULIOH OLNH WKH 0 EXW
PDQXIDFWXUHG E\ &ROW IRU VDOH WR FLYLOLDQV 6\NHV GHVFULEHG WKH ZHDSRQ
DV DQ 0 WR FRGHIHQGDQWV $XWRPDWLF DVVDXOW ULIOHV DUH JHQHUDOO\
LOOHJDO 6HPLDXWRPDWLF DVVDXOW ULIOHV VXFK DV WKH $5 DUH DOVR QRZ
LOOHJDO DIWHU 6HSWHPEHU 86& † Y KRZHYHU SUHYLRXVO\
RZQHG VHPLDXWRPDWLF ZHDSRQV DUH JUDQGIDWKHUHG XQGHU 86&
† Y
7KHFDVHDJHQWWHVWLILHGWKDWGXULQJSURIIHUVHVVLRQV6\NHV
VWDWHGWKDWWKHJXQKDG³$5RQWKHVLGH6\NHVVHOHFWHG
WKH JXQ IURP DPRQJ D QXPEHU RI ZHDSRQV WKDW KDG EHHQ
VWROHQIURPDPDMRUPDULMXDQDGHDOHU¶VKRXVH6\NHVVWDWHG
WKDWKHRULJLQDOO\KDGIRXUFOLSVZLWKWKHZHDSRQ+RZHYHU
6\NHVFODLPHGWKDWKHKDGQHYHUVHHQWKHULIOHILUHGDQGWKDW
WKHZHDSRQZDVXQORDGHGGXULQJWKHUREEHU\
6\NHV¶VH[SHUWWHVWLILHGDWWKHVHQWHQFLQJKHDULQJ+HQRWHG
WKDWLWZDVLPSRVVLEOHWRWHOOZKHWKHUWKHJXQZDVFDSDEOHRI
IXOODXWRPDWLFILUHIURPWKHYLGHRWDSHEHFDXVHRIWKHWDSH¶V
SRRUTXDOLW\+HGLGQRWVHHH[WHUQDOSLHFHVWKDWZRXOGUHQGHU
WKH ZHDSRQ IXOO\ DXWRPDWLF +H DOVR WHVWLILHG WKDW LW ZDV
SRVVLEOHIRUWKHZHDSRQWREHFDSDEOHRIIXOODXWRILUHZLWKRXW
H[WHUQDOSLHFHV
0U 6\NHV¶V DUJXPHQW DW WKH VHQWHQFLQJ KHDULQJ ZDV
WKHUHIRUHWKDWWKHFRXUWFRXOGQRWUXOHRXWWKHSRVVLELOLW\WKDW
WKHZHDSRQZDVDUHSOLFD+LVGHIHQVHFRXQVHODUJXHGWKDWWKH
UREEHUVZHUH³LGLRWV´ZKRSRVVLEO\FRXOGKDYHEURXJKWQRQ
ILULQJZHDSRQVRQDEDQNUREEHU\
7KLVDUJXPHQWLVLQFRUUHFW7KHJRYHUQPHQWQHHGVKRZ
RQO\ WKDW WKH ZHDSRQ ZDV PRUH OLNHO\ WKDQ QRW FDSDEOH RI
VHPLDXWRPDWLFILUH7KHUHLVOLWWOHGRXEWWKDWEDQNUREEHUV
ZKRKDGWDNHQJUHDWFDUHLQWKHSODQQLQJDQGH[HFXWLRQRI
WKHLUUDLGZRXOGEULQJHIIHFWLYHZHDSRQU\6\NHV¶VDUJXPHQW
WKDWWKHZHDSRQFRXOGKDYHEHHQDQRQILULQJUHSOLFDGHILHV
EHOLHIDQGLVFHUWDLQO\QRWWKHPRVWOLNHO\VFHQDULR
7KHMXGJH¶VGHFLVLRQIDYRUHG6\NHVKHDYLO\DILQGLQJWKDW
WKHZHDSRQZDVPRUHOLNHO\WKDQQRWDPDFKLQHJXQZRXOG

-- 2 of 4 --

8QLWHG6WDWHVY6\NHV 1R
5HEPDQQ LV HDVLO\ GLVWLQJXLVKHG IURP WKH FXUUHQW FDVH
+HUH6\NHVERWKZDLYHGWKHULJKWWRKDYHDMXU\FRQVLGHUWKH
ILUHDUPV FKDUJH DQG ZDLYHG WKH ULJKW WR KDYH WKDW
GHWHUPLQDWLRQPDGHRQDUHDVRQDEOHGRXEWVWDQGDUG7KHUH
ZDVQRFOHDUHUURULQWKHGLVWULFWFRXUW¶VILQGLQJDFFRUGLQJO\
ZHDIILUP
% 6XIILFLHQF\RIWKH(YLGHQFH
6\NHVTXHVWLRQV ZKHWKHUWKHGLVWULFWFRXUWKDGVXIILFLHQW
HYLGHQFH WR GHWHUPLQH WKDW WKH JXQ KH ZDV FDUU\LQJ ZDV
FDSDEOHRIVHPLDXWRPDWLFILUH7KHVWDQGDUGRIUHYLHZIRU
LQVXIILFLHQW HYLGHQFH FODLPV LV ZKHWKHU DIWHU YLHZLQJ WKH
IDFWV LQ WKH OLJKW PRVW IDYRUDEOH WR WKH SURVHFXWLRQ DQ\
UDWLRQDOWULHURIIDFWFRXOGKDYHIRXQGWKHHVVHQWLDOHOHPHQWV
RIWKHFULPHEH\RQGDUHDVRQDEOHGRXEW-DFNVRQY9LUJLQLD
86 8QLWHG6WDWHVY(OO]H\)G
WK&LU
86&† F SURYLGHVSHQDOWLHVIRUXVHRIWKUHH
FDWHJRULHVRIZHDSRQVHDFKEHDULQJPDQGDWRU\FRQVHFXWLYH
VHQWHQFHVIRUXVHRIDILUHDUPLQUHODWLRQWRDEDQNUREEHU\
PDFKLQHJXQ DZHDSRQFDSDEOHRIIXOO\DXWRPDWLFILUH VHPL
DXWRPDWLF DVVDXOW ZHDSRQ DQG QRUPDO ILUHDUP 7KH
PDQGDWRU\FRQVHFXWLYHVHQWHQFHLV\HDUVIRUPDFKLQHJXQV
\HDUVIRUVHPLDXWRPDWLFDVVDXOWZHDSRQVDQG\HDUVIRU
DQ\RWKHUILUHDUP
7KH GHWHUPLQDWLRQ RI WKH GLVWULFW FRXUW WKDW WKH ZHDSRQ
EUDQGLVKHGE\6\NHVGXULQJWKH6XQ7UXVWUREEHU\ZDVDWOHDVW
FDSDEOHRIVHPLDXWRPDWLFILUHZDVVXSSRUWHGE\VXIILFLHQW
HYLGHQFH 6\NHV¶V FRGHIHQGDQWV GHVFULEHG WKH ZHDSRQ DV
DXWRPDWLF -DPHV 6\NHV WHVWLILHG DW WKH KHDULQJ WKDW WKH
GHIHQGDQW KDG VKRZHG KLP WKH ZHDSRQ DQG FDOOHG LW D
PDFKLQHJXQ-DPHV6\NHVWHVWLILHGWKDWWKHGHIHQGDQWWROG
KLPWKDWWKHZHDSRQZRXOGNHHSILULQJDVORQJDVWKHWULJJHU
ZDVGHSUHVVHGDQGWKDWKHZRXOGVKRRWKLVZD\RXWRIWKH
EDQNLIWKHSROLFHDUULYHG
1R 8QLWHG6WDWHVY6\NHV
DSSHDO ³RQ DQ\ JURXQG ZKDWHYHU LQ H[FKDQJH IRU WKH
FRQFHVVLRQV PDGH E\ WKH 8QLWHG 6WDWHV LQ WKLV SOHD
DJUHHPHQW´ 7KH ZDLYHU GLG QRW DSSO\ WR RQH DVSHFW RI
&RXQWWKHZHDSRQVFKDUJH7KHSOHDEDUJDLQVWDWHGWKDWWKH
FRXUWZDVWRGHFLGHE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKH
W\SHRIZHDSRQ6\NHVXVHGGXULQJWKHUREEHU\
7KHJXQXVHGE\6\NHVLQWKHUREEHU\ZDVQHYHUUHFRYHUHG
-DPHV 6\NHV 6\NHV¶V EURWKHU WROG )%, DJHQWV WKDW WKH
ZHDSRQ ZDV D IXOO\ DXWRPDWLF DVVDXOW ULIOH &RGHIHQGDQW
$QWRXLQH-RQHVWROGDJHQWVWKDWWKHGHIHQGDQWKDGWROGKLP
WKHZHDSRQZDVDXWRPDWLF:KHQWKHLVVXHZDVWULHG6\NHV¶V
H[SHUWFODLPHGWKDWWKHUHZDVQRZD\WRGHWHUPLQHZKHWKHURU
QRW WKH ZHDSRQ ZDV FDSDEOH RI DXWRPDWLF ILUH IURP WKH
SLFWXUHVRIWKHUREEHU\7KHH[SHUWDOVRFODLPHGWKDWKHZDV
XQDEOH WR UXOH RXW WKH SRVVLELOLW\ WKDW WKH ZHDSRQ ZDV D
UHSOLFD
6\NHV DOVR HQWHUHG DQ XQVZRUQ ZULWWHQ VWDWHPHQW DW WKH
VHQWHQFLQJKHDULQJZLWKUHVSHFWWRWKHZHDSRQ+HVWDWHGWKDW
KHKDGQHYHUILUHGLWDQGGLGQRWNQRZZKHWKHULWZDVFDSDEOH
RIHLWKHUDXWRPDWLFRUVHPLDXWRPDWLFILUHQRUZKHWKHURUQRW
LWZDVDUHSOLFD
7KHMXGJHIRXQGWKDWWKHSUHSRQGHUDQFHRIWKHHYLGHQFH
VKRZHG WKDW WKH ZHDSRQ ZDV D VHPLDXWRPDWLF ULIOH 7KH
FRXUWWKHUHIRUHLPSRVHGWKHPDQGDWRU\\HDUFRQVHFXWLYH
VHQWHQFHUHTXLUHGE\VWDWXWH
7KHSOHDDJUHHPHQWDOVRQRWHGWKDWWKHJRYHUQPHQWZRXOG
VHHNDWKUHHOHYHODJJUDYDWLQJUROHVHQWHQFLQJHQKDQFHPHQW
IRU 6\NHV¶V OHDGHUVKLS UROH LQ WKH RIIHQVH DQG D WZROHYHO
REVWUXFWLRQRIMXVWLFHVHQWHQFLQJHQKDQFHPHQW6\NHVZDV
IUHHWRRSSRVHWKHRIIHQVHOHYHOHQKDQFHPHQWVEXWZDLYHGKLV
ULJKW WR DSSHDO WKRVH GHWHUPLQDWLRQV 7KH MXGJH LPSRVHG
RIIHQVHOHYHOHQKDQFHPHQWVIRU6\NHV¶VOHDGHUVKLSUROHLQWKH
RIIHQVHDQGIRUREVWUXFWLRQRIMXVWLFH
'HVSLWH WKH ZDLYHUV 6\NHV DSSHDOV KLV VHQWHQFH DQG
FRQYLFWLRQDUJXLQJWKDWWKH\YLRODWH$SSUHQGLDQGZHUHQRW

-- 3 of 4 --

8QLWHG6WDWHVY6\NHV 1R
VXSSRUWHG E\ VXIILFLHQW HYLGHQFH 6\NHV DOVR DSSHDOV WKH
DSSOLFDWLRQRIWKHRIIHQVHOHYHOHQKDQFHPHQWV
,,
$ $SSUHQGLDQG:DLYHU
&RQVWLWXWLRQDOFKDOOHQJHVWRVHQWHQFHVDUHTXHVWLRQVRIODZ
VXEMHFWWRGHQRYRUHYLHZ8QLWHG6WDWHVY6PLWK)G
WK&LU +RZHYHUDFRQVWLWXWLRQDOULJKW
PD\EHNQRZLQJO\DQGYROXQWDULO\ZDLYHG8QLWHG6WDWHVY
$VKH)G WK&LU $GLVWULFWFRXUW¶V
GHWHUPLQDWLRQWKDWDZDLYHUZDVNQRZLQJO\DQGYROXQWDULO\
PDGHLVUHYLHZHGIRUFOHDUHUURU,ELG
86& † F UHTXLUHV D PDQGDWRU\ FRQVHFXWLYH
VHQWHQFHIRUDQ\RQHZKRXVHVRUFDUULHVDILUHDUPGXULQJD
FULPHRIYLROHQFH7KHVWDWXWHSUHVFULEHVGLIIHUHQWPDQGDWRU\
FRQVHFXWLYHVHQWHQFHVEDVHGRQWKHW\SHRIILUHDUPLQYROYHG
3ULRUWR$SSUHQGL†GHWHUPLQDWLRQVZHUHPDGHE\DMXGJH
RQDSUHSRQGHUDQFHVWDQGDUG6\NHVLVFRUUHFWWKDWDEVHQW
ZDLYHUWKH†ZHDSRQVFKDUJHVKRXOGKDYHEHHQKHDUGE\
D MXU\ DQG SURYHQ EH\RQG D UHDVRQDEOH GRXEW &DVWLOOR Y
8QLWHG6WDWHV86
+RZHYHU LQIRUPHG ZDLYHUV DUH YDOLG 8QLWHG 6WDWHV Y
%D]]L)G WK&LU 7KHSOHDEDUJDLQ
VWDWHG
$V WR &RXQW 7KUHH >WKH ZHDSRQV FKDUJH@ WKH SDUWLHV
DJUHHWROLWLJDWHWKHW\SHRIILUHDUPVZKLFKZHUHXVHGDQG
FDUULHGE\WKHGHIHQGDQWRUKLVFRFRQVSLUDWRUVLQUHODWLRQ
WR WKH EDQN UREEHU\ 7KH SDUWLHV DJUHH WKDW WKH
VHQWHQFLQJMXGJHVKDOOPDNHWKHGHWHUPLQDWLRQRIZKDW
FDWHJRU\RIILUHDUPVZDVXVHGDQGFDUULHGLQWKHEDQN
UREEHU\E\DSUHSRQGHUDQFHRIWKHHYLGHQFHVWDQGDUG
-$DW HPSKDVLVDGGHG 7KHSOHDEDUJDLQFRQWLQXHG
7KH FRXUW¶V IDFWXDO ILQGLQJV DV WR WKH PRVW VHULRXV
FDWHJRU\RIILUHDUPXVHGDQGFDUULHGLQWKHEDQNUREEHU\
1R 8QLWHG6WDWHVY6\NHV
VKDOOJRYHUQWKHLPSULVRQPHQWVHQWHQFHDSSOLFDEOHWRWKLV
FRXQW,IWKHFRXUWILQGVWKDWRQHRIWKHILUHDUPVZDVD
PDFKLQHJXQ WKH GHIHQGDQW LV VXEMHFW WR D WKLUW\ \HDU
PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH,IWKH
FRXUWILQGVWKDWRQHRIWKHILUHDUPVZDVDVHPLDXWRPDWLF
DVVDXOW ZHDSRQ WKH GHIHQGDQW LV VXEMHFW WR D WHQ \HDU
PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH,IWKH
FRXUWILQGVWKDWQHLWKHUDVHPLDXWRPDWLFDVVDXOWZHDSRQ
QRUDPDFKLQHJXQZDVXVHGDQGFDUULHGLQUHODWLRQWRWKH
EDQN UREEHU\ WKH GHIHQGDQW LV VXEMHFW WR D ILYH \HDU
PDQGDWRU\FRQVHFXWLYHVHQWHQFHRQ&RXQW7KUHH
-$DW7KHSOHDEDUJDLQDOVRVWDWHG³$VQRWHGEHORZ
WKH GHIHQGDQW KDV WKH ULJKW WR DSSHDO WKH FRXUW¶V IDFWXDO
ILQGLQJVRQWKHPRVWVHULRXVW\SHRIILUHDUPXVHGDQGFDUULHG
LQWKHEDQNUREEHU\´-$DW
+RZHYHUWKHSOHDEDUJDLQOLPLWHG6\NHV¶VULJKWWRDSSHDO
WKHVHQWHQFHRQDQ\RWKHULVVXH
7KHGHIHQGDQWLVDZDUHWKDW86&†DIIRUGVD
GHIHQGDQW WKH ULJKW WR DSSHDO WKH VHQWHQFH LPSRVHG
$FNQRZOHGJLQJWKLVWKHGHIHQGDQWNQRZLQJO\ZDLYHVWKH
ULJKW WR DSSHDO DQ\ VHQWHQFH LQ WKH RIIHQVH OHYHO DV
GHWHUPLQHGE\WKHFRXUWRQDQ\JURXQGZKDWHYHU
-$DW
'HVSLWH WKLV ODQJXDJH 6\NHV UHOLHV RQ 8QLWHG 6WDWHV Y
5HEPDQQ )G WK &LU WR DUJXH WKDW KLV
ZDLYHUZDVQRWYROXQWDU\RUNQRZLQJ,QWKDWFDVHWKH6L[WK
&LUFXLWKHOGWKDWDZDLYHUZDVQRWVXIILFLHQWO\YROXQWDU\ZKHQ
WKHGHIHQGDQWZDLYHGKHUULJKWWRDMXU\WULDORQDQHOHPHQW
ZLWKRXWZDLYLQJWKHULJKWWRKDYHWKDWHOHPHQWSURYHQEH\RQG
DUHDVRQDEOHGRXEW,GDW7KH5HEPDQQFRXUWIRXQG
WKDWDOWKRXJKWKHGHIHQGDQWYROXQWDULO\ZDLYHGKHUULJKWWRD
MXU\WULDOVKH³GLGQRWZDLYHWKHULJKWWRKDYHDFRXUWGHFLGH
DQ\UHPDLQLQJHOHPHQWVRIWKHRIIHQVHEH\RQGDUHDVRQDEOH
GRXEWDVRSSRVHGWRPDNLQJWKRVHGHWHUPLQDWLRQVE\DPHUH
SUHSRQGHUDQFHRIWKHHYLGHQFH´5HEPDQQ)GDW

-- 4 of 4 --