03a0055p.06

(VWDWHRI&RVWDQ]DY&RPP¶U 1R
&RPPLVVLRQHU SURIIHUHG QR HYLGHQFH DW WULDO WR UHEXW WKLV
SUHVXPSWLRQ$WWKLVVWDJHRIWKHSURFHHGLQJVWKHSHWLWLRQHUV
FRQWHQGZHVKRXOGEHDEOHWRDVVHVVWKHGLIIHUHQFHEHWZHHQ
WKH YDOXH RI WKH SURSHUWLHV ZKLFK ZDV WKH VXEMHFW RI
WHVWLPRQ\DWWULDODQGWKHSUHVXPHGIDLUPDUNHWYDOXHRIWKH
6&,1 7KH GLIIHUHQFH ZRXOG UHSUHVHQW WKH DPRXQW RI WKH
EDUJDLQVDOHLIDQ\SXUVXDQWWR†
%XWWKHSHWLWLRQHUVGLGQRWDGYDQFHWKLVDUJXPHQWXQWLOWKHLU
UHSO\EULHIDQGWKHUHIRUHWKH&RPPLVVLRQHUZDVQRWDIIRUGHG
DQRSSRUWXQLW\WRUHVSRQG0RUHRYHULWLVXQFOHDUIURPWKH
UHFRUGZKHWKHUWKH&RPPLVVLRQHUSURIIHUHGHYLGHQFHDWWKH
WULDOWRUHEXWWKHSUHVXPSWLRQRIWKHIDLUPDUNHWYDOXHRIWKH
6&,16HH(VWDWHRI*LEUDXVNDVY&RPP¶U7&
VWDWLQJ WKDW WKH IDLUPDUNHWYDOXH SUHVXPSWLRQ
FDQEHUHIXWHGE\HYLGHQFHWKDWWKHQRWHLVZRUWKOHVVWKDQLWV
SUHVXPHGYDOXH :HZLOOWKHUHIRUHUHPDQGWKHDFWLRQWRWKH
WD[FRXUW IRUWKHSXUSRVHRIUHVROYLQJWKH&RPPLVVLRQHU¶V
DOWHUQDWLYHDUJXPHQWWKDWWKH6&,1FRQVWLWXWHGDEDUJDLQVDOH
WKDWVXEMHFWVWKHHVWDWHWRJLIWWD[DWLRQXQGHU†
,,,&21&/86,21
)RUDOORIWKHUHDVRQVVHWIRUWKDERYHZH5(9(56(WKH
MXGJPHQWRIWKHWD[FRXUWDQG5(0$1'WKHFDVHIRUIXUWKHU
SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ
7KH +RQRUDEOH 'DQ $DURQ 3ROVWHU 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
(67$7( 2) '8,/,2
&267$1=$GHFHDVHG
0,&+$(/ &267$1=$
([HFXWRU
3HWLWLRQHUV$SSHOODQWV
Y
&200,66,21(5 2) ,17(51$/
5(9(18(
5HVSRQGHQW$SSHOOHH
;!

1
1R
2Q$SSHDOIURPWKH8QLWHG6WDWHV7D[&RXUW
1R²'DYLG/DUR7D[&RXUW-XGJH
6XEPLWWHG)HEUXDU\
'HFLGHGDQG)LOHG)HEUXDU\
%HIRUH*,/0$1DQG*,%%216&LUFXLW-XGJHV
32/67(5'LVWULFW-XGJH

-- 1 of 4 --

(VWDWHRI&RVWDQ]DY&RPP¶U 1R
BBBBBBBBBBBBBBBBB
&2816(/
21%5,()&KDUOHV/0F.HOYLH5LWD$%DLUG'2/'
63$7+0F.(/9,( 'H/8&$3&7UR\0LFKLJDQIRU
$SSHOODQWV 7HUHVD 7 0LOWRQ 5LFKDUG )DUEHU 81,7('
67$7(6 '(3$570(17 2) -867,&( $33(//$7(
6(&7,217$;',9,6,21:DVKLQJWRQ'&IRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
521$/'/((*,/0$1&LUFXLW-XGJH'XLOLR&RVWDQ]D
RZQHGWZRSDUFHOVRIUHDOHVWDWHLQ)OLQW0LFKLJDQRQRQHRI
ZKLFKKHRSHUDWHGDUHVWDXUDQW,QKHGHFLGHGWRUHWLUH
DQGPRYHIURP)OLQWWRKLVQDWLYH,WDO\$IWHUVHHNLQJDGYLFH
IURPKLVDWWRUQH\KHVROGWKHSURSHUWLHVDQGUHVWDXUDQWWRKLV
VRQ 0LFKDHO &RVWDQ]D LQ H[FKDQJH IRU D VHOIFDQFHOOLQJ
LQVWDOOPHQWQRWH 6&,1 WKDWZDVIXOO\VHFXUHGE\DPRUWJDJH
RQWKHSURSHUWLHV7KH6&,1SURYLGHGDPRQJRWKHUWKLQJV
WKDWQRIXUWKHUSD\PHQWVZRXOGEHGXHLI'XLOLRGLHGEHIRUH
WKHQRWHZDVIXOO\SDLG
'XLOLRGLHGDSSUR[LPDWHO\ILYHPRQWKVDIWHUWKHLVVXDQFHRI
WKH6&,1E\ZKLFKSRLQW0LFKDHOKDGSDLGRIIRQO\DVPDOO
SRUWLRQ RI WKH QRWH 0LFKDHO DV WKH H[HFXWRU RI 'XLOLR¶V
HVWDWHVXEVHTXHQWO\ILOHGDIHGHUDOHVWDWHWD[UHWXUQGHFODULQJ
WKDWWKHHVWDWHKDGQROLDELOLW\IRUHVWDWHWD[7KH,56LVVXHG
DQRWLFHRIGHILFLHQF\EDVHGRQLWVGHWHUPLQDWLRQWKDWWKHVDOH
RIWKHSURSHUWLHVZDVQRWERQDILGH$IWHUDWULDOWKHWD[FRXUW
DOVRFRQFOXGHGWKDWWKHVDOHZDVQRWDERQDILGHWUDQVDFWLRQ
0LFKDHODSSHDOVWKLVUXOLQJ)RUWKHUHDVRQVVHWIRUWKEHORZ
ZH5(9(56(WKHMXGJPHQWRIWKHWD[FRXUWDQG5(0$1'
WKHFDVHIRUIXUWKHUSURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ
1R (VWDWHRI&RVWDQ]DY&RPP¶U
DWWULDOWKDW'XLOLRZDVH[SHFWHGWROLYHVRPHZKHUHEHWZHHQ
DQG\HDUVIURPWKHWLPHWKDWKHVLJQHGWKH6&,1+LV
SUHPDWXUH GHDWK GXH WR FRPSOLFDWLRQV IURP VXUJHU\ ZDV
FOHDUO\QRWDQWLFLSDWHG,QDGGLWLRQWKHIDFWWKDWWKH6&,1ZDV
IXOO\VHFXUHGE\DPRUWJDJHRQWKHSURSHUWLHVIXUWKHUUHIXWHV
DQ\LQIHUHQFHWKDWWKHVDOHZDVQRWERQDILGH
7KHSHWLWLRQHUVKDYHWKXVUHEXWWHGWKHSUHVXPSWLRQDJDLQVW
WKH HQIRUFHDELOLW\ RI DQ LQWUDIDPLO\ 6&,1 E\ DIILUPDWLYHO\
VKRZLQJWKDWWKHUHH[LVWHGDWWKHWLPHRIWKHWUDQVDFWLRQDUHDO
H[SHFWDWLRQRIUHSD\PHQWDQGLQWHQWWRHQIRUFHWKHFROOHFWLRQ
RIWKHLQGHEWHGQHVV$VVXFKZHFRQFOXGHWKDWWKHWD[FRXUW
FOHDUO\HUUHGLQILQGLQJWKDWWKHH[HFXWLRQRIWKH6&,1ZDVQRW
DERQDILGHWUDQVDFWLRQ &I (VWDWHRI0XVJURYHY8QLWHG
6WDWHV )HG &O KROGLQJ WKDW WKH VDOH RI
SURSHUW\YLDD6&,1ZDVQRWDERQDILGHWUDQVDFWLRQZKHQWKH
WD[SD\HUGHFODUHGWKDWKHZDVQRWOLNHO\WRGHPDQGSD\PHQW
RQWKHQRWH
& %DUJDLQVDOH
7KHSDUWLHVGLVDJUHHRQKRZWKHFDVHVKRXOGSURFHHGIURP
KHUH$FFRUGLQJWRWKH&RPPLVVLRQHUZHVKRXOGUHPDQGWKH
DFWLRQ WR WKH WD[ FRXUW WR FRQVLGHU WKH ,56¶V DOWHUQDWLYH
DUJXPHQWWKDWWKH6&,1FRQVWLWXWHGDEDUJDLQVDOHWKDWZLOO
LQFUHDVHWKHHVWDWH¶VDGMXVWHGWD[DEOHJLIWV3XUVXDQWWR
86&†³>Z@KHUHSURSHUW\LVWUDQVIHUUHGIRUOHVVWKDQ
DQ DGHTXDWH DQG IXOO FRQVLGHUDWLRQ LQ PRQH\ RU PRQH\¶V
ZRUWKWKHQWKHDPRXQWE\ZKLFKWKHYDOXHRIWKHSURSHUW\
H[FHHGHGWKHYDOXHRIWKHFRQVLGHUDWLRQVKDOOEHGHHPHGD
JLIWDQGVKDOOEHLQFOXGHGLQFRPSXWLQJWKHDPRXQWRIJLIWV
PDGH GXULQJ WKH FDOHQGDU \HDU´ 7KH &RPPLVVLRQHU WKXV
XUJHVXVWRUHPDQGWKHDFWLRQWRWKHWD[FRXUWWRGHWHUPLQHWKH
WUXHYDOXHRIWKH6&,1ZKLFKKHFRQWHQGVLVFRQVLGHUDEO\
OHVVWKDQWKHYDOXHRIWKHSURSHUWLHVWUDQVIHUUHG
2QWKHRWKHUKDQGWKHSHWLWLRQHUVPDLQWDLQWKDWWKHUHLVQR
QHHGWRUHPDQGWKHDFWLRQ7KH\SRLQWRXWWKDWIRUHVWDWHWD[
SXUSRVHV³>W@KHIDLUPDUNHWYDOXHRIQRWHVLVSUHVXPHGWR
EHWKHDPRXQWRIXQSDLGSULQFLSDOSOXVLQWHUHVWDFFUXHGWRWKH
GDWH RI GHDWK´ &)5 † DQG WKDW WKH

-- 2 of 4 --

(VWDWHRI&RVWDQ]DY&RPP¶U 1R
TXDUWHUO\ EDVLV WR OLPLW WKH QXPEHU RI EDQN WUDQVDFWLRQV´
$OWKRXJKLVVXLQJWKUHHVHSDUDWHFKHFNVZRXOGQRWWHFKQLFDOO\
GHFUHDVH WKH QXPEHU RI EDQN WUDQVDFWLRQV VLQFH WKH EDQN
ZRXOGQHHGWRSURFHVVHDFKFKHFNLQGLYLGXDOO\WKLVPHWKRG
RISD\PHQWREYLRXVO\VHUYHGWRHDVHWKHEXUGHQRIKDYLQJWR
GHSRVLWRQHFKHFNHYHU\PRQWK
7KH TXDUWHUO\ SD\PHQW SODQ DOVR H[SODLQV ZK\ 0LFKDHO
DOWHUHGWKHGDWHVRIWKHFKHFNV$V0LFKDHOH[SODLQHGLQKLV
EULHIKHUHGDWHGWKHFKHFNV³VRDVWRFOHDUO\GRFXPHQWWKH
PRQWKVIRUZKLFK1RWHSD\PHQWVKDGEHHQPDGH´7KHIDFW
WKDWKHREYLRXVO\ZURWHDGLIIHUHQWGDWHRQWRSRIWKHRULJLQDO
GDWHV LV IXUWKHU HYLGHQFH WKDW KH ZDV QRW WU\LQJ WR KLGH
DQ\WKLQJE\WKHDOWHUDWLRQV0RUHRYHUSXUVXDQWWR'XLOLR¶V
RUDO LQVWUXFWLRQV FRQFHUQLQJ WKH SD\PHQW SODQ LW LV QRW
VXUSULVLQJWKDW0LFKDHOGLGQRWPDNHDQRWKHUSD\PHQWRQWKH
QRWH DIWHU WHQGHULQJ WKH WKUHH FKHFNV LQ 0DUFK 7KH QH[W
TXDUWHUO\ SD\PHQW ZRXOG QRW KDYH WDNHQ SODFH XQWLO -XQH
ZKLFKZDVDIWHU'XLOLRKDGGLHG
)LQDOO\WKH&RPPLVVLRQHUDUJXHVWKDW0LFKDHODQG'XLOLR
HQWHUHGLQWRWKH6&,1DJUHHPHQWEHFDXVHWKH\SUHVXPHGWKDW
'XLOLRZRXOGGLHSULRUWR0LFKDHOIXOO\VDWLVI\LQJWKHQRWH,I
WKH\KDGWKRXJKW'XLOLRZRXOGRXWOLYHWKHILQDOSD\PHQWGXH
XQGHUWKH6&,1WKH&RPPLVVLRQHUUHDVRQVWKHUHZRXOGKDYH
EHHQQRUHDVRQWRKDYHVLJQHGWKH6&,1DVRSSRVHGWRDQ
XQFRQGLWLRQDOSURPLVVRU\QRWH7KLVFRQWHQWLRQKRZHYHU
EDVLFDOO\TXHVWLRQVWKHYDOLGLW\RIDQ\6&,1DQDUJXPHQWWKDW
WKH WD[ FRXUW KDV ORQJ VLQFH UHMHFWHG (VWDWH RI 0RVV Y
&RPP¶U7& XSKROGLQJWKHYDOLGLW\
RID6&,1 6HHJHQHUDOO\6KHOGRQ,%DQRII 0LFKDHO2
+DUW]1HZ7D[&RXUW&DVH([SDQGV2SSRUWXQLWLHVIRU6HOI
&DQFHOOLQJ ,QVWDOOPHQW 1RWHV - 7D[¶Q
GLVFXVVLQJWKHSHUPLVVLELOLW\RIDQGUHDVRQVIRUH[HFXWLQJD
6&,1
0RUHRYHUGHVSLWH'XLOLR¶VKHDUWSUREOHPVWKHUHZDVQR
HYLGHQFHWKDWHLWKHU0LFKDHORU'XLOLRSUHVXPHGWKDW'XLOLR
ZRXOGGLHZLWKLQDIHZ\HDUVRIVLJQLQJWKH6&,1OHWDORQH
ZLWKLQILYHPRQWKVRIWKHVLJQLQJ0HGLFDOH[SHUWVWHVWLILHG
1R (VWDWHRI&RVWDQ]DY&RPP¶U
,%$&.*5281'
'XLOLR&RVWDQ]DZDVERUQLQ,WDO\LQ+HLPPLJUDWHG
WR WKH 8QLWHG 6WDWHV DQG ZRUNHG DV D ZHOGHU IRU *HQHUDO
0RWRUV ,QF LQ )OLQW 0LFKLJDQ XQWLO 8SRQ UHWLULQJ
IURP*0'XLOLRRSHQHGDQ,WDOLDQUHVWDXUDQWRQSURSHUW\KH
RZQHGLQ)OLQW+HODWHUEXLOWDVPDOORIILFHSOD]DRQQHDUE\
SURSHUW\WKDWKHDOVRRZQHG%RWKSURSHUWLHVZHUHDSSUDLVHG
LQDWDYDOXHRI
,Q 2FWREHU RI ZKHQ KH ZDV \HDUV ROG 'XLOLR
ZDQWHG WR UHWXUQ WR ,WDO\ DQG VHOO KLV )OLQW SURSHUWLHV +H
DFFRUGLQJO\ VRXJKW WKH DGYLFH RI KLV DWWRUQH\ -RKQ 6SDWK
ZKRVXJJHVWHGWKDW'XLOLRVHOOWKHUHVWDXUDQWDQGSURSHUWLHVWR
0LFKDHOLQH[FKDQJHIRUD6&,1,QODWH'HFHPEHURI
RU HDUO\ -DQXDU\ RI 0LFKDHO VLJQHG D 6&,1 LQ WKH
DPRXQW RI $ PRUWJDJH IXOO\ VHFXULQJ WKH
REOLJDWLRQ ZDV UHFRUGHG LQ )HEUXDU\ RI 7KH 6&,1
ZKLFKSURYLGHGIRUSD\PHQWLQPRQWKO\LQVWDOOPHQWVRYHUD
SHULRG RI \HDUV FRQWDLQHG D FDQFHOODWLRQXSRQGHDWK
SURYLVLRQ
'XLOLRRUDOO\WROG0LFKDHOWKDWKHQHHGQRWPDNHDSD\PHQW
HYHU\ PRQWK LQVWHDG DXWKRUL]LQJ 0LFKDHO WR UHPLW WKH
SD\PHQWV RQ D TXDUWHUO\ EDVLV $FFRUGLQJO\ RQ 0DUFK
0LFKDHOPDGHWKHQRWHSD\PHQWVIRU-DQXDU\)HEUXDU\
DQG0DUFKE\PHDQVRIWKUHHEDFNGDWHGFKHFNV0LFKDHO
WHQGHUHGQRIXUWKHUSD\PHQWVRQWKH6&,1SULRUWR'XLOLR¶V
GHDWKRQ0D\
'XLOLRXQH[SHFWHGO\GLHGIURPDWR[LFUHDFWLRQWRE\SDVV
VXUJHU\SHUIRUPHGWKHSUHYLRXVGD\+HKDGEHHQVXIIHULQJ
IURP KHDUW GLVHDVH GXULQJ WKH ILQDO \HDUV RI KLV OLIH
1HYHUWKHOHVV'XLOLR¶VOLIHH[SHFWDQF\DWWKHWLPHKHH[HFXWHG
WKH6&,1ZDVEHWZHHQDQG\HDUV
$V WKH H[HFXWRU RI KLV IDWKHU¶V HVWDWH 0LFKDHO ILOHG D
IHGHUDOHVWDWHWD[UHWXUQGHFODULQJWKDWWKHHVWDWHKDGQRHVWDWH
WD[OLDELOLW\7KHHVWDWHWD[UHWXUQLGHQWLILHGWKH6&,1DVDQ
HVWDWH DVVHW EXW FODLPHG WKDW WKH QRWH KDG QR YDOXH WR WKH
HVWDWHGXHWRWKHFDQFHOODWLRQXSRQGHDWKSURYLVLRQ

-- 3 of 4 --

(VWDWHRI&RVWDQ]DY&RPP¶U 1R
7KH&RPPLVVLRQHURI,QWHUQDO5HYHQXHLVVXHGDQRWLFHRI
GHILFLHQF\WKDWSURSRVHGDQLQFUHDVHLQ'XLOLR¶VJURVVHVWDWH
EHFDXVH WKH6&,1ZDVQRWDERQDILGHWUDQVDFWLRQRULQ
WKHDOWHUQDWLYH WKHWUDQVDFWLRQZDVD³EDUJDLQVDOH´WKDW
ZRXOGLQFUHDVHWKHHVWDWH¶VDGMXVWHGWD[DEOHJLIWV)ROORZLQJ
DWULDOWKHWD[FRXUWUXOHGWKDWWKHVDOHZDVQRWDERQDILGH
WUDQVDFWLRQ&RQVHTXHQWO\WKHWD[FRXUWKHOGWKDWWKH6&,1
SURYLGHGQRFRQVLGHUDWLRQIRUWKHUHVWDXUDQWDQGSURSHUWLHV
DQGWKDWWKHLUIXOOYDOXHPLQXVWKHWKUHHSD\PHQWVGHSRVLWHG
E\ 0LFKDHO ZDV D WD[DEOH JLIW IURP 'XLOLR WR 0LFKDHO
0LFKDHODSSHDOVWKHMXGJPHQWRIWKHWD[FRXUWFRQWHQGLQJ
WKDWWKHWD[FRXUWHUUHGLQKROGLQJWKDWWKHVDOHZDVQRWDERQD
ILGHWUDQVDFWLRQ
,,$1$/<6,6
$ 6WDQGDUGRIUHYLHZ
:HUHYLHZWKHWD[FRXUW¶VILQGLQJVRIIDFWXQGHUWKH³FOHDUO\
HUURQHRXV´VWDQGDUG'RZQVY&RPP¶U)G
WK&LU ³)DFWXDOILQGLQJVDUHFOHDUO\HUURQHRXVLI
EDVHGXSRQWKHHQWLUHUHFRUGWKHUHYLHZLQJFRXUWLVOHIWZLWK
WKH GHILQLWH DQG ILUP FRQYLFWLRQ WKDW D PLVWDNH KDV EHHQ
FRPPLWWHG´=DFNY&RPP¶U)G WK&LU
LQWHUQDOTXRWDWLRQPDUNVRPLWWHG
% %RQDILGHWUDQVDFWLRQ
6HFWLRQ E RIWKH,QWHUQDO5HYHQXH&RGHSURYLGHVWKDW
DQ HVWDWH WD[ PXVW EH SDLG RQ WKH YDOXH RI D GHFHGHQW¶V
DGMXVWHG WD[DEOH JLIWV VXEMHFW WR WKH H[FHSWLRQV FRQWDLQHG
WKHUHLQ86&† E 7KHWD[FRXUWKHOGWKDW
'XLOLR¶VHVWDWHZDVOLDEOHIRUWD[XQGHU† E EHFDXVHWKH
WUDQVIHURIWKHSURSHUWLHVWR0LFKDHOZDVDJLIWQRWDERQD
ILGHWUDQVDFWLRQ
6LQFHD6&,1OHDYHV³QR>@LQWHUHVWUHPDLQLQJLQGHFHGHQWDW
KLVGHDWK´LWLVZKHQERQDILGH³QRWLQFOXGLEOHLQKLVJURVV
HVWDWH´ (VWDWH RI 0RVV Y &RPP¶U 7&
%XWD6&,1VLJQHGE\IDPLO\PHPEHUVLVSUHVXPHG
WR EH D JLIW DQG QRW D ERQD ILGH WUDQVDFWLRQ (VWDWH RI
1R (VWDWHRI&RVWDQ]DY&RPP¶U
/DERPEDUGH Y &RPP¶U 7&
³,QWUDIDPLO\WUDQVDFWLRQVDUHVXEMHFWWRULJLGVFUXWLQ\
+RZHYHUWKLVSUHVXPSWLRQPD\EHUHEXWWHGE\DQDIILUPDWLYH
VKRZLQJWKDWWKHUHH[LVWHGDWWKHWLPHRIWKHWUDQVDFWLRQDUHDO
H[SHFWDWLRQRIUHSD\PHQWDQGLQWHQWWRHQIRUFHWKHFROOHFWLRQ
RIWKHLQGHEWHGQHVV´ $VVXFK³>W@KHJLYLQJRIDQRWHRU
RWKHU HYLGHQFH RI LQGHEWHGQHVV ZKLFK PD\ EH OHJDOO\
HQIRUFHDEOHLVQRWLQLWVHOIFRQFOXVLYHRIWKHH[LVWHQFHRID
ERQD ILGH GHEW ,W PXVW EH FOHDUO\ VKRZQ WKDW LW ZDV WKH
LQWHQWLRQ RI WKH SDUWLHV WR FUHDWH D GHEWRUFUHGLWRU VWDWXV´
(VWDWHRI9DQ$QGDY&RPP¶U7&
LQWHUQDOFLWDWLRQVRPLWWHG DII¶G)G G&LU
SHUFXULDP
0LFKDHODIILUPDWLYHO\WHVWLILHGWKDWLWZDVWKH&RVWDQ]DV¶
LQWHQWLRQ IRU 0LFKDHO WR VDWLVI\ DOO RI WKH SD\PHQWV GXH
SXUVXDQWWRWKH6&,1$WWRUQH\6SDWKDOVRWHVWLILHGWKDWWKH
&RVWDQ]DVH[SHFWHGWKHQRWHWREHSDLGLQIXOO
4 :DV 'XLOLR &RVWDQ]D ZLOOLQJ WR VLPSO\ JLIW WKHVH
SURSHUWLHVWR0LFKDHO"
$1R
4:K\QRW"
$%HFDXVH>K@HZDQWHGSD\PHQWRYHUWLPHVRKH
FRXOGUHWLUHLQ,WDO\
7KHWD[FRXUWKRZHYHUTXHVWLRQHGWKHSDUWLHV¶VLQFHULW\
H[SUHVVLQJFRQFHUQVDERXWWKHDFWXDOGDWHWKHGRFXPHQWVZHUH
VLJQHGWKHGDWHRQZKLFKWKHWKUHHSD\PHQWVZHUHPDGHDQG
WKH IDFW WKDW 0LFKDHO DOWHUHG WKH GDWHV RI WKH FKHFNV %XW
0LFKDHOVDWLVIDFWRULO\H[SODLQHGDOOWKUHHFLUFXPVWDQFHV$
EULHIGHOD\LQH[HFXWLRQDIWHUWKHVWDWHGGDWHRI'HFHPEHU
ZDVVLPSO\GXHWRWKHQHHGRIWKHDWWRUQH\WRSLFNDGDWH
XSRQ ZKLFK WR EDVH DQ DPRUWL]DWLRQ VFKHGXOH ZKHUH WKH
GRFXPHQWVZHUHWREHFLUFXODWHGE\PDLOIRUVLJQDWXUH7KH
IDFW WKDW DOO RI WKH GRFXPHQWV ZHUH VLJQHG ZLWKLQ VHYHUDO
ZHHNVWKHUHDIWHULVWKXVHQWLUHO\LQFRQVHTXHQWLDO
$V IRU WKH GHOD\ LQ PDNLQJ WKH ILUVW WKUHH LQVWDOOPHQWV
0LFKDHO WHVWLILHG WKDW KLV IDWKHU ZDQWHG WR EH SDLG ³RQ D

-- 4 of 4 --