03a0115p.06

7KH +RQRUDEOH -DPHV 6 *ZLQ 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
,QUH67(9( ' 52%,1621
'HEWRU
BBBBBBBBBBBBBBBBBBBBBB
67(9( ' 52%,1621
$SSHOODQW
Y
&+$03$,*1 /$1'0$5.
,1&
$SSHOOHH
;!

1
1R
2Q$SSHDOIURPWKH%DQNUXSWF\$SSHOODWH3DQHO
RIWKH6L[WK&LUFXLW
1R²'RQDOG(&DOKRXQ-U
%DQNUXSWF\-XGJH
$UJXHG)HEUXDU\
'HFLGHGDQG)LOHG$SULO
%HIRUH6,/(5DQG52*(56&LUFXLW-XGJHV*:,1
'LVWULFW-XGJH
,QUH5RELQVRQ 1R
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' *UDG\ / 3HWWLJUHZ -U &2; 67(,1
3(77,*5(:&ROXPEXV2KLRIRU$SSHOODQW5D\$&R[
&2; *,1*(5'D\WRQ2KLRIRU$SSHOOHH21%5,()
*UDG\ / 3HWWLJUHZ -U &2; 67(,1 3(77,*5(:
&ROXPEXV 2KLR IRU $SSHOODQW 5D\ $ &R[ &2;
*,1*(5'D\WRQ2KLRIRU$SSHOOHH
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
-2+1052*(56&LUFXLW-XGJH7KLVFDVHLQYROYHVDQ
DWWHPSWWRJHWUHYLHZRIDQDUELWUDWLRQDZDUGLQDEDQNUXSWF\
SURFHHGLQJ 5HYLHZ RI DQ DUELWUDWLRQ DZDUG LV OLPLWHG WR
SURSHU PRWLRQV WR YDFDWH RU PRGLI\ XQGHU WKH )HGHUDO
$UELWUDWLRQ$FWDQG'HEWRUGLGQRWWLPHO\ILOHVXFKDPRWLRQ
:HWKHUHIRUHDIILUPWKHMXGJPHQWEHORZ
,3URFHGXUDO%DFNJURXQG
7KLVFDVHDURVHRXWRIJUDLQFRQWUDFWVEHWZHHQDSURGXFHU
5RELQVRQDQG$SSHOOHH&UHGLWRU&KDPSDLJQ/DQGPDUN,QF
>/DQGPDUN@5RELQVRQGLGQRWFRPSO\ZLWKWKHUHTXLUHPHQWV
RIWKHFRQWUDFWV7KHSDUWLHV¶FRQWUDFWVKDGDFODXVHUHTXLULQJ
DUELWUDWLRQ E\ WKH 1DWLRQDO *UDLQ DQG )HHG $VVRFLDWLRQ
>1*)$@WRUHVROYHFRQWUDFWXDOGLVSXWHV5RELQVRQUHIXVHGWR
VXEPLWWRDUELWUDWLRQ/DQGPDUNEURXJKWDQ2KLRVWDWHFRXUW
DFWLRQLQWKH&RXUWRI&RPPRQ3OHDV&KDPSDLJQ&RXQW\
2KLRWRHQIRUFHWKHFRQWUDFWV¶DUELWUDWLRQSURYLVLRQ7KH2KLR
FRXUW RUGHUHG WKH SDUWLHV WR DUELWUDWH KROGLQJ WKDW ³>D@OO
PDWWHUV RI GHIHQVH UDLVHG E\ WKH 'HIHQGDQW >'HEWRU@ DUH
PDWWHUV UHODWLQJ WR FRQWURYHUV\ DERXW WKH FRQWUDFW DQG
DUELWUDWLRQDV>VLF@WKHUHTXLUHGFRQWUDFWXDOPHDQVRIGHDOLQJ
ZLWKFRQWURYHUVLHVLQWKLVFDVH´5RELQVRQGLGQRWDSSHDOWKH
RUGHU UHIHUULQJ WKH FDVH WR DUELWUDWLRQ DQG 5RELQVRQ DQG
/DQGPDUNHQWHUHGLQWRDQDJUHHPHQWWRDUELWUDWH

-- 1 of 4 --

1R ,QUH5RELQVRQ
7KH 1*)$ GHFLVLRQ LQ WKH UHFRUG LV XQGDWHG 7KH EDQNUXSWF\ FRXUW
IRXQG WKDW LW ZDV LVVXHG RQ RU DERXW WKH GDWH LQGLFDWHG $ OHWWHU IURP WKH
6HFUHWDU\ RI WKH 1*)$ VHQW WR WKH SDUWLHV UHJDUGLQJ WKH DUELWUDWLRQ
GHFLVLRQ ZDV GDWHG -XQH
5RELQVRQSULPDULO\FRQWHQGHGEHIRUHWKHDUELWUDWLRQSDQHO
WKDW /DQGPDUN XQLODWHUDOO\ PRGLILHG WKH FRQWUDFWV ZLWKRXW
5RELQVRQ¶V FRQVHQW 7KH DUELWUDWLRQ SDQHO UHMHFWHG
5RELQVRQ¶V DUJXPHQW DQG RQ RU DERXW -XQH WKH
1*)$SDQHODZDUGHG/DQGPDUNSOXVLQWHUHVWIURP
-DQXDU\ XQWLO SDLG 7KH SDQHO VWDWHG WKDW ³>W@KH
FRQWUDFWVZHUHYDOLGFDVKJUDLQFRQWUDFWVFRQWDLQLQJGHOLYHU\
REOLJDWLRQV VKLSPHQW SHULRGV DQG VSHFLILHG GHOLYHU\
ORFDWLRQV´ 7KH DUELWUDWLRQ GHFLVLRQ EHFDPH ILQDO GD\V
ODWHU RQ RU DERXW -XO\ 5RELQVRQ GLG QRW ILOH D
PRWLRQZLWKDGLVWULFWFRXUWWRYDFDWHWKHDZDUGVHH86&
†QRUGLG/DQGPDUNILOHDMXGLFLDODFWLRQWRFRQILUPWKH
DZDUGVHHLG†
5RELQVRQVXEVHTXHQWO\ILOHGIRU&KDSWHUEDQNUXSWF\RQ
$XJXVW2Q6HSWHPEHU/DQGPDUNILOHGD
FODLP LQ WKDW SURFHHGLQJ EDVHG RQ WKH DUELWUDWLRQ DZDUG
5RELQVRQ ILOHG DQ REMHFWLRQ WR WKH FODLP RQ )HEUXDU\
,QWKHREMHFWLRQ5RELQVRQDUJXHGWKDWWKHDUELWUDWLRQ
SURFHHGLQJODFNHGGXHSURFHVVWKDWWKHDUELWUDWRUVZHUHQRW
LPSDUWLDOWKDWWKHJUDLQFRQWUDFWVZHUHXQHQIRUFHDEOHEHFDXVH
WKH\ IDLOHG WR PHHW WKH UHTXLUHPHQWV RI WKH &RPPRGLW\
([FKDQJH$FW86&†HWVHTDQGRWKHUODZVDQGWKDW
/DQGPDUNKDGEUHDFKHGILGXFLDU\GXWLHVWR5RELQVRQ,QLWV
PHPRUDQGXP LQ RSSRVLWLRQ WR 5RELQVRQ¶V FKDOOHQJH
/DQGPDUNDUJXHGLQWHUDOLDWKDW5RELQVRQZDVEDUUHGE\UHV
MXGLFDWDDQGFROODWHUDOHVWRSSHOIURPSXUVXLQJLWVREMHFWLRQWR
WKHFODLP
%\DJUHHPHQWWKHEDQNUXSWF\FRXUWELIXUFDWHGWKHFDVHIRU
KHDULQJ7KHDJUHHGRUGHUSURYLGHGWKDWWKHFRXUWZRXOGILUVW
FRQVLGHU/DQGPDUN¶VDUJXPHQWWKDW5RELQVRQ¶VREMHFWLRQZDV
EDUUHG E\ UHV MXGLFDWD DQG FROODWHUDO HVWRSSHO 7KH RUGHU
SURYLGHGWKDWWKHSUHFOXVLRQLVVXHZDVWREHVXEPLWWHGRQWKH
EDVLVRIZULWWHQPHPRUDQGDDQGWKDW
,QUH5RELQVRQ 1R
>R@UDODUJXPHQWVKDOOEHKHDUGRQ6HSWHPEHU
DIWHUZKLFKWKHLVVXHZLOOEHVXEPLWWHGRQWKHUHFRUG
,IWKH&RXUWILQGVWKDW'HEWRU¶V2EMHFWLRQLVEDUUHGE\UHV
MXGLFDWDRUFROODWHUDOHVWRSSHOWKH2EMHFWLRQRI'HEWRU
PD\EHRYHUUXOHGZLWKRXWDQDFWXDOHYLGHQWLDU\KHDULQJ
DQGWKH&ODLPPD\EHDOORZHG,IWKH&RXUWILQGVWKDWWKH
'HEWRU¶VREMHFWLRQLVQRWEDUUHGE\WKHGRFWULQHRIUHV
MXGLFDWD RU FROODWHUDO HVWRSSHO WKHQ DQ HYLGHQWLDU\
KHDULQJRQ'HEWRU¶V2EMHFWLRQVKDOOEHKHDUGRQ>2FWREHU
DQG@
)ROORZLQJWKH6HSWHPEHURUDODUJXPHQWDQGZLWKRXWD
VXEVHTXHQWKHDULQJWKHEDQNUXSWF\FRXUWHQWHUHGDQRSLQLRQ
DQG RUGHU RYHUUXOLQJ 5RELQVRQ¶V REMHFWLRQ WR /DQGPDUN¶V
FODLP 7KH EDQNUXSWF\ FRXUW ILUVW KHOG WKDW 5RELQVRQ KDG
IDLOHGWRDOOHJHRUWRSURYHDQ\VSHFLILFIDFWVZDUUDQWLQJWKH
YDFDWLQJ RI WKH DUELWUDWLRQ DZDUG ,Q GRLQJ VR WKH FRXUW
DSSOLHGWKHFULWHULDIRUUHYLHZRIDUELWUDWLRQGHFLVLRQVIRXQG
LQ6HFWLRQRIWKH)HGHUDO$UELWUDWLRQ$FW>)$$@,WIRXQG
WKDW WKHUH ZDV QR ³HYLGHQW SDUWLDOLW\ RU FRUUXSWLRQ LQ WKH
DUELWUDWRUV´86&† D ,QGRLQJVRWKHFRXUWUHOLHG
RQ7KH$QGHUVRQV,QFY+RUWRQ)DUPV,QF)G
WK&LU DQG+DUWHUY,RZD*UDLQ&R)G
WK &LU WR UHMHFW DV D PDWWHU RI ODZ
5RELQVRQ¶V FODLP WKDW WKH 1*)$ DUELWUDWLRQ SURFHVV LV
V\VWHPDWLFDOO\ELDVHG7KHFRXUWDOVRUHOLHGRQWKHDEVHQFHRI
DQ\SURIIHURIHYLGHQFHEH\RQGWKHDUJXPHQWWKDWWKHV\VWHP
LVELDVHG7KHFRXUWDGGLWLRQDOO\IRXQGWKDWWKHDUELWUDWRUVGLG
QRWH[FHHGRUPLVXVHWKHLUDXWKRULW\RUPDQLIHVWO\GLVUHJDUG
WKH ODZ +HUH WKH FRXUW UHMHFWHG²RQ WKH EDVLV RI FDVH
ODZ²5RELQVRQ¶V DUJXPHQW WKDW WKH JUDLQ FRQWUDFWV LQ
TXHVWLRQZHUHVXEMHFWWRWKHUHTXLUHPHQWVRIWKH&RPPRGLW\
([FKDQJH$FW
$OWKRXJKWKHEDQNUXSWF\FRXUWUHMHFWHG5RELQVRQ¶V)$$
† DUJXPHQWV FKDOOHQJLQJ WKH DUELWUDWLRQ DZDUG LW
SURFHHGHG WR KROG DSSDUHQWO\ LQ WKH DOWHUQDWLYH WKDW UHV
MXGLFDWD SUHFOXGHG WKH FRXUW IURP DGGUHVVLQJ WKH PHULWV RI
5RELQVRQ¶VREMHFWLRQWRWKHFODLP

-- 2 of 4 --

1R ,QUH5RELQVRQ
5RELQVRQDSSHDOHGWRWKH%DQNUXSWF\$SSHOODWH3DQHOIRU
WKH 6L[WK &LUFXLW >$SSHOODWH 3DQHO@ FRQWHQGLQJ WKDW WKH
EDQNUXSWF\FRXUWHUUHGLQIDLOLQJWRFRQGXFWDQHYLGHQWLDU\
KHDULQJ 7KH $SSHOODWH 3DQHO DIILUPHG KROGLQJ WKDW
5RELQVRQ IDLOHG WR GHPRQVWUDWH DQ\ JURXQGV IRU WKH
EDQNUXSWF\ FRXUW WR UHIXVH UHFRJQLWLRQ RI WKH DUELWUDWLRQ
DZDUGDQGQRWUHDFKLQJWKHEDQNUXSWF\FRXUW¶VUHVMXGLFDWD
UXOLQJ
7KH$SSHOODWH3DQHOKHOGILUVWWKDW5RELQVRQZDVERXQGE\
WKH2KLRVWDWHFRXUWGHFLVLRQWKDWWKHJUDLQFRQWUDFWVYDOLGO\
UHTXLUHG DUELWUDWLRQ LQ WKH ILUVW SODFH 7KHQ UHO\LQJ RQ
$QGHUVRQVVXSUDWKH$SSHOODWH3DQHOUHMHFWHGDVDPDWWHURI
ODZ 5RELQVRQ¶V ³JHQHUDOL]HG DUJXPHQW´ WKDW 1*)$
DUELWUDWRUV DUH ³WDLQWHG´ 7KH $SSHOODWH 3DQHO QRWHG WKDW
5RELQVRQKDGQRWDUJXHGWKDWDQ\RIWKHDUELWUDWRUVKDGEHHQ
ELDVHGLQWKHVHQVHWKDWRQHRUPRUHRIWKHPKDGDVWDNHLQWKH
RXWFRPH QRU GLG 5RELQVRQ LQGLFDWH WKDW KH KDG DQ\
VXEVWDQWLYHSURRIWRRIIHUEH\RQGWKHJHQHUDODUJXPHQWDERXW
V\VWHPLFELDV
7KH$SSHOODWH3DQHOQH[WKHOGWKDWWKHDUELWUDWRUVGLGQRW
H[FHHG WKHLU DXWKRULW\ 86& † EHFDXVH 5RELQVRQ¶V
DUJXPHQWUHJDUGLQJWKHQDWXUHRIWKHJUDLQFRQWUDFWVZDVDQ
DUJXPHQW WKDW WKH DUELWUDWRUV HUUHG QRW WKDW WKH\ H[FHHGHG
WKHLU DXWKRULW\ 7KH $SSHOODWH 3DQHO DOVR KHOG WKDW WKH
DUELWUDWRUV KDG QRW ³PDQLIHVWO\ GLVUHJDUGHG WKH ODZ´
'DZDKDUH Y 6SHQFHU )G WK &LU
+HUH WKH $SSHOODWH 3DQHO IRXQG WKDW WKHUH ZDV QRWKLQJ LQ
5RELQVRQ¶VDUJXPHQWWRLQGLFDWHWKDWDQ\SURRIFRXOGKDYH
EHHQ RIIHUHG WKDW WKH DUELWUDWRUV ZHUH ZURQJ LQ WKHLU
LQWHUSUHWDWLRQRIWKHSDUWLHV¶FRQWUDFWV7KH$SSHOODWH3DQHO
DOVR KHOG WKDW WKLV FRXUW¶V GHFLVLRQ LQ $QGHUVRQV VXSUD
UHTXLUHG UHMHFWLRQ RI 5RELQVRQ¶V DUJXPHQWV DV D PDWWHU RI
ODZ
7KH $SSHOODWH 3DQHO WKHQ EULHIO\ FRQVLGHUHG 5RELQVRQ¶V
DUJXPHQW WKDW KH ZDV HQWLWOHG WR MXGLFLDO UHYLHZ RI WKH
XQFRQILUPHGDUELWUDWLRQDZDUGHYHQWKRXJKVXFKDQDUJXPHQW
ZRXOGPRUHORJLFDOO\KDYHEHHQFRQVLGHUHGDWWKHWKUHVKROG
,QUH5RELQVRQ 1R
7KH$SSHOODWH3DQHOQRWHGDQ³LQLWLDOIODZ´LQWKHDUJXPHQW
EDVHG RQ 86& † WKDW 5RELQVRQ ZDV ³ODWH LI KLV
REMHFWLRQWR/DQGPDUN¶VSURRIRIFODLPLVFRQVWUXHGDVKLV
HIIRUWWRYDFDWHWKHDUELWUDWLRQDZDUG´8QGHU86&†
QRWLFHRIDPRWLRQWRYDFDWHPXVWEHVHUYHGRQWKHDGYHUVH
SDUW\ZLWKLQWKUHHPRQWKVDIWHUWKHDZDUGLVILOHGRUGHOLYHUHG
7KH$SSHOODWH3DQHOVWDWHGWKDWLWZDVQRW³VKXWWLQJWKHGRRU
RQ>5RELQVRQ@RQWKHWLPHOLQHVVLVVXH´DQGILQDOO\UHMHFWHG
WKHLGHDWKDWWKHUHZDVDQ\VLJQLILFDQFHWR/DQGPDUN¶VIDLOXUH
WR KDYH REWDLQHG MXGLFLDO FRQILUPDWLRQ RI WKH DUELWUDWLRQ
DZDUG
7KH $SSHOODWH 3DQHO DIILUPHG ZLWKRXW UHDFKLQJ WKH UHV
MXGLFDWDLVVXHFRQFOXGLQJWKDWWKHEDQNUXSWF\FRXUWFRUUHFWO\
IRXQGQRSODXVLEOHZD\LQZKLFK5RELQVRQFRXOGDWWDFNWKH
DUELWUDWLRQDZDUGDQGWKDWWKHFRXUWZDVWKHUHIRUHQRWLQHUURU
LQGHQ\LQJ5RELQVRQD³IXWLOH´HYLGHQWLDU\KHDULQJ
,,6WDQGDUGRI5HYLHZ
:KHQDEDQNUXSWF\FRXUWMXGJPHQWKDVEHHQUHYLHZHGE\
DGLVWULFWFRXUWZHUHYLHZWKHEDQNUXSWF\FRXUW VILQGLQJVRI
IDFWIRUFOHDUHUURUDQGWKHGLVWULFWFRXUW VOHJDOFRQFOXVLRQVGH
QRYR,QUH+LJKODQG6XSHUVWRUHV,QF)G
WK&LU :KHUHWKH$SSHOODWH3DQHOVXEVWLWXWHVIRUWKH
GLVWULFWFRXUWSXUVXDQWWR86&† E LWIROORZVWKDW
ZHUHYLHZWKH%DQNUXSWF\$SSHOODWH3DQHO¶VOHJDOFRQFOXVLRQV
GHQRYR
,,,$QDO\VLV
:KLOHZHILQGQRHUURULQWKH$SSHOODWH3DQHO¶VDSSOLFDWLRQ
RIWKH)$$FULWHULDIRUUHYLHZRIDQDUELWUDWLRQDZDUGZH
DIILUPRQDOWHUQDWHWKUHVKROGJURXQGV7KLVFRXUWKDVKHOG
WKDWDUELWUDWLRQDZDUGVXQGHUWKH)$$DUHELQGLQJXQOHVVD
PRWLRQWRYDFDWHRUPRGLI\KDVEHHQILOHGLQDFFRUGDQFHZLWK
WKHWHUPVRIWKDW$FW1RVXFKPRWLRQZDVILOHGDQGHYHQ
FRQVWUXLQJ5RELQVRQ¶VREMHFWLRQWR/DQGPDUN¶VFODLPDVVXFK
DPRWLRQLWZDVXQWLPHO\,WZDVWKHUHIRUHQRWQHFHVVDU\IRU
WKHEDQNUXSWF\FRXUWWRFRQVLGHUWKHJURXQGVIRUFKDOOHQJLQJ
DQDUELWUDWLRQDZDUGXQGHUWKH)$$

-- 3 of 4 --

1R ,QUH5RELQVRQ
,Q&RUH\Y1<6()G WK&LU WKLVFRXUW
DIILUPHG WKH GLVPLVVDO RI D ODZVXLW DJDLQVW WKH 1HZ <RUN
6WRFN([FKDQJH>1<6(@7KHSODLQWLIIKDGDOOHJHGWKDWWKH
SURFHGXUHVIROORZHGLQDQDUELWUDWLRQSURFHHGLQJVSRQVRUHG
E\WKH1<6(WRZKLFKKHKDGEHHQDSDUW\ZHUHZURQJIXO
DQGFDXVHGKLPLQMXU\7KLVFRXUWXSKHOGWKHGLVPLVVDORIWKH
HQWLUHODZVXLWLQFOXGLQJWKHFODLPVWKDWZHUHEDVHGRQWKH
DFWLRQVRIWKH1<6(DUELWUDWLRQGLUHFWRU6XFKFODLPVWKLV
FRXUWKHOGDPRXQWHGWRDQLPSHUPLVVLEOHFROODWHUDODWWDFNRQ
WKHDUELWUDWLRQDZDUG:HKHOGXQHTXLYRFDOO\WKDWWKH)$$
³SURYLGHVWKHH[FOXVLYHUHPHG\IRUFKDOOHQJLQJDFWVWKDWWDLQW
DQDUELWUDWLRQDZDUG´)GDW0RUHVSHFLILFDOO\
³>R@QFH DQ DUELWUDWRU KDV UHQGHUHG D GHFLVLRQ WKH DZDUG LV
ELQGLQJRQWKHSDUWLHVXQOHVVWKH\FKDOOHQJHWKHXQGHUO\LQJ
FRQWUDFWWRDUELWUDWHSXUVXDQWWRVHFWLRQRUDYDLOWKHPVHOYHV
RIWKHUHYLHZSURYLVLRQVRIVHFWLRQVDQG´)GDW

,Q WKLV FDVH 5RELQVRQ FDQQRW FKDOOHQJH WKH XQGHUO\LQJ
FRQWUDFWWRDUELWUDWHEHFDXVHKHZDVERXQGE\WKH2KLRVWDWH
FRXUWMXGJPHQWLQWKDWUHJDUG$QGKHKDVQRWDYDLOHGKLPVHOI
RIWKHUHYLHZSURYLVLRQVRI86&††DQGE\ILOLQJD
PRWLRQWRYDFDWHRUPRGLI\WKHDUELWUDWLRQDZDUG$SDUW\
ZKRLVVXEMHFWWRDYDOLGFRQWUDFWWRDUELWUDWHDQGZKRKDVQRW
PRYHGWRYDFDWHRUPRGLI\WKHDZDUGXQGHU86&††
DQG³PD\QRWWUDQVIRUPZKDWZRXOGRUGLQDULO\FRQVWLWXWH
DQLPSHUPLVVLEOHFROODWHUDODWWDFNLQWRDSURSHULQGHSHQGHQW
GLUHFWDFWLRQE\FKDQJLQJGHIHQGDQWVDQGDOWHULQJWKHUHOLHI
VRXJKW´ )G DW :H KROG WKDW WKLV UHDVRQLQJ
H[WHQGVDVZHOOWREDQNUXSWF\SURFHHGLQJVLQZKLFKWKHUHLV
DQDWWHPSWHGFROODWHUDODWWDFNRQDQDUELWUDWLRQDZDUG
,WPD\EHDUJXHGKRZHYHUWKDW5RELQVRQ¶VREMHFWLRQWR
/DQGPDUN¶V FODLP VKRXOG LWVHOI EH WUHDWHG DV D PRWLRQ WR
YDFDWHWKHDUELWUDWLRQDZDUG6HFWLRQRIWKH)$$SURYLGHV
WKDW³WKH8QLWHG6WDWHVFRXUWLQDQGIRUWKHGLVWULFWZKHUHLQWKH
DZDUGZDVPDGH´PD\HQWHUDQRUGHUYDFDWLQJDQDUELWUDWLRQ
DZDUG $ GLVWULFW FRXUW LQ 1HZ <RUN KDV IRXQG WKDW
EDQNUXSWF\ FRXUWV DUH ³FRXUWV RI WKH 8QLWHG 6WDWHV´ IRU
SXUSRVHV RI 6HFWLRQ RI WKH )$$ DQG LW ZRXOG VHHP WR
,QUH5RELQVRQ 1R
6HH -RLQW $SSHQGL[ 7KH $SSHOODWH 3DQHO LGHQWLILHG WKLV GDWH DV
³RQ RU DERXW -XQH ´ DQG ODWHU UHIHUUHG WR WKH GDWH DV ³-XO\ ´
:H DVVXPH WKDW WKH ODWWHU GDWH ZDV DQ LQDGYHUWHQW HUURU DQG LQ DQ\ HYHQW
WKH UHVXOW LV WKH VDPH
IROORZWKDWWKH\DUH³8QLWHG6WDWHVFRXUW>V@´IRUSXUSRVHVRI
6HFWLRQ RI WKH )$$ DV ZHOO ,Q UH &U\VHQ0RQWHQD\
(QHUJ\&R%5 6'1< DII¶G
)G G&LU %DQNUXSWF\FRXUWVKDYHQRW
KHVLWDWHGWRHQWHUWDLQPRWLRQVWRYDFDWHDUELWUDWLRQDZDUGV
6HHHJ,QUH*ROGEURQQ%5 %DQNU0')OD
,QUH6DFUHG+HDUW+RVS%5 %DQNU('
3D
+RZHYHUDVWKH$SSHOODWH3DQHOLQGLFDWHGHYHQOLEHUDOO\
FRQVWUXLQJ5RELQVRQ¶VREMHFWLRQWR/DQGPDUN¶VFODLPDVD
PRWLRQ WR YDFDWH WKH DUELWUDWLRQ DZDUG LW ZDV XQWLPHO\
8QGHU86&†QRWLFHRIDPRWLRQWRYDFDWHPXVWEH
VHUYHG RQ WKH DGYHUVH SDUW\ ZLWKLQ WKUHH PRQWKV DIWHU WKH
DZDUGLVILOHGRUGHOLYHUHG7KHDUELWUDWLRQDZDUGDSSHDUVWR
KDYHEHHQHQWHUHGRQ-XQHDQGWRKDYHEHFRPH
ILQDOILIWHHQGD\VODWHUZKLOH5RELQVRQ¶VREMHFWLRQZDVQRW
ILOHGXQWLO)HEUXDU\7KHUHIRUH5RELQVRQGLGQRW
PHHWWKHWKUHHPRQWKGHDGOLQHVHWIRUWKLQ)$$†
,9&RQFOXVLRQ
)RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHMXGJPHQWRIWKH
%DQNUXSWF\$SSHOODWH3DQHO

-- 4 of 4 --