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
,QUH($*/(3,&+(5
,1'8675,(6 ,1&HWDO
'HEWRUV
BBBBBBBBBBBBBBBBBBBBBB
0$<25 $1' &,7< &281&,/
2) %$/7,025( 0$5</$1'
$SSHOODQW
Y
67$7( 2) :(67 9,5*,1,$
0,&+,*$1 6&+22/ &/$66
$&7,21 &2817< 2) :$<1(
0,&+,*$1DQG%& +<'52
(/(&75,&
$SSHOOHHV
;!
1
1R
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&LQFLQQDWL
1R²+HUPDQ-:HEHU'LVWULFW-XGJH
$UJXHG-DQXDU\
'HFLGHGDQG)LOHG$SULO
-- 1 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
7KH +RQRUDEOH 7KRPDV % 5XVVHOO 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ
%HIRUH%2**6DQG0225(&LUFXLW-XGJHV5866(//
'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' &DUO ( 7XHUN -U &223(5 78(5.
%DOWLPRUH 0DU\ODQG IRU $SSHOODQW 3KLOLS - *RRGPDQ
%LUPLQJKDP0LFKLJDQIRU$SSHOOHHV21%5,()&DUO(
7XHUN -U &223(5 78(5. %DOWLPRUH 0DU\ODQG
)UHGULF )UDQFLV 7LOWRQ &LQFLQQDWL 2KLR 6WDQOH\ - /HY\
/(9<3+,//,36 .21,*6%(5*//31HZ<RUN1HZ
<RUN IRU $SSHOODQW 3KLOLS - *RRGPDQ %LUPLQJKDP
0LFKLJDQ (GZDUG % &RWWLQJKDP -U 1(66 027/(<
/2$'+2/7 5,&+$5'621 322/( 0W 3OHDVDQW
6RXWK&DUROLQDIRU$SSHOOHHV
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
5866(// 'LVWULFW -XGJH 7KLV LV DQ DSSHDO IURP D
EDQNUXSWF\FRXUWRUGHUJUDQWLQJ$SSHOOHHV:HVW9LUJLQLDHW
DO SUHIHUUHG VWDWXV LQ WKH GLVSRVLWLRQ RI D VHWWOHPHQW WUXVW
FRUSXVIXQGHGE\'HEWRU(DJOH3LFKHU,QGXVWULHV,QFGHVSLWH
$SSHOOHHV¶ IDLOXUH WR FRPSO\ IXOO\ ZLWK D PDQGDWRU\
QRWLILFDWLRQSURYLVLRQ:KLOH$SSHOOHHVZHUHUHTXLUHGWRJLYH
QRWLFHWRWKUHHHQWLWLHVDVDSUHUHTXLVLWHWRSUHIHUUHGVWDWXV
WKH\ RQO\ QRWLILHG WZR RI WKH WKUHH 1RWZLWKVWDQGLQJ WKLV
IDLOXUHWKHEDQNUXSWF\FRXUWGHWHUPLQHGWKDW$SSHOOHHVZHUH
HQWLWOHGWRSUHIHUUHGVWDWXVLQWKHWUXVWGLVSHQVDWLRQEHFDXVH
WKH\KDGVXEVWDQWLDOO\FRPSOLHGZLWKWKHQRWLFHUHTXLUHPHQWV
%HFDXVHZHDJUHHZLWKWKHEDQNUXSWF\FRXUWWKDWVXEVWDQWLDO
FRPSOLDQFH FDQ RSHUDWH WR REYLDWH WKH QHHG IRU D GHDGOLQH
H[WHQVLRQDQGEHFDXVHZHVHHQRDEXVHRIGLVFUHWLRQLQWKH
-- 2 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
&21&/86,21
7KH VXEVWDQWLDO FRPSOLDQFH GRFWULQH FDQ SURSHUO\ EH
DSSOLHGWRILQGWLPHOLQHVVGHVSLWHWHFKQLFDOQRQFRPSOLDQFH
7KLVUHPDLQVWUXHLQVLWXDWLRQVZKHUHDGHDGOLQHH[WHQVLRQ
ZRXOG EH VXEMHFW WR %DQNU 5 E ¶V UHTXLUHPHQW RI
³H[FXVDEOHQHJOHFW´)XUWKHUPRUHWKHEDQNUXSWF\FRXUWGLG
QRWDEXVHLWVGLVFUHWLRQLQDSSO\LQJWKHGRFWULQHWRWKHSUHVHQW
FDVH)RUWKHVHUHDVRQVWKHMXGJPHQWRIWKHEDQNUXSWF\FRXUW
LV$)),50('
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
7KH 1$$* ZDV 7UXVWHH IRU WKH 6HWWOHPHQW 7UXVW
EDQNUXSWF\FRXUW¶VDSSOLFDWLRQRIWKHGRFWULQHLQWKHSUHVHQW
FDVHZH$)),50
%$&.*5281'
,Q(DJOH3LFKHU,QGXVWULHV,QFILOHGIRU&KDSWHU
EDQNUXSWF\ $ SODQ RI UHRUJDQL]DWLRQ ZDV FRQILUPHG RQ
1RYHPEHU7KHSODQSURYLGHGIRUWKHFUHDWLRQRID
6HWWOHPHQW7UXVWWREHIXQGHGE\(DJOH3LFKHULQWKHDPRXQW
RI PLOOLRQ $OO GDPDJHV FODLPV DJDLQVW (DJOH3LFKHU
UHVXOWLQJIURPDVEHVWRVLQVWDOODWLRQZHUHWREHSDLGRXWRIWKLV
6HWWOHPHQW7UXVW
$IWHU WKH SODQ FRQILUPDWLRQ VHYHUDO GLVSXWHV DURVH
UHJDUGLQJWKHGLVSHQVDWLRQRIWKHPLOOLRQ7KHFODLPDQWV
HYHQWXDOO\ DJUHHG XSRQ D PXOWLWLHUHG VFKHPH ZKLFK WKH\
PHPRULDOL]HG DV D ³6WLSXODWLRQ IRU 7UHDWPHQW RI 3URSHUW\
'DPDJH &ODLPV´ 6HH -$ SS 7KH
EDQNUXSWF\ FRXUW DSSURYHG WKLV SURSRVDO RQ 0D\
6HH-$SS 8QGHUWKHFODLPDQWV¶IUDPHZRUN
WKHEDODQFHRIWKH6HWWOHPHQW7UXVWDIWHUIHHVDQGH[SHQVHV
ZRXOGEHGLYLGHGLQWRWZRVHSDUDWHIXQGV7LHU,3URGXFW,'
&ODLPDQWVDQG7LHU,,1RQ3URGXFW,'&ODLPDQWV7KH7LHU,
IXQG ZDV WR UHFHLYH WZRWKLUGV RI WKH DYDLODEOH IXQGV IRU
GLVWULEXWLRQ DSSUR[LPDWHO\PLOOLRQ ZKLOHWKH7LHU,,IXQG
ZDVWRUHFHLYHRQHWKLUG DSSUR[LPDWHO\PLOOLRQ
$FFHVVWR7LHU,IXQGVZDVOLPLWHGWRSDUWLHVZKRVHFODLPV
ZHUHEDVHGRQGDPDJHVIURP'HEWRU¶VDVEHVWRVFRQWDLQLQJ
EXLOGLQJPDWHULDOVDQGZKRKDGDOUHDG\ILOHGDWLPHO\3URRI
RI&ODLP -$S 7KH6WLSXODWLRQSURYLGHG
WKDWDFODLPDQWVHHNLQJSD\PHQWXQGHU7LHU,
PXVWVHUYHZULWWHQQRWLFHRILWVLQWHQWLRQWRKDYHLWVFODLP
WUHDWHGDVD7LHU,3URGXFW,'&ODLPKHUHXQGHURQWKH
&RPPLWWHH >RI 3URSHUW\ 'DPDJH &ODLPDQWV@ 1$$*
>1DWLRQDO $VVRFLDWLRQ RI $WWRUQH\V *HQHUDO@ DQG WKH
3URSHUW\'DPDJH&ODLPV$GPLQLVWUDWRU WKH³3'&$´
-- 3 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
$SSHOODQW VXEPLWV WKDW RQH SRWHQWLDO 7LHU , FODLPDQW ZLWKGUHZ LWV
DWWHPSW WR FODLP 7LHU , VWDWXV DQG DQRWKHU IDLOHG WR QRWLI\ WKH 3'&$ DORQJ
ZLWK $SSHOOHHV EXW GLG QRW MRLQ LQ $SSHOOHHV PRWLRQ
,Q JHQHUDO VXEVWDQWLDO FRPSOLDQFH PHDQV WKDW D SDUW\ KDV
³>F@RPSOL>HG@ ZLWK WKH HVVHQWLDO UHTXLUHPHQWV ZKHWKHU RI D FRQWUDFW RU RI
D VWDWXWH´ %ODFN¶V /DZ 'LFWLRQDU\ WK HG ,Q WKH OLIH
LQVXUDQFH FRQWH[W WKLV FRXUW KDV LQWHUSUHWHG WKH UXOH WR PHDQ WKDW ³LI WKH
LQVXUHG KDV GRQH HYHU\WKLQJ UHDVRQDEO\ SRVVLEOH WR HIIHFW D FKDQJH LQ
EHQHILFLDU\ D FRXUW RI HTXLW\ ZLOO GHFUHH WKDW WR EH GRQH ZKLFK RXJKW WR
EH GRQH´ &RRSHU Y 8QLWHG 6WDWHV )G WK &LU
DFFRUG $HWQD /LIH ,QV &R Y +D\HV )G WK &LU
VRWKDWLWLVDFWXDOO\UHFHLYHGE\QRODWHUWKDQRQHPRQWK
DIWHUWKHGDWHRIWKHFRXUW¶VDSSURYDORIWKLV6WLSXODWLRQ
$Q\ &ODLPDQW QRW JLYLQJ VXFK ZULWWHQ QRWLFH VKDOO
DXWRPDWLFDOO\DQGZLWKRXWIXUWKHUDFWLRQE\WKHFODLPDQW
KDYH WKHLU FODLP WUHDWHG DV D 7LHU ,, 1RQ3URGXFW ,'
FODLPKHUHXQGHU
-$SS IRRWQRWHDGGHG
2QO\ WZR FODLPDQWV WKH 0D\RU DQG &LW\ &RXQFLO RI
%DOWLPRUH ³%DOWLPRUH´ DQGWKH&LQFLQQDWL6FKRRO'LVWULFW
³&LQFLQQDWL´ IXOO\ FRPSOLHG ZLWK WKLV SRUWLRQ RI WKH
VWLSXODWLRQ E\ SURYLGLQJ ZULWWHQ QRWLFH WR WKH &RPPLWWHH
1$$* DQG WKH 3'&$ RQ RU EHIRUH WKH -XQH
GHDGOLQH$SSHOOHHVVWDWHWKDWVL[RIHLJKWFODLPDQWVRU
RIDOOFODLPDQWVVHHNLQJ7LHU,VWDWXVPDGHWKHVDPHWHFKQLFDO
HUURU RI IDLOLQJ WR SURYLGH ZULWWHQ QRWLFH WR WKH 3'&$
$SSHOODQWGLVSXWHVWKLVDVVHVVPHQWDQGDUJXHWKDWRQO\WKH
IRXU$SSHOOHHVPDGHWKHHUURU
7ZRDQGDKDOIPRQWKVDIWHUWKHEDQNUXSWF\FRXUW¶VRUGHU
RQ $XJXVW $SSHOOHHV ILOHG D PRWLRQ HQWLWOHG
³0RWLRQ IRU :DLYHU RU 0RGLILFDWLRQ RI 'HDGOLQH WR )LOH
6WDWHPHQW RI ,QWHQW ZLWK WKH 3URSHUW\ 'DPDJH &ODLPV
$GPLQLVWUDWRU´ 6HH-$S ,QWKDWPRWLRQ
$SSHOOHHVVWDWHGWKDWWKH\KDGVXEVWDQWLDOO\FRPSOLHGZLWK
WKHRUGHUE\ILOLQJZLWKWKH1$$*DQGWKH&RPPLWWHHWKDW
WKH3'&$KDGDFWXDOQRWLFHEHIRUHKHPDLOHGWKH7LHU,FODLP
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
7KHFRXUWQH[WGHWHUPLQHGWKDWWKHUHKDGEHHQQRSUHMXGLFHWR
HLWKHUWKH3'&$RU%DOWLPRUHDQG&LQFLQQDWLDVWKHIRUPHU
KDGH[SUHVVO\GLVFODLPHGSUHMXGLFHDQGWKHDELOLW\RIWKHODWWHU
SDLUWRDVVHUWDFODLPDQGVHHNUHFRYHU\KDGQRWEHHQKDUPHG
,GDW 7KLUGWKHEDQNUXSWF\FRXUWKHOGWKDWWKHUHKDG
EHHQ MXVWLILDEOH H[FXVH IRU $SSHOOHHV¶ IDLOXUH WR VHUYH
SURSHUO\ ,GDW ,QUHDFKLQJWKLVFRQFOXVLRQWKHFRXUW
UHDVRQHG WKDW WKH $SSHOOHHV¶ SURIIHUHG H[FXVH ± WKDW WKHLU
IDLOXUH WR VHUYH WKH 3'&$ ZDV EDVHG XSRQ D
PLVXQGHUVWDQGLQJWKDWWKH1$$*ZDVFRRUGLQDWLQJQRWLFHWR
WKHWKLUGSDUW\±VHHPHGUHDVRQDEOHLQOLJKWRIWKHQXPEHURI
PRYDQWVXQGHUWKHVDPHLPSUHVVLRQ ,G )XUWKHUWKHFRXUW
RSLQHG$SSHOOHHVGLGQRWVLPSO\VLWRQWKHLUULJKWVEXWKDG
LQVWHDGVXEPLWWHGWKHVWDWHPHQWRILQWHQWWRWZRRIWKHWKUHH
UHTXLUHGSDUWLHV ,G $QDO\]LQJWKHIRXUWKIDFWRUWKHFRXUW
GHWHUPLQHGWKDW$SSHOOHHVZRXOGVXIIHUVHYHUHSUHMXGLFHIURP
GHQLDO RI WKHLU PRWLRQ UHDVRQLQJ WKDW $SSHOOHHV¶ UHFRYHU\
ZRXOGEHVXEVWDQWLDOO\UHGXFHGE\WKHLUUHOHJDWLRQWR7LHU,,
VWDWXV ,GDW
(YDOXDWLQJ WKH IDFWV DW KDQG ZH FDQ ILQG QR DEXVH RI
GLVFUHWLRQE\WKHEDQNUXSWF\FRXUWLQDSSO\LQJWKHVXEVWDQWLDO
FRPSOLDQFHGRFWULQH$SSHOOHHVSUHVHQWHGHYLGHQFHWKDWWKH
3'&$ UHFHLYHG QRWLFH RI $SSHOOHHV¶ LQWHQW WR VHHN 7LHU ,
VWDWXVEHIRUHKHGLVWULEXWHGDQ\FODLPVIRUPV7KH3'&$
DOVR H[SUHVVO\ GLVFODLPHG DQ\ SUHMXGLFH IURP $SSHOOHHV¶
IDLOXUH WR VWULFWO\ FRPSO\ ZLWK WKH 2UGHU )XUWKHU LI
%DOWLPRUHDQG&LQFLQQDWLVXIIHUHGDQ\SUHMXGLFHDWDOOIURP
WKHFRXUW¶VDOORZDQFHRI$SSHOOHHV¶7LHU,FODLPLWZDVWKHLU
ORVV RI D ZLQGIDOO 6XFK D ZLQGIDOO PHULWV QR SURWHFWLRQ
0RUHRYHUWKHDSSHOOHHVLQGLFDWHGDFOHDULQWHQWLRQWRVHHN
7LHU,VWDWXVE\VHQGLQJQRWLFHWRWZRRIWKHWKUHHUHTXLUHG
HQWLWLHVDQGDWOHDVWWZLFHDVPDQ\FODLPDQWVIDLOHGWRQRWLI\
WKH 3'&$ DV DFWXDOO\ GLG QRWLI\ WKH 3'&$ )LQDOO\
$SSHOOHHV¶UHFRYHU\ZRXOGEHJUHDWO\UHGXFHGLIWKHLUHUURU
UHOHJDWHGWKHPWR7LHU,,VWDWXV
-- 4 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
%HFDXVH %DOWLPRUH GRHV QRW FKDOOHQJH WKH EDQNUXSWF\ FRXUW¶V
IRUPXODWLRQ RI WKH VXEVWDQWLDO FRPSOLDQFH WHVW ZH DVVXPH ZLWKRXW
GHFLGLQJ WKDW WKLV DSSURDFK ZDV FRUUHFW 6HH 'RUULV Y $EVKHU )G
WK &LU LVVXH QRW UDLVHG LQ EULHIV FRQVLGHUHG ZDLYHG
XQOHVV ³H[FHSWLRQDO FDVH´ H[LVWV ZKHUH FRXUW RI DSSHDOV¶V IDLOXUH WR
DGGUHVV DUJXPHQW ZRXOG UHVXOW LQ D PLVFDUULDJH RI MXVWLFH
EDQNUXSWF\FRXUW¶VGHFLVLRQWRDSSO\LWPXVWEHUHYLHZHGIRU
DQDEXVHRIGLVFUHWLRQ,QUH:DWHUPDQ)GDWVHH
DOVR0F0DWK)GDW ³&RXUWVKDYHGLVFUHWLRQWR
HPSOR\WKHHTXLWDEOHGRFWULQHRIVXEVWDQWLDOFRPSOLDQFH´
$QDEXVHRIGLVFUHWLRQLVGHILQHGDVD³GHILQLWHDQGILUP
FRQYLFWLRQWKDWWKH>FRXUWEHORZ@FRPPLWWHGDFOHDUHUURU
RIMXGJPHQW´6REHUD\0DFK (TXLS&RY05)/WG
,QF)G WK&LU %RZOLQJY3IL]HU
,QF)G WK&LU 7KHTXHVWLRQLV
QRWKRZWKHUHYLHZLQJFRXUWZRXOGKDYHUXOHGEXWUDWKHU
ZKHWKHU D UHDVRQDEOH SHUVRQ FRXOG DJUHH ZLWK WKH
EDQNUXSWF\FRXUW¶VGHFLVLRQLIUHDVRQDEOHSHUVRQVFRXOG
GLIIHUDVWRWKHLVVXHWKHQWKHUHLVQRDEXVHRIGLVFUHWLRQ
6HH:DVKLQJWRQY6KHUZLQ5HDO(VWDWH,QF)G
WK&LU VHHDOVR,QUH&DUWHU
%5 %DQNU'0H
,QUH:DWHUPDQ)GDW DOWHUDWLRQLQRULJLQDO
,Q FRQFOXGLQJ WKDW $SSHOOHHV KDG VXEVWDQWLDOO\ FRPSOLHG
ZLWKWKH2UGHU¶VQRWLFHSURYLVLRQWKHEDQNUXSWF\FRXUWUHOLHG
XSRQ$SSHOOHHV¶VDWLVIDFWLRQRIIRXUIDFWRUV³ D WKHSDUW\WKDW
KDG WR EH VHUYHG SHUVRQDOO\ UHFHLYHG DFWXDO QRWLFH E WKH
GHIHQGDQW ZRXOG VXIIHU QR SUHMXGLFH IURP WKH GHIHFW LQ
VHUYLFH F WKHUHLVMXVWLILDEOHH[FXVHIRUWKHIDLOXUHWRVHUYH
SURSHUO\DQG G WKHSODLQWLIIZRXOGEHVHYHUHO\SUHMXGLFHGLI
KLV FRPSODLQW ZHUH GLVPLVVHG´ -$ S TXRWLQJ
%RU]HNDY+HFNOHU)G WK&LU
7KHEDQNUXSWF\FRXUWIRXQGWKDWWKHILUVWHOHPHQWKDGEHHQ
PHWVLQFHWKH&RPPLWWHHDQG1$$*UHFHLYHGZULWWHQQRWLFH
IURP$SSHOOHHVDQGWKH3'&$KDGDFWXDOQRWLFH ,GDW
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
:KLOH ERWK %DOWLPRUH DQG &LQFLQQDWL ILOHG WLPHO\ QRWLFH WR WKH
3'&$ DQG RSSRVHG $SSHOOHHV¶ PRWLRQ LQ WKH EDQNUXSWF\ FRXUW RQO\
%DOWLPRUH DSSHDOHG WKH EDQNUXSWF\ FRXUW¶V GHFLVLRQ
IRUPVDQGWKDWQRSUHMXGLFHKDGHQVXHG$SSHOOHHVDUJXHG
WKDWGXHWRLQDGYHUWHQFHRUPLVXQGHUVWDQGLQJWKHQRWLFHVRI
LQWHQWLRQZHUHQRWILOHGZLWKWKH3'&$$SSHOOHHVVWDWHGWKDW
WKH\EHOLHYHGWKDWWKH1$$*ZDVFRRUGLQDWLQJWKHVWDWHPHQWV
DQGZRXOGPDNHDQ\QHFHVVDU\DGGLWLRQDOILOLQJVRQEHKDOIRI
WKHFODLPDQWV7KH\UHTXHVWHGWKDWWKHGHDGOLQHEHZDLYHGRU
PRGLILHG WR DOORZ IRU DQ DGGLWLRQDO WHQ GD\V WR ILOH VXFK
QRWLFH
2Q6HSWHPEHU%DOWLPRUHILOHGLWVRSSRVLWLRQWRWKH
$SSHOOHHV¶ 0RWLRQ IRU :DLYHU RU 0RGLILFDWLRQ 6HH -$
SS %DOWLPRUHDUJXHGWKDW$SSHOOHHV¶PRWLRQ
ZDVJRYHUQHGE\%DQNU5 E ZKLFKDOORZVIRUSRVW
GHDGOLQHHQODUJHPHQWRIWLPHZKHUHWKHIDLOXUHWRDFWZDVWKH
UHVXOW RI H[FXVDEOH QHJOHFW $SSHOODQW PDLQWDLQHG WKDW
$SSHOOHHVKDGIDLOHGWRFRPSO\ZLWK5XOH E EHFDXVH
WKH\QHYHUFODLPHGRUHVWDEOLVKHGWKDWWKHLUIDLOXUHVZHUHWKH
UHVXOW RI H[FXVDEOH QHJOHFW %DOWLPRUH DOVR DVVHUWHG WKDW
VXEVWDQWLDOSUHMXGLFHZRXOGUHVXOWWRWKHFODLPDQWVZKRWLPHO\
ILOHGEHFDXVHJUDQWLQJWKHPRWLRQZRXOGH[SDQGWKHQXPEHU
RITXDOLI\LQJSDUWLFLSDQWVLQWKH7LHU,GLYLVLRQ%DOWLPRUH
DOVRDUJXHGWKDWWKH3'&$ZRXOGKDYHWRUHFHLYHUHYLHZ
DVVHVVDQGFRQVLGHUDJUHDWHUQXPEHURIFODLPV
7KH&LQFLQQDWL6FKRRO'LVWULFWDOVRILOHGD0HPRUDQGXPLQ
2SSRVLWLRQ RQ 6HSWHPEHU 6HH -$ SS
&LQFLQQDWL H[SUHVVHG FRQFHUQ DERXW WKH QXPHURXV RWKHU
SRWHQWLDO FODLPDQWV ZKR DOVR IDLOHG WR FRPSO\ ZLWK WKH
QRWLILFDWLRQ UHTXLUHPHQWV DQG ZRXOG DOVR DUJXH WKDW WKH
EDQNUXSWF\ FRXUW¶V UHTXLUHPHQWV VKRXOG EH ZDLYHG
&LQFLQQDWLIXUWKHUSRLQWHGWRWKHFRXUW¶VSUHYLRXVUHIXVDORILWV
UHTXHVWVWRPRGLI\RUZDLYHGHDGOLQHV
7ZR DSSHOOHHV 0LFKLJDQ 6FKRROV DQG WKH &RXQW\ RI
:D\QHUHSOLHGWR%DOWLPRUHDQG&LQFLQQDWL¶VILOLQJV VHH-$
SS VWDWLQJWKDWWKH\³KRQHVWO\EHOLHYHGWKDWWKH\
-- 5 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
7KH 3'&$ DQG RQH PHPEHU RI WKH &RPPLWWHH DOVR VXEPLWWHG D
5HVSRQVH LQ VXSSRUW RI WKH $SSHOOHHV¶ 0RWLRQ ZKLFK FULWLFL]HG %DOWLPRUH
DQG &LQFLQQDWL¶V DUJXPHQW DV ³HOHYDW>LQJ@ IRUP RYHU VXEVWDQFH´ 6HH
-$ SS
KDGDOUHDG\IXOILOOHGWKHLUREOLJDWLRQWRJLYHQRWLFHRIWKHLU
LQWHQWWRILOH7LHU,FODLPVE\KDYLQJSUHYLRXVO\VLJQHGDQG
VHQWWKHμ&ODLPV4XHVWLRQQDLUH¶SURYLGHGE\1$$*PRQWKV
EHIRUH WKH ILOLQJ GHDGOLQH VXEVHTXHQWO\ HVWDEOLVKHG E\ WKH
&RXUW´ -$S 7KH\DUJXHGWKDWWKHFODLPDQWV
ZKRKDGWLPHO\ILOHG³ZLOOVXIIHUQRSUHMXGLFHE\ORVLQJWKH
XQH[SHFWHGRSSRUWXQLW\WRHQKDQFHWKHYDOXHRIWKHLUFODLPV
DWWKHH[SHQVHRIWKRVHFODLPDQWVZKRKDYHZRUNHGORQJDQG
KDUG WR DVVHPEOH WKH SURGXFW LGHQWLILFDWLRQ HYLGHQFH
QHFHVVDU\WRVXSSRUW7LHU,FODLPV´ -$S ,Q
IXUWKHU VXSSRUW RI WKHLU 0RWLRQ $SSHOOHHV VXEPLWWHG WZR
OHWWHUVIURPWKH3'&$,QWKHILUVWOHWWHUGDWHG$XJXVW
WKH 3'&$ VWDWHG WKDW KH KDG UHFHLYHG FRSLHV RI WKH
GRFXPHQWV ILOHG ZLWK WKH 1$$* LQ ZKLFK FODLPDQWV
H[SUHVVHG WKHLU LQWHQWLRQ RI VHHNLQJ 7LHU , VWDWXV ,Q WKH
VHFRQGZKLFKZDVGDWHG$XJXVWWKH3'&$VWDWHG
KLV LQWHQWLRQ QRW WR RSSRVH WKH 0RWLRQ IRU :DLYHU RU
0RGLILFDWLRQRIWKH'HDGOLQH
7KHEDQNUXSWF\FRXUW3HUOPDQ-LVVXHGDGHFLVLRQDQG
RUGHURQ-DQXDU\LQZKLFKLWDOORZHG$SSHOOHHVWR
VHHN7LHU,VWDWXV 6HH-$SS ,QVRGRLQJWKH
FRXUW³I>RXQG@WKDWPRYDQWVKDYHQRWVRXJKWUHOLHIIURPWKLV
FRXUW XQGHU DQ H[FXVDEOH QHJOHFW VWDQGDUG DV KDV EHHQ
VXJJHVWHG E\ WKH RSSRVLWLRQ ,QVWHDG WKH\ KDYH SUHVHQWHG
DUJXPHQWVXQGHUDVXEVWDQWLDOFRPSOLDQFHWKHRU\DQGLWLVRQ
WKDWEDVLVWKDWWKLVFRXUWKDVFRQVLGHUHGWKHPDWWHU´ ,GDW
1RWLQJWKDWWKH6WLSXODWLRQ¶VQRWLFHSURYLVLRQZDVQRW
LQWHQGHGWREHQHILWRWKHU7LHU,FODLPDQWVWKHFRXUWIRXQGWKDW
WKH RQO\ SDUWLHV ZKR FRXOG EH SUHMXGLFHG ZHUH WKH WKUHH
SDUWLHV UHFHLYLQJ QRWLFH DQG WKDW WKH 3'&$ KDG H[SUHVVO\
GLVFODLPHGDQ\SUHMXGLFH7KHFRXUWDOVRDFNQRZOHGJHGWKDW
DOO SDUWLHV NQHZ WKDW WKH $SSHOOHHV KDG SURSHUW\ GDPDJH
FODLPVDJDLQVWWKH'HEWRU%HFDXVHRIWKHQXPEHURISDUWLHV
PDNLQJ WKH VDPH PLVWDNH WKH EDQNUXSWF\ FRXUW IRXQG LW
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
VWULFWFRPSOLDQFHZLWKWHFKQLFDOUHTXLUHPHQWV´6KHUHUY
&RQVWUXFFLRQH$HURQDXWLFDV6$)G WK
&LU FLWLQJ9HOLGRUY/3*%HQJKD]L)G
UG &LU GLVFXVVLQJ WKH QRWLFH SURYLVLRQV LQ WKH
)RUHLJQ6RYHUHLJQ,PPXQLWLHV$FW VHHDOVR6WUDXEY$3
*UHHQ ,QF )G WK &LU VXEVWDQWLDO
FRPSOLDQFH ZLWK )6,$ VHUYLFH RI SURFHVV UHTXLUHPHQWV
DFKLHYHGE\DFWXDOQRWLFHDQGODFNRISUHMXGLFH
86& D JLYHVDEDQNUXSWF\FRXUWEURDGHTXLWDEOH
SRZHUWR³SUHYHQWDQDEXVHRISURFHVV´DQGWKHUHLVQRUHDVRQ
ZK\ WKHVH HTXLWDEOH SRZHUV ZRXOG QRW LQFOXGH PDNLQJ D
ILQGLQJRIVXEVWDQWLDOFRPSOLDQFHZKHUHVXFKDILQGLQJZRXOG
SUHYHQW WKH QHHG IRU D 5XOH E H[FXVDEOH QHJOHFW
DQDO\VLV &I 6KHUHU VXSUD VXEVWDQWLDO FRPSOLDQFH WHVW
DSSURSULDWH IRU VHUYLFH RI IRUHLJQ VRYHUHLJQV HYHQ WKRXJK
UHOHYDQWVWDWXWHZDVFOHDULQLWVUHTXLUHPHQWVDQGPDGHQR
PHQWLRQ RI VXEVWDQWLDO FRPSOLDQFH $V WKLV FRXUW KDV
SUHYLRXVO\QRWHG³EDQNUXSWF\ODZSHUKDSVPRUHWKDQDQ\
RWKHUOHJDOILHOGUHFRJQL]HVWKDWSHRSOHZLOOPDNHPLVWDNHV
DQGQHHGQRWEHSHQDOL]HGIRUHYHU\HUURU´%LWWHOY<RPDWR
,QW¶O&RUS)G WDEOH :/DW Q
WK&LU1RY DFFRUG,QUH5LJJDQ%5
%DQNU:'7HQQ ³5HOLDQFHRQWKH%DQNUXSWF\
&RGH FKDSWHU DQG YHUVH LV ODXGDEOH EXW VWDWXWRU\ GHWDLO
VKRXOG QHYHU REVFXUH IDLU DQG HTXLWDEOH SULQFLSOHV´
$FFRUGLQJO\ ZH KROG WKDW VXEVWDQWLDO FRPSOLDQFH FDQ EH
SURSHUO\ DSSOLHG WR ILQG GHDGOLQH FRPSOLDQFH LQ VLWXDWLRQV
ZKHUHDGHDGOLQHH[WHQVLRQZRXOGEHSHUPLVVLEOHRQO\E\WKH
³H[FXVDEOHQHJOHFW´VWDQGDUGRI%DQNU5 E
,,
+DYLQJ FRQFOXGHG WKDW VXEVWDQWLDO FRPSOLDQFH LV QRW
FDWHJRULFDOO\LQDSSOLFDEOHWRVLWXDWLRQVOLNHWKHSUHVHQWRQH
ZHQRZWXUQWRWKHEDQNUXSWF\FRXUW¶VGHFLVLRQWRDSSO\WKH
GRFWULQHLQ$SSHOOHHV¶IDYRU7KHVXEVWDQWLDOFRPSOLDQFHUXOH
LV DQ HTXLWDEOH GRFWULQH %DQN$PHULFD 3HQVLRQ 3ODQ Y
0F0DWK)G WK&LU VHH$HWQD/LIH
,QV&RY+D\HV)G WK&LU VRWKH
-- 6 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
$ WKLUG UHOHYDQW FDVH ,Q UH 5LJJDQ %5 %DQNU :'
7HQQ KHOG WKDW )HG 5 &LY 3 E UHOLHI EDVHG XSRQ ³PLVWDNH
LQDGYHUWHQFH VXUSULVH RU H[FXVDEOH QHJOHFW´ ZDV MXVWLILHG ZKHUH GHEWRU
KDG VXEVWDQWLDOO\ FRPSOLHG ZLWK ILOLQJ UHTXLUHPHQW GHVSLWH PLVQDPLQJ
DQVZHU DQG PLVILOLQJ LW XQGHU WKH JHQHUDO FDVH QXPEHU
,Q WKH VHFRQG FDVH 0DUJUDI Y 2OLYHU ,Q UH 2OLYHU
%5 %DQNU6'2KLR WKHEDQNUXSWF\FRXUWVHQW
1RWLFHWRDOOFUHGLWRUVRI'HEWRUV¶3HWLWLRQDQGSURSRVHG3ODQ
ZKLFK LQFOXGHG QRWLILFDWLRQ RI DQ $XJXVW
FRQILUPDWLRQKHDULQJ,GDW7KLV1RWLFHDOVRSURYLGHG
WKDW³&RPSODLQWVREMHFWLQJWRFRQILUPDWLRQVKDOOEHILOHGDW
OHDVW ILYH >GD\V@ EHIRUH WKH FRQILUPDWLRQ KHDULQJ´ ,G
2QH FUHGLWRU ILOHG D &RPSODLQW RQ $XJXVW D PHUH GD\
EHIRUHWKHKHDULQJ,G,QUHVSRQVHWR'HEWRUV¶UHTXHVWWR
GLVPLVVWKH&RPSODLQWWKHFUHGLWRUDOOHJHGJRRGIDLWKDWWHPSW
WR FRPSO\ ZLWK WKH FRXUW¶V SURFHGXUH DQG VXEVWDQWLDO
FRPSOLDQFHZLWKWKHGHDGOLQH,G7KHFUHGLWRUFODLPHGWKDW
KHZDVXQDEOHWRFRPSOHWHWKH&RPSODLQWXQWLO$XJXVW,G
,QLWLDOO\QRWLQJWKDWWKH&RPSODLQWZDVXQTXHVWLRQDEO\ODWH
WKHFRXUWQRQHWKHOHVVIRXQGWKDWWKHFUHGLWRUKDGVXEVWDQWLDOO\
FRPSOLHGZLWKWKH2UGHUDQGWKDWWKLVVXEVWDQWLDOFRPSOLDQFH
MXVWLILHGH[WHQGLQJWKHGHDGOLQHIRUH[FXVDEOHQHJOHFW,GDW
7KHVHWZRFDVHVLOOXVWUDWHWKDWWKHVXEVWDQWLDOFRPSOLDQFH
GRFWULQH LV QRW LQFRPSDWLEOH ZLWK WKH H[FXVDEOH QHJOHFW
VWDQGDUGIRUGHDGOLQHH[WHQVLRQ$OWKRXJKQHLWKHUFDVHKHOG
WKDW WKH VXEVWDQWLDO FRPSOLDQFH GRFWULQH FRXOG EH XVHG WR
REYLDWH WKH QHHG IRU D 5XOH E WLPH H[WHQVLRQ ERWK
HPSOR\HG QRWLRQV RI VXEVWDQWLDO FRPSOLDQFH ZLWKLQ WKH
IUDPHZRUN RI 5XOH E ¶V H[FXVDEOH QHJOHFW VWDQGDUG
:LWK SRVWGHDGOLQH VXEVWDQWLDO FRPSOLDQFH DYDLODEOH DV D
FRQVLGHUDWLRQ LQ WKH 5XOH E FDOFXOXV LW LV QRW
LQFRQFHLYDEOHWKDWSUHGHDGOLQHVXEVWDQWLDOFRPSOLDQFHFRXOG
DOVREHDYDLODEOHWRDYRLGWKHFDOFXOXVDOWRJHWKHU
$GGLWLRQDOO\ WKH 6WLSXODWLRQ¶V ILOLQJ UHTXLUHPHQW ZDV D
QRWLFHSURYLVLRQ:KHQGHDOLQJZLWKQRWLFHSURYLVLRQVFRXUWV
KDYHUHFRJQL]HGWKDW³DFWXDOQRWLFH>LV@PRUHLPSRUWDQWWKDQ
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
UHDVRQDEOHWREHOLHYHWKDWVRPHW\SHRIPLVXQGHUVWDQGLQJZDV
SUHVHQW7KHFRXUWFRQFOXGHGWKDWWKH$SSHOOHHV¶VXEPLVVLRQ
RI WKHLU VWDWHPHQWV RI LQWHQW FRQVWLWXWHG VXEVWDQWLDO
FRPSOLDQFHZLWKWKHQRWLFHSURYLVLRQXVLQJWKHIRXUIDFWRU
WHVWRI%RU]HNDY+HFNOHU)G WK&LU
$IWHU EULHILQJ DQG ZLWKRXW D KHDULQJ WKH 8QLWHG 6WDWHV
'LVWULFW&RXUWIRUWKH6RXWKHUQ'LVWULFWRI2KLR:HEHU-
DIILUPHGWKHEDQNUXSWF\FRXUW¶VUXOLQJ 6HH5SS
',6&866,21
,QDEDQNUXSWF\DSSHDOWKH&RXUWRI$SSHDOV³UHYLHZ>V@WKH
EDQNUXSWF\ FRXUW¶V GHFLVLRQ UDWKHU WKDQ WKH GLVWULFW FRXUW¶V
UHYLHZRIWKHEDQNUXSWF\FRXUW¶VGHFLVLRQ´%DUORZY0-
:DWHUPDQ $VVRFV,QF ,QUH0-:DWHUPDQ $VVRFV
,QF )G WK &LU 7KH EDQNUXSWF\
FRXUW¶VIDFWXDOILQGLQJVDUHH[DPLQHGIRUFOHDUHUURU LH³WKH
PRVW FRJHQW HYLGHQFH RI PLVWDNH RI MXVWLFH´ ZKLOH DOO
FRQFOXVLRQVRIODZDUHUHYLHZHGGHQRYR,G EDQNUXSWF\
FRXUW¶V FRQFOXVLRQV RI ODZ UHYLHZHG GH QRYR :HVEDQFR
%DQN%DUQHVYLOOHY5DIRWK ,QUH%DNHU *HWW\)LQDQFLDO
6HUYV,QF )G WK&LU GLVWULFW
FRXUW¶V FRQFOXVLRQV RI ODZ UHYLHZHG GH QRYR 0L[HG
TXHVWLRQV RI ODZ DQG IDFW PXVW EH VHSDUDWHG LQWR WKHLU
FRQVWLWXHQW SDUWV DQG HDFK DQDO\]HG XVLQJ WKH DSSURSULDWH
VWDQGDUGRIUHYLHZ,QUH%DNHU *HWW\)GDW
)LQDOO\WKHEDQNUXSWF\FRXUW¶VHTXLWDEOHGHWHUPLQDWLRQVDUH
UHYLHZHGIRUDQDEXVHRIGLVFUHWLRQ,QUH:DWHUPDQ
)G DW *RUGRQ 6HO:D\ ,QF Y 8QLWHG 6WDWHV ,Q UH
*RUGRQ6HO:D\,QF )G WK&LU
,
%DOWLPRUHDWWHPSWVWRSRUWUD\WKHORZHUFRXUWV¶XVHRIWKH
³VXEVWDQWLDOFRPSOLDQFH´GRFWULQHDVDVXEVWLWXWHIRU%DQNU5
E ¶V ³H[FXVDEOH QHJOHFW´ UHTXLUHPHQW 7KLV
FKDUDFWHUL]DWLRQUHSUHVHQWVDPLVXQGHUVWDQGLQJRIERWKWHUPV¶
XVDJHLQWKLVFDVH7KHEDQNUXSWF\FRXUWKHOGWKDW$SSHOOHHV¶
VXEVWDQWLDOFRPSOLDQFHZLWKWKHQRWLFHSURYLVLRQPDGHWKHLU
7LHU , HOHFWLRQ WLPHO\ QRW WKDW $SSHOOHHV¶ VXEVWDQWLDO
-- 7 of 8 --
,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO 1R
FRPSOLDQFHZLWKWKHSURYLVLRQMXVWLILHGDQH[WHQVLRQRIWLPH
7KXV DFFRUGLQJ WR WKH FRXUW $SSHOOHHV WLPHO\ FRPSOLHG
PDNLQJ D GHDGOLQH H[WHQVLRQ DQG D UHVRUW WR 5XOH E
H[FXVDEOHQHJOHFW XQQHFHVVDU\
&RUUHVSRQGLQJO\ WKH DSSURSULDWH LQTXLU\ LV ZKHWKHU WKH
VXEVWDQWLDO FRPSOLDQFH GRFWULQH FDQ EH DSSOLFDEOH WR WKH
6WLSXODWLRQ¶VQRWLFHUHTXLUHPHQWRUZKHWKHUVWULFWFRPSOLDQFH
LV UHTXLUHG 7KLV HYDOXDWLRQ RI VXEVWDQWLDO FRPSOLDQFH¶V
JHQHUDODSSOLFDELOLW\LVDTXHVWLRQRIODZWKDWLVUHYLHZHGGH
QRYR6HH,QUH:DWHUPDQ)GDW,QUH%DNHU
*HWW\)GDW
$SSHOODQW %DOWLPRUH DUJXHV WKDW %DQNUXSWF\ 5XOH
E SUHYHQWV WKH XVH RI WKH HTXLWDEOH VXEVWDQWLDO
FRPSOLDQFHGRFWULQH,QSHUWLQHQWSDUWWKDWUXOHVWDWHV
E (QODUJHPHQW
,QJHQHUDO
>:@KHQDQDFWLVUHTXLUHGRUDOORZHGWREHGRQHDWRU
ZLWKLQDVSHFLILHGSHULRGE\RUGHURIWKHFRXUWWKHFRXUW
IRUFDXVHVKRZQPD\DWDQ\WLPHLQLWVGLVFUHWLRQ RQ
PRWLRQPDGHDIWHUWKHH[SLUDWLRQRIWKHVSHFLILHGSHULRG
SHUPLWWKHDFWWREHGRQHZKHUHWKHIDLOXUHWRDFWZDVWKH
UHVXOWRIH[FXVDEOHQHJOHFW
%DQNU 5 $SSHOODQW LQVLVWV WKDW WKH UXOH SHUPLWV
GHYLDWLRQ IURP WKH -XQH GHDGOLQH RQO\ IRU PRYDQW¶V
³H[FXVDEOHQHJOHFW´
5XOH E KRZHYHUDSSOLHVRQO\WRWKHHQODUJHPHQWRI
WLPH+HUHWKHEDQNUXSWF\FRXUWGLGQRWHQODUJH$SSHOOHHV¶
WLPH WR ILOH EXW LQVWHDG GHWHUPLQHG WKDW WKH\ KDG DOUHDG\
WLPHO\ILOHG,QGHHG$SSHOOHHVVXEPLWWHGQRILOLQJDIWHUWKH
1R ,QUH(DJOH3LFKHU,QGXVWULHV,QFHWDO
$OWKRXJK $SSHOOHHV¶ 0RWLRQ ZDV VW\OHG ³0RWLRQ IRU :DLYHU RU
0RGLILFDWLRQ RI 'HDGOLQH WR )LOH 6WDWHPHQW RI ,QWHQW ZLWK WKH 3URSHUW\
'DPDJH &ODLPV $GPLQLVWUDWRU´ $SSHOOHHV¶ VXEVWDQWLYH DUJXPHQW ZDV WKDW
WKH\ KDG VXEVWDQWLDOO\ FRPSOLHG ZLWK WKH GHDGOLQH 6HH -$
$GGLWLRQDOO\ WKH EDQNUXSWF\ FRXUW UXOHG WKDW WKH $SSHOOHHV KDG DOUHDG\
FRPSOLHG ZLWK WKH RUGHU DQG WKH FRXUW GLG QRW ZDLYH PRGLI\ RU H[WHQG
WKH GHDGOLQH 6HH -$ SS
GHDGOLQH&RQVHTXHQWO\WKHWH[WRI5XOH E SRVHVQR
REVWDFOH WR WKH XVH RI WKH VXEVWDQWLDO FRPSOLDQFH GRFWULQH
7KHWH[WSURYLGHVQRUHDVRQZK\WKHVXEVWDQWLDOFRPSOLDQFH
GRFWULQH VKRXOG EH FDWHJRULFDOO\ LQDSSOLFDEOH LQ VLWXDWLRQV
ZKHUH WKH UXOH¶V ³H[FXVDEOH QHJOHFW´ VWDQGDUG JRYHUQV
GHDGOLQH H[WHQVLRQV (QWLUHO\ GLIIHUHQW DUH WKH DUJXPHQWV
WKDW5XOH E ¶V³H[FXVDEOHQHJOHFW´VWDQGDUGSUHYHQWV
GHDGOLQHH[WHQVLRQEDVHGXSRQVXEVWDQWLDOFRPSOLDQFHDQG
WKDW 5XOH E SUHYHQWV HTXLW\ IURP HYHU ILQGLQJ
GHDGOLQHFRPSOLDQFHGHVSLWHWHFKQLFDOQRQFRPSOLDQFH
$OWKRXJK WKH FRXUW LV XQDZDUH RI DQ\ SUHYLRXV FDVH
DSSO\LQJ WKH VXEVWDQWLDO FRPSOLDQFH GRFWULQH WR DYRLG
GHDGOLQHH[WHQVLRQLVVXHVWZREDQNUXSWF\FDVHVZLWKLQWKLV
FLUFXLWKDYHGLVFXVVHGWKHGRFWULQHLQWKHFRQWH[WRISDUWLHV
VHHNLQJH[WHQVLRQV,Q,QUH9HONHU%5 %DQNU1'
2KLR WKH EDQNUXSWF\ FRXUW DSSURYHG 'HEWRU¶V
UHRUJDQL]DWLRQSODQSHQGLQJDOHJDOGHVFULSWLRQE\-XQH
,GDW$IWHU'HEWRUZDVJLYHQDQH[WHQVLRQXQWLO
-XO\VKHVWLOOPLVVHGWKHGHVFULSWLRQGHDGOLQHDQG
KHU EDQNUXSWF\ SHWLWLRQ ZDV GLVPLVVHG IRU ZDQW RI
SURVHFXWLRQ ,G 'HEWRU ILOHG D 0RWLRQ WR 5HFRQVLGHU RQ
-XO\WKDWFRQWDLQHGWKHUHTXLVLWHGHVFULSWLRQ,G$W
DQ$XJXVWKHDULQJRQ'HEWRU¶V0RWLRQ'HEWRU¶V
UHSUHVHQWDWLYHLQIRUPHGWKHFRXUWIRUWKHILUVWWLPHWKDW'HEWRU
KDGVXEPLWWHGWKHOHJDOGHVFULSWLRQWRWKH7UXVWHHRQ-XO\
HLJKW GD\V DIWHU WKH ILOLQJ GHDGOLQH DQG FODLPHG WKDW WKLV
DFWLRQFRQVWLWXWHGVXEVWDQWLDOFRPSOLDQFHZLWKWKHGHDGOLQH
ZKLFKPDGHWKHIDLOXUHWRDFWRQHRI³H[FXVDEOHQHJOHFW´6HH
LGDW7KHEDQNUXSWF\FRXUWUHIXVHGWRILQGH[FXVDEOH
QHJOHFW QRWLQJ WKDW WKH 'HEWRU QHYHU SURYLGHG DQ\
MXVWLILFDWLRQIRUKHUDGPLWWHGO\WDUG\ILOLQJ,GDW
-- 8 of 8 --