00a0224p.06

98-5913; 98-5976; 98-6174; 98-6175Court of Appeals for the Sixth Circuit12 lug 2000

Testo completo


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
0,&.(< *5(*25<DV
$GPLQLVWUDWRURIWKH(VWDWHRI
*HUDOG*UHJRU\
3ODLQWLII$SSHOODQW

&URVV$SSHOOHH
Y
6+(/%< &2817<
7(11(66(( $& *,//(66
LQGLYLGXDOO\DQGLQKLV
FDSDFLW\DV6KHULIIRI6KHOE\
&RXQW\7HQQHVVHH-(55<
(//,6
'HIHQGDQWV$SSHOOHHV
5+(77 6+($5,1
'HIHQGDQW$SSHOOHH
&URVV$SSHOODQW
;!

1
1RV

$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH:HVWHUQ'LVWULFWRI7HQQHVVHHDW0HPSKLV
1R²-'DQLHO%UHHQ0DJLVWUDWH-XGJH
$UJXHG'HFHPEHU

-- 1 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

7KH +RQRUDEOH 'RQDOG & 1XJHQW 8QLWHG 6WDWHV 'LVWULFW -XGJH IRU
WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ
'HFLGHGDQG)LOHG-XO\
%HIRUH5<$1DQG1255,6&LUFXLW-XGJHV18*(17
'LVWULFW-XGJH
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' 6WHSKHQ 5 /HIIOHU 0HPSKLV 7HQQHVVHH IRU
$SSHOODQW%ULDQ/.XKQ)25' +$55,6210HPSKLV
7HQQHVVHH)UHG(-RQHV-U67(:$57:,/.,1621
:,/6210HPSKLV7HQQHVVHHIRU$SSHOOHHV21%5,()
6WHSKHQ 5 /HIIOHU 0HPSKLV 7HQQHVVHH IRU $SSHOODQW
%ULDQ/.XKQ)25' +$55,6210HPSKLV7HQQHVVHH
)UHG(-RQHV-U67(:$57:,/.,1621 :,/621
0HPSKLV 7HQQHVVHH 0LFKDHO 0 5LFKDUGV %$.(5
'21(/621 %($50$1 &$/':(// 0HPSKLV
7HQQHVVHHIRU$SSHOOHHV
BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
18*(17'LVWULFW-XGJH7KHSODLQWLII0LFNH\*UHJRU\
DV$GPLQLVWUDWRURIWKH(VWDWHRI*HUDOG*UHJRU\DSSHDOVIRXU
GHFLVLRQVRIWKHWULDOFRXUW WKHJUDQWRIDGLUHFWHGYHUGLFW
WR GHIHQGDQW 6KHOE\ &RXQW\ WKH JUDQW RI UHPLWWLWXU WR
GHIHQGDQWV5KHWW6KHDULQDQG-HUU\(OOLV WKHGLVPLVVDORI
WKHRIILFLDOFDSDFLW\FODLPVDJDLQVWGHIHQGDQW5KHWW6KHDULQ
DQG WKHGHQLDORIWKHSODLQWLII¶VPRWLRQIRUDWWRUQH\IHHV
DJDLQVWGHIHQGDQW6KHOE\&RXQW\
7KHGHIHQGDQW5KHWW6KHDULQFURVVDSSHDOVDUJXLQJWKHWULDO
FRXUWFRPPLWWHGUHYHUVLEOHHUURUE\QRWFRPSHOOLQJDZLWQHVV

-- 2 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

:KLOHWKHUHFRUGLQWKLVFDVHLVYRLGRIDQ\LQGLFDWLRQWKDW
WKHZLWQHVV³SHUVLVW>HG@LQUHIXVLQJWRWHVWLI\FRQFHUQLQJWKH
VXEMHFWPDWWHURIKLVVWDWHPHQWGHVSLWHDQRUGHURIWKHFRXUWWR
GR VR´ DQG WKXV WKH WULDO FRXUW DEXVHG LWV GLVFUHWLRQ DQ\
HUURUWKDWPD\KDYHUHVXOWHGZDVKDUPOHVV$Q\SUHVVXUH
XSRQ WKH ZLWQHVV RU DQ\ SUHVVXUH RI WKUHDW DSSOLHG WR WKH
ZLWQHVV E\ WKH WULDO FRXUW ZRXOG XQGRXEWDEO\ KDYH EHHQ
XQDYDLOLQJDVWKHZLWQHVVLVDOUHDG\VHUYLQJDOLIHVHQWHQFH
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

WRWHVWLI\DQGLQVWHDGDOORZLQJWKHYLGHRWDSHGGHSRVLWLRQRI
WKHZLWQHVVWREHLQWURGXFHGDWWULDO7KHSODLQWLIIDUJXHVWKH
WULDOFRXUWQHHGQRWWKUHDWHQDZLWQHVVVHUYLQJDOLIHVHQWHQFH
ZLWKFRQWHPSWLQRUGHUWRILQGDZLWQHVVXQDYDLODEOHDQGHYHQ
LIWKHWULDOFRXUWHUUHGLQLWVGHFLVLRQWKHHUURUZDVKDUPOHVV
:HDIILUPWKHWULDOFRXUW¶VGLUHFWHGYHUGLFWGLVPLVVDORI
RIILFLDOFDSDFLW\FODLPVDJDLQVW5KHWW6KHDULQDQGWKHGHQLDO
RI WKH PRWLRQ IRU DWWRUQH\ IHHV :H UHYHUVH WKH JUDQW RI
UHPLWWLWXUWRGHIHQGDQWV5KHWW6KHDULQDQG-HUU\(OOLV$QG
ZH ILQG QR UHYHUVLEOH HUURU ZLWK UHVSHFW WR WKH XVH RI WKH
ZLWQHVV¶VYLGHRWDSHGGHSRVLWLRQ
%$&.*5281'
7KH DOOHJDWLRQV ZKLFK IROORZ ZHUH PDGH LQ WKH 6HFRQG
$PHQGHG &RPSODLQW *HUDOG *UHJRU\ WKH GHFHGHQW ZDV
FRQILQHGLQWKH6KHOE\&RXQW\MDLORQ0DUFK-HUU\
(OOLVDIHOORZLQPDWHZDVKRXVHGLQWKHFHOOQH[WWR*HUDOG
*UHJRU\ 7KDW QLJKW 0U (OOLV DWWDFNHG 0U *UHJRU\
LQIOLFWLQJVHYHUHLQMXULHVUHVXOWLQJLQ0U*UHJRU\¶VGHDWKRQ
0DUFK
0LFNH\*UHJRU\WKHDGPLQLVWUDWRURIKLVEURWKHU¶VHVWDWH
ILOHGWKLVDFWLRQDJDLQVWWKHFRXQW\QXPHURXVFRXQW\RIILFLDOV
DQGWKHLQPDWHZKRNLOOHGKLVEURWKHU7KH6HFRQG$PHQGHG
&RPSODLQWDOOHJHGWKDWWKHFRXQW\RIILFLDOV ³LQIOLFWHGFUXHO
DQGXQXVXDOSXQLVKPHQWXSRQWKH'HFHDVHGLQYLRODWLRQRI
WKH(LJKWK$PHQGPHQWDQGGHSULYHGKLPRIOLIHDQGOLEHUW\
ZLWKRXWGXHSURFHVVLQYLRODWLRQRIWKH'XH3URFHVV&ODXVHRI
WKH )LIWK DQG )RXUWHHQWK $PHQGPHQWV´ $V IRU 0U
*UHJRU\¶VNLOOHU-HUU\(OOLVWKH6HFRQG$PHQGHG&RPSODLQW
VRXJKWUHFRYHU\XQGHU7HQQHVVHHODZ
:LWK UHVSHFW WR WKH DOOHJDWLRQV DJDLQVW WKH FRXQW\
GHIHQGDQWVWKH6HFRQG$PHQGHG&RPSODLQWDOOHJHG
$W WKH WLPH RI WKH LQMXULHV D SROLF\ RU FXVWRP
LPSOHPHQWHGE\&RXQW\'HIHQGDQWVZDVLQHIIHFWWKDW
DOORZHGLQPDWHVRXWRIWKHLUFHOOVIRUVKRZHUVH[HUFLVH

-- 3 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

DQGRWKHUSXUSRVHVZLWKRXWDGHTXDWHVXSHUYLVLRQRURWKHU
PHDVXUHV WR HQVXUH WKH VDIHW\ RI WKH LQPDWHV DQG WR
SURWHFWWKHPIURPKDUPIXOFRQWDFWIURPRWKHULQPDWHV
$WWKHWLPHRIWKHLQMXULHVDQGGHDWKRI*HUDOG*UHJRU\
&RXQW\'HIHQGDQWVNQHZRUVKRXOGKDYHNQRZQWKDWWKH
LQPDWHV RQ -3RG SRVHG D VHYHUH ULVN RI KDUP WR RQH
DQRWKHUDQGUHTXLUHGDKLJKOHYHORIVXSHUYLVLRQ&RXQW\
'HIHQGDQWVZHUHDFWLQJXQGHUFRORURIODZSXUVXDQWWR
DXWKRULW\ JUDQWHG E\ 6KHOE\ &RXQW\ 7KHLU DFWV DQG
RPLVVLRQVZHUHXQGHUWDNHQZLWKGHOLEHUDWHLQGLIIHUHQFH
WRWKHVDIHW\RIWKH3ODLQWLII
&RXQW\'HIHQGDQWVGLUHFWO\DQGSUR[LPDWHO\FDXVHGWKH
'HFHDVHG¶V JULHYRXV LQMXULHV DQG HYHQWXDO GHDWK E\
DFWLQJZLWKGHOLEHUDWHLQGLIIHUHQFHLQPDLQWDLQLQJDMDLO
XQILW IRU WKH FDUH DQG FXVWRG\ RI WKH SULVRQHUV DQG
H[WUHPHO\GDQJHURXVWRLWVLQKDELWDQWV'HIHQGDQWVKDG
DPSOHQRWLFHRIWKHXQFRQVWLWXWLRQDOFRQGLWLRQVE\YLUWXH
RIWKHQRWRULRXVRYHUFURZGLQJLQDGHTXDWHVWDIILQJDQG
VXSHUYLVLRQWKHDEVHQFHRIFODVVLILFDWLRQRISULVRQHUVRQ
WKHEDVLVRIWKHLUNQRZQGDQJHURXVQHVVDQGWKHYLROHQW
DQG KRVWLOH FOLPDWH DW WKH MDLO *HUDOG *UHJRU\ DV D
NQRZQKRPRVH[XDOZDVLQDJUHDWHUSRVLWLRQRIGDQJHU
ZLWKLQ WKH MDLO SRSXODWLRQ WKDQ D KHWHURVH[XDO LQPDWH
ZRXOGKDYHEHHQ&RXQW\'HIHQGDQWVZHUHRQQRWLFHRI
WKHVHGHIHFWVE\YLUWXHRIWKHVHFRQGLWLRQV
7KHFDVHZDVUHIHUUHGWRWKHPDJLVWUDWHMXGJHZKRWULHGWKH
FDVHE\DJUHHPHQWRIDOOWKHSDUWLHV
$WWULDOGHSXW\MDLOHU5REHUW+DUG\WHVWLILHGWKDWRQ0DUFK
WKHGD\DIWHUWKHDWWDFNWRRNSODFHKHIRXQG0U*UHJRU\
EOHHGLQJLQKLVFHOO'HVFULELQJ0U*UHJRU\2IILFHU+DUG\
WHVWLILHG³>K@LVH\HVZHUHDOOVZROOHQ+LVOLSVZHUHEXVWHG
'ULHGEORRGZDVRQKLVIDFHORRNHGOLNHKHKDGEHHQEHDWHQ´
$OWKRXJK EDGO\ LQMXUHG 0U *UHJRU\ VDLG WKDW ³KH ZDV
MXPSHGXSRQZKLOHKHZDVFRPLQJEDFNIURPWKHVKRZHUVRQ
WKHHYHQLQJVKLIW´
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

8QGHU 5XOH E 0U &DPSEHOO¶V IRUPHU WHVWLPRQ\ ZDV
GHHPHG DGPLVVLEOH 5XOH E SURYLGHV
E +HDUVD\ H[FHSWLRQV 7KH IROORZLQJ DUH QRW H[FOXGHG E\ WKH
KHDUVD\ UXOH LI WKH GHFODUDQW LV XQDYDLODEOH DV D ZLWQHVV
)RUPHU WHVWLPRQ\ 7HVWLPRQ\ JLYHQ DV D ZLWQHVV DW
DQRWKHU KHDULQJ RI WKH VDPH RU D GLIIHUHQW SURFHHGLQJ RU LQ D
GHSRVLWLRQ WDNHQ LQ FRPSOLDQFH ZLWK ODZ LQ WKH FRXUVH RI WKH
VDPH RU DQRWKHU SURFHHGLQJ LI WKH SDUW\ DJDLQVW ZKRP WKH
WHVWLPRQ\ LV QRZ RIIHUHG RU LQ D FLYLO DFWLRQ RU SURFHHGLQJ D
SUHGHFHVVRU LQ LQWHUHVW KDG DQ RSSRUWXQLW\ DQG VLPLODU PRWLYH WR
GHYHORS WKH WHVWLPRQ\ E\ GLUHFW FURVV RU UHGLUHFW H[DPLQDWLRQ
)(' 5 (9,' E
KLVWHVWLPRQ\WKHQZDVDGPLWWHGLQWRHYLGHQFHE\ZD\RID
SUHYLRXVYLGHRWDSHGGHSRVLWLRQ
$SSHOOHH¶VVROHDVVLJQPHQWRIHUURULVWKDWWKHWULDOFRXUW
VKRXOG KDYH RUGHUHG WKH ZLWQHVV WR WHVWLI\ XQGHU WKUHDW RI
FRQWHPSW SURFHHGLQJV SULRU WR ILQGLQJ WKH ZLWQHVV
³XQDYDLODEOH´
5XOH D SURYLGHV ³μ>X@QDYDLODELOLW\ DV D ZLWQHVV¶
LQFOXGHV VLWXDWLRQV LQ ZKLFK WKH GHFODUDQW SHUVLVWV LQ
UHIXVLQJ WR WHVWLI\ FRQFHUQLQJ WKH VXEMHFW PDWWHU RI KLV
VWDWHPHQWGHVSLWHDQRUGHURIWKHFRXUWWRGRVR´)('5
(9,' D
7KH$GYLVRU\&RPPLWWHH1RWHVWR5XOHSURYLGHVRPH
JXLGDQFHRQWKLVLVVXH
1RWH WR 6XEGLYLVLRQ D $ ZLWQHVV LV UHQGHUHG
XQDYDLODEOHLIKHVLPSO\UHIXVHVWRWHVWLI\FRQFHUQLQJWKH
VXEMHFWPDWWHURIKLVVWDWHPHQWGHVSLWHMXGLFLDOSUHVVXUHV
WRGRVRDSRVLWLRQVXSSRUWHGE\VLPLODUFRQVLGHUDWLRQV
RISUDFWLFDOLW\-RKQVRQY3HRSOH&ROR
3G 3HRSOHY3LFNHWW0LFK
1:G$/5G &RQWUD3OHDXY
6WDWH:LV1:G
)('5(9,'$GYLVRU\&RPPLWWHH¶VQRWH

-- 4 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

81$9$,/$%,/,7<2):,71(66
2QFURVVDSSHDOGHIHQGDQW6KHDULQFRQWHQGVWKHPDJLVWUDWH
MXGJHHUUHGE\SHUPLWWLQJWKHYLGHRWDSHGGHSRVLWLRQWHVWLPRQ\
RILQPDWH'U\DQ&DPSEHOOWREHLQWURGXFHGGXULQJWULDOEDVHG
XSRQDILQGLQJWKDWWKHZLWQHVVZDVXQDYDLODEOHSXUVXDQWWR
)HGHUDO5XOHRI(YLGHQFH D
(YLGHQWLDU\GHWHUPLQDWLRQVRIWKHWULDOFRXUWDUHVXEMHFWWR
DQDEXVHRIGLVFUHWLRQVWDQGDUG6XWNLHZLF]Y0RQURH&RXQW\
6KHULII )G WK &LU FLWLQJ +DQFRFN Y
'RGVRQ)G WK&LU 8QLWHG6WDWHV
Y5LRV)G WK&LU SHUFXULDP FHUW
GHQLHG866&W/(GG

'\UDQ &DPSEHOO ZDV DQ LQPDWH KRXVHG LQ -3RG DW WKH
6KHOE\&RXQW\-DLODWWKHWLPHRIWKHLQFLGHQWVJLYLQJULVHWR
WKLV OLWLJDWLRQ +H ZDV FDOOHG DV D ZLWQHVV DW WULDO $IWHU
KDYLQJEHHQVZRUQ0U&DPSEHOOVWDWHG
<HDKEXWRQHWKLQJ,KDYHFKRVHQQRWWRWHVWLI\LQWKLV
FDVH DW WKLV WLPH EHFDXVH , KDYH EHHQWDNHQ D ORW RI
XQQHFHVVDU\ SHUVRQDO LQPDWHKDUDVVPHQW E\ RIILFHUV
DQGLQPDWHVZKHUH,ZDVKRXVHGDW,KDYHEHHQOLNH,
VDLGWRRNWKURXJKDORWRIGLIIHUHQWFKDQJHVZKDWHYHU
7KH ODVW WLPH , WDONHG WR WKH ODZ\HU LQ WKLV FDVH ULJKW
KHUH±
7KH&RXUW :DLWDVHFRQGKHUH$UH\RXVD\LQJ\RXDUH
QRWJRLQJWRWHVWLI\QRWJRLQJWRDQVZHUDQ\TXHVWLRQV"
7KH:LWQHVV 1RVLU,KDYHQ¶WJRWQRWKLQJWRVD\
7KH WULDO FRXUW GHWHUPLQHG 'U\DQ &DPSEHOO ZDV
³XQDYDLODEOH´XQGHU)HGHUDO5XOHRI(YLGHQFH D DQG
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

:KLOH LQ WKH FRXQW\ MDLO GHFHGHQW ZDV OLVWHG DV -DFNLH 6WHZDUW
DOWKRXJK KLV UHDO QDPH ZDV *HUDOG *UHJRU\
0U *UHJRU\ ZDV WUDQVSRUWHG WR WKH 5HJLRQDO 0HGLFDO
&HQWHUDQGKHGLHGDSSUR[LPDWHO\RQHDQGDKDOIGD\VDIWHU
KHZDVGLVFRYHUHGLQKLVFHOO7KHFRXQW\PHGLFDOH[DPLQHU
'U2&6PLWKWHVWLILHGWKDWKHUXOHGWKHGHDWKDKRPLFLGH
7KH PHGLFDO H[DPLQHU IXUWKHU WHVWLILHG WKDW WKH DXWRSV\
UHYHDOHGWKDWWKHUHZDVVLJQLILFDQWEUDLQGDPDJHDQGLWZDV
SRVVLEOHIRUDSHUVRQWREHSXVKHGRUSURSHOOHGLQWRVRPHWKLQJ
ZLWK VXFK IRUFH WR SURGXFH WKH LQMXU\ DQG GHDWK RI WKH
GHFHGHQW
7KH MXU\ DOVR KHDUG WHVWLPRQ\ IURP 'U\DQ &DPSEHOO
DQRWKHULQPDWHLQWKHXQLWZKHUHWKHDWWDFNRFFXUUHG:KHQ
0U &DPSEHOO ZDV FDOOHG WR WHVWLI\ KH UHIXVHG WR DQVZHU
TXHVWLRQVEHFDXVHRIDOOHJHGKDUDVVPHQWE\RIILFHUVDQGRWKHU
LQPDWHV%DVHGXSRQ0U&DPSEHOO¶VUHIXVDOWRWHVWLI\WKH
WULDOFRXUWUXOHGWKDWWKHZLWQHVVZDVXQDYDLODEOHDQGDOORZHG
KLV SUHYLRXVO\ WDNHQ GHSRVLWLRQ WR EH UHDG LQWR WKH UHFRUG
7KLVWHVWLPRQ\LQFOXGHGWKHIROORZLQJ
4 'R\RXUHPHPEHUDILJKWLQ0DUFKRIEHWZHHQ
-DFNLH6WHZDUWDQGDQLQPDWHE\WKHQDPHRI-HUU\(OOLV"
$ :KDW,UHPHPEHULVWKDWRQHQLJKW(OOLVDQG6WHZDUW
JRWWRDUJXLQJDQGWKHQWKHQH[WQLJKWWKHQH[WGD\WKH\
DUJXHG D OLWWOH PRUH WKH QH[W PRUQLQJ DQG WKHQ ZKHQ
2IILFHU 6KHDULQ FDPH RQ 2IILFHU 6KHDULQ RSHQHG XS
6WHZDUW¶V GRRU DQG OHW (OOLVOHW -HUU\ (OOLV JR LQWR
6WHZDUW¶VFHOODQG,KHDUGDORWRIEHDWLQJDQGEDQJLQJ
DURXQG$QG(OOLVZDVZKRRSLQJDQGKROOHULQJWDONLQJ
DERXWKHZDVEHDWLQJKLPDQG\RXNQRZPDNLQJKLPGR
VH[XDOWKLQJVZLWKKLPDQGVWXIIOLNHWKDW
4 1RZ FRXOG \RXLQ \RXU FHOO FRXOG \RX VHH ZKDW
KDSSHQHG"

-- 5 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

$ 1RVLU,FRXOGQRWVHHZKDWKDSSHQHG
4 :KDWFRXOG\RXVHH"
$ 7KHRQO\WKLQJ,VDZ,VDZ2IILFHU6KHDULQZKHQKH
ZDONHGSDVWP\FHOOKHZDVXQ]LSSLQJKLVSDQWVDQGKH
VDLGμ,¶PJRLQJEDFNKHUHDQGJHWPHDEORZMREIURP
6WHZDUW¶$QGKHWROG(OOLVWRKXUU\XSGRLQJZKDWKH
ZDVGRLQJEHFDXVHKHZDVJRLQJWRPDNH6WHZDUWVXFN
KLVSHQLVDQGWKDWZDVDOO,FRXOGVHH
,QPDWH&DPSEHOOIXUWKHUWHVWLILHGDVIROORZV
4 'LG\RXKHDU2IILFHU6KHDULQVD\DQ\WKLQJEHIRUHKH
RSHQHGWKRVHWZRFHOOGRRUV"
$ 2IILFHU 6KHDULQ FDPH GRZQ LQWR WKH SRG KH ZDV
WDONLQJWR(OOLV+HWROG(OOLVRND\,¶PJRLQJWROHW\RX
LQ-HUU\(OOLVDVNHG2IILFHU6KHDULQZRXOGKHOHWKLP
LQWR6WHZDUW¶VFHOODQG2IILFHU6KHDULQZDONHGSDVWP\
FHOO,ZDVVWDQGLQJXSLQIURQWRIP\GRRUKHZDONHG
SDVWP\FHOODQGKHWROG(OOLVRND\,¶PJRLQJWROHW\RX
LQ$QGZDONHGEDFNXSWRWKHIURQWZKHUHWKHFRQWURO
ER[ZDVDWWRWKHFHOOVKHRSHQHGXSWKHER[DQGRSHQHG
XS6WHZDUW¶VGRRUDQGKHRSHQHGXS(OOLV¶GRRU
4 $WWKDWWLPHGHVFULEHIRUXVZKDW\RXKHDUG"
$ 2ND\,KHDUG2IILFHU6KHDULQWHOO(OOLVKHZDVJRLQJ
WROHWKLPLQWRKLVFHOO$QGWKHQDIWHU2IILFHU6KHDULQ
RSHQHGXSERWKFHOOVKHGLGQ¶WVD\LWUHDOORXG\RXNQRZ
ZKDW,¶PVD\LQJKHGLGQ¶WVD\LWORXG+HVDLG8KKXK
6WHZDUW\RXNQRZZHJRW\RX,OHW(OOLVLQWR\RXUFHOO
:HJRW\RXQRZ
2IILFLDOMDLOSROLF\GLGQRWSHUPLWWZRGRRUVRIDXQLWWREH
RSHQDWWKHVDPHWLPH1RYHOOD6PLWK$UQROGZKRZRUNHG
LQ WKH MDLO DV D FRXQVHORU WHVWLILHG WKDW -3RG ZKHUH WKH
LQFLGHQWVJLYLQJULVHWRWKLVOLWLJDWLRQRFFXUUHGZDVDGLUW\
DUHDDQGRWKHUSRGVLQWKHSULVRQ ZHUHOLNHWKH7DM0DKDO
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

WHUPLQDWLRQ +RZHYHU 'HSXW\ -DLOHU 5/ 6KHDULQ
UHVLJQHGKLVSRVLWLRQZLWKWKH6KHOE\&RXQW\6KHULII¶V
2IILFHRQ0D\SULRUWRWKHGLVSRVLWLRQRIWKHVH
FKDUJHVZKLFKZHUHWRWDOO\XQUHODWHGWRWKHLQFLGHQWRI
0DUFK
7KHUHFDQEHOLWWOHGRXEWWKDW2IILFHU6KHDULQLVQRWDPRGHO
HPSOR\HH $QG WKH MXU\ LQ WKLV FDVH ZDV FRQYLQFHG WKDW
2IILFHU 6KHDULQ SOD\HG D VLJQLILFDQW UROH LQ WKH GHDWK RI
*HUDOG*UHJRU\DVHYLGHQFHGE\WKHYHUGLFWLWUHWXUQHG+LV
LQYROYHPHQW LQ WKH LQFLGHQW FDQ QHYHU EH WROHUDWHG LQ D
FLYLOL]HGVRFLHW\DQGWKHMXU\PDGHWKDWNQRZQORXGDQGFOHDU
E\LWVYHUGLFW5HJDUGOHVVZHFDQQRWLJQRUHWKDWIURPWKH
&RXQW\¶VSHUVSHFWLYHIROORZLQJLWVLQYHVWLJDWLRQQRYLRODWLRQ
RIMDLOSROLFLHVDQGSURFHGXUHVKDGRFFXUUHG6HUJHDQW&DVK
WHVWLILHGWKDW2IILFHU6KHDULQIDLOHGWRGRFXPHQWWKHEHDWLQJ
DQGWKDWKHKDGDSDWWHUQRILQVXIILFLHQWO\GRFXPHQWLQJHYHQWV
+H ZDV GLVFLSOLQHG IRU WKLV EXW KH ZDV QRW WHUPLQDWHG
2IILFHU 6KHDULQ DSSDUHQWO\ KDG D KDELW RI YLRODWLQJ
GHSDUWPHQWDOSROLF\DVHYLGHQFHGE\WKHDIILGDYLWRI2IILFHU
7XFNHU$WOHDVWWZRRIWKHLQFLGHQWVVXEVHTXHQWWRWKH0DUFK
LQFLGHQWLQYROYLQJ2IILFHU6KHDULQZHUHVHULRXVHQRXJKIRU
KLPWREHWHUPLQDWHG:HGRQRWGLVFRXQWWKHVHULRXVQDWXUH
DQGWKHVHULRXVFRQVHTXHQFHVRIWKHLQFLGHQWVRI0DUFK
1RQHWKHOHVV ZH EHDU LQ PLQG DV ZH PXVW WKDW DV
UHJDUGV WKH 0DUFK HYHQWV WKH &RXQW\ GLG QRW ILQG D
YLRODWLRQ RI LWV SROLFLHV DQG SURFHGXUHV ZDUUDQWLQJ WKH
WHUPLQDWLRQ RI 2IILFHU 6KHDULQ¶V HPSOR\PHQW 5LJKW RU
ZURQJWKDWLVWKH&RXQW\¶VSRVLWLRQ7KXVIURPWKH&RXQW\¶V
SHUVSHFWLYHPRUHVHULRXVLQFLGHQWVRFFXUUHGVXEVHTXHQWWR
0DUFKZKLFKZDUUDQWHG2IILFHU6KHDULQ¶VWHUPLQDWLRQDQG
WKRVH LQFLGHQWV ZHUH PRUH OLNHO\ WKH FDWDO\VWV OHDGLQJ WR
2IILFHU6KHDULQ¶VUHVLJQDWLRQ:HILQGQRFOHDUHUURULQWKH
PDJLVWUDWH MXGJH¶V IDFWXDO DQDO\VLV DQG KLV XOWLPDWH
FRQFOXVLRQ WKDW WKLV VXLW ZDV QRW WKH FDWDO\VW IRU 2IILFHU
6KHDULQ¶VWHUPLQDWLRQ$FFRUGLQJO\WKHPDJLVWUDWHMXGJH¶V
GHWHUPLQDWLRQWKDW$SSHOODQWZDVQRWWKH³SUHYDLOLQJSDUW\´LV
$)),50('

-- 6 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

6KHDULQLQKLVRIILFLDOFDSDFLW\ZHUHGLVPLVVHGSULRUWRWULDO
DQG WKH FODLPV DJDLQVW WKH 6KHOE\ &RXQW\ ZHUH GLVPLVVHG
SULRUWRWKHMXU\¶VGHOLEHUDWLRQ:KDWHYHUIHHVWKH&RXQW\
PD\KDYHDJUHHGWRSD\RQEHKDOIRI2IILFHU6KHDULQGRHVQRW
FKDQJHWKHIDFWWKDWWKH$SSHOODQW PXVWEHWKH³SUHYDLOLQJ
SDUW\´ZLWKUHVSHFWWRLWVFODLPVDJDLQVW6KHOE\&RXQW\WREH
HQWLWOHGWRDQDZDUGRIDWWRUQH\¶VIHHV:HDJUHHZLWKWKH
PDJLVWUDWHMXGJHZKHQKHGHWHUPLQHGWKDWWKHSODLQWLIIZDV
QRWWKHSUHYDLOLQJSDUW\DJDLQVWWKH&RXQW\WKHSDUW\DJDLQVW
ZKRPKHVHHNVDWWRUQH\¶VIHHV$FFRUGLQJO\ZHILQGQRHUURU
LQWKHPDJLVWUDWHMXGJH¶VILQGLQJV
$V $SSHOODQW ZDV JLYHQ QR MXGLFLDO UHOLHI DJDLQVW WKH
&RXQW\DQG$SSHOODQWGLGQRWUHFHLYHDQ\EHQHILWLQWKHIRUP
RUGDPDJHVRULQMXQFWLYHUHOLHILQRUGHUIRUWKH$SSHOODQWWR
EHFRQVLGHUHGWKH³SUHYDLOLQJSDUW\´KHPXVWVKRZKHZDVWKH
³FDWDO\VW¶IRUGHIHQGDQW¶VFKDQJHGEHKDYLRU7KHILUVWSURQJ
RI WKH FDWDO\VW WHVW LV ZKHWKHU WKHUH LV D FDXVDO FRQQHFWLRQ
EHWZHHQWKHVXLWDQGWKHDOOHJHGO\EHQHILFLDORXWFRPH3D\QH
)GDW$SSHOODQWFRQWHQGVWKDWWKLVODZVXLWZDVWKH
GULYLQJ IRUFH EHKLQG 2IILFHU 6KHDULQ¶V GLVPLVVDO IURP
HPSOR\PHQWZLWKWKH&RXQW\+RZHYHU$SSHOODQWRIIHUVQR
HYLGHQFH WR VXSSRUW WKLV SRVLWLRQ 2IILFHU 6KHDULQ OHIW WKH
&RXQW\¶VHPSOR\RYHUWZR\HDUVDIWHU*HUDOG*UHJRU\¶VGHDWK
:KLOH FKURQRORJLFDO HYLGHQFH LV EXW RQH IDFWRU WR EH
FRQVLGHUHGLQD³FDWDO\VW´HIIHFWDQDO\VLV,GLQWKLVLQVWDQFH
ZHILQGFKURQRORJLFDOHYLGHQFHXQSHUVXDVLYHLQOLJKWRIWKH
DIILGDYLW RI -3 7XFNHU ,QVSHFWRU ZLWK WKH 6KHOE\ &RXQW\
6KHULII¶V 2IILFH DQG $VVLVWDQW &RPPDQGHU RI WKH ,QWHUQDO
$IIDLUV%XUHDX2IILFHU7XFNHUVWDWHGLQUHOHYDQWSDUW
'HSXW\-DLOHU6KHDULQZDVQRWWHUPLQDWHGE\WKH6KHOE\
&RXQW\ 6KHULII¶V 2IILFH DV D UHVXOW RI WKH LQFLGHQW
LQYROYLQJ *HUDOG*UHJRU\RQ0DUFK:KLOH
'HSXW\-DLOHU6KHDULQZDVGLVFLSOLQHGDVDUHVXOWRIKLV
IDLOXUH WR XSGDWH KLV ORJV RQ WKH GDWH RI WKH DERYH
LQFLGHQW KH ZDV LQ IDFW IRXQG LQ YLRODWLRQ RI
GHSDUWPHQWDOSROLF\RQIRXU RFFDVLRQVVXEVHTXHQWWR
WKDW GDWH WZR RI ZKLFK FRXOG KDYH UHVXOWHG LQ KLV
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

FRPSDUHG WR -3RG 0V 6PLWK$UQROG DOVR WHVWLILHG DV
IROORZV
4 3ULRU WR 0DUFK RI DQG LQFOXGLQJ 0DUFK RI
GLG\RXKDYHRSSRUWXQLW\WRJRLQWR-3RG"
$ ,DOZD\VZHQWLQWKHUH7KDWZDVDUROHRIPLQH
4 $ERXWZKDWWLPHRIGD\ZDV\RXUQRUPDOWULSWR-
3RG"
$ ,WGHSHQGHG6RPHWLPHV,ZRXOGJHWDFDOODWP\
RIILFHIURPDGHSXW\RUFKLHIMDLOHUVD\LQJFRPHVHHD
SULVRQHU IRU XV ,I , ZHQW LQ HDUOLHU , JR WR - 3RG
VRPHWLPHV WKUHH WLPHV D GD\ VRPHWLPHV WZLFH DQG
VRPHWLPHV , ZRXOG JR RQFH DQG , ZRXOG DOVR JR RQ
6DWXUGD\V
4 :KHQ\RXZRXOGJRLQWR-3RGGLG\RXHYHUQRWLFH
DQ\WKLQJXQXVXDODERXWWKHFHOOGRRUV"
$ 1RW XQXVXDO 7KH FHOO GRRUV ZRXOG EH RSHQ
SHULRGLFDOO\
4 0RUHWKDQRQHDWDWLPH"
$ <HVRIFRXUVH
4 +RZRIWHQGLG\RXVHHWKDWRFFXU"
$ 2IWHQ
6HUJHDQW:LOOLDP&DVKRIWKH,QWHUQDO$IIDLUV'LYLVLRQRI
WKH6KHULII¶V2IILFHFRQGXFWHGDQLQYHVWLJDWLRQRIWKHLQFLGHQW
DQG GHWHUPLQHG WKDW QR YLRODWLRQ RI MDLO SROLFLHV DQG
SURFHGXUHVKDGRFFXUUHG+RZHYHU6HUJHDQW&DVKWHVWLILHG
WKDW2IILFHU6KHDULQIDLOHGWRGRFXPHQWWKHEHDWLQJDQGWKDW
KHKDGDSDWWHUQRILQVXIILFLHQWO\GRFXPHQWLQJHYHQWV

-- 7 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

7KH MXGJPHQW VWDWHV WKDW WKH &RPPLVVLRQHUV DUH GLVPLVVHG LQ WKHLU
LQGLYLGXDO FDSDFLWLHV DQG LQ SDUHQWKHVHV DSSHDUV WKH QDPHV RI WKH
&RPPLVVLRQHUV ,W VKRXOG EH QRWHG WKDW LQ WKH FDSWLRQ RI WKH 6HFRQG
$PHQGHG &RPSODLQW &RPPLVVLRQHU -XOLDQ 7 %ROWRQ LV OLVWHG DV D
GHIHQGDQW KRZHYHU WKLV QDPH GRHV QRW DSSHDU LQ WKH SDUHQWKHWLF OLVWLQJ
RI &RPPLVVLRQHUV LQ WKH MXGJPHQW HQWU\ 6LQFH WKH MXGJPHQW PDNHV FOHDU
WKDW WKH &RPPLVVLRQHUV DUH GLVPLVVHG LQ ERWK WKHLU LQGLYLGXDO DQG RIILFLDO
FDSDFLWLHV ZH FRQFOXGH RPLVVLRQ RI -XOLDQ %ROWRQ¶V QDPH LV D PHUH
RYHUVLJKW ,Q DQ\ HYHQW QR SDUW\ KDV FKDOOHQJHG GLVPLVVDO RI WKH
&RPPLVVLRQHUV
3ULRU WR WULDO 'HIHQGDQWV &ODXGH %DNHU &KDUOHV
%ODQNHQVKLS 5REHUW +DUG\ DQG )UDQFHV &KLOGUHVV ZHUH
GLVPLVVHG IURP WKH OLWLJDWLRQ E\ WKH SODLQWLII 'XULQJ WKH
VHFRQGGD\RIWULDO6KHULII$&*LOOHVVDQG6KHOE\&RXQW\
ZHUHGLVPLVVHGLQWKHLULQGLYLGXDOFDSDFLWLHV7KH&RXQW\
&RPPLVVLRQHUVZHUHGLVPLVVHGLQERWKWKHLULQGLYLGXDODQG
RIILFLDO FDSDFLWLHV 7KH WULDO FRXUW UHVHUYHG LWV UXOLQJ RQ
RIILFLDOFDSDFLW\FODLPVDJDLQVWWKH&RXQW\DQG6KHULII$&
*LOOHVV)ROORZLQJDWZRGD\MXU\WULDOWKHPDJLVWUDWHMXGJH
JUDQWHGDGLUHFWHGYHUGLFWWR6KHOE\&RXQW\DQG6KHULII$&
*LOOHVV7KHMXU\UHWXUQHGDYHUGLFWDZDUGLQJFRPSHQVDWRU\
GDPDJHVLQWKHDPRXQWRIDJDLQVW-HUU\(OOLVDQG
5KHWW 6KHDULQ 6XEVHTXHQWO\ WKH MXU\ DVVHVVHG SXQLWLYH
GDPDJHVLQWKHDPRXQWRIDJDLQVW-HUU\(OOLVDQG
DJDLQVW5KHWW6KHDULQ
3ODLQWLIIILOHGDPRWLRQIRUQHZWULDODJDLQVW6KHOE\&RXQW\
DQG IRU DQ DZDUG RI DWWRUQH\ IHHV DJDLQVW WKH &RXQW\
'HIHQGDQWV6KHDULQDQG(OOLVILOHGWKHLURZQPRWLRQVIRUQHZ
WULDORULQWKHDOWHUQDWLYHIRUUHPLWWLWXU7KHPDJLVWUDWHMXGJH
GHQLHGSODLQWLII¶VPRWLRQIRUQHZWULDODQGIRUDWWRUQH\¶VIHHV
DQGKHJUDQWHG'HIHQGDQWV¶PRWLRQIRUUHPLWWLWXU
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

SODLQWLIIKDGSUHVHQWHGQRHYLGHQFHWRVXSSRUWDILQGLQJ
RI OLDELOLW\ RQ WKH SDUW RI WKH PXQLFLSDOLW\ $V D
FRQVHTXHQFH WKH FRXUW GLVPLVVHG DOO FODLPV DJDLQVW
6KHOE\&RXQW\DWWKHFORVHRIWKHSURRI:KLOHSODLQWLII
ZDVDSUHYDLOLQJSDUW\DVWRVRPHRIWKHGHIHQGDQWVLW
FDQQRWEHVDLGWKDWKHSUHYDLOHGDJDLQVWWKHFRXQW\WKH
VROHSDUW\IURPZKLFKKHQRZVHHNVDWWRUQH\¶VIHHV
'LVWULFW FRXUWV KDYH GLVFUHWLRQ SXUVXDQW WR 86&
†WRDZDUGDWWRUQH\¶VIHHVWRD³SUHYDLOLQJSDUW\´LQD
FLYLOULJKWVVXLW/RXGHUPLOOY&OHYHODQG%GRI(GXF
)G WK&LU $OWKRXJKGLVFUHWLRQDU\D
GLVWULFWFRXUWVKRXOGDZDUGIHHVWRDSODLQWLIILIWKDWSODLQWLII
SUHYDLOV1HZPDQY3LJJLH3DUN(QWHUSULVHV,QF86
$SUHYDLOLQJSDUW\KDVEHHQGHILQHGDV
RQH ZKR FDQ SRLQW WR D UHVROXWLRQ RI >D@ GLVSXWH ZKLFK
FKDQJHV WKH OHJDO UHODWLRQVKLS EHWZHHQ LWVHOI DQG WKH
GHIHQGDQW 3D\QH )G DW VHH DOVR 7H[DV 6WDWH
7HDFKHUV$VV¶QY*DUODQG,QGHS6FK'LVW86
6&W $SUHYDLOLQJPD\DOVR
EHGHILQHGDVDSDUW\ZKRDFKLHYHVDVXEVWDQWLDOSRUWLRQRIWKH
UHOLHIVRXJKW,QDQ\HYHQWWKHUHPXVWEHVRPHEHQHILWWRWKH
SODLQWLIILQWKHIRUPRIPRQHWDU\GDPDJHVLQMXQFWLYHUHOLHIRU
D YROXQWDU\ FKDQJH LQ GHIHQGDQW¶V FRQGXFW :RROULGJH Y
0DUOHQH,QGXV)G WK&LU :H
KDYH UHFRJQL]HG WKDW ZKHQ QR MXGLFLDO UHOLHI LV RUGHUHG D
SODLQWLIIPD\TXDOLI\IRU³SUHYDLOLQJSDUW\´VWDWXVLIKHFDQ
VKRZ KH ZDV WKH ³FDWDO\VW´ IRU WKH GHIHQGDQW¶V FKDQJHG
EHKDYLRU3D\QH)G2WKHQY$QQ$UERU6FK%G
)G WK&LU
7KHILUVWWKHRU\DGYDQFHGE\$SSHOODQWLVFOHDUO\ZLWKRXW
PHULW$VDWKUHVKROGPDWWHU³DVXLWDJDLQVWDJRYHUQPHQW
RIILFLDO LQ KLV RU KHU SHUVRQDO FDSDFLW\ FDQQRW OHDG WR
LPSRVLWLRQRIIHHOLDELOLW\XSRQWKHJRYHUQPHQWDOHQWLW\$
YLFWRU\LQDSHUVRQDOFDSDFLW\DFWLRQLVDYLFWRU\DJDLQVWWKH
LQGLYLGXDO GHIHQGDQW UDWKHU WKDQ DJDLQVW WKH HQWLW\ WKDW
HPSOR\VKLP´.HQWXFN\Y*UDKDP86
6&W 7KHFODLPVDJDLQVW2IILFHU

-- 8 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

FRXUWV 7KLV XQHTXLYRFDO SUHIHUHQFH RI WKH 7HQQHVVHH
OHJLVODWXUH LV DQ H[FHSWLRQDO FLUFXPVWDQFH IRU GHFOLQLQJ
MXULVGLFWLRQ$FFRUGLQJO\ZHILQGQRHUURULQWKHPDJLVWUDWH
MXGJH¶V GLVPLVVDO RI WKH RIILFLDO FDSDFLW\ FODLPV DJDLQVW
2IILFHU6KHDULQ
$77251(<)((6
,Q VXSSRUW RI KLV FODLP IRU DWWRUQH\¶V IHHV $SSHOODQW
DGYDQFHVWZRWKHRULHVRIUHFRYHU\DJDLQVW6KHOE\&RXQW\
LIWKHWULDOFRXUWZDVFRUUHFWLQILQGLQJWKDW6KHOE\&RXQW\ZDV
WKHUHDOSDUW\LQLQWHUHVWDQGLQGLVPLVVLQJWKLVDFWLRQDJDLQVW
2IILFHU6KHDULQLQKLVRIILFLDOFDSDFLW\WKH&RXQW\LVOLDEOHWR
SD\DWWRUQH\¶VIHHVEDVHGXSRQWKHVXFFHVVLQSURVHFXWLQJWKH
&RXQW\¶VHPSOR\HH WKHODZVXLWUHVXOWHGLQWKH&RXQW\¶V
GLVPLVVDORI2IILFHU6KHDULQ0RUHVSHFLILFDOO\$SSHOODQW
FRQWHQGVWKDWEHFDXVHWKH&RXQW\LVWKHUHDOSDUW\LQLQWHUHVW
LWVWHSSHGLQWRWKHVKRHVRI2IILFHU6KHDULQ6LQFHWKH&RXQW\
UHLPEXUVHG 2IILFHU 6KHDULQ IRU KLV OHJDO IHHV LI ZRXOG EH
ORJLFDOO\LQFRQVLVWHQWIRUWKH&RXQW\WRRIIHUWRSD\WKHIHHV
RILWVHPSOR\HHIRUZKRPDMXGJPHQWLVHQWHUHGDJDLQVWWKHQ
FODLPWREHWKH³SUHYDLOLQJSDUW\´
7KLV &LUFXLW KDV DSSOLHG WZR VWDQGDUGV RI UHYLHZ ZLWK
UHVSHFWWRWKLVLVVXH DFOHDUHUURUVWDQGDUGLVDSSOLHGZKHQ
UHYLHZLQJ WKH IDFWXDO ILQGLQJV XQGHUO\LQJ WKH WULDO FRXUW¶V
GHWHUPLQDWLRQRI³SUHYDLOLQJSDUW\´VWDWXVDQG DQDEXVHRI
GLVFUHWLRQVWDQGDUGLVXVHGIRUWKHGHQLDORIDQDZDUGRIIHHV
3D\QHY%RDUGRI(GXF&OHYHODQG&LW\6FK)G
WK&LU FLWLQJ+HHUHQY&LW\RI-DPHVWRZQ
)G WK &LU FLWDWLRQV RPLWWHG IRU FOHDU
HUURUFLWLQJ/RXGHUPLOOY&OHYHODQG%GRI(GXF)G
WK&LU IRUDEXVHRIGLVFUHWLRQ
:LWKUHVSHFWWRWKHDWWRUQH\IHHLVVXHWKHPDJLVWUDWHMXGJH
UHDVRQHG
WKHFRXUWGLGILQGWKDWWKHODZVXLWDJDLQVWWKHMDLOHUD
FRXQW\HPSOR\HHZDVLQDFWXDOLW\DQDFWLRQDJDLQVWWKH
FRXQW\ 7KH FRXUW IXUWKHU FRQFOXGHG KRZHYHU WKDW
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

,Q KLV EULHI LQ VXSSRUW $SSHOODQW DOVR DUJXHV WKH WULDO FRXUW HUUHG E\
GLVPLVVLQJ 6KHULII $& *LOOHVV 1RQH RI WKH IRXU 1RWLFHV RI $SSHDO ILOHG
E\ $SSHOODQW VWDWH WKDW KH LV DSSHDOLQJ WKH GHFLVLRQ WR GLVPLVV 6KHULII
*LOOHVV :KHWKHU 6KHULII *LOOHVV ZDV SURSHUO\ GLVPLVVHG IURP WKLV VXLW
SULRU WR MXU\ GHOLEHUDWLRQV LV QRW EHIRUH WKLV &RXUW
',5(&7('9(5',&7
2QDSSHDO$SSHOODQWFRQWHQGVWKHWULDOFRXUWLPSURSHUO\
GLVPLVVHG 6KHOE\ &RXQW\ SULRU WR VHQGLQJ WKH FDVH WR WKH
MXU\,QVXSSRUWRIWKLVFRQWHQWLRQ$SSHOODQWVWDWHVWKDWWKH
TXHVWLRQ RI ZKHWKHU 6KHOE\ &RXQW\ DGRSWHG DQ
XQFRQVWLWXWLRQDOFXVWRPDWWKHMDLODQGWKHTXHVWLRQRIZKHWKHU
WKDWDOOHJHGFXVWRPFDXVHGWKHGHDWKRI*HUDOG*UHJRU\ZHUH
IRUWKHMXU\WRGHFLGH1RRQHGLVSXWHVWKHRIILFLDOSROLF\RI
WKH&RXQW\ZDVWKDWQRWZRFHOOGRRUVRIWKH-3RGZHUHWREH
RSHQVLPXOWDQHRXVO\7KH$SSHOODQWDUJXHVWKDWWHVWLPRQ\
IURP1RYHOOD6PLWK$UQROGLVHYLGHQFHQHFHVVDU\WRVKRZD
FXVWRP WKDW VXSHUVHGHG WKH SROLF\ $SSHOODQW WDNHV 0V
6PLWK$UQROG¶V WHVWLPRQ\ D VWHS IXUWKHU DUJXLQJ WKDW WKH
FXVWRPZDVKRQRUHGPRUHRIWHQWKDQWKHRIILFLDOSROLF\
6KHOE\&RXQW\FRQWHQGVWKHUHTXLVLWHHOHPHQWVRIPXQLFLSDO
OLDELOLW\LQD†DFWLRQZHUHQRWHVWDEOLVKHG6SHFLILFDOO\
WKH &RXQW\ FRQWHQGV WKH $SSHOODQW IDLOHG WR VKRZ WKH
SUHVHQFHRIDSROLF\RUFXVWRPZKLFKGHSULYHGWKH$SSHOODQW
RI D IHGHUDOO\ SURWHFWHG ULJKW ,Q WKH DOWHUQDWLYH $SSHOOHH
FRQWHQGVWKDWHYHQLIDSROLF\ZDVHVWDEOLVKHG$SSHOODQWKDV
IDLOHGWRVKRZDGLUHFWOLQNEHWZHHQWKHSROLF\DQGWKHLQMXULHV
VXVWDLQHG
7KLVFRXUWUHYLHZVGHQRYRWKHGLVWULFWFRXUW¶VGLVSRVLWLRQ
RID5XOH D PRWLRQIRUMXGJPHQWDVDPDWWHURIODZ6HH
6Q\GHUY$*7UXFNLQJ,QF)G WK&LU
$QGWKLVFRXUWDSSOLHVWKHVDPHVWDQGDUGRQUHYLHZDVWKH
GLVWULFWFRXUWDSSOLHVLQGHFLGLQJVXFKPRWLRQV0LGGOHWRQY
5H\QROGV 0HWDOV &R )G WK &LU
0RQHWWH Y $0 %DNLQJ &R )G WK
&LU

-- 9 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

³-XGJPHQWDVDPDWWHURIODZVKRXOGEHJUDQWHGRQO\ZKHUH
DUHDVRQDEOHMXURUUHO\LQJRQWKHHYLGHQFHSXWIRUWKDWWULDO
FRXOGQRWILQGIRUWKHSODLQWLIIRQHDFKRIWKHHOHPHQWVRIKHU
FODLP´%XQWLQY%UHDWKLWW&RXQW\%GRI(GXF)G
WK&LU FLWLQJ6PHOVHUY1RUIRON6RXWKHUQ
5\&R)G WK&LU FHUWGHQLHG86
6&W 7KH FRXUW LV QRW WR ZHLJK WKH
HYLGHQFH RU MXGJH WKH FUHGLELOLW\ RI ZLWQHVVHV DQG LW PXVW
PDNH DOO UHDVRQDEOH LQIHUHQFHV LQ IDYRU RI WKH QRQPRYLQJ
SDUW\,G FLWLQJ0RQGD\Y2XOOHWWH)G
WK&LU
:HWXUQQRZWRWKHPHULWVRIWKHFODLP
86&†SURYLGHVLQSHUWLQHQWSDUW
(YHU\SHUVRQZKRXQGHUFRORURIDQ\VWDWXWHRUGLQDQFH
UHJXODWLRQFXVWRPRUXVDJHRIDQ\6WDWHRU7HUULWRU\RU
WKH 'LVWULFW RI &ROXPELD VXEMHFWV RU FDXVHV WR EH
VXEMHFWHGDQ\FLWL]HQRIWKH8QLWHG6WDWHVRURWKHUSHUVRQ
ZLWKLQWKHMXULVGLFWLRQWKHUHRIWRWKHGHSULYDWLRQRIDQ\
ULJKWV SULYLOHJHV RU LPPXQLWLHV VHFXUHG E\ WKH
&RQVWLWXWLRQDQGODZVVKDOOEHOLDEOHWRWKHSDUW\LQMXUHG
LQ DQ DFWLRQ DW ODZ VXLW LQ HTXLW\ RU RWKHU SURSHU
SURFHHGLQJIRUUHGUHVV
86&†
7RHVWDEOLVKOLDELOLW\XQGHU86&†DSODLQWLII
PXVWGHPRQVWUDWH WKDWKHZDVGHSULYHGRIDULJKWVHFXUHG
E\WKH&RQVWLWXWLRQRUODZVRIWKH8QLWHG6WDWHVDQG WKDW
KHZDVVXEMHFWHGRUFDXVHGWREHVXEMHFWHGWRWKLVGHSULYDWLRQ
E\DSHUVRQDFWLQJXQGHUFRORURIVWDWHODZ6HDUF\Y&LW\RI
'D\WRQ)G WK&LU FLWLQJ)ODJJ%URV
Y %URRNV 86 6 &W

,WLVILUPO\HVWDEOLVKHGWKDWDPXQLFLSDOLW\RUDVLQWKLVFDVH
DFRXQW\FDQQRWEHKHOGOLDEOHXQGHU†IRUDQLQMXU\
LQIOLFWHGVROHO\E\LWVHPSOR\HHVRUDJHQWV0RQHOOY1HZ
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

FODLPV IRU UHVSRQGHDW VXSHULRU OLDELOLW\ ZDV LQ HUURU
$FFRUGLQJWR$SSHOODQW7HQQHVVHHODZDOORZVKLPWRKROG
WKH&RXQW\OLDEOHIRUWKHQHJOLJHQWDFWLRQVRI2IILFHU6KHDULQ
LI WKH DFWV RFFXUUHG LQ WKH VFRSH RI KLV HPSOR\PHQW
7KHUHIRUHWRVXFFHHGRQLWVSHQGHQWFODLPIRUZURQJIXOGHDWK
SODLQWLIIPXVWVXH2IILFHU6KHDULQLQKLVRIILFLDOFDSDFLW\
7KHGLVWULFWFRXUW VUXOLQJRQD5XOH E PRWLRQWR
GLVPLVV LV D TXHVWLRQ RI ODZ VXEMHFW WR GH QRYR UHYLHZ
8QLWHG$VV¶QRI-RXUQH\PHQ $SSUHQWLFHVRIWKH3OXPELQJ
DQG 3LSHILWWLQJ ,QGXV /RFDO 1R Y 5RVV %URV
&RQVWUXFWLRQ &R )G WK &LU
TXRWLQJLQJ6SXUORFNY6DWWHUILHOG)G WK
&LU :H FRQVWUXH WKH FRPSODLQW LQ WKH OLJKW PRVW
IDYRUDEOHWRWKHSODLQWLIIDQGGHWHUPLQHZKHWKHUWKHSODLQWLII
XQGRXEWHGO\FDQSURYHQRVHWRIIDFWVLQVXSSRUWRIWKHFODLPV
WKDWZRXOGHQWLWOHKLPWRUHOLHI0L[RQY6WDWHRI2KLR
)G WK&LU FLWLQJ*ULQGVWDIIY*UHHQ
)G WK&LU )XUWKHUPRUHZHDFFHSWDOORI
SODLQWLII¶VIDFWXDODOOHJDWLRQVDVWUXH,G FLWLQJ8QLWHG6WDWHV
Y0RULDUW\)G WK&LU EXWZHQHHGQRW
DFFHSW DV WUXH OHJDO FRQFOXVLRQV RU XQZDUUDQWHG IDFWXDO
LQIHUHQFHV,G FLWLQJ0RUJDQY&KXUFK V)ULHG&KLFNHQ
)G WK&LU
7LWOH86&† F SURYLGHVWKDWGLVWULFWFRXUWVPD\
GHFOLQH WR H[HUFLVH VXSSOHPHQWDO MXULVGLFWLRQ RYHU D
FODLPLILQ H[FHSWLRQDO FLUFXPVWDQFHV WKHUH DUH RWKHU
FRPSHOOLQJ UHDVRQV IRU GHFOLQLQJ MXULVGLFWLRQ´ 86&
† F
7KH 7HQQHVVHH *RYHUQPHQWDO 7RUW /LDELOLW\ $FW
³7*7/$´ 7&$†HWVHTSURYLGHVLQSHUWLQHQW
SDUW ³>W@KH FLUFXLW FRXUWV VKDOO KDYH H[FOXVLYH RULJLQDO
MXULVGLFWLRQ RYHU DQ\ DFWLRQ EURXJKW XQGHU WKLV FKDSWHU´
7HQQ&RGH$QQ†
,QWKLVLQVWDQFHWKH7HQQHVVHHOHJLVODWXUHH[SUHVVHGDFOHDU
SUHIHUHQFHWKDW7*7/$FODLPVEHKDQGOHGE\LWVRZQVWDWH

-- 10 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

DFWLRQ1RWRQO\GLG2IILFHU6KHDULQSXUSRVHO\RSHQ,QPDWH
(OOLV¶VFHOOGRRUDQGWKHQDOORZKLPLQWR0U*UHJRU\¶VFHOO
KH NQHZ WKH EHDWLQJ RFFXUUHG DQG OHW 0U *UHJRU\ VXIIHU
WKURXJKWKHQLJKWZLWKKLVLQMXULHV)XUWKHUPRUHWKHUHZDV
HYLGHQFHWKDW2IILFHU6KHDULQIRUFHG0U*UHJRU\WRSHUIRUP
RUDOVH[RQKLP6HFRQG*HUDOG*UHJRU\ORVWKLVOLIHDVD
UHVXOW RI GHIHQGDQW¶V DFWLRQ :H KDYH XSKHOG WKH MXU\¶V
FRPSHQVDWRU\ GDPDJH DZDUG LQ WKLV FDVH DQG E\ GRLQJ VR
LPSOLFLWO\FRQFOXGHWKDWWKHLQMXULHVDQGFRQVFLRXVSDLQDQG
VXIIHULQJ 0U *UHJRU\ HQGXUHG ZHUH VHYHUH :H GR QRW
EHOLHYHWKHUHH[LVWVDJUHDWGLVSDULW\EHWZHHQWKHDFWXDOKDUP
VXIIHUHG E\ 0U *UHJRU\ DQG WKH SXQLWLYH GDPDJH DZDUG
)LQDOO\ WKH WKLUG IDFWRU SURYLGHV OLWWOH JXLGDQFH LQ WKLV
GHWHUPLQDWLRQ DV WKH SDUWLHV KDYH SURYLGHG QR HYLGHQFH RI
VLPLODUMXU\YHUGLFWVRQWKLVLVVXH
8SRQUHYLHZRIWKHUHOHYDQWIDFWRUVLQ%0:ZHEHOLHYH
WKDW WKH SXQLWLYH GDPDJH DZDUG LPSRVHG DJDLQVW 2IILFHU
6KHDULQ ZDV DSSURSULDWH :KLOH LQGHHG WKH PLOOLRQ
GROODUSXQLWLYHGDPDJHDZDUGLVODUJHLWEHDUVDUHDVRQDEOH
UHODWLRQVKLS WR WKH MXU\¶V FRPSHQVDWRU\ GDPDJH
DZDUG0U*UHJRU\VXIIHUHGVHYHUHSK\VLFDODEXVHHQGXUHG
ORQJKRXUVRIFRQVFLRXVSDLQDQGVXIIHULQJDQGXOWLPDWHO\
GLHGDVDUHVXOWRI2IILFHU6KHDULQ¶VDFWLRQV7KHGDPDJHV
DZDUGHGWRSXQLVK2IILFHU6KHDULQIRUKLVDFWLRQVDUHWKXV
UHDVRQDEOHXQGHUWKHFLUFXPVWDQFHVDQGGRQRWLQWKLVLQVWDQFH
μVKRFNWKHFRQVFLHQFH¶RIWKHFRXUW$FFRUGLQJO\WKHGLVWULFW
FRXUW¶VJUDQWRIUHPLWWLWXUDVWRWKHSXQLWLYHGDPDJHDZDUGLV
5(9(56('
2)),&,$/&$3$&,7<68,7$*$,1676+($5,1
$SSHOODQWQH[WFRQWHQGVWKDWWKHPDJLVWUDWHMXGJHHUUHGE\
GLVPLVVLQJ WKH RIILFLDO FDSDFLW\ FODLPV DJDLQVW 2IILFHU
6KHDULQ,QSDUWLFXODU$SSHOODQWDVVHUWVXQGHUWKH7HQQHVVHH
*RYHUQPHQWDO 7RUW /LDELOLW\ $FW 7&$ † DQ
DFWLRQ DJDLQVW 6KHOE\ &RXQW\ FDQ EH PDLQWDLQHG RQO\ IRU
DFWLRQVRIDGHSXW\LQKLVRIILFLDOFDSDFLW\DVDQHPSOR\HH
WKXVWKHGHFLVLRQWRHVVHQWLDOO\GLVPLVVDOOSHQGHQWVWDWHODZ
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

<RUN'HS¶WRI6RF6HUY866&W
)RUOLDELOLW\WRDWWDFKWKHUHPXVWEHH[HFXWLRQ
RI D JRYHUQPHQW¶V SROLF\ RU FXVWRP ZKLFK UHVXOWV LQ D
FRQVWLWXWLRQDO WRUW ,G 6XFK D UHTXLUHPHQW HQVXUHV WKDW D
FRXQW\ LV KHOG OLDEOH RQO\ IRU WKRVH GHSULYDWLRQV UHVXOWLQJ
IURPWKHGHFLVLRQVRILWVGXO\FRQVWLWXWHGOHJLVODWLYHERG\RU
RIWKRVHRIILFLDOVZKRVHDFWVPD\IDLUO\EHVDLGWREHWKRVHRI
WKH FRXQW\ ,G 7KH ³SROLF\´ UHTXLUHPHQW LV QRW PHDQW WR
GLVWLQJXLVKLVRODWHGLQFLGHQWVIURPJHQHUDOUXOHVRIFRQGXFW
SURPXOJDWHG E\ FLW\ RIILFLDOV ,QVWHDG WKH ³SROLF\´
UHTXLUHPHQWLVPHDQWWRGLVWLQJXLVKWKRVHLQMXULHVIRUZKLFK
FRXQW\LVUHVSRQVLEOHXQGHU†IURPWKRVHLQMXULHVIRU
ZKLFKWKHFRXQW\VKRXOGQRWEHKHOGDFFRXQWDEOH0H\HUVY
&LW\ RI &LQFLQQDWL )G WK &LU FLWLQJ
0RQHOO86DW6&WDW
³$FRXUW VWDVNLVWRLGHQWLI\WKRVHZKRVSHDNZLWKILQDO
SROLF\PDNLQJ DXWKRULW\ IRU WKH ORFDO JRYHUQPHQWDO DFWRU
FRQFHUQLQJWKHDFWLRQDOOHJHGWRKDYHFDXVHGWKHYLRODWLRQDW
LVVXH´ 0F0LOOLDQY0RQURH&RXQW\$OD86
6&W FLWLQJ-HWWY'DOODV
,QGHSHQGHQW6FKRRO'LVW866&W
:HEHDULQPLQGKRZHYHUWKDW³DQDFW
SHUIRUPHGSXUVXDQWWRDμFXVWRP¶WKDWKDVQRWEHHQIRUPDOO\
DSSURYHGE\DQDSSURSULDWHGHFLVLRQPDNHUPD\IDLUO\VXEMHFW
D PXQLFLSDOLW\ WR OLDELOLW\ RQ WKH WKHRU\ WKDW WKH UHOHYDQW
SUDFWLFHLVVRZLGHVSUHDGDVWRKDYHWKHIRUFHRIODZ´%RDUG
RI&RXQW\&RPP¶URI%U\DQ&RXQW\2NOY%URZQ86
6&W FLWLQJ0RQHOO
86 DW 6&W DW $GLFNHV Y 6+
.UHVV &R 86 6&W
'RHY&ODLERUQH&RXQW\7HQQ)G
WK &LU $ FXVWRP PXVW EH VR
SHUPDQHQWDQGZHOOVHWWOHGDVWRFRQVWLWXWHDFXVWRPRUXVDJH
ZLWKWKHIRUFHRIODZ TXRWDWLRQPDUNVRPLWWHG
,QDGGLWLRQDSODLQWLIIPXVWGHPRQVWUDWHWKDW³WKURXJKLWV
GHOLEHUDWHFRQGXFWWKHPXQLFLSDOLW\ZDVWKHμPRYLQJIRUFH¶
EHKLQGWKHLQMXU\DOOHJHG7KDWLVDSODLQWLIIPXVWVKRZWKDW

-- 11 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

WKHPXQLFLSDODFWLRQZDVWDNHQZLWKWKHUHTXLVLWHGHJUHHRI
FXOSDELOLW\DQGPXVWGHPRQVWUDWHDGLUHFWFDXVDOOLQNEHWZHHQ
WKHPXQLFLSDODFWLRQDQGWKHGHSULYDWLRQRIIHGHUDOULJKWV´
%RDUGRI&RXQW\&RPP¶URI%U\DQ&RXQW\2NO86DW
6&WDW
:H KDYH FDUHIXOO\ UHYLHZHG WKH WUDQVFULSW SURYLGHG DQG
PDGHDOOUHDVRQDEOHLQIHUHQFHVLQIDYRURIWKH$SSHOODQW1R
RQHGLVSXWHVWKDWWKHZULWWHQSROLF\IRU-3RGZDVWKDWRQO\
RQHFHOOGRRUFRXOGEHRSHQHGDWDWLPH7KHRQO\HYLGHQFH
$SSHOODQWUHOLHVXSRQWRVXSSRUWKLVFODLPLVWHVWLPRQ\IURP
0V6PLWK$UQROGWKDWRQPRUHWKDQRQHRFFDVLRQWKHSROLF\
UHJDUGLQJFHOOGRRUVZDVQRWIROORZHG7KLVWHVWLPRQ\DORQH
KRZHYHU GRHV QRW HVWDEOLVK WKDW WKH SUDFWLFH ZDV VR
ZLGHVSUHDG DV WR KDYH WKH IRUFH RI ODZ 7HVWLPRQ\ IURP
,QPDWH &DPSEHOO EXWWUHVVHV WKLV FRQFOXVLRQ ,QPDWH
&DPSEHOO ILUVW WHVWLILHG WKDW DOO WKH FHOO GRRUV ZHUH QHYHU
RSHQHGDWRQHWLPH+HDOVRWHVWLILHGWKDWRQ0DUFKKH
KHDUG2IILFHU6KHDULQWHOO-HUU\(OOLVWKDWKHZRXOGRSHQKLV
FHOO GRRU DQG ³OHW KLP LQ>WR@´ WKH GHFHGHQW¶V FHOO 7KLV
WHVWLPRQ\VXJJHVWVWKDW2IILFHU6KHDULQSXUSRVHO\EURNHWKH
HVWDEOLVKHG SROLF\ WR HQDEOH -HUU\ (OOLV WR JHW LQWR 0U
*UHJRU\¶VFHOO:KLOHDQ\UDWLRQDOWULHURIIDFWFRXOGILQGWKDW
WKH ZULWWHQ SROLF\ ZDV QRW IROORZHG RQ PRUH WKDQ RQH
RFFDVLRQ$SSHOODQWKDVZKROO\IDLOHGWRSRLQWWRHYLGHQFHLQ
WKHUHFRUGVXJJHVWLQJWKDWWKLVODSVHRIFRPSOLDQFHZLWKWKH
ZULWWHQSROLF\ZDVVRZHOOVHWWOHGDVWRFRQVWLWXWHDFXVWRP
WKHUHE\DWWDFKLQJOLDELOLW\WR6KHOE\&RXQW\'RH)G
DW
$SSHOODQW FRQWHQGV WKDW WKH &RXQW\¶V UHVSRQVLELOLW\ LV
HPERGLHGLQLWVWROHUDWLRQRIWKHFXVWRPRIOHDYLQJFHOOGRRUV
UDQGRPO\RSHQ$SSHOODQW¶VDUJXPHQWWKDWWKHFXVWRPZDV
WROHUDWHGVXJJHVWVWKDWWKH&RXQW\PXVWKDYHHLWKHUDFWXDORU
FRQVWUXFWLYH QRWLFH RI WKDW DOOHJHG FXVWRP 7KHUH LV QR
HYLGHQFH KRZHYHU WKDW WKH &RXQW\ RU DQ\ DXWKRUL]HG
GHFLVLRQPDNHUZDVRQQRWLFHWKDWWZRRUPRUHFHOOGRRUVZHUH
RSHQ DW WKH VDPH WLPH ,Q IDFW 2IILFHU :LOOLDP &DVK
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

DZDUG :H ILQG QRWKLQJ LQ WKH UHFRUG WR VXJJHVW WKDW WKH
MXU\¶VDZDUGZDVEH\RQGWKHUDQJHRIVXSSRUWDEOHSURRIRU
PRWLYDWHGE\SDVVLRQRUSUHMXGLFH:HQRWHWRRLQOLJKWRIDOO
RIWKHHYLGHQFHWKHFRPSHQVDWRU\GDPDJHDZDUGGRHVQRW
μVKRFNWKHFRQVFLHQFH¶RIWKLVFRXUW
+DYLQJ GHWHUPLQHG WKDW WKH DZDUG RI FRPSHQVDWRU\
GDPDJHVLVQRWEH\RQGWKHUDQJHRIVXSSRUWDEOHSURRILVQRW
PRWLYDWHGE\SDVVLRQRUSUHMXGLFHDQGLVQRWVRH[FHVVLYHDV
WRμVKRFNWKHFRQVFLHQFH¶WKHDZDUGPXVWVWDQG%LFNHO
)GDW$FFRUGLQJO\WKHWULDOFRXUW¶VJUDQWRIUHPLWWLWXU
RQWKHLVVXHRIFRPSHQVDWRU\GDPDJHVLV5(9(56('
:HWXUQQH[WWRWKHDZDUGRISXQLWLYHGDPDJHVFRJQL]DQW
RI WKH IDFW WKDW EHIRUH WKLV FRXUW LV WKH UHPLWWHG SXQLWLYH
GDPDJHDZDUGDVDJDLQVW2IILFHU6KHDULQ2QWKLVLVVXHWKH
PDJLVWUDWHMXGJHGHWHUPLQHGWKDWWKHDZDUGRIPLOOLRQ
DJDLQVW 2IILFHU 6KHDULQ μVKRFNV WKH MXGLFLDO FRQVFLHQFH¶
,QGHHGDQH[FHVVLYHDZDUGRISXQLWLYHGDPDJHVFDQYLRODWH
WKH)RXUWHHQWK$PHQGPHQW%0:RI1RUWK$PHULFD,QFY
*RUH866&W 7KH6XSUHPH
&RXUWVHWIRUWKWKUHHIDFWRUVWREHFRQVLGHUHGLQUHYLHZLQJDQ
DOOHJHGO\H[FHVVLYHMXU\DZDUG FRXUWVDUHWRH[DPLQHWKH
GHJUHHRIUHSUHKHQVLELOLW\RIWKHFRQGXFW FRXUWVVKRXOG
ORRN DW WKH GLVSDULW\ EHWZHHQ WKH KDUP RU SRWHQWLDO KDUP
VXIIHUHGE\>WKHSODLQWLII@DQGKLVSXQLWLYHGDPDJHDZDUG
DQG UHYLHZLQJ FRXUWV PXVW H[DPLQH WKH GLIIHUHQFH
EHWZHHQ >WKH SXQLWLYH GDPDJHV@ DQG WKH FLYLO SHQDOWLHV
DXWKRUL]HGRULPSRVHGLQFRPSDUDEOHFDVHV,GDW
7KHWULDOFRXUWLQWKLVLQVWDQFHLQVWUXFWHGWKHMXU\WKDWDQ
DZDUGRISXQLWLYHGDPDJHVZDVSHUPLWWHGLISODLQWLIISURYHG
WKDWWKHGHIHQGDQW¶VFRQGXFWZDV³ZDQWRQDQGUHFNOHVVQRW
PHUHO\ XQUHDVRQDEOH´ %\ UHWXUQLQJ DQ DZDUG RI SXQLWLYH
GDPDJHVWKHMXU\KDGWRKDYHIRXQG³ZRQWRQDQGUHFNOHVV´
FRQGXFWE\2IILFHU6KHDULQVXJJHVWLQJWKDWXQGHUWKH³GHJUHH
RI UHSUHKHQVLELOLW\´ IDFWRU D VXEVWDQWLDO SXQLWLYH GDPDJH
DZDUG LV SHUPLVVLEOH 0RUHRYHU WKH UHFRUG LWVHOI VSHDNV
YROXPHV RI WKH UHSUHKHQVLEOH QDWXUH RI 2IILFHU 6KHDULQ¶V

-- 12 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

VXIIHULQJ'DPDJHDZDUGVIRUVXFKLQMXULHVDUHDSSURSULDWHDV
WKHPDJLVWUDWHMXGJHSRLQWHGRXWLQKLVRSLQLRQ6HH0HPSKLV
&RPPXQLW\6FK'LVWY6WDFKXUD86
6 &W GDPDJHV PD\ LQFOXGH VXFK
LQMXULHV DV LPSDLUPHQW WR UHSXWDWLRQ SHUVRQDO KXPLOLDWLRQ
DQGPHQWDODQJXLVKDQGVXIIHULQJ
7KHPDJLVWUDWHMXGJH¶VGHWHUPLQDWLRQWKDWWKHDZDUGZDV
FOHDUO\H[FHVVLYHDQGWKDWWKHUHZDVQRHYLGHQFHSUHVHQWHGDW
WULDOIURPZKLFKWKHMXU\UHDVRQDEO\FRXOGKDYHDUULYHGDWDQ
DZDUG RI VHHPV WR EH LQ HUURU :H EHOLHYH WKH
DZDUGZDVQRWFOHDUO\H[FHVVLYHDQGWKDWDPSOHHYLGHQFHZDV
SUHVHQWHGWRHVWDEOLVKDQDZDUGRIWKLVDPRXQW
7KHHYLGHQFHDGGXFHGDWWULDOVKRZVWKDW*HUDOG*UHJRU\
VXIIHUHGVHYHUHLQMXULHVDVDUHVXOWRIDEUXWDOEHDWLQJE\-HUU\
(OOLV$OWKRXJKHYHQPLQRULQMXULHVWRWKHGHFHGHQWFRXOG
KDYHFDXVHGKLPWREOHHGGXHWRDEORRGFORWWLQJGLVRUGHUWKH
HYLGHQFHHVWDEOLVKHVWKHLQMXULHVZHUHIDUPRUHWKDQPLQRU
,Q DGGLWLRQ WR WKH HYLGHQFH FLWHG E\ WKH PDJLVWUDWH MXGJH
*HUDOG*UHJRU\VXIIHUHGIURPDQLQWHUFUDQLDOKHPRUUKDJHDQG
DGHFHOHUDWLYHKHDGLQMXU\+LVH\HVZHUHVZROOHQDQGKLVOLSV
ZHUH μEXVWHG¶ DQG WKHUH ZDV GULHG EORRG RQ KLV IDFH
(YLGHQFH DGGXFHG DW WULDO VKRZV WKDW DIWHU WKH EHDWLQJ E\
,QPDWH(OOLV0U*UHJRU\OD\LQKLVFHOOIRUPRUHWKDQWHQ
KRXUV EHIRUH 2IILFHU +DUG\ GLVFRYHUHG KLP $QG 0U
*UHJRU\ ZDV FRQVFLRXV QRW RQO\ ZKHQ 2IILFHU +DUG\
GLVFRYHUHGKLPEXWDOVRGXULQJWKHILUVWSK\VLFDOH[DPLQDWLRQ
DWWKHPHGLFDOFHQWHU,QGHHGWKHHYLGHQFHVKRZVWKDW0U
*UHJRU\HQGXUHGDQH[WHQGHGSHULRGRIFRQVFLRXVSDLQDQG
VXIIHULQJEHIRUHUHFHLYLQJPHGLFDOWUHDWPHQWDQGEHIRUHKH
VXFFXPEHG WR WKH YLFLRXV EHDWLQJ $GGLWLRQDOO\ WKHUH LV
HYLGHQFH WKDW WKH MXU\ FRXOG EHOLHYH WKDW 0U *UHJRU\ ZDV
UDSHGGXULQJWKLVEUXWDODQGIDWDODVVDXOW
,W LV GLIILFXOW WR GLVSXWH WKDW WKH FRPSHQVDWRU\ GDPDJH
DZDUGLVODUJHLWLVQRWKRZHYHUH[FHVVLYH,QOLJKWRIWKH
HJUHJLRXV FLUFXPVWDQFHV LOOXVWUDWHG DERYH ZH EHOLHYH
VXIILFLHQWSURRIZDVSUHVHQWHGDWWULDOIRUWKHMXU\WRPDNHWKLV
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

$W WKH WLPH RI WULDO 2IILFHU &DVK KDG EHHQ DVVLJQHG WR LQWHUQDO
DIIDLUV LQ WKH 6KHULII¶V 2IILFH IRU DSSUR[LPDWHO\ WKUHH \HDUV
LQYHVWLJDWHG0U*UHJRU\¶VGHDWKDQGIRXQGQRYLRODWLRQRI
WKHSROLF\RUSURFHGXUHE\WKH6KHULII¶VRIILFH
$SSHOODQWIXUWKHUFRQWHQGV6KHOE\&RXQW\¶VOLDELOLW\VKRXOG
KDYHJRQHWRWKHMXU\EHFDXVHKLVSHQGHQWVWDWHODZFODLP
XQGHU 7HQQHVVHH &RGH $QQRWDWHG † DOORZV IRU
OLDELOLW\XQGHUDWKHRU\RIUHVSRQGHDWVXSHULRU
5XOH H RI WKH )HGHUDO 5XOHV RI &LYLO 3URFHGXUH
SURYLGHV³>D@IWHUDQ\FRQIHUHQFHKHOGSXUVXDQWWRWKLVUXOHDQ
RUGHUVKDOOEHHQWHUHGUHFLWLQJWKHDFWLRQWDNHQ7KLVRUGHU
VKDOO FRQWURO WKH VXEVHTXHQW FRXUVH RI WKH DFWLRQ XQOHVV
PRGLILHGE\DVXEVHTXHQWRUGHU7KHRUGHUIROORZLQJDILQDO
SUHWULDOFRQIHUHQFHVKDOOEHPRGLILHGRQO\WRSUHYHQWPDQLIHVW
LQMXVWLFH´)HG5&LY3 H 7KLV&LUFXLWKDVKHOGWKDWD
SDUW\¶VIDLOXUHWRDGYDQFHDWKHRU\RIUHFRYHU\LQDSUHWULDO
VWDWHPHQW FRQVWLWXWHV ZDLYHU RI WKDW WKHRU\ 2OVHQ Y
$PHULFDQ6WHDPVKLS&R)G WK&LU FLWLQJ
0F.LQQH\Y*DOYLQ)GQ WK&LU
+HUHDOOSDUWLHVVLJQHGDMRLQWSUHWULDORUGHUVWDWLQJWKDWWKLV
ZDV D † DFWLRQ DQG QR PHQWLRQ RI WKH VSHFLILF
7HQQHVVHH FRGH VHFWLRQ LV PDGH LQ WKH SUHWULDO RUGHU
$SSHOODQWUDLVHGWKLVLVVXHLQKLVPRWLRQIRUQHZWULDO,QWKH
RUGHUGHQ\LQJWKHPRWLRQWKHPDJLVWUDWHMXGJHDFNQRZOHGJHG
WKDW WKH † ZDV PHQWLRQHG LQ WKH &RPSODLQW EXW
GHWHUPLQHG LW ZDV QRW LQFOXGHG LQ WKH SUHWULDO RUGHU DQG
SODLQWLIIGLGQRWVHHNWRPRGLI\WKHSUHWULDORUGHUWRLQFOXGH
VXFKDFODLP$VSODLQWLIIIDLOHGWRHQVXUHWKDWWKHFODLPXQGHU
†ZDVSDUWRIWKHSUHWULDORUGHUZHEHOLHYHWKHGLVWULFW
FRXUWZDVHQWLWOHGWRFRQFOXGHWKDWSODLQWLIIZDLYHGWKDWWKHRU\
DQG ZDV SXUVXLQJ UHOLHI RQO\ XQGHU † DQG WKH VWDWH
ZURQJIXOGHDWKFODLP

-- 13 of 14 --

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO
1RV

5(0,77,785
)ROORZLQJ WKH MXU\ YHUGLFW 'HIHQGDQWV 6KHDULQ DQG (OOLV
VRXJKW D QHZ WULDO RU LQ WKH DOWHUQDWLYH UHPLWWLWXU RQ WKH
JURXQGVWKDWWKHFRPSHQVDWRU\GDPDJHVDZDUGHGWRSODLQWLII
ZHUHH[FHVVLYHDQGQRWVXSSRUWHGE\WKHIDFWV'HIHQGDQW
6KHDULQFODLPVDOVRWKDWWKHSXQLWLYHGDPDJHDZDUGRI
PLOOLRQDVVHVVHGDJDLQVWKLPZDVH[FHVVLYH7KHWULDOFRXUW
JUDQWHGWKHUHTXHVWIRUUHPLWWLWXUDVWRERWK'HIHQGDQWVRQWKH
FRPSHQVDWRU\GDPDJHVDQGJUDQWHGWKHUHTXHVWDVWR2IILFHU
6KHDULQRQWKHSXQLWLYHGDPDJHV
,QWKHDEVHQFHRIXQGXHSDVVLRQDQGSUHMXGLFHRQWKHSDUW
RI WKH MXU\ ZH UHYLHZ IRU DEXVH RI GLVFUHWLRQ WKH GLVWULFW
FRXUW VGHFLVLRQRQWKHLVVXHRIUHPLWWLWXU6NDONDY)HUQDOG
(QYWO5HVWRUDWLRQ0DQDJHPHQW&RUS)G
WK&LU FLWLQJ5RXVKY.)&1DW O0QJPQW&R
)G WK&LU
7KLV&LUFXLWKDVGHWHUPLQHGDMXU\YHUGLFWVKRXOGQRWEH
UHPLWWHG E\ D FRXUW XQOHVV LW LV EH\RQG WKH PD[LPXP
GDPDJHV WKDW WKH MXU\ UHDVRQDEO\ FRXOG ILQG WR EH
FRPSHQVDWRU\ IRU D SDUW\ V ORVV -DFNVRQ Y &LW\ RI
&RRNHYLOOH)G WK&LU FLWLQJ)DUEHU
Y0DVVLOORQ%GRI(GXF)G WK&LU
6HH DOVR ,Q UH /HZLV )G WK &LU
TXRWLQJ 0DQQLQJ Y $OWHF ,QF )G WK
&LU $VZHKDYHKHOGDQDZDUGPXVWVWDQGXQOHVVLW
LV EH\RQG WKH UDQJH VXSSRUWDEOH E\ SURRI RU VR
H[FHVVLYHDVWRVKRFNWKHFRQVFLHQFHRU WKHUHVXOWRID
PLVWDNH%LFNHOY.RUHDQ$LU/LQQHV&R/WG)G
WK &LU FLWLQJ /HLOD +RVS +HDOWK &WU Y
;RQLFV0HGLFDO6\V)G WK&LU
$WULDOFRXUWLVZLWKLQLWVGLVFUHWLRQLQUHPLWWLQJDYHUGLFW
RQO\ ZKHQ DIWHU UHYLHZLQJ DOO HYLGHQFH LQ WKH OLJKW PRVW
IDYRUDEOHWRWKHDZDUGHHLWLVFRQYLQFHGWKDWWKHYHUGLFWLV
FOHDUO\H[FHVVLYHUHVXOWHGIURPSDVVLRQELDVRUSUHMXGLFHRU
1RV

*UHJRU\Y6KHOE\&RXQW\
7HQQHVVHHHWDO

LV VR H[FHVVLYH RU LQDGHTXDWH DV WR VKRFN WKH MXGLFLDO
FRQVFLHQFHRIWKHFRXUW)DUEHU)G
:HEHJLQZLWKWKHPDJLVWUDWHMXGJH¶VGHFLVLRQWRJUDQWWKH
UHTXHVWIRUUHPLWWLWXURQWKHZDUGRIFRPSHQVDWRU\GDPDJHV
2Q WKLV LVVXH WKH PDJLVWUDWH MXGJH PDGH WR IROORZLQJ
GHWHUPLQDWLRQ
7KHWHVWLPRQ\DGGXFHGDWWULDOHVWDEOLVKHGWKDW*HUDOG
*UHJRU\VXIIHUHGDQDEUDVLRQRYHUKLVOHIWH\HDKHDG
LQMXU\UHVXOWLQJLQLQWHUQDOEOHHGLQJDQGVFUDSHVRQKLV
DUPDQGHOERZ$OWKRXJKLWZDVDOOHJHGWKDW(OOLVUDSHG
WKHGHFHGHQWWKHSK\VLFLDQZKRSHUIRUPHGWKHDXWRSV\
WHVWLILHGWKDW*UHJRU\FRXOGKDYHEHHQUDSHGEXWWKHUH
ZDV QR SK\VLFDO HYLGHQFH WKHUHRI 0LFNH\ *UHJRU\
WHVWLILHGKHYLVLWHGKLVEURWKHULQWKHLQWHQVLYHFDUHXQLWRI
WKH8QLYHUVLW\RI7HQQHVVHH0HGLFDO&HQWHUIROORZLQJ
WKHDOOHJHGEHDWLQJ+HZDVDWWDFKHGWRQXPHURXVWXEHV
DSSHDUHG WR EH XQFRQVFLRXV DQG VXIIHUHG IURP IDFLDO
VZHOOLQJ3ODLQWLIIIXUWKHUUHODWHGWKDWμEORRGZDVPL[HG
ZLWK>*UHJRU\¶V@WHDUV¶+HOLYHGIRUWKUHHGD\VEHIRUH
VXFFXPELQJ WR KLV LQMXULHV 3ODLQWLII SUHVHQWHG QR
HYLGHQFHDWWULDOFRQFHUQLQJPHGLFDORUIXQHUDOH[SHQVHV
9LHZLQJ WKH HYLGHQFH SUHVHQWHG LQ WKH OLJKW PRVW
IDYRUDEOHWRSODLQWLIIWKHFRXUWILQGVWKHMXU\¶VDZDUGRI
LQ FRPSHQVDWRU\ GDPDJHV FOHDUO\ H[FHVVLYH
7KHUH ZDV VLPSO\ QR HYLGHQFH SUHVHQWHG DW WULDO IURP
ZKLFKWKHMXU\FRXOGKDYHUHDVRQDEO\DUULYHGDWVXFKD
ODUJHVXP$VLWDSSHDUVWRWKHFRXUWWKDWWKHYHUGLFWZDV
PRWLYDWHGE\SDVVLRQRUSUHMXGLFHUDWKHUWKDQDUHDVRQHG
DVVHVVPHQW RI WKH HYLGHQFH RI LQMXU\ LW ZLOO QRW EH
SHUPLWWHG WR VWDQG7KH FRPSHQVDWRU\ GDPDJHV WR EH
DZDUGHGWRSODLQWLIIVKDOOEHUHGXFHGWR
7KHPDJLVWUDWHMXGJHSURSHUO\GHWHUPLQHGWKDWQRHYLGHQFH
ZDVSUHVHQWHGFRQFHUQLQJPHGLFDODQGIXQHUDOH[SHQVHVIRU
0U *UHJRU\ DQG HFRQRPLF ORVV ZDV QRW DW LVVXH :H
FRQFOXGHDVZHPXVWWKDWWKHDZDUGRIGDPDJHVWKHUHIRUH
PXVWKDYHEHHQEDVHGXSRQ0U*UHJRU\¶VFRQVFLRXVSDLQDQG

-- 14 of 14 --

Continua la tua ricerca in ChatGPT o Claude

Collega Omnilex per cercare nel corpus legale dal tuo assistente IA.