01a0278p.06

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
1RV
7(11(66(( $662&,$7,21 2)
+($/7+ 0$,17(1$1&(
25*$1,=$7,216 ,1&HWDO
,QWHUYHQRUV$SSHOODQWV
Y
*$<1(// *5,(5HWDO
,QWHUYHQRUV
3ODLQWLIIV$SSHOOHHV
)5(',$ :$'/(<
&RPPLVVLRQHU7HQQHVVHH
'HSDUWPHQWRI+HDOWKHWDO
'HIHQGDQWV$SSHOOHHV
1R
7(11(66(( $662&,$7,21 2)
+($/7+ 0$,17(1$1&(
25*$1,=$7,216 ,1&HWDO
,QWHUYHQRUV$SSHOOHHV
*$<1(// *5,(5HWDO
,QWHUYHQRUV
3ODLQWLIIV$SSHOOHHV
;!

1RV

-- 1 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

)5(',$ :$'/(<
&RPPLVVLRQHU7HQQHVVHH
'HSDUWPHQWRI+HDOWKHWDO
'HIHQGDQWV$SSHOOHHV
Y
7+$$Q$VVRFLDWLRQRI
+RVSLWDOVDQG+HDOWK6\VWHPV
+263,7$/ $//,$1&( 2)
7(11(66(( 7(11(66((
3+$50$&,676 $662&,$7,21
,QWHUYHQRUV
'HIHQGDQWV$SSHOODQWV
1R
7(11(66(( $662&,$7,21 2)
+($/7+ 0$,17(1$1&(
25*$1,=$7,216 ,1&HWDO
,QWHUYHQRUV
7+$$Q$VVRFLDWLRQRI
+RVSLWDOVDQG+HDOWK6\VWHPV
+263,7$/ $//,$1&( 2)
7(11(66(( 7(11(66((
3+$50$&,676 $662&,$7,21
,QWHUYHQRUV$SSHOODQWV
Y
*$<1(// *5,(5HWDO
3ODLQWLIIV$SSHOOHHV

1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

9
)RUWKHUHDVRQVSURYLGHGDERYHZH5(0$1'WKLVFDVHWR
DOORZ WKH GLVWULFW FRXUW WR FRQGXFW D IDLUQHVV KHDULQJ LQ D
PDQQHUFRQVLVWHQWZLWKWKLVRSLQLRQ7KH5HYLVHG&RQVHQW
'HFUHHVKDOOUHPDLQLQHIIHFWZKLOHWKHGLVWULFWFRXUWFRQGXFWV
WKHIDLUQHVVKHDULQJ7KLVGLVSRVLWLRQUHQGHUVXQQHFHVVDU\DQ
H[DPLQDWLRQRILQWHUYHQRUV¶YDULRXVVXEVWDQWLYHFKDOOHQJHVWR
WKH5HYLVHG&RQVHQW'HFUHH

-- 2 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

IRUXPIRUDOOLQWHUHVWHGSDUWLHVWRFRPPHQWRQWKHSURSRVHG
GHFUHH´ +RZHYHUWKH6XSUHPH&RXUWDOVRZDUQHGWKDW
³>L@W KDV QHYHU EHHQ VXSSRVHG WKDW RQH SDUW\ZKHWKHU DQ
RULJLQDOSDUW\DSDUW\WKDWZDVMRLQHGODWHURUDQLQWHUYHQRU
FRXOGSUHFOXGHRWKHUSDUWLHVIURPVHWWOLQJWKHLURZQGLVSXWHV
DQGWKHUHE\ZLWKGUDZLQJIURPOLWLJDWLRQ>DQLQWHUYHQRU@
GRHV QRW KDYH WKH SRZHU WR EORFN WKH GHFUHH PHUHO\ E\
ZLWKKROGLQJ LWV FRQVHQW´ /RFDO 1R ,QW¶O $VV¶Q RI
)LUHILJKWHUVDW,QGHHGWKH6XSUHPH&RXUWLQ/RFDO
³GLGQRWFUHDWHDEURDGULJKWRILQWHUYHQRUVWRDTXDVLWULDO
EXW UDWKHU VLPSO\ UHTXLUHG D GLVWULFW FRXUW FRQGXFWLQJ D
IDLUQHVV KHDULQJ WR DOORZ D SDUW\ WR D SURSRVHG VHWWOHPHQW
DJUHHPHQW WR μSUHVHQW HYLGHQFH DQG KDYH LWV REMHFWLRQV
KHDUG¶´8QLWHG6WDWHVY&LW\RI+LDOHDK)G
Q WK&LU TXRWLQJ/RFDO1R,QW¶O$VV¶QRI
)LUHILJKWHUV86DW (GZDUGVY&LW\RI+RXVWRQ
)G WK&LU ³1HLWKHULQWHUYHQRUVQRU
REMHFWRUV DUH HQWLWOHG WR KROG FRQVHQW GHFUHHV KRVWDJH DQG
UHTXLUH D IXOOEORZQ WULDO LQ OLHX RI D IDLUQHVV KHDULQJ´
)XUWKHUPRUHWKHGLVWULFWFRXUWPD\OLPLWWKHIDLUQHVVKHDULQJ
³WRZKDWHYHULVQHFHVVDU\WRDLGLWLQUHDFKLQJDQLQIRUPHG
MXVW DQG UHDVRQHG GHFLVLRQ´ 8QLWHG 6WDWHV Y 2UHJRQ
)G WK&LU TXRWLQJ&RWWRQY+LQWRQ
)G WK&LU
,Q VXP DOWKRXJK LQWHUYHQRUV DUH HQWLWOHG WR D IDLUQHVV
KHDULQJRQUHPDQGZHUHMHFWLQWHUYHQRUV¶VXJJHVWLRQDWRUDO
DUJXPHQW WKDW WKH IDLUQHVV KHDULQJ PXVW HQWDLO WKH HQWLUH
SDQRSO\RISURWHFWLRQVDIIRUGHGE\DIXOOEORZQWULDORQWKH
PHULWV 7KH SULQFLSOHV DUWLFXODWHG DERYH EHOLH VXFK DQ
DSSURDFK7KHIDLUQHVVKHDULQJLVDIRUXPIRUWKHLQWHUYHQRUV
WRYRLFHWKHLUREMHFWLRQVKRZHYHUWKHGLVWULFWFRXUWKDVWKH
GLVFUHWLRQWROLPLWWKHIDLUQHVVKHDULQJDQGWKHFRQVLGHUDWLRQ
RIWKRVHREMHFWLRQVVRORQJDVVXFKOLPLWDWLRQVDUHFRQVLVWHQW
ZLWKWKHXOWLPDWHJRDORIGHWHUPLQLQJZKHWKHUWKHSURSRVHG
VHWWOHPHQWLVIDLUDGHTXDWHDQGUHDVRQDEOH
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

)5(',$ :$'/(<
&RPPLVVLRQHU7HQQHVVHH
'HSDUWPHQWRI+HDOWKHWDO
'HIHQGDQWV$SSHOOHHV

1
$SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH
1R²-RKQ71L[RQ'LVWULFW-XGJH
$UJXHG-XQH
'HFLGHGDQG)LOHG$XJXVW
%HIRUH-21(6'$8*+75(<DQG&2/(&LUFXLW
-XGJHV
BBBBBBBBBBBBBBBBB
&2816(/
$5*8(' *DU\ & 6KRFNOH\ %$.(5 '21(/621
%($50$1 &$/':(// 1DVKYLOOH 7HQQHVVHH IRU
7HQQHVVHH$VVRFLDWLRQRI+HDOWK0DLQWHQDQFH2UJDQL]DWLRQV
HWDO*RUGRQ%RQQ\PDQ7(11(66((-867,&(&(17(5
1DVKYLOOH 7HQQHVVHH 6XH $ 6KHOGRQ 2)),&( 2) 7+(
$77251(< *(1(5$/ *(1(5$/ &,9,/ ',9,6,21
1DVKYLOOH7HQQHVVHHIRU$SSHOOHHV21%5,()*DU\&
6KRFNOH\ -RKQ 6 +LFNV %$.(5 '21(/621
%($50$1 &$/':(// 1DVKYLOOH 7HQQHVVHH IRU
7HQQHVVHH$VVRFLDWLRQRI+HDOWK0DLQWHQDQFH2UJDQL]DWLRQV
HWDO*RUGRQ%RQQ\PDQ7(11(66((-867,&(&(17(5
1DVKYLOOH 7HQQHVVHH 6XH $ 6KHOGRQ 2)),&( 2) 7+(
$77251(< *(1(5$/ *(1(5$/ &,9,/ ',9,6,21
1DVKYLOOH 7HQQHVVHH /LQGD $ 5RVV $66,67$17
$77251(< *(1(5$/ 1DVKYLOOH 7HQQHVVHH IRU
$SSHOOHHV :LOOLDP % +XEEDUG :LOOLDP 0 %DUULFN
:((' +8%%$5' %(55< '28*+7< 1DVKYLOOH
7HQQHVVHHIRU7+$HWDO

-- 3 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

BBBBBBBBBBBBBBBBB
23,1,21
BBBBBBBBBBBBBBBBB
1$7+$1,(/ 5 -21(6 &LUFXLW -XGJH ,QWHUYHQRUV
$SSHOODQWV DSSHDO WKH GLVWULFW FRXUW¶V HQWU\ RI D UHYLVHG
FRQVHQWGHFUHHJRYHUQLQJWKHKHDULQJDQGDSSHDOSURFHGXUHV
LQ7HQQHVVHH¶V0HGLFDLGPDQDJHGFDUHSURJUDP7KHSDUWLHV
WR WKH FRQVHQW GHFUHH ZHUH WKH SODLQWLIIV WKH UHFLSLHQWV RI
0HGLFDLG LQ 7HQQHVVHH DQG WKH GHIHQGDQWV LQFOXGLQJ WKH
6WDWHRI7HQQHVVHH$SSHOODQWVFRQWHQGWKDWVLQFHWKH\ZHUH
QRWSDUWLHVWRWKHFRQVHQWGHFUHHWKH\FDQQRWEHERXQGE\LW
XQGHUWKH'XH3URFHVV&ODXVHRIWKH)RXUWHHQWK$PHQGPHQW
$SSHOODQWVDOVRDUJXHWKDWWKHGLVWULFWFRXUWIDLOHGWRFRQGXFW
D IDLUQHVV KHDULQJ WR GHWHUPLQH WKH UHDVRQDEOHQHVV RI WKH
FRQVHQWGHFUHH)LQDOO\$SSHOODQWVUDLVHVHYHUDOVXEVWDQWLYH
REMHFWLRQVWRWKHFRQVHQWGHFUHH)RUWKHUHDVRQVSURYLGHG
EHORZZH5(0$1'WKLVFDVHWRDOORZWKHGLVWULFWFRXUWWR
FRQGXFWDIDLUQHVVKHDULQJ
,
7KLVFDVHEHJDQLQDVD86&†FODVVDFWLRQ
ODZVXLW7KHRULJLQDOSODLQWLIIVZKRZHUHSUHVHQWDQGIXWXUH
0HGLFDLG UHFLSLHQWV DOOHJHG WKDW 7HQQHVVHH¶V 0HGLFDLG
SURJUDPYLRODWHGUHTXLUHPHQWVRIERWKWKH0HGLFDLG$FW
86&†HWVHTDQGWKH'XH3URFHVV&ODXVHRIWKH
)RXUWHHQWK $PHQGPHQW 3ODLQWLIIV DUJXHG WKDW GHIHQGDQWV
IDLOHGWRSURYLGHWKHPZLWKDGHTXDWHQRWLFHDQGSURFHGXUDO
SURWHFWLRQXSRQGHQLDORIFODLPVVXEPLWWHGE\WKHLU0HGLFDLG
SURYLGHUV
,Q6HSWHPEHUWKHGLVWULFWFRXUWDSSURYHGD6HFRQG
&RQVHQW'HFUHHZKLFKWKHSDUWLHVKDGQHJRWLDWHGWRUHVROYH
WKHLU GLVSXWHV 7KH 6HFRQG &RQVHQW 'HFUHH UHTXLUHG
GHIHQGDQWVWRJLYH0HGLFDLGUHFLSLHQWVZULWWHQQRWLFHXSRQ
GHQLDO RI HLWKHU WKHLU UHTXHVWV IRU PHGLFDO DVVLVWDQFH SUH
DXWKRUL]DWLRQRUWKHLUSURYLGHUV¶FODLPVIRUUHLPEXUVHPHQW
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

3ODLQWLIIV DOVR FRQWHQG WKDW WKH SURFHGXUHV RXWOLQHG LQ :LOOLDPV RQO\
DSSO\ LQ 7LWOH 9,, FDVHV RU DOWHUQDWLYHO\ WR FDVHV LQYROYLQJ GLVFULPLQDWLRQ
DQG QRQPLQRULW\ LQWHUHVWV 3ODLQWLIIV¶ DUJXPHQW LV ZLWKRXW PHULW IRU
VHYHUDO UHDVRQV )LUVW SODLQWLIIV RYHUORRN WKH IDFW WKDW :LOOLDPV OLNH WKH
FDVH DW EDU ZDV D 6HFWLRQ FDVH QRW D 7LWOH 9,, FDVH 6HFRQG
SODLQWLIIV¶ DVVXPSWLRQ WKDW :LOOLDPV RQO\ DSSOLHV WR FDVHV LQYROYLQJ
GLVFULPLQDWLRQ LV FRQWUDGLFWHG E\ 6L[WK &LUFXLW FDVHODZ ZKLFK KDV
FRQVLVWHQWO\ DSSOLHG :LOOLDPV WR D EURDG UDQJH RI FDVHV 6HH $OYDUDGR Y
/LQVH\ 1R :/ WK &LU $XJ
DSSO\LQJ :LOOLDPV¶ IDLUQHVV KHDULQJ UHTXLUHPHQW LQ WKH FRQWH[W RI 6HFWLRQ
FODVV DFWLRQ LQYROYLQJ LQYHUVH FRQGHPQDWLRQ DQG GXH SURFHVV FODLPV
DJDLQVW WKH $LUSRUW $XWKRULW\ DQG &LW\ RI 0HPSKLV IRU QRLVH SROOXWLRQ
XQSXEOLVKHG 3HRSOH )LUVW RI 7HQQHVVHH Y $UOLQJWRQ 'HYHORSPHQWDO
&HQWHU 1R :/ WK &LU 0D\ FLWLQJ
:LOOLDPV¶ IDLUQHVV KHDULQJ UHTXLUHPHQW LQ WKH FRQWH[W RI 6HFWLRQ
FODVV DFWLRQ ZKHUH SODLQWLIIV FODLPHG WKDW WKH\ ZHUH EHLQJ GHSULYHG RI
EDVLF FDUH DQG PHGLFDO WUHDWPHQW LQ YLRODWLRQ RI VXEVWDQWLYH GXH SURFHVV
FRPSRQHQW RI )RXUWHHQWK $PHQGPHQW XQSXEOLVKHG :HEVWHU Y
6RZGHUV 1R :/ WK &LU 0DU
DSSO\LQJ :LOOLDPV¶ IDLUQHVV KHDULQJ UHTXLUHPHQW LQ WKH FRQWH[W RI FODVV
DFWLRQ LQYROYLQJ FODLPV E\ .HQWXFN\ SULVRQHUV WKDW WKH SUHVHQFH RI
DVEHVWRV LQ SULVRQ GRUPLWRULHV FRQVWLWXWHG FUXHO DQG XQXVXDO SXQLVKPHQW
DQG GHSULYHG WKH SODLQWLIIV RI OLEHUW\ ZLWKRXW GXH SURFHVV RI ODZ
XQSXEOLVKHG
LQWHUYHQRUV¶QRWLFHVRIDSSHDOWREHILOHGDVRIWKHGDWHRQ
ZKLFKWKH\KDGILOHGWKHLUPRWLRQWRLQWHUYHQH,QIDFWLWZDV
WKH SODLQWLIIV ZKR ILOHG D PRWLRQ WR UHFRQVLGHU DVNLQJ WKH
FRXUWWRKROGDKHDULQJRQWKHLQWHUYHQRUV¶PRWLRQWRPRGLI\
RU VHW DVLGH WKH 5HYLVHG &RQVHQW 'HFUHH ZKLFK WKH FRXUW
DSSDUHQWO\QHYHUDFWHGXSRQ7KHLQWHUYHQRUVGLGKDYHDQ
RSSRUWXQLW\WRUDLVHWKHLUREMHFWLRQVWRSODLQWLIIV¶PRWLRQWR
PRGLI\ WKH 5HYLVHG &RQVHQW 'HFUHH KRZHYHU WKH UHFRUG
VTXDUHO\LQGLFDWHVWKDWWKH\ZHUHQHYHUSURYLGHGDIRUXPWR
SUHVHQWWKHLUDUJXPHQWVDVWRZK\WKHFRQVHQWGHFUHHVKRXOG
EHVHWDVLGH
7KH6XSUHPH&RXUWKDVKHOGWKDW³DQLQWHUYHQRULVHQWLWOHG
WR SUHVHQW HYLGHQFH DQG KDYH LWV REMHFWLRQV KHDUG DW >D@
KHDULQJ>@RQZKHWKHUWRDSSURYHDFRQVHQWGHFUHH´/RFDO1R
,QW¶O $VV¶Q RI )LUHILJKWHUV 86 DW VHH DOVR
:LOOOLDPV)GDW ³7KHUHDVRQDEOHQHVVKHDULQJLVD

-- 4 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

WRWKRVHDIIHFWHGDGHTXDWHDQGUHDVRQDEOH)G
WK&LU
)LUVWLQWHUYHQRUVDUJXHWKDWHQWU\RIWKHFRQVHQWGHFUHHZDV
HUURUEHFDXVHWKHGLVWULFWFRXUWIDLOHGWRJLYH³QRWLFHRIWKH
SURSRVHGFRPSURPLVHWRDOOPHPEHUVRIWKHFODVV´DVUHTXLUHG
E\)HG5&LY3 H +RZHYHULQWHUYHQRUVODFNVWDQGLQJ
WRDVVHUWWKLVFODLPXQGHU5XOH H )HG5&LY3 H
UHTXLUHVWKDW³QRWLFHRIWKHSURSRVHGGLVPLVVDORUFRPSURPLVH
VKDOOEHJLYHQWRDOOPHPEHUVRIWKHFODVVLQVXFKDPDQQHU
DVWKHFRXUWGLUHFWV´7KHSODLQODQJXDJHRIWKH5XOH H
FOHDUO\FRQWHPSODWHVDOORZLQJRQO\FODVVPHPEHUVWRREMHFW
WRDODFNRIQRWLFH6HH*RXOGY$OOHFR,QF)G
WK &LU 7KXV XQGHU 5XOH H QRQFODVV
PHPEHUVKDYHQRVWDQGLQJWRREMHFWWRDODFNRIQRWLFH,G
6LQFHWKHLQWHUYHQRUVDUHQRQFODVVPHPEHUVWKH\KDYHQR
VWDQGLQJWRREMHFWWRWKHDOOHJHGODFNRIQRWLFHJLYHQWRFODVV
PHPEHUVSXUVXDQWWR5XOH H
1H[WLQWHUYHQRUVDUJXHWKDWWKHGLVWULFWFRXUW¶VIDLOXUHWR
FRQGXFWDIDLUQHVVKHDULQJDVUHTXLUHGE\WKH6L[WK&LUFXLW¶V
GHFLVLRQ LQ :LOOLDPV )G DW ZDV DQ DEXVH RI
GLVFUHWLRQ6SHFLILFDOO\LQWHUYHQRUVFRQWHQGWKDWWKH\ZHUH
GHQLHGWKHRSSRUWXQLW\WRREMHFWWRYDULRXVSURYLVLRQVRIWKH
5HYLVHG&RQVHQW'HFUHH
7KHUHFRUGUHIOHFWVWKDWWKHGLVWULFWFRXUWIDLOHGWRFRQGXFW
DKHDULQJWRGHWHUPLQHWKHIDLUQHVVRIWKHFRQVHQWGHFUHHWR
WKRVH DIIHFWHG ,QGHHG SODLQWLIIV FRQFHGH WKDW WKH ³WKH
SURFHHGLQJVEHORZZHUHQRWIRUPDOO\GHQRPLQDWHGDIDLUQHVV
KHDULQJDQGGLGQRWSXUSRUWWRIROORZWKHVHTXHQFHVXJJHVWHG
LQ:LOOLDPV´ 3ODLQWLIIV¶%UDW ,QVWHDGSODLQWLIIVDUJXH
WKDW LQWHUYHQRUV KDG DPSOH RSSRUWXQLW\ WR SUHVHQW WKHLU
DUJXPHQWVDVWRZK\WKHFRQVHQWGHFUHHVKRXOGEHVHWDVLGH
+RZHYHUWKHUHFRUGUHIXWHVSODLQWLIIV¶DUJXPHQW$OWKRXJK
WKHLQWHUYHQRUVLQFOXGHGLQWKHLUPRWLRQWRLQWHUYHQHDOHQJWK\
FULWLTXH RI WKH FRQVHQW GHFUHH WKH GLVWULFW FRXUW GLG QRW
DGGUHVVWKHLQWHUYHQRUV¶VXEVWDQWLYHDUJXPHQWVWRVHWDVLGHWKH
GHFUHH 5DWKHU WKH GLVWULFW FRXUW VLPSO\ RUGHUHG WKH
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

7KH VWDWH FRQWUDFWV ZLWK WKUHH W\SHV RI 0&&V 0DQDJHG FDUH
RUJDQL]DWLRQV ³0&2V´ YDULRXVO\ UHIHUUHG WR DV KHDOWK PDLQWHQDQFH
RUJDQL]DWLRQV ³+02V´ DGPLQLVWHU PHGLFDO EHQHILWV %HKDYLRUDO KHDOWK
RUJDQL]DWLRQV DGPLQLVWHU PHQWDO KHDOWK DQG DGGLFWLRQ WUHDWPHQW 3KDUPDF\
EHQHILWV PDQDJHUV ³3%0V´ DGPLQLVWHU SUHVFULSWLRQ GUXJ EHQHILWV $OO
WKUHH W\SHV RI HQWLWLHV DUH SUHSDLG IL[HG PRQWKO\ SUHPLXPV IRU WKH
EHQHILFLDULHV ZKR DUH DVVLJQHG WR WKHP E\ WKH VWDWH ,Q UHWXUQ WKH\
PDLQWDLQ QHWZRUNV RI KHDOWK FDUH SURYLGHUV DV VXEFRQWUDFWRUV WR WUHDW WKRVH
EHQHILFLDULHV 7KH 0&&V UHYLHZ DQG FRQWURO WKH HQUROOHHV¶ DFFHVV WR
7HQQ&DUH VHUYLFHV
,WDOVRUHTXLUHGGHIHQGDQWVWRSURYLGHUHFLSLHQWVXSRQUHTXHVW
ZLWKDGPLQLVWUDWLYHKHDULQJVWRUHYLHZVXFKGHQLDOV
,Q -DQXDU\ 7HQQHVVHH FRQYHUWHG LWV WUDGLWLRQDO
0HGLFDLGIHHIRUVHUYLFHSURJUDPWRDPDQDJHGFDUHPRGHO
DQG H[SDQGHG WKH VFRSH RI HOLJLELOLW\ 7KH QHZ SURJUDP
NQRZQ DV 7HQQ&DUH RSHUDWHV DV D VSHFLDO GHPRQVWUDWLRQ
SURMHFW DXWKRUL]HG E\ WKH 6HFUHWDU\ RI +HDOWK DQG +XPDQ
6HUYLFHV XQGHU WKH ZDLYHU DXWKRULW\ FRQIHUUHG RQ KLP E\
6HFWLRQRIWKH6RFLDO6HFXULW\$FW86&†
8QGHU 7HQQ&DUH WKH VWDWH QR ORQJHU GLUHFWO\ SXUFKDVHV
PHGLFDOVHUYLFHVIRUHOLJLEOHLQGLYLGXDOVDVLWGLGLQWKHIRUPHU
0HGLFDLG IHHIRUVHUYLFH SURJUDP ,QVWHDG 7HQQ&DUH
FRQWUDFWVZLWKSULYDWHPDQDJHGFDUHFRQWUDFWRUV ³0&&V´
ZKLFK FRQWURO EHQHILFLDULHV¶ DFFHVV WR FRYHUHG VHUYLFHV
)URP7HQQ&DUH¶VLQFHSWLRQWKH0&&VZHUHUHTXLUHGE\WKHLU
FRQWUDFWV WR FRPSO\ ZLWK IHGHUDO QRWLFH DQG KHDULQJ
UHTXLUHPHQWVRI&)5†6XESDUW(3XUVXDQWWRLWV
FRQWUDFWZLWKWKH6WDWHWKH0&&VDJUHHGWKDWWKHVWDWHFRXOG
³GHYHORS DGGLWLRQDO JULHYDQFH SURFHVV JXLGHOLQHV RU UXOHV
ZKLFK VKDOO EH IROORZHG E\ WKH >0&&@ LI 7HQQ&DUH
GHWHUPLQHV WKDW LW LV LQ WKH EHVW LQWHUHVW RI WKH 7HQQ&DUH
SURJUDPRULIQHFHVVDU\WRFRPSO\ZLWK IHGHUDORUMXGLFLDO
UHTXLUHPHQWV´ -$DW
,Q$SULOWKHFXUUHQWSODLQWLIIVZKRDUH7HQQ&DUH
HQUROOHHVILOHGDPRWLRQWRDPHQGWKH6HFRQG&RQVHQW'HFUHH
DOOHJLQJWKDWWKH7HQQ&DUHSURJUDPZDVEHLQJDGPLQLVWHUHG
LQDPDQQHULQFRQVLVWHQWZLWKWKH'HFUHH6SHFLILFDOO\WKH

-- 5 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

7KH GHIHQGDQWV VXEVHTXHQWO\ DSSHDOHG WR WKH 6L[WK &LUFXLW DQG DVNHG
RQO\ WKDW WKH &RXUW VWULNH WKH SRUWLRQ RI WKH WULDO FRXUW¶V UXOLQJ WKDW IRXQG
WKH 0&2V WR EH VWDWH DFWRUV 7KH 6L[WK &LUFXLW YDFDWHG WKH ³VWDWH DFWRU´
ILQGLQJ ZLWKRXW UHDFKLQJ WKH PHULWV UXOLQJ RQ WKH EDVLV WKDW WKH ILQGLQJ
ZDV XQQHFHVVDU\ WR WKH WULDO FRXUW¶V JUDQW RI UHOLHI 6HH 'DQLHOV Y 0HQNH
1R :/ DW WK &LU $SU
XQSXEOLVKHG RSLQLRQ
SODLQWLIIVDUJXHGWKDWDPRGLILFDWLRQZDVQHHGHGWR³SUHYHQW
WKH GHQLDO GHOD\ UHGXFWLRQ VXVSHQVLRQ RU WHUPLQDWLRQ RI
PHGLFDO DVVLVWDQFH RU RWKHU DGYHUVH DFWLRQ ZLWKRXW GXH
SURFHVVDQGDWLPHO\IDLUKHDULQJGHFLVLRQLQYLRODWLRQRI7LWOH
;,;RIWKH6RFLDO6HFXULW\$FW´ -$DW 'HIHQGDQWV
DFNQRZOHGJHG WKDW WKH 'HFUHH KDG WR EH PRGLILHG EXW
GLVDJUHHGZLWKSODLQWLIIV¶SURSRVHGPRGLILFDWLRQV
,Q 0D\ WKH GLVWULFW FRXUW KHOG WKDW WKH VWDWH¶V
7HQQ&DUHQRWLFHDQGKHDULQJSURFHGXUHVYLRODWHG0HGLFDLG
ODZDQGUHJXODWLRQVDVZHOODVWKH'XH3URFHVV&ODXVHRIWKH
)RXUWHHQWK$PHQGPHQW6HH'DQLHOVY:DGOH\)6XSS
0'7HQQ 7KHGLVWULFWFRXUWRUGHUHG
WKH GHIHQGDQWV WR VXEPLW SURSRVHG PRGLILFDWLRQV WR WKH
&RQVHQW'HFUHHZLWKLQGD\V,GDW,Q$XJXVW
WKHGLVWULFWFRXUWHQWHUHGDQDJUHHGRUGHULQZKLFKWKHSDUWLHV
QHJRWLDWHG WKH SROLFLHV DQG SURFHGXUHV WKURXJK ZKLFK WKH
IHGHUDO 0HGLFDLG GXH SURFHVV UHTXLUHPHQWV ZRXOG EH
LPSOHPHQWHG LQ WKH FRQWH[W RI WKH QHZ PDQDJHG FDUH
SURJUDP 7KDW DJUHHG RUGHU LQFRUSRUDWHG WKH WHUPV RI WKH
FRQVHQWGHFUHHZKLFKDSSOLHGWRWKH6WDWHGHIHQGDQWVDV
ZHOODVWRWKHLU³DJHQWVHPSOR\HHVDQGUHSUHVHQWDWLYHV´
-$DW
2Q0DUFKSODLQWLIIVILOHGD0RWLRQWR+ROG6WDWH
'HIHQGDQWVLQ&RQWHPSWIRUYLRODWLRQRIWKH6HFRQG&RQVHQW
'HFUHH DV PRGLILHG E\ WKH DJUHHG RUGHU 6L[ PRQWKV RI
LQWHQVLYHGLVFRYHU\HQVXHGFXOPLQDWLQJRQWKHHYHRIWULDO
ZLWKWKHGHIHQGDQWVUHTXHVWIRUDFRXUWVXSHUYLVHGVHWWOHPHQW
FRQIHUHQFH7KDWFRQIHUHQFHSURGXFHGWKH5HYLVHG&RQVHQW
'HFUHH*RYHUQLQJ7HQQ&DUH$SSHDOVZKLFKZDVDSSURYHG
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

DJHQWV VHUYDQWV HPSOR\HHV ´ )(' 5 &,9 3 G
HPSKDVLVDGGHG ³7KLVLVGHULYHGIURPWKHFRPPRQODZ
GRFWULQHWKDWDGHFUHHRILQMXQFWLRQQRWRQO\ELQGVWKHSDUWLHV
EXW DOVR WKRVH LGHQWLILHG ZLWK WKHP LQ μSULYLW\¶ ZLWK WKHP
UHSUHVHQWHGE\WKHPRUVXEMHFWWRWKHLUFRQWURO´6HH5HJDO
.QLWZHDU&RY1DWLRQDO/DERU5HODWLRQV%RDUG86
VHHDOVR+HQGHUVRQY)RUG6:G
7HQQ GHILQLQJDJHQF\DVWKHILGXFLDU\UHODWLRQVKLS
ZKLFKUHVXOWVIURPWKHPDQLIHVWDWLRQRIFRQVHQWE\RQHSHUVRQ
WRDQRWKHUWKDWWKHRWKHUVKDOODFWRQKLVEHKDOIDQGVXEMHFWWR
KLVFRQWURODQGFRQVHQWE\WKHRWKHUWRVRDFW ,QWKHFDVHDW
EDULWLVFOHDUWKDWWKHLQWHUYHQRUVDUHVXEMHFWWRWKHFRQWURORI
WKH6WDWHLQVRIDUDVWKH\DUHFRQWUDFWXUDOO\ERXQGWRIROORZ
ZKDWHYHUDSSHDOVDQGJULHYDQFHSURFHGXUHVWKH6WDWHGHHPV
DSSURSULDWH0RUHRYHUWKHLQWHUYHQRUVDUHDFWLQJRQEHKDOI
RIWKH6WDWHVLQFHWKH6WDWHE\VWDWXWHLVWKH³VLQJOH6WDWH
DJHQF\´ UHVSRQVLEOH IRU DGPLQLVWUDWLRQ RI WKH 7HQQ&DUH
SURJUDP 86& † D D $FFRUGLQJO\ WKH
LQWHUYHQRUV DUH DJHQWV RI WKH 6WDWH DQG DUH ERXQG E\ WKH
FRQVHQWGHFUHHWRZKLFKWKHVWDWHZDVDSDUW\
,QVXPWKHHQWU\RIWKH5HYLVHG&RQVHQW'HFUHHDJDLQVWWKH
LQWHUYHQRUVLVFRQVLVWHQWZLWKWKH'XH3URFHVV&ODXVHRIWKH
)RXUWHHQWK$PHQGPHQWDVZHOODV)HG5&LY3 G
,9
,QWHUYHQRUVUDLVHVHYHUDOREMHFWLRQVWRWKHPDQQHULQZKLFK
WKHGLVWULFWFRXUWDSSURYHGWKHFRQVHQWGHFUHH$FFRUGLQJWR
5XOH RI WKH )HGHUDO 5XOHV RI &LYLO 3URFHGXUH FRXUW
DSSURYDOLVUHTXLUHGWRVHWWOHDFODVVDFWLRQ)(' 5 &,9 3
H ,Q:LOOLDPVY9XNRYLFKWKH6L[WK&LUFXLWDUWLFXODWHG
WKHSURFHGXUHZKLFKFRXUWVPXVWIROORZLQRUGHUWRDSSURYH
D FODVV DFWLRQ VHWWOHPHQW WKH FRXUW PXVW SUHOLPLQDULO\
DSSURYH WKH SURSRVHG VHWWOHPHQW LH WKH FRXUW VKRXOG
GHWHUPLQHZKHWKHUWKHFRPSURPLVHHPERGLHGLQWKHGHFUHHLV
LOOHJDO RU WDLQWHG ZLWK FROOXVLRQ PHPEHUV RI WKH FODVV
PXVWEHJLYHQQRWLFHRIWKHSURSRVHGVHWWOHPHQWDQG D
KHDULQJPXVWEHKHOGWRGHWHUPLQHZKHWKHUWKHGHFUHHLVIDLU

-- 6 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

QRWSUHVHQWDVSDUWLHVWRWKHOLWLJDWLRQPD\EHERXQGE\WKH
MXGJPHQWZKHUHWKH\DUHLQIDFWDGHTXDWHO\UHSUHVHQWHGE\
SDUWLHVZKRDUHSUHVHQWRUZKHUHIRUDQ\RWKHUUHDVRQWKH
UHODWLRQVKLSEHWZHHQWKHSDUWLHVSUHVHQWDQGWKRVHZKRDUH
DEVHQW LV VXFK DV OHJDOO\ WR HQWLWOH WKH IRUPHU WR VWDQG LQ
MXGJPHQWIRUWKHODWWHU´86DW HPSKDVLVDGGHG
,QGHHGWKHUHODWLRQVKLSRIDQRQSDUW\WRWKRVHSDUWLFLSDWLQJLQ
WKHOLWLJDWLRQFDQUHVXOWLQWKHQRQSDUW\EHLQJERXQGE\WKH
UHVXOWRIWKHOLWLJDWLRQ6HH7RXUDQJHDXY8QLUR\DO,QF
)G G&LU 6SHFLILFDOO\³>D@SHUVRQ
ZKRDJUHHVWREHERXQGE\WKHGHWHUPLQDWLRQRILVVXHVLQDQ
DFWLRQEHWZHHQRWKHUVLVERXQGLQDFFRUGDQFHZLWKWKHWHUPV
RI KLV DJUHHPHQW´ ,G DW TXRWLQJ 5(67$7(0(17
6(&21' 2) -8'*0(176 † VHH DOVR /RFDO
1XPEHU ,QW¶O $VV¶Q RI )LUHILJKWHUV 86 DW
KROGLQJWKDWDSDUW\PD\QRWLPSRVHGXWLHVRUREOLJDWLRQVRQ
DWKLUGSDUW\ZLWKRXWWKDWSDUW\¶VDJUHHPHQW
$SSO\LQJWKHVHSULQFLSOHVWRWKHFDVHDWEDULWLVFOHDUWKDW
WKH LQWHUYHQRUV WKURXJK WKHLU FRQWUDFW ZLWK WKH 6WDWH RI
7HQQHVVHH DJUHHG WR EH ERXQG E\ WKH 5HYLVHG &RQVHQW
'HFUHH*RYHUQLQJ7HQQ&DUH$SSHDOV6HFWLRQ D RI
WKH &RQWUDFWRU 5LVN $JUHHPHQW EHWZHHQ WKH 6WDWH DQG DOO
SDUWLFLSDWLQJ +02V SURYLGHV WKDW ³7(11&$5( PD\
GHYHORSDGGLWLRQDODSSHDOSURFHVVJXLGHOLQHVRUUXOHVZKLFK
VKDOO EH IROORZHG E\ WKH &217$&725 LI 7(11&$5(
GHWHUPLQHV WKDW LW LV LQ WKH EHVW LQWHUHVW RI WKH 7HQQFDUH
3URJUDPRULIQHFHVVDU\WRFRPSO\ZLWKIHGHUDORUMXGLFLDO
UHTXLUHPHQWV´ -$ DW HPSKDVLV DGGHG
)XUWKHUPRUHWKH&RQWUDFWRU5LVN$JUHHPHQWSURYLGHVWKDWWKH
SURYLGHUV PXVW DOVR FRPSO\ ZLWK WKH JULHYDQFH SURFHVV
7KXVLQWHUYHQRUVDUHERXQGE\WKHDGGLWLRQDODSSHDOSURFHVV
DQGJULHYDQFHJXLGHOLQHVFRQWDLQHGLQWKH5HYLVHG&RQVHQW
'HFUHHE\YLUWXHRIWKHLUFRQWUDFWXUDOREOLJDWLRQVWRWKH6WDWH
7KH HQWU\ RI WKH 5HYLVHG &RQVHQW 'HFUHH DJDLQVW WKH
LQWHUYHQRUVLVDOVRFRQVLVWHQWZLWK)HG5&LY3 G 5XOH
G SURYLGHVWKDW³>H@YHU\RUGHUJUDQWLQJDQLQMXQFWLRQ
LVELQGLQJRQO\XSRQWKHSDUWLHVWRWKHDFWLRQWKHLURIILFHUV
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

E\WKHFRXUWDQGHQWHUHGRQ2FWREHU6HFWLRQ$RI
WKHGHFUHHSURYLGHGWKDW
7KLVRUGHUDQGSUHYLRXVRUGHUVLQFRUSRUDWHGE\UHIHUHQFH
VKDOO DSSO\ IXOO\ WR WKH VWDWH GHIHQGDQWV WKHLU DJHQWV
VHUYDQWVHPSOR\HHVDQGDWWRUQH\VDQGWKRVHSHUVRQVLQ
DFWLYHFRQFHUWRUSDUWLFLSDWLRQZLWKWKHPLQFOXGLQJDQ\
SULYDWHRUSXEOLFHQWLW\WKDWDGPLQLVWHUV0HGLFDLGIXQGHG
KHDOWKEHQHILWV7KHVHRUGHUVVKDOODSSO\VSHFLILFDOO\EXW
QRWOLPLWHGWRWKHVWDWHGHIHQGDQWVDQGWKHLUPDQDJHG
FDUHFRQWUDFWRUV 0&&
-$DW 7KH GHFUHH HQMRLQHGWKHGHIHQGDQWVWR
DGHTXDWHO\ SURWHFW WKH GXH SURFHVV ULJKWV RI SODLQWLII FODVV
PHPEHUVLQWKHFRQWH[WRIPDQDJHGFDUHE\FRPSO\LQJZLWK
SURYLVLRQV RI WKH GHFUHH ZKLFK H[SDQGHG WKH SURWHFWLRQV
DIIRUGHGE\&)5†6XESDUW(
2Q 1RYHPEHU VL[ 7HQQ&DUH 0&2V DQG WKHLU
WUDGH DVVRFLDWLRQ WKH 7HQQHVVHH $VVRFLDWLRQ RI +HDOWK
0DLQWHQDQFH2UJDQL]DWLRQV ³0&2,QWHUYHQRUV´ PRYHGWR
LQWHUYHQHIRUWKHSXUSRVHRIFKDOOHQJLQJWKH5HYLVHG&RQVHQW
'HFUHH 2Q 1RYHPEHU WKUHH RWKHU WUDGH
DVVRFLDWLRQV ³3URYLGHU,QWHUYHQRUV´ ILOHGDMRLQWPRWLRQWR
LQWHUYHQHRQEHKDOIRIKRVSLWDOVDQGSKDUPDFLVWV%RWK0&2
,QWHUYHQRUVDQG3URYLGHU,QWHUYHQRUVILOHGPRWLRQVIRUUHOLHI
IURPWKH5HYLVHG&RQVHQW 'HFUHHDUJXLQJWKDWWKHGHFUHH
LQDSSURSULDWHO\ UHOLHV RQ WKH KHDULQJ ULJKWV VHW IRUWK LQ
&)5†6XESDUW($IILGDYLWWHVWLPRQ\ILOHGLQVXSSRUW
RIWKHLQWHUYHQRUV¶PRWLRQVFRPSODLQHGWKDWWKHHIIHFWRIWKH
GHFUHH ZDV WR LPSRVH QHZ UHTXLUHPHQWV WKDW WKH\ SURYLGH
QRWLFHDQGVHUYLFHVSHQGLQJDSSHDO
2Q )HEUXDU\ WKH GLVWULFW FRXUW JUDQWHG
LQWHUYHQRUV¶ PRWLRQV WR LQWHUYHQH 7KH FRXUW QRWHG WKDW
³>G@HIHQGDQWVDQG>S@ODLQWLIIVLQWKLVFDVHUHEXIIHG>S@URSRVHG
>L@QWHUYHQRUV¶DWWHPSWVWREHSUHVHQWZKHQWKHWHUPVRIWKH
5HYLVHG&RQVHQW'HFUHHZHUHQHJRWLDWHGDQGGUDIWHG´DQG
WKDW WKH H[LVWLQJ SDUWLHV ZRXOG QRW EH SUHMXGLFHG E\

-- 7 of 8 --

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO
1RV

LQWHUYHQWLRQ -$DW 7KHGLVWULFWFRXUWDOVRIRXQGWKDW
WKH LQWHUYHQRUV¶ DELOLW\ WR SURWHFW WKHLU LQWHUHVWV ZRXOG EH
LPSDLUHGLIWKH\ZHUHQRWDOORZHGWRLQWHUYHQHEHFDXVHWKH
GHQLDORILQWHUYHQWLRQZRXOGSUHFOXGHDOODSSHOODWHUHYLHZRI
WKH 5HYLVHG &RQVHQW 'HFUHH 7KH GLVWULFW FRXUW GLG QRW
DGGUHVVWKHLQWHUYHQRUV¶VXEVWDQWLYHDUJXPHQWVWRVHWDVLGHWKH
FRQVHQW GHFUHH 5DWKHU WKH FRXUW RUGHUHG WKH LQWHUYHQRUV¶
QRWLFHVRIDSSHDOEHILOHGQXQFSURWXQFDVRIWKHGDWHVRQ
ZKLFKWKH\KDGILOHGWKHLUPRWLRQVWRLQWHUYHQH
2Q0DUFKSODLQWLIIVILOHGD0RWLRQWR5HFRQVLGHU
IRUWKH3XUSRVHRI$IIRUGLQJWKH3DUWLHVDQ2SSRUWXQLW\WR
6XSSOHPHQWWKH5HFRUG3ODLQWLIIVUHTXHVWHGWKDWLQVWHDGRI
LPPHGLDWHO\RUGHULQJWKHLQWHUYHQRUVWRSURFHHGZLWKWKHLU
DSSHDOV WKH GLVWULFW FRXUW VKRXOG KROG D KHDULQJ RQ WKH
LQWHUHYHQRUV¶ PRWLRQ WR PRGLI\ RU VHW DVLGH WKH 5HYLVHG
&RQVHQW'HFUHH*RYHUQLQJ7HQQ&DUH$SSHDOV2Q0DUFK
SODLQWLIIDOVRILOHGD0RWLRQIRU5HOLHIIURP-XGJPHQW
SXUVXDQWWR)HG5&LY3WRPRGLI\WKH5HYLVHG&RQVHQW
'HFUHH6SHFLILFDOO\WKHSODLQWLIIVUHTXHVWHGWKDWWKHFRXUW
PDNHFHUWDLQFKDQJHVQHFHVVDU\WRFRUUHFWWHFKQLFDOHUURUVDQG
WRFODULI\WHUPV
2Q0DUFKWKHGLVWULFWFRXUWDIWHUDKHDULQJRQ
SODLQWLIIV¶ 0RWLRQ IRU 5HOLHI IURP -XGJPHQW RUGHUHG WKH
LQWHUYHQRUVWRUHVSRQGWRSODLQWLIIV¶UHYLVLRQVWRWKH5HYLVHG
&RQVHQW'HFUHHZLWKLQEXVLQHVVGD\V2Q$SULO
LQWHUYHQRUVILOHGWKHLUUHVSRQVHWRSODLQWLIIV¶0RWLRQIRU5HOLHI
IURP-XGJPHQWREMHFWLQJWRWKH³JURVVO\XQEDODQFHGDSSHDOV
UXOHV´ DQG VSHFLILFDOO\ WKH ³SODLQO\ XQFRQVWLWXWLRQDO
SURKLELWLRQRQLQWHUYHQWLRQLQDGPLQLVWUDWLYHDSSHDOV´ -$
DW
2Q0D\WKHGLVWULFWFRXUWDGRSWHGWKHSODLQWLIIV¶
SURSRVHGFKDQJHVWRWKH5HYLVHG&RQVHQW'HFUHH+RZHYHU
RQ0D\WKHGLVWULFWFRXUWYDFDWHGLWV0D\WKRUGHU
FRQFOXGLQJWKDWLWODFNHGMXULVGLFWLRQWRDOORZPRGLILFDWLRQV
WRWKH5HYLVHG&RQVHQW'HFUHHVLQFHDQRWLFHRIDSSHDOKDG
DOUHDG\EHHQILOHG7KHSODLQWLIIVDQGWKHGHIHQGDQWVMRLQWO\
1RV

7HQQHVVHH$VV¶QRI+HDOWK
HWDOY*ULHUHWDO

PRYHGWKLVFRXUWIRUDOLPLWHGUHPDQGWRSHUPLWWKHGLVWULFW
FRXUWWRJUDQWD)HG5&LY3 E PRWLRQWRPRGLI\WKH
5HYLVHG&RQVHQW'HFUHH7KH6L[WK&LUFXLWJUDQWHGWKHMRLQW
PRWLRQ DQG UHPDQGHG WR WKH GLVWULFW FRXUW IRU WKH OLPLWHG
SXUSRVHRIUXOLQJRQSODLQWLIIV¶5XOH E PRWLRQWRPRGLI\
6HH 7HQQHVVHH $VVRFLDWLRQ RI +HDOWK 0DLQWHQDQFH
2UJDQL]DWLRQV,QFY*ULHU1R WK&LU-XQH
XQSXEOLVKHGRUGHU -$DW
2Q-XO\WKHGLVWULFWFRXUWIRXQGWKDWWKH5HYLVHG
&RQVHQW 'HFUHH VKRXOG EH PRGLILHG WR FRUUHFW WHFKQLFDO
HUURUV FODULI\ LWV WHUPV DQG DOORZ PRUH WLPH IRU LWV
LPSOHPHQWDWLRQ LQ DFFRUGDQFH ZLWK SODLQWLIIV¶ PRWLRQ WR
PRGLI\ WKH FRQVHQW GHFUHH 2Q $XJXVW WKH
LQWHUYHQRUVILOHGWKHLU1RWLFHRI$SSHDO
,,
7KH GLVWULFW FRXUW¶V DSSURYDO RI D FRQVHQW GHFUHH LV
UHYLHZHGIRUDEXVHRIGLVFUHWLRQ6HH/RFDO,QW¶O$VV¶QRI
)LUHILJKWHUVY&OHYHODQG86 /RUDLQ
1$$&3Y/RUDLQ%GRI(GXF)G WK
&LU 8QLWHG 6WDWHV Y &LW\ RI $OH[DQGULD )G
WK &LU KROGLQJ WKDW DQ DEXVH RI
GLVFUHWLRQVWDQGDUGJHQHUDOO\DSSOLHVWRDSSHOODWHUHYLHZRI
MXGLFLDODSSURYDOVRIFRQVHQWGHFUHHV
,,,
,QWHUYHQRUV$SSHOODQWV FRQWHQG WKDW WKH GLVWULFW FRXUW¶V
HQWU\RIWKHFRQVHQWGHFUHHYLRODWHVWKHLUFRQVWLWXWLRQDOULJKW
WR GXH SURFHVV XQGHU WKH )RXUWHHQWK $PHQGPHQW
6SHFLILFDOO\ $SSHOODQWV UHO\LQJ RQ WKH 6XSUHPH &RXUW¶V
GHFLVLRQLQ+DQVEHUU\Y/HH86 DUJXHWKDW
VLQFHWKH\ZHUHQRWSDUWLHVWRWKHFRQVHQWGHFUHHWKH\FDQQRW
EH ERXQG E\ LW XQGHU WKH 'XH 3URFHVV &ODXVH RI WKH
)RXUWHHQWK$PHQGPHQW:HGLVDJUHH
,Q +DQVEHUU\ Y /HH WKH 6XSUHPH &RXUW VWDWHG WKDW
FRQVLVWHQWZLWKWKH'XH3URFHVV&ODXVH³PHPEHUVRIDFODVV

-- 8 of 8 --