Court Opinion

ID: 2970277
Source: CourtListenerOpinion
Date Created: 2015-09-22 16:08:48.927389+00
Date Added: 2024-06-11T11:43:01.232123
License: Public Domain

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 DS

81,7('67$7(6&28572)$33($/6
                   )257+(6,;7+&,5&8,7
                     BBBBBBBBBBBBBBBBB

 +($7+(5 &+$1'/(5                ;
          3ODLQWLII$SSHOODQW     
             &URVV$SSHOOHH       
                                      1RV
                                   
            Y                      !
                                   
                                   
 63(&,$/7< 7,5(6 2) $0(5,&$ 
 7(11(66(( ,1&                
           'HIHQGDQW$SSHOOHH 
               &URVV$SSHOODQW 
                                   
                                  1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
   IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW*UHHQHYLOOH
     1Rn7KRPDV*+XOO'LVWULFWsXGJH
                    $UJXHGsDQXDU\
              'HFLGHGDQG)LOHG0DUFK
%HIRUHs21(6DQG&2/(&LUFXLWsXGJHV*:,1'LVWULFW
                      sXGJH

    
     7KH +RQRUDEOH sDPHV 6 *ZLQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH
1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

                                   
    &KDQGOHUY6SHFLDOW\                 1RV
     7LUHVRI$P

                    BBBBBBBBBBBBBBBBB
                         &2816(/
$5*8(''%UXFH6KLQH'RQDOG)0DVRQsU6+,1(	
0$621 .LQJVSRUW 7HQQHVVHH IRU $SSHOODQW  sHIIUH\ &
7D\ORU :,0%(5/< /$:621 6($/( :5,*+7 	
'$9(60RUULVWRZQ7HQQHVVHHIRU$SSHOOHH21%5,()
'%UXFH6KLQH'RQDOG)0DVRQsU6+,1(	0$621
.LQJVSRUW 7HQQHVVHH IRU $SSHOODQW  6WHYHQ + 7UHQW
%$.(5 '21(/621 %($50$1 	 &$/':(//
sRKQVRQ&LW\7HQQHVVHHIRU$SSHOOHH
                    BBBBBBBBBBBBBBBBB
                        23,1,21
                    BBBBBBBBBBBBBBBBB
   5*8<&2/(s5&LUFXLWsXGJH7KLVLVDQDSSHDODQG
FURVVDSSHDOLQDZURQJIXOGLVFKDUJHFDVHDULVLQJXQGHUWKH
)DPLO\DQG0HGLFDO/HDYH$FWRIm)0/$l86&
  HW VHT DQG WKH 7HQQHVVHH +DQGLFDS $FW m7+$l
7HQQ&RGH$QQ3ODLQWLII+HDWKHU&KDQGOHU
m&KDQGOHUl RU m3ODLQWLIIl DSSHDOV WKH GLVWULFW FRXUWjV
GLVPLVVDO RI KHU 7+$ DFWLRQ RQ VXPPDU\ MXGJPHQW
'HIHQGDQW 6SHFLDOW\ 7LUHV RI $PHULFD 7HQQHVVHH ,QF
m6SHFLDOW\lRUm'HIHQGDQWlFURVVDSSHDOVWKHMXU\YHUGLFW
DQGMXGJPHQWLQIDYRURI&KDQGOHURQWKH)0/$FODLPLW
DOVR DSSHDOV IURP WKH DZDUG RI OLTXLGDWHG GDPDJHV WR
3ODLQWLII
   %HFDXVH WKH 7HQQHVVHH 6XSUHPH &RXUW KDV VXIILFLHQWO\
LQGLFDWHG WKDW WKH 7+$ SURWHFWV HPSOR\HHV LQ WKH SULYDWH
VHFWRUIURPGLVFULPLQDWLRQDQGEHFDXVH&KDQGOHUKDVUDLVHG
D JHQXLQH LVVXH RI PDWHULDO IDFW ZH 5(9(56( DQG
5(0$1' WKDW LVVXH WR WKH GLVWULFW FRXUW IRU IXUWKHU
SURFHHGLQJV)XUWKHUPRUHEHFDXVHDUHDVRQDEOHMXU\FRXOG
KDYHFRQFOXGHGIURPWKHHYLGHQFHWKDW6SHFLDOW\WHUPLQDWHG
&KDQGOHUIRUH[HUFLVLQJKHUULJKWVXQGHUWKH)0/$DQGGLG
VR XQUHDVRQDEO\ ZH $)),50 WKH GLVWULFW FRXUWjV HQWU\ RI
    &KDQGOHUY6SHFLDOW\                  1RV        1RV                  &KDQGOHUY6SHFLDOW\       
      7LUHVRI$P                                                                                               7LUHVRI$P

   1RWZLWKVWDQGLQJWKHIDFWWKDW'HIHQGDQWIDLOHGWRPRYHIRU         MXGJPHQW RQ WKH MXU\ YHUGLFW DQG WKH DZDUG RI OLTXLGDWHG
DUHGXFWLRQLQWKHOLTXLGDWHGGDPDJHDZDUGWKHUHFRUGVKRZV          GDPDJHVWR3ODLQWLII
WKDWHYHQLI%HFNKDGDJRRGIDLWKEHOLHIWKDW&KDQGOHUZDV
QRW FRYHUHG WKH JURXQGV IRU WKH EHOLHI ZHUH XQUHDVRQDEOH                         ,%$&.*5281'
%HFNWHVWLILHGWKDWKHKDGQRH[SHULHQFHZLWKWKH)0/$WKH
GD\ KH ILUHG &KDQGOHU WKDW KH PDGH QR LQTXLULHV LQWR KHU      &KDQGOHU ZDV WHUPLQDWHG IURP KHU MRE DV D SHUVRQQHO
UHTXHVWIRUOHDYHWKDWKHPDGHQRLQGHSHQGHQWHIIRUWWRFKHFN        DVVLVWDQWRQ0D\ZKLOHFRQYDOHVFLQJDIWHUDVXLFLGH
WKHLQIRUPDWLRQVXSSOLHGE\0F1HHUUHJDUGLQJKHUVWDWXVDQG          DWWHPSW)LYHGD\VSULRUWRKHUGLVFKDUJHRQ6XQGD\0D\
WKDWWKHGHFLVLRQWRWHUPLQDWH&KDQGOHUZDVEDVHGRQDQHLJKW         &KDQGOHUDZRNHGUHVVHGKHUGDXJKWHUDQGDWWHQGHGFKXUFK
PLQXWH FRQYHUVDWLRQ ZLWK 0F1HHU  :H FRQFOXGH WKDW WKH        ZLWK KHU PRWKHU DQG VWHSIDWKHU  )ROORZLQJ OXQFK DW KHU
GLVWULFWFRXUWGLGQRWDEXVHLWVGLVFUHWLRQZKHQLWGHFOLQHGWR       SDUHQWVjKRPH&KDQGOHUOHIWKHUGDXJKWHUZLWKKHUSDUHQWV
UHGXFHWKHOLTXLGDWHGGDPDJHDZDUG                                   FURVVHGWKHVWUHHWWRKHURZQUHVLGHQFHDQGWRRNDQRYHUGRVH
                                                                      RISLOOV
                     ,,,&21&/86,21
                                                                         $WQLQHRjFORFNWKDWHYHQLQJ&KDQGOHUjVSDUHQWVHQWHUHG
  )RU WKH IRUHJRLQJ UHDVRQV ZH 5(9(56( WKH GLVWULFW            KHUXQORFNHGKRXVHDQGIRXQGKHUO\LQJVHPLFRQVFLRXVRQ
FRXUWjV JUDQW RI VXPPDU\ MXGJPHQW IRU 'HIHQGDQW DQG            WKHEHG7KH\UXVKHGKHUWRWKHHPHUJHQF\URRPZKHUHVKH
5(0$1' WKH 7+$ FODLP WR WKH GLVWULFW FRXUW IRU                ZDV SODFHG LQ LQWHQVLYH FDUH  7KH QH[W GD\ VKH ZDV
SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ:H$)),50WKH              WUDQVIHUUHGWR:RRGULGJH+RVSLWDOZKHUHVKHZDVWUHDWHGE\
GLVWULFWFRXUWjVMXGJPHQWLQDOORWKHUUHVSHFWV                      'U/HH(OOHQ1DUDPRUHDSV\FKLDWULVW'XULQJWKHZHHNVKH
                                                                      ZDVDW:RRGULGJH&KDQGOHUNHSWLQFORVHFRQWDFWZLWKWKH
                                                                      SODQW PDQDJHU sRH 0F1HHU  6KH WROG 0F1HHU ZKDW KDG
                                                                      KDSSHQHGDQGWKDWVKHQHHGHGWLPHRIIIRUPHGLFDOWUHDWPHQW
                                                                      0F1HHU DJUHHG WR SODFH KHU RQ SDLG OHDYH  1RERG\ DW
                                                                      6SHFLDOW\LQGLFDWHGWR&KDQGOHUWKDWKHUMREZDVLQMHRSDUG\
                                                                      %\WKHHQGRIWKHZHHNVKHIHOWEHWWHUDQGZDVSODQQLQJWR
                                                                      UHWXUQWRZRUNWKHIROORZLQJ7XHVGD\
                                                                        5REHUW %HFN SHUVRQQHO PDQDJHU IRU 6SHFLDOW\ DQG
                                                                      &KDQGOHUjV LPPHGLDWH VXSHUYLVRU OHDUQHG RI &KDQGOHUjV
                                                                      LQWHQWLRQDO RYHUGRVH RQ 7XHVGD\ 0D\   %HOLHYLQJ WKDW
                                                                      VXFK EHKDYLRU GHPRQVWUDWHG D ODFN RI UHVSRQVLELOLW\ %HFN
                                                                      FRQFOXGHGWKDWKHFRXOGQRORQJHUWUXVW&KDQGOHUWRKDQGOHWKH
                                                                      GXWLHV RI KHU SRVLWLRQ DQG GHFLGHG WR WHUPLQDWH KHU
                                                                      HPSOR\PHQW%HFNWHVWLILHGWKDWKHKDGQRNQRZOHGJHRIDQ\
                                                                      GLDJQRVLVRILOOQHVVEXWEDVHGKLVGHFLVLRQHQWLUHO\RQZKDWKH
                                                                      FKDUDFWHUL]HG DV &KDQGOHUjV LUUHVSRQVLEOH DFW RI WDNLQJ DQ
                                                                      RYHUGRVHRISLOOV+HGLGDGPLWKRZHYHUWRNQRZLQJWKDWVKH
                                                                      KDGEHHQJUDQWHGPHGLFDOOHDYH
       &KDQGOHUY6SHFLDOW\                      1RV            1RV                   &KDQGOHUY6SHFLDOW\       
        7LUHVRI$P                                                                                                        7LUHVRI$P

  %HFN GUDIWHG D WHUPLQDWLRQ OHWWHU RQ 0D\                      FRXUWMXGJHZKRILUHGKLVEDLOLIIIRUWDNLQJOHDYHIRUFRFDLQH
&KDQGOHUjVH[KXVEDQGsRKQQ\3HWHUVRQUHFHLYHGWKHOHWWHU                     DGGLFWLRQKDGILUHGKLPIRULOOHJDOFRQGXFWDQGQRWIRUWDNLQJ
IURP0F1HHURQ0D\EXWGLGQRWGHOLYHULWWRKHUXQWLOWKH                  OHDYH7KDWFDVHZHQWXQUHSRUWHGLQWKH1LQWK&LUFXLWDQGLV
WK  2Q 0D\  &KDQGOHU ZHQW WR WKH RIILFH WR JHW KHU            DFFRUGHGHYHQOHVVZHLJKWLQRXURZQFLUFXLW
SRVVHVVLRQVZKLOHWKHUHVKHKDGDWHQVHFRQYHUVDWLRQZLWK
%HFN&KDQGOHUUHTXHVWHGWKDWVKHEHUHWXUQHGWRKHUIRUPHU                     )RU WKH DERYH UHDVRQV ZH DIILUP WKH MXGJPHQW GHQ\LQJ
SRVLWLRQRUJLYHQDVLPLODUSRVLWLRQEXW%HFNUHIXVHG                         'HIHQGDQWjV5XOHDQG5XOHPRWLRQV
   &KDQGOHUILOHGVXLWLQWKH(DVWHUQ'LVWULFWRI7HQQHVVHHRQ                                     &/LTXLGDWHG'DPDJHV
'HFHPEHUDOOHJLQJZURQJIXOWHUPLQDWLRQXQGHUWKH
)0/$DQGWKH7+$2Q$XJXVW6SHFLDOW\ILOHGD                           %HFDXVHZHKDYHKHOGWKDWWKHUHPHGLDOSURYLVLRQVRIWKH
PRWLRQWRGLVPLVVXQGHU)HG5&LY3ERULQWKH                     )0/$ PLUURU WKRVH RI WKH )DLU /DERU 6WDQGDUGV $FW
DOWHUQDWLYHIRUSDUWLDOVXPPDU\MXGJPHQWXQGHU)HG5&LY                    m)/6$l86&HWVHTVHH)UL]]HOOY6RXWKZHVW
36SHFLDOW\DUJXHGWKDWWKH7+$E\LWVRZQWHUPVVSRNH                    0RWRU)UHLJKW)GWK&LUZHDGRSW
RQO\ RI GLVFULPLQDWLRQ DJDLQVW mDSSOLFDQWVl  %HFDXVH                     WKHFRUUHVSRQGLQJVWDQGDUGRIUHYLHZIRUDZDUGRIOLTXLGDWHG
&KDQGOHUFODLPHGVKHKDGEHHQGLVFULPLQDWHGDJDLQVWZKLOHDQ                    GDPDJHV&I3H]]LOORY*HQ7HO	(OHFV,QIR6\V
HPSOR\HHDQGQRWZKLOHDQDSSOLFDQWVKHFRXOGQRWVWDWHD                     )GWK&LUSHUFXULDPDSSO\LQJDEXVH
FODLPXQGHUWKH7+$,QWKHDOWHUQDWLYH'HIHQGDQWDUJXHG                      RIGLVFUHWLRQVWDQGDUGWRDZDUGRIOLTXLGDWHGGDPDJHVXQGHU
WKDW&KDQGOHUKDGQRWDOOHJHGVXIILFLHQWIDFWVWRGHPRQVWUDWH                   WKH )/6$ :H WKHUHIRUH UHYLHZ DQ DZDUG RI OLTXLGDWHG
WKDWVKHZDVmKDQGLFDSSHGlDVWKDWWHUPLVXVHGZLWKLQWKH                      GDPDJHVXQGHUWKH)0/$IRUDEXVHRIGLVFUHWLRQ$FFRUG
VWDWXWRU\VHFWLRQDQGWKXV'HIHQGDQWZDVHQWLWOHGWRSDUWLDO                   7KRUVRQY*HPLQL,QF)GWK&LU
VXPPDU\MXGJPHQW7KHGLVWULFWFRXUWDJUHHGZLWK'HIHQGDQW
WKDW WKH 7+$ RQO\ SURKLELWV GLVFULPLQDWLRQ DJDLQVW                          6HFWLRQD$LLLRIWKH)0/$SURYLGHVWKDWLQ
mDSSOLFDQWVl DQG JUDQWHG 6SHFLDOW\jV PRWLRQ IRU VXPPDU\                   DGGLWLRQ WR FRPSHQVDWRU\ GDPDJHV VSHFLILHG LQ
MXGJPHQWLQDPHPRUDQGXPRSLQLRQGDWHGsDQXDU\                         D$L	LLDQHPSOR\HUVKDOOEHOLDEOHIRUDQ
                                                                                DPRXQWRIOLTXLGDWHGGDPDJHVHTXDOWRWKHDPRXQWRIZDJHV
   &KDQGOHUjVUHPDLQLQJFODLPXQGHUWKH)0/$SURFHHGHGWR                       VDODU\HPSOR\PHQWEHQHILWVRURWKHUFRPSHQVDWLRQGHQLHGRU
WULDO EHIRUH D MXU\ RQ )HEUXDU\    $W FORVH RI              ORVWWRDQHPSOR\HHSOXVLQWHUHVWE\UHDVRQRIWKHHPSOR\HUjV
HYLGHQFH6SHFLDOW\PRYHGIRUMXGJPHQWDVDPDWWHURIODZ                      YLRODWLRQRIRIWKHVWDWXWH+RZHYHUWKHGLVWULFWFRXUW
6HH)HG5&LY37KHMXU\UHWXUQHGDYHUGLFWLQIDYRU                  PD\UHGXFHWKDWDZDUGWRRQO\FRPSHQVDWRU\GDPDJHVLIWKH
RI 3ODLQWLII WKH QH[W GD\  7HQ GD\V ODWHU RQ )HEUXDU\           HPSOR\HUmSURYHVWRWKHVDWLVIDFWLRQRIWKHFRXUWWKDWWKHDFW
                                                                                RURPLVVLRQZKLFKYLRODWHGVHFWLRQRIWKLVWLWOHZDVLQ
                                                                                JRRGIDLWKDQGWKDWWKHHPSOR\HUKDGUHDVRQDEOHJURXQGVIRU
    
                                                                                EHOLHYLQJ WKDW WKH DFW RU RPLVVLRQ ZDV QRW D YLRODWLRQ RI
     3ULRU WR WKH MXU\ WULDO 6SHFLDOW\ ILOHG PRWLRQV LQ OLPLQH LQ RSSRVLWLRQ   VHFWLRQl86&D$LLL7KHHPSOR\HU
WR WKH DGPLVVLRQ LQWR HYLGHQFH RI FHUWDLQ QRWHV &KDQGOHU DQG 3HWHUVRQ
                                                                                PXVWWKHUHIRUHVKRZERWKJRRGIDLWKDQGUHDVRQDEOHJURXQGV
WRRN RI WKHLU FRQYHUVDWLRQV ZLWK 6SHFLDOW\ HPSOR\HHV      6SHFLDOW\ DUJXHV
                                                                                IRUWKHDFWRURPLVVLRQ'ROHY(OOLRWW7UDYHO	7RXUV,QF
                                                                                )GWK&LU
RQ DSSHDO WKDW WKLV HYLGHQWLDU\ GHFLVLRQ ZDV LQ HUURU     *LYHQ WKH RWKHU
HYLGHQFH LQ WKH FDVH DQG WKH IDFW WKDW WKH PDMRULW\ RI WKH QRWHV ZHUH
FRQWHPSRUDQHRXV ZH ILQG QR SUHMXGLFH WR WKH VXEVWDQWLDO           ULJKWV RI
6SHFLDOW\ DQG ILQG DQ\ HUURU WR EH KDUPOHVV   6HH )HG 5 &LY 3 
    &KDQGOHUY6SHFLDOW\                   1RV         1RV                    &KDQGOHUY6SHFLDOW\            
      7LUHVRI$P                                                                                                   7LUHVRI$P

LWQHFHVVDULO\LPSO\FDXVDWLRQ%XWZKHUHDVKHUHWKHMXU\           'HIHQGDQWUHQHZHGLWVPRWLRQIRUMXGJPHQWDVDPDWWHURIODZ
ZHLJKHG DGGLWLRQDO HYLGHQFH LQFOXGLQJ WKH FUHGLELOLW\ RI         RULQWKHDOWHUQDWLYHIRUDQHZWULDO6HHLG)HG5&LY3
'HIHQGDQWjVSURIIHUHGUHDVRQIRUWHUPLQDWLRQWKHGHPHDQRU                 7KH GLVWULFW FRXUW GHQLHG WKH PRWLRQV DQG DZDUGHG
RIZLWQHVVHVRQWKHVWDQGDQGWKHHYLGHQFHRI3ODLQWLIIjVSULRU        3ODLQWLIIOLTXLGDWHGGDPDJHVLQWKHDPRXQWRIDQG
ZRUNKDELWVZHDUHORDWKWRVXEVWLWXWHRXUMXGJPHQWIRUWKDW           DWWRUQH\IHHVDQGFRVWVLQWKHDPRXQWRI
RIWKHMXU\,WPD\EHWKDWWKHMXU\PLVWRRNWKHOHJDOVWDQGDUG
WREHDSSOLHGDQGWUHDWHGWKLVDVDQ$'$DQGQRWDQ)0/$                  3ODLQWLIIQRZDSSHDOVWKHRUGHUGLVPLVVLQJKHUFODLPXQGHU
FDVHEXWWKHMXU\UHWXUQHGDVLPSOHYHUGLFWEDVHGXSRQFOHDU         WKH7+$'HIHQGDQWFURVVDSSHDOVWKHGHQLDORILWVPRWLRQ
DQGSURSHULQVWUXFWLRQVDQGLWZDVQRWXQUHDVRQDEOHIRUWKH             IRUMXGJPHQWDVDPDWWHURIODZRUDQHZWULDODQGDSSHDOVWKH
MXU\WRLQIHUIURPWKHHYLGHQFHWKDW&KDQGOHUZDVILUHGIRU             DZDUGRIOLTXLGDWHGGDPDJHVWR3ODLQWLII
WDNLQJOHDYH
                                                                                               ,,',6&866,21
   'HIHQGDQWjVUHOLDQFHRQ0DGGR[Y8QLYRI7HQQ)G
WK&LU%URKPYs+3URSV,QF)G                                  $7KH7+$$FWLRQ
WK&LUDQG'RHY.LQJ&RXQW\1R
:/WK&LUsDQLVPLVSODFHG,Q0DGGR[                %HFDXVHWKHGLVWULFWFRXUWFRQVLGHUHGHYLGHQFHRXWVLGHWKH
DQDVVLVWDQWFRDFKZDVILUHGIRURXWUDJHRXVSXEOLFEHKDYLRU             SOHDGLQJVLQLWVGLVPLVVDOZHUHYLHZWKH7+$FODLPXQGHUWKH
ZKLOHLQWR[LFDWHG7KHSODLQWLIIDVVHUWHGWKDWKHZDVILUHGIRU        VXPPDU\MXGJPHQWVWDQGDUG)HG5&LY3E0D\VY
KLVDOFRKROLVPLQYLRODWLRQRIWKH$'$7KLV&RXUWXSKHOG              %XFNH\H5XUDO(OHF&RRS,QF)GWK&LU
VXPPDU\MXGJPHQWDJDLQVWWKHSODLQWLIIILQGLQJWKDWLWZDVKLV           :H UHYLHZ D GLVWULFW FRXUWjV GHFLVLRQ WR JUDQW
EHKDYLRU DQG QRW KLV DOFRKROLVP WKDW SUHFLSLWDWHG WKH            VXPPDU\MXGJPHQWGHQRYR,G7KHGLVWULFWFRXUWVKRXOG
WHUPLQDWLRQ)GDW0DGGR[FDQEHGLVWLQJXLVKHG             JUDQW VXPPDU\ MXGJPHQW mLI WKH SOHDGLQJV GHSRVLWLRQV
)LUVW DV 'HIHQGDQW FRQVLVWHQWO\ SRLQWV RXW WKH FDVH DW EDU   DQVZHUVWRLQWHUURJDWRULHVDQGDGPLVVLRQVRQILOHWRJHWKHU
DULVHVXQGHUWKH)0/$DQGQRWWKH$'$KHQFH0DGGR[FDQ                ZLWKWKHDIILGDYLWVLIDQ\VKRZWKDWWKHUHLVQRJHQXLQHLVVXH
RQO\EHFLWHGDVDQDORJRXVDXWKRULW\6HFRQG&KDQGOHUjVFDVH          DVWRDQ\PDWHULDOIDFWDQGWKDWWKHPRYLQJSDUW\LVHQWLWOHGWR
FRPHV WR XV DIWHU D IXOO MXU\ WULDO DQG QRW DIWHU VXPPDU\    DMXGJPHQWDVDPDWWHURIODZl)HG5&LY3F
MXGJPHQW'HIHQGDQWKDGDPSOHRSSRUWXQLW\WRVXSSRUWLWV
SRVLWLRQWKDW&KDQGOHUZDVILUHGIRUWDNLQJDGUXJRYHUGRVH              7KH7+$FRGLILHGDW7HQQ&RGH$QQVWDWHV
DQGQRWIRUWDNLQJOHDYH7KHMXU\FRQFOXGHGRWKHUZLVH:H                 7KHUHVKDOOEHQRGLVFULPLQDWLRQLQWKHKLULQJILULQJ
VHH QRWKLQJ LQ WKH UHFRUG WKDW ZRXOG SHUPLW XV VLPSO\ WR        DQG RWKHU WHUPV DQG FRQGLWLRQV RI HPSOR\PHQW RI WKH
DVVXPH WKH MXU\ PDGH D OHJDOO\ LQILUP IDFWXDO LQIHUHQFH          VWDWHRI7HQQHVVHHRUDQ\GHSDUWPHQWDJHQF\LQVWLWXWLRQ
7KHUHIRUHZHGHFOLQHWRILQG0DGGR[SHUVXDVLYH,Q%URKP               RU SROLWLFDO VXEGLYLVLRQ RI WKH VWDWH RU RI DQ\ SULYDWH
WKHSODLQWLIIVXIIHUHGIURPVOHHSDSQHDDQGZDVILUHGIURPKLV            HPSOR\HUDJDLQVWDQ\DSSOLFDQWIRUHPSOR\PHQWEDVHG
SRVLWLRQDVDQDQHVWKHVLRORJLVWIRUVOHHSLQJRQWKHMRE8QOLNH          VROHO\XSRQDQ\SK\VLFDOPHQWDORUYLVXDOKDQGLFDSRI
WKH SUHVHQW FDVH WKH SODLQWLII LQ %URKP QHYHU UHTXHVWHG          WKH DSSOLFDQW XQOHVV VXFK KDQGLFDS WR VRPH GHJUHH
)0/$TXDOLI\LQJPHGLFDOOHDYHDQGLWZDVRQWKDWEDVLVWKDW              SUHYHQWV WKH DSSOLFDQW IURP SHUIRUPLQJ WKH GXWLHV
VXPPDU\MXGJPHQWZDVHQWHUHGIRUWKHGHIHQGDQW)G                  UHTXLUHG E\ WKH HPSOR\PHQW VRXJKW RU LPSDLUV WKH
DW)LQDOO\ZHUHIXVHWRDFFRUGDQ\SHUVXDVLYHYDOXHWR             SHUIRUPDQFHRIWKHZRUNLQYROYHG
'RH  6HH  :/  DW 

 KROGLQJ WKDW D VXSHULRU
      &KDQGOHUY6SHFLDOW\                    1RV      1RV                   &KDQGOHUY6SHFLDOW\       
       7LUHVRI$P                                                                                                7LUHVRI$P

,GD                                                     QRWLQJWKDWm>W@KH$'$DQGWKH)0/$KDYHGLYHUJHQWDLPV
                                                                       RSHUDWHLQGLIIHUHQWZD\VDQGRIIHUGLVSDUDWHUHOLHIl
  6SHFLDOW\DUJXHGWKDW&KDQGOHUjVFDVHVKRXOGEHGLVPLVVHG
EHFDXVH WKH VWDWXWH RQO\ DSSOLHV WR mDSSOLFDQWVl DQG LW LV       ,WLVDSSDUHQWWKDWKRVSLWDOL]DWLRQIRUVHYHUHGHSUHVVLRQLV
XQGLVSXWHGWKDW&KDQGOHUZDVQRWDQDSSOLFDQWDWWKHWLPHRI           FRYHUHG E\ WKH VWDWXWH  6HH  86&  $
KHU GLVFKDUJH  7KH GLVWULFW FRXUW DJUHHG VWDWLQJ LQ LWV     0RUHRYHU6SHFLDOW\VWLSXODWHGWKDW3ODLQWLIIZDVHQWLWOHGWR
PHPRUDQGXPRSLQLRQ                                                  WDNHOHDYH'HIHQGDQWRQO\DUJXHVWKDWmDQHPSOR\HULVIUHH
                                                                       WRWHUPLQDWHDQHPSOR\HHZKLOHRQ)0/$OHDYHVRORQJDVWKH
    7KH SODLQ ODQJXDJH RI WKH VWDWXWH LQGLFDWHV WKDW LW ZDV   WHUPLQDWLRQLVQRWEHFDXVHWKHHPSOR\HHH[HUFLVHGKHUULJKWV
    GHVLJQHGWRSURWHFWMREDSSOLFDQWVIURPGLVFULPLQDWLRQE\          XQGHUWKH)0/$l'HIjV%ULHIDW7KHFHQWUDOTXHVWLRQ
    ERWK SXEOLF DQG SULYDWH HPSOR\HUV EDVHG XSRQ DQ\            LVZKHWKHUWKHMXU\FRXOGKDYHUHDVRQDEO\IRXQGWKDW%HFN
    SK\VLFDO PHQWDO RU YLVXDO KDQGLFDS  ,W DOVR FOHDUO\      ILUHG&KDQGOHUIRUWDNLQJOHDYHUDWKHUWKDQIRULQJHVWLQJDQ
    SURKLELWV KDQGLFDS GLVFULPLQDWLRQ LQ KLULQJ ILULQJ DQG      RYHUGRVHRIGUXJVRUHYHQIRUKDYLQJEHHQGLDJQRVHGZLWK
    RWKHUWHUPVRIHPSOR\PHQWE\VWDWHDJHQFLHV,WGRHVQRW          GHSUHVVLRQ
    DSSHDUWRSURWHFWHPSOR\HHVLQSULYDWHHPSOR\PHQWIURP
    KDQGLFDSGLVFULPLQDWLRQRQFHWKH\KDYHEHHQKLUHG1R               :HILQGWKDWWKHUHZDVVXIILFLHQWHYLGHQFHWRVXSSRUWWKH
    7HQQHVVHHFRXUWVKDYHDGGUHVVHGWKLVTXHVWLRQDOWKRXJK             MXU\YHUGLFW:HDUHPLQGIXOWKDWWKHWULDO FRXUW LVDOZD\V
    RQHXQSXEOLVKHGRSLQLRQIURPWKH7HQQHVVHH&RXUWRI                EHWWHUDEOHWRMXGJHZLWQHVVFUHGLELOLW\WKDQLVWKHDSSHOODWH
    $SSHDOV DVVXPHV ZLWKRXW GLVFXVVLRQ WKDW WKH $FW            FRXUW  %HFN LQVLVWV WKDW KH WRRN QR DFFRXQW RI ZKHWKHU
    DSSOLHV WR D GLVFKDUJH VLWXDWLRQ LQYROYLQJ D SULYDWH        &KDQGOHUZDVRQOHDYHLQKLVGHFLVLRQWRWHUPLQDWHKHU7KH
    HPSOR\HU                                                        MXU\GLGQRWEHOLHYHKLP7KHUHZDVQRVSHFLDOYHUGLFWVRZH
      $IWHUFDUHIXOFRQVLGHUDWLRQRIWKLVLQWHUHVWLQJTXHVWLRQ        FDQQRW GHWHUPLQH ZKDW VSHFLILF IDFWV WKH MXU\ IRXQG
    WKH &RXUW KDV GHFLGHG QRW WR IROORZ WKH OHDG RI WKLV     FRPSHOOLQJ+RZHYHUWKHVHIDFWVZHUHNQRZQWRWKHMXU\
    LVRODWHGRSLQLRQEXWWRDGKHUHWRWKHDFWXDOZRUGLQJRI            %HFNNQHZWKDW&KDQGOHUZDVRQPHGLFDOOHDYH+HNQHZ
    WKHVWDWXWH                                                       WKDW VKH KDG EHHQ KRVSLWDOL]HG IRU D VXLFLGH DWWHPSW  +H
                                                                       GHFLGHGWRWHUPLQDWHKHUHPSOR\PHQWVKRUWO\DIWHUILQGLQJRXW
s$DWIRRWQRWHRPLWWHG                                      VKH ZDV KRVSLWDOL]HG  7KH WLPLQJ RI KHU WHUPLQDWLRQ
                                                                       FRLQFLGHGZLWKWKHHQGRIKHUSHULRGRIOHDYH +HGLGQRW
   2Q DSSHDO 6SHFLDOW\ UHVWDWHV DQG UHILQHV LWV DUJXPHQW      WKLQNWKDWVKHZDVTXDOLILHGIRUOHDYHXQGHUWKH)0/$,Q
(YHQ LI WKH 7+$ SURKLELWV mGLVFULPLQDWLRQ LQ WKH KLULQJ       DGGLWLRQ %HFN DGPLWWHG WKDW SULRU WR KHU WHUPLQDWLRQ
ILULQJ DQG RWKHU WHUPV DQG FRQGLWLRQVl RI HPSOR\HHV LW       &KDQGOHU KDG EHHQ DQ H[FHOOHQW HPSOR\HH KHU SHULRGLF
DUJXHVWKHVWDWXWHRQO\FRYHUVGLVFULPLQDWLRQDJDLQVWSXEOLF          UHYLHZVDGPLWWHGLQWRHYLGHQFHZHUHH[HPSODU\
HPSOR\HHV EHFDXVH WKH GLVMXQFWLYH mRU RI DQ\ SULYDWH
HPSOR\HU DJDLQVW DQ\ DSSOLFDQWl GHPRQVWUDWHV OHJLVODWLYH           7KHGLVWULFWMXGJHFOHDUO\LQVWUXFWHGWKHMXU\WKDWWKH\FRXOG
LQWHQWWRFRYHURQO\DSSOLFDQWVLQWKHSULYDWHVHFWRU'HIjV         QRW ILQG 'HIHQGDQW OLDEOH XQOHVV WKH\ IRXQG D FDXVDO
%ULHIDW                                                      FRQQHFWLRQ EHWZHHQ &KDQGOHUjV OHDYH DQG KHU WHUPLQDWLRQ
                                                                       3UR[LPLW\LQWLPHFDQUDLVHDSULPDIDFLHFDVHRIUHWDOLDWRU\
  &KDQGOHU DUJXHV WKDW WKH 7HQQHVVHH 6XSUHPH &RXUWjV             GLVFKDUJH6HH6NUMDQF)GDW%XWSUR[LPLW\DORQH
GHFLVLRQLQ%DUQHVY*RRG\HDU7LUH	5XEEHU&R6:              PD\QRWVXUYLYHVXPPDU\MXGJPHQWVHHLGDWQRUGRHV
    &KDQGOHUY6SHFLDOW\                    1RV         1RV                     &KDQGOHUY6SHFLDOW\         
      7LUHVRI$P                                                                                                     7LUHVRI$P

KDYHEHHQHQWLWOHGKDGWKHHPSOR\HHQRWWDNHQWKHOHDYHl,G            G7HQQGHFLGHGDIWHUWKHGLVWULFWFRXUWGLVSRVHG
 D%  )LQDOO\ HPSOR\HUV DUH SURKLELWHG IURP          RIKHUFDVHGHPRQVWUDWHVFRQFOXVLYHO\WKDWWKH7+$DSSOLHV
LQWHUIHULQJ UHVWUDLQLQJ RU GHQ\LQJ WKH H[HUFLVH RI RU           WR WHUPLQDWLRQ RI D SULYDWH HPSOR\HH  ,Q %DUQHV /DUU\
DWWHPSWHG H[HUFLVH RI DQ\ )0/$ ULJKW  ,G  D        %DUQHV DQ HPSOR\HH RI *RRG\HDU DOOHJHG KH ZDV ODLG RII
7KLV SURKLELWLRQ LQFOXGHV UHWDOLDWRU\ GLVFKDUJH IRU WDNLQJ         IURPKLVMREGXHWRDQHXURORJLFDOGLVRUGHU*RRG\HDUGLGQRW
OHDYH6HH6NUMDQFY*UHDW/DNHV3RZHU6HUY&R)G              FKDOOHQJH WKH DSSOLFDELOLW\ RI WKH VWDWXWH WR %DUQVjV FODLP
WK&LU                                                LQVWHDGLWFKDOOHQJHGWKHVXIILFLHQF\RIWKHHYLGHQFH6HHLG
                                                                         DW7KH7HQQHVVHH6XSUHPH&RXUWDVVXPHGWKHVWDWXWH
  6SHFLDOW\DUJXHVWKDW&KDQGOHUKDVSURYLGHGQRHYLGHQFH                ZDV DSSOLFDEOH DQG ZHQW RQ WR FODULI\ WKH DSSURSULDWH
WKDWVKHZDVGLVFKDUJHGIRUH[HUFLVLQJKHUULJKWVXQGHUWKH              IUDPHZRUNIRUDQDO\]LQJKDQGLFDSGLVFULPLQDWLRQXQGHUWKH
)0/$$FFRUGLQJWR'HIHQGDQW%HFNQHYHUFRQVLGHUHGWKH                 7+$+RZHYHULWGLGVWDWHLQLWVGHFLVLRQWKDWmWKH7+$
FDXVHRI&KDQGOHUjVVXLFLGHDWWHPSWRUWKHIDFWWKDWLWPLJKW            SURKLELWV DQ HPSOR\HU IURP WHUPLQDWLQJ DQ HPSOR\HH IRU D
UHVXOWLQDQDEVHQFHIURPZRUNLQVWHDGKHFRQVLGHUHGmRQO\              SHUFHLYHG GLVDELOLW\ RU KDQGLFDS  6HH JHQHUDOO\ 6XWWRQ >Y
WKHDFWRIRYHUGRVLQJLWVHOIl'HIjV%ULHIDW%HFDXVHWKH        8QLWHG$LU/LQHV,QF86@lDQG
DFW RI LQWHQWLRQDOO\ RYHUGRVLQJ RQ GUXJV LV QRW SURWHFWHG        WKDW m>W@KH UHFRUG VXSSRUWV D ILQGLQJ WKDW WKH EDVLV IRU WKH
DFWLYLW\XQGHUWKH)0/$'HIHQGDQWDUJXHVWKHMXU\KDGQR                OD\RIIZDVDQLPSDLUPHQWl%DUQHV6:GDW
OHJDOEDVLVWRVXSSRUWWKHYHUGLFW
                                                                            m$IHGHUDOFRXUWH[HUFLVLQJVXSSOHPHQWDOMXULVGLFWLRQRYHU
  &KDQGOHUFRXQWHUVWKDWWKLVGLVWLQFWLRQEHWZHHQWKHDFWRI             VWDWHODZFODLPVLVERXQGWRDSSO\WKHODZRIWKHIRUXPVWDWH
RYHUGRVLQJ DQG WKH XQGHUO\LQJ PHGLFDO WUHDWPHQW IRU                WR WKH VDPH H[WHQW DV LI LW ZHUH H[HUFLVLQJ LWV GLYHUVLW\
GHSUHVVLRQ LV D IDOVH RQH  6KH QRWHV WKDW 6SHFLDOW\            MXULVGLFWLRQl6XSHU6XON\,QFY867URWWLQJ$VV
Q
DFNQRZOHGJHG WKDW VKH UHTXHVWHG PHGLFDO OHDYH ZKLOH                )GWK&LUm0RUHRYHUZHPXVWJLYHDQ
KRVSLWDOL]HG RQ 0D\    6KH ZDV RQ OHDYH IRU RQH       LQWHUYHQLQJVWDWHGHFLVLRQLWVIXOOIRUFHDQGHIIHFWGHVSLWHWKH
ZHHNDQGVKHZDVQRWRIIHUHGKHUSRVLWLRQRUDVLPLODURQH               IDFWWKDWWKHGHFLVLRQZDVXQDYDLODEOHWRWKHGLVWULFWFRXUWDW
XSRQKHUUHWXUQLQVWHDGVKHZDVILUHG                                 WKHWLPHLWUHQGHUHGLWVGHFLVLRQl=LHJOHUY,3%+RJ0NW
                                                                         ,QF)GWK&LU
   ,QDQDO\]LQJWKLVFDVHLWLVLPSRUWDQWWRQRWHZKDWWKLVFDVH
LVQRW7KLVLVQRWDQDFWLRQDULVLQJXQGHUWKH$PHULFDQVZLWK             6SHFLDOW\FDQQRWSRLQWWRDQ\VWDWHDXWKRULW\WKDWVXSSRUWV
'LVDELOLWLHV $FW m$'$l  86&   HW VHT            LWVLQWHUSUHWDWLRQRIWKHVWDWXWH,QVWHDGLWDUJXHVWKDW%DUQHV
1HLWKHU GRHV WKLV SRUWLRQ RI WKH FDVH DGGUHVV WKH PHULWV RI    GLG QRW GLUHFWO\ DGGUHVV WKH DSSOLFDELOLW\ RI WKH VWDWXWH WR
3ODLQWLIIjV 7+$ FODLP  7KH )0/$ SURWHFWV DQ HPSOR\HH            WHUPLQDWLRQE\SULYDWHHPSOR\HUVDQGKHQFHZHDUHQRWERXQG
IURPDGYHUVHDFWLRQDVDUHVXOWRIKLVWDNLQJOHDYHIRUDVHULRXV        WRDSSO\ZKDWLVHVVHQWLDOO\GLFWD
PHGLFDO FRQGLWLRQ  ,W GRHV QRW SURWHFW DQ HPSOR\HH IURP
DGYHUVHDFWLRQPRWLYDWHGE\WKHXQGHUO\LQJPHGLFDOFRQGLWLRQ               :HGLVDJUHH%DUQHVVHQGVDQXQPLVWDNDEOHVLJQDOWKDWWKH
LWVHOI  $OWKRXJK WKH IDFWXDO VFHQDULRV WKDW JLYH ULVH WR DQ   7HQQHVVHH6XSUHPH&RXUWXQGHUVWDQGVWKH7+$WRDSSO\WR
)0/$RU$'$FDXVHRIDFWLRQPD\RIWHQFRLQFLGHWKHOHJDO                GLVFULPLQDWRU\WHUPLQDWLRQLQSULYDWHHPSOR\PHQW(YHQLI
HQWLWOHPHQWV WKDW IORZ IURP WKHVH IDFWV ZLOO GLIIHU  &I       WKLV&RXUWZHUHFRQYLQFHGWKHODQJXDJHLQ%DUQHVZDVGLFWD
1DYDUUR Y 3IL]HU &RUS  )G   VW &LU       ZH DUH FDOOHG XSRQ WR SUHGLFW KRZ WKH VWDWH VXSUHPH FRXUW
                                                                         ZRXOGGHFLGHDFDVHEDVHGXSRQmDOOUHOHYDQWGDWDlLQFOXGLQJ
     &KDQGOHUY6SHFLDOW\                 1RV       1RV                     &KDQGOHUY6SHFLDOW\         
      7LUHVRI$P                                                                                                7LUHVRI$P

VXFKGLFWD*DUGHQ&LW\2VWHRSDWKLF+RVSY+%(&RUS            $GLVWULFWFRXUWjVGLVSRVLWLRQRID5XOHPRWLRQIRUDQHZ
)GWK&LU&RPELQHGZLWKWKHIDFWWKDW       WULDO LV UHYLHZHG IRU DEXVH RI GLVFUHWLRQ  :RUNPDQ Y
DORZHUDSSHOODWHFRXUWLQ7HQQHVVHHKDVDVVXPHGWKH7+$WR         )ULWR/D\ ,QF  )G   Q WK &LU 
DSSO\ WR SULYDWH HPSOR\HUV VHH +DOOXPV Y &RFD&ROD         +ROPHVY&LW\RI0DVVLOORQ)GWK&LU
%RWWOLQJ&R6:G7HQQ&W$SSZH             7KLV &RXUW KDV SUHYLRXVO\ GHILQHG DQ DEXVH RI
KDYH OLWWOH GLIILFXOW\ FRQFOXGLQJ WKDW WKH 7+$ DSSOLHV WR   GLVFUHWLRQ DV D mµGHILQLWH DQG ILUP FRQYLFWLRQ WKDW WKH WULDO
GLVFULPLQDWRU\GLVFKDUJHE\SULYDWHHPSOR\HUV                      FRXUWFRPPLWWHGDFOHDUHUURURIMXGJPHQWjl&LQFLQQDWL,QV
                                                                    &RY%\HUV)GWK&LUTXRWLQJ
   )XUWKHUPRUH ZH ILQG WKDW WKHUH LV D JHQXLQH LVVXH RI   /RJDQY'D\WRQ+XGVRQ&RUS)GWK&LU
PDWHULDO IDFW ZKHWKHU %HFN ILUHG &KDQGOHU EHFDXVH KH         7KHMXU\jVYHUGLFWVKRXOGQRWEHGLVWXUEHGDVORQJDV
UHJDUGHGKHUDVGLVDEOHG6HH%DUQHV6:GDW7KH       LW LV EDVHG XSRQ VXIILFLHQW HYLGHQFH DQG mZDV UHDVRQDEO\
XQGLVSXWHGHYLGHQFHLQWKHUHFRUGLVWKDW%HFNORVWFRQILGHQFH      UHDFKHGl$QFKRUY2
7RROH)GWK&LU
LQ&KDQGOHURQO\DIWHUKHGLVFRYHUHGWKDWVKHKDGWDNHQDQ          :KHQSUHVHQWHGZLWKFRQIOLFWLQJHYLGHQFHFUHGLELOLW\
RYHUGRVHRISLOOVLQDVXLFLGHDWWHPSW+LVVWDWHGUHDVRQZDV      DQG IDFWXDO GHWHUPLQDWLRQV DUH SURSHUO\ OHIW IRU WKH MXU\ WR
WKDW KH WKRXJKW KHU DFW RI LQWHQWLRQDOO\ RYHUGRVLQJ ZDV     UHVROYH6HH:HOOVY1HZ&KHURNHH&RUS)G
LUUHVSRQVLEOH  6SHFLDOW\ KDV RIIHUHG QR HYLGHQFH RI D      WK&LU$IWHUUHYLHZLQJWKHHYLGHQFHDQGDOORZLQJ
OHJLWLPDWHQRQGLVFULPLQDWRU\UHDVRQIRUWKHWHUPLQDWLRQRWKHU      WKHMXU\DOOUHDVRQDEOHLQIHUHQFHVZHILQGQRUHYHUVLEOHHUURU
WKDQ WR HPSKDVL]H WKDW %HFN FRQVLGHUHG RQO\ KHU DFW RI
RYHUGRVLQJDQGQRWKHUPHQWDOFRQGLWLRQ7KLVXQVXSSRUWHG             7KH )0/$ HQWLWOHV DQ HOLJLEOH HPSOR\HH WR DV PDQ\ DV
H[SODQDWLRQ LV QRW VXIILFLHQW WR RYHUFRPH &KDQGOHUjV          WZHOYHZHHNVRIOHDYHGXULQJDQ\WZHOYHPRQWKSHULRGLIWKH
HYLGHQFH7KHUHIRUHWKHFDVHVKDOOEHUHPDQGHGWRWKHGLVWULFW    HPSOR\HH KDV D mVHULRXV KHDOWK FRQGLWLRQ WKDW PDNHV WKH
FRXUWIRUWULDORQWKH7+$FODLP                        HPSOR\HHXQDEOHWRSHUIRUPWKHIXQFWLRQVRIWKHSRVLWLRQRI
                                                                    VXFK HPSOR\HHl   86&  D'  $ mVHULRXV
     %sXGJPHQWDVD0DWWHURI/DZRU1HZ7ULDO                   KHDOWKFRQGLWLRQlLVGHILQHGDVmDQLOOQHVVLQMXU\LPSDLUPHQW
                                                                    RUSK\VLFDORUPHQWDOFRQGLWLRQWKDWLQYROYHV$LQSDWLHQW
  :HUHYLHZGHQRYRWKHGLVWULFWFRXUWjVGHQLDORID5XOH        FDUHLQDKRVSLWDOKRVSLFHRUUHVLGHQWLDOPHGLFDOFDUHIDFLOLW\
PRWLRQ IRU MXGJPHQW DV D PDWWHU RI ODZ  6HH 0RQGD\ Y   RU%FRQWLQXLQJWUHDWPHQWE\DKHDOWKFDUHSURYLGHUl,G
2XOOHWWH)GWK&LU,QUHYLHZLQJ        $QHPSOR\HH QHHGQRWVSHFLILFDOO\PHQWLRQWKH
VXFKDPRWLRQZHGRQRWZHLJKWKHHYLGHQFHHYDOXDWHWKH           )0/$ ZKHQ WDNLQJ OHDYH  DOO WKH HPSOR\HH PXVW GR LV
FUHGLELOLW\RIZLWQHVVHVRUVXEVWLWXWHRXUMXGJPHQWIRUWKDWRI    QRWLI\WKHHPSOR\HUWKDW)0/$TXDOLI\LQJOHDYHLVQHHGHG
WKHMXU\,QVWHDGZHPXVWYLHZWKHHYLGHQFHLQWKHOLJKWPRVW     6HH  &)5  E VHH DOVR 6WRRSV Y 2QH &DOO
IDYRUDEOHWRWKHSDUW\DJDLQVWZKRPWKHPRWLRQLVPDGHDQG         &RPPXQLFDWLRQV ,QF  )G   WK &LU 
JLYHWKDWSDUW\WKHEHQHILWRIDOOUHDVRQDEOHLQIHUHQFHV7KH      :LWKH[FHSWLRQVQRWDWLVVXHKHUHDQHPSOR\HULVREOLJHGWR
PRWLRQVKRXOGEHJUDQWHGDQGZHVKRXOGUHYHUVHWKHGLVWULFW        UHVWRUHWKHHPSOR\HHWRKHUSULRUSRVLWLRQRUDQHTXLYDOHQW
FRXUWjVGHFLVLRQRQO\LIUHDVRQDEOHPLQGVFRXOGQRWFRPHWR        SRVLWLRQ XSRQ UHWXUQ IURP OHDYH   86&  D
DFRQFOXVLRQRWKHUWKDQRQHLQIDYRURIWKHPRYDQW:HKUY        +RZHYHUWKHVWDWXWHHPSKDVL]HVWKDWm>Q@RWKLQJLQ>VHFWLRQ
5\DQjV)DPLO\6WHDN+RXVHV,QF)GWK           @VKDOOEHFRQVWUXHGWRHQWLWOHDQ\UHVWRUHGHPSOR\HHWR
&LU                                                         DQ\ULJKWEHQHILWRUSRVLWLRQRIHPSOR\PHQWRWKHUWKDQ
                                                                    DQ\ULJKWEHQHILWRUSRVLWLRQWRZKLFKWKHHPSOR\HHZRXOG