Court Opinion

ID: 2969744
Source: CourtListenerOpinion
Date Created: 2015-09-22 15:56:17.976604+00
Date Added: 2024-06-11T11:41:55.726089
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

 /28,6 3 &$5'$021(             ;
           3ODLQWLII$SSHOODQW   
                                  
                                    1R
           Y                     
                                   !
                                  
 :,//,$0 + &2+(1HWDO        
        'HIHQGDQWV$SSHOOHHV 
                                 1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
   IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW/RXLVYLOOH
   1RnsRKQ*+H\EXUQ,,'LVWULFWsXGJH
                $UJXHG2FWREHU
          'HFLGHGDQG)LOHG)HEUXDU\
%HIRUH68+5+(,15,&+'$8*+75(<DQG0225(
                 &LUFXLWsXGJHV
                   BBBBBBBBBBBBBBBBB
                        &2816(/
$5*8('  (GZLQ 6 +RSVRQ :<$77 7$55$17 	
&20%6 /RXLVYLOOH .HQWXFN\ IRU $SSHOODQW  7HUU\ 0
&XVKLQJ $66,67$17 81,7(' 67$7(6 $77251(<
/RXLVYLOOH.HQWXFN\IRU$SSHOOHHV21%5,()(GZLQ6
+RSVRQ :<$77 7$55$17 	 &20%6 /RXLVYLOOH
.HQWXFN\IRU$SSHOODQW7HUU\0&XVKLQJ0DULVDs)RUG

                             
     &DUGDPRQHY&RKHQHWDO                    1R       1R              &DUGDPRQHY&RKHQHWDO   

$66,67$1781,7('67$7(6$77251(<6/RXLVYLOOH                        &DUGDPRQHjV3ULYDF\$FWFODLPVEDVHGRQDHDQG
.HQWXFN\IRU$SSHOOHHV                                              DHLQLWVHQWLUHW\
                     BBBBBBBBBBBBBBBBB
                         23,1,21
                     BBBBBBBBBBBBBBBBB
   .$5(11(/6210225(&LUFXLWsXGJH7KH3ODLQWLII
/RXLV 3 &DUGDPRQH DSSHDOV WKH GLVWULFW FRXUWjV JUDQW RI
VXPPDU\ MXGJPHQW WR WKH 'HIHQGDQWV WKH 8QLWHG 6WDWHV
'HSDUWPHQWRI'HIHQVH'RPHVWLF'HSHQGHQW(OHPHQWDU\DQG
6HFRQGDU\6FKRROVm''(66lWKH6HFUHWDU\RI'HIHQVHDQG
/LOOLDQ*RQ]DOH]WKH'LUHFWRURIWKH'HSDUWPHQWRI'HIHQVH
(GXFDWLRQ$FWLYLW\&DUGDPRQHFODLPVWKDW''(66YLRODWHG
KLVULJKWVXQGHUWKH3ULYDF\$FWRIFRGLILHGDW86&
 D ZKHQ ''(66 IDLOHG WR HOLFLW LQIRUPDWLRQ mWR WKH
JUHDWHVW H[WHQW SUDFWLFDEOHl GLUHFWO\ IURP KLP GXULQJ WKH
FRXUVH RI DQ LQYHVWLJDWLRQ FRQFHUQLQJ &DUGDPRQHjV
PDQDJHULDO SUDFWLFHV DV 6XSHULQWHQGHQW RI WKH )RUW .QR[
&RPPXQLW\6FKRROVm).&6l&DUGDPRQHDOVRFODLPVWKDW
''(66YLRODWHGWKH3ULYDF\$FWjVUHTXLUHPHQWWKDWDQDJHQF\
LQIRUP ZLWQHVVHV RI WKH mSULQFLSDO SXUSRVHl RI WKH
LQYHVWLJDWLRQ)RUWKHUHDVRQVVHWIRUWKEHORZZH$)),50
WKH GLVWULFW FRXUWjV JUDQW RI VXPPDU\ MXGJPHQW LQ IDYRU RI
''(66ZLWKUHVSHFWWRDOORI&DUGDPRQHjVFODLPVXQGHUWKH
3ULYDF\$FW
              ,)$&76$1'352&('85(
  7KLV FDVH FHQWHUV DURXQG DQ LQYHVWLJDWLRQ FRQGXFWHG E\
''(66LQWRDOOHJDWLRQVRIKRVWLOHPDQDJHULDOSUDFWLFHVDQG
RWKHU PLVFRQGXFW E\ &DUGDPRQH LQ KLV FDSDFLW\ DV
6XSHULQWHQGHQW RI WKH )RUW .QR[ &RPPXQLW\ 6FKRROV
m).&6l  7KH ).&6 LV RQH RI VHYHUDO VFKRRO V\VWHPV
RSHUDWHG E\ ''(66 XQGHU  86&   IRUPHUO\ 
86&   ZKLFK VHUYH WR SURYLGH DQ HGXFDWLRQ WR WKH
FKLOGUHQ RI WKH PHPEHUV RI WKH 86 $UPHG )RUFHV
&DUGDPRQHVHUYHGDV6XSHULQWHQGHQWRI).&6IURPsXO\
XQWLOKLVWHUPLQDWLRQIURPIHGHUDOVHUYLFHRQsXQH
7KHLQYHVWLJDWLRQDWLVVXHLQWKLVFDVHZDVSURPSWHGRQ
    &DUGDPRQHY&RKHQHWDO                      1R       1R                  &DUGDPRQHY&RKHQHWDO          

WKDW''(66IDLOHGWRQRWLI\WKHZLWQHVVHVRIWKHSULQFLSDO          1RYHPEHUZKHQIRXU).&6DGPLQLVWUDWRUVVHQWD
SXUSRVHRIWKHLQYHVWLJDWLRQLWVDFWLRQVKDGDQDGYHUVH            OHWWHUFRPSODLQLQJDERXWDQGUHTXHVWLQJDQLQYHVWLJDWLRQLQWR
HIIHFW RQ &DUGDPRQH DQG  LW ZLOOIXOO\ RU LQWHQWLRQDOO\      &DUGDPRQHjVPDQDJHPHQWSUDFWLFHVWR'U/LOOLDQ*RQ]DOH]
YLRODWHGWKLVSURYLVLRQRIWKH$FW6HH86&DH           WKH 'LUHFWRU RI WKH 'HSDUWPHQW RI 'HIHQVH (GXFDWLRQ
DJ' DJ  7KH GLVWULFW FRXUW JUDQWHG            $FWLYLW\7KLVOHWWHUGHVFULEHG WKHPDQDJHPHQWFOLPDWHDV
VXPPDU\MXGJPHQWDVWR&DUGDPRQHjVDHFODLPDQG               mKRVWLOH DQG FRXQWHUSURGXFWLYH WR RXU PLVVLRQl H[SUHVVHG
FRQFOXGHG WKDW WKH 3ULYDF\ $FW GRHV QRW UHTXLUH WKDW WKH       mUHDO FRQFHUQ UHJDUGLQJ UHWDOLDWLRQl DQG VWDWHG WKDW
UHVXOWV RI WKH LQYHVWLJDWLRQ EH GLVFORVHG PHUHO\ WKH            m>P@DQDJHPHQW E\ LQWLPLGDWLRQ DQG KDUDVVPHQW LV WKH EHVW
LQYHVWLJDWLRQjVSXUSRVH7KHGLVWULFWFRXUWIXUWKHUFRQFOXGHG          FKDUDFWHUL]DWLRQ RI >&DUGDPRQHjV@ WHQXUH DW )RUW .QR[l
WKDW WKHUH ZDV D ODFN RI D FDXVDO FRQQHFWLRQ EHWZHHQ WKH      sRLQW $SSHQGL[ ms$l DW  /HWWHU RI IRXU ).&6
IDLOXUH RI ''(66 WR LQIRUP ZLWQHVVHV RI WKH mSULQFLSDO          DGPLQLVWUDWRUV WR 'U *RQ]DOH] DQG 'U 1HYDUH]  2Q
SXUSRVHlRIWKHLQYHVWLJDWLRQDQGWKHFODLPHGDGYHUVHHIIHFW            'HFHPEHU'U+HFWRU21HYDUH]WKHQ'LUHFWRURI
RIPHQWDOLQMXULHVZKLFK&DUGDPRQHDOOHJHVs$DWQ             ''(66 IRUPDOO\ UHTXHVWHG LWV *HQHUDO &RXQVHO 5REHUW
'&W0HP                                                          6XWHPHLHUWRFRQGXFWDQLQYHVWLJDWLRQLQWRWKHVHFRPSODLQWV
                                                                        DERXW&DUGDPRQHjVSHUIRUPDQFHDV6XSHULQWHQGHQWRI).&6
   &DUGDPRQHDOOHJHVWKDWWKHGHSUHVVLRQWKDWKHDQGKLVZLIH
VXIIHUHGFRQVWLWXWHWKHDGYHUVHHIIHFWVFDXVHGE\''(66jV                 7KH''(66LQYHVWLJDWLRQUHVXOWHGLQWHQDOOHJDWLRQVZKLFK
IDLOXUHWRFRPSO\ZLWKDHE\QHJOHFWLQJWRLQIRUP             LQ VXPPDU\ DUH WKDW &DUGDPRQH  $ mLQDSSURSULDWHO\
ZLWQHVVHVRIWKHSULQFLSDOSXUSRVHRIWKHLQYHVWLJDWLRQ7KH           REWDLQHGRUDFFHSWHGRQEDVHKRXVLQJDW)RUW.QR[DVZHOODV
GLVWULFWFRXUWSURSHUO\FRQFOXGHGWKDWm>W@KHUHLVQRHYLGHQFH          FRPPLVVDU\ DQG H[FKDQJH SULYLOHJHVl % NQRZLQJO\
WKDW DQ\ RI WKH ZLWQHVVHV LQ WKLV FDVH ZRXOG KDYH WHVWLILHG   DSSURYHGVLFNOHDYHIRUWKH)RUW.QR[+LJK6FKRROSULQFLSDO
GLIIHUHQWO\ RU QRW DW DOO KDG WKH\ NQRZQ PRUH DERXW WKH     WRWUDYHOWR3XHUWR5LFRWRVHOOKLVKRXVH&mDSSURYHGRU
SXUSRVHRIWKHLQYHVWLJDWLRQQRULVWKHUHDQ\HYLGHQFHWKDW            DVVHQWHGWRWKHSXUFKDVHRIDWKOHWLFVKRHVIRUWKHKLJKVFKRRO
0U&DUGDPRQHVXIIHUHGDVDUHVXOWRIWKHZD\LQZKLFKWKH              EDVNHWEDOOWHDPIURPWKHVFKRRO([WUD&XUULFXODU$FFRXQWl
LQWHUYLHZV ZHUH FRQGXFWHG  :LWKRXW VRPH FDXVDO OLQN WR         'IDLOHGDQGRUGHOD\HGFDUU\LQJRXWWKHSURSHURUGHUVDQG
KDUPQRUHDVRQDEOHMXU\FRXOGILQGIRUWKH3ODLQWLIIRQWKLV           GLUHFWLYHVRIKLVVXSHULRUVUHJDUGLQJUHVSRQVLELOLW\IRUFHUWDLQ
FODLPls$DWQ'&W0HP7KHDEVHQFHRIDFDXVDO         SHUVRQQHO IXQFWLRQV ( mHQJDJHG LQ D SDWWHUQ RI
FRQQHFWLRQEHWZHHQ&DUGDPRQHjVDOOHJHGDGYHUVHHIIHFWVRI               GLVUHVSHFWIXODEXVLYHLQVXOWLQJGHPHDQLQJDQGLQWLPLGDWLQJ
GHSUHVVLRQDQGWKHIDLOXUHRI''(66WRLQIRUPZLWQHVVHVWKDW            FRQGXFWWRZDUGVRPHVXERUGLQDWHHPSOR\HHVRIWKH>).&6@
WKH SULQFLSDO SXUSRVH RI WKH LQYHVWLJDWLRQ ZDV WR DVVHVV        DQG KDV WKXV FUHDWHG D KRVWLOH ZRUNLQJ HQYLURQPHQW
DOOHJDWLRQVUHJDUGLQJ&DUGDPRQHjVUROHDV6XSHULQWHQGHQWLV             FKDUDFWHUL]HG E\ IHDU DQG ORZ PRUDOH ZKLFK LV
IDWDOWR&DUGDPRQHjVDHFODLP$FFRUGLQJO\ZH               FRXQWHUSURGXFWLYH WR WKH PLVVLRQ RI WKH >).&6@l
DIILUP WKH GLVWULFW FRXUWjV JUDQW RI VXPPDU\ MXGJPHQW WR        )mUHSULVHGDJDLQVWFHUWDLQHPSOR\HHVRIWKH>).&6@ZKR
''(66 DV WR &DUGDPRQHjV  DH FODLP XQGHU WKH            KDGFRPSODLQHGGLUHFWO\WRWKH)RUW.QR[%RDUGRI(GXFDWLRQ
3ULYDF\$FW                                                            DERXW0U&DUGDPRQHjVDEXVLYHDQGKDUDVVLQJFRQGXFWE\
                                                                        WKUHDWHQLQJWKHPZLWKDFKDUJHRILQVXERUGLQDWLRQLIWKH\HYHU
                     ,,,&21&/86,21                                   HQJDJHG LQ VLPLODU DFWLRQV LQ WKH IXWXUHl * mHQJDJHG LQ
                                                                        µSUHVHOHFWLRQj DQG GLVUHJDUGHG IHGHUDO PHULW VHOHFWLRQ
  %DVHGXSRQWKHIRUHJRLQJZH$)),50WKHGLVWULFWFRXUWjV              SULQFLSOHVLQWKHKLULQJSURFHVVRIDsXQLRU527&LQVWUXFWRU
RUGHUJUDQWLQJ''(66jVPRWLRQIRUVXPPDU\MXGJPHQWDVWR                IRUWKH)RUW.QR[+LJK6FKRROl+UHWDOLDWHGDJDLQVW*DU\
     &DUGDPRQHY&RKHQHWDO                       1R       1R                   &DUGDPRQHY&RKHQHWDO          

'RROLWWOHD).&6HPSOR\HHmZKRILOHGDQ((2FRPSODLQW                   WKRVHFODLPVDQGWKHQWRLQWHUYLHZWKLUGSDUW\ZLWQHVVHVDVWR
DQGFRPSODLQHGGLUHFWO\WRWKH)RUW.QR[%RDUGRI(GXFDWLRQ             WKH PRUH VXEMHFWLYH FODLPV  ,Q %UXQH Y ,56 WKH SODLQWLII
WKH 'LUHFWRU RI WKH >'HSDUWPHQW RI 'HIHQVH@ (GXFDWLRQ             SXUVXLQJDDHFODLPUDLVHGDVLPLODUDUJXPHQWDV
$FWLYLW\ DQG ''(66 'LUHFWRU DERXW 0U &DUGDPRQHjV                &DUGDPRQHGRHVQDPHO\mWKDWWKH,56LQYHVWLJDWLRQZDVQRW
DEXVLYHDQGKDUDVVLQJFRQGXFWE\FXUWDLOLQJKLVGXWLHVDQG              FRQGXFWHGUHDVRQDEO\LHFRXOGKDYHSURFHHGHGSUDFWLFDEO\
MREUHVSRQVLELOLWLHVDQGE\HQJDJLQJLQDFWVRIKDUDVVPHQW              ZLWKRXW MHRSDUGL]LQJ KLV UHSXWDWLRQl  %UXQH  )G DW
DQG SXEOLF HPEDUUDVVPHQWl , GLVUHJDUGHG QRUPDO GXW\             7KH'&&LUFXLWLQ%UXQHH[SODLQHGWKDWWKHSODLQWLII
KRXUV s mKDV EHHQ GHUHOLFW LQ KLV REOLJDWLRQ WR YLVLW WKH   mIRFXVHVRQWKHZURQJTXHVWLRQKRZHYHUZKHQKHPDLQWDLQV
LQGLYLGXDO VFKRROVXQGHUKLVVXSHUYLVLRQLQDWWHQWLYHWRWKH            H[SRVWWKDWDVLPSOHPHHWLQJZLWKLQYHVWLJDWRUVDWWKHRXWVHW
VRFLDOUHVSRQVLELOLWLHVRIKLVSRVLWLRQDV6XSHULQWHQGHQWDQG          ZRXOGKDYHODLGWRUHVWDQ\VXVSLFLRQRIFULPLQDOLW\LQYROYLQJ
LQDGGLWLRQRQDWOHDVWRQHRFFDVLRQ'HFHPEHUKLV             KLV WUDYHO YRXFKHUV  8QGHU DSSHOODQWjV RZQ VWDQGDUG WKH
FRQGXFWDWDVRFLDOJDWKHULQJLQ/RXLVYLOOHZDVSHUFHLYHGDV             UHOHYDQWLQTXLU\XQGHUVHFWLRQHFRQFHUQVDVLWPXVWWKH
ERRULVKDQGRIIHQVLYHls$DW,QYHVWLJDWLRQ5HSRUW             UHDVRQDEOHQHVVRIWKHLQYHVWLJDWRUjVGHFLVLRQWRFRQWDFWDWKLUG
                                                                SDUW\ YLHZHG DW WKH WLPH LW ZDV PDGH ZLWK DOO WKH
                                                                         XQFHUWDLQWLHV DWWHQGDQW XSRQ DQ LQYHVWLJDWLRQ DW LWV LQLWLDO
   %HIRUHWKHLQYHVWLJDWLRQFRPPHQFHG6XWHPHLHULQIRUPHG                VWDJHVl,G
&DUGDPRQHWKDWDQLQYHVWLJDWLRQZRXOGEHXQGHUZD\VRRQ
6XWHPHLHUjVLQYHVWLJDWLRQWRRNSODFHLQ)RUW.QR[.HQWXFN\                :H DJUHH ZLWK WKH GLVWULFW FRXUW WKDW &DUGDPRQHjV
GXULQJ 'HFHPEHU   DQG sDQXDU\                DHFODLPPXVWIDLODVDPDWWHURIODZ7KH3ULYDF\
sXVWLQ 6FKDIIHU ''(66 3URJUDP 0DQDJHU DQG *UHJRU\                $FWGRHVQRWUHTXLUHDQDJHQF\WRFRQGXFWLWVLQYHVWLJDWLRQ
6WDOOZRUWK (TXDO (PSOR\PHQW 2SSRUWXQLW\ 6SHFLDOLVW                 SLHFHPHDORUWRLQWHUYLHZZLWQHVVHVLQDQ\SDUWLFXODURUGHU
DVVLVWHG6XWHPHLHUZLWKWKHLQYHVWLJDWLRQIURPsDQXDU\            ZKHQWKHUHDUHERWKVXEMHFWLYHDQGREMHFWLYHFRPSODLQWVWREH
2Q'HFHPEHU6XWHPHLHUPHWSHUVRQDOO\ZLWK               LQYHVWLJDWHG&DUGDPRQHFDQQRWGHPRQVWUDWHDJHQXLQHLVVXH
&DUGDPRQHDQGKLVDWWRUQH\DQGSURYLGHG&DUGDPRQHZLWK                   RI PDWHULDO IDFW DV WR ZKHWKHU ''(66 IDLOHG WR FROOHFW
FRSLHV RI WKH OHWWHUV WKDW SURPSWHG WKH LQYHVWLJDWLRQ            LQIRUPDWLRQ IURP KLP WR WKH JUHDWHVW H[WHQW SUDFWLFDEOH
6XWHPHLHU DGYLVHG &DUGDPRQH WKDW EHFDXVH KH ZDV VWLOO            %HFDXVH&DUGDPRQHFDQQRWHVWDEOLVKWKLVFULWLFDOILUVWHOHPHQW
VHUYLQJDVWKH6XSHULQWHQGHQWRIWKH).&6DQGVHYHUDORIWKH             RIKLVFODLPXQGHUDHZHGRQRWQHHGWRGHWHUPLQH
FRPSODLQDQWVZHUHKLVVXERUGLQDWHV&DUGDPRQHVKRXOGmEH                 ZKHWKHU WKH GHIHQGDQWV DFWHG ZLOOIXOO\ RU LQWHQWLRQDOO\ RU
FDUHIXO LQ KLV FRPPHQWV DQG DFWLRQV DV HYHQ FDVXDO              ZKHWKHU WKH GHIHQGDQWVj DFWLRQV KDG DQ DGYHUVH LPSDFW RQ
FRQYHUVDWLRQVPLJKWEHFRQVWUXHGDVVXEWOHFRHUFLRQls$DW           &DUGDPRQH
6XWHPHLHU'HFODW6XWHPHLHUmIHOWWKLVDGPRQLWLRQ
WR0U&DUGDPRQHZDVQHFHVVDU\WRFRXQWHUDFWDSURIHVVLRQDO              & 6HFWLRQ DH  5HTXLUHPHQW RI ,QIRUPLQJ
PDQDJHUjVLQVWLQFWWRVROYHSUREOHPVE\FRPPXQLFDWLQJZLWK                  ,QWHUYLHZHHVRIWKH7UXH3XUSRVHRI,QYHVWLJDWLRQ
KLVVWDIIls$DW6XWHPHLHU'HFODW
                                                                           :HQRZWXUQWR&DUGDPRQHjVVHFRQG3ULYDF\$FWFODLP
  ,QWRWDO6XWHPHLHULQWHUYLHZHGVL[W\RQHZLWQHVVHVRYHUWKH           6HFWLRQ DH UHTXLUHV DQ DJHQF\ WR mLQIRUP HDFK
FRXUVH RI WKH LQYHVWLJDWLRQ  $FFRUGLQJ WR 6XWHPHLHU             LQGLYLGXDO ZKRP LW DVNV WR VXSSO\ LQIRUPDWLRQl RI mWKH
m>D@OWKRXJKWKHLQYHVWLJDWLRQZDVGLUHFWHGWRZDUGVDOOHJDWLRQV           SULQFLSDOSXUSRVHRUSXUSRVHVIRUZKLFKWKHLQIRUPDWLRQLV
DERXW 0U &DUGDPRQH LW ZDV H[SDQGHG WR LQFOXGH DOPRVW           LQWHQGHGWREHXVHGl86&DH7RSUHYDLORQD
DQ\WKLQJWKDWDQ\ERG\ZDQWHGWRFRPHLQDQGWDONDERXW)RU             FODLPDULVLQJXQGHUDH&DUGDPRQHPXVWHVWDEOLVK
       &DUGDPRQHY&RKHQHWDO                         1R        1R                    &DUGDPRQHY&RKHQHWDO           

&DUGDPRQH DOOHJHV WKDW KH KDG REMHFWLYH XQDOWHUDEOH                     H[DPSOH WKH\ KDYH D ORW RI SD\ SUREOHPV XS WKHUH DQG ,
LQIRUPDWLRQZLWKUHVSHFWWRDOOHJDWLRQV$%&')*s,                LQWHUYLHZHGIRXURUILYHSHRSOHZKRFDPHLQZKRGLGQjW
IRU ZKLFK 6XWHPHLHU FRXOG KDYH DSSURDFKHG    KLP EHIRUH                 KDYHDQ\NQRZOHGJHRUDQ\WKLQJWRVD\DERXW0U&DUGDPRQH
VHHNLQJLQIRUPDWLRQIURPWKLUGSDUWLHV6HH$SSHOODQWjV%U                  EXW WKH\ ZHUH FRQFHUQHG DERXW WKHLU SD\ DQG , OLVWHQHG WR
DW   &DUGDPRQH DUJXHV WKDW 6XWHPHLHU ZDV QRW                     ZKDW WKH\ KDG WR VD\l  s$ DW  6XWHPHLHU 'HS  7R
FRQFHUQHG ZLWK KLV YHUDFLW\ DQG m>U@DWKHU WKDQ VHHN WKLV               IDFLOLWDWH ZLWQHVVHV FRPLQJ IRUZDUG LQ WKH LQYHVWLJDWLRQ
LQIRUPDWLRQGLUHFWO\IURP0U&DUGDPRQHDQGWKHUHE\UHVWULFW                   6XWHPHLHUmGLUHFWHGWKHVLWHRIILFHWKHUHWRSXWDQRWLFHRXW
WKHVFRSHRIWKHLQYHVWLJDWLRQ0U6XWHPHLHUFKRVHWRVHHN                    WKDW>KH@ZDVWKHUHDQGLIDQ\ERG\KDGDQ\FRPSODLQWVDOPRVW
VXFKREMHFWLYHDQGXQDOWHUDEOHLQIRUPDWLRQIURPDWOHDVW                    DQ\WKLQJFRQFHUQLQJWKHRSHUDWLRQRIWKHGLVWULFW>KH@ZRXOG
RWKHUSHUVRQVEHIRUHHYHUVSHDNLQJZLWK0U&DUGDPRQHRQ                       EH WKHUH WR OLVWHQ WR ZKDW WKH\ KDG WR VD\l  s$ DW 
DQ\RIWKRVHLVVXHVl$SSHOODQWjV%UDW                                  6XWHPHLHU'HS$FFRUGLQJWR6XWHPHLHUWKHFRQWHQWVRI
                                                                               WKHQRWLFHWKDWZDVSRVWHGZDVmVRPHWKLQJWRWKHH[WHQWWKDW
  7KHGLVWULFWFRXUWFRUUHFWO\FRQFOXGHGWKDW''(66LVQRW                     VWDWHG>KLV@QDPHDQG>KLV@SRVLWLRQDQGWKDW>KH@ZDVWKHUH
UHTXLUHG XQGHU WKH 3ULYDF\ $FW WR GLYLGH LWV LQYHVWLJDWLRQ             GRLQJDQRYHUDOOORRNVHHRIWKHGLVWULFWDQGLIDQ\ERG\
SLHFHPHDOLQWRWKHDOOHJDWLRQVWKDWFRXOGSRVVLEO\EHUHVROYHG                 ZDQWHGWRFRPHDQGWDONDOOWKH\KDGWRGRZDVFDOOWR
E\REMHFWLYHLQIRUPDWLRQDQGDSSURDFK&DUGDPRQHILUVWDVWR                   PDNHDQDSSRLQWPHQW1RZRIFRXUVHWKDWZDVLQDGGLWLRQ
                                                                               WRWKHSHRSOH WKDW>KH@VHOHFWHG>KLP@VHOIls$DW
                                                                               6XWHPHLHU'HS
ZRUNLQJ HQYLURQPHQW FKDUDFWHUL]HG E\ IHDU DQG ORZ PRUDOHl $OOHJDWLRQ
+ LQYROYHG &DUGDPRQHjV DOOHJHG UHSULVDO DJDLQVW 0U 'RROLWWOH IRU ILOLQJ
                                                                                  6XWHPHLHU DFNQRZOHGJHG WKDW RQ KLV RZQ LQLWLDWLYH KH
YDULRXV FRPSODLQWV DERXW &DUGDPRQHjV FRQGXFW $OOHJDWLRQ s FRQFHUQHG           LQWHUYLHZHGDQXPEHURISHUVRQVZKRZHUHmQRWHPSOR\HHVRI
&DUGDPRQHjV IDLOXUH WR VDWLVI\ KLV REOLJDWLRQ WR YLVLW WKH VFKRROV XQGHU KLV   WKH)RUW.QR[FRPPXQLW\VFKRROV\VWHP>DQGZKR@ZHUHQRW
VXSHUYLVLRQ DQG ERRULVK EHKDYLRU DW D VRFLDO JDWKHULQJ s$ DW           XQGHU WKH VXSHUYLVLRQ RI 0U &DUGDPRQHl  s$ DW 
,QYHVWLJDWLRQ 5HSRUW
                                                                               6XWHPHLHU'HS$IHZRIWKHVHZLWQHVVHVKRZHYHUZHUH
                                                                              &DUGDPRQHjV IRUPHU VXERUGLQDWHV  %HIRUH IRUPDOO\
      $OOHJDWLRQ $ FODLPHG WKDW &DUGDPRQH mLQDSSURSULDWHO\ REWDLQHG RU
                                                                               LQWHUYLHZLQJ &DUGDPRQH ZKR ZDV WKH ODVW SHUVRQ ZKRP
DFFHSWHG RQEDVH KRXVLQJ DW )RUW .QR[ DV ZHOO DV FRPPLVVDU\ DQG
H[FKDQJH SULYLOHJHVl $OOHJDWLRQ % LQYROYHG &DUGDPRQHjV NQRZLQJ
                                                                               6XWHPHLHULQWHUYLHZHG6XWHPHLHUSURYLGHG&DUGDPRQHZLWK
DSSURYDO RI VLFN OHDYH IRU D SULQFLSDO WR WUDYHO WR 3XHUWR 5LFR WR VHOO KLV    DOLVWRIWRSLFVWREHFRYHUHGGXULQJWKHLQWHUYLHZ2QsDQXDU\
KRXVH $OOHJDWLRQ & PDLQWDLQHG WKDW &DUGDPRQH mDSSURYHG RU DVVHQWHG            6XWHPHLHULQWHUYLHZHG&DUGDPRQHIRUILYHKRXUV
WR WKH SXUFKDVH RI DWKOHWLF VKRHV IRU WKH KLJK VFKRRO EDVNHWEDOO WHDP IURP
WKH VFKRRO ([WUD &XUULFXODU $FFRXQWl ,Q $OOHJDWLRQ ' &DUGDPRQH ZDV             2Q 0DUFK   6XWHPHLHU VXEPLWWHG D m5HSRUW RI
FKDUJHG ZLWK IDLOLQJ DQG RU GHOD\LQJ WR FDUU\ RXW WKH SURSHU RUGHUV DQG
                                                                               ,QYHVWLJDWLRQ $OOHJDWLRQV &RQFHUQLQJ WKH &RQGXFW RI 0U
GLUHFWLYHV RI KLV VXSHULRUV UHJDUGLQJ UHVSRQVLELOLW\ IRU FHUWDLQ SHUVRQQHO
                                                                               /RXLV3&DUGDPRQH6XSHULQWHQGHQW)RUW.QR[&RPPXQLW\
                                                                               6FKRROV )RUW .QR[ .HQWXFN\l WR ''(66  6XWHPHLHU
IXQFWLRQV $OOHJDWLRQ ) VWDWHG WKDW &DUGDPRQH mUHSULVHG DJDLQVW FHUWDLQ
HPSOR\HHV RI WKH >).&6@ ZKR KDG FRPSODLQHG GLUHFWO\ WR WKH )RUW .QR[
%RDUG RI (GXFDWLRQ DERXW 0U &DUGDPRQHjV DEXVLYH DQG KDUDVVLQJ                 FRQFOXGHGWKDWDVWRDOOHJDWLRQV$%DQG&mWKHHYLGHQFH
FRQGXFW E\ WKUHDWHQLQJ WKHP ZLWK D FKDUJH RI LQVXERUGLQDWLRQ LI WKH\ HYHU     FROOHFWHGGLGQRWVXEVWDQWLDWHWKHDOOHJDWLRQls$DW
HQJDJHG LQ VLPLODU DFWLRQV LQ WKH IXWXUHl $OOHJDWLRQ * LQYROYHG D FODLP
WKDW &DUGDPRQH mHQJDJHG LQ µSUHVHOHFWLRQj DQG GLVUHJDUGHG IHGHUDO PHULW
VHOHFWLRQ SULQFLSOHV LQ WKH KLULQJ SURFHVV RI D sXQLRU 527& LQVWUXFWRU IRU
                                                                                   
WKH )RUW .QR[ +LJK 6FKRROl ,Q $OOHJDWLRQ , &DUGDPRQH ZDV FKDUJHG                   6XWHPHLHU GLG QRW VXEPLW DQ\ UHSRUW FRQFHUQLQJ SD\ SUREOHPV DW
ZLWK GLVUHJDUGLQJ QRUPDO GXW\ KRXUV         s$ DW  ,QYHVWLJDWLRQ      ).&6 RU DQ\ RWKHU DOOHJDWLRQV DERXW WKH RSHUDWLRQV RI ).&6 RXWVLGH RI
5HSRUW                                                                       WKH FRPSODLQWV UHJDUGLQJ &DUGDPRQH
     &DUGDPRQHY&RKHQHWDO                   1R      1R                     &DUGDPRQHY&RKHQHWDO           

,QYHVWLJDWLRQ5HSRUWDQGWKDWDVWRDOOHJDWLRQV'()*      LQIRUPDWLRQGLUHFWO\IURPWKHVXEMHFWRIWKHLQYHVWLJDWLRQWR
+ , DQG s mWKH HYLGHQFH FROOHFWHG VXEVWDQWLDWHG WKH      WKHJUHDWHVWH[WHQWSUDFWLFDEOH+HUHDVLQ+XGVRQWKHUHDUH
DOOHJDWLRQls$DW,QYHVWLJDWLRQ5HSRUW2Q0DUFK      mSUDFWLFDO FRQVLGHUDWLRQVl RI WKUHDWV DQG LQWLPLGDWLRQ RI
'U1HYDUH]'LUHFWRURI''(66SURSRVHGWR'U           IHOORZFRZRUNHUV+XGVRQ)GDW,QFRQWUDVWWR
*RQ]DOH] 'LUHFWRU RI 'HSDUWPHQW RI 'HIHQVH (GXFDWLRQ         :DWHUV  )G DW  WKH SUHVHQW FDVH LQYROYHV
$FWLYLW\WKDW&DUGDPRQHEHUHPRYHGIURPIHGHUDOVHUYLFH           PXOWLSOH DOOHJDWLRQV VRPH RI ZKLFK FRXOG SRVVLEO\ EH
2Q sXQH   'U *RQ]DOH] VHQW &DUGDPRQH D             UHVROYHG E\ UHTXHVWLQJ REMHFWLYH LQIRUPDWLRQ IURP
PHPRUDQGXP UHPRYLQJ KLP IURP KLV SRVLWLRQ DV                  &DUGDPRQH DV ZHOO DV WKH PRUH VXEMHFWLYH DOOHJDWLRQV RI
6XSHULQWHQGHQWRI).&6HIIHFWLYHWKDWVDPHGD\                     HPSOR\HHPLVWUHDWPHQWZKLFKOLHDWWKHKHDUWRIWKHFRQFHUQV
                                                                    ZKLFKWULJJHUHG''(66jVLQYHVWLJDWLRQIURPWKHEHJLQQLQJ
   2Q$XJXVW&DUGDPRQHILOHGDFRPSODLQWLQ86          6HH s$ DW  /HWWHU RI IRXU ).&6 DGPLQLVWUDWRUV WR 'U
GLVWULFWFRXUWVHHNLQJUHOLHIXQGHUWKH3ULYDF\$FWRI        *RQ]DOH]  ,Q 'RQJ WKHUH ZHUH QR DOOHJDWLRQV WKDW WKH
FRGLILHGDW86&D&DUGDPRQHDOOHJHGWKDW''(66          SODLQWLIIZRXOGHQJDJHLQZLWQHVVWDPSHULQJZKHUHDVLQWKLV
YLRODWHG86&DHZKLFKUHTXLUHVDQDJHQF\mWR         FDVHWKHDOOHJDWLRQVDJDLQVW&DUGDPRQHLQFOXGHGUHWDOLDWLRQ
FROOHFWLQIRUPDWLRQWRWKHJUHDWHVWH[WHQWSUDFWLFDEOHGLUHFWO\     DJDLQVW HPSOR\HHV ZKR ILOHG FRPSODLQWV DJDLQVW KLP DQG
IURPWKHVXEMHFWLQGLYLGXDOZKHQWKHLQIRUPDWLRQPD\UHVXOW         PLVWUHDWPHQWRIKLVVXERUGLQDWHV6HH'RQJ)6XSSDW
LQ DGYHUVH GHWHUPLQDWLRQV DERXW DQ LQGLYLGXDOjV ULJKWV       7KXVWKHLQVWDQWFDVHZKLFKLQYROYHVDQLQYHVWLJDWLRQ
EHQHILWVDQGSULYLOHJHVXQGHU)HGHUDOSURJUDPVl86&         WKDW RULJLQDWHV IURP &DUGDPRQHjV DOOHJHG PLVWUHDWPHQW RI
DH&DUGDPRQHjVDHFODLPVWHPVIURPWKH        HPSOR\HHVZKRDUHKLJKO\OLNHO\WREHLQWHUYLHZHGE\''(66
IDLOXUHRI''(66WRDSSURDFKKLPGLUHFWO\IRULQIRUPDWLRQ           SUHVHQWVDGLIIHUHQWVLWXDWLRQIURP'RQJZKHUHWKHUHZDVQR
EHIRUH LQWHUYLHZLQJ VL[W\RQH RWKHU ZLWQHVVHV  +DYLQJ        LQGLFDWLRQRISRWHQWLDOZLWQHVVKDUDVVPHQWRUPLVWUHDWPHQW
DOOHJHG LQ KLV FRPSODLQW WKDW ''(66jV YLRODWLRQ RI           ,Q%UXQHWKH'&&LUFXLWORRNHGWRWKHDOOHJDWLRQVRIIDOVH
DHKDGDQmDGYHUVHHIIHFWlRQKLP&DUGDPRQHLQ           VWDWHPHQWV DV D MXVWLILFDWLRQ IRU WKH ,56 WR DSSURDFK WKLUG
HIIHFWVRXJKWDFLYLOUHPHG\XQGHU86&DJ'        SDUW\ ZLWQHVVHV EHIRUH HOLFLWLQJ WKH LQIRUPDWLRQ IURP WKH
$V SURYLGHG E\  86&  DJ &DUGDPRQH VRXJKW      SODLQWLII6HH%UXQH)GDW$OWKRXJKWKHSUHVHQW
GDPDJHVUHDVRQDEOHDWWRUQH\IHHVDQGRWKHUOLWLJDWLRQFRVWV      FDVH GRHV QRW LQYROYH FKDUJHV RI IDOVH VWDWHPHQWV LW LV
                                                                    VLPLODUO\ LPSUDFWLFDEOH WR WKLQN WKDW FKDUJHV RI HPSOR\HH
  ,QUHVSRQVH''(66PRYHGIRUVXPPDU\MXGJPHQW2Q                PLVWUHDWPHQW DQG KDUDVVPHQW FRXOG EH UHVROYHG E\
'HFHPEHU&DUGDPRQHILOHGDEULHILQRSSRVLWLRQWR          LQWHUYLHZLQJ&DUGDPRQHEHIRUHRWKHUV
''(66jV PRWLRQ IRU VXPPDU\ MXGJPHQW DQG UHTXHVWHG
DGGLWLRQDOWLPHIRUGLVFRYHU\7KHGLVWULFWFRXUWUHIHUUHGWKLV       ,Q DGGLWLRQ WR WKH SUDFWLFDO FRQVLGHUDWLRQV DW SOD\ LQ WKLV
FDVHWRDPDJLVWUDWHMXGJHZKRHQWHUHGKLVSURSRVHG)LQGLQJV        FDVH''(66LVQRWUHTXLUHGXQGHUWKH3ULYDF\$FWWRFRQGXFW
RI)DFW&RQFOXVLRQVRI/DZDQG5HFRPPHQGDWLRQm5	5l             LWVLQYHVWLJDWLRQSLHFHPHDOZKHQWKHLQYHVWLJDWLRQLQYROYHV
DQG FRQFOXGHG WKDW LW ZDV DSSURSULDWH IRU ''(66 WR KDYH    ERWK REMHFWLYH DQG VXEMHFWLYH DOOHJDWLRQV  &DUGDPRQH
LQWHUYLHZHGRWKHUZLWQHVVHVEHIRUHLQWHUYLHZLQJ&DUGDPRQH          PDLQWDLQVWKDWRQO\WKUHHDOOHJDWLRQV(+DQGsRIWKHWHQ
7KHPDJLVWUDWHMXGJHIRXQGWKDWm>W@KHUHLVDPSOHSURRILQWKH      DOOHJDWLRQV DJDLQVW KLP LQYROYHG HPSOR\HH PLVWUHDWPHQW
UHFRUGWKDW&DUGDPRQHZDVDQRYHUEHDULQJDQGLQWLPLGDWLQJ
PDQDJHU,WZDVERWKSUDFWLFDODQGODZIXOIRUWKHLQYHVWLJDWRU
WRWDNHVWDWHPHQWVIURPRWKHUZLWQHVVHVVRWKDW&DUGDPRQH               
                                                                          $OOHJDWLRQ ( SURYLGHG WKDW m0U &DUGDPRQH KDV HQJDJHG LQ D SDWWHUQ
FRXOG QRW µSRLVRQ WKH ZHOOjl  s$ DW  5	5  7KH   RI GLVUHVSHFWIXO DEXVLYH LQVXOWLQJ GHPHDQLQJ DQG LQWLPLGDWLQJ FRQGXFW
                                                                    WRZDUG VRPH VXERUGLQDWH HPSOR\HHV    DQG KDV WKXV FUHDWHG D KRVWLOH
    &DUGDPRQHY&RKHQHWDO                     1R       1R                     &DUGDPRQHY&RKHQHWDO            

PLVWUHDWPHQWl  s$ DW  Q ' &W 0HP HPSKDVLV        PDJLVWUDWH MXGJH WKXV UHFRPPHQGHG GHQ\LQJ &DUGDPRQHjV
DGGHG                                                                5XOHIPRWLRQDVZHOODVJUDQWLQJVXPPDU\MXGJPHQWWR
                                                                       ''(66
   ,Q+XGVRQDIRUPHU$VVLVWDQW8QLWHG6WDWHV$WWRUQH\VXHG
WKH $WWRUQH\ *HQHUDO DQG WKH 86 'HSDUWPHQW RI sXVWLFH           7KHGLVWULFWFRXUWGHFOLQHGWRDFFHSWWKHPDJLVWUDWHMXGJHjV
DOOHJLQJFODLPVXQGHU7LWOH9,,WKH(TXDO3D\$FWDQGWKH            5	5$OWKRXJKWKHGLVWULFWFRXUWH[SUHVVHGVRPHKHVLWDWLRQ
3ULYDF\$FW+XGVRQ)GDW7KHSODLQWLIIVRXJKW          mWKH &RXUW LV QRW FHUWDLQ WKDW DQ\ IDFWV XQFRYHUHG ZRXOG
UHFRYHU\XQGHUWKH3ULYDF\$FWEDVHGRQWKHJRYHUQPHQWjV               VXSSRUW D SODXVLEOH OHJDO WKHRU\ IRU UHFRYHU\l WKH GLVWULFW
YLRODWLRQ RI  DH  +XGVRQ DOOHJHG WKDW WKH            FRXUWJUDQWHG&DUGDPRQHDQRSSRUWXQLW\WRFRQGXFWDGGLWLRQDO
JRYHUQPHQWTXHVWLRQHGRWKHUVZKHQVXFKLQIRUPDWLRQFRXOG               GLVFRYHU\s$DWsXO\s$IWHUGLVFRYHU\ZDV
KDYHEHHQHOLFLWHGGLUHFWO\IURPWKHSODLQWLIIKHUVHOI+XGVRQ        FRPSOHWHG &DUGDPRQH ILOHG DQ DPHQGHG FRPSODLQW RQ
DOVRFODLPHGWKDWWKHJRYHUQPHQWVSUHDGIDOVHUXPRUVDERXW             'HFHPEHUDGGLQJWKHFODLPWKDW''(66YLRODWHG
KHU DQG UHOHDVHG LQIRUPDWLRQ WR WKRVH QRW DXWKRUL]HG WR        86&  DH E\ IDLOLQJ WR mLQIRUP HDFK LQGLYLGXDO
UHFHLYH VXFK LQIRUPDWLRQ LQ YLRODWLRQ RI  DE  7KH      ZKRP LW DVNV WR VXSSO\ LQIRUPDWLRQ    >RI@ WKH SULQFLSDO
SODLQWLII DOVR DOOHJHG WKDW WKH sXVWLFH 'HSDUWPHQW PDGH         SXUSRVHRUSXUSRVHVIRUZKLFKWKHLQIRUPDWLRQLVLQWHQGHGWR
GHFLVLRQVDERXWKHUEDVHGRQDmVHFUHWlILOHDQGWKDWWKH86         EHXVHGl86&DH2Q'HFHPEHUWKH
$WWRUQH\jV2IILFHYLRODWHGDGZKHQLWIDLOHGWRDPHQG           GLVWULFW FRXUW HQWHUHG D 0HPRUDQGXP DQG 2UGHU GHQ\LQJ
FHUWDLQUHFRUGVSHUWDLQLQJWRKHU:LWKUHVSHFWWR+XGVRQjV           ''(66jV PRWLRQ IRU VXPPDU\ MXGJPHQW DQG JUDQWLQJ
mJUHDWHVWH[WHQWSUDFWLFDEOHlFODLPZHKHOGWKDWWKHmSUDFWLFDO       &DUGDPRQHOHDYHWRDPHQGKLVFRPSODLQW6HHs$DW
FRQVLGHUDWLRQVl DW VWDNH LQ WKDW FDVH QDPHO\ WKDW m+XGVRQ     0HP DQG 2UGHU  7KH GLVWULFW FRXUW VSHFLILFDOO\
ZDV VXVSHFWHG RI PDNLQJ IDOVH VWDWHPHQWV DQG VKH ZDV           DFNQRZOHGJHG WKDW m>W@KLV FDVH LQYROYHV D QXPEHU RI OHVV
DOOHJHGO\LQWLPLGDWLQJDQGWKUHDWHQLQJSHRSOHDQGRWKHUZLVH            WKDQFOHDUTXHVWLRQVDERXWWKHSXUSRVHVRIWKH3ULYDF\$FWDQG
GLYLGLQJWKH86$WWRUQH\jVRIILFHlmGHPRQVWUDWHWKDW>WKH           WKHDSSOLFDWLRQRISDUWLFXODUIDFWVWRWKDW$FW7KH&RXUWGRHV
LQYHVWLJDWRU@ GLG QRW YLRODWH WKH 3ULYDF\ $FW ZKHQ KH          QRW IHHO FRPIRUWDEOH JUDQWLQJ VXPPDU\ MXGJPHQW RQ WKH
LQWHUYLHZHGRWKHUVEHIRUHLQWHUYLHZLQJ+XGVRQl,GDW          UHFRUGDWKDQGDQGWKHUHIRUHFRQFOXGHVWKDWDWULDORQWKHVH
,Q UHDFKLQJ WKLV FRQFOXVLRQ ZH FLWHG WR %UXQH Y ,56    LVVXHVLVPRVWDSSURSULDWHls$DW0HPDQG2UGHU
)G'&&LULQZKLFKWKH'&&LUFXLW            7KH GLVWULFW FRXUW VHW WULDO IRU 0D\    ''(66
KHOG WKDW WKH DJHQF\ GLG QRW YLRODWH WKH mJUHDWHVW H[WHQW     KRZHYHUDQVZHUHG&DUGDPRQHjVDPHQGHGFRPSODLQWZLWKD
SUDFWLFDEOHlSURYLVLRQDQGZDVWKXVQRWUHTXLUHGWRLQWHUYLHZ          VHFRQG PRWLRQ IRU VXPPDU\ MXGJPHQW DV WR DOO RI
WKHVXEMHFWILUVWZKHUHWKHVXEMHFWZDVEHLQJLQYHVWLJDWHGIRU         &DUGDPRQHjV FODLPV  2Q 6HSWHPEHU   WKH GLVWULFW
PDNLQJIDOVHVWDWHPHQWVm>7@KHQDWXUHRIWKHLQYHVWLJDWLRQ          FRXUW JUDQWHG ''(66jV VHFRQG PRWLRQ IRU VXPPDU\
FKDOOHQJHG KHUH XQGHU WKH 3ULYDF\ $FW LQYROYLQJ SRVVLEOH       MXGJPHQWFRQFOXGLQJWKDW&DUGDPRQHmFDQQRWVXVWDLQDFODLP
IDOVHVWDWHPHQWVE\DQ,56DJHQWPDGHLWLPSUDFWLFDEOHIRU            XQGHUWKH3ULYDF\$FWls$DW0HPDQG2SLQLRQ7KLV
WKHLQYHVWLJDWLQJDXWKRULW\WRFROOHFWWKHLQIRUPDWLRQLWQHHGHG       WLPHO\DSSHDOE\&DUGDPRQHIROORZHG
GLUHFWO\IURPWKHVXEMHFWLQGLYLGXDOl,G
  +XGVRQ :DWHUV 'RQJ DQG %UXQH GHPRQVWUDWH WKDW WKH
VSHFLILF QDWXUH RI HDFK FDVH VKDSHV WKH SUDFWLFDO
FRQVLGHUDWLRQVDWVWDNHWKDWGHWHUPLQHZKHWKHUDQDJHQF\KDV
                                                                           
IXOILOOHG LWV REOLJDWLRQ XQGHU WKH 3ULYDF\ $FW WR HOLFLW            $SDUW IURP WKLV OLWLJDWLRQ &DUGDPRQH DOVR VRXJKW LQWHUQDO
                                                                       DGPLQLVWUDWLYH UHPHGLHV FRQFHUQLQJ KLV WHUPLQDWLRQ IURP IHGHUDO VHUYLFH
     &DUGDPRQHY&RKHQHWDO                        1R        1R                    &DUGDPRQHY&RKHQHWDO           

                          ,,$1$/<6,6                                    FODLPXQGHUDHDQGWKH'&&LUFXLWKHOGWKDWWKH
                                                                           sXVWLFH'HSDUWPHQWYLRODWHGWKHmJUHDWHVWH[WHQWSUDFWLFDEOHl
  :HUHYLHZDGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQWGH                SURYLVLRQ E\ IDLOLQJ WR DVN WKH SODLQWLII WR SURGXFH KLV
QRYR6HH5LFKDUGVRQY7RZQVKLSRI%UDG\)G                  DWWHQGDQFHWLFNHWDWWKH3HQQV\OYDQLDVWDWHEDUH[DPEHIRUH
WK&LU6XPPDU\MXGJPHQWLVDSSURSULDWHmLIWKH              LQTXLULQJDERXWWKHSODLQWLIIjVDWWHQGDQFHIURPWKHVWDWHEDU
SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG               DXWKRULWLHV7KHFRXUWUHDVRQHGWKDWm>L@I>WKHVXEMHFW@KDG
DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ             EHHQ XQDEOH WR SURGXFH VDWLVIDFWRU\ REMHFWLYH SURRI RI KLV
WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW            DWWHQGDQFHWKHQWKH'HSDUWPHQWZRXOGQRWKDYHYLRODWHGWKH
WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZl            3ULYDF\$FWE\DWWHPSWLQJWRREWDLQWKHLQIRUPDWLRQGLUHFWO\
)(' 5 &,9 3 F:HFRQVWUXHDOOIDFWVDQGLQIHUHQFHV               IURPWKH3HQQV\OYDQLD%RDUGl,GDW7KH:DWHUVFRXUW
GUDZQWKHUHIURPLQWKHOLJKWPRVWIDYRUDEOHWR&DUGDPRQH                  PDLQWDLQHG WKDW HYHQ LI WKH SODLQWLIIjV FUHGLELOLW\ ZDV
WKH QRQPRYLQJ SDUW\  6HH 0DWVXVKLWD (OHF ,QGXV &R Y         VRPHZKDW TXHVWLRQDEOH DQG GHVSLWH WKH FORVH SUR[LPLW\
=HQLWK5DGLR&RUS86m7KHPHUH                   EHWZHHQWZRLQVWDQFHVRIDOOHJHGLPSURSULHW\QRQHWKHOHVVWKH
H[LVWHQFHRIDVFLQWLOODRIHYLGHQFHLQVXSSRUWRIWKHSODLQWLIIjV         JRYHUQPHQWmFDQQRWMXVWLI\IDLOLQJWRJRILUVWWR>WKHVXEMHFW@
SRVLWLRQZLOOEHLQVXIILFLHQWWKHUHPXVWEHHYLGHQFHRQZKLFK             IRUREMHFWLYHSURRIRIKLVEDUDWWHQGDQFHSURRIVXFKDVZULWWHQ
WKHMXU\FRXOGUHDVRQDEO\ILQGIRUWKHSODLQWLIIl$QGHUVRQY            FRUUHVSRQGHQFHLQIRUPLQJKLPRIKLVEDUUHVXOWVDQGKLVEDU
/LEHUW\ /REE\ ,QF  86     6XPPDU\           H[DP DGPLWWDQFH WLFNHWl ,G  m,Q WKH FRQWH[W RI DQ
MXGJPHQWLVDSSURSULDWHDIWHUVXIILFLHQWWLPHIRUGLVFRYHU\LI             LQYHVWLJDWLRQ WKDW LV VHHNLQJ REMHFWLYH XQDOWHUDEOH
DSDUW\ZKRKDVWKHEXUGHQRISURRIDWWULDOIDLOVWRPDNHD               LQIRUPDWLRQUHDVRQDEOHTXHVWLRQVDERXWDVXEMHFWjVFUHGLELOLW\
VKRZLQJVXIILFLHQWWRHVWDEOLVKWKHH[LVWHQFHRIDQHOHPHQW                FDQQRWUHOLHYHDQDJHQF\IURPLWVUHVSRQVLELOLW\WRFROOHFWWKDW
WKDW LV HVVHQWLDO WR WKDW SDUW\jV FDVH  6HH &HORWH[ &RUS Y   LQIRUPDWLRQILUVWIURPWKHVXEMHFWl,GDW
&DWUHWW86
                                                                             ,Q 'RQJ Y 6PLWKVRQLDQ ,QVWLWXWLRQ WKH FRXUW IRXQG D
$7KH3ULYDF\$FW                                                        YLRODWLRQRIDHZKHUHWKHDJHQF\GLGQRWDOOHJHDQG
                                                                           WKH UHFRUG GLG QRW UHIOHFW DQ\ SUREOHPV ZLWK SODLQWLIIjV
   :HUHYLHZWKHGLVWULFWFRXUWjVOHJDOFRQFOXVLRQVGHQRYR                FUHGLELOLW\WKHUHZHUHQRDOOHJDWLRQVRIZLWQHVVWDPSHULQJ
DQGWKHILQGLQJVRIIDFWIRUFOHDUHUURU6HH+XGVRQY5HQR             DQG QR SULRU LPSURSULHW\ WKDWZRXOG OHDG WKH DJHQF\ WR
)GWK&LUFHUWGHQLHG86                TXHVWLRQWKHSODLQWLIIjVYHUDFLW\ 'RQJ)6XSSDW
   m7KH 3ULYDF\ $FW RI  UHJXODWHV WKH               ,QWKHSUHVHQWFDVHWKHGLVWULFWFRXUWFRQFOXGHGWKDWLQ
FROOHFWLRQ PDLQWHQDQFH XVH DQG GLVVHPLQDWLRQ RI                    :DWHUV DQG 'RQJ mWKH LQYHVWLJDWRUV VRXJKW WR YHULI\ IDFWV
LQIRUPDWLRQ FRQFHUQLQJ LQGLYLGXDOV  7KH $FW DWWHPSWV WR            ZKLFK WKH FRXUWV YLHZHG DV EHLQJ FDSDEOH RI REMHFWLYH
VWULNHDEDODQFHEHWZHHQWKHJRYHUQPHQWjVQHHGWRFROOHFWDQG              GHWHUPLQDWLRQ,QHDFKFDVHWKHFRXUWVVDLGWKDWWKHSODLQWLIIV
PDLQWDLQLQIRUPDWLRQDQGWKHSULYDF\LQWHUHVWVRIWKHSHUVRQV              FRXOGKDYHSURYLGHGWKDWREMHFWLYHYHULILFDWLRQ2XUFDVHLV
WR ZKRP VXFK LQIRUPDWLRQ SHUWDLQVl  ,G DW   m(DFK         GLIIHUHQW LQ WKDW 3ODLQWLII FRXOG QRW KDYH YHULILHG DQ\
DJHQF\WKDWPDLQWDLQVDV\VWHPRIUHFRUGVlLVVXEMHFWWRWKH               FRQFOXVLRQVDVWRWKHPRUHVXEMHFWLYHDOOHJDWLRQVRIHPSOR\HH
3ULYDF\ $FW UHTXLUHPHQWV   86&  DH  7KH $FW
ERUURZVWKHGHILQLWLRQRImDJHQF\lSURYLGHGE\WKH)UHHGRP
RI,QIRUPDWLRQ$FW86&IZKLFKSURYLGHVWKDW                     
                                                                                ,Q 'RQJ Y 6PLWKVRQLDQ ,QVW  )G   '& &LU 
m>I@RUSXUSRVHVRIWKLVVHFWLRQWKHWHUPµDJHQF\jDVGHILQHGLQ           WKH '& &LUFXLW UHYHUVHG WKH GLVWULFW FRXUWjV GHWHUPLQDWLRQ WKDW WKH
VHFWLRQRIWKLVWLWOHLQFOXGHVDQ\H[HFXWLYHGHSDUWPHQW             6PLWKVRQLDQ ,QVWLWXWLRQ ZDV DQ mDJHQF\l VXEMHFW WR WKH 3ULYDF\ $FW 6HH
                                                                           DOVR 'RQJ Y 6PLWKVRQLDQ ,QVW  ) 6XSS   ''& 
    &DUGDPRQHY&RKHQHWDO                    1R      1R                       &DUGDPRQHY&RKHQHWDO         

  LQGLYLGXDOEHIRUHPDNLQJDGHWHUPLQDWLRQEDVHGRQWKDW             l'RQJY6PLWKVRQLDQ,QVW)G'&
  LQIRUPDWLRQ                                                       &LUFHUWGHQLHG86&DUGDPRQHjV
                                                                     FRPSODLQW OLVWV WKH m8QLWHG 6WDWHV 'HSDUWPHQW RI 'HIHQVH
20%3ULYDF\$FW*XLGHOLQHV)HG5HJsXO\             (GXFDWLRQ $FWLYLW\ 'RPHVWLF 'HSHQGHQW (OHPHQWDU\         DQG
7KH3ULYDF\$FWLVmIXQGDPHQWDOO\FRQFHUQHGZLWK             6HFRQGDU\ 6FKRROVl DV D GHIHQGDQW LQ WKLV DFWLRQ  $V DQ
SULYDF\,WVXSSRUWVWKHSULQFLSOHWKDWDQLQGLYLGXDOVKRXOGWR     H[HFXWLYH GHSDUWPHQW WKH 'HSDUWPHQW RI 'HIHQVH IDOOV
WKHJUHDWHVWH[WHQWSRVVLEOHEHLQFRQWURORILQIRUPDWLRQDERXW      VTXDUHO\ZLWKLQWKHGHILQLWLRQRImDJHQF\lDQGLVWKXVSURSHUO\
KLPZKLFKLVJLYHQWRWKHJRYHUQPHQWDSULQFLSOHGHVLJQHG      VXEMHFWWRWKHUHTXLUHPHQWVRIWKH3ULYDF\$FW
WRLQVXUHIDLUQHVVLQLQIRUPDWLRQFROOHFWLRQZKLFKVKRXOGEH
LQVWLWXWHG ZKHUHYHU SRVVLEOHl  :DWHUV  )G DW           &DUGDPRQHEULQJVWZRFODLPVXQGHUWKH3ULYDF\$FW+LV
LQWHUQDOTXRWDWLRQRPLWWHG                                        ILUVW FODLP LV EDVHG RQ  DH ZKLFK VSHFLILHV WKDW
                                                                     m>H@DFKDJHQF\WKDWPDLQWDLQVDV\VWHPRIUHFRUGVVKDOO
  7KHGLVWULFWFRXUWLQWKHSUHVHQWFDVHFRQFOXGHGWKDWEHFDXVH      FROOHFWLQIRUPDWLRQWRWKHJUHDWHVWH[WHQWSUDFWLFDEOHGLUHFWO\
RI WKH mSUDFWLFDO FRQVLGHUDWLRQVl LQYROYHG KHUH ''(66         IURPWKHVXEMHFWLQGLYLGXDOZKHQWKHLQIRUPDWLRQPD\UHVXOW
FRPSOLHGZLWKWKH3ULYDF\$FWjVUHTXLUHPHQWVRIJDWKHULQJ            LQ DGYHUVH GHWHUPLQDWLRQV DERXW DQ LQGLYLGXDOjV ULJKWV
LQIRUPDWLRQ IURP &DUGDPRQH WR WKH JUHDWHVW H[WHQW              EHQHILWVDQGSULYLOHJHVXQGHU)HGHUDOSURJUDPVl86&
SUDFWLFDEOHm$OOHJDWLRQVDJDLQVW3ODLQWLIILQFOXGHGDEXVHRI        DH  &DUGDPRQH EULQJV D VHFRQG FODLP XQGHU
VXERUGLQDWHV UHWDOLDWLRQ DJDLQVW HPSOR\HHV LQDSSURSULDWH       DHRIWKH3ULYDF\$FWZKLFKUHTXLUHVDQDJHQF\WR
FRQGXFWDWVRFLDOJDWKHULQJVDQGGLVUHJDUGIRU QRUPDOGXW\          mLQIRUPHDFKLQGLYLGXDOZKRPLWDVNVWRVXSSO\LQIRUPDWLRQ
KRXUV(YLGHQFHVROHO\ZLWKLQ3ODLQWLIIjVNQRZOHGJHZRXOG              >RI@ WKH SULQFLSDO SXUSRVH RU SXUSRVHV IRU ZKLFK WKH
QRWKDYHGLVSRVHGRIWKHVHDOOHJDWLRQV7KHDOOHJDWLRQVDUH         LQIRUPDWLRQLVLQWHQGHGWREHXVHGl86&DH
LQKHUHQWO\ VXEMHFWLYH DQG LPSRVVLEOH WR HVWDEOLVK WKURXJK
HPSLULFDO HYLGHQFH  7R TXHVWLRQ RWKHUV ZLWK LQIRUPDWLRQ        8QGHU WKH 3ULYDF\ $FW DQ LQGLYLGXDO PD\ EULQJ D FLYLO
SHUWDLQLQJWRWKHDOOHJDWLRQVZDVLQHYLWDEOHls$DW'       DFWLRQ DJDLQVW DQ DJHQF\ WKDW IDLOV WR FRPSO\ ZLWK DQ\
&W0HPHPSKDVLVDGGHG7KHGLVWULFWFRXUWDGGHGm>L@Q         SURYLVLRQRIWKH$FWmLQVXFKDZD\DVWRKDYHDQ DGYHUVH
WKHVH FLUFXPVWDQFHV WR LQWHUYLHZ WKRVH SHUVRQV SULRU WR      HIIHFW RQ DQ LQGLYLGXDOl   86&  DJ'  7R
3ODLQWLIILVQRWDYLRODWLRQRIWKH3ULYDF\$FW2QWKLVEDVLV      UHFRYHUGDPDJHVDSODLQWLIIPXVWHVWDEOLVKmWKDWWKHDJHQF\
DORQH 3ODLQWLIIjV  DH 3ULYDF\ $FW FODLP PXVW EH    DFWHGLQDPDQQHUZKLFKZDVLQWHQWLRQDORUZLOOIXOl86&
GLVPLVVHGls$DW'&W0HPFLWDWLRQRPLWWHG            DJ8SRQVXFKDVKRZLQJmWKH8QLWHG6WDWHVVKDOO
                                                                     EHOLDEOHWRWKHLQGLYLGXDOLQDQDPRXQWHTXDOWRWKHVXPRIn
  ,QLWVDQDO\VLVWKHGLVWULFWFRXUWGLVWLQJXLVKHG&DUGDPRQHjV       $DFWXDOGDPDJHVVXVWDLQHGE\WKHLQGLYLGXDODVDUHVXOWRI
FDVHIURP:DWHUVY7KRUQEXUJKDQG'RQJY6PLWKVRQLDQ               WKHUHIXVDORUIDLOXUHEXWLQQRFDVHVKDOODSHUVRQHQWLWOHGWR
,QVWLWXWLRQ,Q:DWHUVWKHSODLQWLIIDQHPSOR\HHRIWKH86      UHFRYHU\ UHFHLYH OHVV WKDQ WKH VXP RI  DQG % WKH
'HSDUWPHQWRIsXVWLFHUHTXHVWHGIHGHUDOOHDYHWRSUHSDUHIRU        FRVWVRIWKHDFWLRQWRJHWKHUZLWKUHDVRQDEOHDWWRUQH\IHHVDV
DQGWRWDNHWKH3HQQV\OYDQLDEDUH[DPLQDWLRQ:DWHUV           GHWHUPLQHG E\ WKH FRXUWl   86&  DJ
)GDW6KRUWO\WKHUHDIWHUWKHSODLQWLIIDJDLQUHTXHVWHG      $FFRUGLQJO\IRU&DUGDPRQHWRUHFRYHUGDPDJHVXQGHUHLWKHU
IHGHUDO OHDYH WKLV WLPH IRU MXU\ GXW\  6XVSLFLRQV DURVH
FRQFHUQLQJWKHYDOLGLW\RIWKHSODLQWLIIjVOHDYHUHTXHVWVDQG
WKH sXVWLFH 'HSDUWPHQW FRQGXFWHG DQ LQYHVWLJDWLRQ                     
                                                                            &DUGDPRQH DOVR OLVWV WKH 6HFUHWDU\ RI 'HIHQVH :LOOLDP &RKHQ DQG
DFFRUGLQJO\7KHSODLQWLIILQ:DWHUVEURXJKWD3ULYDF\$FW          'U   /LOOLDQ *RQ]DOH] 'LUHFWRU RI WKH 'HSDUWPHQW RI 'HIHQVH (GXFDWLRQ
                                                                     $FWLYLW\ DV GHIHQGDQWV LQ WKHLU RIILFLDO FDSDFLWLHV
    &DUGDPRQHY&RKHQHWDO                    1R       1R                   &DUGDPRQHY&RKHQHWDO         

RIKLV3ULYDF\$FWFODLPV&DUGDPRQHPXVWGHPRQVWUDWHWKDW            DHDJDJ'7KHGLVWULFWFRXUW
D ''(66jV YLRODWLRQ DGYHUVHO\ DIIHFWHG KLP DQG               FRQVLGHUHG RQO\ WKH ILUVW UHTXLUHPHQW DQG FRQFOXGHG WKDW
E ''(66 YLRODWHG WKH UHOHYDQW SURYLVLRQ ZLOOIXOO\ RU         EHFDXVHWKH3ULYDF\$FWGRHVQRWSUHVFULEHWKHRUGHULQZKLFK
LQWHQWLRQDOO\                                                        ZLWQHVVHVDUHLQWHUYLHZHG''(66GLGQRWYLRODWHWKH3ULYDF\
                                                                      $FWjVUHTXLUHPHQWRIHOLFLWLQJLQIRUPDWLRQIURP&DUGDPRQH
% 6HFWLRQ DH  5HTXLUHPHQW RI 6HHNLQJ                   mWRWKHJUHDWHVWH[WHQWSUDFWLFDEOHl
   ,QIRUPDWLRQ)URPWKH6XEMHFWWRWKH*UHDWHVW([WHQW
   3UDFWLFDEOH                                                          7KH ILUVW HOHPHQW ZH PXVW FRQVLGHU LV ZKHWKHU ''(66
                                                                      IDLOHGWRHOLFLWLQIRUPDWLRQGLUHFWO\IURP&DUGDPRQHmWRWKH
   :H ILUVW DGGUHVV &DUGDPRQHjV  DH FODLP  7KH      JUHDWHVWH[WHQWSUDFWLFDEOHl86&DH7KHSRLQW
2IILFH RI 0DQDJHPHQW DQG %XGJHW m20%l SURPXOJDWHG             RIWKHmJUHDWHVWH[WHQWSUDFWLFDEOHlSURYLVLRQmLVQRWWRJLYH
3ULYDF\$FW*XLGHOLQHVFRQWHPSRUDQHRXVO\ZLWKWKH$FWWKDW            WKHDJHQF\WKHRSWLRQRIFKRRVLQJZKLFKVRXUFHnWKHVXEMHFW
mSURYLGH WKDW ZKHQ FRQGXFWLQJ DQ LQYHVWLJDWLRQ LQWR D          RIWKHLQYHVWLJDWLRQRUVRPHWKLUGSDUW\nZRXOGSURYLGHWKH
SDUWLFXODUSHUVRQWKLUGSDUW\VRXUFHVPD\EHFRQWDFWHGILUVW         PRVW DFFXUDWH LQIRUPDWLRQ UDWKHU LW UHIOHFWV FRQJUHVVLRQDO
ZKHQSUDFWLFDOFRQVLGHUDWLRQVVXFKDVFRQILUPLQJRUGHQ\LQJ          MXGJPHQWWKDWWKHEHVWZD\WRHQVXUHDFFXUDF\LQJHQHUDOLVWR
IDOVHVWDWHPHQWVUHTXLUHWKLVRUZKHQWKHLQIRUPDWLRQFDQRQO\       UHTXLUHWKHDJHQF\WRREWDLQLQIRUPDWLRQµGLUHFWO\IURPWKH
EHREWDLQHGIURPWKLUGSDUWLHVl+XGVRQ)GDW            LQGLYLGXDOZKHQHYHUSUDFWLFDEOHjl:DWHUV)GDW
FLWLQJ20%3ULYDF\$FW*XLGHOLQHV)HG5HJ              FLWLQJ20%3ULYDF\$FW*XLGHOLQHV)HG5HJ
 sXO\   m3UDFWLFDO FRQVLGHUDWLRQV    PD\   sXO\
GLFWDWHWKDWDWKLUGSDUW\VRXUFHEHXVHGDVDVRXUFHRI
LQIRUPDWLRQLQVRPHFDVHV>,@WPD\ZHOOEHWKDWWKHNLQG          $FFRUGLQJWRWKH20%3ULYDF\$FW*XLGHOLQHV
RI LQIRUPDWLRQ QHHGHG FDQ RQO\ EH REWDLQHG IURP D WKLUG
SDUW\l  6HFWLRQ DH mUHIOHFWV FRQJUHVVLRQDO             ,QDQDO\]LQJHDFKVLWXDWLRQZKHUHLWSURSRVHVWRFROOHFW
MXGJPHQWWKDWWKHEHVWZD\WRHQVXUHDFFXUDF\LQJHQHUDOLVWR          SHUVRQDOLQIRUPDWLRQIURPDWKLUGSDUW\VRXUFHDJHQFLHV
UHTXLUHWKHDJHQF\WRREWDLQLQIRUPDWLRQµGLUHFWO\IURPWKH             VKRXOGFRQVLGHU>@
LQGLYLGXDOZKHQHYHUSUDFWLFDEOHjl:DWHUVY7KRUQEXUJK
)G'&&LUTXRWLQJ20%3ULYDF\                 >@7KHQDWXUHRIWKHSURJUDPLHLWPD\ZHOOEHWKDW
$FW*XLGHOLQHV)HG5HJsXO\            WKH NLQG RI LQIRUPDWLRQ QHHGHG FDQ RQO\ EH REWDLQHG
&DUGDPRQHDOOHJHVWKDW''(66YLRODWHGDHRIWKH               IURP D WKLUG SDUW\ VXFK DV LQYHVWLJDWLRQV RI SRVVLEOH
3ULYDF\$FWZKHQLWV*HQHUDO&RXQVHO6XWHPHLHUDSSURDFKHG             FULPLQDO PLVFRQGXFW >@ 7KH FRVW RI FROOHFWLQJ WKH
VL[W\RQHSHRSOHEHIRUHHOLFLWLQJLQIRUPDWLRQIURP&DUGDPRQH            LQIRUPDWLRQ GLUHFWO\ IURP WKH LQGLYLGXDO DV FRPSDUHG
GLUHFWO\                                                               ZLWKWKHFRVWRIFROOHFWLQJLWIURPDWKLUGSDUW\>@7KH
                                                                        ULVNWKDWWKHSDUWLFXODUHOHPHQWVRILQIRUPDWLRQSURSRVHG
  7RVXUYLYHVXPPDU\MXGJPHQW&DUGDPRQHPXVWHVWDEOLVK                 WR EH FROOHFWHG IURP WKLUG SDUWLHV LI LQDFFXUDWH FRXOG
DJHQXLQHLVVXHRIPDWHULDOIDFWDVWRHDFKRIWKHIROORZLQJ            UHVXOWLQDQDGYHUVHGHWHUPLQDWLRQ>@7KHQHHGWRLQVXUH
HOHPHQWV  m WKDW GHIHQGDQW IDLOHG WR HOLFLW LQIRUPDWLRQ     WKHDFFXUDF\RILQIRUPDWLRQVXSSOLHGE\DQLQGLYLGXDOE\
DERXW SODLQWLII µWR WKH JUHDWHVW H[WHQW SUDFWLFDEOHj IURP        YHULI\LQJLWZLWKDWKLUGSDUW\RUWRREWDLQDTXDOLWDWLYH
SODLQWLIIWKDWWKHYLRODWLRQRIWKH$FWZDVLQWHQWLRQDORU         DVVHVVPHQWRIKLVRUKHUFDSDELOLWLHVHJLQFRQQHFWLRQ
ZLOOIXODQGWKDWGHIHQGDQWjVDFWLRQVKDGDQDGYHUVHLPSDFW         ZLWK UHYLHZV RI DSSOLFDWLRQV IRU JUDQWV FRQWUDFWV RU
RQ SODLQWLIIl  +XGVRQ  )G DW  FLWLQJ  86&     HPSOR\PHQWDQG>@3URYLVLRQVIRUYHULI\LQJZKHQHYHU
                                                                        SRVVLEOH DQ\ VXFK WKLUGSDUW\ LQIRUPDWLRQ ZLWK WKH