Court Opinion

ID: 2970522
Source: CourtListenerOpinion
Date Created: 2015-09-22 16:15:19.407751+00
Date Added: 2024-06-11T11:40:50.873808
License: Public Domain

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
        &RQWVKLS&RQWDLQHUOLQHV                             1R                3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

         Y+RZDUG,QG,QF                                                   (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU
                                                                                            )LOH 1DPH DS

 0LFK1:VHHDOVR:UHQFK
 //&Y7DFR%HOO&RUS)GWK&LU                   81,7('67$7(6&28572)$33($/6
 GLVWLQJXLVKLQJ D TXDVLFRQWUDFW IURP D FRQWUDFW LPSOLHG LQ
 IDFWFHUWGHQLHG6&W                                               )257+(6,;7+&,5&8,7
                                                                                            BBBBBBBBBBBBBBBBB
   7KHGLVWULFWFRXUWZDVQRWVLWWLQJLQGLYHUVLW\MXULVGLFWLRQ
 EXWUDWKHUKDGRULJLQDOMXULVGLFWLRQRYHUWKLVPDULWLPHDFWLRQ
 7KXVZHDSSO\IHGHUDOFRPPRQODZZKLFKDOVRUHFRJQL]HV
 TXDVLFRQWUDFWV6HH8QLWHG6WDWHVY&DOLIRUQLD)GDW              &2176+,3 &217$,1(5/,1(6          ;
                                                                        ,1&                              
                                                                                       3ODLQWLII$SSHOOHH      
   7KHXQGLVSXWHGIDFWVYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWR                                                     1R
+RZDUGDUHVXIILFLHQWWRHVWDEOLVKWKHQHFHVVDU\HOHPHQWVRID                                                  
TXDVLFRQWUDFW  +RZDUG ,QGXVWULHV GHOLYHUHG LWV JRRGV WR                        Y                       !
                                                                                                                
&RQWVKLS DQG &RQWVKLS WUDQVSRUWHG       WKRVH JRRGV H[DFWO\ DV                                          
+RZDUG,QGXVWULHVZLVKHG,QGRLQJVR&RQWVKLSFRQIHUUHG                  +2:$5' ,1'8675,(6 ,1&           
DEHQHILWRQ+RZDUG,QGXVWULHV,WLVFOHDUWKDW&RQWVKLSGLG                        'HIHQGDQW$SSHOODQW 
QRWEHKDYHRSSRUWXQLVWLFDOO\DQGVHHNRXW+RZDUG,QGXVWULHV                                                     
RUWULFN+RZDUG,QGXVWULHVLQWRXVLQJLWVVHUYLFHVEXWUDWKHU                                                  
EHKDYHGDVDQ\FDUULHUZRXOGLIDVKLSSHUGHOLYHUHGJRRGVWRLW             75$16:25/' )5(,*+7
                                                                                                                
,QGHHGWKHUHLVQRGLVSXWHIURP+RZDUG,QGXVWULHVDVWRWKH                 )25:$5',1* ,1&                  
DPRXQW RI VKLSSLQJ FKDUJHV RU ZKHWKHU WKH VHUYLFH ZDV                                   'HIHQGDQW 
SHUIRUPHG DGHTXDWHO\  ,Q OLJKW RI WKHVH IDFWV +RZDUG                                                 1
,QGXVWULHVjSD\PHQWVWR7UDQVZRUOGZHUHXQGHUWDNHQDWLWVRZQ
ULVN7KXVHYHQLIWKHUHLVDQLVVXHRIIDFWUHJDUGLQJZKHWKHU                   $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
WKHUHZDVDQDJUHHPHQWEHWZHHQWKHSDUWLHVWKHUHLVQRQHHG                      IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV
IRU D ILQGHU RI IDFW WR GHFLGH WKDW LVVXH DV ZH EHOLHYH WKH       1Rn(GPXQG$6DUJXVsU'LVWULFWsXGJH
XQGLVSXWHG IDFWV YLHZHG PRVW IDYRUDEO\ WR +RZDUG FOHDUO\
HVWDEOLVKDTXDVLFRQWUDFW                                                                $UJXHG2FWREHU

                                   ,,,                                               'HFLGHGDQG)LOHG1RYHPEHU

   )RUWKHIRUHJRLQJUHDVRQVWKHMXGJPHQWRIWKHGLVWULFWFRXUW              %HIRUH.(11('<1255,6DQG%$7&+(/'(5
LVDIILUPHG                                                                                 &LUFXLWsXGJHV

     
      7KH RXWFRPH PLJKW EH GLIIHUHQW KDG +RZDUG GHOLYHUHG WKH JRRGV WR
 IUHLJKWIRUZDUGHU   7UDQVZRUOG   DQG   WKHQ   7UDQVZRUOG   VXEFRQWUDFWHG
 GHOLYHU\ WR &RQWVKLS 7KH IDFWV DOOHJHG KRZHYHU FDQQRW VXSSRUW VXFK D
 ILQGLQJ

                                                                                                        
      &RQWVKLS&RQWDLQHUOLQHV                     1R      1R                       &RQWVKLS&RQWDLQHUOLQHV             
       Y+RZDUG,QG,QF                                                                              Y+RZDUG,QG,QF

                     BBBBBBBBBBBBBBBBB                              GLUHFWO\IURPLWVIDFWRU\WR&RQWVKLSjVYHVVHOV1RQHWKHOHVV
                                                                    GHOLYHU\ RI WKH JRRGV WR &RQWVKLSjV YHVVHOV ZLWK QR SULRU
                         &2816(/                                    GHDOLQJV RU RWKHU DUUDQJHPHQWV GRHV QRW HVWDEOLVK WKDW DQ
                                                                    DJUHHPHQWH[LVWHGEHWZHHQWKHSDUWLHV7KXVIRUWKHSXUSRVHV
$5*8('  'DYLG + 6WDUNH\ 0(7&$/) '85(1                    RIVXPPDU\MXGJPHQWWKHUHLVDJHQXLQHLVVXHRIPDWHULDOIDFW
0255,667$5.(<	:$,''XEOLQ2KLRIRU$SSHOODQW                DVWRZKHWKHUDQDJUHHPHQWH[LVWHG%HFDXVHDQDJUHHPHQWLV
0DUNsHIIUH\6KHULII/83(56+(5,))	1(,'(17+$/                  DQHFHVVDU\HOHPHQWWRDFRQWUDFWLPSOLHGLQIDFWXQGHUWKH
&ROXPEXV 2KLR IRU $SSHOOHH  21 %5,()  'DYLG +         GLVWULFWFRXUWjVRZQVWDWHPHQWRIWKHODZVXPPDU\MXGJPHQW
6WDUNH\ 0(7&$/) '85(1 0255,6 67$5.(< 	                     ZDVLPSURSHURQWKHWKHRU\RIFRQWUDFWLPSOLHGLQIDFW
:$,''XEOLQ2KLRIRU$SSHOODQW0DUNsHIIUH\6KHULII
/83(56+(5,))	1(,'(17+$/&ROXPEXV2KLRIRU                       +RZHYHUWKHIDFWVYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWR
$SSHOOHH                                                           +RZDUG,QGXVWULHVQHYHUWKHOHVVJLYHULVHWRDFRQWUDFWLPSOLHG
                                                                    LQODZ,WLVDVLPSOHKRUQERRNUXOHWKDWDFRQWUDFWLPSOLHGLQ
                     BBBBBBBBBBBBBBBBB                              IDFW PXVW HPERG\ DOO WKH HOHPHQWV RI DQ H[SUHVV FRQWUDFW
                                                                    LQFOXGLQJ DQ DFWXDO DJUHHPHQW EHWZHHQ WKH SDUWLHV  (YHQ
                         23,1,21                                    ZKHQDmPHHWLQJRIWKHPLQGVlGRHVQRWRFFXUKRZHYHUD
                     BBBBBBBBBBBBBBBBB                              FRQWUDFWLPSOLHGLQODZVRPHWLPHVUHIHUUHGWRDVDmTXDVL
                                                                    FRQWUDFWl PD\ H[LVW EDVHG RQ SULQFLSOHV RI HTXLW\ DQG WR
  $/$1 ( 1255,6 &LUFXLW sXGJH  'HIHQGDQW +RZDUG           SUHYHQW XQMXVW HQULFKPHQW  6HH 8QLWHG 6WDWHV Y 6WDWH RI
,QGXVWULHV ,QF m+RZDUG ,QGXVWULHVl D ODXQGU\ GHWHUJHQW   &DOLIRUQLD  )G   WK &LU   m$W WKH
SURGXFHUDSSHDOVDJUDQWRIVXPPDU\MXGJPHQWLQIDYRURI           KHDUW RI DQ DFWLRQ EDVHG RQ TXDVLFRQWUDFW OLHV D FODLP RI
SODLQWLII&RQWVKLS&RQWDLQHUOLQHV,QFm&RQWVKLSlDIUHLJKW     XQMXVWHQULFKPHQWDQGVXFKTXDVLFRQWUDFWOLDELOLW\LVGLFWDWHG
FDUULHU IRU VKLSSLQJ FKDUJHV WRWDOLQJ  RQ WKUHH   E\ WKH QHHGV RI MXVWLFH DQG IDLUQHVVl DIIjG  86 
VHSDUDWHLQWHUQDWLRQDOVKLSPHQWVRIGHWHUJHQW)RUWKHUHDVRQV     
VHWIRUWKEHORZZHDIILUPWKHMXGJPHQWRIWKHGLVWULFWFRXUW
                                                                      $SSO\LQJ 0LFKLJDQ ODZ ZH KDG RFFDVLRQ WR GUDZ D
                               ,                                    GLVWLQFWLRQ EHWZHHQ FRQWUDFWV LPSOLHG LQ ODZ DQG FRQWUDFWV
 7KHNH\IDFWVLQWKHFDVHDQGWKHSRVLWLRQVRIWKHSDUWLHV         LPSOLHGLQIDFW
ZHUHVHWIRUWKE\WKHGLVWULFWFRXUWDVIROORZV                      7KHUHDUHWZRNLQGVRILPSOLHGFRQWUDFWVRQHLPSOLHGLQ
      &RQWVKLSLVDPDULWLPHVKLSSHUDQGEULQJVWKLVDFWLRQ           IDFW DQG WKH RWKHU LPSOLHG LQ ODZ  7KH ILUVW GRHV QRW
    DJDLQVW+RZDUGIRUSD\PHQWRIFHUWDLQIUHLJKWFKDUJHV            H[LVWXQOHVVWKHPLQGVRIWKHSDUWLHVPHHWE\UHDVRQRI
    +RZDUGSURGXFHVODXQGU\GHWHUJHQWDQGLVLQWKHEXVLQHVV          ZRUGVRUFRQGXFW7KHVHFRQGLVTXDVLRUFRQVWUXFWLYH
    RIFRPSRXQGLQJRUEOHQGLQJFHUWDLQFKHPLFDOSURGXFWV             DQGGRHVQRWUHTXLUHDPHHWLQJRIPLQGVEXWLVLPSRVHG
    7KHSURGXFWDWLVVXHZDVVKLSSHGIURP+RZDUGjVSODQWLQ           E\ILFWLRQRIODZWRHQDEOHMXVWLFHWREHDFFRPSOLVKHG
    +RXVWRQ7H[DVWRWKH1DWLRQRI6\ULDLQ)HEUXDU\DQG             HYHQLQFDVHQRFRQWUDFWZDVLQWHQGHG
    0DUFKRI                                                  0XUUD\+LOO3XEOjQV,QFY$%&&RPPXQLFDWLRQV,QF
                                                                    )GWK&LUTXRWLQJ&DVFDGHQY0DJU\WD
      &RQWVKLS&RQWDLQHUOLQHV                      1R       1R                      &RQWVKLS&RQWDLQHUOLQHV             
       Y+RZDUG,QG,QF                                                                               Y+RZDUG,QG,QF

    6\ULD1RULVWKHUHDQ\FODLPE\+RZDUGWKDWWKHSURGXFW             7KH HVVHQFH RI WKH SDUWLHV GLVSXWH LV HDVLO\
    VKLSSHGE\&RQWVKLSRQEHKDOIRI+RZDUGGLGQRWUHDFK               VXPPDUL]HG$FFRUGLQJWR+RZDUGDQGQRWFRQWHVWHGE\
    LWVXOWLPDWHGHVWLQDWLRQRUZHUHQRWGHOLYHUHGLQSURSHU            &RQWVKLS +RZDUG FRQWDFWHG 7UDQVZRUOG )UHLJKW
    RUGHU                                                              )RUZDUGLQJ ,QF m7UDQVZRUOGl D FRPSDQ\ ZKLFK
                                                                        RSHUDWHG DV D IUHLJKW IRUZDUGHU  (VVHQWLDOO\ D IUHLJKW
&RQWVKLS &RQWDLQHUOLQHV  :/  DW 
                 IRUZDUGHU DVVLVWV D VKLSSHU LQ ERRNLQJ DQG SUHSDULQJ
HPSKDVLVDGGHG                                                     FDUJR IRU VKLSPHQW  $FFRUGLQJ WR +RZDUG LW SDLG
                                                                        7UDQVZRUOG IRU DOO RI WKH SD\PHQWV DOOHJHG WR EH GXH
   +RZDUGDJUHHVWKDWWKHGLVWULFWFRXUWFRUUHFWO\VWDWHG WKH          &RQWVKLSDVVHWIRUWKLQWKH&RPSODLQW)XUWKHU+RZDUG
ODZRIFRQWUDFWVLPSOLHGLQIDFWEXWDUJXHVLQVWHDGWKDWWKHUH          FRQWHQGVWKDW7UDQVZRUOGZDVQRWLWVDJHQWDQGKDGQR
LV D JHQXLQH LVVXH RI IDFW UHJDUGLQJ ZKHWKHU WKHUH ZDV DQ     DXWKRULW\ WR LQFXU D GHEW RQ LWV EHKDOI ZLWK &RQWVKLS
DJUHHPHQWEHWZHHQWKHSDUWLHV$QDIILGDYLWGDWHGsDQXDU\           )LQDOO\ +RZDUG FODLPV WKDW LW DW QR WLPH VLJQHG DQ\
IURPsDPHV+RZDUGVWDWHGWKDW+RZDUG,QGXVWULHVZDV               GRFXPHQWV RU ELOOV RI ODGLQJ E\ ZKLFK LW EHFDPH
XQDZDUH WKDW DQ\ SDUWLHV RWKHU WKDQ 7UDQVZRUOG ZRXOG EH         REOLJDWHGWRSD\&RQWVKLS
LQYROYHGLQVKLSSLQJLWVSURGXFWDQGWKDWLWZDVQRWDZDUHRI
WKHH[LVWHQFHRI&RQWVKLSQRUGLGLWKDYHDQ\FRQWDFWVZLWK                ,Q UHSO\ &RQWVKLS FRQWHQGV WKDW +RZDUG ZDV ELOOHG
&RQWVKLS7KLVDIILGDYLWZDVVZRUQDIWHU&RQWVKLSPRYHGIRU            GLUHFWO\ ZLWK WKH H[SRUW LQYRLFHV  7KH ELOOV RI ODGLQJ
VXPPDU\MXGJHPHQWDQGWKHGLVWULFWFRXUWQRWHGWKDWLWFRXOG           OLVWHG+RZDUGDVOLDEOHIRUWKHSD\PHQWRIVKLSSLQJFRVWV
QRW EH XVHG WR FUHDWH D JHQXLQH LVVXH RI IDFW EHFDXVH LW     (YHQLQWKHDEVHQFHRIDQDJHQF\UHODWLRQVKLSEHWZHHQ
FRQIOLFWHGZLWKsDPHV+RZDUGjVHDUOLHUDIILGDYLW&RQWVKLS           7UDQVZRUOG DQG +RZDUG &RQWVKLS HPSKDVL]HV WKDW
&RQWDLQHUOLQHV:/DW
Q                              +RZDUG DFWXDOO\ GHOLYHUHG WKH JRRGV WR &RQWVKLSjV
                                                                        YHVVHOV  +RZDUGjV RZQ SUHVLGHQW VZRUH WKDW +RZDUG
  +RZDUG ,QGXVWULHV DUJXHV WKDW WKH 'HFHPEHU               GHOLYHUHGLWVSURGXFWWR&RQWVKLSjVYHVVHOVLQ+RXVWRQ
DIILGDYLWGRHVQRWVXSSRUWWKHGLVWULFWFRXUWjVDVVHUWLRQWKDW          7H[DVIRUVKLSPHQWWR6\ULD:KLOH&RQWVKLSGRHVQRW
m+RZDUGjVRZQSUHVLGHQW>sDPHV+RZDUG@VZRUHWKDW+RZDUG                GLVSXWH WKDW +RZDUG SDLG 7UDQVZRUOG IRU WKH IUHLJKW
GHOLYHUHG WKH JRRGV WR &RQWVKLSjV YHVVHOV NQRZLQJ DQG           FKDUJHV&RQWVKLSFRQWHQGVWKDW+RZDUGGLGVRDWLWVRZQ
LQWHQGLQJWKDWWKHSURGXFWEHVKLSSHGWR6\ULDl:HDJUHHWKDW         SHULODQGZDVREOLJDWHGWRLQVXUHSD\PHQWWRWKHDFWXDO
WKHGLVWULFWFRXUWjVSDUDSKUDVHRIsDPHV+RZDUGjVVWDWHPHQWV            VKLSSHURIWKHJRRGV
LPSXWHV D PHQWDO VWDWH WR +RZDUG WKDW LV DEVHQW IURP WKH
DIILGDYLWZKLFKPHUHO\DFNQRZOHGJHVWKDW+RZDUG,QGXVWULHV           &RQWVKLS&RQWDLQHUOLQHV,QFY+RZDUG,QG,QF1R&
GHOLYHUHGWKHJRRGVWR&RQWVKLS$FFHSWLQJDVZHPXVWWKH          :/DW
6'2KLR6HSW
IDFWVDVDOOHJHGE\+RZDUG,QGXVWULHVZHFRQFOXGHIRUWKH            FLWDWLRQRPLWWHGIRRWQRWHRPLWWHG
SXUSRVHRIVXPPDU\MXGJPHQWWKDWWKHSDUWLHVKDGQRSULRU
GHDOLQJVDQGWKDW+RZDUGZDVXQDZDUHWKDW&RQWVKLSZDVWKH              2ULJLQDOO\ &RQWVKLS VXHG ERWK 7UDQVZRUOG DQG +RZDUG
FDUULHU                                                            ,QGXVWULHV EXW DSSHDUV WR KDYH EHHQ XQDEOH WR FROOHFW IURP
                                                                      7UDQVZRUOG  7\SLFDOO\ WKH REOLJDWLRQV RI WKH SDUWLHV WKH
  +RZDUG,QGXVWULHVjDVVHUWLRQWKDWLWGLGQRWNQRZ&RQWVKLS          VKLSSHUWKHFDUULHUDQGWKHIUHLJKWIRUZDUGHUDUHVHWIRUWKLQ
ZDVWKHFDUULHUFRQIOLFWVRIFRXUVHZLWKWKH'HFHPEHU          WKHELOOVRIODGLQJZKLFKXVXDOO\VSHFLI\WKHSURGXFWWREH
DIILGDYLW WKDW DFNQRZOHGJHG WKDW LWV JRRGV ZHUH VKLSSHG        VKLSSHGWKHFRVWRIVKLSSLQJGHVWLQDWLRQVDQGWKHOLNH,Q
        &RQWVKLS&RQWDLQHUOLQHV                            1R         1R                     &RQWVKLS&RQWDLQHUOLQHV           
         Y+RZDUG,QG,QF                                                                                      Y+RZDUG,QG,QF

WKLVFDVHWKHUHOHYDQWELOOVRIODGLQJDUHXQVLJQHG+RZDUG                     IRUFDUULDJHWR/DWDNLD6\ULD7KHVHVKLSPHQWVPRYHG
,QGXVWULHVDUJXHVWKDWWKHELOOVRIODGLQJGRQRWFRQVWLWXWHD                    IURPRXU+RXVWRQ7H[DVSODQWGLUHFWO\WRWKHYHVVHOVLQ
ELQGLQJFRQWUDFWDOWKRXJKWKH\GRQRWFRQWHVWWKHVKLSSLQJ                       WKHSRUWRI+RXVWRQ7H[DV
FKDUJHVRIVSHFLILHGLQWKHELOOV
                                                                                  5HO\LQJKHDYLO\RQ+RZDUGjVDGPLVVLRQWKDWLWGHOLYHUHGWKH
  ,QJUDQWLQJ&RQWVKLSjVPRWLRQIRUVXPPDU\MXGJPHQWWKH                       GHWHUJHQWWR&RQWVKLSGLUHFWO\WKHGLVWULFWFRXUWIRXQGWKDWD
GLVWULFWFRXUWDFFHSWHGDVWUXH+RZDUGjVDVVHUWLRQWKDWWKHELOOV               FRQWUDFWLPSOLHGLQIDFWH[LVWHGEHWZHHQWKHSDUWLHV
RIODGLQJZHUHQRWUHOHYDQWEXWIRXQGWKDWWKHFLUFXPVWDQFHV
FUHDWHGDFRQWUDFWLPSOLHGLQIDFW                                                  ,WLVDIXQGDPHQWDOWHQHWRIFRQWUDFWODZWKDWDOHJDOO\
                                                                                  ELQGLQJFRQWUDFWFDQEHLPSOLHGmIURPWKHFLUFXPVWDQFHV
                                     ,,                                           DQGFRQGXFWRIWKHSDUWLHVl&RRSHUY/DNHZRRG(QJjJ
                                                                                  	 0IJ &R  )G   WK &LU  ,Q
  :HUHYLHZDJUDQWRIVXPPDU\MXGJPHQWGHQRYR3LQQH\                          mFLUFXPVWDQFHVZKLFKDFFRUGLQJWRWKHRUGLQDU\FRXUVH
'RFNDQG7UDQVS&RY3HQQ&HQW&RUS)G                         RIGHDOLQJDQGWKHFRPPRQXQGHUVWDQGLQJRIPHQVKRZ
WK&LU$FRXUWPD\JUDQWVXPPDU\MXGJPHQW                         DPXWXDOLQWHQWLRQWRFRQWUDFWlDFRQWUDFWLPSOLHGLQIDFW
RQO\LIWKHUHLVQRJHQXLQHLVVXHRIPDWHULDOIDFW)HG5&LY                 DULVHV  /XLWKO\ Y &DYDOLHU &RUSRUDWLRQ 1HZ (UD
3F0DWVXVKLWD(OHF,QGXV&R/WGY=HQLWK5DGLR                       9HQGLQJ,QF86$SS/(;,6DW
WK
&RUS86,QDGGLWLRQWKHHYLGHQFH                       &LU  TXRWLQJ :HDWKHUO\ Y $PHULFDQ $J &KHP
PXVWEHYLHZHGLQWKHOLJKWPRVWIDYRUDEOHWRWKHQRQPRYLQJ                      &R  6:G   7HQQ $SS   m$Q
SDUW\$GLFNHVY6+.UHVV	&R86                         LPSOLHGLQIDFWFRQWUDFWLVRQHWKDWLVµIRXQGHGXSRQD
                                                                           PHHWLQJRIPLQGVZKLFKDOWKRXJKQRWHPERGLHGLQDQ
                                                                                  H[SUHVVFRQWUDFWLVLQIHUUHGDVDIDFWIURPFRQGXFWRI
  ,QILQGLQJDFRQWUDFWLPSOLHGLQIDFWWKHGLVWULFWFRXUWUHOLHG                WKH SDUWLHV VKRZLQJ LQ WKH OLJKW RI WKH VXUURXQGLQJ
KHDYLO\RQDQDIILGDYLWGDWHG'HFHPEHUDQGVXEPLWWHG                      FLUFXPVWDQFHV WKHLU WDFLW XQGHUVWDQGLQJjl
LQVXSSRUWRIDPRWLRQWRGLVPLVV,QWKHDIILGDYLWsDPHV                      &RQJORPHUDWHG +RVWV /WG Y sHSFR ,QF 
+RZDUG WKH SUHVLGHQW RI +RZDUG ,QGXVWULHV WHVWLILHG DV                   86$SS/(;,6DW
WK&LUTXRWLQJ
IROORZV                                                                          3DUNHUY'HSDUWPHQWRI+HDOWK(GXFDWLRQDQG:HOIDUH
                                                                                  )6XSS0'7HQQm+HQFHWKH
    7KLVDFWLRQFRQFHUQVWKHQRQSD\PHQWRIRFHDQIUHLJKW                         GLVWLQFWLYHIHDWXUHRIDQLPSOLHGLQIDFWFRQWUDFWLVWKDWLW
    IRU WKUHH VKLSPHQWV RI FKHPLFDO SURGXFWV VKLSSHG E\                    LVLPSOLHGIURPFRQGXFWDQGFLUFXPVWDQFHVDVLGHIURP
    +RZDUG,QGXVWULHV,QFRQERDUG3ODLQWLIIjV>&RQWVKLSjV@                     WKLVWKHUHLVQRGLIIHUHQFHEHWZHHQDQH[SUHVVFRQWUDFW
    YHVVHOVZKLFKVKLSPHQWVZHUHORDGHGWRWKHYHVVHOVDW                        DQG DQ LPSOLHG FRQWUDFWl&RQJORPHUDWHG +RVWV 
    WKHSRUWRI+RXVWRQ7H[DVLQ)HEUXDU\DQG0DUFK                        86$SSDW

                                                                                     7KH IDFWV DQG FLUFXPVWDQFHV VXUURXQGLQJ WKH
                                                                                 WUDQVDFWLRQEHWZHHQ+RZDUGDQG&RQWVKLSUHVXOWHGLQD
      &RQWVKLS   RULJLQDOO\ EURXJKW VXLW LQ D 8QLWHG 6WDWHV 'LVWULFW &RXUW LQ
                                                                                  FRQWUDFWLPSOLHGLQIDFW+RZDUGjVRZQSUHVLGHQWVZRUH
1HZ sHUVH\ +RZDUG PRYHG IRU GLVPLVVDO DOOHJLQJ WKDW LW FRQGXFWHG QR
EXVLQHVV LQ 1HZ sHUVH\ DQG ILOHG WKLV DIILGDYLW LQ VXSSRUW     7KH SDUWLHV       WKDW+RZDUGGHOLYHUHGWKHJRRGVWR&RQWVKLSjVYHVVHOV
HYHQWXDOO\ FRQVHQWHG WR UHPRYH WKH FDVH WR WKH 8QLWHG 6WDWHV 'LVWULFW             NQRZLQJ DQG LQWHQGLQJ WKDW WKH SURGXFW EH VKLSSHG WR
&RXUW IRU WKH 6RXWKHUQ 'LVWULFW RI 2KLR