Court Opinion

ID: 2970205
Source: CourtListenerOpinion
Date Created: 2015-09-22 16:07:17.756589+00
Date Added: 2024-06-11T11:43:28.960771
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

 81,7(' 67$7(6 2) $0(5,&$        ;
          3ODLQWLII$SSHOODQW     
                                   
                                      1R
            Y                     
                                    !
                                   
 $1*(/2 3(11                      
           'HIHQGDQW$SSHOOHH 
                                  1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
    IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW&RYLQJWRQ
  1Rn:LOOLDP2%HUWHOVPDQ'LVWULFWsXGJH
                    $UJXHGsDQXDU\
              'HFLGHGDQG)LOHG0DUFK
%HIRUH%2**6DQG0225(&LUFXLWsXGJHV5866(//
                   'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                            &2816(/
$5*8('  'DYLG %XQQLQJ $66,67$17 81,7('
67$7(6$77251(<&RYLQJWRQ.HQWXFN\IRU$SSHOODQW
/XFLDQ s %HUQDUG 3($5621 	 %(51$5' &RYLQJWRQ

    
     7KH +RQRUDEOH 7KRPDV % 5XVVHOO 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ

                                   
     8QLWHG6WDWHVY3HQQ                          1R       1R                          8QLWHG6WDWHVY3HQQ         

.HQWXFN\ IRU $SSHOOHH  21 %5,()  'DYLG %XQQLQJ                8QGHU WKH VFKHGXOH VHW IRUWK LQ  $ 3HQQjV 
$66,67$1781,7('67$7(6$77251(<&RYLQJWRQ                           FRQYLFWLRQUHTXLUHVWKDWKHEHDVVHVVHGWZRFULPLQDOKLVWRU\
.HQWXFN\ &KDUOHV 3 :LVGRP sU $66,67$17 81,7('               SRLQWV  6HFWLRQ $ SURYLGHV WKDW WZR SRLQWV DUH WR EH
67$7(6$77251(</H[LQJWRQ.HQWXFN\IRU$SSHOODQW                   DVVHVVHGIRUHDFKSULRUVHQWHQFHRILPSULVRQPHQWRIDWOHDVW
/XFLDQ s %HUQDUG 3($5621 	 %(51$5' &RYLQJWRQ                 VL[W\ GD\V  866*  $E  7KH FRPPHQWDU\ WR
.HQWXFN\IRU$SSHOOHH                                                 $ ZKLFK FRQWDLQV GHILQLWLRQV DQG LQVWUXFWLRQV IRU
                                                                       FRPSXWLQJ FULPLQDO KLVWRU\ SRLQWV H[SODLQV WKDW m>I@RU WKH
                     BBBBBBBBBBBBBBBBB                                 SXUSRVHVRIDSSO\LQJ$DERUFWKHOHQJWKRID
                                                                       VHQWHQFHRILPSULVRQPHQWLVWKHVWDWHGPD[LPXPHJLQ
                         23,1,21                                       WKHFDVHRIDQLQGHWHUPLQDWHVHQWHQFHRIRQHWRILYH\HDUVWKH
                     BBBBBBBBBBBBBBBBB                                 VWDWHG PD[LPXP LV ILYH \HDUV    l  866*  $
                                                                       FRPPHQWDU\DSSOLFQRWH3HQQjVFRQYLFWLRQUHVXOWHG
   .$5(1 1(/621 0225( &LUFXLW sXGJH  'HIHQGDQW                 LQDQLQGHWHUPLQDWHVHQWHQFHRIWLPHVHUYHGWRVL[PRQWKV
$QJOR3HQQSOHDGHGJXLOW\WRSRVVHVVLRQRINLORJUDPVRI           7KHUHIRUH DFFRUGLQJ WR WKH FOHDU LQVWUXFWLRQV RI WKH
FRFDLQH ZLWK LQWHQW WR GLVWULEXWH ZKLFK FDUULHV D VWDWXWRU\   6HQWHQFLQJ *XLGHOLQHV 3HQQ ZDV SURSHUO\ DVVHVVHG WZR
PDQGDWRU\PLQLPXPVHQWHQFHRIILYH\HDUV$WVHQWHQFLQJ              FULPLQDOKLVWRU\SRLQWV7KHIDFWWKDWKHDFWXDOO\VHUYHGRQO\
WKHGLVWULFWFRXUWIRXQGWKDW3HQQZDVHOLJLEOHIRUDUHGXFHG          WZHQW\VL[GD\VKDVQREHDULQJRQWKHGHWHUPLQDWLRQRIKLV
VHQWHQFHSXUVXDQWWRWKHmVDIHW\YDOYHlSURYLVLRQRI86&         FULPLQDOKLVWRU\SRLQWV6HHLGm>&@ULPLQDOKLVWRU\SRLQWVDUH
 I DQG  & RI WKH 8QLWHG 6WDWHV 6HQWHQFLQJ         EDVHG RQ WKH VHQWHQFH SURQRXQFHG QRW WKH OHQJWK RI WLPH
*XLGHOLQHVm866*lZKLFKDXWKRUL]HVDGLVWULFWFRXUWWR          DFWXDOO\VHUYHGl
LPSRVHDVHQWHQFHEHORZDQRWKHUZLVHDSSOLFDEOHVWDWXWRU\
PDQGDWRU\ PLQLPXP VHQWHQFH LI FHUWDLQ UHTXLUHPHQWV DUH              ,QVXPZHFRQFOXGHWKDWWKHGLVWULFWFRXUWGLGQRWKDYHWKH
VDWLVILHG7KHGLVWULFWFRXUWVHQWHQFHG3HQQWRWKLUW\VHYHQ          DXWKRULW\WRDOWHUWKHGHIHQGDQWjVFULPLQDOKLVWRU\SRLQWVEDVHG
PRQWKVj LPSULVRQPHQW  7KH JRYHUQPHQW DSSHDOV WKLV               XSRQ LWV FRQFOXVLRQ WKDW 3HQQjV FULPLQDO KLVWRU\ VFRUH
VHQWHQFH DUJXLQJ WKDW 3HQQ LV QRW HOLJLEOH IRU D UHGXFHG     RYHUVWDWHG WKH VHULRXVQHVV RI KLV SDVW FULPLQDO FRQGXFW
VHQWHQFHXQGHUWKHmVDIHW\YDOYHlSURYLVLRQEHFDXVHKHKDV             %HFDXVH  $ GLFWDWHG WKDW 3HQQ UHFHLYH WZR FULPLQDO
PRUH WKDQ RQH FULPLQDO KLVWRU\ SRLQW DV FDOFXODWHG XQGHU       KLVWRU\SRLQWVWKHGLVWULFWFRXUWZDVDOVRZLWKRXWDXWKRULW\
 $ RI WKH 6HQWHQFLQJ *XLGHOLQHV  7KH JRYHUQPHQW          XQGHU  86&  I WR RUGHU D VHQWHQFH EHORZ WKH
FRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGLQVHQWHQFLQJ3HQQXQGHU        VWDWXWRU\PDQGDWRU\PLQLPXP:HWKHUHIRUH9$&$7(WKH
WKHmVDIHW\YDOYHlEDVHGXSRQLWVGHWHUPLQDWLRQWKDW3HQQjV            VHQWHQFH LPSRVHG E\ WKH GLVWULFW FRXUW DQG 5(0$1' IRU
RULJLQDO FULPLQDO KLVWRU\ SRLQWV FDOFXODWLRQ RYHUVWDWHG WKH      UHVHQWHQFLQJ
VHULRXVQHVV RI KLV SULRU FULPLQDO FRQGXFW  )RU WKH UHDVRQV
VWDWHGEHORZZHDJUHHZLWKWKHJRYHUQPHQW:HWKHUHIRUH
9$&$7(WKHUXOLQJRIWKHGLVWULFWFRXUWDQG5(0$1'IRU
UHVHQWHQFLQJ
                      ,%$&.*5281'
  2Q $XJXVW   WKH JRYHUQPHQW ILOHG D RQHFRXQW
LQGLFWPHQWFKDUJLQJ$QJHOR3HQQDQG'DYLG&DU\6PLWKZLWK
SRVVHVVLQJ  NLORJUDPV RI FRFDLQH ZLWK WKH LQWHQW WR
     8QLWHG6WDWHVY3HQQ                         1R      1R                         8QLWHG6WDWHVY3HQQ        

XQDPELJXRXVDQGFOHDUO\OLPLWVWKHGLVWULFWFRXUWjVDXWKRULW\       GLVWULEXWHLQYLRODWLRQRI86&DDQGDLGLQJ
WR DSSO\ WKH mVDIHW\ YDOYHl SURYLVLRQ WR FDVHV ZKHUH D      DQGDEHWWLQJHDFKRWKHULQ YLRODWLRQRI86&2Q
GHIHQGDQW KDV QRW PRUH WKDQ RQH FULPLQDO KLVWRU\ SRLQWDV    $SULO3HQQSOHDGHGJXLOW\WRWKHLQGLFWPHQW7KH
FDOFXODWHGXQGHU$UHJDUGOHVVRIZKHWKHUWKHGLVWULFW         RIIHQVH FKDUJHG LQ WKH LQGLFWPHQW FDUULHG D VWDWXWRU\
FRXUW GHWHUPLQHV WKDW D GRZQZDUG GHSDUWXUH LQ WKH             PDQGDWRU\PLQLPXPVHQWHQFHRIILYH\HDUVjLPSULVRQPHQW
GHIHQGDQWjVVHQWHQFHLVZDUUDQWHGE\$6HH8QLWHG            86&E%LL
6WDWHVY5RELQVRQ)G'&&LU
FHUWGHQLHG868QLWHG6WDWHVY2UR]FR           7KH3OHD$JUHHPHQWUHDFKHGEHWZHHQWKHJRYHUQPHQWDQG
 )G   WK &LU  8QLWHG 6WDWHV Y        3HQQ VHW IRUWK WKH FRQWUROOLQJ VHQWHQFLQJ JXLGHOLQHV DQG
9DOHQFLD$QGUDGH)GWK&LU                  UHFRPPHQGHG WKDW WKH GHIHQGDQW UHFHLYH D WKUHHOHYHO
                                                                     DGMXVWPHQW IRU WLPHO\ DFFHSWDQFH RI UHVSRQVLELOLW\  sRLQW
   7KHGLVWULFWFRXUWjVGHWHUPLQDWLRQWKDW3HQQZDVHQWLWOHGWR      $SSHQGL[ ms$l DW  3OHD $JUHHPHQW DW   7KH 3OHD
DGRZQZDUGGHSDUWXUHXQGHU$KDVQRHIIHFWRQ3HQQjV           $JUHHPHQW IXUWKHU VSHFLILHG WKDW mWKHUH LV QR DJUHHPHQW
FULPLQDOKLVWRU\VFRUHDVFDOFXODWHGXQGHU$m6HFWLRQ        UHJDUGLQJWKHGHIHQGDQWjVFULPLQDOKLVWRU\FDWHJRU\DQGWKDW
$GRHVQRWDXWKRUL]HDFRXUWWRDGGRUVXEWUDFWLQGLYLGXDO       WKHGHIHQGDQWjVFULPLQDOKLVWRU\FDWHJRU\ZLOOEHGHWHUPLQHG
FULPLQDOKLVWRU\SRLQWVIURPDGHIHQGDQWjVUHFRUGlLQVWHDGLW      RQO\DIWHUWKHSUHSDUDWLRQRIDSUHVHQWHQFHLQYHVWLJDWLRQUHSRUW
PHUHO\ DOORZV WKH FRXUW WR LPSRVH D VHQWHQFH RXWVLGH WKH    E\WKH3UREDWLRQ2IILFHls$DW7KH$JUHHPHQWDOVR
UDQJHSUHVFULEHGE\WKHJXLGHOLQHVIRUDGHIHQGDQWjVSDUWLFXODU      VWDWHGWKDWmDOWKRXJKWKHGHIHQGDQWjVWHQWDWLYHWRWDORIIHQVH
RIIHQVHOHYHODQGFULPLQDOKLVWRU\FDWHJRU\8QLWHG6WDWHVY       OHYHOZLOOEHKHLVIDFLQJDPLQLPXPPDQGDWRU\VHQWHQFH
2ZHQVE\  )G   WK &LU  VHH DOVR     RI QRW OHVV WKDQ ILYH  \HDUV EHFDXVH WKH RIIHQVH RI
8QLWHG6WDWHVY:HEE)GWK&LU            FRQYLFWLRQLQYROYHGILYHKXQGUHGJUDPVRUPRUHRIFRFDLQHl
5RELQVRQ)GDW8QLWHG6WDWHVY5HVWR)G          s$DW$FFRUGLQJWRWKH3UHVHQWHQFH5HSRUWm365l
G&LU%\LWVRZQWHUPV$SHUPLWVWKH        LQH[FKDQJHIRU3HQQjVJXLOW\SOHD WKHJRYHUQPHQWDJUHHG
VHQWHQFLQJMXGJHWRmFRQVLGHULPSRVLQJDVHQWHQFHGHSDUWLQJ          WKDWLWZRXOGQRWREMHFWWRWKHGHIHQGDQWUHFHLYLQJDVHQWHQFH
IURP WKH RWKHUZLVHDSSOLFDEOHJXLGHOLQHUDQJHl7KXVWKH         EHORZWKHPDQGDWRU\PLQLPXPSXUVXDQWWRWKHmVDIHW\YDOYHl
SODLQODQJXDJHRIWKHVHFWLRQFRQWHPSODWHVDFKDQJHLQWKH           SURYLVLRQ RI  86&  I DQG  & RI WKH
GHIHQGDQWjVVHQWHQFHQRWKLVRUKHUFULPLQDOKLVWRU\SRLQWV        6HQWHQFLQJ*XLGHOLQHVLILWZDVGHWHUPLQHGWKDWWKHGHIHQGDQW
6HFWLRQ$FRQWLQXHVWRH[SODLQWKDWm>L@QFRQVLGHULQJD          PHWDOORIWKHFULWHULDVHWIRUWKXQGHUWKDWSURYLVLRQs$DW
GHSDUWXUHXQGHUWKLVSURYLVLRQWKH&RPPLVVLRQLQWHQGVWKDW          365DWVHHDOVRs$DW6HQWHQFLQJ7UDW
WKH FRXUW XVH DV D UHIHUHQFH WKH JXLGHOLQH UDQJH IRU D
GHIHQGDQWZLWKDKLJKHURUORZHUFULPLQDOKLVWRU\FDWHJRU\DV         7KH365GHWHUPLQHGWKDWWKHGHIHQGDQWjVWRWDORIIHQVHOHYHO
DSSOLFDEOHl866*$HPSKDVLVDGGHG$VWKLV            XQGHUWKHJXLGHOLQHVZDVWZHQW\WKUHHDQGWKDWKLVFULPLQDO
VWDWHPHQWPDNHVFOHDUWKHHIIHFWRIDGHSDUWXUHXQGHU$       KLVWRU\SODFHGKLPLQFDWHJRU\,,7KHGHIHQGDQWjVFULPLQDO
LVWRDOORZWKHFRXUWWRVHQWHQFHDGHIHQGDQWZLWKUHIHUHQFHWR      KLVWRU\ FDWHJRU\ ZDV EDVHG XSRQ WKH DVVHVVPHQW RI WZR
WKH JXLGHOLQH UDQJH DSSOLFDEOH WR D GHIHQGDQW ZLWK DQRWKHU   FULPLQDO KLVWRU\ SRLQWV IRU D  FRQYLFWLRQ IRU FULPLQDO
FULPLQDOKLVWRU\FDWHJRU\QRWWRFKDQJHWKHGHIHQGDQWjVDFWXDO      FRQWHPSWDULVLQJIURP3HQQjVYLRODWLRQRIDGRPHVWLFYLROHQFH
FULPLQDO KLVWRU\ FDWHJRU\  0RUHRYHU QHLWKHU  $ QRU    SURWHFWLRQRUGHU3HQQUHFHLYHGDQLQGHWHUPLQDWHVHQWHQFHRI
 $ PDNH UHIHUHQFH WR WKH GHSDUWXUH SURYLVLRQV RI        WLPHVHUYHGWRVL[PRQWKVLQMDLOIRUWKHFRQYLFWLRQEXW
 $ DV KDYLQJ DQ\ EHDULQJ RQ WKH FDOFXODWLRQ RI D      KHVHUYHGRQO\WZHQW\VL[GD\VLQMDLO7KHRIIHQVHOHYHODQG
GHIHQGDQWjVFULPLQDOKLVWRU\SRLQWV                                 FULPLQDO KLVWRU\ FDWHJRU\ GHWHUPLQHG E\ WKH 365
     8QLWHG6WDWHVY3HQQ                          1R       1R                          8QLWHG6WDWHVY3HQQ         

FRUUHVSRQGHGZLWKDVHQWHQFLQJUDQJHRIILIW\RQHWRVL[W\            VFRUH WKH FRXUW IRXQG WKDW 3HQQ TXDOLILHG IRU D VHQWHQFH
WKUHH PRQWKVj LPSULVRQPHQW  %HFDXVH 3HQQjV RIIHQVH              EHORZ WKH VWDWXWRU\ PDQGDWRU\ PLQLPXP XQGHU WKH mVDIHW\
VXEMHFWHGKLPWRDILYH\HDUPDQGDWRU\PLQLPXPVHQWHQFH                YDOYHl DQG RUGHUHGWKDW3HQQEHVHQWHQFHGWRWKLUW\VHYHQ
XQGHU  86&  E%LL KRZHYHU KLV HIIHFWLYH      PRQWKVjLPSULVRQPHQW7KHJRYHUQPHQWILOHGDWLPHO\QRWLFH
VHQWHQFLQJUDQJHZDVVL[W\WRVL[W\WKUHHPRQWKV                      RIDSSHDO
   $WVHQWHQFLQJWKHGHIHQGDQWDUJXHGWKDWKHTXDOLILHGIRUD                                  ,,$1$/<6,6
VHQWHQFHEHORZWKHVWDWXWRU\PDQGDWRU\PLQLPXPVHQWHQFH
XQGHUWKHmVDIHW\YDOYHlSURYLVLRQRI86&IDQG             7KH JRYHUQPHQW DUJXHV WKDW WKH GLVWULFW FRXUWjV
866*&7KHJRYHUQPHQWREMHFWHGEHFDXVHLQRUGHU            GHWHUPLQDWLRQWKDW3HQQZDVHOLJLEOHIRUVHQWHQFLQJXQGHUWKH
WR TXDOLI\ IRU D VHQWHQFH EHORZ WKH VWDWXWRU\ PDQGDWRU\        mVDIHW\ YDOYHl SURYLVLRQ ZDV EDVHG XSRQ DQ HUURQHRXV
PLQLPXPXQGHUWKHmVDIHW\YDOYHlSURYLVLRQWKHGHIHQGDQW              LQWHUSUHWDWLRQRIWKHmVDIHW\YDOYHlVWDWXWHDQGWKHUHOHYDQW
PXVWLQWHUDOLDmQRWKDYHPRUHWKDQFULPLQDOKLVWRU\SRLQW        SURYLVLRQVRIWKH6HQWHQFLQJ*XLGHOLQHV,QSDUWLFXODUWKH
DVGHWHUPLQHGXQGHU WKHVHQWHQFLQJJXLGHOLQHVl86&             JRYHUQPHQW FRQWHQGV WKDW WKH GLVWULFW FRXUW HUUHG LQ LWV
 I ZKHUHDV 3HQQ ZDV SURSHUO\ DVVHVVHG WZR            FRQFOXVLRQWKDWE\JUDQWLQJDGRZQZDUGGHSDUWXUHSXUVXDQWWR
FULPLQDOKLVWRU\SRLQWVIRUWKHFRQYLFWLRQ7KHGLVWULFW          $ RI WKH 6HQWHQFLQJ *XLGHOLQHV WKH FRXUW ZDV
FRXUWKRZHYHUIRXQGWKDWDGHSDUWXUHZDVZDUUDQWHGXQGHU             DXWKRUL]HGWRUHGXFHWKHGHIHQGDQWjVFULPLQDOKLVWRU\SRLQWV
$RIWKH6HQWHQFLQJ*XLGHOLQHVZKLFKDXWKRUL]HVWKH             DQG WKHUHE\ PDNH KLP HOLJLEOH IRU VHQWHQFLQJ XQGHU WKH
GLVWULFWFRXUWWRGHSDUWIURPWKHDSSOLFDEOHJXLGHOLQHUDQJH           mVDIHW\YDOYHl:HUHYLHZDGLVWULFWFRXUWjVLQWHUSUHWDWLRQRI
ZKHQmUHOLDEOHLQIRUPDWLRQLQGLFDWHVWKDWWKHFULPLQDOKLVWRU\         D VWDWXWH RU JXLGHOLQH SURYLVLRQ GH QRYR  8QLWHG 6WDWHV Y
FDWHJRU\ GRHV QRW DGHTXDWHO\ UHIOHFW WKH VHULRXVQHVV RI WKH    $GX)GWK&LU
GHIHQGDQWjVSDVWFULPLQDOFRQGXFWl866*$7KH
FRXUWQRWHGWKDWLWZDVWKHLQWHQWRIWKHVWDWHMXGJHLQWKH         7KH mVDIHW\ YDOYHl SURYLVLRQ RI  86&  I
FRQYLFWLRQ WR VHQWHQFH 3HQQ WR WZHQW\VL[ GD\V WKH WLPH       SURYLGHV WKDW LQ FDVHV LQYROYLQJ FHUWDLQ GUXJ RIIHQVHV
DFWXDOO\ VHUYHG UDWKHU WKDQ VL[ PRQWKV ZKLFK ZDV WKH         LQFOXGLQJYLRODWLRQVRI86&WKHVHQWHQFLQJFRXUW
VHQWHQFH XVHG WR GHWHUPLQH 3HQQjV FULPLQDO KLVWRU\ SRLQWV       PD\ LPSRVH D VHQWHQFH mZLWKRXW UHJDUG WR DQ\ VWDWXWRU\
XQGHU$RIWKH6HQWHQFLQJ*XLGHOLQHV7KHFRXUWDOVR            PLQLPXP VHQWHQFHl LI WKH FRXUW GHWHUPLQHV WKDW WKH ILYH
QRWHGWKDWWKHmVSLULWRIWKHSOHDDJUHHPHQWlFDOOHGIRU3HQQ          FULWHULD OLVWHGLQIDUHVDWLVILHG7KHILUVWFULWHULRQ
WRUHFHLYHDOHVVHUVHQWHQFHXQGHUWKHmVDIHW\YDOYHlDQGWKDW        UHTXLUHV WKDW mWKH GHIHQGDQW GRHV QRW KDYH PRUH WKDQ 
XVLQJWKHVL[PRQWKVHQWHQFHUDWKHUWKDQWKHWZHQW\VL[GD\V           FULPLQDO KLVWRU\ SRLQW DV GHWHUPLQHG XQGHU WKH VHQWHQFLQJ
DFWXDOO\ VHUYHG UHQGHUHG 3HQQjV VHQWHQFH mXQGXO\ KDUVKl         JXLGHOLQHVl86&I6HFWLRQ&RIWKH
s$DW6HQWHQFLQJ7UDW                                 6HQWHQFLQJ*XLGHOLQHVLQWHUSUHWVWKHmVDIHW\YDOYHlH[FHSWLRQ
                                                                       7KHFRPPHQWDU\WR&GHILQHVm>P@RUHWKDQFULPLQDO
  7KHFRXUWQRWHGWKDWLI3HQQjVVHQWHQFHZHUHGHWHUPLQHGWR           KLVWRU\SRLQWDVGHWHUPLQHGXQGHUWKHVHQWHQFLQJJXLGHOLQHVl
EHWZHQW\VL[GD\VKHZRXOGEHDVVHVVHGRQO\RQHFULPLQDO             WRPHDQmPRUHWKDQRQHFULPLQDOKLVWRU\SRLQWDVGHWHUPLQHG
KLVWRU\ SRLQW XQGHU  $ RI WKH 6HQWHQFLQJ *XLGHOLQHV      XQGHU >866*@  $ &ULPLQDO +LVWRU\ &DWHJRU\l
7KH MXGJH WKHUHIRUH GHWHUPLQHG WKDW 3HQQ ZDV SURSHUO\           866*&FRPPHQWDU\DSSOLFQRWH6HFWLRQ$
UHFODVVLILHG DV KDYLQJ D FULPLQDO KLVWRU\ VFRUH RI RQH DQG   RI WKH 6HQWHQFLQJ *XLGHOLQHV FRQWDLQV WKH VFKHGXOH WKDW
VKRXOGEHVHQWHQFHGSXUVXDQWWRWKHUDQJHIRUFULPLQDOKLVWRU\         GHWHUPLQHV KRZ D FRXUW FDOFXODWHV D GHIHQGDQWjV FULPLQDO
FDWHJRU\,%DVHGXSRQWKLVFKDQJHLQ3HQQjVFULPLQDOKLVWRU\         KLVWRU\SRLQWV7KHODQJXDJHLQWKHFRPPHQWDU\WR&LV