5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS
81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB
:,//,$0 + 3$<721 ; 3HWLWLRQHU$SSHOODQW 1R Y ! $17+21< %5,*$12 5HVSRQGHQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1RnsDPHV/*UDKDP'LVWULFWsXGJH $UJXHGsXQH 'HFLGHGDQG)LOHGsXO\ %HIRUH%2**6DQG68+5+(,15,&+&LUFXLWsXGJHV &/(/$1''LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('+/RXLV6LUNLQ6,5.,13,1$/(60(=,%29 6&+:$57=&LQFLQQDWL2KLRIRU$SSHOODQW6WHSKDQLH / :DWVRQ 2)),&( 2) 7+( $77251(< *(1(5$/
7KH +RQRUDEOH 5REHUW + &OHODQG 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
3D\WRQY%ULJDQR 1R 1R 3D\WRQY%ULJDQR
&255(&7,216/,7,*$7,216(&7,21&ROXPEXV2KLR UHYLHZZKLFKGLGQRWFRQFOXGHXQWLOWKH2KLR6XSUHPH&RXUW IRU $SSHOOHH 21 %5,() + /RXLV 6LUNLQ sHQQLIHU 0 GHQLHGKLVSHWLWLRQRQ$SULO7KXVKHFODLPVWKDWKH .LQVOH\/DXUD$$EUDPV6,5.,13,1$/(60(=,%29 KDG XQWLO $SULO WR ILOH KLV IHGHUDO KDEHDV FRUSXV 6&+:$57=&LQFLQQDWL2KLRIRU$SSHOODQW.DWKHULQH SHWLWLRQ (3ULGHPRUH2)),&(2)7+($77251(<*(1(5$/ &255(&7,216/,7,*$7,216(&7,21&LQFLQQDWL2KLR 3D\WRQjVDUJXPHQWIDLOV3D\WRQjVLQHIIHFWLYHDVVLVWDQFHRI IRU$SSHOOHH WULDOFRXQVHOFODLPDOEHLWUDLVHGIRUWKHILUVWWLPHZDVEURXJKW DV SDUW RI WKH FROODWHUDO SURFHHGLQJV QRW WKH GLUHFW UHYLHZ BBBBBBBBBBBBBBBBB SURFHVV $V VXFK LW IDOOV ZLWKLQ WKH SODLQ ODQJXDJH RI G QRWG $ 23,1,21 BBBBBBBBBBBBBBBBB ,,, 68+5+(,15,&+&LUFXLWsXGJH3HWLWLRQHU:LOOLDP+ 7KHMXGJPHQWRIWKHGLVWULFWFRXUWLV$)),50(' 3D\WRQDSSHDOVIURPWKHRUGHURIGLVWULFWFRXUWGLVPLVVLQJKLV SHWLWLRQIRUZULWRIKDEHDVFRUSXVXQGHU86&DV WLPHEDUUHGE\WKHRQH\HDUVWDWXWHRIOLPLWDWLRQVLQ86& :H$)),50 , 3D\WRQZDVFRQYLFWHGRIPXUGHURQ$XJXVWDQG LPSULVRQHG6HH6WDWHY3D\WRQ1R&52KLR&W &RPP3O$XJ+HDSSHDOHG2Q$XJXVW WKH &RXUW RI $SSHDOV IRU WKH 7ZHOIWK $SSHOODWH 'LVWULFW RI 2KLRDIILUPHGKLVFRQYLFWLRQ6HH6WDWHY3D\WRQ1R&$ :/2KLR&W$SS$XJ2Q sDQXDU\ WKH 2KLR 6XSUHPH &RXUW GLVPLVVHG KLV GLUHFWDSSHDOIRUIDLOXUHWRVWDWHDVXEVWDQWLDOFRQVWLWXWLRQDO TXHVWLRQ6HH6WDWHY3D\WRQ1(G2KLR 3D\WRQGLGQRWDSSHDOWRWKH8QLWHG6WDWHV6XSUHPH&RXUW %\ FRQWUDVW D 5XOH % DSSOLFDWLRQ FODLPLQJ LQHIIHFWLYH DVVLVWDQFH 3D\WRQ ILOHG D SHWLWLRQ IRU SRVWFRQYLFWLRQ UHOLHI LQ VWDWH RI DSSHOODWH FRXQVHO LV FRQVLGHUHG D SDUW RI WKH GLUHFW DSSHDO SURFHVV FRXUW RQ 6HSWHPEHU 7KH WULDO FRXUW JUDQWHG XQGHU G $ UDWKHU WKDQ D IRUP RI SRVWFRQYLFWLRQ UHOLHI RU
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
1(G2KLR&W$SS6SHFLILFDOO\LWKHOG XQGHU 2KLR $SS 5 % LV DFWXDOO\ SHQGLQJ %URQDXJK Y 2KLR )G WK &LU VHH DOVR sRKQVRQ Y 8QLWHG 6WDWHV WKDWWKHWULDOFRXUWHUUHGE\GLVPLVVLQJ3D\WRQjVSHWLWLRQEDVHG )G Q WK &LU GLFWD VDPH 3D\WRQY%ULJDQR 1R 1R 3D\WRQY%ULJDQR
UHYLHZlG $VWKHGLVWULFWFRXUWREVHUYHGm7KH RQ UHV MXGLFDWD EHFDXVH KH GLG QRW KDYH QHZ FRXQVHO RQ SODLQODQJXDJHRIWKHVWDWXWHLQGLFDWHVWKDWDQDSSOLFDWLRQIRU DSSHDO EXW WKDW 3D\WRQ KDG IDLOHG WR VXEPLW VXIILFLHQW VWDWHSRVWFRQYLFWLRQRURWKHUFROODWHUDOUHOLHIGRHVQRWVHUYH HYLGHQFHWRGHPRQVWUDWHVXEVWDQWLYHJURXQGVIRUUHOLHI2Q WRGHOD\WKHGDWHRQZKLFKDMXGJPHQWEHFRPHVILQDO5DWKHU $SULOWKH2KLR6XSUHPH&RXUWGHFOLQHGWRH[HUFLVH VXFK OLPLWDWLRQV PHUHO\ WROO WKH UXQQLQJ RI WKH VWDWXWH RI LWVGLVFUHWLRQDU\MXULVGLFWLRQRYHUWKHSHWLWLRQKROGLQJWKDWLW OLPLWDWLRQVG l,QVKRUWWKHVWDWXWHPDNHVDFOHDU IDLOHGWRVWDWHDVXEVWDQWLDOFRQVWLWXWLRQDOTXHVWLRQ6HH6WDWH GLVWLQFWLRQEHWZHHQWKHFRQFOXVLRQRIGLUHFWDSSHDOVDQGSRVW Y3D\WRQ1(G2KLR FRQYLFWLRQ UHOLHI 3D\WRQjV DVVHUWLRQV WR WKH FRQWUDU\ DUH XQSHUVXDVLYH3D\WRQjVDUJXPHQWLVZLWKRXWPHULW 3D\WRQILOHGWKLVIHGHUDOKDEHDVSHWLWLRQRQ$SULO 7KHGLVWULFWFRXUWGLVPLVVHGLWRQ)HEUXDU\DVWLPH % EDUUHGE\WKHRQH\HDUVWDWXWHRIOLPLWDWLRQVHVWDEOLVKHGE\WKH $QWLWHUURULVP DQG (IIHFWLYH 'HDWK 3HQDOW\ $FW RI 3D\WRQDOVRDVVHUWVWKDWWKHSHULRGIRUSHWLWLRQLQJWKH8QLWHG $('3$ 86& G 7KH GLVWULFW FRXUW 6WDWHV6XSUHPH&RXUWIRUDZULWRIFHUWLRUDULH[WHQGVWKHVWDUW GHWHUPLQHGWKDWEHFDXVH3D\WRQjVFDVHZDVGHFLGHGSULRUWR GDWHRIWKHRQH\HDUSHULRGIRUVHHNLQJSRVWFRQYLFWLRQUHOLHI WKHDGRSWLRQRI$('3$KLVRQH\HDUFORFNVWDUWHGUXQQLQJRQ XQGHUG :HUHFHQWO\UHMHFWHGWKLVDUJXPHQWLQ $SULOWKHGDWHWKH$('3$ZDVSDVVHG7KHFRXUW ,VKDP6HH,VKDP)GDWKROGLQJWKDWmG IXUWKHU UHDVRQHG WKDW XQGHU WKH $('3$jV VWDWXWH RI GRHVQRWWROOWKHOLPLWDWLRQVSHULRGWRWDNHLQWRDFFRXQWWKH OLPLWDWLRQVSURYLVLRQV3D\WRQjVPRWLRQVIRUSRVWFRQYLFWLRQ WLPH LQ ZKLFK D GHIHQGDQW FRXOG KDYH SRWHQWLDOO\ ILOHG D UHOLHILQVWDWHFRXUWPHUHO\WROOHGUDWKHUWKDQUHVHWWKDWRQH SHWLWLRQIRUFHUWLRUDULZLWKWKH8QLWHG6WDWHV6XSUHPH&RXUW \HDUFORFN$IWHUVXEWUDFWLQJWKHWLPHGXULQJZKLFK3D\WRQ IROORZLQJDVWDWHFRXUWjVGHQLDORISRVWFRQYLFWLRQUHOLHIl KDGSRVWFRQYLFWLRQDFWLRQVSHQGLQJLQVWDWHFRXUWIURPWKH RQH\HDU SHULRG HQGLQJ $SULO WKH FRXUW KHOG WKDW (YHQ LI WKH QLQHW\ GD\V ZHUH DGGHG WR WKH WROOLQJ WLPH 3D\WRQjVIHGHUDOSHWLWLRQZDVGXHRQRUEHIRUH1RYHPEHU 3D\WRQVWLOOILOHGKLVSHWLWLRQRXWRIWLPH7KDWLVHYHQLIWKH 3D\WRQjV$SULOILOLQJZDVWKHUHIRUHXQWLPHO\ QLQHW\GD\SHULRGZHUHDGGHGWRWKHWROOLQJSHULRG3D\WRQjV SHWLWLRQ ZRXOG KDYH EHHQ GXH EHIRUH )HEUXDU\ 3D\WRQILOHGDQRWLFHRIDSSHDORQ)HEUXDU\7KH QLQHW\GD\VDIWHUWKH1RYHPEHUGHDGOLQH GLVWULFWFRXUWVXEVHTXHQWO\FHUWLILHGWKHTXHVWLRQRIZKHWKHU 3D\WRQjV SHWLWLRQ ZDV ILOHG ZLWKLQ WKH $('3$jV VWDWXWH RI & OLPLWDWLRQV7KHFDVHZDVWKHQUHPDQGHGWRWKHGLVWULFWFRXUW IRUFRQVLGHUDWLRQLQOLJKWRI6ODFNY0F'DQLHO86 $OWHUQDWLYHO\3D\WRQDUJXHVWKDWKHVDWLVILHGWKHVWDWXWHRI OLPLWDWLRQVUHTXLUHPHQWEHFDXVHKLVLQHIIHFWLYHDVVLVWDQFHRI WULDOFRXQVHOFODLPLQDVPXFKDVLWZDVSURSHUO\UDLVHGIRUWKH ILUVWWLPHGXULQJFROODWHUDODWWDFNZDVVWLOOLQDVWDJHRIGLUHFW
Free access — add to your briefcase to read the full text and ask questions with AI
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS
81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB
:,//,$0 + 3$<721 ; 3HWLWLRQHU$SSHOODQW 1R Y ! $17+21< %5,*$12 5HVSRQGHQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1RnsDPHV/*UDKDP'LVWULFWsXGJH $UJXHGsXQH 'HFLGHGDQG)LOHGsXO\ %HIRUH%2**6DQG68+5+(,15,&+&LUFXLWsXGJHV &/(/$1''LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('+/RXLV6LUNLQ6,5.,13,1$/(60(=,%29 6&+:$57=&LQFLQQDWL2KLRIRU$SSHOODQW6WHSKDQLH / :DWVRQ 2)),&( 2) 7+( $77251(< *(1(5$/
7KH +RQRUDEOH 5REHUW + &OHODQG 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
3D\WRQY%ULJDQR 1R 1R 3D\WRQY%ULJDQR
&255(&7,216/,7,*$7,216(&7,21&ROXPEXV2KLR UHYLHZZKLFKGLGQRWFRQFOXGHXQWLOWKH2KLR6XSUHPH&RXUW IRU $SSHOOHH 21 %5,() + /RXLV 6LUNLQ sHQQLIHU 0 GHQLHGKLVSHWLWLRQRQ$SULO7KXVKHFODLPVWKDWKH .LQVOH\/DXUD$$EUDPV6,5.,13,1$/(60(=,%29 KDG XQWLO $SULO WR ILOH KLV IHGHUDO KDEHDV FRUSXV 6&+:$57=&LQFLQQDWL2KLRIRU$SSHOODQW.DWKHULQH SHWLWLRQ (3ULGHPRUH2)),&(2)7+($77251(<*(1(5$/ &255(&7,216/,7,*$7,216(&7,21&LQFLQQDWL2KLR 3D\WRQjVDUJXPHQWIDLOV3D\WRQjVLQHIIHFWLYHDVVLVWDQFHRI IRU$SSHOOHH WULDOFRXQVHOFODLPDOEHLWUDLVHGIRUWKHILUVWWLPHZDVEURXJKW DV SDUW RI WKH FROODWHUDO SURFHHGLQJV QRW WKH GLUHFW UHYLHZ BBBBBBBBBBBBBBBBB SURFHVV $V VXFK LW IDOOV ZLWKLQ WKH SODLQ ODQJXDJH RI G QRWG $ 23,1,21 BBBBBBBBBBBBBBBBB ,,, 68+5+(,15,&+&LUFXLWsXGJH3HWLWLRQHU:LOOLDP+ 7KHMXGJPHQWRIWKHGLVWULFWFRXUWLV$)),50(' 3D\WRQDSSHDOVIURPWKHRUGHURIGLVWULFWFRXUWGLVPLVVLQJKLV SHWLWLRQIRUZULWRIKDEHDVFRUSXVXQGHU86&DV WLPHEDUUHGE\WKHRQH\HDUVWDWXWHRIOLPLWDWLRQVLQ86& :H$)),50 , 3D\WRQZDVFRQYLFWHGRIPXUGHURQ$XJXVWDQG LPSULVRQHG6HH6WDWHY3D\WRQ1R&52KLR&W &RPP3O$XJ+HDSSHDOHG2Q$XJXVW WKH &RXUW RI $SSHDOV IRU WKH 7ZHOIWK $SSHOODWH 'LVWULFW RI 2KLRDIILUPHGKLVFRQYLFWLRQ6HH6WDWHY3D\WRQ1R&$ :/2KLR&W$SS$XJ2Q sDQXDU\ WKH 2KLR 6XSUHPH &RXUW GLVPLVVHG KLV GLUHFWDSSHDOIRUIDLOXUHWRVWDWHDVXEVWDQWLDOFRQVWLWXWLRQDO TXHVWLRQ6HH6WDWHY3D\WRQ1(G2KLR 3D\WRQGLGQRWDSSHDOWRWKH8QLWHG6WDWHV6XSUHPH&RXUW %\ FRQWUDVW D 5XOH % DSSOLFDWLRQ FODLPLQJ LQHIIHFWLYH DVVLVWDQFH 3D\WRQ ILOHG D SHWLWLRQ IRU SRVWFRQYLFWLRQ UHOLHI LQ VWDWH RI DSSHOODWH FRXQVHO LV FRQVLGHUHG D SDUW RI WKH GLUHFW DSSHDO SURFHVV FRXUW RQ 6HSWHPEHU 7KH WULDO FRXUW JUDQWHG XQGHU G $ UDWKHU WKDQ D IRUP RI SRVWFRQYLFWLRQ UHOLHI RU
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
1(G2KLR&W$SS6SHFLILFDOO\LWKHOG XQGHU 2KLR $SS 5 % LV DFWXDOO\ SHQGLQJ %URQDXJK Y 2KLR )G WK &LU VHH DOVR sRKQVRQ Y 8QLWHG 6WDWHV WKDWWKHWULDOFRXUWHUUHGE\GLVPLVVLQJ3D\WRQjVSHWLWLRQEDVHG )G Q WK &LU GLFWD VDPH 3D\WRQY%ULJDQR 1R 1R 3D\WRQY%ULJDQR
UHYLHZlG $VWKHGLVWULFWFRXUWREVHUYHGm7KH RQ UHV MXGLFDWD EHFDXVH KH GLG QRW KDYH QHZ FRXQVHO RQ SODLQODQJXDJHRIWKHVWDWXWHLQGLFDWHVWKDWDQDSSOLFDWLRQIRU DSSHDO EXW WKDW 3D\WRQ KDG IDLOHG WR VXEPLW VXIILFLHQW VWDWHSRVWFRQYLFWLRQRURWKHUFROODWHUDOUHOLHIGRHVQRWVHUYH HYLGHQFHWRGHPRQVWUDWHVXEVWDQWLYHJURXQGVIRUUHOLHI2Q WRGHOD\WKHGDWHRQZKLFKDMXGJPHQWEHFRPHVILQDO5DWKHU $SULOWKH2KLR6XSUHPH&RXUWGHFOLQHGWRH[HUFLVH VXFK OLPLWDWLRQV PHUHO\ WROO WKH UXQQLQJ RI WKH VWDWXWH RI LWVGLVFUHWLRQDU\MXULVGLFWLRQRYHUWKHSHWLWLRQKROGLQJWKDWLW OLPLWDWLRQVG l,QVKRUWWKHVWDWXWHPDNHVDFOHDU IDLOHGWRVWDWHDVXEVWDQWLDOFRQVWLWXWLRQDOTXHVWLRQ6HH6WDWH GLVWLQFWLRQEHWZHHQWKHFRQFOXVLRQRIGLUHFWDSSHDOVDQGSRVW Y3D\WRQ1(G2KLR FRQYLFWLRQ UHOLHI 3D\WRQjV DVVHUWLRQV WR WKH FRQWUDU\ DUH XQSHUVXDVLYH3D\WRQjVDUJXPHQWLVZLWKRXWPHULW 3D\WRQILOHGWKLVIHGHUDOKDEHDVSHWLWLRQRQ$SULO 7KHGLVWULFWFRXUWGLVPLVVHGLWRQ)HEUXDU\DVWLPH % EDUUHGE\WKHRQH\HDUVWDWXWHRIOLPLWDWLRQVHVWDEOLVKHGE\WKH $QWLWHUURULVP DQG (IIHFWLYH 'HDWK 3HQDOW\ $FW RI 3D\WRQDOVRDVVHUWVWKDWWKHSHULRGIRUSHWLWLRQLQJWKH8QLWHG $('3$ 86& G 7KH GLVWULFW FRXUW 6WDWHV6XSUHPH&RXUWIRUDZULWRIFHUWLRUDULH[WHQGVWKHVWDUW GHWHUPLQHGWKDWEHFDXVH3D\WRQjVFDVHZDVGHFLGHGSULRUWR GDWHRIWKHRQH\HDUSHULRGIRUVHHNLQJSRVWFRQYLFWLRQUHOLHI WKHDGRSWLRQRI$('3$KLVRQH\HDUFORFNVWDUWHGUXQQLQJRQ XQGHUG :HUHFHQWO\UHMHFWHGWKLVDUJXPHQWLQ $SULOWKHGDWHWKH$('3$ZDVSDVVHG7KHFRXUW ,VKDP6HH,VKDP)GDWKROGLQJWKDWmG IXUWKHU UHDVRQHG WKDW XQGHU WKH $('3$jV VWDWXWH RI GRHVQRWWROOWKHOLPLWDWLRQVSHULRGWRWDNHLQWRDFFRXQWWKH OLPLWDWLRQVSURYLVLRQV3D\WRQjVPRWLRQVIRUSRVWFRQYLFWLRQ WLPH LQ ZKLFK D GHIHQGDQW FRXOG KDYH SRWHQWLDOO\ ILOHG D UHOLHILQVWDWHFRXUWPHUHO\WROOHGUDWKHUWKDQUHVHWWKDWRQH SHWLWLRQIRUFHUWLRUDULZLWKWKH8QLWHG6WDWHV6XSUHPH&RXUW \HDUFORFN$IWHUVXEWUDFWLQJWKHWLPHGXULQJZKLFK3D\WRQ IROORZLQJDVWDWHFRXUWjVGHQLDORISRVWFRQYLFWLRQUHOLHIl KDGSRVWFRQYLFWLRQDFWLRQVSHQGLQJLQVWDWHFRXUWIURPWKH RQH\HDU SHULRG HQGLQJ $SULO WKH FRXUW KHOG WKDW (YHQ LI WKH QLQHW\ GD\V ZHUH DGGHG WR WKH WROOLQJ WLPH 3D\WRQjVIHGHUDOSHWLWLRQZDVGXHRQRUEHIRUH1RYHPEHU 3D\WRQVWLOOILOHGKLVSHWLWLRQRXWRIWLPH7KDWLVHYHQLIWKH 3D\WRQjV$SULOILOLQJZDVWKHUHIRUHXQWLPHO\ QLQHW\GD\SHULRGZHUHDGGHGWRWKHWROOLQJSHULRG3D\WRQjV SHWLWLRQ ZRXOG KDYH EHHQ GXH EHIRUH )HEUXDU\ 3D\WRQILOHGDQRWLFHRIDSSHDORQ)HEUXDU\7KH QLQHW\GD\VDIWHUWKH1RYHPEHUGHDGOLQH GLVWULFWFRXUWVXEVHTXHQWO\FHUWLILHGWKHTXHVWLRQRIZKHWKHU 3D\WRQjV SHWLWLRQ ZDV ILOHG ZLWKLQ WKH $('3$jV VWDWXWH RI & OLPLWDWLRQV7KHFDVHZDVWKHQUHPDQGHGWRWKHGLVWULFWFRXUW IRUFRQVLGHUDWLRQLQOLJKWRI6ODFNY0F'DQLHO86 $OWHUQDWLYHO\3D\WRQDUJXHVWKDWKHVDWLVILHGWKHVWDWXWHRI OLPLWDWLRQVUHTXLUHPHQWEHFDXVHKLVLQHIIHFWLYHDVVLVWDQFHRI WULDOFRXQVHOFODLPLQDVPXFKDVLWZDVSURSHUO\UDLVHGIRUWKH ILUVWWLPHGXULQJFROODWHUDODWWDFNZDVVWLOOLQDVWDJHRIGLUHFW
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
$ QHZ FHUWLILFDWH RI DSSHDODELOLW\ ZDV LVVXHG RQ ZLWKLQZKLFKWRILOHDSHWLWLRQIRUZULWRIKDEHDVFRUSXV sXQH 7KXV WKH TXHVWLRQ FHUWLILHG RQ DSSHDO LV 6HDUF\Y&DUWHU)GWK&LU,VKDPY ZKHWKHU3D\WRQjVSHWLWLRQIRUZULWRIKDEHDVFRUSXVZDVILOHG 5DQGOH)GWK&LUFHUWGHQLHG ZLWKLQ WKH RQH\HDU VWDWXWH RI OLPLWDWLRQV HVWDEOLVKHG E\ 6&W%URZQY2j'HD)GWK 86&G &LUYDFDWHGRQRWKHUJURXQGVE\%URZQY2j'HD 866&W ,, :LWKWKHRQH\HDUJUDFHSHULRGJLYHQWRSUH$('3$FDVHV 6HFWLRQDXWKRUL]HVDIHGHUDOFRXUWWRJUDQWDZULWRI 3D\WRQKDGXQWLO$SULOWRILOHKLVKDEHDVSHWLWLRQRU KDEHDVFRUSXVWRVWDWHSULVRQHUVLIWKH\DUHKHOGmLQFXVWRG\LQ FROODWHUDODFWLRQ3D\WRQILOHGDPRWLRQIRUSRVWFRQYLFWLRQ YLRODWLRQRIWKH&RQVWLWXWLRQRUODZVRUWUHDWLHVRIWKH8QLWHG UHOLHI RQ 6HSWHPEHU GXULQJ WKH RQH\HDU JUDFH 6WDWHVl86&D7KLVFRXUWUHYLHZVDGLVWULFW SHULRGWKHUHE\WROOLQJWKHOLPLWDWLRQVSHULRGXQGHU86& FRXUWjVGHFLVLRQLQDKDEHDVSURFHHGLQJGHQRYR+DUULVY G 7KXVDWWKDWSRLQWGD\VKDGUXQ$SULO 6WRYDOO)GWK&LUFHUWGHQLHG WR6HSWHPEHUHTXDOVGD\V7KHFORFNGLG 6&W QRWEHJLQWRUXQDJDLQXQWLO$SULOZKHQWKH2KLR 6XSUHPH&RXUWGHQLHG3D\WRQjVDSSHDO3D\WRQWKHQKDG $('3$ VWDWHV WKDW D m \HDU SHULRG RI OLPLWDWLRQV VKDOO GD\V OHIW WR ILOH KLV KDEHDV SHWLWLRQ GD\V LQ RQH \HDU DSSO\WRDQDSSOLFDWLRQIRUDZULWRIKDEHDVFRUSXVE\DSHUVRQ PLQXV GD\V WKDW KDG DOUHDG\ UXQ HTXDOV GD\V LQ FXVWRG\ SXUVXDQW WR WKH MXGJPHQW RI D 6WDWH FRXUWl UHPDLQLQJ3D\WRQWKHUHIRUHKDGXQWLO1RYHPEHUWR 86&G 7KHVWDWXWHRIOLPLWDWLRQVEHJLQVWR ILOHWKHLQVWDQWKDEHDVSHWLWLRQ+RZHYHUKHGLGQRWILOHKLV UXQIURPWKHODWHVWRIIRXUFLUFXPVWDQFHVRQHRIZKLFKLVWKH IHGHUDOKDEHDVSHWLWLRQXQWLO$SULOZHOOEH\RQGWKH mGDWHRQZKLFKWKHMXGJPHQWEHFDPHILQDOE\WKHFRQFOXVLRQ RQH\HDUOLPLWDWLRQVSHULRG7KXVWKHGLVWULFWFRXUWGLGQRW RIGLUHFWUHYLHZRUH[SLUDWLRQRIWKHWLPHIRUVHHNLQJVXFK HUULQKROGLQJWKDW3D\WRQjVSHWLWLRQZDVEDUUHGXQGHUWKHRQH UHYLHZl86&G $7KHRQH\HDUSHULRGLV \HDUVWDWXWHRIOLPLWDWLRQVIRXQGLQG WROOHGKRZHYHUIRUWKDWDPRXQWRIWLPHLQZKLFKmDSURSHUO\ ILOHGDSSOLFDWLRQIRU6WDWHSRVWFRQYLFWLRQRURWKHUFROODWHUDO $ UHYLHZ ZLWK UHVSHFW WR WKH SHUWLQHQW MXGJPHQW RU FODLP LV SHQGLQJl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mWKHGDWHRQZKLFK 6ODFN KROGV WKDW ZKHUH D GLVWULFW FRXUW GHQLHV D KDEHDV SHWLWLRQ RQ WKHMXGJPHQWEHFDPHILQDOE\FRQFOXVLRQRIGLUHFWUHYLHZRU SURFHGXUDO JURXQGV ZLWKRXW UHDFKLQJ WKH SHWLWLRQHUjV XQGHUO\LQJ WKH H[SLUDWLRQ RI WKH WLPH IRU VHHNLQJ VXFK UHYLHZl FRQVWLWXWLRQDO FODLP LQ RUGHU IRU D FHUWLILFDWH RI DSSHDODELOLW\ WR LVVXH WKH SHWLWLRQHU PXVW VKRZ WKDW UHDVRQDEOH MXULVWV ZRXOG ILQG LW GHEDWDEOH G $HPSKDVLVDGGHG%\FRQWUDVWWKHWROOLQJ ZKHWKHU WKH SHWLWLRQ VWDWHV D YDOLG FODLP RI WKH GHQLDO RI D SURYLVLRQG VSHFLILFDOO\UHIHUHQFHVmSURSHUO\ILOHG FRQVWLWXWLRQDO ULJKW DQG ZKHWKHU WKH GLVWULFW FRXUW ZDV FRUUHFW LQ LWV DSSOLFDWLRQ>V@ IRU 6WDWH SRVWFRQYLFWLRQ RU RWKHU FROODWHUDO SURFHGXUDO UXOLQJ 6ODFN Y 0F'DQLHO 86