United States v. Burke

• Court: Court of Appeals for the Sixth Circuit
• Decided: January 19, 2001
• Docket: 99-6129
• Status: Published

Opinion

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21  8QLWHG6WDWHVY%XUNH 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

(/(&7521,& &,7$7,21  )(' $SS 3 WK &LU

:HWKHUHIRUHKROGWKDWWKHGLVWULFWFRXUWZDVFRUUHFWLQLWV )LOH 1DPH DS

EHOLHIWKDWLWVJHQHUDOGLVFUHWLRQXQGHUWKHJXLGHOLQHVWRGHSDUW GRZQZDUGFRXOGQRWEHXVHGZLWKUHJDUGWRWKHPDQGDWRU\ VHQWHQFHDSSOLHGWR%XUNHXQGHU86&†F  $ L 81,7('67$7(6&28572)$33($/6 $ VWDWXWRU\ PLQLPXP FRQVWUDLQV WKH SURFHGXUHV RI WKH )257+(6,;7+&,5&8,7 JXLGHOLQHV LQFOXGLQJ WKH SURFHGXUHV IRU GRZQZDUG BBBBBBBBBBBBBBBBB GHSDUWXUHV  7KH H[FHSWLRQV WR WKH DSSOLFDWLRQ RI VWDWXWRU\ PLQLPXPVDUHQDUURZDQGWKH\GRQRWDSSO\KHUHQRUGRHV 0UV%XUNHDUJXHWKDWWKH\GR:HFRQFOXGHWKDWRXUUXOHLQ *RIILVFRQVLVWHQWZLWKWKHUXOHRIRXUVLVWHUFLUFXLWV6HHHJ 81,7(' 67$7(6 2) $0(5,&$ ; 6DQWLDJR  )G DW   ,Q WKH DEVHQFH RI RQH RI WKH 3ODLQWLII$SSHOOHH  H[FHSWLRQV VHW RXW LQ †† HI RU VXFK RWKHU VLPLODU  H[FHSWLRQVDV&RQJUHVVPD\FUHDWHGHIHQGDQWVPD\QRWEH  1R VHQWHQFHGE\PHDQVRIDGRZQZDUGGHSDUWXUHWRDWHUPRI Y  LPSULVRQPHQW RU RWKHU SXQLVKPHQW EHORZ WKH PLQLPXP !  LPSRVHGE\WKHVWDWXWHXQGHUZKLFKWKH\ZHUHFRQYLFWHG 6+$521 $11 %85.(  'HIHQGDQW$SSHOODQW  ,,, 1 %XUNHjV VHQWHQFH DV LPSRVHG E\ WKH GLVWULFW FRXUW LV $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW $)),50(' IRUWKH(DVWHUQ'LVWULFWRI.HQWXFN\DW)UDQNIRUW 1RnsRVHSK0+RRG'LVWULFWsXGJH $UJXHG'HFHPEHU 'HFLGHGDQG)LOHGsDQXDU\ %HIRUH%2**6DQG*,/0$1&LUFXLWsXGJHVDQG %(&.:,7+'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('  &KULVWRSKHU 0LFKDHO 2OGV %8%(1=(5 $662&,$7(6)UDQNIRUW.HQWXFN\IRU$SSHOODQWsDPHV( *XLGHOLQHV  8 &LQ / 5HY    +RZHYHU WKHVH $UHKDUW $66,67$17 81,7(' 67$7(6 $77251(< RSHUDWH DV ODUJHO\ LQGHSHQGHQW PHFKDQLVPV ZKLFK FRH[LVW VRPHZKDW XQHDVLO\ 6HH HJ sXVWLFH 6WHSKHQ %UH\HU )HGHUDO 6HQWHQFLQJ *XLGHOLQHV 5HYLVLWHG  &ULP sXVW   6SULQJ  DUJXLQJ mVWDWXWRU\

PDQGDWRU\ VHQWHQFHV SUHYHQW WKH >VHQWHQFLQJ@ FRPPLVVLRQ IURP FDUU\LQJ 7KH +RQRUDEOH 6DQGUD 6 %HFNZLWK 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU RXW LWV EDVLF FRQJUHVVLRQDOO\ PDQGDWHG WDVNl 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

  8QLWHG6WDWHVY%XUNH 1R 1R 8QLWHG6WDWHVY%XUNH 

/H[LQJWRQ .HQWXFN\ IRU $SSHOOHH  21 %5,() 6WDWHV Y *RII  )G   WK &LU  FLWLQJ &KULVWRSKHU0LFKDHO2OGV%8%(1=(5 $662&,$7(6 866*†*E  )UDQNIRUW.HQWXFN\IRU$SSHOODQW&KDUOHV3:LVGRPsU 0DUN $ :RKODQGHU $66,67$17 81,7(' 67$7(6 %XUNHDWWHPSWVWRHYDGHWKHUXOHRI*RIIE\DUJXLQJWKDWD $77251(<6/H[LQJWRQ.HQWXFN\IRU$SSHOOHH GRZQZDUGGHSDUWXUHLVVRPHKRZLQGHSHQGHQWRIDmJXLGHOLQH VHQWHQFHl DQG WKXV PD\ VWLOO EH DSSOLHG ZKHQ D JXLGHOLQH BBBBBBBBBBBBBBBBB VHQWHQFHLVVXSHUVHGHGE\DVWDWXWRU\RQH%XUNHFLWHVQRFDVH WRVXSSRUWWKLVSURSRVLWLRQZKLFKLVLQFRQVLVWHQWZLWKm>E@RWK 23,1,21 WKHSODLQODQJXDJHRIWKHUHOHYDQWVWDWXWRU\DQG*XLGHOLQHV BBBBBBBBBBBBBBBBB SURYLVLRQV>DQG@WKHFRQWH[WLQZKLFK&RQJUHVVKDVSODFHG VXFKSURYLVLRQV>@l6DQWLDJR)GDWUHMHFWLQJWKLV %2**6&LUFXLWsXGJH6KDURQ%XUNHZDVFRQYLFWHGLQD VDPHSURSRVLWLRQ7KHUXOHVJRYHUQLQJGRZQZDUGGHSDUWXUHV EHQFKWULDORQWZRFRXQWVRIDUPHGEDQNUREEHU\86& DUH DQ LQWHJUDO SDUW RI WKH JXLGHOLQH VHQWHQFLQJ VFKHPH †† DG DQG IRU FDUU\LQJ D ILUHDUP LQ UHODWLRQ WR D DOORZLQJDVHQWHQFLQJFRXUWWRmLPSRVHDVHQWHQFHRXWVLGHWKH FULPHRIYLROHQFH86&†F%XUNHSOHGQRWJXLOW\ UDQJHHVWDEOLVKHGE\WKHDSSOLFDEOHJXLGHOLQHVl866* PRGLI\LQJ WKLV WR QRW JXLOW\ E\ UHDVRQ RI LQVDQLW\  $W KHU † . SV HPSKDVLV DGGHG  7KH DXWKRULW\ WR GHSDUW VHQWHQFLQJ WKH ORZHU FRXUW GHSDUWHG GRZQZDUG IURP WKH GRZQZDUGLVJLYHQDVSDUWRIWKHOHJLVODWLRQHVWDEOLVKLQJWKH DSSOLFDEOH VHQWHQFLQJ JXLGHOLQHV IRU DUPHG EDQN UREEHU\ JXLGHOLQHVWRDOORZFRXUWVWRUHWDLQDOLPLWHGSRUWLRQRIWKHLU EDVHGRQDILQGLQJRIGLPLQLVKHGFDSDFLW\866*†. WUDGLWLRQDOGLVFUHWLRQZKHUHmWKHUHH[LVWVDQDJJUDYDWLQJRU )RU WKHVH FULPHV WKH GLVWULFW FRXUW VHQWHQFHG %XUNH WR PLWLJDWLQJ FLUFXPVWDQFH    QRW DGHTXDWHO\ WDNHQ LQWR UHVWLWXWLRQDQGDWHUPRISUREDWLRQ+RZHYHUWKHORZHUFRXUW FRQVLGHUDWLRQE\WKH6HQWHQFLQJ&RPPLVVLRQLQIRUPXODWLQJ GHFODUHGLWVHOIZLWKRXWGLVFUHWLRQWRGHSDUWRQWKHEDVLVRI WKHJXLGHOLQHVl86&†EHPSKDVLVDGGHG GLPLQLVKHG FDSDFLW\ IURP WKH VHQWHQFH IRU WKH  86& †FRIIHQVHZKLFKFDUULHVDVWDWXWRU\PLQLPXPRI 7KH SURFHVV RI JLYLQJ GRZQZDUG GHSDUWXUHV LV IXUWKHU PRQWKV%XUNHUHFHLYHGWKLVPLQLPXPVHQWHQFH%XUNHQRZ JRYHUQHGE\UHIHUHQFHWRmWKHVWUXFWXUHDQGWKHRU\ RIERWK DSSHDOVWKLVSRUWLRQRIKHUVHQWHQFHDUJXLQJWKHORZHUFRXUW UHOHYDQWLQGLYLGXDOJXLGHOLQHVDQGWKH*XLGHOLQHVWDNHQDVD HUURQHRXVO\EHOLHYHGLWZDVZLWKRXWGLVFUHWLRQWRGHSDUW:H ZKROHl  .RRQ Y 8QLWHG 6WDWHV  86    DIILUP%XUNHjVVHQWHQFH FLWDWLRQRPLWWHG7KHUHLVQRLQGLFDWLRQLQWKHVHDXWKRULWLHV WKDWGRZQZDUGGHSDUWXUHVDUHVHSDUDWHIURPWKHJXLGHOLQHVRI , ZKLFK WKH\ DUH D SDUW RU WKDW WKH\ PD\ DSSO\ WR VHQWHQFHV JHQHUDWHGIURPVHSDUDWHVRXUFHVRIODZVXFKDVPDQGDWRU\ 0UV %XUNH KDV D KLVWRU\ RI FKURQLF PHQWDO SUREOHPV PLQLPXP VHQWHQFHV LQ WKH DEVHQFH RI VSHFLILF VWDWXWRU\ YDULRXVO\ GLDJQRVHG  DV mGHSUHVVLRQ DQ[LHW\ REVHVVLYH DXWKRULW\ UXPLQDWLRQ DQJHU UHVHQWPHQW DQG LPSXOVLYH EHKDYLRUl 2WKHUVKDYHGLDJQRVHGKHUDVDFKURQLFPDQLFGHSUHVVLYH$OO GLDJQRVWLF SK\VLFLDQV DJUHHG WKDW 0UV %XUNH DOWKRXJK  FRPSHWHQW WR VWDQG WULDO KDG VHULRXV PHQWDO SUREOHPV 7KH 6HQWHQFLQJ *XLGHOLQHV DUH GHVLJQHG LQ SDUW WR OLPLW MXGLFLDO UHTXLULQJ WUHDWPHQW EXW QRW LQVWLWXWLRQDOL]DWLRQ  %XUNH GLVFUHWLRQ LQ VHQWHQFLQJ 6HH 0LVWUHWWD Y 8QLWHG 6WDWHV  86   FODLPVWRKDYHUHFHLYHGLQWHUPLWWHQWWUHDWPHQWIRUGHSUHVVLRQ  6R WRR DUH PDQGDWRU\ PLQLPXP VHQWHQFH ODZV PDQ\ RI ZKLFK ZHUH HQDFWHG GXULQJ WKH VDPH WLPH SHULRG WKH *XLGHOLQHV ZHUH DQG ZHUH IRUDTXDUWHUFHQWXU\VLQFHKHUWZHQWLHV$FFRUGLQJWRKHU PRWLYDWHG E\ VLPLODU FRQFHUQV 6HH 3KLOOLS 2OLVV &RPPHQW 0DQGDWRU\ KHUFRQGLWLRQZRUVHQHGLQODWH6KHZDVWHUPLQDWHGIURP 0LQLPXP 6HQWHQFLQJ 'LVFUHWLRQ WKH 6DIHW\ 9DOYH DQG WKH 6HQWHQFLQJ  8QLWHG6WDWHVY%XUNH 1R 1R 8QLWHG6WDWHVY%XUNH 

,ELGFLWDWLRQRPLWWHG HPSOR\PHQWZLWKWKH'HSDUWPHQWRI:RUNHUV&ODLPVLQ0D\  IRU XQUHOLDELOLW\ DQG WKUHDWHQLQJ VWDII ZLWK SK\VLFDO ,Q8QLWHG6WDWHVY6DQWLDJR)GUG&LU KDUP WKH7KLUG&LUFXLWKHOGWKDWm>D@Q\GHYLDWLRQIURPWKH VWDWXWRU\ PLQLPXP VHQWHQFH FDQ RQO\ EH KDG WKURXJK WKH $SSDUHQWO\GXHWRKHUXQHPSOR\PHQWDQGDFFRPSDQ\LQJ VSHFLILFSURFHGXUHVHVWDEOLVKHGWKURXJK86&††H ILQDQFLDO GLVWUHVV FRXSOHG ZLWK KHU FHDVLQJ WR XVH D IZKLFKDUHQRWDSSOLFDEOHKHUHl,Q8QLWHG6WDWHVY SUHVFULSWLRQ DQWLGHSUHVVDQW %XUNH EHFDPH GHVSHUDWH DQG 3RODQFR  )G   WK &LU  WKH (LJKWK &LUFXLW GHFLGHG WR WDNH XS UREELQJ EDQNV EHFDXVH m, GRQjW KDYH IRXQGWKDW>V@HFWLRQEDQGJXLGHOLQHVHFWLRQ.GR DQ\WKLQJWRORVHl$FFRUGLQJWRKHUWKHLGHDRIUREELQJD QRWSHUPLWGHSDUWXUHEHORZWKHVWDWXWRU\PDQGDWRU\PLQLPXP EDQNEHFDPHDmIL[DWLRQl :LWKRXWDVHFWLRQHPRWLRQRUWKHXQFRQVWLWXWLRQDO UHIXVDORIRQH WKHGLVWULFWFRXUWKDGQRDXWKRULW\WRGHSDUW 8VLQJ DKDQGJXQ%XUNHUREEHGWKH)LIWK7KLUG%DQN LQ EHORZWKHVWDWXWRU\PLQLPXP,GDWFLWDWLRQRPLWWHG 6KHOE\YLOOH.HQWXFN\RQ$XJXVW6KHHVFDSHGZLWK %RWKWKH6HYHQWKDQG(OHYHQWK&LUFXLWVKDYHLVVXHGVLPLODU DIWHURUDOO\LQVWUXFWLQJWKHWHOOHUWRJLYHKHUPRQH\ KROGLQJV6HH8QLWHG6WDWHVY%ULJKDP)G DQGDWWHPSWLQJWRWUDSEDQNHPSOR\HHVDQGFXVWRPHUVLQWKH WK&LUKROGLQJWKDWDGHSDUWXUHIURPDPLQLPXP YDXOW  7KH PRQH\ VKH KDG WDNHQ KRZHYHU LQFOXGHG G\H VHQWHQFH SUHVFULEHG E\ VWDWXWH    ZDV DYDLODEOH RQO\ RQ SDFNVZKLFKSURPSWO\H[SORGHGLQ%XUNHjVYHKLFOHPDUNLQJ PRWLRQ RI WKH SURVHFXWRU XQGHU VHFWLRQ H 8QLWHG WKHFXUUHQF\%XUNHUHSHDWHGO\DWWHPSWHGWRZDVKWKHPRQH\ 6WDWHV Y 5H\QROGV  )G   WK &LU  LQKHUZDVKLQJPDFKLQHGHVWUR\LQJLWLQWKHSURFHVV7KLV GHQ\LQJ WKH H[LVWHQFH RI GLVFUHWLRQ WR JR EHORZ VWDWXWRU\ ORVWZDVWKHEDVLVRIWKHUHVWLWXWLRQRUGHUHGE\WKH PLQLPXPEDVHGRQJURXQGVRWKHUWKDQVXEVWDQWLDODVVLVWDQFH ORZHUFRXUW 6HH DOVR 8QLWHG 6WDWHV Y 'DQLHOV 1R   :/ WK&LUsXOXQSXEOLVKHGKROGLQJWRWKH %XUNHIUXVWUDWHG LQ KHUILUVWDWWHPSWWULHGDJDLQXVLQJD VDPHHIIHFW VRPHZKDW GLIIHUHQW DSSURDFK RQ 6HSWHPEHU   6KH KDQGHG DQ HODERUDWH KROGXS QRWH WR D WHOOHU LQ 9HUVDLOOHV 2XU RZQ SUDFWLFH LV FRQVLVWHQW ZLWK WKLV XELTXLWRXV .HQWXFN\ FODLPLQJ WR EH mZLUHG IRU VRXQGl DQG WR KDYH MXULVSUXGHQFHm$SDUWIURPZKDWKDVEHHQVHWIRUWKUHODWLYHWR DFFRPSOLFHV ZKR KDG DEGXFWHG FKLOGUHQ UHODWHG WR EDQN GHSDUWXUHVIRUVXEVWDQWLDODVVLVWDQFHWKHUHLVQRDXWKRUL]DWLRQ HPSOR\HHV FKLOGUHQ ZKR ZRXOG EH KDUPHG LI VKH ZDV QRW IRU D GHSDUWXUH EHORZ D PDQGDWRU\ VWDWXWRU\ PLQLPXPl JLYHQ  LQ XQPDUNHG ELOOV ZLWKRXW VHFXULW\ ERPEV 8QLWHG6WDWHVY/LJJLQV1R:/WK mZKDWZHFDOOµFOHDQjPRQH\lDFFRUGLQJWRWKHQRWH,QWKLV &LU sDQ   XQSXEOLVKHG  ,Q D SXEOLVKHG FDVH UREEHU\VKHOHIWWKHEDQNZLWKEXWWKHHPSOR\HHV LQYROYLQJ D GHIHQGDQWjV SRRU KHDOWK  ZH IRXQG m>G@HVSLWH KDG DFWLYDWHG WKHLU DODUP DQG %XUNH ZDV LPPHGLDWHO\ >GHIHQGDQW@jV  FRPSHOOLQJ FLUFXPVWDQFHV WKH GLVWULFW FRXUW DSSUHKHQGHGE\9HUVDLOOHVSROLFH%XUNHLQLWLDOO\JDYHRXWD KDGQRGLVFUHWLRQWRLPSRVHDVHQWHQFHEHORZWKHVWDWXWRU\ FRQFRFWHGVWRU\DERXWEHLQJIRUFHGWRFRPPLWWKHUREEHU\E\ PLQLPXPl8QLWHG6WDWHVY6PLWK)GWK WKUHH PHQ WKUHDWHQLQJ KDUP WR KHU JUDQGFKLOGUHQ ODWHU &LU  YDFDWLQJ GRZQZDUG GHSDUWXUH IURP VWDWXWRU\ UHWUDFWLQJLW PLQLPXP IRU PDULMXDQD SURGXFWLRQ  m$V WKH JXLGHOLQHV WKHPVHOYHVUHFRJQL]HZKHUHDVWDWXWRU\PDQGDWRU\PLQLPXP $W KHU WULDO %XUNH FODLPHG WR KDYH EHHQ OHJDOO\ LQVDQH VHQWHQFH DQG WKH JXLGHOLQHV FRQIOLFW WKH JXLGHOLQHV PXVW GXULQJWKHWZRUREEHULHV7KHGHIHQVHSV\FKLDWULVWWHVWLILHG \LHOGDQGWKHVWDWXWRU\PLQLPXPVHQWHQFHSUHYDLOVl8QLWHG VKH ZDV XQDEOH WR FRPSUHKHQG WKH ZURQJIXOQHVV RI KHU DFWLRQV  7KH JRYHUQPHQW SV\FKLDWULVW GLVDJUHHG ZKLOH  8QLWHG6WDWHVY%XUNH 1R 1R 8QLWHG6WDWHVY%XUNH 

DGPLWWLQJ WKDW %XUNH KDG SUREOHPV WKDW FRQWULEXWHG WR KHU $XWKRULW\WR'HSDUW'RZQZDUG DFWLRQV  (VVHQWLDOO\ %XUNHjV GHIHQVH VHHPV WR KDYH EHHQ SUHPLVHGPRUHRQDQmLUUHVLVWLEOHLPSXOVHlWKHRU\WKDQWKH $GLVWULFWFRXUWPXVWJHQHUDOO\VHQWHQFHLQDFFRUGDQFHZLWK QRZ FRQYHQWLRQDO LQVDQLW\ VWDQGDUG  7KH ORZHU FRXUW WKHSURYLVLRQVRIWKH6HQWHQFLQJ*XLGHOLQHV6HH86& EHOLHYLQJ%XUNHNQHZZKDWVKHKDGGRQHZDVZURQJIRXQG †D  $7KHFRXUWPD\KRZHYHUGHYLDWHIURPWKH KHUJXLOW\+RZHYHUDWVHQWHQFLQJWKHORZHUFRXUWDJUHHG DSSOLFDEOH 6HQWHQFLQJ *XLGHOLQHV UDQJH LI WKHUH H[LVWV DQ ZLWKWKHPRUHUHVWUDLQHGmLPSXOVHlSV\FKLDWULFGLDJQRVLVRI DJJUDYDWLQJ RU PLWLJDWLQJ FLUFXPVWDQFH RI D NLQG RU WR D %XUNHjV FRQGLWLRQ DQG DOORZHG D mGLPLQLVKHG FDSDFLW\l GHJUHH QRW DGHTXDWHO\ WDNHQ LQWR FRQVLGHUDWLRQ E\ WKH GRZQZDUG GHSDUWXUH 6HH 866* †. FRPPHQW Q 6HQWHQFLQJ&RPPLVVLRQLQIRUPXODWLQJWKHJXLGHOLQHV DOORZLQJ GHSDUWXUH LI mGHIHQGDQW    KDV D VLJQLILFDQWO\ 86&†E7KHDELOLW\WRGHSDUWGRZQZDUGEHORZD LPSDLUHGDELOLW\WRFRQWUROEHKDYLRUWKDWWKH GHIHQGDQW VWDWXWRU\ PLQLPXP VHQWHQFH LV DXWKRUL]HG LQ D VHFWLRQ NQRZVLVZURQJIXOl FDSWLRQHGm>O@LPLWHGDXWKRULW\WRLPSRVHDVHQWHQFHEHORZD VWDWXWRU\PLQLPXPl86&†H7KLVDXWKRULW\LV 7KH GLVWULFW MXGJH GHQLHG D GRZQZDUG GHSDUWXUH DV WR OLPLWHGWRPRWLRQVPDGHE\WKHJRYHUQPHQWIRUVXEVWDQWLDO %XUNHjV ZHDSRQV FRQYLFWLRQ XQGHU  86& † F DVVLVWDQFH ,ELG  $OO FRXUWV DGGUHVVLQJ ZKHWKHU WKLV GHFODULQJ KH FRXOG QRW GHSDUW EHORZ D VWDWXWRU\ PLQLPXP UHSUHVHQWV WKH H[FOXVLYH URXWH WR GHSDUW EHORZ VWDWXWRU\ VHQWHQFHH[FHSWLQWKHFDVHRIDVXEVWDQWLDODVVLVWDQFHPRWLRQ PLQLPXPVKDYHFRQFOXGHGWKDWLWLV XQGHU  86& † H   7KH PDQGDWRU\ PLQLPXP VHQWHQFHIRU%XUNHjVXVHRIDILUHDUPGXULQJKHUILUVWUREEHU\ 0RVW UHFHQWO\ WKH 1LQWK &LUFXLW KDV UHDVVHUWHG WKLV LV D WHUP RI LPSULVRQPHQW RI ILYH \HDUV   86& SULQFLSOH6HH8QLWHG6WDWHVY:RUNLQJ)G †F  $ L$OWKRXJKWKHGLVWULFWMXGJHVWDWHGWKDWKH WK&LUHQEDQF/HWWLQJVWDQGGRZQZDUGGHSDUWXUHV IRXQGWKHLQDELOLW\WRGHSDUWFRQVWUDLQLQJDQGDSSHDUVWRKDYH IRURWKHUFKDUJHVRQJURXQGVRImDEHUUDQWEHKDYLRUl866* H[SUHVVHGDSUHIHUHQFHIRUOHQLHQF\LIWKLVZHUHSRVVLEOHKH †.WKHFRXUWVTXDUHO\UHMHFWHGGHIHQGDQWjVDWWHPSWWR FRQFOXGHGWKDWKHKDGQRGLVFUHWLRQLQWKHPDWWHU+HWKHQ VHHNDGRZQZDUGGHSDUWXUHIRUD†FRQYLFWLRQVWDWLQJ mGLUHFW>HG@l WKH GHIHQGDQWjV FRXQVHO WR mWDNH LW XS WR &LQFLQQDWLDQGOHWWKHPWHOOPHWKDW,jPULJKWl $V D JHQHUDO UXOH GLVWULFW FRXUWV FDQQRW LPSRVH D VHQWHQFH EHORZ D VWDWXWRU\ PDQGDWRU\ PLQLPXP $Q ,, H[FHSWLRQWRWKLVUXOH H[LVWVLIWKHJRYHUQPHQWPRYHV SXUVXDQWWR866*†.IRUDGRZQZDUGGHSDUWXUH 6WDQGDUGRI5HYLHZ EDVHGRQWKHGHIHQGDQW VVXEVWDQWLDODVVLVWDQFHWRWKH DXWKRULWLHV ,Q WKLV FDVH >GHIHQGDQW@ SURYLGHG QR VXFK $ GLVWULFW FRXUW V GLVFUHWLRQDU\ GHFLVLRQ QRW WR GHSDUW DVVLVWDQFHWRWKHJRYHUQPHQWDQGWKXVWKHGLVWULFWFRXUW GRZQZDUG IURP WKH *XLGHOLQHV UDQJH RUGLQDULO\ LV QRW KDGQRDXWKRULW\WRGHSDUWIURPWKHPDQGDWRU\PLQLPXP DSSHDODEOH8QLWHG6WDWHVY%\UG)GWK&LU ILYH\HDUVHQWHQFHLPSRVHGXQGHU86&†l $QDSSHDOPD\EHWDNHQKRZHYHUZKHQWKHGLVWULFW FRXUWEHOLHYHGWKDWLWODFNHGDQ\DXWKRULW\WRGHSDUWGRZQZDUG DVDPDWWHURIODZ8QLWHG6WDWHVY/DQGHUV)G WK&LU7KHGLVWULFWFRXUW VGHWHUPLQDWLRQWKDWLW  ODFNHGDXWKRULW\WRGHSDUWGRZQZDUGLVDPDWWHURI*XLGHOLQHV  86& † I WKH mVDIHW\ YDOYHl SURYLVLRQ DOVR DOORZV VHQWHQFHV WR EH LPSRVHG EHORZ VWDWXWRU\ PLQLPXPV LQ FHUWDLQ LQWHUSUHWDWLRQ WKDW ZH UHYLHZ GH QRYR  8QLWHG 6WDWHV Y FLUFXPVWDQFHV IRU GUXJ FULPHV 7KLV LV LUUHOHYDQW WR %XUNHjV †  7KRPDV)GWK&LU FRQYLFWLRQ