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
81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1R Y ! '21$/' $ :2/)( 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1RVn*HRUJH&6PLWK 'LVWULFWsXGJH $UJXHG6HSWHPEHU 'HFLGHGDQG)LOHG1RYHPEHU %HIRUH1255,6DQG&/$<&LUFXLWsXGJHV2j0($5$ 'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 'DYLG s *UDHII :HVWHUYLOOH 2KLR IRU $SSHOODQW'DYLGs%RVOH\$66,67$1781,7('67$7(6 $77251(<&ROXPEXV2KLRIRU$SSHOOHH21%5,()
7KH +RQRUDEOH sRKQ &RUEHWW 2j0HDUD 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
'DYLGs*UDHII:HVWHUYLOOH2KLRIRU$SSHOODQW'DYLGs mVL[OHYHOVZRXOGRQO\EHJLQDW.lLGZKLFKPHDQVWKDWDW %RVOH\ $66,67$17 81,7(' 67$7(6 $77251(< OHDVW RQH RI WKH XSZDUG GHSDUWXUH OHYHOV LPSRVHG E\ WKH &ROXPEXV2KLRIRU$SSHOOHH GLVWULFWFRXUWLQWKLVFDVHLVFRXQWHQDQFHGE\9DOHQWLQH0RUH SUREOHPDWLFLVWKHVHFRQGOHYHO$OWKRXJKGHIHQGDQWVWLOOKDV BBBBBBBBBBBBBBBBB . XQFRXQWHG XQLWV DIWHU D RQHOHYHO GHSDUWXUH9DOHQWLQH XQGHUVFRUHV WKDW ' mDWWDFKHV GHFUHDVLQJ PDUJLQDO 23,1,21 SXQLVKPHQWWRDGGLWLRQDORIIHQVHVl,GDW7KXVPRUH BBBBBBBBBBBBBBBBB WKDQ . DGGLWLRQDO OHYHOV PLJKW DUJXDEO\ EH UHTXLUHG WR MXVWLI\DVHFRQGOHYHO+RZHYHUDVERWKWKHGLVWULFWFRXUWDQG $/$1 ( 1255,6 &LUFXLW s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jV UHIOHFWHGWKHQXPEHURIUREEHULHVFRPPLWWHGE\GHIHQGDQW" SOHD,QRXUYLHZWKHIDFWWKDWGHIHQGDQWKDGWHQXQLWVIRUWKH :HFRQFOXGHWKDWLWGLGQRWDQGWKHUHIRUHDIILUPWKHMXGJPHQW SXUSRVHVRI'FRXSOHGZLWKKLVDFNQRZOHGJHGJXLOW ZLWK UHVSHFW WR VL[ GLVPLVVHG FRXQWV VDWLVILHV WKH , mVLJQLILFDQWO\PRUHWKDQILYHl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jVFRXUWURRP 2Q 2FWREHU GHIHQGDQW SOHDGHG JXLOW\ WR HLJKW FRXQWVRIWKHLQGLFWPHQWUHWXUQHGLQWKH6RXWKHUQ'LVWULFWVL[ EDQNUREEHU\FRXQWVDQGWKHWZRFRXQWVUHODWHGWRKLVIDLOHG HVFDSHDWWHPSW3XUVXDQWWR)HG5&ULP3GHIHQGDQW DOVR SOHDGHG JXLOW\ WR WKH IRXU FRXQWV RI WKH LQGLFWPHQW UHWXUQHGLQWKH1RUWKHUQ'LVWULFW7KHGLVWULFWFRXUWLPSRVHG D VHQWHQFH RI PRQWKV RI LPSULVRQPHQW WKUHH \HDUV RI VXSHUYLVHG UHOHDVH D VSHFLDO DVVHVVPHQW RI DQG RUGHUHGUHVWLWXWLRQLQWKHDPRXQWRI OHYHO 8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
EDFNJURXQGODQJXDJHRI'WKDWUHTXLUHVmVLJQLILFDQWO\ ,, PRUHWKDQ8QLWVlEHIRUHDQXSZDUGGHSDUWXUHLVZDUUDQWHG 7KLVFRXUWUHYLHZVGHFLVLRQVWRGHSDUWIURPWKH*XLGHOLQHV $ FDUHIXO H[DPLQDWLRQ RI WKH FKDUW JLYHV XV VRPH IRUDEXVHRIGLVFUHWLRQ8QLWHG6WDWHVY9DOHQWLQH)G HYLGHQFH IRU LQWHUSUHWLQJ ZKDW FRXOG EH mVLJQLILFDQWO\ WK&LU8QLWHG6WDWHVY%DUDMDV1XQH] PRUHWKDQILYHl7KHORZHVWQXPEHURIXQLWVWKDWFRXOG )GWK&LU EHmPRUHWKDQILYHlLVEXWWKDWQXPEHULVDOUHDG\ FRYHUHG DV WKH YHU\ ILUVW SRUWLRQ RI WKH FDWHJRU\ WKDW 6HQWHQFLQJ*XLGHOLQHjV&KDSWHU3DUW'H[SODLQVKRZWR UHTXLUHV RQO\ D ILYHOHYHO LQFUHDVH 7KH FKDUW LV QRW FDOFXODWHDEDVHRIIHQVHOHYHOZKHQDGHIHQGDQWLVFRQYLFWHG VSHFLILF DIWHU WKLV SRLQW H[FHSW IRU WKH JHQHUDO VHQVH RQPXOWLSOHFRXQWV6HFWLRQ'SURYLGHVWKDWm>D@OOFRXQWV LQKHUHQWLQWKHZRUGmVLJQLILFDQWlWKDWWKHPDJQLWXGHRI LQYROYLQJ VXEVWDQWLDOO\ WKH VDPH KDUP VKDOO EH JURXSHG WKHGLIIHUHQFHEHPRUHWKDQWKHEDUHPLQLPXP WRJHWKHU LQWR D VLQJOH *URXSl 7KH SUHVHQWHQFH UHSRUW FRQFOXGHGWKDWWKHUHZHUHHOHYHQJURXSV:KHQFRXQWVDUH 7KHVWUXFWXUHRIWKLV*XLGHOLQHVSURYLVLRQKRZHYHU JURXSHGWRJHWKHUWKHKLJKHVWRIIHQVHOHYHORIWKHFRXQWVLQWKH OHQGV FRQVLGHUDEOH VXSSRUW WR RXU KROGLQJ WKDW LQ WKLV JURXS LV XVHG 866* 'D 6HFWLRQ ' WKHQ FRQWH[WVHYHQLVQRWmVLJQLILFDQWO\PRUHWKDQILYHl7KLV H[SODLQVKRZWRDUULYHDWDFRPELQHGRIIHQVHOHYHO SURYLVLRQ SURYLGHV IRU D SURJUHVVLRQ IURP mJURXSV RI RIIHQVHVlWRmXQLWVlWRmOHYHOVlWKHEDVLFFXUUHQF\RIWKH 7KHFRPELQHGRIIHQVHOHYHOLVGHWHUPLQHGE\WDNLQJWKH JXLGHOLQHVFKHPH'LIIHUHQWRIIHQVHJURXSVZKLFKFDQ RIIHQVH OHYHO DSSOLFDEOH WR WKH *URXS ZLWK WKH KLJKHVW LQFOXGH RQH RU VHYHUDO RIIHQVHV DUH DVVLJQHG mXQLWVl RIIHQVH OHYHO DQG LQFUHDVLQJ WKDW RIIHQVH OHYHO E\ WKH UDQJLQJIURPWRWR:KHQZHH[DPLQHWKHWDEOH DPRXQWLQGLFDWHGLQWKHIROORZLQJWDEOH WKDW LV VHW RXW LQ WKH JXLGHOLQHV ZH FDQ VHH D JHQHUDO SDWWHUQ WKDW LQFUHDVLQJO\ ODUJH QXPEHUV RI XQLWV DUH 1XPEHURI8QLWV ,QFUHDVHLQ2IIHQVH/HYHO UHTXLUHG WR MXVWLI\ HDFK DGGLWLRQDO LQFUHDVH LQ RIIHQVH OHYHO QRQH DGGOHYHO 9DOHQWLQH )G DW ,Q 9DOHQWLQH WKH FRXUW DGGOHYHOV FRQFOXGHGWKDWVHYHQXQLWVGLGQRWFRQVWLWXWHmVLJQLILFDQWO\ DGGOHYHOV PRUHWKDQILYHlDQGYDFDWHGWKHVHQWHQFH DGGOHYHOV 0RUHWKDQ DGGOHYHOV :KLOH9DOHQWLQHUHYHUVHGDQXSZDUGGHSDUWXUHLWGRHVQRW VXSSRUWGHIHQGDQWjVSRVLWLRQEHFDXVHWKHXQGHUO\LQJIDFWXDO ,QGHWHUPLQLQJWKHQXPEHURI8QLWVIRUSXUSRVHVRIWKLV VLWXDWLRQV DUH GLVWLQJXLVKDEOH +HUH GHIHQGDQW KDG WHQ VHFWLRQ mXQLWVlIRUSXUSRVHVRI' 9DOHQWLQHLWVHOIVWDWHVWKDW D &RXQWDVRQH8QLWWKH*URXSZLWKWKHKLJKHVW RIIHQVH OHYHO &RXQW RQH DGGLWLRQDO 8QLW IRU HDFK*URXSWKDWLVHTXDOO\VHULRXVRUIURPWR $OWKRXJK KH KDG HOHYHQ mFRXQW JURXSVl RQH RI WKHP *URXS GLG OHYHOVOHVVVHULRXV QRW WUDQVODWH LQWR D XQLW EHFDXVH LW \LHOGHG DQ RIIHQVH OHYHO RI RQO\ ZKLFK LV PRUH WKDQ OHYHOV OHVV WKDQ WKH RIIHQVH OHYHO RI WKDW WKH WHQ RWKHU JURXSV \LHOGHG $00 866* 'F GLVUHJDUG JURXSV WKDW DUH PRUH WKDQ OHYHOV OHVV VHULRXV WKDQ WKH JURXS ZLWK WKH KLJKHVW RIIHQVH 8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
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
81,7(' 67$7(6 2) $0(5,&$ ; 3ODLQWLII$SSHOOHH 1R Y ! '21$/' $ :2/)( 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&ROXPEXV 1RVn*HRUJH&6PLWK 'LVWULFWsXGJH $UJXHG6HSWHPEHU 'HFLGHGDQG)LOHG1RYHPEHU %HIRUH1255,6DQG&/$<&LUFXLWsXGJHV2j0($5$ 'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 'DYLG s *UDHII :HVWHUYLOOH 2KLR IRU $SSHOODQW'DYLGs%RVOH\$66,67$1781,7('67$7(6 $77251(<&ROXPEXV2KLRIRU$SSHOOHH21%5,()
7KH +RQRUDEOH sRKQ &RUEHWW 2j0HDUD 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
'DYLGs*UDHII:HVWHUYLOOH2KLRIRU$SSHOODQW'DYLGs mVL[OHYHOVZRXOGRQO\EHJLQDW.lLGZKLFKPHDQVWKDWDW %RVOH\ $66,67$17 81,7(' 67$7(6 $77251(< OHDVW RQH RI WKH XSZDUG GHSDUWXUH OHYHOV LPSRVHG E\ WKH &ROXPEXV2KLRIRU$SSHOOHH GLVWULFWFRXUWLQWKLVFDVHLVFRXQWHQDQFHGE\9DOHQWLQH0RUH SUREOHPDWLFLVWKHVHFRQGOHYHO$OWKRXJKGHIHQGDQWVWLOOKDV BBBBBBBBBBBBBBBBB . XQFRXQWHG XQLWV DIWHU D RQHOHYHO GHSDUWXUH9DOHQWLQH XQGHUVFRUHV WKDW ' mDWWDFKHV GHFUHDVLQJ PDUJLQDO 23,1,21 SXQLVKPHQWWRDGGLWLRQDORIIHQVHVl,GDW7KXVPRUH BBBBBBBBBBBBBBBBB WKDQ . DGGLWLRQDO OHYHOV PLJKW DUJXDEO\ EH UHTXLUHG WR MXVWLI\DVHFRQGOHYHO+RZHYHUDVERWKWKHGLVWULFWFRXUWDQG $/$1 ( 1255,6 &LUFXLW s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jV UHIOHFWHGWKHQXPEHURIUREEHULHVFRPPLWWHGE\GHIHQGDQW" SOHD,QRXUYLHZWKHIDFWWKDWGHIHQGDQWKDGWHQXQLWVIRUWKH :HFRQFOXGHWKDWLWGLGQRWDQGWKHUHIRUHDIILUPWKHMXGJPHQW SXUSRVHVRI'FRXSOHGZLWKKLVDFNQRZOHGJHGJXLOW ZLWK UHVSHFW WR VL[ GLVPLVVHG FRXQWV VDWLVILHV WKH , mVLJQLILFDQWO\PRUHWKDQILYHl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jVFRXUWURRP 2Q 2FWREHU GHIHQGDQW SOHDGHG JXLOW\ WR HLJKW FRXQWVRIWKHLQGLFWPHQWUHWXUQHGLQWKH6RXWKHUQ'LVWULFWVL[ EDQNUREEHU\FRXQWVDQGWKHWZRFRXQWVUHODWHGWRKLVIDLOHG HVFDSHDWWHPSW3XUVXDQWWR)HG5&ULP3GHIHQGDQW DOVR SOHDGHG JXLOW\ WR WKH IRXU FRXQWV RI WKH LQGLFWPHQW UHWXUQHGLQWKH1RUWKHUQ'LVWULFW7KHGLVWULFWFRXUWLPSRVHG D VHQWHQFH RI PRQWKV RI LPSULVRQPHQW WKUHH \HDUV RI VXSHUYLVHG UHOHDVH D VSHFLDO DVVHVVPHQW RI DQG RUGHUHGUHVWLWXWLRQLQWKHDPRXQWRI OHYHO 8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
EDFNJURXQGODQJXDJHRI'WKDWUHTXLUHVmVLJQLILFDQWO\ ,, PRUHWKDQ8QLWVlEHIRUHDQXSZDUGGHSDUWXUHLVZDUUDQWHG 7KLVFRXUWUHYLHZVGHFLVLRQVWRGHSDUWIURPWKH*XLGHOLQHV $ FDUHIXO H[DPLQDWLRQ RI WKH FKDUW JLYHV XV VRPH IRUDEXVHRIGLVFUHWLRQ8QLWHG6WDWHVY9DOHQWLQH)G HYLGHQFH IRU LQWHUSUHWLQJ ZKDW FRXOG EH mVLJQLILFDQWO\ WK&LU8QLWHG6WDWHVY%DUDMDV1XQH] PRUHWKDQILYHl7KHORZHVWQXPEHURIXQLWVWKDWFRXOG )GWK&LU EHmPRUHWKDQILYHlLVEXWWKDWQXPEHULVDOUHDG\ FRYHUHG DV WKH YHU\ ILUVW SRUWLRQ RI WKH FDWHJRU\ WKDW 6HQWHQFLQJ*XLGHOLQHjV&KDSWHU3DUW'H[SODLQVKRZWR UHTXLUHV RQO\ D ILYHOHYHO LQFUHDVH 7KH FKDUW LV QRW FDOFXODWHDEDVHRIIHQVHOHYHOZKHQDGHIHQGDQWLVFRQYLFWHG VSHFLILF DIWHU WKLV SRLQW H[FHSW IRU WKH JHQHUDO VHQVH RQPXOWLSOHFRXQWV6HFWLRQ'SURYLGHVWKDWm>D@OOFRXQWV LQKHUHQWLQWKHZRUGmVLJQLILFDQWlWKDWWKHPDJQLWXGHRI LQYROYLQJ VXEVWDQWLDOO\ WKH VDPH KDUP VKDOO EH JURXSHG WKHGLIIHUHQFHEHPRUHWKDQWKHEDUHPLQLPXP WRJHWKHU LQWR D VLQJOH *URXSl 7KH SUHVHQWHQFH UHSRUW FRQFOXGHGWKDWWKHUHZHUHHOHYHQJURXSV:KHQFRXQWVDUH 7KHVWUXFWXUHRIWKLV*XLGHOLQHVSURYLVLRQKRZHYHU JURXSHGWRJHWKHUWKHKLJKHVWRIIHQVHOHYHORIWKHFRXQWVLQWKH OHQGV FRQVLGHUDEOH VXSSRUW WR RXU KROGLQJ WKDW LQ WKLV JURXS LV XVHG 866* 'D 6HFWLRQ ' WKHQ FRQWH[WVHYHQLVQRWmVLJQLILFDQWO\PRUHWKDQILYHl7KLV H[SODLQVKRZWRDUULYHDWDFRPELQHGRIIHQVHOHYHO SURYLVLRQ SURYLGHV IRU D SURJUHVVLRQ IURP mJURXSV RI RIIHQVHVlWRmXQLWVlWRmOHYHOVlWKHEDVLFFXUUHQF\RIWKH 7KHFRPELQHGRIIHQVHOHYHOLVGHWHUPLQHGE\WDNLQJWKH JXLGHOLQHVFKHPH'LIIHUHQWRIIHQVHJURXSVZKLFKFDQ RIIHQVH OHYHO DSSOLFDEOH WR WKH *URXS ZLWK WKH KLJKHVW LQFOXGH RQH RU VHYHUDO RIIHQVHV DUH DVVLJQHG mXQLWVl RIIHQVH OHYHO DQG LQFUHDVLQJ WKDW RIIHQVH OHYHO E\ WKH UDQJLQJIURPWRWR:KHQZHH[DPLQHWKHWDEOH DPRXQWLQGLFDWHGLQWKHIROORZLQJWDEOH WKDW LV VHW RXW LQ WKH JXLGHOLQHV ZH FDQ VHH D JHQHUDO SDWWHUQ WKDW LQFUHDVLQJO\ ODUJH QXPEHUV RI XQLWV DUH 1XPEHURI8QLWV ,QFUHDVHLQ2IIHQVH/HYHO UHTXLUHG WR MXVWLI\ HDFK DGGLWLRQDO LQFUHDVH LQ RIIHQVH OHYHO QRQH DGGOHYHO 9DOHQWLQH )G DW ,Q 9DOHQWLQH WKH FRXUW DGGOHYHOV FRQFOXGHGWKDWVHYHQXQLWVGLGQRWFRQVWLWXWHmVLJQLILFDQWO\ DGGOHYHOV PRUHWKDQILYHlDQGYDFDWHGWKHVHQWHQFH DGGOHYHOV 0RUHWKDQ DGGOHYHOV :KLOH9DOHQWLQHUHYHUVHGDQXSZDUGGHSDUWXUHLWGRHVQRW VXSSRUWGHIHQGDQWjVSRVLWLRQEHFDXVHWKHXQGHUO\LQJIDFWXDO ,QGHWHUPLQLQJWKHQXPEHURI8QLWVIRUSXUSRVHVRIWKLV VLWXDWLRQV DUH GLVWLQJXLVKDEOH +HUH GHIHQGDQW KDG WHQ VHFWLRQ mXQLWVlIRUSXUSRVHVRI' 9DOHQWLQHLWVHOIVWDWHVWKDW D &RXQWDVRQH8QLWWKH*URXSZLWKWKHKLJKHVW RIIHQVH OHYHO &RXQW RQH DGGLWLRQDO 8QLW IRU HDFK*URXSWKDWLVHTXDOO\VHULRXVRUIURPWR $OWKRXJK KH KDG HOHYHQ mFRXQW JURXSVl RQH RI WKHP *URXS GLG OHYHOVOHVVVHULRXV QRW WUDQVODWH LQWR D XQLW EHFDXVH LW \LHOGHG DQ RIIHQVH OHYHO RI RQO\ ZKLFK LV PRUH WKDQ OHYHOV OHVV WKDQ WKH RIIHQVH OHYHO RI WKDW WKH WHQ RWKHU JURXSV \LHOGHG $00 866* 'F GLVUHJDUG JURXSV WKDW DUH PRUH WKDQ OHYHOV OHVV VHULRXV WKDQ WKH JURXS ZLWK WKH KLJKHVW RIIHQVH 8QLWHG6WDWHVY:ROIH 1R 1R 8QLWHG6WDWHVY:ROIH
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