           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


 :,/(< 7 1,&+2/6 s5          ;
         3HWLWLRQHU$SSHOODQW    
                                  
                                     1R
            Y                    
                                   !
                                  
 81,7(' 67$7(6 2) $0(5,&$ 
          5HVSRQGHQW$SSHOOHH 
                                 1
       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
  IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW*UDQG5DSLGV
    1Rn5LFKDUG$(QVOHQ'LVWULFWsXGJH
                   6XEPLWWHG0DUFK
                'HFLGHGDQG)LOHG$SULO
%HIRUH6,/(5DQG*,/0$1&LUFXLWsXGJHV+(<%851
                  &KLHI'LVWULFWsXGJH
                       BBBBBBBBBBBBBBBBB
                            &2816(/
21 %5,()  'RQDOG 'DQLHOV $66,67$17 81,7('
67$7(6 $77251(< *UDQG 5DSLGV 0LFKLJDQ IRU


    
     7KH +RQRUDEOH sRKQ * +H\EXUQ ,, &KLHI 8QLWHG 6WDWHV 'LVWULFW
sXGJH IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ VLWWLQJ E\ GHVLJQDWLRQ



                                   
     1LFKROVY8QLWHG6WDWHV                      1R

$SSHOOHH:LOH\71LFKROVsU/HDYHQZRUWK.DQVDVSUR
VH
                     BBBBBBBBBBBBBBBBB
                         23,1,21
                     BBBBBBBBBBBBBBBBB
  6,/(5&LUFXLWsXGJH3HWLWLRQHU:LOH\71LFKROVsUD
SULVRQHU SURFHHGLQJ SUR VH DSSHDOV WKH GLVWULFW FRXUWjV
MXGJPHQW GHQ\LQJ KLV PRWLRQ IRU FRUUHFWLRQ RI VHQWHQFH
SXUVXDQWWR 86&%HFDXVHZHILQG1LFKROVjV
PRWLRQWLPHEDUUHGZHDIILUP
                          %DFNJURXQG
  2Q sDQXDU\   WKH 8QLWHG 6WDWHV $WWRUQH\ ILOHG D
VLQJOHFRXQWLQIRUPDWLRQLQWKH'LVWULFW&RXUWIRUWKH:HVWHUQ
'LVWULFWRI0LFKLJDQFKDUJLQJ1LFKROVZLWKEHLQJDIHORQLQ
SRVVHVVLRQRIILUHDUPVDIWHUKDYLQJEHHQFRQYLFWHGRIDWOHDVW
WKUHHYLROHQWIHORQLHVLQYLRODWLRQRI86&J
DQG H  7KH SUHYLRXV YLROHQW IHORQLHV LQFOXGHG WZR
EUHDNLQJ DQG HQWHULQJ FRQYLFWLRQV LQ YLRODWLRQ RI 0LFK
&RPS/DZVDQGDQDUPHGUREEHU\FRQYLFWLRQLQ
YLRODWLRQRI0LFK&RPS/DZV
  1LFKROV DSSHDUHG ZLWK FRXQVHO RQ sDQXDU\   DQG
HQWHUHG D SOHD RI JXLOW\  7KH 8QLWHG 6WDWHV PDGH D QRQ
ELQGLQJRUDODJUHHPHQWWKDWLWZRXOGUHFRPPHQGWKDW1LFKROV
UHFHLYH WKH ILIWHHQ\HDU PLQLPXP FXVWRGLDO VHQWHQFH
PDQGDWHGE\H
  2Q$SULOWKHGLVWULFWFRXUWHQWHUHGLWVMXGJPHQW
VHQWHQFLQJ1LFKROVWRDFXVWRGLDOWHUPRIILIWHHQ\HDUVDWHUP
RIVXSHUYLVHGUHOHDVHRIILYH\HDUVDILQHDQGD
VSHFLDO DVVHVVPHQW  1LFKROV ILOHG QR GLUHFW DSSHDO RI KLV
FRQYLFWLRQRUVHQWHQFH
  0RUHWKDQHLJKW\HDUVODWHURQsXO\1LFKROVILOHG
DPRWLRQSXUVXDQWWR86&IRUFRUUHFWLRQRIKLV
VHQWHQFH+HDUJXHGWKDWKHUHFHLYHGDQLPSURSHUVHQWHQFH
1R                       1LFKROVY8QLWHG6WDWHV         

EHFDXVHKHGLGQRWKDYHWKUHHSULRUYLROHQWIHORQ\FRQYLFWLRQV
WRMXVWLI\DQHQKDQFHPHQWXQGHUHDQGHYHQLIKHGLG
XQGHU0LFKLJDQODZKLVULJKWVZHUHUHVWRUHGSURKLELWLQJWKH
XVHRIWKHVHRIIHQVHVIRUSXUSRVHVRIHQKDQFHPHQWSXUVXDQW
WRD
   7KHGLVWULFWFRXUWGHQLHG1LFKROVjVPRWLRQKROGLQJWKDWLW
ZDVERWKWLPHEDUUHGDQGSURFHGXUDOO\GHIDXOWHG7KHFRXUW
KRZHYHU JUDQWHG D FHUWLILFDWH RI DSSHDODELOLW\ FRQFOXGLQJ
WKDW1LFKROVKDGPDGHDVXEVWDQWLDOVKRZLQJRIWKHGHQLDORI
DFRQVWLWXWLRQDOULJKWEDVHGRQWKHUHWURDFWLYLW\RI+DPSWRQY
8QLWHG6WDWHV)GWK&LU
                      6WDQGDUGRI5HYLHZ
  m,Q UHYLHZLQJ D GLVWULFW FRXUW
V GHQLDO RI D PRWLRQ XQGHU
6HFWLRQ  ZH DSSO\ D FOHDUO\ HUURQHRXV VWDQGDUG WR LWV
IDFWXDOILQGLQJVDQGUHYLHZLWVFRQFOXVLRQVRIODZGHQRYRl
+\DWW Y 8QLWHG 6WDWHV  )G   WK &LU 
FLWDWLRQRPLWWHG
                            'LVFXVVLRQ
  1LFKROV FRQWHQGV WKDW KH UHFHLYHG DQ LPSURSHU VHQWHQFH
EHFDXVH RQH RI WKH UHTXLVLWH HOHPHQWV IRU KLV HQKDQFHG
VHQWHQFHXQGHU86&HGLGQRWH[LVW6SHFLILFDOO\
KHDVVHUWVWKDWKLVWZRFRQYLFWLRQVIRUEUHDNLQJDQGHQWHULQJ
DQGKLVDUPHGUREEHU\FRQYLFWLRQXVHGE\WKHJRYHUQPHQWWR
HQKDQFHKLVVHQWHQFHZHUHQRWYLROHQWIHORQLHV0RUHRYHUKH
DVVHUWVWKDWDIWHUWKHRSLQLRQLQ+DPSWRQLWLVQRZFOHDUWKDW
XQGHU0LFKLJDQODZKLVFLYLOULJKWVZHUHUHVWRUHGDVWRWKHVH
WKUHHSULRUFRQYLFWLRQVSURKLELWLQJWKHXVHRIWKHVHRIIHQVHV
DV HQKDQFHPHQWV SXUVXDQW WR  86&  D
$GGLWLRQDOO\ 1LFKROV DUJXHV WKDW KLV PRWLRQ LV QRW WLPH
EDUUHG DQG WKDW JRRG FDXVH H[LVWV IRU KLV IDLOXUH WR SXUVXH
WKHVHLVVXHVRQGLUHFWDSSHDO
  7KH$QWLWHUURULVPDQG(IIHFWLYH'HDWK3HQDOW\$FWRI
m$('3$lDPHQGHG86&E\DGGLQJ D WLPH
OLPLWSURYLVLRQIRUPRWLRQVE\IHGHUDOSULVRQHUVIRUFROODWHUDO
UHOLHI$VDPHQGHGSURYLGHVLQSHUWLQHQWSDUW
      1LFKROVY8QLWHG6WDWHV                         1R     1R                         1LFKROVY8QLWHG6WDWHV           

    $ \HDU SHULRG RI OLPLWDWLRQ VKDOO DSSO\ WR D PRWLRQ      FDVHLWVKRXOG FDUU\WKHVDPHIXOOIRUFHDQGDXWKRULW\RID
    XQGHUWKLVVHFWLRQ7KHOLPLWDWLRQSHULRGVKDOOUXQIURP           6XSUHPH&RXUWUXOLQJ$VVXSSRUWIRUWKLVDUJXPHQWKHFLWHV
    WKHODWHVWRI                                                      %RXVOH\ Y 8QLWHG 6WDWHV  86   'DYLV Y
      WKH GDWH RQ ZKLFK WKH MXGJPHQW RI FRQYLFWLRQ          8QLWHG6WDWHV86DQG8QLWHG6WDWHVY7DLW
    EHFRPHVILQDO                                                      )GWK&LU7KLVDUJXPHQWLVPHULWOHVV
      WKH GDWH RQ ZKLFK WKH LPSHGLPHQW WR PDNLQJ D         DQG WKH FDVHV FLWHG E\ 1LFKROV GR QRW VXSSRUW KLV
    PRWLRQFUHDWHGE\JRYHUQPHQWDODFWLRQLQYLRODWLRQRIWKH           LQWHUSUHWDWLRQRIWKLVVXEVHFWLRQ
    &RQVWLWXWLRQRUODZVRIWKH8QLWHG6WDWHVLVUHPRYHGLI
    WKH PRYDQW ZDV SUHYHQWHG IURP PDNLQJ D PRWLRQ E\              7KHH[SUHVVODQJXDJHRIOLPLWVLWVDSSOLFDWLRQWR
    JRYHUQPHQWDODFWLRQ                                                GHFLVLRQV RI WKH 6XSUHPH &RXUW LQ ZKLFK QHZ ULJKWV DUH
      WKH GDWH RQ ZKLFK WKH ULJKW DVVHUWHG ZDV LQLWLDOO\   UHFRJQL]HG DQG H[SOLFLWO\ PDGH UHWURDFWLYH WR FDVHV RQ
    UHFRJQL]HGE\WKH6XSUHPH&RXUWLIWKDWULJKWKDVEHHQ             FROODWHUDOUHYLHZ%HFDXVH1LFKROVGRHVQRWDVVHUWDQHZO\
    QHZO\ UHFRJQL]HG E\ WKH 6XSUHPH &RXUW DQG PDGH               UHFRJQL]HGULJKWE\WKH8QLWHG6WDWHV6XSUHPH&RXUWPDGH
    UHWURDFWLYHO\DSSOLFDEOHWRFDVHVRQFROODWHUDOUHYLHZRU          UHWURDFWLYHO\DSSOLFDEOHWRKLVFDVHGRHVQRWDSSO\
    WKHGDWHRQZKLFKWKHIDFWVVXSSRUWLQJWKHFODLPRU
    FODLPVSUHVHQWHGFRXOGKDYHEHHQGLVFRYHUHGWKURXJKWKH               ,Q KLV DSSHDO WR WKLV FRXUW 1LFKROV IDLOV WR DOOHJH DQ
    H[HUFLVHRIGXHGLOLJHQFH                                         LPSHGLPHQWWRILOLQJKLVSUHVHQWPRWLRQXQGHUVXEVHFWLRQ
                                                                        $GGLWLRQDOO\KHIDLOVWRDOOHJHQHZIDFWVLQKLVFDVHWKDWFRXOG
  7KH$('3$EHFDPHHIIHFWLYHRQ$SULO)HGHUDO                QRW KDYH EHHQ  GLVFRYHUHG ZLWKLQ WKH RQH\HDU OLPLWDWLRQ
SULVRQHUV ZKRVH FRQYLFWLRQV EHFDPH ILQDO SULRU WR WKH            SHULRGSXUVXDQWWRVXEVHFWLRQ%HFDXVH1LFKROVjV
HIIHFWLYHGDWHRIWKH$FWDUHHQWLWOHGWRDJUDFHSHULRGRIRQH         PRWLRQIDLOVWRPHHWDQ\RIWKHUHTXLVLWHVWDWXWRU\FULWHULDWKDW
\HDURUXQWLO$SULOWRILOHWKHLUPRWLRQVIRUUHOLHI         PLJKWKDYHDOORZHGKLPWRILOHWKLVPRWLRQPRUHWKDQHLJKW
XQGHU6HH+\DWW)GDW 1LFKROVSOHDGHG            \HDUVDIWHUWKHILQDOMXGJPHQWLQKLVFDVHWKHPRWLRQLVWLPH
JXLOW\WREHLQJDIHORQLQSRVVHVVLRQRIDILUHDUPLQsDQXDU\           EDUUHG
DQGMXGJPHQWLQKLVFDVHZDVHQWHUHGRQ$SULO
+HIDLOHGWRILOHDGLUHFWDSSHDODQGWKHMXGJPHQWEHFDPHILQDO           $)),50('
RQ$SULO+HGLGQRWILOHKLVPRWLRQXQWLO
sXO\  ZHOO EH\RQG WKH RQH\HDU JUDFH SHULRG ZKLFK
HQGHGRQ$SULO
  ,QKLVEULHI1LFKROVDVVHUWVIRUWKHILUVWWLPHWKDW
DSSOLHVWRKLVFDVH+HFRQWHQGVWKDWWKH6L[WK&LUFXLWjV             
                                                                             ,Q KLV WUDYHUVH 1LFKROV DUJXHG WKDW KH GLG KDYH DQ LPSHGLPHQW WR
GHFLVLRQ LQ +DPSWRQ FKDQJHG WKH ODZ RI WKLV FLUFXLW             ILOLQJ KLV PRWLRQ XQGHU VXEVHFWLRQ  +H PDLQWDLQHG WKDW EHFDXVH KH
FRQFHUQLQJWKHUHVWRUDWLRQRIFLYLOULJKWVWRFRQYLFWHGIHORQV          ZDV FKDOOHQJLQJ RQH RI KLV VWDWHODZ FRQYLFWLRQV LQ WKH VWDWH V\VWHP DQG
XQGHU0LFKLJDQODZDQGWKHUHIRUHEDVHGRQWKH              GLG QRW UHFHLYH D ILQDO RUGHU XQWLO sXO\   WKLV FUHDWHG DQ
RQH\HDUOLPLWDWLRQSHULRGUXQVIURPWKHGDWHRQZKLFKWKH              LPSHGLPHQW ZKLFK FDXVHG KLV   PRWLRQ WR EH WLPHO\ 7KH GLVWULFW

6L[WK&LUFXLWLQLWLDOO\UHFRJQL]HGWKDWQHZULJKWLQ+DPSWRQ           FRXUW IRXQG WKHUH ZDV QR VXSSRUW IRU 1LFKROVjV SRVLWLRQ WKDW KLV ODWH
                                                                        DSSHDO LQ WKH 0LFKLJDQ FRXUW V\VWHP ZDV VRPHKRZ D JRYHUQPHQW
%HFDXVHKLVPRWLRQZDVILOHGZLWKLQRQH\HDURIWKH              LPSHGLPHQW WR WKH ILOLQJ RI KLV   PRWLRQ 7KLV LVVXH UDLVHG LQ WKH
+DPSWRQGHFLVLRQ1LFKROVVXEPLWVWKDWLWLVQRWWLPHEDUUHG           GLVWULFW FRXUW EXW QRW RQ DSSHDO LV FRQVLGHUHG DEDQGRQHG DQG ZLOO QRW EH
1LFKROVFRQWHQGVWKDWDOWKRXJKWKLVLVQRWD6XSUHPH&RXUW              UHYLHZHG $00 (QHUWHFK (OHF ,QF Y 0DKRQLQJ &RXQW\ &RPPjUV 
                                                                        )G   WK &LU 
