            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


 $%'(/.$5,0 $ (/12%$1,        ;
         3HWLWLRQHU$SSHOOHH      
                                   
                                     1R
           Y                      
                                    !
                                   
 81,7(' 67$7(6 2) $0(5,&$ 
       5HVSRQGHQW$SSHOODQW 
                                  1
      $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
     IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW&OHYHODQG
      1Rn$QQ$OGULFK'LVWULFWsXGJH
                     $UJXHGsDQXDU\
                'HFLGHGDQG)LOHG$SULO
 %HIRUH.(11('<DQG'$8*+75(<&LUFXLWsXGJHV
             %(//&KLHI'LVWULFWsXGJH




    
     7KLV GHFLVLRQ ZDV RULJLQDOO\ LVVXHG DV DQ mXQSXEOLVKHG GHFLVLRQl
ILOHG RQ $SULO     2Q $SULO   WKH FRXUW GHVLJQDWHG WKH
RSLQLRQ DV RQH UHFRPPHQGHG IRU IXOOWH[W SXEOLFDWLRQ


    
        7KH +RQRUDEOH 5REHUW +ROPHV %HOO &KLHI 8QLWHG 6WDWHV 'LVWULFW
sXGJH IRU WKH :HVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ



                                   
     (O1REDQLY8QLWHG6WDWHV                       1R       1R                    (O1REDQLY8QLWHG6WDWHV          

                      BBBBBBBBBBBBBBBBB                                  SHWLWLRQHUGLGQRWUDLVHWKLVFODLPRQGLUHFWUHYLHZ0RUHRYHU
                                                                         KH KDV QRW VDWLVILHG DQ H[FHSWLRQ WR WKLV SURFHGXUDO EDU E\
                           &2816(/                                       VKRZLQJ HLWKHU LQQRFHQFH RU FDXVH DQG DFWXDO SUHMXGLFH
                                                                         ,JQRULQJ WKH SURFHGXUDO EDU SHWLWLRQHU
V FODLP IDLOV RQ WKH
$5*8('7KRPDVs*UXVFLQVNL$66,67$1781,7('                          PHULWV'HSRUWDWLRQLVDFROODWHUDOFRQVHTXHQFHRIDSOHDDQG
67$7(6 $77251(< &OHYHODQG 2KLR IRU $SSHOODQW                    WKH JRYHUQPHQW GLG QRW PLVUHSUHVHQW WR SHWLWLRQHU WKH
6FRWW(%UDWWRQ0$5*$5(7:21*	$662&,$7(6                            FRQVHTXHQFHV RI KLV SOHDV  &RQVHTXHQWO\ WKH GHFLVLRQV
&OHYHODQG 2KLR IRU $SSHOOHH  21 %5,()  7KRPDV s            YDFDWLQJSHWLWLRQHU
VFRQYLFWLRQVDQGHQMRLQLQJWKH,16DUH
*UXVFLQVNL$66,67$1781,7('67$7(6$77251(<                            5(9(56(' DQG WKH FDVH 5(0$1'(' IRU IXUWKHU
&OHYHODQG 2KLR IRU $SSHOODQW  0DUJDUHW : :RQJ                SURFHHGLQJVFRQVLVWHQWZLWKWKLVRSLQLRQ
0$5*$5(7:21*	$662&,$7(6&OHYHODQG2KLR
IRU$SSHOOHH
                      BBBBBBBBBBBBBBBBB
                          23,1,21
                      BBBBBBBBBBBBBBBBB
   52%(57+2/0(6%(//&KLHI'LVWULFWsXGJH,QWKLV
SURFHHGLQJSHWLWLRQHUVHHNVUHOLHIXQGHU86&
3HWLWLRQHUDUJXHVWKDWKLVJXLOW\SOHDVWRFRQVSLUDF\WRHQJDJH
LQ IRRG VWDPS WUDIILFNLQJ DQG WR KDUERULQJ DQ DOLHQ ZHUH
LQYROXQWDU\DQGXQNQRZLQJEHFDXVHKHZDVXQDZDUHRIWKH
GHSRUWDWLRQ FRQVHTXHQFHV RI WKHVH SOHDV DQG EHFDXVH DW D
PHHWLQJZLWKWKHJRYHUQPHQWWKHJRYHUQPHQWPLVUHSUHVHQWHG
WRSHWLWLRQHUWKHGHSRUWDWLRQFRQVHTXHQFHVRIKLVJXLOW\SOHDV
5HVSRQGHQWDUJXHVWKDWSHWLWLRQHUSURFHGXUDOO\GHIDXOWHGKLV
FODLPWKDWSHWLWLRQHU
VFODLPKDVQRPHULWDVGHSRUWDWLRQLV
FROODWHUDOWRDJXLOW\SOHDDQGWKDWWKHJRYHUQPHQWGLGQRW
PLVUHSUHVHQWWRSHWLWLRQHUWKHHIIHFWRIKLVJXLOW\SOHDVRQKLV
LPPLJUDWLRQ VWDWXV  $V H[SODLQHG EHORZ ZH UHYHUVH WKH
GHFLVLRQJUDQWLQJSHWLWLRQHUUHOLHIUHLQVWDWHWKHFRQYLFWLRQV
DQG VHQWHQFHV DQG UHYHUVH WKH RUGHU HQMRLQLQJ WKH
,PPLJUDWLRQ DQG 1DWXUDOL]DWLRQ 6HUYLFH ,16 IURP
GHSRUWLQJSHWLWLRQHU
                                  ,
  3HWLWLRQHU D sRUGDQLDQ FLWL]HQ LV D OHJDO UHVLGHQW RI WKH
8QLWHG6WDWHV,Q'HFHPEHUKHZDVLQGLFWHGRQFKDUJHV
RIFRQVSLUDF\WRODXQGHUPRQH\DQGWRWUDIILFIRRGVWDPSV
     (O1REDQLY8QLWHG6WDWHV                    1R       1R                   (O1REDQLY8QLWHG6WDWHV        

KLP DERXW WKH GHSRUWDWLRQ FRQVHTXHQFHV RI KLV SOHDV LV        IRRG VWDPS WUDIILFNLQJ DOLHQKDUERULQJ DQG PRQH\
VLPLODUO\QRWSHUVXDVLYH7RVXSSRUWWKLVDUJXPHQWSHWLWLRQHU       ODXQGHULQJ2QsDQXDU\SHWLWLRQHUDQGKLVFRXQVHO
UHOLHVVROHO\RQWKHIDFWXDOILQGLQJVRIWKHGLVWULFWFRXUWDQG       PHWZLWKWKHSURVHFXWRU6SHFLDO$JHQW3DXO:DLJDQG$JHQW
GRHVQRWUHIHUHQFHWKHZLWQHVVHV
WHVWLPRQ\:HUHYLHZWKH           :DLJDQGIURPWKH,QWHUQDO5HYHQXH6HUYLFHDQG6SHFLDO
GLVWULFWFRXUW
VILQGLQJVIRUFOHDUHUURUDQG>D@IDFWXDOILQGLQJ   $JHQWsDPHV2ZHQV$JHQW2ZHQVIURPWKH'HSDUWPHQW
LV FOHDUO\ HUURQHRXV ZKHUH DOWKRXJK WKHUH LV HYLGHQFH WR     RI$JULFXOWXUH)ROORZLQJWKLVPHHWLQJSHWLWLRQHUSOHGJXLOW\
VXSSRUW WKDW ILQGLQJ 
WKH UHYLHZLQJ FRXUW RQ WKH HQWLUH      WRFRQVSLUDF\WRWUDIILFIRRGVWDPSVDQGDOLHQKDUERULQJRQ
HYLGHQFHLVOHIWZLWKWKHGHILQLWHDQGILUPFRQYLFWLRQWKDWD         )HEUXDU\,QDFFHSWLQJWKHSOHDWKHGLVWULFWFRXUWGLG
PLVWDNH KDV EHHQ FRPPLWWHG
  .DODPD]RR 5LYHU 6WXG\           QRW LQIRUP SHWLWLRQHU RI DQ\ SRVVLEOH GHSRUWDWLRQ
*URXSY5RFNZHOO,QW
O&RUS)GWK&LU          FRQVHTXHQFHV  $W D VHQWHQFLQJ KHDULQJ RQ 'HFHPEHU 
TXRWLQJ8QLWHG6WDWHVY8QLWHG6WDWHV*\SVXP&R              WKH GLVWULFW FRXUW VHQWHQFHG SHWLWLRQHU WR WZR \HDUV
 86     ,Q WKLV FDVH WKH ZLWQHVVHV
    SUREDWLRQ ZLWK IRXU PRQWKV RI KRPH FRQILQHPHQW DQG
WHVWLPRQ\ QHLWKHU VXSSRUWV WKH GLVWULFW FRXUW
V ILQGLQJV QRU   HOHFWURQLF PRQLWRULQJ  3HWLWLRQHU GLG QRW DSSHDO KLV
VXJJHVWVWKDWDQ\PLVUHSUHVHQWDWLRQVZHUHPDGHWRSHWLWLRQHU         FRQYLFWLRQ RU KLV VHQWHQFH  2Q 0DUFK   WKH ,16
)RU LQVWDQFH SHWLWLRQHU WHVWLILHG WKDW , GRQ
W UHPHPEHU      VHUYHG SHWLWLRQHU ZLWK D QRWLFH WR DSSHDU ZKLFK LQLWLDWHG
DQ\WKLQJ DERXW GHSRUWDWLRQ IURP WKH sDQXDU\  PHHWLQJ       GHSRUWDWLRQSURFHHGLQJVDJDLQVWSHWLWLRQHU)RUWKHILUVWWLPH
$JHQW:DLJDQGLQGLFDWHGWKDW>Z@KDW,VSHFLILFDOO\UHFDOOZDV        SHWLWLRQHU FRQVXOWHG ZLWK DQ LPPLJUDWLRQ DWWRUQH\ DQG ZDV
WKDW\RX>WKH$VVLVWDQW8QLWHG6WDWH
V$WWRUQH\@SURYLGHGDQ        DGYLVHGWRDWWDFNWKHYDOLGLW\RIKLVJXLOW\SOHDV$IWHUWKLV
H[SODQDWLRQWKDWWKH8QLWHG6WDWHV$WWRUQH\
V2IILFHFRXOGQRW        SHWLWLRQ ZDV ILOHG WKH GLVWULFW FRXUW VWD\HG WKH ,16
REOLJDWH,PPLJUDWLRQLQDQ\PDWWHUEHIRUHWKHP6LPLODUO\          SURFHHGLQJV SHQGLQJ LWV GHFLVLRQ RQ WKLV SHWLWLRQ DQG
$JHQW2ZHQVWHVWLILHGWKDWKHWROGSHWLWLRQHUDQGSHWLWLRQHU
V        VFKHGXOHG D KHDULQJ  $W WKH KHDULQJ SHWLWLRQHU $JHQW
FRXQVHO WKDW ,16 ZRXOG QRW EH YHU\ KDSS\ VKRXOG D           :DLJDQG DQG $JHQW 2ZHQV WHVWLILHG  %DVHG RQ WKLV
FRQYLFWLRQ DULVH IURP KDUERULQJ DQ LOOHJDO DOLHQ RU IURP      WHVWLPRQ\WKHSHWLWLRQZDVJUDQWHGDQGWKH,16ZDVHQMRLQHG
FRQVSLULQJWRHQJDJHLQVRPHW\SHRIPDULWDOUHJLPHWRREWDLQ         IURPGHSRUWLQJSHWLWLRQHU
DJUHHQFDUGIRUDQDOLHQZKRZRXOGQRWRWKHUZLVHEHHOLJLEOH
IRU LW  1RQH RI WKHVH VWDWHPHQWV LV D PLVUHSUHVHQWDWLRQ                                  ,,
0RUHRYHU SHWLWLRQHU LPSOLHGO\ DFNQRZOHGJHV WKDW WKHVH
VWDWHPHQWV DUH QRW PLVUHSUHVHQWDWLRQV DV SHWLWLRQHU
V EULHI        >7@KLV>&@RXUW
DSSOLHVDGHQRYRVWDQGDUGRIUHYLHZRIWKH
FKDUDFWHUL]HV WKH DOOHJHG PLVUHSUHVHQWDWLRQV DV D                OHJDOLVVXHVDQGZLOOXSKROGWKHIDFWXDOILQGLQJVRIWKHGLVWULFW
PLVXQGHUVWDQGLQJ  +DYLQJ UHYLHZHG WKH WHVWLPRQ\ WKH         FRXUWXQOHVVWKH\DUHFOHDUO\HUURQHRXV
3HYHOHUY8QLWHG
GLVWULFWFRXUW
VIDFWXDOILQGLQJVRIPLVUHSUHVHQWDWLRQVDUHQRW       6WDWHV)GWK&LUTXRWLQJ+LOOLDUGY
VXSSRUWHG E\ WKH UHFRUG  %HFDXVH WKH JRYHUQPHQW GLG QRW     8QLWHG6WDWHV)GWK&LU,QLWLDOO\
PLVUHSUHVHQW WR SHWLWLRQHU WKH FRQVHTXHQFHV RI KLV SOHD       ZHPXVWGHWHUPLQHZKHWKHUSHWLWLRQHULVSURFHGXUDOO\EDUUHG
SHWLWLRQHU FDQQRW VKRZ WKDW KLV SOHD ZDV LQYROXQWDU\ DQG      IURP ZLWKGUDZLQJ KLV JXLOW\ SOHD RQ FROODWHUDO UHYLHZ
XQNQRZLQJ                                                            *HQHUDOO\WKHYROXQWDULQHVVDQGLQWHOOLJHQFHRIDJXLOW\SOHD
                                                                      FDQEHDWWDFNHGRQFROODWHUDOUHYLHZRQO\LIILUVWFKDOOHQJHGRQ
                               ,,,                                   GLUHFWUHYLHZ%RXVOH\Y8QLWHG6WDWHV86
                                                                      7KHUHDUHWZRH[FHSWLRQVWRWKLVUXOH,G8QGHUWKH
  7RVXPPDUL]HSHWLWLRQHU
VFODLPWKDWKLVJXLOW\SOHDVZHUH         ILUVWH[FHSWLRQDSHWLWLRQHU
VSURFHGXUDOGHIDXOWLVH[FXVHGLI
QRW NQRZLQJ RU YROXQWDU\ LV SURFHGXUDOO\ EDUUHG EHFDXVH
     (O1REDQLY8QLWHG6WDWHV                    1R       1R                    (O1REDQLY8QLWHG6WDWHV          

KHLVDFWXDOO\LQQRFHQW,G7KHVHFRQGH[FHSWLRQUHTXLUHV          FROODWHUDOFRQVHTXHQFHVRIWKHSOHD.LQJY'XWWRQ)G
WKDWDSHWLWLRQHUGHPRQVWUDWHFDXVHDQGDFWXDOSUHMXGLFH,G        WK&LU
  ,QWKLVFDVHSHWLWLRQHUGLGQRWDSSHDOKLVFRQYLFWLRQRUKLV          3HWLWLRQHU FRQWHQGV WKDW GHSRUWDWLRQ LV QRW FROODWHUDO
VHQWHQFHDQGRQO\VRXJKWWRZLWKGUDZKLVJXLOW\SOHDVZKHQ            EHFDXVHXQGHUWKH,OOHJDO,PPLJUDWLRQ5HIRUPDQG,PPLJUDQW
KHILOHGWKLVSHWLWLRQRQ2FWREHU7KXVSHWLWLRQHU         5HVSRQVLELOLW\$FWRI3XE/1R6WDW
PXVWVDWLVI\RQHRIWKHWZRH[FHSWLRQVWRWKHSURFHGXUDOEDU          WKH ,16 KDV OLWWOH LI DQ\ GLVFUHWLRQ WR JUDQW
3HWLWLRQHUGRHVQRWVDWLVI\WKHILUVWH[FHSWLRQEHFDXVHWKHUHLV      GHSRUWDWLRQUHOLHIIRUWKRVHLQGLYLGXDOVOLNHSHWLWLRQHUZKRDUH
QRLQGLFDWLRQLQWKHUHFRUGWKDWKHLVLQQRFHQW,QIDFWWKH        FRQYLFWHGRIFHUWDLQFULPHV)LUVWDOWKRXJKWKH,16KDVEHHQ
UHFRUG LV YRLG RI HYHQ D VLPSOH DIILGDYLW E\ SHWLWLRQHU      UHVWULFWHGLQLWVDELOLW\WRJUDQWFHUWDLQGLVFUHWLRQDU\UHOLHILQ
DVVHUWLQJ KLV LQQRFHQFH  ,QVWHDG SHWLWLRQHU UHOLHV RQ WKH   GHSRUWDWLRQSURFHHGLQJVWKHUHLVQRLQGLFDWLRQWKDWWKH,16
VHFRQG H[FHSWLRQ ZKLFK UHTXLUHV D VKRZLQJ RI FDXVH DQG       KDVFHDVHGPDNLQJWKLVVRUWRIGHWHUPLQDWLRQRQDFDVHE\
SUHMXGLFH3HWLWLRQHUDOOHJHGWKDWKHZDVSUHMXGLFHGE\WKH          FDVH EDVLV  5HQR Y $PHULFDQ$UDE $QWL'LVFULPLQDWLRQ
DXWRPDWLFQDWXUHRIKLVGHSRUWDWLRQIROORZLQJKLVJXLOW\SOHDV       &RPP86Q6HFRQGWKHDXWRPDWLF
                                                                      QDWXUH RI WKH GHSRUWDWLRQ SURFHHGLQJ GRHV QRW QHFHVVDULO\
  +HUH WKH UHFRUG VLPSO\ GRHV QRW VXSSRUW D ILQGLQJ RI      PDNHGHSRUWDWLRQDGLUHFWFRQVHTXHQFHRIWKHJXLOW\SOHD$
SUHMXGLFH,QSDUWLFXODUWKHUHLVQRHYLGHQFHWRVXJJHVWWKDW       FROODWHUDOFRQVHTXHQFHLVRQHWKDWUHPDLQVEH\RQGWKHFRQWURO
SHWLWLRQHUZRXOGQRWKDYHSOHGJXLOW\LIKHKDGEHHQDZDUHRI         DQGUHVSRQVLELOLW\RIWKHGLVWULFWFRXUWLQZKLFKWKDWFRQYLFWLRQ
WKHGHSRUWDWLRQFRQVHTXHQFHVRIKLVSOHDV$WWKHKHDULQJRQ         ZDVHQWHUHG8QLWHG6WDWHVY*RQ]DOH])GVW
WKLVSHWLWLRQSHWLWLRQHUWHVWLILHGWKDWP\PDLQFRQFHUQDWWKDW     &LU:KLOHWKLV&RXUWKDVQRWVSHFLILFDOO\DGGUHVVHG
WLPH>ZDV@PHQRWJRLQJWRMDLO,QHYHUWKRXJKWDERXW        ZKHWKHUGHSRUWDWLRQFRQVHTXHQFHVDUHDGLUHFWRUFROODWHUDO
LPPLJUDWLRQ DQG , QHYHU SXW LW LQ DQ>\@ LPSRUWDQ>FH@        FRQVHTXHQFHRIDSOHDLWLVFOHDUWKDWGHSRUWDWLRQLVQRWZLWKLQ
$GGLWLRQDOO\ ZKHQ WKH JRYHUQPHQW VSHFLILFDOO\ DVNHG             WKHFRQWURODQGUHVSRQVLELOLW\RIWKHGLVWULFWFRXUWDQGKHQFH
SHWLWLRQHUZKHWKHUKHZRXOGKDYHSOHGJXLOW\LIKHZDVDZDUH          GHSRUWDWLRQ LV FROODWHUDO WR D FRQYLFWLRQ  8QLWHG 6WDWHV Y
RIWKHGHSRUWDWLRQFRQVHTXHQFHVSHWLWLRQHU
VFRXQVHOREMHFWHG       5RPHUR9LOFD)GG&LU>:@HKROG
DQG WKH JRYHUQPHQW
V TXHVWLRQ ZDV QRW DQVZHUHG                 WKDW SRWHQWLDO GHSRUWDWLRQ LV D FROODWHUDO FRQVHTXHQFH RI D
&RQVHTXHQWO\SHWLWLRQHUKDVQRWGHPRQVWUDWHGSUHMXGLFHWR            JXLOW\SOHD8QLWHG6WDWHVY4XLQ)GVW
H[FXVHKLVSURFHGXUDOGHIDXOW                                        &LU  >'@HSRUWDWLRQ LQ WKLV FRQWH[W LV JHQHUDOO\
                                                                      UHJDUGHG DV D FROODWHUDO FRQVHTXHQFH 8QLWHG 6WDWHV Y
  (YHQDVVXPLQJWKDWSHWLWLRQHU
VFODLPLVQRWSURFHGXUDOO\           &DPSEHOO)GWK&LU>'@HSRUWDWLRQ
GHIDXOWHGSHWLWLRQHUPD\QRWZLWKGUDZKLVSOHDEHFDXVHKH            LVDFROODWHUDOFRQVHTXHQFHRIDJXLOW\SOHD8QLWHG6WDWHV
KDVQRWVKRZQWKDWKLVSOHDZDVQRWYROXQWDU\DQGNQRZLQJ            Y5XVVHOO)G'&&LU,WKDVEHFRPH
%RXVOH\86DW3HWLWLRQHUDUJXHVWKDWKLVODFNRI         ZHOOVHWWOHGKRZHYHUWKDW5XOHGRHVQRWUHTXLUHLQIRUPLQJ
DZDUHQHVV RI WKH GHSRUWDWLRQ FRQVHTXHQFHV DQG WKH               DGHIHQGDQWRIWKHSRVVLELOLW\RIGHSRUWDWLRQ7KXVWKHIDFW
PLVUHSUHVHQWDWLRQVE\WKHJRYHUQPHQWDVWRKLVGHSRUWDWLRQ            WKDWSHWLWLRQHUZDVXQDZDUHRIWKHGHSRUWDWLRQFRQVHTXHQFHV
FRQVHTXHQFHVPDNHKLVSOHDVLQYROXQWDU\DQGXQNQRZLQJ$             RI KLV SOHDV GRHV QRW PDNH KLV SOHDV XQNQRZLQJ RU
GHIHQGDQWQHHGRQO\EHDZDUHRIWKHGLUHFWFRQVHTXHQFHVRI           LQYROXQWDU\
WKHSOHDKRZHYHUWKHWULDOFRXUWLVXQGHUQRFRQVWLWXWLRQDO
REOLJDWLRQ WR LQIRUP WKH GHIHQGDQW RI DOO WKH SRVVLEOH          3HWLWLRQHU
V DOWHUQDWLYH DUJXPHQW WKDW DW WKH sDQXDU\ 
                                                                       PHHWLQJ WKH JRYHUQPHQW PDGH PLVUHSUHVHQWDWLRQV WR
