                                                                                   5(&200(1'(' )25 )8//7(;7 38%/,&$7,21
     8QLWHG6WDWHVY3DXOH\HWDO                 1R                       3XUVXDQW WR 6L[WK &LUFXLW 5XOH 

                                                                                (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU

LQDSSOLFDEOH6HH+RSSHU)GDW:HUHYHUVHG                                )LOH 1DPH DS

EHFDXVHWKHGLVWULFWFRXUWKDGmVRXJKWWRQHJDWHWKHRSHUDWLRQ
RI 5XOH l ZKLFK HQFRXUDJHV SODLQWLIIV WR FRQVLGHU
VHWWOHPHQW RIIHUV VHULRXVO\ OHVW WKH SODLQWLII ZLQ D VPDOOHU    81,7('67$7(6&28572)$33($/6
MXGJPHQWDQGEHIRUFHGWRSD\FRVWVDQGEHFDXVHJUDQWLQJ                                  )257+(6,;7+&,5&8,7
5XOHEUHOLHIZRXOGUHZDUGWKHSODLQWLIIjVUHIXVDOWRDFFHSW                             BBBBBBBBBBBBBBBBB
DQ DSSURSULDWH VHWWOHPHQW RIIHU  ,G DW   6LPLODUO\
KHUHJUDQWLQJUHOLHIIURPWKHFLYLOSHQDOW\VHUYHGWRUHZDUG
WKHGHIHQGDQWVjUHIXVDOWRFRPSO\ZLWKFRXUWRUGHUV
                                                                         81,7(' 67$7(6 2) $0(5,&$        ;
  7KHGLVWULFWFRXUWjVVROHSXUSRVHLQYDFDWLQJWKHFLYLOILQH                    3ODLQWLII$SSHOODQW     
KHUHZDVQRWRIFRXUVHWRUHZDUGWKHGHIHQGDQWVjGLVUHJDUG                                               
RIWKHODZ7KHGLVWULFWFRXUWjVSULPDU\SXUSRVHDSSHDUVWR                                                 1R
KDYHEHHQWRUHPHG\WKHYLRODWLRQRIWKH&OHDQ:DWHU$FW                          Y                      
7KDWSXUSRVHZDVDSSURSULDWHDQGsXGJH:RRGVQRWHGWKDW                                                    !
                                                                                                           
WKHKHDULQJRQWKHHPHUJHQF\PRWLRQWRFRPSO\KDGUHVXOWHG               6$08(/ 3$8/(< s2+1               
LQDQHZVHWWOHPHQW7KHUHZDVKRZHYHUQRWKLQJWRVHWWOH             +259$7+                          
sXGJH&OHODQGKDGDOUHDG\GHWHUPLQHGWKDW$OLFH3DXOH\DQG                                'HIHQGDQWV 
sRVHSK0RUULVRQKDGDQREOLJDWLRQWRSHUPLWFRQWUDFWRUVWR                                                 
UHPHG\DYLRODWLRQDQGKHKDGRUGHUHGWKHPWRFRPSO\7KH                                                
SUREOHP ZDV QRW WKDW WKH SDUWLHV IDLOHG WR DJUHH RQ DQ         $/,&( 3$8/(< s26(3+
                                                                                                           
DSSURSULDWH UHVROXWLRQ EXW WKDW $OLFH 3DXOH\ DQG sRVHSK          0255,621                         
0RUULVRQKDGUHIXVHGWRIXOILOOWKHLUFRXUWRUGHUHGREOLJDWLRQV                'HIHQGDQWV$SSHOOHHV 1
$OLFH 3DXOH\jV DQG sRVHSK 0RUULVRQjV EODWDQW UHIXVDO WR
FRPSO\ZLWKDFRXUWRUGHUZRXOGKDYHZDUUDQWHGFRQWHPSW                       $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW
SURFHHGLQJVEXWFHUWDLQO\QRWDUHZDUGIRUWKHLUREVWUXFWLRQ               IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW
                                                                            1Rn*HRUJH(:RRGV'LVWULFWsXGJH
                    ,,,&21&/86,21
                                                                                          6XEPLWWHGsDQXDU\
  %HFDXVHWKHGLVWULFWFRXUWGLGQRWKDYHWKHSRZHUWRYDFDWH
WKHFLYLOSHQDOW\VXDVSRQWHZH5(9(56(DQG5(0$1'                                  'HFLGHGDQG)LOHG)HEUXDU\
IRUUHLPSRVLWLRQRIWKHILQH
                                                                        %HIRUH*8<DQG0225(&LUFXLWsXGJHV%(&.:,7+
                                                                                          'LVWULFWsXGJH




                                                                            
                                                                             7KH +RQRUDEOH 6DQGUD 6 %HFNZLWK 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU
                                                                        WKH 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ



                                                                                                            
     8QLWHG6WDWHVY3DXOH\HWDO               1R      1R                 8QLWHG6WDWHVY3DXOH\HWDO        

                     BBBBBBBBBBBBBBBBB                               )GWK&LUm(DWRQGHFLGHGWKDWD
                                                                     GLVWULFW FRXUW PD\ QRW DFW VXD VSRQWH WR JUDQW UHOLHI IURP
                          &2816(/                                    MXGJPHQWWKURXJK5XOHEl+HUHQRPRWLRQIRU5XOH
                                                                     EUHOLHIZDVPDGH$FFRUGLQJO\XQGHURXUSUHFHGHQWVWKH
21%5,()sHQQLIHUs3HUHJRUG$66,67$1781,7('                    RUGHU YDFDWLQJ WKH UHOLHI H[FHHGHG WKH GLVWULFW FRXUWjV
67$7(6 $77251(< 'HWURLW 0LFKLJDQ IRU $SSHOODQW              DXWKRULW\
$OLFH3DXOH\sRVHSK0RUULVRQ+DUVHQV,VODQG0LFKLJDQSUR
VH                                                                     :HDOVRQRWHWKDWHYHQLIWKHGLVWULFWFRXUWKDGWKHDXWKRULW\
                                                                     WR YDFDWH WKH RUGHU GLVWULFW FRXUWV VKRXOG QRW XVH WKHLU
                     BBBBBBBBBBBBBBBBB                               DXWKRULW\ XQGHU 5XOH E WR UHZDUG SDUWLHVj FRQWHPSW RI
                                                                     SULRURUGHUV7KHLQLWLDOGLVWULFWMXGJHKDGLPSRVHGWKHILQH
                         23,1,21                                     DIWHU FDUHIXOO\ FRQVLGHULQJ WKH IDFWRUV UHTXLUHG XQGHU 
                     BBBBBBBBBBBBBBBBB                               86&  G DQG WKH ILQHjV SXUSRVH ZDV WR SXQLVK
                                                                     YLRODWLRQV RI WKH &OHDQ :DWHU $FW QRW WR LQGXFH WKHVH
  .$5(11(/6210225(&LUFXLWsXGJH7KH8QLWHG                     RIIHQGHUVWRUHPHG\WKHYLRODWLRQ2IFRXUVHLIDQ\RIWKH
6WDWHV ZKLFK KDG EHHQ JUDQWHG VXPPDU\ MXGJPHQW RQ LWV       FRQVLGHUDWLRQV OLVWHG LQ  G VXFK DV WKH HFRQRPLF
&OHDQ:DWHU$FWDFWLRQDJDLQVWGHIHQGDQWV$OLFH3DXOH\DQG           LPSDFWWKDWWKHMXGJPHQWZRXOGKDYHRQWKHRIIHQGHUVKDG
sRVHSK0RUULVRQDSSHDOVIURPWKHGLVWULFWFRXUWjVVXDVSRQWH        FKDQJHG UHOLHI IURP WKH MXGJPHQW PLJKW KDYH EHHQ
RUGHUWKDWYDFDWHGWKHILQHWKDWWKHGLVWULFWFRXUWKDG      DSSURSULDWH6LPLODUO\XSRQPRWLRQRIDSDUW\WKHGLVWULFW
SUHYLRXVO\ LPSRVHG  %HFDXVH WKH GLVWULFW FRXUW ODFNHG WKH   FRXUWPLJKWKDYHXVHGLWV5XOHEDXWKRULW\WRJUDQWUHOLHI
SRZHU WR JUDQW VXFK UHOLHI VXD VSRQWH ZH 5(9(56( WKH       LQ WKH SUHVHQFH RI mH[FHSWLRQDO RU H[WUDRUGLQDU\
GLVWULFWFRXUW                                                      FLUFXPVWDQFHVl WKDW WKLV FRXUW KHOG DUH QHFHVVDU\ IRU UHOLHI
                    ,%$&.*5281'                                XQGHU 5XOH E LQ +RSSHU Y (XFOLG 0DQRU 1XUVLQJ
                                                                     +RPH,QF)GWK&LU+RZHYHU
   2Q 0DUFK   WKH 8QLWHG 6WDWHV ILOHG D FRPSODLQW    WKRVHFLUFXPVWDQFHVDUHQRWSUHVHQWKHUH5DWKHUWKHRQO\
DJDLQVW $OLFH 3DXOH\ DQG KHU IDWKHU 6DPXHO 3DXOH\ ZKR      XQXVXDO FLUFXPVWDQFH SUHVHQW ZDV WKDW WKH GHIHQGDQWV
WRJHWKHU RZQHG FHUWDLQ UHDO SURSHUW\ RQ +DUVHQV ,VODQG       LQWUDQVLJHQWO\UHIXVHGWRFRPSO\ZLWKWKHGLVWULFWFRXUWjVRUGHU
0LFKLJDQ sRVHSK 0RUULVRQ ZKR FODLPHG WR KDYH DQ             WRDOORZDFFHVVWRWKHSURSHUW\IRUUHPHGLDWLRQ9DFDWLQJD
RZQHUVKLS LQWHUHVW LQ WKH SURSHUW\ DQG sRKQ +RUYDWK D      SULRURUGHUIRUWKHVROHSXUSRVHRILQGXFLQJFRPSOLDQFHZLWK
FRQVWUXFWLRQ FRQWUDFWRU  7KH FRPSODLQW DOOHJHG WKDW WKH      DQRWKHURUGHUZRXOGUHZDUGFRQWHPSW
GHIHQGDQWV YLRODWHG WKH &OHDQ :DWHU $FW E\ WUHQFKLQJ
JUDGLQJDQGILOOLQJZHWODQGVRQWKH3DXOH\VjSURSHUW\ZLWKRXW         7KLVFDVHLVVRPHZKDWDQDORJRXVWRWKHFLUFXPVWDQFHVWKDW
DSHUPLW7KHFRPSODLQWVRXJKWDFLYLOILQHDQGDQLQMXQFWLRQ       ZH IDFHG LQ +RSSHU  7KHUH D SUHYDLOLQJ SODLQWLII ZDV
UHTXLULQJWKHGHIHQGDQWVWRUHVWRUHWKHSURSHUW\WRLWVQDWXUDO      UHTXLUHGWRSD\FHUWDLQFRVWVSXUVXDQWWR5XOHEHFDXVHWKH
FRQGLWLRQ                                                           SODLQWLII KDG UHIXVHG WKH GHIHQGDQWjV RIIHU WR VHWWOH IRU DQ
                                                                     DPRXQW WKDW WXUQHG RXW WR EH JUHDWHU WKDQ WKH QRPLQDO
  2Q2FWREHU86'LVWULFWsXGJH&OHODQGDZDUGHG           GDPDJHV WKDW WKH SODLQWLII ZDV XOWLPDWHO\ DZDUGHG  7KH
VXPPDU\MXGJPHQWWRWKH8QLWHG6WDWHV7KHFRXUWIRXQGWKDW         GLVWULFW FRXUW WKHQ XVHG 5XOH E WR YDFDWH WKH HDUOLHU
WKH GHIHQGDQWV KDG mGLVFKDUJHG D SROOXWDQW IURP D VRXUFH    MXGJPHQW LQ IDYRU RI WKH SODLQWLII DQG WKH FRXUW HQWHUHG
SRLQWLQWRQDYLJDEOHZDWHUVRIWKH8QLWHG6WDWHVZLWKRXWD         MXGJPHQWLQIDYRURIWKHGHIHQGDQWDPRYHWKDWUHQGHUHG5XOH
      8QLWHG6WDWHVY3DXOH\HWDO                     1R        1R                 8QLWHG6WDWHVY3DXOH\HWDO       

SXUSRVHV RI GHWHUPLQLQJ ZKHWKHU WKH JUDQW RI VXPPDU\                   SHUPLWlsRLQW$SSHQGL[ms$lDWZLWKLQWKHPHDQLQJRI
MXGJPHQWDQGLPSRVLWLRQRIDFLYLOSHQDOW\FRQVWLWXWHGILQDO                  WKH &OHDQ :DWHU $FW  $FFRUGLQJO\ WKH FRXUW VFKHGXOHG D
MXGJPHQW DV mWKH FRXUW PD\ HQWHU D ILQDO DQG DSSHDODEOH             SHQDOW\KHDULQJRQ)HEUXDU\WRGHWHUPLQHWKHVFRSH
MXGJPHQWDQGVWLOOUHWDLQMXULVGLFWLRQRYHUWKHDFWLRQVRDVWR               RI DQ\ UHOLHI  $W WKH KHDULQJ WKH JRYHUQPHQW SUHVHQWHG D
PDNHVXUHWKDWLWVRUGHULVDSSOLHGFRUUHFWO\l&KDUOHV$ODQ              FRQVHQW GHFUHH EHWZHHQ WKH 8QLWHG 6WDWHV DQG GHIHQGDQW
:ULJKW $UWKXU 5 0LOOHU 	 0DU\ .D\ .DQH )HGHUDO                    6DPXHO3DXOH\6DPXHO3DXOH\ZKRKDGTXLWFODLPHGKLV
3UDFWLFH DQG 3URFHGXUH   DW  G HG                     LQWHUHVWLQWKHSURSHUW\WR$OLFH3DXOH\DQGsRVHSK0RUULVRQ
LQWHUSUHWLQJ)HG5&LY3DZKLFKGHILQHVmMXGJPHQWl                 RQ sDQXDU\   VKRUWO\ EHIRUH WKH VFKHGXOHG SHQDOW\
DVXVHGLQ)HGHUDO5XOHVRI&LYLO3URFHGXUH$FFRUGLQJO\                   KHDULQJDJUHHGWRKLUHDFRQWUDFWRUWRUHVWRUHWKHSURSHUW\
WKH TXHVWLRQ LV ZKHWKHU WKH 5XOH E UHOLHI ZDV SURSHUO\           $FFRUGLQJWRWKHFRQVHQWGHFUHH6DPXHO3DXOH\ZRXOGKLUH
JUDQWHG:HUHYLHZRUGHUVJUDQWLQJUHOLHIIURPDSULRURUGHU                 DFRQWUDFWRUWRUHPRYHDOOILOOPDWHULDOIURPWKHZHWODQGE\
XQGHU 5XOH E IRU DEXVH RI GLVFUHWLRQ EXW ZH UHYLHZ              0D\7KHFRQVHQWGHFUHHZDVFRQWLQJHQWRQHLWKHU
TXHVWLRQVRIODZGHQRYR%ODFNDUGY0HPSKLV$UHD0HG                      6DPXHO3DXOH\UHFHLYLQJSHUPLVVLRQIURPWKHQHZRZQHUV
&WUIRU:RPHQ,QF)GWK&LUFHUW                $OLFH3DXOH\DQGKHUKXVEDQGsRVHSK0RUULVRQWRHQWHUWKH
GHQLHGo86o6&W0D\                             SURSHUW\ DQG FRPSOHWH WKH UHVWRUDWLRQ RU RQ D FRXUW RUGHU
                                                                              UHTXLULQJWKHQHZRZQHUVWRSHUPLWKLPWKHQHFHVVDU\DFFHVV
  :HKDYHKHOGWKDWDGLVWULFWFRXUWPD\QRWVXDVSRQWHJUDQW                 2Q)HEUXDU\WKHFRXUWRUGHUHG$OLFH3DXOH\WRmDOORZ
UHOLHISXUVXDQWWR5XOHE,Q(DWRQYsDPURJ)G                 DFFHVV WR WKH SURSHUW\ E\ WKH &RQWUDFWRU DQG &RUSV RI
 WK &LU  ZH UHDVRQHG WKDW EHFDXVH 5XOH E             (QJLQHHUV WR FRPSOHWH WKH UHVWRUDWLRQ DV VHW IRUWK LQ WKH
H[SOLFLWO\UHTXLUHVUHOLHIXQGHUWKHUXOHWRRFFXUmRQPRWLRQl               &RQVHQW'HFUHHls$DW
FRXUWVPD\QRWJUDQWVXFKUHOLHIH[FHSWXSRQmDPRWLRQIURP
WKHDIIHFWHGSDUW\l,GDWDFFRUG/HZLVY$OH[DQGHU                     %HIRUHFRQVLGHULQJDFLYLOSHQDOW\WKHFRXUWDGMRXUQHGWKH
                                                                              SHQDOW\KHDULQJIRUVL[ZHHNVVRWKDW$OLFH3DXOH\DQGsRVHSK
                                                                              0RUULVRQFRXOGUHWDLQFRXQVHO:KHQWKHKHDULQJUHVXPHG
                                                                             DQG WKH GHIHQGDQWV LQIRUPHG WKH FRXUW WKDW WKH\ ZRXOG
     &LUFXLWV DUH VSOLW RQ WKH TXHVWLRQ ZKHWKHU D GLVWULFW FRXUW PD\ JUDQW
                                                                              SURFHHGSURVHsXGJH&OHODQGLPSRVHGDILQHDJDLQVW
5XOH E UHOLHI VXD VSRQWH 7KH 7HQWK &LUFXLW DJUHHV ZLWK RXU YLHZ WKDW
VXFK UHOLHI LV LPSHUPLVVLEOH 6HH 'RZ Y %DLUG  )G  
                                                                              $OLFH3DXOH\DQGsRVHSK0RUULVRQIRUWKHLU&OHDQ:DWHU$FW
WK &LU  QRWLQJ WKDW ZKHUHDV 5XOH D SHUPLWV WKH GLVWULFW FRXUW   YLRODWLRQV  7KH ILQH ZDV LPSRVHG SXUVXDQW WR  86&
WR FRUUHFW FOHULFDO HUURUV mRI LWV RZQ LQLWLDWLYHl 5XOH E SHUPLWV        GZKLFKDXWKRUL]HVFLYLOSHQDOWLHVXSWRSHU
FRUUHFWLRQV RQO\ XSRQ PRWLRQ 7KH 6HFRQG )RXUWK )LIWK DQG 1LQWK           GD\ RI YLRODWLRQ DQG UHTXLUHV WKH FRXUW WR FRQVLGHU WKH
&LUFXLWV KDYH KHOG WKDW VXFK VXD VSRQWH UHOLHI LV SHUPLVVLEOH 6HH )RUW       VHULRXVQHVVRIWKHYLRODWLRQDQ\KLVWRU\RIYLRODWLRQVJRRG
.QR[ 0XVLF ,QF Y %DSWLVWH  )G   G &LU  m:KLOH
QRUPDOO\ VXFK UHOLHI LV VRXJKW E\ PRWLRQ RI D SDUW\ VHH )HG5&LY3
                                                                              IDLWKHIIRUWVWRFRPSO\ZLWKUHTXLUHPHQWVWKHLPSDFWRIWKH
E QRWKLQJ IRUELGV WKH FRXUW WR JUDQW VXFK UHOLHI VXD VSRQWHl          ILQHRQWKHRIIHQGHUDQGDQ\RWKHUIDFWRUVWKDWmMXVWLFHPD\
.LQJYLVLRQ 3D\3HU9LHZ /WG Y /DNH $OLFH %DU  )G   WK        UHTXLUHl86&G*UDQWLQJWKH8QLWHG6WDWHVjV
&LU  UHDVRQLQJ WKDW DOWKRXJK UXOH VD\V mRQ PRWLRQl LW mGRHV QRW       UHTXHVWWRLPSRVHWKHPD[LPXPILQHDOORZHGIRURQHGD\RI
H[SOLFLWO\ VD\ µE\ D SDUW\jl VXJJHVWLQJ WKDW WKH UHOLHI FRXOG EH RQ WKH      YLRODWLRQ sXGJH &OHODQG QRWHG WKDW WKH ODQG KDG EHHQ LQ
FRXUWjV RZQ PRWLRQ 0F'RZHOO Y &HOHEUH]]H  )G   WK &LU
 m7KH &RXUW FRXOG LQLWLDWH WKLV RQ LWV RZQ PRWLRQl 8QLWHG 6WDWHV
                                                                              YLRODWLRQIRUDSSUR[LPDWHO\VL[\HDUV$OWKRXJKWKHVFRSHRI
Y sDFREV  )G   WK &LU  m7KH UXOH QHHG QRW
                                                                              WKHYLRODWLRQZDVQRWKXJHsXGJH&OHODQGVDLGDVLWDIIHFWHG
QHFHVVDULO\ EH UHDG DV GHSULYLQJ WKH FRXUW RI WKH SRZHU WR DFW LQ WKH         RQO\ D VPDOO SLHFH RI ODQG $OLFH 3DXOH\jV DQG sRVHSK
LQWHUHVW RI MXVWLFH LQ DQ XQXVXDO FDVH LQ ZKLFK LWV DWWHQWLRQ KDV EHHQ        0RUULVRQjV KLVWRU\ RI UHIXVLQJ WR FRPSO\ ZLWK WKH ODZ
GLUHFWHG WR WKH QHFHVVLW\ IRU UHOLHI E\ PHDQV RWKHU WKDQ D PRWLRQl
     8QLWHG6WDWHVY3DXOH\HWDO               1R       1R                 8QLWHG6WDWHVY3DXOH\HWDO         

ZDUUDQWHGWKHILQHsXGJH&OHODQGVDLGWKDWWKH\KDGIDLOHGWR       GRQRWIHHOWKDWLWLVDVZRUGKDQJLQJRYHU\RXUKHDGDWDOOl
NHHSWKHLUSURPLVHVWKDWWKH\ZRXOGUHPHG\WKHYLRODWLRQDQG         s$ DW   ,Q GHQ\LQJ WKH 8QLWHG 6WDWHVjV PRWLRQ WR
KH FLWHG WKH mVWURQJ LQGLFDWLRQV WKDW WKH GHIHQGDQWV ZHUH    UHFRQVLGHUsXGJH:RRGVVDLGm,jYHVHWDVLGHWKHILQH
HVVHQWLDOO\VWULQJLQJWKH&RUSVDORQJDQGWU\LQJWRVHHLI    ZKLFKPD\KDYHKDGVRPHWKLQJWRGRZLWKJHWWLQJWKLVEDE\
WKH&RUSVZRXOGVLPSO\JLYHXSDIWHUDSHULRGRIWLPHls$          VHWWOHG6REHLW,WjVVHWDVLGHls$DWsXGJH:RRGV
DW7KHFRXUWDOVRFRQVLGHUHG$OLFH3DXOH\jVDQGsRVHSK          HQWHUHGDQRUGHUYDFDWLQJWKHFLYLOSHQDOW\
0RUULVRQjV HFRQRPLF VLWXDWLRQV DQG WKH FRVWV WR WKH
JRYHUQPHQW RI WKHLU LQWUDQVLJHQFH EHIRUH LPSRVLQJ WKH             7KH8QLWHG6WDWHVWLPHO\DSSHDOHGIURPWKHRUGHUYDFDWLQJ
ILQH                                                         WKH FLYLO SHQDOW\ DQG ZH KDYH MXULVGLFWLRQ SXUVXDQW WR
                                                                      86&
   'HVSLWH WKH LQMXQFWLRQ $OLFH 3DXOH\ UHIXVHG 6DPXHO
3DXOH\ WKH FRQWUDFWRU DQG WKH $UP\ &RUSV RI (QJLQHHUV                               ,,$1$/<6,6
DFFHVV WR WKH SURSHUW\ WR FRPSO\ ZLWK WKH WHUPV RI WKH
VHWWOHPHQW$FFRUGLQJWRWKH8QLWHG6WDWHV$OLFH3DXOH\VHQW          $VsXGJH&OHODQGjVFRPPHQWVLQLPSRVLQJWKHILQH
WKHJRYHUQPHQWDOHWWHULQODWH)HEUXDU\VWDWLQJWKDWmZHKDYH        LQGLFDWH$OLFH3DXOH\DQGsRVHSK0RUULVRQKDYHDKLVWRU\RI
GHFLGHG WKDW ZH ZLOO 127 DOORZ $1<    21( RQ RXU       REVWUXFWLQJWKH&RUSVjVHIIRUWVWRHQIRUFHWKH&OHDQ:DWHU$FW
SURSHUW\l DQG WKDW mZH GR QRW SODQ RQ EHLQJ EXOOLHG LQWR   DQG WR UHPHG\ WKH YLRODWLRQV RQ $OLFH 3DXOH\jV SURSHUW\
DQ\WKLQJHVSHFLDOO\E\WKH&RXUWRUWKH3ODLQWLIIVls$DW       $FFRUGLQJO\ZKHQWKHFDVHFDPHEHIRUHsXGJH:RRGVRQWKH
  2Q 0D\   WKH JRYHUQPHQW UHFHLYHG D OHWWHU    8QLWHG 6WDWHVjV HPHUJHQF\ PRWLRQ WR FRPSHO FRPSOLDQFH
IURP6DPXHO3DXOH\jVDWWRUQH\ZKRVWDWHGWKDWRQDWOHDVW            sXGJH:RRGVZDVXQGHUVWDQGDEO\SUHSDUHGWRXVHZKDWHYHU
ILYHVHSDUDWHRFFDVLRQV$OLFH3DXOH\KDGWROG6DPXHO3DXOH\          WRROV KH KDG DYDLODEOH WR DFFRPSOLVK FRPSOLDQFH ZLWK WKH
WKDWVKHZRXOGQRWDOORZKLPRUKLVFRQWUDFWRUDFFHVVWRWKH          FRXUWjVHDUOLHULQMXQFWLRQ+RZHYHUYDFDWLQJVXDVSRQWHRQH
SURSHUW\  7KDW GD\ WKH 8QLWHG 6WDWHV ILOHG DQ HPHUJHQF\    RUGHULQDQHIIRUWWRHQFRXUDJHDSDUW\WRFRPSO\ZLWKDQRWKHU
PRWLRQ WR HQIRUFH WKH FRQVHQW GHFUHH  sXGJH &OHODQG          RUGHUZDVQRWXQGHURXUSUHFHGHQWDQDYDLODEOHWRRO
GLVTXDOLILHG KLPVHOI DQG WKH FDVH ZDV UHDVVLJQHG WR 86
'LVWULFWsXGJH:RRGV                                                    sXGJH:RRGVGLGQRWH[SOLFLWO\LQGLFDWHWKHEDVLVRQZKLFK
                                                                      KH YDFDWHG WKH  FLYLO SHQDOW\ EXW ZH LQWHUSUHW WKH
  $WWKHKHDULQJRQWKH8QLWHG6WDWHVjVHPHUJHQF\PRWLRQ             GLVWULFWFRXUWDVKDYLQJUHOLHYHGWKHGHIHQGDQWVIURPDILQDO
sXGJH:RRGVDSSHDUVWRKDYHVXFFHHGHGLQFRQYLQFLQJ$OLFH             MXGJPHQW SXUVXDQW WR )HGHUDO 5XOH RI &LYLO 3URFHGXUH
3DXOH\ WR FRPSO\ ZLWK WKH FRXUWjV RUGHU  +RZHYHU sXGJH     EDVWKLVUXOHPRVWQHDUO\GHVFULEHVWKHGLVWULFWFRXUWjV
:RRGVDOVRYDFDWHGVXDVSRQWHWKHILQHWKDWsXGJH             DFWLRQ5XOHESURYLGHVWKDWm>R@QPRWLRQDQGXSRQ
&OHODQGKDGOHYLHGDJDLQVW$OLFH3DXOH\DQGsRVHSK0RUULVRQ          VXFK WHUPV DV DUH MXVW WKH FRXUW PD\ UHOLHYH D SDUW\ RU D
sXGJH :RRGV DQQRXQFHG HDUO\ LQ WKH KHDULQJ m7KH &RXUW        SDUW\jVOHJDOUHSUHVHQWDWLYHIURPDILQDOMXGJPHQWlIRUmDQ\
H[SHFWV WKH LPSRVLWLRQ RI ILQHV ZLOO QRW PRWLYDWH $OLFH          UHDVRQ MXVWLI\LQJ UHOLHI IURP WKH RSHUDWLRQ RI WKH
3DXOH\>@WRFRPSO\,WROG\RX,jPQRWLPSUHVVHGZLWKILQHV         MXGJPHQWl  )HG 5 &LY 3 E  7KH FLYLO ILQH IURP
,jP QRW LQWHUHVWHG LQ ILQHV EHLQJ LPSRVHGl  s$ DW    ZKLFK WKH GLVWULFW FRXUW JUDQWHG UHOLHI FRQVWLWXWHG D ILQDO
7KHQ DIWHU UHFRXQWLQJ WKH FDVHjV KLVWRU\ sXGJH :RRGV         MXGJPHQW DV LW KDG EHHQ LPSRVHG LQ FRQQHFWLRQ ZLWK D
LQYLWHG$OLFH3DXOH\WRWKHOHFWHUQDQGDQQRXQFHGm7HOO\RX          MXGJPHQWJUDQWLQJVXPPDU\MXGJPHQWZLWKUHVSHFWWRDOORI
ZKDW ,jP JRLQJ WR GR ULJKW QRZ  ,jP VHWWLQJ DVLGH >WKH@   WKHSODLQWLIIjVFODLPVDJDLQVWDOOUHPDLQLQJGHIHQGDQWV7KDW
ILQH,GRQjWWKLQNLWVHUYHVDQ\SXUSRVHDWDOODQG,       WKHGLVWULFWFRXUWKDGPDLQWDLQHGMXULVGLFWLRQWRHQVXUHWKDWWKH
                                                                      LQMXQFWLYHUHOLHIZDVSURSHUO\DFFRPSOLVKHGLVLUUHOHYDQWIRU
