Richardson v. Brady Township
Richardson v. Brady Township
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
GHSULYHGKLPRIDQ\SURWHFWHGSURSHUW\ULJKWLVIDWDOWRKLV )LOH 1DPH DS
ODZVXLW 5LFKDUGVRQ SXUFKDVHG KLV SURSHUW\ ORQJ DIWHU WKH GHIHQGDQW HQDFWHG WKH ]RQLQJ RUGLQDQFH 5LFKDUGVRQ FKDOOHQJHV 7KHUHIRUH WKHUH KDV EHHQ QR DFWLRQ E\ WKH 81,7('67$7(6&28572)$33($/6 GHIHQGDQWWKDWGHSULYHG5LFKDUGVRQRIDQ\WKLQJ UDWKHUWKLV )257+(6,;7+&,5&8,7 FDVH LV DERXW QRWKLQJ PRUH WKDQ 5LFKDUGVRQjV XQIXOILOOHG BBBBBBBBBBBBBBBBB GHVLUH WKDW WKH GHIHQGDQW DFW LQ D PDQQHU IDYRUDEOH WR 5LFKDUGVRQjVEXVLQHVVLQWHUHVWV7KH'XH3URFHVV&ODXVHLV QRWRIIHQGHGZKHQVXFKDVSLUDWLRQVDUHXQUHDOL]HG)XUWKHU WKLVFRXUWQHHGHWKQRWVD\,DJUHHWKDWWKHSODLQWLIIjVFODLPV 52%(57 7 5,&+$5'621 ; ZHUHSURSHUO\GLVPLVVHG 3ODLQWLII$SSHOODQW 1R Y ! 72:16+,3 2) %5$'< 'HIHQGDQW$SSHOOHH 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH:HVWHUQ'LVWULFWRI0LFKLJDQDW.DODPD]RR 1R n5LFKDUG$(QVOHQ&KLHI'LVWULFWsXGJH $UJXHG 0DUFK 'HFLGHGDQG)LOHG sXO\ %HIRUH 5<$10225(DQG)$55,6 &LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 0LFKDHO % 2UWHJD 5((' 6729(5 2j&21125.DODPD]RR0LFKLJDQIRU$SSHOODQW0LFKDHO 6%RJUHQ3/81.(77 &221(<.DODPD]RR0LFKLJDQ IRU$SSHOOHH21%5,() 0LFKDHO%2UWHJD3DWULFLD5
7KH +RQRUDEOH sHURPH )DUULV &LUFXLW sXGJH RI WKH 8QLWHG 6WDWHV &RXUW RI $SSHDOV IRU WKH 1LQWK &LUFXLW VLWWLQJ E\ GHVLJQDWLRQ
5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
0DVRQ 5((' 6729(5 2j&21125 .DODPD]RR LQVWUXPHQWWKHSURSHUW\RZQHUUHTXHVWVRIWKH]RQLQJERG\LV 0LFKLJDQIRU$SSHOODQW0DU\0DVVDURQ5RVV3/81.(77 DWHVWGHYRLGRILQWHOOLJLELOLW\DQGLQGHHGDPRGHORIFLUFXODU &221(<'HWURLW0LFKLJDQIRU$SSHOOHH UHDVRQLQJ7KHOHDGRSLQLRQVHHPVWRUHSXWHWKDWWHVWZLWK UHVSHFWWRWKHSODLQWLIIjVVXEVWDQWLYHGXHSURFHVVFODLPDQG, 0225(sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQZKLFK DJUHHEHFDXVHWKHRQO\SURSHUW\LQWHUHVWWKDWQHHGEHVKRZQ )$55,6 s MRLQHG 5<$1 s SS GHOLYHUHG D IRUDQ\GXHSURFHVVFODLPLVIHHVLPSOHRZQHUVKLSDQGWKH VHSDUDWHFRQFXUULQJRSLQLRQ SODLQWLII KDV DOOHJHG VXFK RZQHUVKLS 6WLOO P\ FROOHDJXHV UHMHFW 5LFKDUGVRQjV SURFHGXUDO GXH SURFHVV FODLP RQ WKH BBBBBBBBBBBBBBBBB JURXQGVWKDWKHKDVQRWDOOHJHGDVXIILFLHQWSURSHUW\LQWHUHVW ZKLOH DVVXPLQJ KH KDV VKRZQ VXFK SURSHUW\ LQWHUHVW IRU 23,1,21 SXUSRVHVRIKLVVXEVWDQWLYHGXHSURFHVVFODLP BBBBBBBBBBBBBBBBB , FDQQRW LPDJLQH DQ\ SULQFLSOHG EDVLV IRU DSSO\LQJ D .$5(1 1(/621 0225( &LUFXLW sXGJH 3ODLQWLII GLIIHUHQW WHVW IRU ILQGLQJ D SURWHFWHG SURSHUW\ LQWHUHVW DSSHOODQW5REHUW75LFKDUGVRQDSSHDOVDQRUGHURIWKHGLVWULFW VXIILFLHQW WR MXVWLI\ D SURFHGXUDO GXH SURFHVV FODLP WKDQ LV FRXUWJUDQWLQJVXPPDU\MXGJPHQWWRGHIHQGDQWDSSHOOHHWKH UHTXLUHGWRVXVWDLQDVXEVWDQWLYHGXHSURFHVVFODLP WKHWH[WRI 7RZQVKLS RI %UDG\ KHUHLQDIWHU m7RZQVKLSl LQ KLV DFWLRQ WKH'XH3URFHVV&ODXVHFHUWDLQO\PDNHVQRVXFKGLVWLQFWLRQ FKDOOHQJLQJWKH7RZQVKLSjVDQLPDOXQLWRUGLQDQFHRQJURXQGV ,IRQHKDVDSURSHUW\LQWHUHVWLQKLVUHDOHVWDWHWKDWLVSURWHFWHG RIVXEVWDQWLYHDQGSURFHGXUDOGXHSURFHVV7KHRUGLQDQFHDW XQGHUDQ\DVSHFWRIWKH'XH3URFHVV&ODXVHVXUHO\LWPXVWEH LVVXHDVVLJQVDQLPDOXQLWHTXLYDOHQFLHVIRUFHUWDLQOLYHVWRFN SURWHFWHGXQGHUDOODVSHFWV'HVSLWHWKHORJLFDOVKDPEOHVLQ EDVHGXSRQWKHRGRUSURGXFLQJFKDUDFWHULVWLFVRIWKHDQLPDOjV ZKLFKWKHIHGHUDOFRXUWVKDYHOHIWWKHSURFHGXUDOVXEVWDQWLYH ZDVWH5LFKDUGVRQZKRRSHUDWHVDQXUVHU\VZLQHIDFLOLW\RQ GLVWLQFWLRQLQWKHODZRIGXHSURFHVVVXUHO\LWUHPDLQVWUXHDW KLVSURSHUW\DUJXHVWKDWWKHDQLPDOXQLWRUGLQDQFHEHDUVQR OHDVWDVUHVSHFWVWKHH[LVWHQFHRIDSURSHUW\LQWHUHVWLQ]RQLQJ UDWLRQDOUHODWLRQVKLSWRWKH7RZQVKLSjVREMHFWLYHRIUHGXFLQJ PDWWHUV WKDW D ODQGRZQHU FDQQRW KDYH DQG QRW KDYH D RGRUEHFDXVHLWIDLOVWRGLIIHUHQWLDWHEHWZHHQVPDOODQGODUJH SURWHFWHG SURSHUW\ DW WKH VDPH WLPH ,Q P\ MXGJPHQW IHH VZLQH VLPSOHRZQHUVKLSLVVXIILFLHQWWRVXVWDLQERWKSURFHGXUDODQG VXEVWDQWLYHGXHSURFHVVFODLPVLQ]RQLQJPDWWHUV 0LQGIXO RI WKH SULQFLSOH WKDW WKH 7RZQVKLSjV RUGLQDQFH QHHGQRWEHSHUIHFWO\WDLORUHGWRLWVJRDOVZHFRQFOXGHWKDW 7KLV YHU\ GLIIHUHQW XQGHUVWDQGLQJ RI WKH QDWXUH RI WKH WKH RUGLQDQFH ZLWKVWDQGV VXEVWDQWLYH GXH SURFHVV VFUXWLQ\ SURSHUW\LQWHUHVWSURWHFWHGE\WKH'XH3URFHVV&ODXVHWKDQP\ :LWKUHJDUGWR5LFKDUGVRQjVSURFHGXUDOGXHSURFHVVFODLPZH FROOHDJXHVEULQJVPHQHYHUWKHOHVVWRWKHVDPHUHVXOWWKH\ FRQFOXGHWKDW5LFKDUGVRQKDVIDLOHGWRHVWDEOLVKWKHH[LVWHQFH KDYH UHDFKHG ,Q RUGHU WR PDLQWDLQ D GXH SURFHVV FODLP RIDSURWHFWHGSURSHUW\LQWHUHVW$FFRUGLQJO\ZH$)),50 ZKHWKHU SURFHGXUDO RU VXEVWDQWLYH D SODLQWLII PXVW WKH GLVWULFW FRXUWjV JUDQW RI VXPPDU\ MXGJPHQW WR WKH GHPRQVWUDWH ERWK D SURWHFWHG SURSHUW\ LQWHUHVW DQG 7RZQVKLSRQERWKFODLPV JRYHUQPHQWDO DFWLRQ WKDW KDV LQ VRPH ZD\ GHSULYHG WKH SODLQWLIIRIDSURSHUW\ULJKW6HH3HDUVRQ )GDW ,%$&.*5281' Q:KLOH,KDYHQR GRXEWWKDW5LFKDUGVRQjVIHHVLPSOH 5REHUW 5LFKDUGVRQ RZQV DFUHV RI ODQG ZLWKLQ WKH RZQHUVKLSRIKLVODQGLVDSURSHUW\LQWHUHVWVXIILFLHQWWRDVVHUW 7RZQVKLSRI%UDG\RQZKLFKKHRSHUDWHVDQXUVHU\VZLQH DGXHSURFHVVFODLPZKHWKHUSURFHGXUDORUVXEVWDQWLYHKLV IDFLOLW\ 5LFKDUGVRQ FKDOOHQJHV D 7RZQVKLS DQLPDOXQLW LQDELOLW\ WR GHPRQVWUDWH DQ\ JRYHUQPHQWDO DFWLRQ WKDW 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
BBBBBBBBBBBBBBBBBBBB RUGLQDQFHWKDWKDVWKHHIIHFWRIOLPLWLQJWKHQXPEHURISLJV WKDWKHPD\KDYHRQKLVSURSHUW\WR 7KHDQLPDOXQLW &21&855(1&( RUGLQDQFHZKLFKZDVHQDFWHGLQ SURYLGHV BBBBBBBBBBBBBBBBBBBB $QLPDO8QLW RU$QLPDOV3HU$QLPDO8QLW )RUSXUSRVHV 5<$1 &LUFXLW sXGJH FRQFXUULQJ 0\ GLVWLQJXLVKHG RIWKLV2UGLQDQFHDQDQLPDOXQLWVKDOOEHFRQVWUXHGDVD FROOHDJXHVj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nFRQIXVLRQ WKH OLVWHGDERYHVKDOOEHWKHVWDWHGHTXLYDOHQF\IRUWKHW\SH 6XSUHPH &RXUW KDV WKXV IDU QRW GLVSHOOHG 6HH 6LOYHU Y RI DQLPDO ZKLFK LV PRVW VLPLODU LQ WHUPV RI RGRU )UDQNOLQ 7RZQVKLS )G WK &LU SURGXFLQJ FKDUDFWHULVWLFV RI DQLPDO ZDVWHV DV 3HDUVRQY&LW\RI*UDQG%ODQF )GQ GHWHUPLQHG LI QHFHVVDU\ E\ WKH =RQLQJ %RDUG RI WK&LU $QXPEHURIFLUFXLWV LQFOXGLQJRXURZQ $SSHDOV VHHPWRUHFRJQL]HDGLVWLQFWLRQEHWZHHQWKHNLQGRISURSHUW\ LQWHUHVWDIIRUGHGVXEVWDQWLYHGXHSURFHVVSURWHFWLRQDQGWKDW sRLQW$SSHQGL[ KHUHLQDIWHUms$l DW3URSHUW\WKDWLV DIIRUGHGSURFHGXUDOGXHSURFHVVSURWHFWLRQ6HH*0(QJjUV ]RQHGm$*lIRUDJULFXOWXUDOXVHPD\SHUPLVVLEO\FRQWDLQXS DQG$VVRFV,QFY:HVW%ORRPILHOG7RZQVKLS )G WRDQLPDOV2ZQHUVRISURSHUW\]RQHGIRUDJULFXOWXUDOXVH WK&LU ,QP\YLHZWKHUHLVQRORJLFDOEDVLV PD\REWDLQDVSHFLDOH[FHSWLRQXVHSHUPLWIRUDQLQWHQVLYH IRUPDNLQJVXFKDGLVWLQFWLRQDWOHDVWLQFRQQHFWLRQZLWKUHDO OLYHVWRFN RSHUDWLRQ $Q mLQWHQVLYH OLYHVWRFN RSHUDWLRQl LV SURSHUW\]RQLQJFDVHV GHILQHGDV
)RU SXUSRVHV RI OHYHOLQJ D )RXUWHHQWK $PHQGPHQW GXH $Q\IDUPRUIDUPRSHUDWLRQHQJDJHGLQUDLVLQJEUHHGLQJ SURFHVVFKDOOHQJHWRJRYHUQPHQWDFWLRQDIIHFWLQJWKHXVHDQG RU IHHGLQJ EHHI RU GDLU\ FDWWOH KRUVHV VZLQH VKHHS HQMR\PHQW RI SULYDWHO\ RZQHG UHDO HVWDWH WKHUH FDQ EH QR JRDWVSRXOWU\IRZOWXUNH\VGXFNVRURWKHUOLYHVWRFNLQ JUHDWHUmSURSHUW\LQWHUHVWlWRSURYLGHVWDQGLQJWRPDNHWKH FRQFHQWUDWLRQV RI RU PRUH DQLPDO XQLWV LQFOXGLQJ FKDOOHQJHWKDQIHHVLPSOHRZQHUVKLSRIWKHDIIHFWHGODQG7KH DQ\EXLOGLQJVVWUXFWXUHVH[FDYDWLRQVRUHQFORVHGDUHDV LGHDH[SUHVVHGLQ6LOYHU )GDW WKDWDSURSHUW\ GLUHFWO\LQYROYHGWKHUHLQLQFOXGLQJODQGXVHGIRUSDVWXUH RZQHU LQ RUGHU WR HVWDEOLVK D SURWHFWHG SURSHUW\ LQWHUHVW RU IHHGORW SXUSRVHV DQG DQ\ DQLPDO ZDVWH VWRUDJH VXIILFLHQWWRPDLQWDLQDGXHSURFHVVFODLPPXVWGHPRQVWUDWH VWUXFWXUHVH[FDYDWLRQVRUDUHDVGLUHFWO\FRQQHFWHGWRRU DQ mHQWLWOHPHQWl RU DEVROXWH ULJKW WR WKH SHUPLW RU VLPLODU DVVRFLDWHGZLWKVXFKRSHUDWLRQV 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
s$DW$SSOLFDQWVIRUDVSHFLDOH[FHSWLRQXVHSHUPLWIRU PDQGDWRU\ UHTXLUHPHQWV WKHQ 6LOYHU ZRXOG QRW KDYH D DQ LQWHQVLYH OLYHVWRFN RSHUDWLRQ ZKR FRPSO\ ZLWK FHUWDLQ µOHJLWLPDWHFODLPRIHQWLWOHPHQWjRUDµMXVWLILDEOHH[SHFWDWLRQj UHTXLUHPHQWVPD\PDLQWDLQPRUHWKDQDQLPDOXQLWVRQ LQWKHDSSURYDORIKLVSODQl TXRWDWLRQRPLWWHG WKHLU SURSHUW\ $FFRUGLQJ WR WKH VSHFLDO H[FHSWLRQ XVH SURYLVLRQVm$*lSURSHUW\ORFDWHGDWOHDVWIHHWEXWOHVV 5LFKDUGVRQ UHDOO\ VHHPV WR EH DUJXLQJ WKDW KH KDV D WKDQ IHHW IURP SURSHUW\ ]RQHG RWKHU WKDQ m$*l LV SURSHUW\LQWHUHVWLQWKHSURFHGXUHVWKHPVHOYHVDQGWKDWE\ OLPLWHGWRmOHVVWKDQDQLPDOXQLWVls$DW IDLOLQJ VZLIWO\ WR H[HFXWH LWV SURFHGXUHV WKH 7RZQVKLS KDV m$*lSURSHUW\ORFDWHGDWOHDVWIHHWIURPSURSHUW\]RQHG GHSULYHGKLPRIWKDWSURSHUW\ULJKWZLWKRXWGXHSURFHVV6HH RWKHUWKDQm$*lPD\FRQWDLQPRUHWKDQDQLPDOXQLWV $SSHOODQWjV %U DW m3ODLQWLIIjV SURFHGXUDO GXH SURFHVV EXWQRPRUHWKDQDQLPDOXQLWVs$DW ULJKW LV WKH ULJKW WR KDYH WKH 7RZQVKLS IROORZ WKH SURFHGXUHVVHWIRUWKLQWKHDSSOLFDEOH]RQLQJHQDEOLQJDFW ,Q sDQXDU\ RI 5LFKDUGVRQ WROG WKH WRZQVKLS +H ZDV GHSULYHG RI WKHVH ULJKWV E\ WKH 7RZQVKLSl VXSHUYLVRU RI KLV LQWHUHVW LQ HVWDEOLVKLQJ D QXUVHU\VZLQH +RZHYHU5LFKDUGVRQFDQKDYHQRSURWHFWHGSURSHUW\LQWHUHVW IDFLOLW\RQKLVSURSHUW\$QXUVHU\VZLQHIDFLOLW\LVSDUWRID LQWKHSURFHGXUHLWVHOI6HH8QLWHGRI2PDKD/LIH,QV&RY WKUHHVWHS RSHUDWLRQ WKDW EHJLQV ZLWK QHZO\ ERUQ SLJV DQG 6RORPRQ )G WK &LU KROGLQJ WKDW D HQGVZLWKKRJVUHDG\IRUPDUNHW3LJVDUULYHDWDQXUVHU\ mGLVDSSRLQWHGELGGHUlWRDJRYHUQPHQWFRQWUDFWGLGQRWKDYH VZLQHIDFLOLW\ZKHQWKH\DUHEHWZHHQIRXUWHHQDQGHLJKWHHQ DSURSHUW\LQWHUHVWLQWKH6WDWHjVSXUFKDVLQJJXLGHOLQHVDQGVR GD\VROGZHLJKLQJEHWZHHQHLJKWDQGWZHOYHSRXQGV7KH\ VXIIHUHG QR GXH SURFHVV YLRODWLRQ ZKHQ WKH 6WDWH IDLOHG WR GHSDUWWKHQXUVHU\VZLQHIDFLOLW\DWWKHDJHRIQLQHZHHNVDW FRPSO\ ZLWK LWV RZQ SURFHGXUH LQ DZDUGLQJ WKH ELG m$ DZHLJKWRIDERXWILIW\WRILIW\ILYHSRXQGV$WWKLVDJHWKH\ µGLVDSSRLQWHGELGGHUjWRDJRYHUQPHQWFRQWUDFWPD\HVWDEOLVK DUHWDNHQWRDILQLVKLQJIDFLOLW\ZKHUHWKH\VWD\XQWLOWKH\DUH DOHJLWLPDWHFODLPRIHQWLWOHPHQWSURWHFWHGE\GXHSURFHVVE\ UHDG\IRUVODXJKWHU VKRZLQJHLWKHUWKDWLWZDVDFWXDOO\DZDUGHGWKHFRQWUDFWDWDQ\ SURFHGXUDOVWDJHRUWKDWORFDOUXOHVOLPLWHGWKHGLVFUHWLRQRI %HFDXVHKHEHOLHYHVWKDWDQHFRQRPLFDOO\YLDEOHQXUVHU\ VWDWHRIILFLDOVDVWRZKRPWKHFRQWUDFWVKRXOGEHDZDUGHGl VZLQH RSHUDWLRQ PXVW KRXVH DSSUR[LPDWHO\ SLJV VHHDOVR/5/3URSHUWLHVY3RUWDJH0HWUR+RXV$XWK 5LFKDUGVRQ VXJJHVWHG WR WKH WRZQVKLS VXSHUYLVRU WKDW KH )G WK&LU FLWLQJ8QLWHGRI2PDKDIRU ZRXOGVHHNWR REWDLQDQmLQWHUSUHWDWLRQYDULDQFHl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jV KHDULQJ RQ WKH SURSRVHG WH[W FKDQJH ZDV FRQGXFWHG RQ JUDQWRIVXPPDU\MXGJPHQWWRWKH7RZQVKLSRQ5LFKDUGVRQjV sDQXDU\ 7KHYRWHRQWKHDPHQGPHQWE\WKH%UDG\ VXEVWDQWLYHDQGSURFHGXUDOGXHSURFHVVFODLPV
5LFKDUGVRQjV SURSHUW\ DSSDUHQWO\ ILWV LQWR WKLV FDWHJRU\ 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
,I 5LFKDUGVRQjV FODLP LV WKDW KH ZDV GHSULYHG RI D WH[W 7RZQVKLS3ODQQLQJ&RPPLVVLRQZDVHTXDOO\GLYLGHGVRWKH DPHQGPHQWRUmLQWHUSUHWDWLRQl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m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sXGJH 5\DQ WKDW 5LFKDUGVRQjV IHH VLPSOH RZQHUVKLS FRXOG FRQVWLWXWH &RPPLVVLRQLQIRUPHGKLPWKDWWKH\ZRXOGVKRUWO\PRYHWR D FRJQL]DEOH SURSHUW\ LQWHUHVW KRZHYHU ZH VLPSO\ GR QRW XQGHUVWDQG DPHQGWKHSURYLVLRQRQWKHLURZQLQLWLDWLYH2QsDQXDU\ 5LFKDUGVRQ WR FRQWHQG WKDW KH KDV EHHQ GHQLHG DQ\ RI WKH ULJKWV RI WKH7RZQVKLS3ODQQLQJ&RPPLVVLRQDJDLQFRQVLGHUHG SURSHUW\ RZQHUVKLS ZLWKRXW GXH SURFHVV RI ODZ ,I 5LFKDUGVRQ KDG DWH[WDPHQGPHQWZKLFKSURSRVHGWKDWVZLQHRYHUILIW\ILYH DUJXHG IRU H[DPSOH WKDW WKH 7RZQVKLS UH]RQHG KLV SURSHUW\ ZLWKRXW SRXQGVEHWUHDWHGDVRQHDQLPDOXQLWZKLOHVZLQHXQGHUILIW\ DIIRUGLQJ KLP GXH SURFHVV WKHQ KLV IHH VLPSOH RZQHUVKLS ZRXOG ILYHSRXQGVEHWUHDWHGDVRIRQHDQLPDOXQLW5LFKDUGVRQ FODLPV WKDW WKH 7RZQVKLS 3ODQQLQJ &RPPLVVLRQ XQGRXEWHGO\ KDYH EHHQ VXIILFLHQW WR VXSSRUW KLV SURFHGXUDO GXH SURFHVV FODLP 7KLV H[SODQDWLRQ VKRXOG VXIILFH WR UHIXWH sXGJH 5\DQjV UHFRPPHQGHGDSSURYDOEXWWKDWWKH7RZQVKLS%RDUGVHQWWKH FKDUDFWHUL]DWLRQ RI RXU RSLQLRQ DV mDSSO\LQJ D GLIIHUHQW WHVW IRU ILQGLQJ D WH[WDPHQGPHQWEDFNWRWKH3ODQQLQJ&RPPLVVLRQIRUIXUWKHU SURWHFWHG SURSHUW\ LQWHUHVW VXIILFLHQW WR MXVWLI\ D SURFHGXUDO GXH SURFHVV ZRUN FODLP WKDQ LV UHTXLUHG WR VXVWDLQ D VXEVWDQWLYH GXH SURFHVV FODLPl !489 DW 2QFH DJDLQ DOWKRXJK ZH DJUHH WKDW 5LFKDUGVRQj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jVmUHTXHVWIRU E\ PHPEHUV RI WKH 7RZQVKLS %RDUG DQG WKH 7RZQVKLS 3ODQQLQJ DWH[WFKDQJHLVQRWZLWKLQWKHVWDWXWRU\MXULVGLFWLRQRIWKH &RPPLVVLRQ WKDW DFWLRQ ZRXOG DJDLQ EH WDNHQ WR DPHQG WKH GHILQLWLRQ =RQLQJ%RDUGRI$SSHDOVls$DW /HWWHUIURP&UDLJ$ ZLWKLQ D UHDVRQDEOH DPRXQW RI WLPH ,W ZDV EDVHG RQ WKHVH DVVXUDQFHV 5ROIHWR*HRUJH3DUNHU 1RDFWLRQRQ5LFKDUGVRQjVUHTXHVW 5LFKDUGVRQ DOOHJHV WKDW KH DSSOLHG IRU D VSHFLDO XVH SHUPLW DQG EHJDQ KLV QXUVHU\VZLQH IDFLOLW\ +RZHYHU 5LFKDUGVRQ GRHV QRW VHHP WR FODLP WKDW KDVEHHQWDNHQ2Q0DUFK 5LFKDUGVRQUHFHLYHGD 7RZQVKLS RIILFLDOV JXDUDQWHHG WKDW WKH WH[W ZRXOG EH DPHQGHG RQO\ WKDW FLYLO LQIUDFWLRQ FLWDWLRQ IRU YLRODWLQJ WKH FRQGLWLRQV RI KLV IXUWKHU DFWLRQ ZRXOG EH WDNHQ 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
VSHFLDOH[FHSWLRQXVHSHUPLWE\KRXVLQJPRUHWKDQ SLJV GLVPLVVHG5LFKDUGVRQjVSURFHGXUDOGXHSURFHVVFODLPRQWKH RQKLVSURSHUW\7KDWHQIRUFHPHQWDFWLRQLVVWLOOSHQGLQJ EDVLVWKDW5LFKDUGVRQIDLOHGWRLGHQWLI\DFRJQL]DEOHSURSHUW\ LQWHUHVW 5LFKDUGVRQWKHQILOHGWKHLQVWDQWDFWLRQLQWKH&LUFXLW&RXUW IRUWKH&RXQW\RI.DODPD]RR+LVFRPSODLQWDOOHJHGWKDWWKH m7KHUHTXLUHPHQWVRISURFHGXUDOGXHSURFHVVDSSO\RQO\WR %UDG\7RZQVKLSDQLPDOXQLWRUGLQDQFHERWKRQLWVIDFHDQG WKHGHSULYDWLRQRILQWHUHVWVHQFRPSDVVHGE\WKH)RXUWHHQWK DV DSSOLHG YLRODWHG KLV ULJKW WR HTXDO SURWHFWLRQ DQG GXH $PHQGPHQWjVSURWHFWLRQRIOLEHUW\DQGSURSHUW\l%RDUGRI SURFHVVDQGWKDWLWHIIHFWHGDWDNLQJRIKLVSURSHUW\ZLWKRXW 5HJHQWVY5RWK86 ,QRUGHUWRVWDWH MXVWFRPSHQVDWLRQDOOLQYLRODWLRQRIWKH8QLWHG6WDWHVDQG D VXFFHVVIXO SURFHGXUDO GXH SURFHVV FODLP WKHUHIRUH 0LFKLJDQ&RQVWLWXWLRQV7KH7RZQVKLSUHPRYHGWKHFDVHWR 5LFKDUGVRQ PXVW HVWDEOLVK WKH H[LVWHQFH RI D SURWHFWHG WKH8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH:HVWHUQ'LVWULFWRI SURSHUW\LQWHUHVW$QDEVWUDFWQHHGRUXQLODWHUDOH[SHFWDWLRQ 0LFKLJDQ GRHVQRWVXIILFHWRFUHDWHDSURSHUW\LQWHUHVW UDWKHUDSHUVRQ PXVW mKDYH D OHJLWLPDWH FODLP RI HQWLWOHPHQWl ,G DW 2Q sDQXDU\ WKH GLVWULFW FRXUW JUDQWHG WKH 7KH6XSUHPH&RXUWKDVH[SODLQHGWKDWWKH&RQVWLWXWLRQGRHV 7RZQVKLSjVPRWLRQIRUVXPPDU\MXGJPHQW7KHGLVWULFWFRXUW QRWFUHDWHSURSHUW\LQWHUHVWV m>7@KH\DUHFUHDWHGDQGWKHLU FRQVLGHUHG5LFKDUGVRQjVVXEVWDQWLYHGXHSURFHVVDQGHTXDO GLPHQVLRQVDUHGHILQHGE\H[LVWLQJUXOHVRUXQGHUVWDQGLQJV SURWHFWLRQFODLPVWRJHWKHUH[SODLQLQJWKDWWKHLQTXLU\IRUERWK WKDWVWHPIURPDQLQGHSHQGHQWVRXUFHVXFKDVVWDWHODZn ZDV ZKHWKHU WKH RUGLQDQFH ZDV UDWLRQDOO\ UHODWHG WR D UXOHVRUXQGHUVWDQGLQJVWKDWVHFXUHFHUWDLQEHQHILWVDQGWKDW OHJLWLPDWH JRYHUQPHQWDO LQWHUHVW 7KH GLVWULFW FRXUW HDVLO\ VXSSRUWFODLPVRIHQWLWOHPHQWWRWKRVHEHQHILWVl,G UHMHFWHG5LFKDUGVRQjVIDFLDOVXEVWDQWLYHGXHSURFHVVDQGHTXDO SURWHFWLRQ FKDOOHQJH UHDVRQLQJ WKDW m>U@HGXFLQJ RGRU LV D $OWKRXJK 5LFKDUGVRQ GRHV QRW VWDWH ZLWK FODULW\ ZKDW OHJLWLPDWHHQGRIJRYHUQPHQW]RQLQJDFWLRQlDQGWKDWmLWLV SURSHUW\ LQWHUHVW KH KDV DOOHJHGO\ EHHQ GHQLHG KH PXVW EH DOVRUDWLRQDOWRGHWHUPLQHWKDWVZLQHDUHDQLPDOVZKLFK DUJXLQJHLWKHUWKDWWKHSURFHGXUHVXVHGWRGHSULYHKLPRIKLV VKRXOGEHWUHDWHG DVSULPHVPHOOSURGXFHUVDQGVKRXOGEH SURSHUW\ LQWHUHVW LQ WKH WH[W DPHQGPHQW RU mLQWHUSUHWDWLRQl ZHLJKHGDVDQHQWLUHDQLPDOXQLWls$DW '&W2S ZHUHLQDGHTXDWH EHFDXVHXQDFFHSWDEO\VORZ RUWKDWKHKDV :LWK UHJDUG WR 5LFKDUGVRQjV mDV DSSOLHGl VXEVWDQWLYH GXH D SURSHUW\ LQWHUHVW LQ KDYLQJ WKH 7RZQVKLS IROORZ WKURXJK SURFHVV DQG HTXDO SURWHFWLRQ FKDOOHQJH WKH GLVWULFW FRXUW ZLWK LWV SURFHGXUHV 2Q HLWKHU WKHRU\ 5LFKDUGVRQjV H[SODLQHG WKDW m>W@KH 3ODLQWLIIjV GHVLUH WKDW WKH 7RZQVKLS SURFHGXUDOGXHSURFHVVFODLPPXVWIDLO FRQVLGHUKLVVZLQHDVIUDFWLRQDODQLPDOXQLWVEDVHGRQWKHLU VPDOOHUVL]HLVXQGHUVWDQGDEOHls$DW '&W2S 7KH GLVWULFWFRXUWFRQFOXGHGKRZHYHUWKDWWKH7RZQVKLSjVIDLOXUH 2UGLQDQFH GRHV DXWKRUL]H WKH =%$ WR GHWHUPLQH WKH DQLPDO XQLW WR GLVWLQJXLVK EHWZHHQ VZLQH RI GLIIHUHQW VL]HV ZDV QRW HTXLYDOHQF\ mIRU W\SHV RI OLYHVWRFN QRW VSHFLILFDOO\ OLVWHGl LUUDWLRQDOLQUHODWLRQWRLWVJRDORIRGRUUHGXFWLRQ7KHGLVWULFW +RZHYHU WKLV GHILQLWLRQ GRHV VSHFLILFDOO\ OLVW DQ DQLPDO XQLW FRXUWUHDVRQHGWKDWm>O@LPLWLQJWKHQXPEHURIVZLQHRIDQ\ HTXLYDOHQF\ IRU WKH W\SH RI OLYHVWRFN DW LVVXH KHUH n VZLQH
VL]HLVDUDWLRQDOPHDQVRIFRQWUROOLQJRGRUVlGHVSLWHWKHIDFW 7KXV 0U 5LFKDUGVRQjV UHTXHVW PD\ QRW IDOO ZLWKLQ WKH FDWFKDOO SDUDJUDSK DXWKRUL]LQJ WKH =%$ WR PDNH FHUWDLQ GHWHUPLQDWLRQV WKDWWKH7RZQVKLSjVPHWKRGPLJKWQRWEHSHUIHFWO\WDLORUHGWR DV WR DQLPDO XQLW HTXLYDOHQFLHV LWV HQGVs$DW '&W2S 7KHGLVWULFWFRXUWQH[W s$ DW /HWWHU IURP &UDLJ $ 5ROIH WR *HRUJH 3DUNHU H[SODLQHGWKDW5LFKDUGVRQKDGQRWGHPRQVWUDWHGWKHH[LVWHQFH RI D SURWHFWHG SURSHUW\ LQWHUHVW VXIILFLHQW WR VXSSRUW D ,Q KLV FRQFXUULQJ RSLQLRQ sXGJH 5\DQ KDV H[SUHVVHG D GLIIHUHQW SURFHGXUDO GXH SURFHVV FODLP )LQDOO\ WKH GLVWULFW FRXUW XQGHUVWDQGLQJ RI WKH QDWXUH RI 5LFKDUGVRQjV SURFHGXUDO GXH SURFHVV FODLP sXGJH 5\DQ H[SODLQV WKDW 5LFKDUGVRQjV IHH VLPSOH RZQHUVKLS RI 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
GLVWLQFWLRQWKDWVHUYHGQRFRQFHLYDEOHSXUSRVH,QWKHLQVWDQW FRQFOXGHG WKDW 5LFKDUGVRQjV WDNLQJV FODLP ZDV SUHPDWXUH FDVHRQWKHRWKHUKDQGWKH7RZQVKLSjVGLVWLQFWLRQVDUHQRW EHFDXVH5LFKDUGVRQKDGQRWXWLOL]HGWKH6WDWHRI0LFKLJDQjV LUUDWLRQDO$VZHKDYHH[SODLQHGWKHDVVLJQPHQWRIWKHVDPH SURFHGXUHVIRUVHHNLQJMXVWFRPSHQVDWLRQ7KHGLVWULFWFRXUW DQLPDOXQLW HTXLYDOHQF\ WR DOO OLNH DQLPDOV UHJDUGOHVV RI WKHUHIRUH GLVPLVVHG 5LFKDUGVRQjV IHGHUDO FRQVWLWXWLRQDO ZHLJKWLVUDWLRQDOLQOLJKWRIWKH7RZQVKLSjVDGPLQLVWUDWLYH FODLPVDQGUHPDQGHGKLVVWDWHFRQVWLWXWLRQDOFODLPVWRVWDWH FRQFHUQV FRXUW:HKDYHMXULVGLFWLRQRYHUWKLVWLPHO\ DSSHDORIWKH GLVWULFW FRXUWjV JUDQW RI VXPPDU\ MXGJPHQW SXUVXDQW WR 5LFKDUGVRQKDVSUHVHQWHGQRHYLGHQFHVKRZLQJWKDWWKHUH 86& LVDJHQXLQHLVVXHDVWRZKHWKHUWKH7RZQVKLSjVDQLPDOXQLW RUGLQDQFH DV DSSOLHG WR KLV QXUVHU\VZLQH IDFLOLW\ LV ,,$1$/<6,6 UDWLRQDOO\ UHODWHG WR LWV OHJLWLPDWH LQWHUHVW &RQVHTXHQWO\ VXPPDU\MXGJPHQWRQWKLVFODLPZDVSURSHU :HUHYLHZGHQRYRDQRUGHURIWKHGLVWULFWFRXUWJUDQWLQJ VXPPDU\MXGJPHQW6HH0D\KHZY$OOVXS)G %3URFHGXUDO'XH3URFHVV WK&LU 6XPPDU\MXGJPHQWLVDSSURSULDWHmLIWKH SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG 7KHUHDUHWZRFRPSRQHQWVWR5LFKDUGVRQjVSURFHGXUDOGXH DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ SURFHVVDUJXPHQW)LUVWKHDOOHJHVWKDWKHZDVGHSULYHGRI WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW SURFHGXUDOGXHSURFHVVEHFDXVHRIWKH7RZQVKLSjVGHOD\LQ WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZl SURFHVVLQJ KLV UHTXHVWHG WH[W DPHQGPHQW $V ZH QRWHG )(' 5 &,9 3 F 2QUHYLHZ RIDVXPPDU\MXGJPHQW HDUOLHU RQ sDQXDU\ WKH 7RZQVKLS 3ODQQLQJ JUDQW ZH YLHZ WKH HYLGHQFH DQG GUDZ DOO UHDVRQDEOH &RPPLVVLRQFRQVLGHUHGWKHDPHQGPHQWIRUDVHFRQGWLPHDQG LQIHUHQFHVWKHUHIURPLQIDYRURIWKHQRQPRYLQJSDUW\6HH DSSURYHG LW EXW WKH 7RZQVKLS %RDUG VHQW WKH DPHQGPHQW 0DWVXVKLWD(OHF,QGXV&RY=HQLWK5DGLR&RUS86 EDFNWRWKH&RPPLVVLRQIRUIXUWKHUZRUN5LFKDUGVRQDVVHUWV WKDW0LFKLJDQODZSURYLGHVDSURFHVVIRU]RQLQJRUGLQDQFH DGRSWLRQ DQG WKDW mWKH 7RZQVKLS KDV VWDOOHG WKH WH[W $6XEVWDQWLYH'XH3URFHVV DPHQGPHQWUHYLHZSURFHVVIRURYHUD\HDUl$SSHOODQWjV%U DW HPSKDVLVLQRULJLQDO 6HFRQG5LFKDUGVRQWDNHVLVVXH :HKDYHUHFRJQL]HGWKDWmFLWL]HQVKDYHDVXEVWDQWLYHGXH ZLWK WKH 7RZQVKLS %RDUG RI =RQLQJ $SSHDOVjV IDLOXUH WR SURFHVV ULJKW QRW WR EH VXEMHFWHG WR DUELWUDU\ RU LUUDWLRQDO SURFHVVKLVUHTXHVWWRmLQWHUSUHWlWKHDQLPDOXQLWRUGLQDQFH ]RQLQJGHFLVLRQVl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m8QGHU >D VXEVWDQWLYH GXH SURFHVV@ DQDO\VLV DQ ,Q KLV OHWWHU WR WKH WRZQVKLS VXSHUYLVRU WKH 7RZQVKLS %RDUG DWWRUQH\ ZURWH ,Q P\ RSLQLRQ VXFK D UHTXHVW LV LQ HIIHFW D UHTXHVW IRU D WH[W $OWKRXJK 5LFKDUGVRQ UDLVHG VXEVWDQWLYH DQG SURFHGXUDO GXH SURFHVV FKDQJH WKDW LV QRW ZLWKLQ WKH VWDWXWRU\ MXULVGLFWLRQ RI WKH =RQLQJ WDNLQJV DQG HTXDO SURWHFWLRQ FODLPV EHORZ KH SUHVVHV RQO\ KLV %RDUG RI $SSHDOV 7KH GHILQLWLRQ RI mDQLPDO XQLWl LQ WKH =RQLQJ VXEVWDQWLYH DQG SURFHGXUDO GXH SURFHVV FODLPV RQ DSSHDO 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
RUGLQDQFH RU UHJXODWLRQ LV LQYDOLG LI LW IDLOV WR DGYDQFH D GHVWUR\ mQR[LRXV RU SRLVRQRXV ZHHGV RU YLQHVl WR SUHYHQW OHJLWLPDWHJRYHUQPHQWDOLQWHUHVWRULILWLVDQXQUHDVRQDEOH WKHP IURP H[FHHGLQJ D KHLJKW RI HLJKW LQFKHV ,G DW PHDQV RI DGYDQFLQJ D OHJLWLPDWH JRYHUQPHQWDO LQWHUHVWl $IWHUWKHSODLQWLIIjVQHLJKERUFRPSODLQHGWRWKH&LW\&RXQFLO 3HDUVRQ )G DW QRWLQJ WKDW LQ VXEVWDQWLYH GXH DERXW WKH IDFW WKDW WKH SODLQWLII NHSW KLV YDFDQW ORW LQ LWV SURFHVVUHYLHZRID]RQLQJRUGLQDQFHmWKHRQO\SHUPLVVLEOH mQDWXUDOl VWDWH WKH &LW\ DPHQGHG LWV RUGLQDQFH WR DGG WKH LQTXLU\lIRUDIHGHUDOFRXUWLVmZKHWKHUWKHOHJLVODWLYHDFWLRQ IROORZLQJSURYLVLRQV LVUDWLRQDOO\UHODWHGWROHJLWLPDWHVWDWHODQGXVHFRQFHUQVl E ([LVWLQJORWVIURQWLQJRQDULJKWRIZD\DQGKDYLQJ $ ]RQLQJ RUGLQDQFH PD\ EH FKDOOHQJHG DV YLRODWLYH RI DZLGWKRIQRWPRUHWKDQIHHWDQGDWRWDODUHDRIOHVV VXEVWDQWLYHGXHSURFHVVHLWKHURQLWVIDFHRUDVDSSOLHGWRD WKDQ RQH DFUH VKDOO EH WRWDOO\ FXW DQG PDLQWDLQHG WR D SDUWLFXODU SDUFHO RI ODQG 6HH 3HDUVRQ )G DW KHLJKWRIQRWPRUHWKDQHLJKWLQFKHV :KHQ D ODQGRZQHU PDNHV D IDFLDO FKDOOHQJH WR D ]RQLQJ F $OORWKHUXQLPSURYHGRUYDFDQWORWVVKDOOEHFXWDQG RUGLQDQFH mKH RU VKH DUJXHV WKDW DQ\ DSSOLFDWLRQ RI WKH PDLQWDLQHG IUHH RI DQ\ JURZWK H[FOXVLYH RI WUHHV RU RUGLQDQFH LV XQFRQVWLWXWLRQDOl :0; 7HFKV ,QF Y ODQGVFDSLQJWRDKHLJKWRIQRWPRUHWKDQHLJKWLQFKHVIRU *DVFRQDGH &RXQW\ )G Q WK &LU DGLVWDQFHRIQRWOHVVWKDQWZHQW\IHHWIURPDQ\ULJKWRI m:KHQRQHPDNHVDQµDVDSSOLHGjFKDOOHQJHKHRUVKH ZD\ LVDWWDFNLQJRQO\WKHGHFLVLRQWKDWDSSOLHGWKHRUGLQDQFHWRKLV RU KHU SURSHUW\ QRW WKH RUGLQDQFH LQ JHQHUDOl ,G ,Q KLV ,GDW1RWVXUSULVLQJO\WKHSODLQWLIIj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jVDQLPDOXQLWRUGLQDQFHPDNHVLWVSXUSRVH DZLGWKRIQRWPRUHWKDQIHHWDQGDWRWDODUHDRIOHVVWKDQ FOHDUnLWDVVLJQVDQDQLPDOXQLWHTXLYDOHQF\WRHDFKW\SHRI RQHDFUHGLIIHUHQWO\WKDQDOORWKHUYDFDQWORWV6HHLGDW $JDLQ%UDG\7RZQVKLSjVQHHGIRUHDVHRIDGPLQLVWUDWLRQ GLVWLQJXLVKHVWKHLQVWDQWFDVHIURP%HUJHU,Q%HUJHUZKLOH ,Q KLV FRQFXUULQJ RSLQLRQ sXGJH 5\DQ REMHFWV WKDW ZH UHDFK WKH ZH DFNQRZOHGJHG WKDW WKH &LW\ PLJKW KDYH KDG OHJLWLPDWH PHULWV RI 5LFKDUGVRQjV VXEVWDQWLYH GXH SURFHVV FODLPV ZLWKRXW UHDVRQV IRU GLIIHUHQWLDWLQJ EHWZHHQ ODUJHU ORWV DQG VPDOOHU FRQVLGHUDWLRQ RI ZKHWKHU KH KDV D VXIILFLHQW SURSHUW\ LQWHUHVW DOWKRXJK ZH FRQFOXGH KH ODFNV VXFK DQ LQWHUHVW IRU KLV SURFHGXUDO GXH SURFHVV FODLPV ORWVVXFKDVDEHOLHIWKDWUHTXLULQJRZQHUVRIODUJHUORWVWR :KLOH ZH UHFRJQL]H WKDW WKH SURSHUW\ LQWHUHVW VWDQGDUG RXJKW WR EH FOHDUWKHLUODQGZRXOGLPSRVHKLJKHUFRVWVRQWKHRZQHUVZH FODULILHG DV sXGJH 5\DQ VXJJHVWV ZH GHFOLQH WR GR VR LQ WKLV FDVH FRQFOXGHG WKDW WKH &LW\jV GLVWLQFWLRQV GLG QRW UDWLRQDOO\ 1HLWKHU SDUW\ EULHIHG WKLV LVVXH HLWKHU RQ DSSHDO RU EHIRUH WKH GLVWULFW DGYDQFH WKHVH SXUSRVHV ,QVWHDG WKH &LW\jV RUGLQDQFH FRXUW WKH GHFLVLRQ DSSHDOHG IURP GRHV QRW DGGUHVV WKLV LVVXH DQG WKH UHVXOWHGLQDVFKHPHLQZKLFKmORWVOLNHWKRVHRI%HUJHUZLWK VXEVWDQWLYH GXH SURFHVV FODLPV PD\ EH UHVROYHG RQ RWKHU JURXQGV &ODMRQ 3URGXFWLRQ &RUS Y 3HWHUD )G WK &LU &I RQHKXQGUHGIHHWRUOHVVRIIURQWDJHDQGOHVVWKDQRQHDFUHLQ UHFRJQL]LQJ WKDW SURSHUW\ LQWHUHVW VKRXOG RUGLQDULO\ EH GHFLGHG ILUVW EXW VL]H>ZHUH@LUUDWLRQDOO\VDQGZLFKHGEHWZHHQORWVERWKODUJHU DVVXPLQJ ZLWKRXW GHFLGLQJ WKDW SODLQWLII KDG SURSHUW\ LQWHUHVW DQG DQGVPDOOHUWKDQKLVl,G7KHRUGLQDQFHWKHUHIRUHGUHZD UHDFKLQJ XQGHUO\LQJ FRQVWLWXWLRQDO LVVXH 5LFKDUGVRQY7RZQVKLSRI%UDG\ 1R 1R 5LFKDUGVRQY7RZQVKLSRI%UDG\
QHLJKERUKRRGl,GDW:HDOVRH[SODLQHGWKDWWKH DQLPDO EDVHG RQ WKH mUHODWLYH GLIIHUHQFHV LQ WKH RGRU PHDQVHPSOR\HGE\WKH&LW\WRDGGUHVVWKHVHFRQFHUQVZHUH SURGXFLQJFKDUDFWHULVWLFVRIDQLPDOZDVWHVl,QFRQMXQFWLRQ UHDVRQDEOHRQWKHLUIDFHDVm>W@KHFRQFHUQVDGGUHVVHGE\WKH ZLWKRWKHUSURYLVLRQVRIWKH7RZQVKLS]RQLQJSODQWKDWOLPLW RUGLQDQFHDUHLPSOLFDWHGZKHQWKHQXPEHURIFDUVSDUNHGRQ WKH QXPEHU RI DQLPDO XQLWV WKDW PD\ EH NHSW RQ SURSHUW\ WKHSUHPLVHVVLJQLILFDQWO\H[FHHGVWKHVHUYLFLQJFDSDELOLWLHV ]RQHGm$*lWKHSXUSRVHRIWKHRUGLQDQFHLVWRUHGXFHRGRUVR RIWKHEXVLQHVVl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mLOORJLFDOl H[WUHPH LW FRXOGOLPLWWKHQXPEHURIDXWRPRELOHVWRWKUHHSHUED\RQ 5LFKDUGVRQLQVWHDGIRFXVHVKLVDUJXPHQWRQWKHFRQWHQWLRQ WKHSUHPLVHVRIDWZRED\RSHUDWLRQHYHQLIWHQDFUHVRI WKDWWKHRUGLQDQFHLVDQXQUHDVRQDEOHPHDQVRIDGYDQFLQJWKH SDUNLQJ VSDFH ZDV DYDLODEOH DQG DYHUDJH VHUYLFLQJ 7RZQVKLSjV OHJLWLPDWH LQWHUHVW +RZHYHU WKH 7RZQVKLSjV FDSDELOLWLHV ZRXOG DFFRPPRGDWH VLJQLILFDQWO\ PRUH GHWHUPLQDWLRQ WKDW RQH SLJ VKRXOG EH WUHDWHG DV RQH HQWLUH DXWRPRELOHVWKDQWKHOLPLWVLPSRVHGE\WKHRUGLQDQFH DQLPDOXQLWMXVWDVRQHFRZDQGRQHKRUVHDUHWUHDWHGDVRQH 7KLVVXJJHVWVWKHSRVVLELOLW\WKDWWKHRUGLQDQFHFRXOGEH XQLWLVQRWDQLUUDWLRQDOPHDQVRIDGYDQFLQJWKH7RZQVKLSjV DUELWUDU\DQGXQUHDVRQDEOHDVDSSOLHGWR&XUWR JRDORIRGRUUHGXFWLRQ:KLOHVZLQHPD\SURGXFHOHVVZDVWH WKDQFRZVDQGKRUVHVLWLVQRWLUUDWLRQDOWREDVHDQLPDOXQLW ,GDW HTXLYDOHQFLHVRQRIIHQVLYHQHVVRIZDVWHUDWKHUWKDQUHODWLYH TXDQWLW\ SURGXFHG ,Q IDFW WKH 7RZQVKLS 3ODQQLQJ ,Q&XUWRWKH&LW\jVIDLOXUHWRFRQVLGHUWKHVL]HRIWKHDUHD &RPPLVVLRQ FRQVLGHUHG EDVLQJ HTXLYDOHQFLHV RQ UHODWLYH EHLQJUHJXODWHGUHQGHUHGWKHRUGLQDQFHVRLQH[DFWDVWRUDLVH ZDVWH SURGXFHG EXW DEDQGRQHG WKDW LGHD s$ DW WKHSRVVLELOLW\WKDWLWZDVQRWUDWLRQDOO\UHODWHGWRWKH&LW\jV SURSRVLQJDQHTXLYDOHQF\RIIRUDKRUVHIRUDPDWXUH JRDOVDVDSSOLHGWR&XUWR,QWKHLQVWDQWFDVHKRZHYHUWKH GDLU\FRZIRUDSLJIRUDVKHHSDQGIRUIRZO s$ 7RZQVKLSjV IDLOXUH WR FRQVLGHU WKH ZHLJKW RI VZLQH LQ DW m>:@KLOH WKH LQLWLDO HTXLYDOHQFLHV ZHUH EDVHG RQ GHWHUPLQLQJDQLPDOXQLWHTXLYDOHQFLHVGRHVQRWUDLVHWKHVDPH UHODWLYHTXDQWLW\RIDQLPDOZDVWHSURGXFHGE\YDULRXVVSHFLHV SRVVLELOLW\ RI DUELWUDULQHVV ,I WKH 7RZQVKLS ZHUH WR WUHDW RI DQLPDOV>@ >W@KH HTXLYDOHQFLHV SURSRVHG LQ WKLV GUDIW DUH VZLQHGLIIHUHQWO\GHSHQGLQJRQZHLJKWWKHUHVXOWZRXOGEHD GHVLJQHG E\ WKH GLIIHUHQFHV LQ WKH RGRU SURGXFLQJ VFKHPHFRQVLGHUDEO\PRUHGLIILFXOWnDQGPRUHFRVWO\nWR FKDUDFWHULVWLFVRIDQLPDOZDVWHl :HFRQFOXGHWKHUHIRUH DGPLQLVWHU7KLVQHHGIRUHDVHRIDGPLQLVWUDWLRQZKLFKZDV WKDW 5LFKDUGVRQjV IDFLDO FKDOOHQJH IDLOV EHFDXVH %UDG\ QRWSUHVHQWLQ&XUWRSURYLGHVDUDWLRQDOHIRUWKH7RZQVKLSjV 7RZQVKLSj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
YLRODWLQJKLVULJKWWRVXEVWDQWLYHGXHSURFHVV+HDUJXHVWKDW $ PXQLFLSDOLW\jV FRQVLGHUDWLRQ RI DGPLQLVWUDWLYH FRQFHUQV WKH 7RZQVKLSjV GHWHUPLQDWLRQ RI WKH VZLQH DQLPDOXQLW VXFK DV WKHVH LV HQWLUHO\ UDWLRQDO DQG GRHV QRW UHQGHU DQ HTXLYDOHQF\ZLWKRXWUHJDUGWRWKHVL]HRIWKHVZLQHPHDQVWKDW RUGLQDQFHFRQVWLWXWLRQDOO\LQILUP WKH DQLPDOXQLW RUGLQDQFH EHDUV QR UDWLRQDO UHODWLRQVKLS WR RGRU FRQWURO +LV DUJXPHQW LQ HVVHQFH LV WKDW IXOOJURZQ ,WPD\ZHOOEHWUXHDV5LFKDUGVRQFODLPVWKDWWKHUHLVD KRJV SURGXFH PRUH ZDVWH WKDQ QXUVHU\ VZLQH VR WKDW LW LV mKXJH DQG REYLRXV GLIIHUHQFH EHWZHHQ WKH RGRUSURGXFLQJ XQUHDVRQDEOHWRUHIXVHWRWUHDWQXUVHU\VZLQHGLIIHUHQWO\ FKDUDFWHULVWLFV RI QXUVHU\ VZLQH DQG IXOOJURZQ KRJVl $SSHOODQWjV%UDW2QWKLVUHDVRQLQJKRZHYHUQRWRQO\ :HKROGWKDWWKH7RZQVKLSjVRUGLQDQFHLVQRWDUELWUDU\DV ZRXOG LW EH LUUDWLRQDO IRU WKH 7RZQVKLS QRW WR GLVWLQJXLVK DSSOLHG WR 5LFKDUGVRQ $V ZH KDYH MXVW H[SODLQHG WKH EHWZHHQSLJVOHVVWKDQILIW\ILYHSRXQGVDQGSLJVJUHDWHUWKDQ 7RZQVKLS FRXOG KDYH UDWLRQDOO\ FRQFOXGHG DV WKH GLVWULFW ILIW\ILYH SRXQGV EXW LW ZRXOG DOVR EH LUUDWLRQDO WR IDLO WR FRXUW SXW LW WKDW SLJV DUH mSULPH VPHOOSURGXFHUVl DQG GLVWLQJXLVKIXUWKHUJUDGDWLRQV)XUWKHUPRUHWKHUHDUHRWKHU DFFRUGLQJO\DVVLJQHGSLJVDQDQLPDOXQLWHTXLYDOHQF\RIRQH IDFWRUVnVXFKDVGLHWnWKDWPD\DIIHFWWKHRGRUSURGXFLQJ $OWKRXJK WDNLQJ WKH ZHLJKW RI SLJV LQWR DFFRXQW LQ FKDUDFWHULVWLFVRIDQLPDOZDVWHEXWVXUHO\WKH7RZQVKLSQHHG GHWHUPLQLQJWKHLUDQLPDOXQLWHTXLYDOHQFLHVPLJKWUHVXOWLQDQ QRWWDNHDOOVXFKIDFWRUVLQWRDFFRXQWLQGHWHUPLQLQJDQLPDO RUGLQDQFHPRUHQDUURZO\WDLORUHGWRWKH7RZQVKLSjVJRDORI XQLW HTXLYDOHQFLHV :H DJUHH ZLWK WKH GLVWULFW FRXUW WKDW UHGXFLQJRGRUWKHIDFWWKDWWKH7RZQVKLSFKRVHQRWWRGRVR m>O@LPLWLQJ WKH QXPEHU RI VZLQH RI DQ\ VL]H LV D UDWLRQDO GRHV QRW PHDQ WKDW LWV RUGLQDQFH LV LUUDWLRQDO :H KDYH PHDQVRIFRQWUROOLQJRGRUVlHYHQWKRXJKLWPD\QRWEHWKH UHSHDWHGO\ VWDWHG WKDW m>D@ OHJLVODWLYH ERG\ QHHG QRW HYHQ SHUIHFWPHDQVs$DW '&W2S VHOHFWWKHEHVWRUWKHOHDVWUHVWULFWLYHPHWKRGRIDWWDLQLQJLWV JRDOVVRORQJDVWKHPHDQVVHOHFWHGDUHUDWLRQDOO\UHODWHGWR 2IFRXUVHDQRUGLQDQFHFDQEHVRFUXGHO\GHVLJQHGDVWR WKRVHJRDOVl6FKHQFNY&LW\RI+XGVRQ)G ZKROO\PLVVWKHPDUNDQG5LFKDUGVRQDUJXHVWKDWWKLVLVVXFK WK&LU VHHDOVR,QWHUVWDWH7RZLQJ$VVjQ,QFY&LW\ D FDVH $QDORJL]LQJ WR WZR RI RXU SUHFHGHQWV 5LFKDUGVRQ RI&LQFLQQDWL)G WK&LU m>7@KH&LW\ DUJXHVWKDWDIDFWXDOGLVSXWHH[LVWVDVWRZKHWKHUWKHDQLPDO QHHGQRWVKRZWKDWLWVRUGLQDQFHSURYLGHVWKHEHVWPHDQVIRU XQLWRUGLQDQFHLVUDWLRQDOO\UHODWHGWRWKH7RZQVKLSjVJRDORI DFKLHYLQJLWVVWDWHGHQGVRQO\WKDWWKHVHPHDQVDUHUDWLRQDOLQ UHGXFLQJ RGRU +RZHYHU ZH GR QRW ILQG 5LFKDUGVRQjV YLHZRILWVJRDOVl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mSUHYHQWLQJXQVLJKWOLQHVVFDXVHGE\ZUHFNHGYHKLFOHV LQUHVSRQVHWKH3ODQQLQJ&RPPLVVLRQFKDLUSHUVRQH[SODLQHG SUHYHQWLQJWUDIILFFRQJHVWLRQDQGRYHUIORZRISDUNHGYHKLFOHV WKDWmZHKDGDORQJGLVFXVVLRQRIZKRZDVJRLQJWRJRRXW LQWRVXUURXQGLQJSURSHUWLHVRUWKHVWUHHWFRQWUROOLQJKDUPIXO DQGZHLJKWKHSLJVls$DW7KLVDGPLQLVWUDWLYH IXPHVDQGRGRUVUHGXFLQJWKHULVNRIILUHKD]DUGVHQVXULQJ FRQFHUQ ZDV HFKRHG DW D VSHFLDO PHHWLQJ RI WKH 3ODQQLQJ DGHTXDWH LQJUHVV DQG HJUHVV E\ HPHUJHQF\ YHKLFOHV DQG &RPPLVVLRQWRYRWHRQWKHSURSRVHGRUGLQDQFHVs$DW SUHVHUYLQJWKHDHVWKHWLFYDOXHRIWKHSURSHUW\DQGVXUURXQGLQJ
Reference
- Status
- Published