United States v. Moore
United States v. Moore
Opinion
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 ! 2:(1 '$1,(/ 0225( ,,, 'HIHQGDQW$SSHOODQW 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW.QR[YLOOH 1R nsDPHV+sDUYLV'LVWULFWsXGJH $UJXHG 0D\ 'HFLGHGDQG)LOHG $XJXVW %HIRUH 0(55,77s21(6DQG&/$<&LUFXLWsXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' +HUEHUW60RQFLHU.QR[YLOOH7HQQHVVHHIRU $SSHOODQW6WHYH+&RRN$66,67$1781,7('67$7(6 $77251(< .QR[YLOOH 7HQQHVVHH IRU $SSHOOHH 21%5,() +HUEHUW60RQFLHU.QR[YLOOH7HQQHVVHHIRU $SSHOODQW6WHYH+&RRN$66,67$1781,7('67$7(6 $77251(<.QR[YLOOH7HQQHVVHHIRU$SSHOOHH
8QLWHG6WDWHVY0RRUH 1R 1R 8QLWHG6WDWHVY0RRUH
BBBBBBBBBBBBBBBBB FRQFOXVLRQZDVFOHDUO\HUURQHRXVDQGZHWKHUHIRUHUHMHFWKLV FODLP 23,1,21 BBBBBBBBBBBBBBBBB ,,, 1$7+$1,(/ 5 s21(6 &LUFXLW sXGJH 3ODLQWLII )RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHGLVWULFWFRXUWjV $SSHOODQW2ZHQ'DQLHO0RRUH,,,DSSHDOVKLVVHQWHQFHDIWHU MXGJPHQW KHSOHDGHGJXLOW\WRFRQVSLUDF\WRVWHDODQGGLVWULEXWHVWROHQ SURSHUW\$PRQJRWKHUWKLQJV0RRUHDVVHUWVWKDWWKHGLVWULFW FRXUWHUUHGLQQRWJUDQWLQJKLVPRWLRQWRFRPSHO'HIHQGDQW $SSHOOHH8QLWHG6WDWHVWRPRYHIRUDVXEVWDQWLDODVVLVWDQFH GRZQZDUG GHSDUWXUH DQG WKDW WKH GLVWULFW FRXUW HUUHG LQ LQFUHDVLQJKLVRIIHQVHOHYHOIRUmPRUHWKDQPLQLPDOSODQQLQJl XQGHU866*% E )RUWKHIROORZLQJUHDVRQVZH $)),50WKHGLVWULFWFRXUWjVMXGJPHQW , ,Q6HSWHPEHU &KULVWRSKHU'DYLVDQDFTXDLQWDQFHRI 0RRUHVWROHDSSUR[LPDWHO\GLDPRQGVIURPKLVHPSOR\HU 'RZQH\'HVLJQ,QWHUQDWLRQDO'DYLVIOHZWR)ORULGDZLWKWKH GLDPRQGV ZKHUH KH FRQWDFWHG 0RRUH DQG DVNHG KLP WR UHWULHYH VRPH RI WKH FRQWUDEDQG 0RRUH GURYH IURP KLV UHVLGHQFHLQ7HQQHVVHHWR)ORULGDDQGUHWXUQHGWR7HQQHVVHH ZLWKDQXPEHURIWKHGLDPRQGV$UULYLQJEDFNLQ7HQQHVVHH 0RRUHEXUQHGWKHGLDPRQGj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sHII 7XUQHU DQG WZR RWKHU XQLQGLFWHG FR KHZDQWHGWRGHDORQO\LQFDVKDQGWKDWDQRWKHULQGLYLGXDOZDV FRQVSLUDWRUV +RZHYHU WKH VXESRHQDV ZHUH HLWKHU QRW VHUYHG RU QRW DFFRPSDQLHG ZLWK WKH UHTXLUHG IHH DV PDQGDWHG E\ )HG 5 &ULP 3 LQYROYHG LQ VHOOLQJ WKH GLDPRQGV 0RRUH JDYH WZR RI WKH G $FFRUGLQJO\ 0RRUH FDQQRW VKRZ WKDW WKH GLVWULFW FRXUW DEXVHG LWV GLDPRQGVWR$JHQW5HHFHDQGZDVVXEVHTXHQWO\DUUHVWHG7KH GLVFUHWLRQ LQ PDNLQJ WKHVH UXOLQJV 8QLWHG6WDWHVY0RRUH 1R 1R 8QLWHG6WDWHVY0RRUH
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jV HQWUHDWLHV WKDW KH FRRSHUDWH DVXEVWDQWLDODVVLVWDQFHGRZQZDUGGHSDUWXUHLQWKHDEVHQFHRI ZLWK WKH RQJRLQJ LQYHVWLJDWLRQ 6SHFLILFDOO\ EHWZHHQ DJRYHUQPHQWPRWLRQ 0RRUHjV DUUHVW DQG LQGLFWPHQW WKH JRYHUQPHQW FRQWDFWHG 0RRUHjVFRXQVHOLQWKHKRSHVRIVHHNLQJKLVFRRSHUDWLRQLQ ) ORFDWLQJDQGUHWXUQLQJWKHRXWVWDQGLQJGLDPRQGVEXWDVQRWHG DERYH 0RRUH FRQWLQXHG WR GLVWULEXWH WKH FRQWUDEDQG 6HH $GGLWLRQDOO\0RRUHDVVHUWVWKDWWKHGLVWULFWFRXUWGHQLHG s$DW$VWKHJRYHUQPHQWjVLQYHVWLJDWLRQFRQWLQXHGLW KLPGXHSURFHVVE\UHMHFWLQJKLVGLVFRYHU\UHTXHVWWRUHYLHZ HYHQWXDOO\ ILOHG D VXSHUVHGLQJ LQIRUPDWLRQ FKDUJH DJDLQVW HYLGHQFHREWDLQHGE\WKH3UREDWLRQ2IILFHULQSUHSDUDWLRQRI 0RRUHIRUFRQVSLULQJZLWK'DYLVLQVWHDOLQJDQGGLVWULEXWLQJ WKH SUHVHQWHQFH UHSRUW :H GLVDJUHH $GGUHVVLQJ D WKH GLDPRQGV 6HH s$ DW 7KH JRYHUQPHQWjV HQVXLQJ FRPSDUDEOHDUJXPHQWIRUGLVFRYHU\UHODWLQJWRDSUHVHQWHQFH LQYHVWLJDWLRQLQWRWKHKHLVWZDVIDFLOLWDWHGE\WKHFRRSHUDWLRQ UHSRUWZHUXOHGLQ8QLWHG6WDWHVY%DUUHWWWKDWm>D@GHIHQGDQW RIDOOHJHGFRFRQVSLUDWRUsHII7XUQHUZKRUHFHLYHGLPPXQLW\ KDVQRGXHSURFHVVULJKWWREHLQIRUPHGLQDGYDQFHRIWKH IRUKLVFRRSHUDWLRQ LGHQWLW\ RI ZLWQHVVHV RU WKH H[SHFWHG VXEVWDQFH RI WKHLU WHVWLPRQ\l )G WK&LU VXSHUVHGHGRQ 6KRUWO\DIWHUOHDUQLQJRI7XUQHUjVFRRSHUDWLRQ0RRUHVWDWHG RWKHUJURXQGV8QLWHG6WDWHVY:LOOLDPV )G WKDW KH ZRXOG FRRSHUDWH DQG HQWHUHG LQWR D 5XOH SOHD Q WK &LU (YHQ PRUH WR WKH SRLQW ZH UXOHG LQ DJUHHPHQW ,Q H[FKDQJH IRU WKH JRYHUQPHQW GURSSLQJ WKH 8QLWHG6WDWHVY6LOYHUPDQ )G WK&LU SRVVHVVLRQDQGGLVWULEXWLRQFKDUJH0RRUHSOHDGHGJXLOW\WR HQEDQF WKDWDWVHQWHQFLQJDGHIHQGDQWRQO\KDVWKH WKHH[SDQGHGFRQVSLUDF\FRXQW7KHIROORZLQJGD\0RRUH ULJKWWRmWRH[SODLQRUUHEXWDQ\FKDOOHQJHGLQIRUPDWLRQlDQG VXUUHQGHUHGRIWKHDSSUR[LPDWHO\VWROHQGLDPRQGV GRHVQRWKDYHWKHULJKWWRGLVFRYHUDSUREDWLRQRIILFHUjVQRWHV 7KHGLVWULFWFRXUWWKHUHIRUHGLGQRWHUULQUHMHFWLQJ0RRUHjV $IWHU WKH JRYHUQPHQW GHFOLQHG WR ILOH D VXEVWDQWLDO GLVFRYHU\UHTXHVW DVVLVWDQFH GRZQZDUG GHSDUWXUH PRWLRQ 0RRUH PRYHG WKH GLVWULFW FRXUW WR UHYLHZ WKH JRYHUQPHQWjV PRWLYDWLRQV IRU 0RRUHDOVRFODLPVWKHGLVWULFWFRXUWHUUHGLQIDLOLQJWRRUGHU IDLOLQJWRILOHDQGWKDWWKHFRXUWFRPSHOWKHJRYHUQPHQWWR DKHDULQJWRLQYHVWLJDWHZKHWKHUWKHJRYHUQPHQWLPSURSHUO\ ILOH7KHGLVWULFWFRXUWVXEVHTXHQWO\GHQLHG0RRUHjVPRWLRQ OHDUQHG IURP KLV 5XOH DGPLVVLRQV WKDW KH EXUQHG WKH WRFRPSHOLQLWVHQWLUHW\FRQFOXGLQJWKDW0RRUHVLJQHGDSOHD GLDPRQGVj LGHQWLI\LQJ WDJV +RZHYHU 0RRUH KDV QRW DJUHHPHQW WKDW JDYH WKH 8QLWHG 6WDWHV VROH GLVFUHWLRQ WR SUHVHQWHG DQ\ HYLGHQFH VXJJHVWLQJ WKH GLVWULFW FRXUWjV GHFLGHLILWZRXOGPRYHIRUVXEVWDQWLDODVVLVWDQFH $WWKHVHQWHQFLQJKHDULQJ0RRUHDWWHPSWHGWRVXESRHQD WKUHHXQLQGLFWHGFRFRQVSLUDWRUVWRHOLFLWERWKWKHWLPHIUDPH DQGFRQWHQWRIWKHLUFRRSHUDWLRQZLWKWKHJRYHUQPHQW7KH 8QLWHG6WDWHVY0RRUH 1R 1R 8QLWHG6WDWHVY0RRUH
GLVWULFWFRXUWTXDVKHGWKHVHVXESRHQDVIRUIDLOLQJWRFRPSO\ GLVFUHWLRQWRGHSDUWGRZQZDUGEXWLVGHFOLQLQJWRGRVR>DV@ ZLWK SURFHGXUDO UHTXLUHPHQWV DQG SURFHHGHG WR FRQVLGHU LW VKRXOG EH DVVXPHG WKDW WKH FRXUW LQ WKH H[HUFLVH RI LWV 0RRUHjVVHQWHQFH$IWHULQFUHDVLQJ0RRUHjVRIIHQVHOHYHOIRU GLVFUHWLRQIRXQGGRZQZDUGGHSDUWXUHXQZDUUDQWHGl8QLWHG PRUHWKDQPLQLPDOSODQQLQJXQGHU866*% E 6WDWHVY+LOO)G WK&LU WKH GLVWULFW FRXUW VHQWHQFHG 0RRUH WR ILIWHHQ PRQWKV LPSULVRQPHQWDQGRUGHUHGKLPWRSD\UHVWLWXWLRQWR'RZQH\ ,Q WKLV FDVH WKH GLVWULFW FRXUW VWDWHG mWKDW WKH FULPLQDO 'HVLJQ,QWHUQDWLRQDOLQWKHDPRXQWRI 0RRUH KLVWRU\ FDWHJRU\ RI GRHV QRW RYHUVWDWH WKH GHIHQGDQWjV QRZDSSHDOVKLVVHQWHQFH KLVWRU\DQGWKHREMHFWLRQLVRYHUUXOHGls$DW%HFDXVH DGLVWULFWFRXUWQHHGQRWHQJDJHLQDmULWXDOLVWLFLQFDQWDWLRQl ,, RI DQ LVVXH WR VKRZ FRQVLGHUDWLRQ VHH 8QLWHG 6WDWHV Y 0F&OHOODQ)G WK&LU ZHGRQRWKDYH $ MXULVGLFWLRQWRHQWHUWDLQ0RRUHjVFODLP $PRQJDOLWDQ\RIFODLPV0RRUHDVVHUWVWKDWWKHGLVWULFW ( FRXUWHUUHGLQGHQ\LQJKLVPRWLRQWRFRPSHOWKHJRYHUQPHQW WRILOHDVXEVWDQWLDODVVLVWDQFHGRZQZDUGGHSDUWXUHPRWLRQ 0RRUHDOVRFODLPVWKDWWKHGLVWULFWFRXUWHUUHGLQFRQFOXGLQJ XQGHU 866* . :H UHYLHZ WKH GLVWULFW FRXUWjV WKDW LW GLG QRW KDYH WKH DXWKRULW\ WR JUDQW D VXEVWDQWLDO LQWHUSUHWDWLRQ RI WKH 6HQWHQFLQJ *XLGHOLQHV GH QRYR 6HH DVVLVWDQFH GRZQZDUG GHSDUWXUH QRWZLWKVWDQGLQJ WKH 8QLWHG6WDWHVYsRQHV )G WK&LU JRYHUQPHQWjVIDLOXUHWRILOHVXFKDPRWLRQ$VQRWHGHDUOLHU 7KHGLVWULFWFRXUWUXOHGWKDWLWFRXOGUHYLHZDUHIXVDOE\WKH ZHUHYLHZWKHGLVWULFWFRXUWjVLQWHUSUHWDWLRQRIWKH*XLGHOLQHV 8QLWHG6WDWHVWRPRYHIRUVXFKDGRZQZDUGGHSDUWXUHRQO\ GHQRYR6HHsRQHV )GDW 0RRUHUHOLHVRQRXU ZKHQ WKH GHIHQGDQW DVVHUWV WKDW XQFRQVWLWXWLRQDO PRWLYHV KROGLQJLQ8QLWHG6WDWHVY&ROHPDQZKHUHZHVWDWHGWKDWWKH PRWLYDWHGWKHJRYHUQPHQWjVGHFLVLRQQRWWRILOH6HHs$DW mRQO\IDFWRUVlDGLVWULFWFRXUWLVSUHFOXGHGIURPFRQVLGHULQJ 0RRUHFODLPVWKDWDFRXUWPD\UHYLHZWKHJRYHUQPHQWjV LQ DVVHVVLQJ D GRZQZDUG GHSDUWXUH PRWLRQ DUH mUDFH VH[ UHIXVDO WR PRYH IRU VXEVWDQWLDO DVVLVWDQFH IRU ERWK QDWLRQDORULJLQFUHHGUHOLJLRQDQGVRFLRHFRQRPLFVWDWXV XQFRQVWLWXWLRQDOPRWLYHVDQGEDGIDLWKDQGWKDWEHFDXVHWKH ODFNRIJXLGDQFHDVD\RXWKGUXJRUDOFRKROGHSHQGHQF\ GLVWULFWFRXUWGLGQRWEHOLHYHLWFRXOGPDNHDEDGIDLWKUHYLHZ DQGHFRQRPLFKDUGVKLSl)G WK&LU ZHVKRXOGUHPDQGIRUUHVHQWHQFLQJ HQEDQF +RZHYHUWKH&ROHPDQGLFWDFLWHGE\0RRUH GRHVQRWVXJJHVWDFRQVWUXFWLYHRYHUUXOLQJRI%HQMDPLQDQG 6HFWLRQ.RIWKH*XLGHOLQHVSURYLGHV RXU ORQJVWDQGLQJ SUHFHGHQWV WKDW D GLVWULFW FRXUW PD\ QRW FRQVLGHUDVXEVWDQWLDODVVLVWDQFHGRZQZDUGGHSDUWXUHZLWKRXW 8SRQ PRWLRQ RI WKH JRYHUQPHQW VWDWLQJ WKDW WKH DPRWLRQE\WKHJRYHUQPHQW6HH%HQMDPLQ)GDW GHIHQGDQW KDV SURYLGHG VXEVWDQWLDO DVVLVWDQFH LQ WKH m$GLVWULFWFRXUWPD\GHSDUW>IRUVXEVWDQWLDODVVLVWDQFH@RQO\ LQYHVWLJDWLRQRUSURVHFXWLRQRIDQRWKHUSHUVRQZKRKDV XSRQDPRWLRQIURPWKHJRYHUQPHQWl 1RUGRHV&ROHPDQ FRPPLWWHG DQ RIIHQVH WKH FRXUW PD\ GHSDUW IURP WKH VXJJHVWDQDEURJDWLRQRIWKHSODLQODQJXDJHRI.ZKLFK JXLGHOLQHV SURYLGHV WKDW D GLVWULFW FRXUW PD\ FRQVLGHU D VXEVWDQWLDO DVVLVWDQFH GHSDUWXUH XQGHU . m>X@SRQ PRWLRQ RI WKH 866*.:KLOHVRPHFLUFXLWVKDYHUXOHGWKDWFRXUWV JRYHUQPHQW VWDWLQJ WKDW WKH GHIHQGDQW KDV SURYLGHG PD\FRQGXFWDEDGIDLWKUHYLHZRIWKHJRYHUQPHQWjVUHIXVDO VXEVWDQWLDODVVLVWDQFHl866*. WRILOHDVXEVWDQWLDODVVLVWDQFHPRWLRQVHH8QLWHG6WDWHVY .QLJKWV )G G&LU 8QLWHG6WDWHVY 8QLWHG6WDWHVY0RRUH 1R 1R 8QLWHG6WDWHVY0RRUH
KRZHYHU WKH :DUVKDZVN\ &RXUW UXOHG WKDW WKH VWDQGDUG sRQHV )G '& &LU WKLV &LUFXLW KDV PHWKRGIRUDVFHUWDLQLQJmORVVlLVWKHPDUNHWSULFHDWZKLFKDQ H[SUHVVO\UXOHGWKDWZKHQDSOHDDJUHHPHQWDOORFDWHVFRPSOHWH DYHUDJHEX\HUZRXOGSXUFKDVHWKHSURSHUW\IURPDQDYHUDJH GLVFUHWLRQWRWKHJRYHUQPHQWWRFRQVLGHUZKHWKHUDVXEVWDQWLDO VHOOHU %\ UHO\LQJ RQ WKH H[SHFWHG PDUNHW VHOOLQJ SULFH DVVLVWDQFHPRWLRQVKRXOGEHILOHGZHPD\RQO\UHYLHZWKH WKHUHIRUHWKHGLVWULFWFRXUWGLGQRWFOHDUO\HUULQLWV% JRYHUQPHQWjV GHFLVLRQ IRU XQFRQVWLWXWLRQDO PRWLYHV 6HH FDOFXODWLRQ 8QLWHG 6WDWHV Y %HQMDPLQ )G WK &LU KROGLQJWKDWZLWKUHVSHFWWRSOHDDJUHHPHQWVZKHUHWKH ' JRYHUQPHQWUHVHUYHVGLVFUHWLRQWRILOHDVXEVWDQWLDODVVLVWDQFH PRWLRQmDGLVWULFWFRXUWPD\RQO\UHYLHZWKHJRYHUQPHQWjV 0RRUH IXUWKHU DVVHUWV WKDW WKH GLVWULFW FRXUW HUUHG LQ UHIXVDOWRPDNHWKHPRWLRQWRGHWHUPLQHZKHWKHUWKHUHIXVDO FDOFXODWLQJKLVFULPLQDOKLVWRU\FDWHJRU\DVKLVWZRSULRU'8, LV EDVHG RQ XQFRQVWLWXWLRQDO FRQVLGHUDWLRQV VXFK DV WKH RIIHQVHV DOOHJHGO\ RYHUUHSUHVHQWHG WKH VHULRXVQHVV RI KLV GHIHQGDQWjVUDFHl VHH8QLWHG6WDWHVY$XVWLQ1R FULPLQDOKLVWRU\0RRUHUHFHLYHGWZRSRLQWVIRUWZRGULYLQJ :/DW WK&LUsDQ XQSXEOLVKHG XQGHUWKHLQIOXHQFHFRQYLFWLRQVRQHLQ DQGDQRWKHULQ RSLQLRQ m,I WKH JRYHUQPHQW UHVHUYHV WKH GLVFUHWLRQ WR 0RRUH GRHV QRW FKDOOHQJH WKH GLVWULFW FRXUWjV GHWHUPLQH ZKHWKHU WKH PRWLRQ LV ZDUUDQWHG WKH FRXUW LV DVVHVVPHQWRIWKHVHWZRSRLQWVEXWFODLPVWKDWKHVKRXOGKDYH OLPLWHGWRUHYLHZLQJVLPSO\ZKHWKHUWKHJRYHUQPHQWjVUHIXVDO EHHQ JUDQWHG D GRZQZDUG GHSDUWXUH EHFDXVH WKH WR PDNH WKH PRWLRQ LV EDVHG RQ XQFRQVWLWXWLRQDO FRQYLFWLRQEDUHO\VDWLVILHGWKHWHQ\HDUVWDWXWHRIOLPLWDWLRQV FRQVLGHUDWLRQVl 2QWKHRWKHUKDQGZKHQWKHJRYHUQPHQW IRUDFULPLQDOKLVWRU\FDOFXODWLRQ EDUJDLQVDZD\LWVGLVFUHWLRQDQGDJUHHVWRDSOHDDJUHHPHQWLQ ZKLFKLWSURPLVHVWRILOHDVXEVWDQWLDODVVLVWDQFHPRWLRQZH ,WLVVHWWOHGWKDWDGLVWULFWFRXUWjVIDLOXUHWRGHSDUWGRZQZDUG PD\ DVFHUWDLQ ZKHWKHU WKH JRYHUQPHQW FRPSOLHG ZLWK WKH LV QRW FRJQL]DEOH RQ DSSHDO ZKHQ WKH JXLGHOLQH UDQJH LV WHUPVRIWKHDJUHHPHQW6HH%HQMDPLQ)GDW SURSHUO\ FRPSXWHG WKH FRXUW LV DZDUH RI LWV GLVFUHWLRQ WR GHSDUW GRZQZDUG DQG WKH VHQWHQFH GRHV QRW YLRODWH WKH ,QSHUWLQHQWSDUW0RRUHjVSOHDDJUHHPHQWSURYLGHV *XLGHOLQHVRUIHGHUDOODZ6HH8QLWHG6WDWHVY%\UG)G WK&LU FLWLQJ8QLWHG6WDWHVY'DYLV ,I LQ WKH RSLQLRQ RI WKH 8QLWHG 6WDWHV WKH 'HIHQGDQW )G WK &LU 0RUHRYHU WKH GLVWULFW UHQGHUV VXEVWDQWLDO DVVLVWDQFH ZLWKLQ WKH PHDQLQJ RI FRXUW LV m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jV FRQWHQWLRQ DV D FKDOOHQJH WR WKH DPRXQW RI UHVWLWXWLRQ DQG WKHUHIRUH UHYLHZ WKH GLVWULFW FRXUWjV GHWHUPLQDWLRQ IRU DQ DEXVH RI s$DW D E HPSKDVLVDGGHG %HFDXVH0RRUHjVSOHD GLVFUHWLRQ 6HH 8QLWHG 6WDWHV Y $GDPV 1R :/ DJUHHPHQW H[SOLFLWO\ JUDQWV WKH JRYHUQPHQW mFRPSOHWH DW WK &LU sXQ 0RRUH KDV FLWHG QR DXWKRULW\ IRU WKH GLVFUHWLRQl WR GHWHUPLQH ZKHWKHU LW VKRXOG PRYH IRU D SURSRVLWLRQ WKDW WKH GLVWULFW FRXUW FRXOG RUGHU LQGLYLGXDOV WR SD\ UHVWLWXWLRQ ZKR DUH QHLWKHU SDUWLHV WR WKH FDVH QRU ZKR ZHUH IRXQG FULPLQDOO\ OLDEOH VXEVWDQWLDO DVVLVWDQFH GHSDUWXUH ZH PD\ UHYLHZ WKH IRU WKH FULPHV SUHFLSLWDWLQJ WKH YLFWLPjV ORVV :H FRQFOXGH WKHUHIRUH WKDW JRYHUQPHQWjV UHIXVDO RQO\ IRU XQFRQVWLWXWLRQDO PRWLYHV WKH GLVWULFW FRXUW GLG QRW DEXVH LWV GLVFUHWLRQ LQ FDOFXODWLQJ 0RRUHjV 0RRUH KDV QRW DOOHJHG DQ\ LPSHUPLVVLEOH PRWLYH DQG UHVWLWXWLRQ REOLJDWLRQV 8QLWHG6WDWHVY0RRUH 1R 1R 8QLWHG6WDWHVY0RRUH
DFFRUGLQJO\ZHDIILUPWKHGLVWULFWFRXUWjVGHQLDORIKLVPRWLRQ & WRFRPSHO 0RRUH QH[W DVVHUWV WKDW WKH GLVWULFW FRXUW HUUHG LQ % FDOFXODWLQJWKHmORVVlDWWULEXWDEOHWRKLVWKHIWIRUWKHSXUSRVHV RI FDOFXODWLQJ KLV RIIHQVH OHYHO XQGHU 866* % 0RRUHDGGLWLRQDOO\FRQWHQGVWKDWWKHGLVWULFWFRXUWHUUHGLQ 6SHFLILFDOO\0RRUHDOOHJHVWKDWWKHGLVWULFWFRXUWLPSURSHUO\ LQFUHDVLQJKLVRIIHQVHOHYHOIRUmPRUHWKDQPLQLPDOSODQQLQJl PHDVXUHGWKHmORVVlFDXVHGE\KLVFULPHVRQWKHEDVLVRIWKH XQGHU866*% E :HUHYLHZWKHGLVWULFWFRXUWjV GLDPRQGjVZKROHVDOHPDUNHWYDOXHUDWKHUWKDQWKHLUNQRZQ mPRUHWKDQPLQLPDOSODQQLQJlILQGLQJIRUFOHDUHUURU6HH UHSODFHPHQW FRVW :H UHYLHZ WKH GLVWULFW FRXUWjV ILQGLQJ 8QLWHG 6WDWHV Y /XW] )G WK &LU UHODWLQJWRWKH%mORVVlFDXVHGE\0RRUHjVFULPHIRU m0RUHWKDQPLQLPDOSODQQLQJlPHDQVmPRUHSODQQLQJWKDQLV FOHDUHUURU6HH8QLWHG6WDWHVY+XJKHV1R W\SLFDOIRUWKHFRPPLVVLRQRIWKHRIIHQVHLQDVLPSOHIRUPRU :/DW WK&LU XQSXEOLVKHGRSLQLRQ LI VLJQLILFDQW DIILUPDWLYH VWHSV ZHUH WDNHQ WR FRQFHDO WKH RIIHQVHl8QLWHG6WDWHVY/RJJLQV1R :/ 7KHFRPPHQWDU\QRWHVWR%SURYLGHWKDWWKHmORVVlLV DW WK&LU XQSXEOLVKHGRSLQLRQ ,WLV RUGLQDULO\ WKH mIDLU PDUNHW YDOXHl RI WKH SURSHUW\ DW LVVXH QRW QHFHVVDU\ WKDW D FULPH VXJJHVWV SODQQLQJ LQ LWV PRVW 866* % FRPPHQW Q 7KH *XLGHOLQHV IXUWKHU GHOLEHUDWLYH IRUP UDWKHU LW LV VXIILFLHQW LI WKH HYLGHQFH SURYLGHWKDWm>I@RUWKHSXUSRVHVRI>%@WKHORVVQHHG VXJJHVWV PHUHO\ WKDW WKH FULPH ZDV QRW FRPPLWWHG LQ LWV QRWEHGHWHUPLQHGZLWKSUHFLVLRQlDVWKHGLVWULFWFRXUWmQHHG VLPSOHVWIRUP6HH8QLWHG6WDWHVY/HZLV)G RQO\ PDNH D UHDVRQDEOH HVWLPDWH RI WKH ORVV JLYHQ WKH WK&LU TXRWLQJ8QLWHG6WDWHVY(OOHUEHH)G DYDLODEOHLQIRUPDWLRQl866*%FRPPHQW Q WK&LU :HKDYHDUWLFXODWHGDWZRVWHSSURFHVVWRDVVLVWGLVWULFWFRXUWV LQGHWHUPLQLQJWKHDPRXQWRImORVVlXQGHU%)LUVWZH 7KH GLVWULFW FRXUW IRXQG WKDW 0RRUH WUDYHOHG WR )ORULGD GHWHUPLQHZKHWKHUDPDUNHWYDOXHIRUWKHVWROHQSURSHUW\LV SLFNHG XS WKH GLDPRQGV DQG UHWXUQHG ZLWK WKHP WR UHDGLO\ DVFHUWDLQDEOH VHFRQG LI D PDUNHW YDOXH LV 7HQQHVVHH7KHFRXUWIXUWKHUIRXQGWKDW0RRUHEXUQHGWKH DVFHUWDLQDEOHZHGHWHUPLQHZKHWKHUWKDWILJXUHFRUUHVSRQGV GLDPRQGjVLGHQWLILFDWLRQWDJVWRDYRLGGHWHFWLRQDQGEXULHG ZLWK WKH JUHDWHU ILJXUH EHWZHHQ WKH KDUP VXIIHUHG E\ WKH WKH FRQWUDEDQG DV ZHOO $GGLWLRQDOO\ WKH FRXUW QRWHG WKDW YLFWLPDQG WKHJDLQUHDOL]HGE\WKHGHIHQGDQW6HH8QLWHG 0RRUHIURQWHGGLDPRQGVWRRWKHUVIRUUHVDOHDQGDOVRVROG 6WDWHVY:DUVKDZVN\)G WK&LU GLDPRQGV KLPVHOI 6HH LG 0RRUH GRHV QRW FKDOOHQJH WKH +XJKHV :/DW 0RUHRYHUmWKHSULFHD YHUDFLW\ RI WKHVH ILQGLQJV EXW FRQWHQGV WKDW WKH\ DUH ZLOOLQJEX\HUZRXOGSD\DZLOOLQJVHOOHUDWWKHWLPHDQGSODFH LQVXIILFLHQW WR VXSSRUW D mPRUH WKDQ PLQLPDO SODQQLQJl WKHSURSHUW\ZDVVWROHQRUDWDQ\WLPHGXULQJWKHUHFHLSWRU ILQGLQJ *LYHQ 0RRUHjV DWWHPSWV WR FRQFHDO KLV FULPLQDO FRQFHDOPHQW RI VWROHQ SURSHUW\l LV WKH FXVWRPDU\ WHVW IRU DFWLYLW\VHH/RJJLQV :/ DW DVVHUWLQJ GHWHUPLQLQJ PDUNHW YDOXH :DUVKDZVN\ )G DW WKDWmPRUHWKDQPLQLPDOSODQQLQJlH[LVWVZKHQDGHIHQGDQW LQWHUQDOTXRWDWLRQPDUNVDQGFLWDWLRQRPLWWHG DWWHPSWVWRFRQFHDOWKHFULPH KLVWUDYHOWR)ORULGDWRUHWULHYH WKHGLDPRQGVDQGKLVIURQWLQJRIGLDPRQGVWRRWKHUVIRUUH +HUH WKH SDUWLHV DJUHH WKDW WKH YLFWLP 'RZQH\ 'HVLJQ VDOHZHFDQQRWFRQFOXGHWKDWWKHGLVWULFWFRXUWjVILQGLQJZDV ,QWHUQDWLRQDO SDLG IRU WKH GLDPRQGV DQG FOHDUO\HUURQHRXV H[SHFWHGWRVHOOWKHPIRU0RRUHFRQWHQGVWKDW WKHGLVWULFWFRXUWVKRXOGKDYHXVHG WKHNQRZQUHSODFHPHQW FRVWUDWKHUWKDQWKHZKROHVDOHPDUNHWYDOXH4XLWHFOHDUO\
Reference
- Status
- Published