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

'js8$1 %521$8*+ ; 3HWLWLRQHU$SSHOODQW    1R  Y  !  67$7( 2) 2+,2  5HVSRQGHQW$SSHOOHH  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&LQFLQQDWL 1R  n6$UWKXU6SLHJHO'LVWULFWsXGJH $UJXHG 6HSWHPEHU 'HFLGHGDQG)LOHG 'HFHPEHU  %HIRUH s21(6DQG0225(&LUFXLWsXGJHV 0$7,$ &KLHI'LVWULFWsXGJH

BBBBBBBBBBBBBBBBB &2816(/ $5*8(' 3DXO0DQFLQRsU0$1&,120$1&,12 0$1&,12 &OHYHODQG 2KLR IRU $SSHOODQW  /DXUHQFH 5 6Q\GHU 2)),&( 2) 7+( $77251(< *(1(5$/ 2)

7KH +RQRUDEOH 3DXO 5 0DWLD &KLHI 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 1RUWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ

  %URQDXJKY6WDWHRI2KLR 1R 

2+,2 &255(&7,216 /,7,*$7,21 6(&7,21 &OHYHODQG2KLRIRU$SSHOOHH21%5,() 3DXO0DQFLQR sU0$1&,120$1&,12 0$1&,12&OHYHODQG2KLR IRU $SSHOODQW  /DXUHQFH 5 6Q\GHU 2)),&( 2) 7+( $77251(< *(1(5$/ 2) 2+,2 &255(&7,216 /,7,*$7,216(&7,21&OHYHODQG2KLRIRU$SSHOOHH 0225(sGHOLYHUHGWKHRSLQLRQRIWKHFRXUWLQZKLFK s21(6sMRLQHG0$7,$'sFRQFXUUHGLQWKHMXGJPHQW RQO\ BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB .$5(1 1(/621 0225( &LUFXLW sXGJH  'jsXDQ %URQDXJKDQ2KLRSULVRQHUZKRZDVFRQYLFWHGRIDJJUDYDWHG PXUGHULQ DSSHDOVWKHIHGHUDOGLVWULFWFRXUWjVGLVPLVVDO RIKLVSHWLWLRQIRUKDEHDVFRUSXVUHOLHIDVWLPHEDUUHGXQGHU WKH RQH\HDU VWDWXWH RI OLPLWDWLRQV RI  86& †  G  %URQDXJKILOHGDSHWLWLRQIRUDZULWRIKDEHDVFRUSXVSXUVXDQW WR86&†WKDWZDVXOWLPDWHO\WUDQVIHUUHGWRWKH86 'LVWULFW&RXUWIRUWKH6RXWKHUQ'LVWULFWRI2KLR%URQDXJK UDLVHGQLQHFODLPVLQKLVKDEHDVSHWLWLRQLQFOXGLQJLQHIIHFWLYH DVVLVWDQFHRIWULDODQGDSSHOODWHFRXQVHODQGVHYHUDOFODLPV DOOHJLQJWKDWKLVGXHSURFHVVULJKWWRDIDLUWULDOZDVYLRODWHG 5HVSRQGHQWWKH6WDWHRI2KLR m6WDWHl PRYHGWRGLVPLVV %URQDXJKjVSHWLWLRQDVERWKSURFHGXUDOO\GHIDXOWHGDQGWLPH EDUUHG:KLOHWKHGLVWULFWFRXUWGLGQRWDJUHHWKDW%URQDXJK KDGSURFHGXUDOO\GHIDXOWHGKLVFODLPVDWWKHVWDWHFRXUWOHYHO LWJUDQWHGWKH6WDWHjVPRWLRQWRGLVPLVVRQWKHJURXQGVWKDW %URQDXJKjV KDEHDV SHWLWLRQ ZDV ILOHG EH\RQG WKH RQH\HDU VWDWXWHRIOLPLWDWLRQVRI† G $VSDUWRIWKHGLVWULFW

 7KH GLVWULFW FRXUW IROORZLQJ WKH 6WDWHjV PRWLRQ WR DPHQG WKH GLVWULFW FRXUWjV MXGJPHQW RQ WKH LVVXH RI SURFHGXUDO GHIDXOW YDFDWHG LWV RUGHU GHQ\LQJ WKH 6WDWHjV PRWLRQ WR GLVPLVV RQ SURFHGXUDO GHIDXOW JURXQGV EXW VWLOO UHIXVHG WR JUDQW WKH 6WDWHjV PRWLRQ WR GLVPLVV RQ WKH JURXQGV RI SURFHGXUDO EDU ,QVWHDG WKH FRXUW UHOLHG VROHO\ RQ LWV SULRU KROGLQJ WKDW 1R  %URQDXJKY6WDWHRI2KLR 

FRXUWjV RUGHU GLVPLVVLQJ %URQDXJKjV KDEHDV SHWLWLRQ DV XQWLPHO\ WKH FRXUW JUDQWHG D FHUWLILFDWH RI DSSHDODELOLW\ mVROHO\ZLWKUHVSHFWWRWKHLVVXHDGGUHVVHGLQWKLVRUGHUDVWR ZKHWKHU WKH LQVWDQW KDEHDV FRUSXV SHWLWLRQ LV EDUUHG IURP UHYLHZXQGHU6HF G lsRLQW$SSHQGL[ ms$l DW  'LVWULFW&RXUWjV2UGHU'LVPLVVLQJ+DEHDV3HWLWLRQ 7KXV WKLV FRXUW ZLOO RQO\ DGGUHVV WKH TXHVWLRQ RI ZKHWKHU %URQDXJKjVKDEHDVSHWLWLRQZDVWLPHO\ILOHG)RUWKHUHDVRQV VHWIRUWKEHORZZH5(9(56(WKHGLVWULFWFRXUWjVKROGLQJ WKDW %URQDXJKjV KDEHDV SHWLWLRQ LV EDUUHG E\ WKH RQH\HDU VWDWXWHRIOLPLWDWLRQVVHWIRUWKLQ† G DQG5(0$1'WR WKDWFRXUWIRUIXUWKHUSURFHHGLQJV ,%$&.*5281' 2Q sXQH    D +DPLOWRQ &RXQW\ 2KLR JUDQG MXU\ UHWXUQHGDQLQGLFWPHQWFKDUJLQJ'jsXDQ%URQDXJKZLWKRQH FRXQWRIDJJUDYDWHGPXUGHUZLWKDILUHDUPVSHFLILFDWLRQ2Q 0D\    D MXU\ IRXQG %URQDXJK JXLOW\ RI DJJUDYDWHG PXUGHUZLWKDILUHDUPVSHFLILFDWLRQDQGKHZDVVHQWHQFHGWR OLIHLPSULVRQPHQW7KH2KLR&RXUWRI$SSHDOVDIILUPHGKLV FRQYLFWLRQRQ$SULO  )ROORZLQJWKHMXGJPHQWRIWKHFRXUWRIDSSHDOV%URQDXJKjV DSSRLQWHG FRXQVHO IDLOHG WR PDNH D WLPHO\ DSSHDO WR WKH 6XSUHPH&RXUWRI2KLREHFDXVHKLVDSSHDORPLWWHGDFRS\RI WKH FRXUW RI DSSHDOV RSLQLRQ DQG WKH MXGJPHQW HQWU\ EHLQJ DSSHDOHG DV UHTXLUHG E\ 2KLR 6XS &W 5 ,,, †  '  )ROORZLQJWKH2KLR6XSUHPH&RXUWjVGHQLDORIKLVVXEVHTXHQW PRWLRQIRUGHOD\HGDSSHDO%URQDXJKILOHGLQWKHVWDWHFRXUW RIDSSHDOVDQDSSOLFDWLRQWRUHRSHQKLVGLUHFWDSSHDOGXHWR LQHIIHFWLYHDVVLVWDQFHRIDSSHOODWHFRXQVHOSXUVXDQWWR2KLR5 $SS 3  %   7KH 2KLR &RXUW RI $SSHDOV GHQLHG

%URQDXJKjV KDEHDV SHWLWLRQ ZDV WLPHEDUUHG DV WKH EDVLV RI LWV GLVPLVVDO

 2KLR 5 $SS 3  %  VWDWHV $ GHIHQGDQW LQ D FULPLQDO FDVH PD\ DSSO\ IRU UHRSHQLQJ RI WKH DSSHDO IURP WKH MXGJPHQW RI FRQYLFWLRQ DQG VHQWHQFH EDVHG RQ D FODLP RI LQHIIHFWLYH DVVLVWDQFH RI DSSHOODWH FRXQVHO $Q  %URQDXJKY6WDWHRI2KLR 1R  1R  %URQDXJKY6WDWHRI2KLR 

%URQDXJKjVDSSOLFDWLRQDVXQWLPHO\VWDWLQJWKDWKHGLGQRW :LWK WKLV LQ PLQG ZH QRZ VSHFLILFDOO\ H[DPLQH WKH VKRZJRRGFDXVHIRUILOLQJKLVDSSOLFDWLRQPRUHWKDQQLQHW\ WLPHOLQHVVRI%URQDXJKjVIHGHUDOKDEHDVFRUSXVSHWLWLRQ$V GD\VDIWHUMRXUQDOL]DWLRQRIWKDWFRXUWjVMXGJPHQWDVUHTXLUHG GLVFXVVHGHDUOLHUEHFDXVH† G  $ jVRQH\HDUVWDWXWH E\ 5XOH  %   7KH 6XSUHPH &RXUW RI 2KLR GLVPLVVHG RIOLPLWDWLRQVGRHVQRWEHJLQWRUXQXQWLODIWHUWKHWLPHIRU %URQDXJKjVDSSHDORIWKHGHQLDORIKLV5XOH % DSSOLFDWLRQ VHHNLQJDZULWRIFHUWLRUDULIURPWKH8QLWHG6WDWHV6XSUHPH DV mQRW LQYROYLQJ DQ\ VXEVWDQWLDO FRQVWLWXWLRQDO TXHVWLRQl &RXUWKDVH[SLUHG%URQDXJKjVRQH\HDUSHULRGRIOLPLWDWLRQV s$DW GLGQRWEHJLQWRUXQXQWLO6HSWHPEHU $WRWDORI GD\VSDVVHGIURP6HSWHPEHU WR$SULO EHIRUH 7KH WLPLQJ RI YDULRXV HYHQWV LQ WKLV FDVHjV FRPSOLFDWHG %URQDXJKILOHGKLV5XOH % DSSOLFDWLRQWRUHRSHQKLVGLUHFW SURFHGXUDOKLVWRU\LVYLWDOWRGHWHUPLQLQJZKHWKHU%URQDXJKjV DSSHDOZLWKWKH2KLR&RXUWRI$SSHDOV$OORIWKDWWLPHLV KDEHDVSHWLWLRQLVWLPHO\XQGHU† G 7KRVHHYHQWVDUH FRXQWHGWRZDUGKLVRQH\HDUSHULRGRIOLPLWDWLRQV$IWHUWKH GHWDLOHGLQWKHIROORZLQJSURFHGXUDOWLPHOLQH 2KLR &RXUW RI $SSHDOV GHQLHG %URQDXJKjV DSSOLFDWLRQ KH DSSHDOHGWKDWGHQLDOWRWKH6XSUHPH&RXUWRI2KLR7KH2KLR 0D\  %URQDXJKLVVHQWHQFHGDIWHUEHLQJIRXQG 6XSUHPH&RXUWGLVPLVVHGKLVDSSHDORQsDQXDU\ 2Q JXLOW\ RI DJJUDYDWHG PXUGHU ZLWK D sDQXDU\  WKHRQH\HDUSHULRGRIOLPLWDWLRQVEHJDQWR ILUHDUPVSHFLILFDWLRQ UXQDJDLQ6HH)HG5&LY3 D )URPsDQXDU\  WR sXQH    WKH GDWH %URQDXJK ILOHG KLV IHGHUDO KDEHDV $SULO  2KLR &RXUW RI$SSHDOVDIILUPV SHWLWLRQDWRWDORIGD\VSDVVHG7KXVDIWHUWROOLQJWKDW %URQDXJKjVFRQYLFWLRQ SHULRGRIWLPHLQZKLFK%URQDXJKjV5XOH % DSSOLFDWLRQWR UHRSHQGLUHFWDSSHDOZDVFRQVLGHUHGE\WKH2KLRFRXUWVRQO\ sXQH  %URQDXJKjVWLPHIRUILOLQJDQDSSHDOWR GD\VSDVVHGEHWZHHQWKHFRPSOHWLRQRIGLUHFWUHYLHZDQG WKH6XSUHPH&RXUWRI2KLRH[SLUHV WKHILOLQJRI%URQDXJKjVIHGHUDOKDEHDVFRUSXVSHWLWLRQ7KLV sXQH   %URQDXJKILOHVLQWKH6XSUHPH&RXUWRI PHHWV WKH RQH\HDU GD\  VWDWXWH RI OLPLWDWLRQV LQ 2KLRDPRWLRQIRUGHOD\HGDSSHDO † G  $ DQG%URQDXJKjVKDEHDVFRUSXVSHWLWLRQLV WLPHO\ sXO\  6XSUHPH &RXUW RI 2KLRGHQLHVPRWLRQ IRUGHOD\HGDSSHDO ,,,&21&/86,21

$SULO  %URQDXJK ILOHV LQ WKH 2KLR&RXUWRI )RU WKH IRUHJRLQJ UHDVRQV ZH 5(9(56( WKH GLVWULFW $SSHDOV D 5XOH  %  DSSOLFDWLRQ WR FRXUWjV RUGHU GLVPLVVLQJ %URQDXJKjV KDEHDV SHWLWLRQ DV UHRSHQKLVGLUHFWDSSHDO XQWLPHO\XQGHU† G DQG5(0$1'WRWKDWFRXUWIRU IXUWKHUSURFHHGLQJV 2FWREHU  2KLR &RXUW RI$SSHDOVGHQLHV %URQDXJKjV DSSOLFDWLRQ WR UHRSHQ KLV

DSSOLFDWLRQ IRU UHRSHQLQJ VKDOO EH ILOHG LQ WKH FRXUW RI DSSHDOV ZKHUH WKH DSSHDO ZDV GHFLGHG ZLWKLQ QLQHW\ GD\V IURP MRXUQDOL]DWLRQ RI WKH DSSHOODWH MXGJPHQW XQOHVV WKH DSSOLFDQW VKRZV JRRG FDXVH IRU ILOLQJ DW D ODWHU WLPH  %URQDXJKY6WDWHRI2KLR 1R  1R  %URQDXJKY6WDWHRI2KLR 

:H IROORZ WKH :KLWH FRXUWjV H[SUHVV KROGLQJ WKDW 5XOH DSSHDOVWDWLQJWKDWKHGLGQRWVKRZJRRG  %  DSSOLFDWLRQV WR UHRSHQ GLUHFW DSSHDO DUH SDUW RI WKH FDXVHIRUILOLQJKLVDSSOLFDWLRQPRUHWKDQ GLUHFWDSSHDOSURFHVV 6HHLG*LYHQWKHFOHDUVWDWHPHQWLQ QLQHW\GD\VDIWHUWKH&RXUWRI$SSHDOVjV :KLWH WKDW  %  DSSOLFDWLRQV DUH SDUW RI GLUHFW UHYLHZ D MXGJPHQWZDVILUVWMRXUQDOL]HG GLVFXVVLRQRIZKHWKHUDQXQWLPHO\5XOH % DSSOLFDWLRQLV D mSURSHUO\ ILOHGl DSSOLFDWLRQ IRU SRVWFRQYLFWLRQ UHOLHI LV 'HFHPEHU  %URQDXJKDSSHDOVWKHGHQLDORIKLV5XOH XQQHFHVVDU\,QVWHDGEHFDXVH† G  $ VWDWHVWKDWWKH  % DSSOLFDWLRQWRWKH6XSUHPH&RXUW RQH\HDU SHULRG RI OLPLWDWLRQV ZLOO QRW UXQ XQWLO WKH RI2KLR mFRQFOXVLRQRIGLUHFWUHYLHZ>@lDQGEHFDXVHZHKDYHKHOGLQ :KLWHWKDW5XOH % DSSOLFDWLRQVDUHSDUWRIGLUHFWUHYLHZ sDQXDU\  6XSUHPH &RXUW RI2KLRGLVPLVVHV WKHVWDWXWHRIOLPLWDWLRQVVKRXOGQRWUXQGXULQJWKHWLPHLQ %URQDXJKjV DSSHDO RI KLV 5XOH  % ZKLFK%URQDXJKjV5XOH % DSSOLFDWLRQZDVSHQGLQJLQWKH DSSOLFDWLRQ 2KLRFRXUWV,WLVLPSRUWDQWWRQRWHWKDW%URQDXJKZLOOQRWEH DEOH WR EHQHILW IURP KLV GHOD\ LQ EULQJLQJ D 5XOH  % sXQH  %URQDXJKILOHVSHWLWLRQIRUKDEHDVFRUSXV DSSOLFDWLRQ WR UHRSHQ GLUHFW DSSHDO E\ UHTXHVWLQJ WKDW UHOLHILQWKH86'LVWULFW&RXUWIRUWKH † G  $ jV RQH\HDUVWDWXWHRIOLPLWDWLRQVQRWEHJLQ 1RUWKHUQ'LVWULFWRI2KLR%URQDXJKjV XQWLO DIWHU KLV 5XOH  %  DSSOLFDWLRQ KDV UXQ LWV FRXUVH SHWLWLRQ LV WUDQVIHUUHG WR WKH 6RXWKHUQ WKURXJKWKHFRXUWV,QVWHDGWKHVWDWXWHRIOLPLWDWLRQVLVWROOHG 'LVWULFWRI2KLRRQsXO\  RQO\ IRU WKDW SHULRG RI WLPH LQ ZKLFK WKH 5XOH  % DSSOLFDWLRQLVDFWXDOO\SHQGLQJLQWKH2KLRFRXUWV 1RYHPEHU  6WDWH RI 2KLR ILOHV PRWLRQWRGLVPLVV %URQDXJKjVKDEHDVFRUSXVSHWLWLRQ 'HFHPEHU  'LVWULFW FRXUW JUDQWV 6WDWHjVPRWLRQWR

GLVPLVVRQWKHJURXQGVWKDW%URQDXJKjV 8QGHU WK &LU 5  SXEOLVKHG SDQHO RSLQLRQV DUH ELQGLQJ RQ DOO SHWLWLRQ ZDV ILOHG RXWVLGH WKH RQH\HDU VXEVHTXHQW SDQHOV 7R WKH H[WHQW WKLV FLUFXLWjV XQSXEOLVKHG RUGHU LQ VWDWXWH RI OLPLWDWLRQV DV LPSRVHG E\ 0RUJDQ Y 0RQH\ 1R   :/  WK &LU )HE    FRQWUDGLFWV :KLWHjV KROGLQJ LW LV QRW ELQGLQJ RQ WKLV FRXUW 1RU GRHV WKH † G  GLFWD LQ 6FRWW Y 0LWFKHOO  )G   WK &LU   ODEHOLQJ 5XOH  % DSSOLFDWLRQV DV SRVWFRQYLFWLRQ SURFHHGLQJV UHGXFH WKH %URQDXJKWKHQDSSHDOHGWKHGLVWULFWFRXUWjVGLVPLVVDORIKLV SUHFHGHQWLDO IRUFH RI :KLWH ,Q ,VKDP  )G DW    WKH GHIHQGDQW KDEHDVFRUSXVSHWLWLRQWRWKLVFRXUW DUJXHG WKDW KLV 5XOH  % DSSOLFDWLRQ DOWKRXJK XQWLPHO\ ZDV D SURSHUO\ ILOHG DSSOLFDWLRQ IRU VWDWH SRVWFRQYLFWLRQ UHYLHZ XQGHU †  G   7KH ,,$1$/<6,6 ,VKDP FRXUW JLYHQ WKH IDFWV RI WKDW FDVH IRXQG LW XQQHFHVVDU\ WR DGGUHVV WKH LVVXH RI ZKHWKHU WKH GHIHQGDQWjV 5XOH  % DSSOLFDWLRQ ZDV SURSHUO\ ILOHG QRU ZDV LW QHFHVVDU\ IRU WKH FRXUW WR DGGUHVV ZKHWKHU 5XOH  % 7KLVFRXUWUHYLHZVDGLVWULFWFRXUWjVGLVSRVLWLRQRIDKDEHDV DSSOLFDWLRQV DUH D SDUW RI WKH GLUHFW DSSHDO 6HH LG 2I FRXUVH WKH ,VKDP FRUSXVSHWLWLRQGHQRYR6HH+DUULVY6WRYDOO)G  FRXUW ZDV DOVR ERXQG E\ WKH HDUOLHU :KLWH GHFLVLRQ  WK&LU %HFDXVH%URQDXJKjVKDEHDVSHWLWLRQZDV ILOHGDIWHUWKH$QWLWHUURULVPDQG(IIHFWLYH'HDWK3HQDOW\$FW  $('3$ EHFDPHHIIHFWLYHRQ$SULO WKHSURYLVLRQV :H DVVXPH ZLWKRXW GHFLGLQJ WKDW %URQDXJK FDQQRW WROO †  G  $ jV VWDWXWH RI OLPLWDWLRQV IRU DQ DGGLWLRQDO QLQHW\ GD\V LQ RIWKDWDFWDSSO\WRWKLVFDVH$('3$VWDWHVWKDWDm\HDU ZKLFK WR ILOH D SHWLWLRQ IRU D ZULW RI FHUWLRUDUL LQ WKH 8QLWHG 6WDWHV SHULRGRIOLPLWDWLRQVVKDOODSSO\WRDQDSSOLFDWLRQIRUDZULWRI 6XSUHPH &RXUW IROORZLQJ WKH 2KLR 6XSUHPH &RXUWjV GHQLDO RI KLV 5XOH KDEHDV FRUSXV E\ D SHUVRQ LQ FXVWRG\ SXUVXDQW WR WKH  % DSSOLFDWLRQ  %URQDXJKY6WDWHRI2KLR 1R  1R  %URQDXJKY6WDWHRI2KLR 

MXGJPHQW RI D 6WDWH FRXUWl   86& †  G    7KH † G  ,IQRWSURSHUO\ILOHGWKH6WDWHDUJXHVWKHQWKH VWDWXWH RI OLPLWDWLRQV EHJLQV WR UXQ IURP WKH ODWHVW RI IRXU WLPHVSHQWIURPWKHILOLQJRIWKH5XOH % DSSOLFDWLRQZLWK FLUFXPVWDQFHV RQH RI ZKLFK LV WKH mGDWH RQ ZKLFK WKH WKH2KLR&RXUWRI$SSHDOVXQWLOLWZDVGHQLHGE\WKH6XSUHPH MXGJPHQWEHFDPHILQDOE\WKHFRQFOXVLRQRIGLUHFWUHYLHZRU &RXUWRI2KLRFDQQRWWROOWKHRQH\HDUSHULRGRIOLPLWDWLRQV WKH H[SLUDWLRQ RI WKH WLPH IRU VHHNLQJ VXFK UHYLHZl   6HH$SSHOOHHjV%UDW 86&† G  $ 7KHRQH\HDUSHULRGRIOLPLWDWLRQV LV WROOHG KRZHYHU IRU WKDW DPRXQW RI WLPH LQ ZKLFK mD ,I D 5XOH  %  DSSOLFDWLRQ WR UHRSHQ GLUHFW DSSHDO LV SURSHUO\ILOHGDSSOLFDWLRQIRU6WDWHSRVWFRQYLFWLRQRURWKHU FRQVLGHUHGSDUWRIWKHGLUHFWUHYLHZSURFHVVKRZHYHUWKHQ FROODWHUDO UHYLHZ ZLWK UHVSHFW WR WKH SHUWLQHQW MXGJPHQW RU WKHUH LV QR QHHG WR DQDO\]H ZKHWKHU LW LV D mSURSHUO\ ILOHG FODLPLVSHQGLQJl86&† G   DSSOLFDWLRQ IRU 6WDWH SRVWFRQYLFWLRQ RU RWKHU FROODWHUDO UHYLHZl† G  ,QVWHDGLID5XOH % DSSOLFDWLRQ :KHWKHU%URQDXJKjVSHWLWLRQIRUIHGHUDOKDEHDVFRUSXVLV LV SDUW RI WKH GLUHFW DSSHDO WKHQ †  G  $  LV WKH WLPHO\ KLQJHV LQ SDUW RQ ZKHQ WKH RQH\HDU VWDWXWH RI UHOHYDQW OLPLWDWLRQV SURYLVLRQ  0RUHRYHU EHFDXVH OLPLWDWLRQVXQGHU† G ILUVWEHJLQVWRUXQ7KLVFLUFXLW † G  $ VWDWHVWKDWWKHRQH\HDUSHULRGRIOLPLWDWLRQV KDVUHFHQWO\GHFLGHGLQ,VKDPY5DQGOH)G   VKRXOGQRWUXQXQWLOWKHmFRQFOXVLRQRIGLUHFWUHYLHZ>@lWKH  WK&LU WKDWXQGHU† G  $ WKHRQH\HDU VWDWXWH RI OLPLWDWLRQV FRXOG QRW FRQWLQXH WR UXQ ZKLOH D VWDWXWHRIOLPLWDWLRQVGRHVQRWEHJLQWRUXQXQWLOWKHWLPHIRU GHIHQGDQWjV5XOH % DSSOLFDWLRQWRUHRSHQGLUHFWDSSHDO ILOLQJDSHWLWLRQIRUDZULWRIFHUWLRUDULIRUGLUHFWUHYLHZLQWKH ZDVEHLQJFRQVLGHUHGE\WKH2KLRDSSHOODWHFRXUWV 8QLWHG 6WDWHV 6XSUHPH &RXUW KDV H[SLUHG  $ FULPLQDO GHIHQGDQW KDV RQO\ QLQHW\ GD\V IROORZLQJ WKH HQWU\ RI 7KLV FRXUWjV FODVVLILFDWLRQ RI 5XOH  %  DSSOLFDWLRQV LV FRQWUROOHGE\WKHUHFHQW6L[WK&LUFXLWSUHFHGHQWRI:KLWHY 6FKRWWHQ)G WK&LU FHUWGHQLHG6 &W     ,Q :KLWH WKLV FLUFXLW DQDO\]HG ZKHWKHU D  FULPLQDO GHIHQGDQW ZDV HQWLWOHG WR HIIHFWLYH DVVLVWDQFH RI ,Q ,VKDP WKH FRXUW KHOG WKDW ZKHQ VHHNLQJ SRVWFRQYLFWLRQ UHOLHI FRXQVHOWKURXJKWKHFRXUVHRIILOLQJD5XOH % DSSOLFDWLRQ XQGHU †  G   WKH RQH\HDU SHULRG RI OLPLWDWLRQV LV QRW WROOHG GXULQJ IRULQHIIHFWLYHDVVLVWDQFHRIDSSHOODWHFRXQVHO6HHLGDW WKDW mWLPH LQ ZKLFK D GHIHQGDQW FRXOG KDYH SRWHQWLDOO\ ILOHG D SHWLWLRQ IRU FHUWLRUDUL ZLWK WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW > @ IROORZLQJ D VWDWH   7KH FRXUW UHDVRQHG WKDW EHFDXVH 2KLR FRXUWV GLG QRW FRXUWjV GHQLDO RI SRVWFRQYLFWLRQ UHOLHIl ,VKDP  )G DW   ,Q FRQVLGHUDQDWWDFNRQWKHDGHTXDF\RIDSSHOODWHFRXQVHOWREH DUULYLQJ DW WKLV FRQFOXVLRQ WKH FRXUW FRPSDUHG WKH ODQJXDJH RI SURSHULQDVWDWHKDEHDVSURFHHGLQJVHH6WDWHY0XUQDKDQ †  G  $  WKH SURYLVLRQ GHDOLQJ ZLWK ZKHQ WKH VWDWXWH RI OLPLWDWLRQV 1(G 2KLR  D5XOH % DSSOLFDWLRQ VKRXOG EHJLQ WR UXQ IROORZLQJ GLUHFW UHYLHZ ZLWK WKH ODQJXDJH RI WKH SRVW FODLPLQJLQHIIHFWLYHDVVLVWDQFHRIDSSHOODWHFRXQVHOPXVWVWLOO FRQYLFWLRQ SURYLVLRQ †  G   7KH FRXUW QRWHG WKDW †  G  $ EHDSDUWRIWKHDFWLYLWLHVUHODWHGWRWKHGLUHFWDSSHDOLWVHOI VWDWHV WKDW WKH RQH\HDU VWDWXWH RI OLPLWDWLRQV mEHJLQV WR UXQ RQ µWKH GDWH RQ ZKLFK WKH MXGJPHQW EHFDPH ILQDO E\ WKH FRQFOXVLRQ RI GLUHFW UHYLHZ RU 6HH:KLWH)GDW7KXVWKHFRXUWH[SODLQHGWKDW WKH H[SLUDWLRQ RI WKH WLPH IRU VHHNLQJ VXFK UHYLHZjl ,G TXRWLQJ LID5XOH % DSSOLFDWLRQZDVSDUWRIWKHGLUHFWDSSHDOWKHQ †  G  $  7KH FRXUW DFNQRZOHGJLQJ WKDW RWKHU FRXUWV KDYH WKH GHIHQGDQW VWLOO KDV D ULJKW WR HIIHFWLYH DVVLVWDQFH RI FRQFOXGHG WKLV ODQJXDJH WR PHDQ WKDW WKH VWDWXWH RI OLPLWDWLRQV VKRXOG QRW FRXQVHOmWKURXJKRXWDOOSKDVHVRIWKDWVWDJHl,GDW UXQ IROORZLQJ GLUHFW UHYLHZ XQWLO DIWHU WKH WLPH IRU SHWLWLRQLQJ IRU D ZULW RI FHUWLRUDUL ZLWK WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW KDV H[SLUHG VWDWHG WKDW EHFDXVH †  G  GLG QRW FRQWDLQ VLPLODU ODQJXDJH WR  †  G  $  LW ZDV mFOHDU WKDW &RQJUHVV LQWHQGHG WR H[FOXGH SRWHQWLDO %URQDXJKjV FRQYLFWLRQ ZDV DIILUPHG E\ WKH 2KLR &RXUW RI $SSHDOV 6XSUHPH &RXUW UHYLHZ DV D EDVLV IRU WROOLQJ WKH RQH \HDU OLPLWDWLRQV RQ $SULO    +H IDLOHG WR ILOH KLV 5XOH  % DSSOLFDWLRQ XQWLO $SULO SHULRGl GXULQJ SRVWFRQYLFWLRQ SURFHHGLQJV ,G     %URQDXJKY6WDWHRI2KLR 1R  1R  %URQDXJKY6WDWHRI2KLR 

6XSUHPH &RXUW ZDV 6HSWHPEHU     6HFWLRQ MXGJPHQWE\WKHmVWDWHFRXUWRIODVWUHVRUWlLQZKLFKWRILOHD  G  $ jVRQH\HDUVWDWXWHRIOLPLWDWLRQVEHJLQVWRUXQ SHWLWLRQIRUDZULWRIFHUWLRUDUL6XS&W5 DW WKH mH[SLUDWLRQ RI WKH WLPH IRU VHHNLQJl GLUHFW UHYLHZ ZKLFKLV6HSWHPEHU  DQGEHFDXVH5XOH D VWDWHVWKDW ,QWKLVFDVHWKH6WDWHFRQWHQGVWKDWWKHODVWGD\RQZKLFK mWKH GD\ RI WKH DFW HYHQW RU GHIDXOW IURP ZKLFK WKH %URQDXJK FRXOG ILOH DQ DSSHDO RI KLV FRQYLFWLRQ WR WKH GHVLJQDWHG SHULRG RI WLPH EHJLQV WR UXQ VKDOO QRW EH 6XSUHPH&RXUWRI2KLRZDVsXQH 6HH$SSHOOHHjV LQFOXGHG>@l%URQDXJKjVRQH\HDUVWDWXWHRIOLPLWDWLRQVEHJDQ %UDW,WZDVRQsXQH WKDW%URQDXJKjVDSSRLQWHG WRUXQRQ6HSWHPEHU ,IQRWKLQJWROOHG%URQDXJKjV FRXQVHOILOHGDQDSSHDOZLWKWKH2KLR6XSUHPH&RXUWRQO\WR VWDWXWH RI OLPLWDWLRQV WKH ODVW GD\ RQ ZKLFK KH FRXOG KDYH KDYHLWUHMHFWHGE\WKDWFRXUWjVDVVLJQPHQWFOHUNIRUIDLOXUHWR ILOHGIRUKDEHDVUHOLHIZRXOGKDYHEHHQ6HSWHPEHU   FRPSO\ ZLWK WKH FRXUWjV DGPLQLVWUDWLYH UHTXLUHPHQW WKDW D 6HH)HG5&LY3 D %URQDXJKKRZHYHUGLGQRWILOHKLV FRS\RIWKHFRXUWRIDSSHDOVRSLQLRQDQGMXGJPHQWHQWU\EHLQJ SHWLWLRQIRUKDEHDVUHOLHIZLWKWKHGLVWULFWFRXUWXQWLOsXQH DSSHDOHGEHLQFOXGHGLQWKHILOLQJ6HH2KLR6XS&W5,,,  7KXVWKHTXHVWLRQRIZKHWKHU%URQDXJKjV5XOH % † ' 7KH8QLWHG6WDWHV6XSUHPH&RXUWSXUVXDQWWR DSSOLFDWLRQWRUHRSHQGLUHFWDSSHDOWROOHG† G jVVWDWXWH 86&† D RQO\KDVMXULVGLFWLRQRYHUWKRVHVWDWHFRXUW RIOLPLWDWLRQVLVFUXFLDOWRGHWHUPLQLQJWKHWLPHOLQHVVRIKLV FDVHVLQZKLFKILQDOMXGJPHQWVRUGHFUHHVKDYHEHHQUHQGHUHG KDEHDVSHWLWLRQ mE\WKHKLJKHVWFRXUWRID6WDWHLQZKLFKDGHFLVLRQFRXOGEH KDGl7KH866XSUHPH&RXUWKDVKHOGLQDSUHYLRXVFDVH 7KH6WDWHDUJXHVWKDWZHVKRXOGFRQVLGHU%URQDXJKjV5XOH WKDWDVLPLODUDFWLRQE\WKH&OHUNRIWKH6XSUHPH&RXUWRI  % DSSOLFDWLRQWRUHRSHQGLUHFWDSSHDODVDIRUPRISRVW 2KLRZKRUHIXVHGWRILOHDQDSSHDOZKHQWKHSHWLWLRQHUIDLOHG FRQYLFWLRQRUFROODWHUDOUHYLHZ6HH$SSHOOHHjV%UDW,I WRLQFOXGHWKHPDQGDWRU\GRFNHWDQGILOLQJIHHVFRQVWLWXWHGD WUHDWHGDVDIRUPRISRVWFRQYLFWLRQRURWKHUFROODWHUDOUHYLHZ ILQDO MXGJPHQW RYHU ZKLFK WKH 86 6XSUHPH &RXUWFRXOG WKHQ WKLV FRXUW XQGHU †  G   PXVW DVN ZKHWKHU DVVHUW LWV MXULVGLFWLRQ SXUVXDQW WR  86& †    6HH %URQDXJKmSURSHUO\ILOHGlKLV5XOH % DSSOLFDWLRQVRDVWR WROOWKHRQH\HDUVWDWXWHRIOLPLWDWLRQVXQGHU† G   6HH† G  7KH6WDWHFODLPVWKDWEHFDXVH%URQDXJK  IDLOHG WR FRPSO\ ZLWK 2KLR 5 $SS 3  %  E\ ILOLQJ KLV (YHQ LI ZH DVVXPH WKDW WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW ZRXOG KROG WKDW WKH 2KLR 6XSUHPH &RXUWjV ILOLQJ UHTXLUHPHQWV FRQVWLWXWH DQ DGHTXDWH DSSOLFDWLRQWRUHRSHQGLUHFWDSSHDOPRUHWKDQQLQHW\GD\VDIWHU DQG LQGHSHQGHQW VWDWH SURFHGXUDO JURXQG WKDW SUHFOXGHV LW IURP KHDULQJ WKHMRXUQDOL]DWLRQRIWKH2KLR&RXUWRI$SSHDOVjVMXGJPHQW %URQDXJKjV DSSHDO %URQDXJK ZRXOG VWLOO KDYH WKH ULJKW WR SHWLWLRQ IRU D DIILUPLQJKLVFRQYLFWLRQDQGEHFDXVHKHIDLOHGWRVKRZJRRG ZULW RI FHUWLRUDUL ZLWK WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW WR FKDOOHQJH FDXVH IRU ILOLQJ ODWH %URQDXJKjV DSSOLFDWLRQ WR UHRSHQ KLV ZKHWKHU WKLV UXOH LV LQGHHG LQGHSHQGHQW DQG DGHTXDWH WR VXSSRUW WKH DSSHDO ZDV QRW mSURSHUO\ ILOHGl DV UHTXLUHG XQGHU MXGJPHQW ZLWKRXW FRQVLGHUDWLRQ RI DQ\ IHGHUDO TXHVWLRQV 7KH 6XSUHPH &RXUW KDV KHOG FRQVLVWHQWO\ WKDW WKH GHWHUPLQDWLRQ RI ZKHWKHU D VWDWH SURFHGXUDO JURXQG LV DGHTXDWH DQG LQGHSHQGHQW WR VXSSRUW D VWDWH FRXUW MXGJPHQW LV D IHGHUDO TXHVWLRQ WKDW WKH 6XSUHPH &RXUW LWVHOI PXVW GHFLGH 6HH +HQU\ Y 0LVVLVVLSSL  86     $ELH 6WDWH %DQN Y :HDYHU  86      7KH 6XSUHPH &RXUW KDV DOVR VWDWHG WKDW WKH SURFHGXUDO JURXQGV XVHG E\ VWDWH FRXUWV WR GLVSRVH RI FDVHV ZLOO mQRW SUHYHQW YLQGLFDWLRQ RI > @ IHGHUDO ULJKWV XQOHVV WKH 6WDWHjV LQVLVWHQFH RQ FRPSOLDQFH ZLWK LWV SURFHGXUDO UXOH>V@ VHUYH>@ D OHJLWLPDWH VWDWH  6HFWLRQ  G  VWDWHV WKDW m>W@KH WLPH GXULQJ ZKLFK D SURSHUO\ LQWHUHVWl +HQU\  86 DW  7KH 6XSUHPH &RXUW LQ UHYLHZLQJ D ILOHG DSSOLFDWLRQ IRU 6WDWH SRVWFRQYLFWLRQ RU RWKHU FROODWHUDO UHYLHZ ZLWK FDVH GLVPLVVHG GXH WR D SURFHGXUDO YLRODWLRQ VLPLODU WR WKDW LQ %URQDXJKjV UHVSHFW WR WKH SHUWLQHQW MXGJPHQW RU FODLP LV SHQGLQJ VKDOO QRW EH FRXQWHG FDVH JUDQWHG D SHWLWLRQ IRU D ZULW RI FHUWLRUDUL DQG KHOG WKDW HYHQ WKRXJK WRZDUG DQ\ SHULRG RI OLPLWDWLRQ XQGHU WKLV VXEVHFWLRQl SHWLWLRQHUV IDLOHG WR FHUWLI\ WKH FLUFXLW FRXUW UHFRUG DV UHTXLUHG E\ )ORULGD  %URQDXJKY6WDWHRI2KLR 1R  1R  %URQDXJKY6WDWHRI2KLR

%XUQVY2KLR86   7KXVLIDVWKH WKHODVWGD\RQZKLFK%URQDXJKFRXOGKDYHILOHGDSHWLWLRQIRU 6WDWHFRQWHQGV%URQDXJKjVWLPHIRUILOLQJDQDSSHDOWRWKH DZULWRIFHUWLRUDULLQWKH8QLWHG6WDWHV6XSUHPH&RXUWZDV 6XSUHPH&RXUWRI2KLRH[SLUHGRQsXQH DQGIXUWKHU 0RQGD\6HSWHPEHU  6HH6XS&W5 DVVXPLQJ WKDW WKH DVVLJQPHQW FOHUN RI WKH 2KLR 6XSUHPH &RXUWUHMHFWHG%URQDXJKjVDSSHDORQWKLVVDPHGD\ WKHQWKH ,IWKHODVWGD\RQZKLFK%URQDXJKFRXOGSHWLWLRQIRUDZULW QLQHW\GD\SHULRGLQZKLFKWRSHWLWLRQIRUDZULWRIFHUWLRUDUL RIFHUWLRUDULZDV6HSWHPEHU  WKHQH[WTXHVWLRQWKLV ZLWKWKH8QLWHG6WDWHV6XSUHPH&RXUWZRXOGEHJLQWRUXQRQ FRXUWPXVWDGGUHVVLVZKHWKHU† G jVRQH\HDUVWDWXWHRI sXQH 6HH6XS&W5 VWDWLQJWKDWLQFDOFXODWLQJ OLPLWDWLRQVEHJLQVWRUXQRQWKHYHU\VDPHGD\RUQRWXQWLOWKH WKHQLQHW\GD\ZLQGRZLQZKLFKWRILOHDSHWLWLRQIRUDZULWRI IROORZLQJ GD\ 6HSWHPEHU     :H ZLOO IROORZ WKLV FHUWLRUDULmWKHGD\RIWKHDFWHYHQWRUGHIDXOWIURPZKLFKWKH FLUFXLWjVXQSXEOLVKHGRSLQLRQLQ*RXOGYsDFNVRQ1R  GHVLJQDWHGSHULRGEHJLQVWRUXQLVQRWLQFOXGHGl %URQDXJKjV :/DW  WK&LU0DU DV QLQHW\GD\ZLQGRZLQZKLFKWRILOHDSHWLWLRQIRUDZULWRI ZHOODVWKHGHFLVLRQVRIVHYHUDORWKHUFLUFXLWVDGGUHVVLQJWKH FHUWLRUDUL LQ WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW HQGHG RQ TXHVWLRQLQDSSO\LQJ)HGHUDO5XOHRI&LYLO3URFHGXUH D jV 6XQGD\6HSWHPEHU \HW6XSUHPH&RXUW5XOHDOVR VWDQGDUGVIRUFRPSXWLQJSHULRGVRIWLPHWR† G jVRQH VWDWHVWKDWWKHODVWGD\RIWKHILOLQJSHULRGVKDOOEHLQFOXGHG \HDUVWDWXWHRIOLPLWDWLRQV6HH+HUQDQGH]Y&DOGZHOO XQOHVVLWLVD6DWXUGD\6XQGD\RUIHGHUDOOHJDOKROLGD\7KXV )G  WK&LU )ODQDJDQYsRKQVRQ)G   WK&LU  5RVVY$UWX])G  G&LU  6HHDOVR8QLWHG6WDWHVY0DUFHOOR)G    WK &LU   DSSO\LQJ 5XOH  D  WR  FRXUW UXOHV ZKHQ WKH\ VXEPLWWHG LW ZLWK DQ RWKHUZLVH WLPHO\ SHWLWLRQ IRU 86&†jVRQH\HDUVWDWXWHRIOLPLWDWLRQV 5RJHUVY D ZULW RI FHUWLRUDUL LQ WKH )ORULGD 'LVWULFW &RXUW RI $SSHDOV WKLV 8QLWHG 6WDWHV  )G     Q VW &LU  SURFHGXUDO JURXQG ZDV QRW DGHTXDWH WR EDU WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW IURP UHYLHZLQJ WKH FDVH 6HH 3DUURW Y &LW\ RI 7DOODKDVVHH  VDPH 0RRUHY8QLWHG6WDWHV)G WK 86     7KXV EHFDXVH %URQDXJK FRXOG FKDOOHQJH LQ D SHWLWLRQ &LU  VDPH 5XOH D VWDWHVWKDWm>L@QFRPSXWLQJDQ\ IRU D ZULW RI FHUWLRUDUL WKH DGHTXDF\ DQG LQGHSHQGHQFH RI WKH VWDWH SHULRGRIWLPHSUHVFULEHGRUDOORZHGE\WKHVHUXOHVRUE\ SURFHGXUDO JURXQG LQYRNHG WR SUHYHQW KLV RWKHUZLVH WLPHO\ DSSHDO WKH DQ\ DSSOLFDEOH VWDWXWH WKH GD\ RI WKH DFW HYHQW RU GHIDXOW RQH\HDU VWDWXWH RI OLPLWDWLRQV LQ †  G  $ VKRXOG QRW EHJLQ WR UXQ IURPZKLFKWKHGHVLJQDWHGSHULRGRIWLPHEHJLQVWRUXQVKDOO XQWLO H[SLUDWLRQ RI WKH QLQHW\GD\ SHULRG LQ ZKLFK KH FRXOG KDYH SHWLWLRQHG QRWEHLQFOXGHGl,Q*RXOG:/DW DVZHOO IRU D ZULW RI FHUWLRUDUL DVLQWKHGHFLVLRQVRIWKHRWKHUFLUFXLWV5XOH D ZDVDSSOLHG  VRDVWRVWDUW† G jVVWDWXWHRIOLPLWDWLRQVRQ$SULO 7KH DVVLJQPHQW FOHUNjV OHWWHU QRWLI\LQJ %URQDXJKjV FRXQVHO RI WKH GHIHFWLYH DSSHDO ZDV GDWHG sXQH      WKH GD\ DIWHU $('3$ EHFDPH HIIHFWLYH WKXV JLYLQJ SULVRQHUVFRQYLFWHGEHIRUHWKHHIIHFWLYHGDWHRI$('3$XQWLO  :H DVVXPH ZLWKRXW GHFLGLQJ WKDW WKH QLQHW\GD\ SHULRG LQ ZKLFK $SULO    WR ILOH D SHWLWLRQ IRU IHGHUDO KDEHDV FRUSXV WR SHWLWLRQ IRU D ZULW RI FHUWLRUDUL LQ WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW UHOLHIDVVXPLQJWKHUHZDVQRWROOLQJ6HH+HUQDQGH] EHJDQ WKH GD\ DIWHU %URQDXJKjV FRXQVHO IDLOHG WR ILOH D WLPHO\ DSSHDO WR WKH )GDW )ODQDJDQ)GDW 5RVV)GDW 6XSUHPH &RXUW RI 2KLR DV RSSRVHG WR WKH GD\ DIWHU %URQDXJKjV PRWLRQ  0DUFHOOR)GDW  5RJHUV)GDW IRU GHOD\HG DSSHDO ZDV GHQLHG E\ WKH 2KLR 6XSUHPH &RXUW $V ZLOO EH Q 0RRUH)GDW GLVFXVVHG LQ PRUH GHWDLO EHORZ ZKHWKHU WKH QLQHW\GD\ SHULRG EHJDQ WR UXQ RQ WKH GD\ DIWHU %URQDXJKjV DSSHDO WR WKH 6XSUHPH &RXUW RI 2KLR ZDV GHWHUPLQHG GHIHFWLYH sXQH     RU RQ WKH GD\ DIWHU WKH 6XSUHPH 1RZZHZLOODSSO\WKHSULQFLSOHVRI5XOH D WRWKLVFDVH &RXUW RI 2KLR GHQLHG KLV PRWLRQ IRU GHOD\HG DSSHDO $XJXVW     VR $VVWDWHGDERYHWKHODVWGD\RQZKLFK%URQDXJKFRXOGKDYH ORQJ DV WKH WLPH GXULQJ ZKLFK KLV 5XOH  % DSSOLFDWLRQ ZDV ILOHG DQG ILOHG D SHWLWLRQ IRU D ZULW RI FHUWLRUDUL LQ WKH 8QLWHG 6WDWHV DSSHDOHG LV WROOHG %URQDXJKjV KDEHDV SHWLWLRQ ZRXOG EH WLPHO\