United States v. Lukse
United States v. Lukse
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$SSHOOHH 1RV Y ! 6&277 /8.6(DOVRNQRZQDV 6&277 /8;/(< s26+8$ +,*+7 'HIHQGDQWV$SSHOODQWV 1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI7HQQHVVHHDW*UHHQHYLOOH 1R n7KRPDV*+XOO'LVWULFWsXGJH $UJXHG 1RYHPEHU 'HFLGHGDQG)LOHG $SULO %HIRUH .(,7+DQG&2/(&LUFXLWsXGJHV 0$5%/(< 'LVWULFWsXGJH
7KH +RQRUDEOH $OJHQRQ / 0DUEOH\ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 6RXWKHUQ 'LVWULFW RI 2KLR VLWWLQJ E\ GHVLJQDWLRQ
8QLWHG6WDWHVY/XNVHHWDO 1RV
BBBBBBBBBBBBBBBBB &2816(/ $5*8(' (GZDUG $ )LRUHOOD sU 0255,621 ),25(//$ &KDUORWWH 1RUWK &DUROLQD &KDUOHV , 3RROH &+$5/(6 322/( $662&,$7(6 6HYLHUYLOOH 7HQQHVVHH IRU $SSHOODQWV 'DQ 5 6PLWK $66,67$17 81,7('67$7(6$77251(<sRKQVRQ&LW\7HQQHVVHH IRU $SSHOOHH 21 %5,() (GZDUG $ )LRUHOOD sU 0255,621 ),25(//$ &KDUORWWH 1RUWK &DUROLQD &KDUOHV , 3RROH &+$5/(6 322/( $662&,$7(6 6HYLHUYLOOH 7HQQHVVHH IRU $SSHOODQWV 'DQ 5 6PLWK $66,67$1781,7('67$7(6$77251(<sRKQVRQ&LW\ 7HQQHVVHHIRU$SSHOOHH BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB '$021s.(,7+&LUFXLWsXGJH,Q WKLV FRQVROLGDWHG GLUHFWDSSHDOWKHGHIHQGDQWV6FRWW/XNVHDQGsRVKXD+LJKW FRQWHQG WKDW WKH GLVWULFW FRXUW HUUHG LQ QRW FRPSHOOLQJ WKH JRYHUQPHQWWRILOHPRWLRQVIRUGRZQZDUGGHSDUWXUHEDVHGRQ VXEVWDQWLDO DVVLVWDQFH UHQGHUHG SXUVXDQW WR WKHLU SOHD DJUHHPHQWV$OWKRXJKZHILQGWKDWWKHJRYHUQPHQWUHWDLQHG IXOO GLVFUHWLRQ WR GHWHUPLQH ZKHWKHU WKH GHIHQGDQWV GLG SURYLGHVXEVWDQWLDODVVLVWDQFHZHILQGWKDWQHZVHQWHQFLQJ KHDULQJVDUHZDUUDQWHGEHFDXVHWKHJRYHUQPHQWGLGQRWPHHW LWVEXUGHQRIVKRZLQJWKDWWKH'HIHQGDQWVEUHDFKHGWKHLUSOHD DJUHHPHQWV 7KHUHIRUH ZH 5(9(56( WKH GLVWULFW FRXUWVj GHFLVLRQV DQG 5(0$1' IRU QHZ VHQWHQFLQJ KHDULQJV FRPPHQVXUDWHZLWKWKLVRSLQLRQ , 7KHGHIHQGDQWVZHUHWZRRIWKLUWHHQLQGLYLGXDOVLQGLFWHGE\ D JUDQG MXU\ LQ WKH (DVWHUQ 'LVWULFW RI 7HQQHVVHH RQ 'HFHPEHU (DFK $SSHOODQW ZDV LQGLFWHG RQ RQH FRXQWRIFRQVSLUDF\WRGLVWULEXWHDQGSRVVHVVZLWKWKHLQWHQW 1RV 8QLWHG6WDWHVY/XNVHHWDO
WRGLVWULEXWHPDULMXDQDDVFKHGXOHRQHFRQWUROOHGVXEVWDQFH LQYLRODWLRQRI86& D 2Q0DUFK /XNVHSOHGJXLOW\SXUVXDQWWRDZULWWHQSOHDDJUHHPHQW2Q sXQH+LJKWDOVRSOHGJXLOW\SXUVXDQWWRDZULWWHQ SOHDDJUHHPHQW 7KH GHIHQGDQWVj SOHD DJUHHPHQWV ZHUH LGHQWLFDO %RWK UHTXLUHGWKHJRYHUQPHQWWRILOHDGRZQZDUGGHSDUWXUHPRWLRQ LILQWKHVROHGLVFUHWLRQRIWKHJRYHUQPHQWWKHGHIHQGDQWV SURYLGHGWKHPZLWKVXEVWDQWLDODVVLVWDQFH7KHDJUHHPHQWV UHDGLQUHOHYDQWSDUW $WWKHWLPHRIVHQWHQFLQJWKH8QLWHG6WDWHVZLOOEULQJWR WKHFRXUWjVDWWHQWLRQWKHQDWXUHH[WHQWDQGYDOXHRIWKH 'HIHQGDQWj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jV DVVLVWDQFH ZDV GHWDLOHG WR WKH VHQWHQFLQJ FRXUW LQ D OHWWHU GDWHGsXO\IURP6SHFLDO$JHQW'DYLG5DPVH\RIWKH 1RUWK &DUROLQD 6WDWH %XUHDX RI ,QYHVWLJDWLRQ /XNVHjV FRRSHUDWLRQOHGWRWKHDUUHVWDQGLQGLFWPHQWRIDWOHDVWWKUHH LQGLYLGXDOV ZKRP WKH JRYHUQPHQW ZRXOG QRW KDYH NQRZQ DERXWDEVHQWKLVKHOS 6LPLODUO\+LJKWSURYLGHGWKHJRYHUQPHQWZLWKLPSRUWDQW LQIRUPDWLRQSUHYLRXVO\XQNQRZQWRWKHP+LJKWSURYLGHGD 'UXJ(QIRUFHPHQW$JHQF\6SHFLDO$JHQWZLWKWKHQDPHVDQG LQYROYHPHQWRIRWKHULQGLYLGXDOVZKRZHUHLQYROYHGLQWKH 8QLWHG6WDWHVY/XNVHHWDO 1RV 1RV 8QLWHG6WDWHVY/XNVHHWDO
FRQVSLUDF\WRVHOODQGGHOLYHUPDULMXDQDIRUZKLFK KHSOHG 0RUHRYHU DOWKRXJK ZH FDQQRW MXGJH ZKHWKHU VXEVWDQWLDO JXLOW\ DVVLVWDQFH ZDV UHQGHUHG RXUVHOYHV QRU GR RXU SUHYLRXVO\ GLVFXVVHGSUHFHGHQWVSUHYHQWSURVHFXWRUVIURPDFWLQJLQEDG $IWHUWKHLUSOHDVDQGWKHLUDIRUHPHQWLRQHGFRRSHUDWLRQZLWK IDLWK ZH PXVW DVVXPH WKDW ZKHQ LW FRPHV WR GHFLVLRQV DV WKHJRYHUQPHQWEXWSULRUWRWKHLUVHQWHQFLQJKHDULQJERWK LPSRUWDQWDVWKHFRQVWLWXWLRQDOO\SURWHFWHGULJKWWRKDYHRQHjV PHQ ZHUH VHHQ VPRNLQJ D PDULMXDQD MRLQW LQ MDLO 7KH SOHDDJUHHPHQWKRQRUHGERWKWKHSURIHVVLRQDOFRGHRIHWKLFV $SSHOODQWVVXEVHTXHQWO\DGPLWWHGWKLVWRWKHJRYHUQPHQW$V DQGRUGLQDU\GHFHQF\GULYHSURVHFXWRUVWRDFWLQJRRGIDLWK DUHVXOWWKHJRYHUQPHQWQRWLILHGWKH$SSHOODQWVjODZ\HUVWKDW 6HH HJ 0F&OHVN\ Y .HPS 86 WKH\ZRXOGQRWILOHPRWLRQVIRUGRZQZDUGGHSDUWXUHFODLPLQJ m:KHUH WKH GLVFUHWLRQ WKDW LV IXQGDPHQWDO WR RXU FULPLQDO WKDWWKH$SSHOODQWVKDGORVWWKHLUFUHGLELOLW\DQGXVHIXOQHVVDV SURFHVV LV LQYROYHG ZH GHFOLQH WR DVVXPH WKDW ZKDW LV WULDOZLWQHVVHV XQH[SODLQHGLVLQYLGLRXVl +HUHWKHXQUHEXWWHGHYLGHQFH VKRZVWKDWWKH$SSHOODQWVSURYLGHGZKDWZRXOGQRUPDOO\EH 7KH $SSHOODQWV VHSDUDWHO\ PRYHG WKH GLVWULFW FRXUW WR GHHPHGmVXEVWDQWLDODVVLVWDQFHl FRPSHOWKHJRYHUQPHQWWRILOHGRZQZDUGGHSDUWXUHPRWLRQV 7KH GLVWULFW FRXUW GHQLHG WKH PRWLRQV UHDVRQLQJ WKDW WKH 9, JRYHUQPHQW KDG UHWDLQHG FRPSOHWH GLVFUHWLRQ WR GHWHUPLQH ZKHWKHUVXEVWDQWLDODVVLVWDQFHKDGEHHQUHQGHUHG&LWLQJRXU 7KHUHIRUHZHKROGWKDWWKHJRYHUQPHQWGLGQRWFDUU\LWV RSLQLRQLQ8QLWHG6WDWHVY%HQMDPLQ)G EXUGHQ WR VKRZ WKDW WKH $SSHOODQWV KDG EUHDFKHG WKH SOHD WK&LU WKHGLVWULFWFRXUWFRQFOXGHGWKDWLWFRXOGRQO\ DJUHHPHQWVZLWKUHVSHFWWRWKHLQYHVWLJDWLRQRIRWKHUVXVSHFWV UHYLHZ WKH JRYHUQPHQWj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jVVXEVHTXHQW %RWK $SSHOODQWV WLPHO\ ILOHG WKHLU DSSHDO DQG ZH IDLOXUHWRILOHWKHGRZQZDUGGHSDUWXUHPRWLRQEUHDFKHGWKH FRQVROLGDWHGWKHFDVHVIRUUHYLHZ SOHDDJUHHPHQWV$VVXFKZHUHPDQGIRUDQHZVHQWHQFLQJ KHDULQJDQGRUGHUWKHJRYHUQPHQWWRILOHGRZQZDUGGHSDUWXUH ,, PRWLRQVFRPPHQVXUDWHZLWKWKH$SSHOODQWVjFRRSHUDWLRQDQG WKLVRSLQLRQ 3OHDDJUHHPHQWVDUHFRQWUDFWXDOLQQDWXUH,QLQWHUSUHWLQJ DQGHQIRUFLQJWKHPWKLV&RXUWXVHVWUDGLWLRQDOSULQFLSOHVRI FRQWUDFWODZ6HH8QLWHG6WDWHVY5RELQVRQ )G WK&LU 7KHFRQWHQWRIDSOHDDJUHHPHQWDQG ZKDWWKHSDUWLHVDJUHHGWRLVDTXHVWLRQRIIDFWIRUWKHGLVWULFW FRXUWWKDWLVUHYLHZHGIRUFOHDUHUURU6HH%DNHUY8QLWHG 6WDWHV)G WK&LU %HIRUHGHFOLQLQJWRKRQRU DWHUPLQDSOHDDJUHHPHQWWKHJRYHUQPHQWEHDUVWKHEXUGHQ RISURYLQJDGHIHQGDQWjVEUHDFKE\DSUHSRQGHUDQFHRIWKH HYLGHQFH6HH%HQMDPLQ)GDW 8QLWHG6WDWHVY/XNVHHWDO 1RV 1RV 8QLWHG6WDWHVY/XNVHHWDO
HUUHG E\ GHQ\LQJ WKH $SSHOODQWVj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jVUHIXVDOWR JRYHUQPHQWjVSRVLWLRQLVWRH[DPLQHRWKHUDYDLODEOHHYLGHQFH ILOHWKHPRWLRQWRGHWHUPLQHZKHWKHULWVGHFLVLRQZDVEDVHG 7KLQNLQJWKDWWKHJRYHUQPHQWj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jVGHFLVLRQWRILOHDVXEVWDQWLDODVVLVWDQFHPRWLRQ 'XULQJWKHVHQWHQFLQJKHDULQJWKHIROORZLQJH[FKDQJHWRRN IRUEDGIDLWKGRHVQRWDOORZWKHJRYHUQPHQWWRRSHQO\EUHDFK SODFH SOHDDJUHHPHQWV6HH0DUEU\YsRKQVRQ86 mZKHQ WKH SURVHFXWLRQ EUHDFKHV LWV SURPLVH ZLWK +LJKWjV$WWRUQH\ <RXU+RQRULIWKHUHLVDTXHVWLRQDV UHVSHFWWRDQH[HFXWHGSOHDDJUHHPHQWWKHGHIHQGDQWSOHDGV WRZKHWKHURUQRW0U+LJKWJDYHVXEVWDQWLDODVVLVWDQFH JXLOW\ RQ D IDOVH SUHPLVH DQG KHQFH KLV FRQYLFWLRQ FDQQRW WRWKH*RYHUQPHQW,WKLQN,FDQFDOO$JHQW;;;EXW, VWDQG>@l $VWKH6XSUHPH&RXUWVWDWHGLQ0DUEU\mµZKHQ WKLQNo D SOHD UHVWV LQ DQ\ VLJQLILFDQW GHJUHH RQ D SURPLVH RU DJUHHPHQWRIWKHSURVHFXWRUVRWKDWLWFDQEHVDLGWREHSDUW &RXUW ,GRQjWWKLQNWKDWjVLQFRQWHQWLRQWKDWoWKHWKLQJ RI WKH LQGXFHPHQW RU FRQVLGHUDWLRQ VXFK SURPLVH PXVW EH WKDWKHjVORVLQJRXWIRULVEHFDXVHRIZKDWKDSSHQHGDIWHU IXOILOOHGjl,GDW TXRWLQJ6DQWREHOODY1HZ<RUN WKDW 86 *RYHUQPHQW <HVVLU ,,, 7KH $SSHOODQWV FRQFHGH WKDW WKH JRYHUQPHQW UHWDLQHG XQLODWHUDO GLVFUHWLRQ WR GHWHUPLQH ZKHWKHU VXEVWDQWLDO DVVLVWDQFHKDGEHHQUHQGHUHG+RZHYHUFLWLQJRXUGHFLVLRQ ,W LV DOVR ZRUWK QRWLQJ WKDW LQ LWV sXO\ RUGHU UHVSRQGLQJ WR LQ %HQMDPLQ WKH\ DUJXH WKDW RQFH WKH JRYHUQPHQW KDG $SSHOODQW +LJKWjV REMHFWLRQV WR WKH SUHVHQWHQFH UHSRUW WKH GLVWULFW FRXUW VWDWHG m,Q LWV GLVFUHWLRQ WKH &RXUW GHFOLQHV WR GHQ\ WKH GHIHQGDQW WKLV >DFFHSWDQFH RI UHVSRQVLELOLW\@ GHGXFWLRQ EHFDXVH WKLV SRVLWLYH GUXJ VFUHHQ KDV FDXVHG WKH GHIHQGDQW WR ORVH D PRWLRQ IRU GRZQZDUG GHSDUWXUH WKDW WKH 6SHFLILF SHUIRUPDQFH RQ SURPLVHV FRQWDLQHG ZLWKLQ D SOHD JRYHUQPHQW ZRXOG KDYH RWKHUZLVH PDGHl DJUHHPHQW LV DOVR DQ DFFHSWHG UHPHG\ IRU EUHDFK $00 3HDY\ Y 8QLWHG 6WDWHV )G WK &LU 8QLWHG6WDWHVY/XNVHHWDO 1RV 1RV 8QLWHG6WDWHVY/XNVHHWDO
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jVEUHDFK6HH%HQMDPLQ)GDW 6WDWHVY0RRUH)G WK&LU 7KH IDFW WKDW WKH JRYHUQPHQW KDV UHWDLQHG VROH GLVFUHWLRQWRGHWHUPLQHZKHWKHUWKH$SSHOODQWVKDYHEUHDFKHG ,9 WKHSOHDDJUHHPHQWVRQO\DIIHFWVWKHOHYHORISURRIWKDWWKH\ PXVWRIIHUWRSURYHWKHEUHDFKHV WKHLUEDOGDVVHUWLRQWKDWWKH ,Q %HQMDPLQ RQH RI WKH GHIHQGDQWjV SOHD DJUHHPHQW $SSHOODQWVGLGQRWSURYLGHVXEVWDQWLDODVVLVWDQFHGXULQJWKH UHTXLUHG WKH JRYHUQPHQW WR PDNH D PRWLRQ IRU GRZQZDUG LQYHVWLJDWLRQVZRXOGKDYHPHWZKDWHYHUEXUGHQRISURRIWKH\ GHSDUWXUHLIKHUHQGHUHGVXEVWDQWLDODVVLVWDQFH%HQMDPLQ ZHUHUHTXLUHGWRPHHWEHFDXVHRIRXUOLPLWHGDELOLW\WRUHYLHZ )GDW7KHUHOHYDQWODQJXDJHLQWKHDJUHHPHQWUHDG WKHLU ZHLJKLQJ RI WKH VXEVWDQWLDO DVVLVWDQFH VWDQGDUG mLIWKHGHIHQGDQWIXOO\FRPSOLHVZLWKDOOKLVREOLJDWLRQVDV +RZHYHUWKHVRIWUHTXLUHPHQWIRUPHHWLQJWKHLUEXUGHQGRHV GHILQHGDQGGHVFULEHGLQWKLV3OHD$JUHHPHQWWKHJRYHUQPHQW QRW FKDQJH WKH IDFW WKDW WKH\ KDG WKH EXUGHQ WR SURYH WKH ZLOODWWKHWLPHRIVHQWHQFLQJPRYHIRUDIRXUOHYHOUHGXFWLRQ $SSHOODQWVjEUHDFK IRUVXEVWDQWLDODVVLVWDQFHl,G$OWKRXJKZHK\SRWKHVL]HGLQ %HQMDPLQ WKDW KDG WKH JRYHUQPHQW UHWDLQHG FRPSOHWH :HKROGWKDWWKHJRYHUQPHQWIDLOHGWRPHHWLWVEXUGHQRI GLVFUHWLRQ WR GHWHUPLQH ZKHWKHU WKH VXEVWDQWLDO DVVLVWDQFH SURYLQJWKH$SSHOODQWVjEUHDFKHVEHIRUHGHFOLQLQJWRKRQRU VWDQGDUGKDGEHHQPHWZHZRXOGRQO\EHDEOHWRUHYLHZWKDW WKH REOLJDWLRQV VHW IRUWK LQ WKH SOHD DJUHHPHQWV 7KH SOHD GHFLVLRQ IRU PRWLYDWLRQV WKDW ZHUH XQFRQVWLWXWLRQDO RXU DJUHHPHQWV UHTXLUHG WKH $SSHOODQWV WR SURYLGH LQ WKH GHFLVLRQLQWKDWFDVHGLGQRWUHVWRQVXFKDSULQFLSOH,GDW JRYHUQPHQWjVH\HVVXEVWDQWLDODVVLVWDQFH7KHJRYHUQPHQW 8OWLPDWHO\ZHFRQFOXGHGWKDWWKHJRYHUQPHQWKDGQRW KDVSURYLGHGQRHYLGHQFHVKRZLQJWKDWWKH\GHWHUPLQHGWKH UHWDLQHGWKHGLVFUHWLRQWRGHWHUPLQHZKHWKHUWKHVXEVWDQWLDO $SSHOODQWVj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jVEUHDFKE\DSUHSRQGHUDQFHRIWKH GHFLGHG ZKHWKHU WKH $SSHOODQWjV SURYLGHG VXEVWDQWLDO DVVLVWDQFH SULRU WR WKH PDULMXDQD VPRNLQJ LQFLGHQW DW DOO 8QLWHG6WDWHVY/XNVHHWDO 1RV 1RV 8QLWHG6WDWHVY/XNVHHWDO
PRWLYDWLRQV+HUHKRZHYHUQRVXFKGHQLDOKDVEHHQPDGH HYLGHQFH ,G 7KHUHIRUH ZH KHOG WKDW WKH JRYHUQPHQW ZLWKUHJDUGVWRWKHLQYHVWLJDWLRQRIRWKHUVXVSHFWV EUHDFKHGWKHSOHDDJUHHPHQW,G 7KHUHIRUH DOWKRXJK WKH JRYHUQPHQW KDG FRPSOHWH ,WZDVRQO\LQ8QLWHG6WDWHVY0RRUH)G WK GLVFUHWLRQ WR GHWHUPLQH LI WKH $SSHOODQWV KDG UHQGHUHG &LU WKDWZHILUPO\KHOGWKDWmZKHQDSOHDDJUHHPHQW VXEVWDQWLDO DVVLVWDQFH WKH DJUHHPHQW VWLOO LPSRVHG FHUWDLQ DOORFDWHVFRPSOHWHGLVFUHWLRQWRWKHJRYHUQPHQWWRFRQVLGHU UHVWUDLQWVRQWKHP)LUVWWKH\KDGWRDQDO\]HDQGGHWHUPLQH ZKHWKHUDVXEVWDQWLDODVVLVWDQFHPRWLRQVKRXOGEHILOHGZH ZKHWKHUVXEVWDQWLDODVVLVWDQFHKDGEHHQUHQGHUHG WKH\FRXOG PD\ RQO\ UHYLHZ WKH JRYHUQPHQWjV GHFLVLRQ IRU QRW VLPSO\ OHDYH WKH TXHVWLRQ XQDQVZHUHG 6HFRQG LI WKH XQFRQVWLWXWLRQDO PRWLYHVl ,G DW ,Q 0RRUH WKH JRYHUQPHQW GHFLGHG QRW WR ILOH WKH PRWLRQ WKH\ KDG WR JRYHUQPHQW FOHDUO\ UHWDLQHG VROH GLVFUHWLRQ WR GHWHUPLQH HVWDEOLVK WKH $SSHOODQWVj EUHDFK RI WKH SOHD DJUHHPHQW DV ZKHWKHU WKH\ ZRXOG ILOH D . PRWLRQ IRU VXEVWDQWLDO %HQMDPLQ KROGV WKDW LW LV WKHLU EXUGHQ 7KLUG LI WKH\ DVVLVWDQFHUHQGHUHG,G:KHQWKH\GHFOLQHGWRGRVRWKH GHWHUPLQHGWKDWVXEVWDQWLDODVVLVWDQFHKDGEHHQUHQGHUHGLQ GHIHQGDQWDSSHOODQWVRXJKWFRXUWUHYLHZRIWKHJRYHUQPHQWjV HLWKHUWKHSURVHFXWLRQRULQYHVWLJDWLRQRIRWKHUVXVSHFWVWKH\ UHDVRQVIRUQRWILOLQJWKHPRWLRQDQGDQRUGHUGLUHFWLQJWKH ZHUHUHTXLUHGWRILOHWKHPRWLRQV7KHSOHDDJUHHPHQWVWDWHG JRYHUQPHQWWRILOHWKHPRWLRQ,GDW:HGHQLHGWKH WKDW m>L@I LQ WKH VROH GLVFUHWLRQ RI WKH 8QLWHG 6WDWHV WKH PRWLRQVFRQFOXGLQJWKDWWKHUHZDVQRFDXVHRIDFWLRQEHFDXVH 'HIHQGDQWSURYLGHVVXEVWDQWLDODVVLVWDQFHLQWKHLQYHVWLJDWLRQ QR XQFRQVWLWXWLRQDO PRWLYHV KDG EHHQ DOOHJHG ,G DW RU SURVHFXWLRQ RI DQRWKHU SHUVRQ ZKR KDV FRPPLWWHG DQ 5HO\LQJ RQ %HQMDPLQ ZH UHMHFWHG WKH SURSRVLWLRQ WKDW ZH RIIHQVHWKH8QLWHG6WDWHVZLOOPDNHDPRWLRQIRUGRZQZDUG FRXOG UHYLHZ WKH JRYHUQPHQWjV GHFLVLRQ RQ ZKHWKHU GHSDUWXUH>@l HPSKDVLVDGGHG $Q\RWKHUFRQFOXVLRQZRXOG VXEVWDQWLDODVVLVWDQFHKDGEHHQUHQGHUHGWRVHHLILWZDVPDGH PDNHVXFKSOHDDJUHHPHQWVFRPSOHWHO\LOOXVRU\DQGYLRODWH LQEDGIDLWK,G WKH6XSUHPH&RXUWjVGLFWDWHVRQWKHLVVXHRISOHDDJUHHPHQWV 6HHHJ0DUEU\Ys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
WK &LU 'HF mQR FRXUW LV DEOH WR UHYLHZ WKH *RYHUQPHQWjV $OWKRXJK WKH JRYHUQPHQW FOHDUO\ FRQVLGHUHG WKH UHIXVDO WR ILOH D PRWLRQ IRU GRZQZDUG GHSDUWXUHl ,Q +DZNLQV D SDQHO $SSHOODQWVjDGKHUHQFHWRWKHSOHDDJUHHPHQWZLWKUHVSHFWWR RI WKLV &RXUW ZHQW WR JUHDW OHQJWKV WR H[SUHVV LWV GLVDJUHHPHQW ZLWK WKH WKH SURVHFXWLRQ RI RWKHU VXVSHFWV WKH $SSHOODQWVj FRXOG UXOH VHW IRUWK E\ 0RRUH DQG %HQMDPLQ +RZHYHU DFNQRZOHGJLQJ WKDW RQH VDWLVI\WKHLUREOLJDWLRQVXQGHUWKHDJUHHPHQWLQRWKHUZD\V SDQHO RI WKH 6L[WK &LUFXLW FDQQRW RYHUUXOH WKH GHFLVLRQ RI DQRWKHU SDQHO 8QLWHG 6WDWHV Y $EOHV )G WK &LU WKH SDQHO LQ 7KHSOHDDJUHHPHQWKDGWZRVHSDUDWHDQGGLVWLQFWSDUWVWRLW +DZNLQV IROORZHG 0RRUH DQG %HQMDPLQ 7KH JRYHUQPHQW ZDV UHTXLUHG WR ILOH GRZQZDUG GHSDUWXUH PRWLRQVLIWKH\GHWHUPLQHGWKDWWKH$SSHOODQWVSURYLGHGWKHP 8QLWHG6WDWHVY/XNVHHWDO 1RV 1RV 8QLWHG6WDWHVY/XNVHHWDO
ZLWKVXEVWDQWLDODVVLVWDQFHLQWKHSURVHFXWLRQRULQYHVWLJDWLRQ $SSHOODQWVGLGQRWSURYLGHVXEVWDQWLDODVVLVWDQFHGXULQJWKH RI RWKHU VXVSHFWV 8QGHU WKH WHUPV RI WKH DJUHHPHQW LQYHVWLJDWLRQRIRWKHUVXVSHFWVWKH\KDYHQRSURRIWKDWWKH\ FRRSHUDWLRQGXULQJHLWKHUSKDVHRIDFDVHZDVVXIILFLHQWWR LQIDFWGHFLGHGWKDWWKH$SSHOODQWVGLGQRWSURYLGHVXEVWDQWLDO ZDUUDQW WKH ILOLQJ RI WKH PRWLRQV 7KH JRYHUQPHQWjV DVVLVWDQFH GXULQJ WKH LQYHVWLJDWLRQ RI RWKHU VXVSHFWV 7KH LQVLVWHQFHGXULQJRUDODUJXPHQWDQGGXULQJ$SSHOODQW+LJKWjV ILOLQJ RI D PRWLRQ LV WKH UHVXOW RI D ILQGLQJ RI VXEVWDQWLDO VHQWHQFLQJ KHDULQJ WKDW WKH VROH UHDVRQ IRU WKH PRWLRQ QRW DVVLVWDQFHQRWDQDFWXDOILQGLQJLQLWVHOI3XWDQRWKHUZD\D EHLQJILOHGZDVWKH$SSHOODQWVj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jV GLVFUHWLRQ OD\ 1RQHWKHOHVV WKH JRYHUQPHQW FRQWHQGV WKDW ZH FDQQRW RQO\LQZHLJKLQJLIVXEVWDQWLDODVVLVWDQFHKDVEHHQUHQGHUHG UHYLHZWKHLUGHFLVLRQZLWKUHJDUGVWRWKHLQYHVWLJDWLRQRIRWKHU 7KHUHIRUH ZKHWKHU D GRZQZDUG GHSDUWXUH PRWLRQ LV ILOHG VXVSHFWVEHFDXVHQRPRWLRQZDVILOHG+RZHYHUDEVHQWWKHLU GRHV QRW DOZD\V GHFLGH ZKHWKHU ZH FDQ UHYLHZ WKH VWDWHPHQWWRWKHGLVWULFWFRXUWHLWKHUZULWWHQRURUDOWKDWWKH JRYHUQPHQWjVGHFLVLRQV 0RRUHDQG%HQMDPLQj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
,PSRUWDQWO\QHLWKHUZHQRUDQ\RIRXUVLVWHU&LUFXLWVKDYH PDGH RU D PRWLRQ ZRXOG KDYH EHHQ ILOHG 7KHUH KDV QHYHU EHHQ DQ DFNQRZOHGJPHQW E\ WKH JRYHUQPHQW WKDW VXEVWDQWLDO DVVLVWDQFH KDG EHHQ SURYLGHG %HFDXVH WKH\ ZRXOG QRW EH UHTXLUHG IRUPDO ILQGLQJV E\ WKH JRYHUQPHQW RQ WKHLU DEOH WR SURYLGH LQ WKH *RYHUQPHQWjV RSLQLRQ FUHGLEOH WHVWLPRQ\ DVVHVVPHQW RI ZKHWKHU VXEVWDQWLDO DVVLVWDQFH KDV EHHQ DW D VXEVHTXHQW WULDO ZH ZRXOG QRW EH SURYLGLQJ WKH GRZQZDUG UHQGHUHG7KHUHIRUH0RRUHDQG%HQMDPLQLQVWUXFWXVWKDWQR GHSDUWXUH PRWLRQ PDWWHU KRZ PXFK HYLGHQFH LV SURGXFHG E\ D GHIHQGDQW WR 7KH *RYHUQPHQW VWDWHG GXULQJ +LJKWjV 6HQWHQFLQJ +HDULQJ VKRZJRYHUQPHQWRIILFLDOVjDFNQRZOHGJPHQWRIGHIHQGDQWjV DLGLQWKHLQYHVWLJDWLRQRUSURVHFXWLRQRIRWKHUVXVSHFWVWKH >:@HjUH QRW JRLQJ WR GR DQ\WKLQJ ZLWK WKH WZR RU WKUHH RU IRXU VLPSOHGHQLDORIWKHYDOXHRIVXFKDVVLVWDQFHLQRSHQFRXUWE\ SHRSOH WKDW KH JDYH WR XV EHFDXVH ZH FDQQRW 7KH VROH SHUVRQ WKH JRYHUQPHQW LV XQUHYLHZDEOH EXW IRU XQFRQVWLWXWLRQDO ZH ZRXOG KDYH KDG WR WHVWLI\ DERXW WKHVH SHRSOH RXW WKHUH LQ QHYHUQHYHU ODQG LV 0U +LJKW ZKR LV RII VPXJJOLQJ PDULMXDQD LQWR WKH MDLO DQG WKDWjV WKH UHDVRQ ZK\ ZHjUH QRW SURYLGLQJ WKH VXEVWDQWLDO DVVLVWDQFH
Reference
- Status
- Published