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$SSHOOHH    1R Y  !  *(25*( s &277$*(  'HIHQGDQW$SSHOODQW  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH1RUWKHUQ'LVWULFWRI2KLRDW&OHYHODQG 1R  n6RORPRQ2OLYHUsU'LVWULFWsXGJH $UJXHG 6HSWHPEHU 'HFLGHGDQG)LOHG 2FWREHU %HIRUH *8<DQG%$7&+(/'(5&LUFXLWsXGJHV 48,67'LVWULFWsXGJH BBBBBBBBBBBBBBBBB &2816(/ $5*8('   sRKQ ' 5DLNRV ,QGLDQDSROLV ,QGLDQD IRU $SSHOODQW  *UHJRU\ & 6DVVH $66,67$17 81,7(' 67$7(6 $77251(< &OHYHODQG 2KLR IRU $SSHOOHH

7KH +RQRUDEOH *RUGRQ s 4XLVW 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH :HVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ

  8QLWHG6WDWHVY&RWWDJH 1R 1R 8QLWHG6WDWHVY&RWWDJH 

21 %5,()   sRKQ ' 5DLNRV ,QGLDQDSROLV ,QGLDQD IRU QRWILOHGWLPHO\ZHQHHGQRWGHFLGHZKHWKHUWKHPRWLRQZDV $SSHOODQW  *UHJRU\ & 6DVVH $66,67$17 81,7(' LQIDFWDVHFRQGRUVXFFHVVLYH†PRWLRQ 67$7(6$77251(<&OHYHODQG2KLRIRU$SSHOOHH $)),50(' BBBBBBBBBBBBBBBBB 23,1,21 BBBBBBBBBBBBBBBBB 5$/3+%*8<s5&LUFXLWsXGJH'HIHQGDQW*HRUJHs &RWWDJHILOHGWKLV DSSHDOIURPWKHGLVWULFWFRXUWjVRUGHURI 2FWREHU ZKLFKGHQLHGKLVPRWLRQIRUOHDYHWRILOHD VXSSOHPHQWDO SHWLWLRQ WR VHW DVLGH KLV FRQYLFWLRQ XQGHU 86&†'HIHQGDQWjVSOHDEDVHGFRQYLFWLRQZDVIRU GLVWULEXWLQJPRUHWKDQJUDPVRIFRFDLQHLQYLRODWLRQRI 86&† D  7KHRUGHUDSSHDOHGIURPZDVWKHODVW RIVHYHUDOGHFLVLRQVGHQ\LQJUHOLHIZKLFKGHIHQGDQWVRXJKWRQ WKH JURXQGV WKDW KH KDG EHHQ HQWUDSSHG E\ D JRYHUQPHQW LQIRUPDQW  $IWHU UHYLHZ RI WKH UHFRUG DQG DUJXPHQWV SUHVHQWHGRQDSSHDOZHDIILUPWKHGLVPLVVDORIGHIHQGDQWjV VXSSOHPHQWDOSHWLWLRQ , 'HIHQGDQW ZDV DUUHVWHG DW KLV KRPH RQ 0DUFK     GXULQJDFRQWUROOHGEX\RIRQHNLORJUDPRIFRFDLQH$VHFRQG NLORJUDPRIFRFDLQHZDVIRXQGLQWKHKRXVH'HIHQGDQWZDV LQGLFWHGRQWZRFRXQWVSRVVHVVLRQZLWKLQWHQWWRGLVWULEXWH DQG GLVWULEXWLRQ RI FRFDLQH DQG SOHDGHG JXLOW\ WR WKH  7KH JRYHUQPHQW VXJJHVWV WKDW LI ZH WUHDWHG WKLV DSSHDO DV DQ GLVWULEXWLRQFKDUJHRQ$XJXVW +DYLQJDJUHHGWR mLPSOLHG PRWLRQl IRU OHDYH WR ILOH D VHFRQG †  PRWLRQ WKH FODLP LQ FRRSHUDWH GHIHQGDQW EHFDPH IHDUIXO IRU KLV VDIHW\ DQG WKH VXSSOHPHQWDO SHWLWLRQ ZRXOG EH IRUHFORVHG EHFDXVH WKH PRWLRQ GRHV DEVFRQGHG EHIRUH VHQWHQFLQJ  +H IDLOHG WR DSSHDU IRU QRW FRQWDLQ VHQWHQFLQJRQ1RYHPEHU DQGDZDUUDQWZDVLVVXHG IRUKLVDUUHVW  QHZO\ GLVFRYHUHG HYLGHQFH WKDW LI SURYHQ DQG YLHZHG LQ OLJKW RI WKH HYLGHQFH DV D ZKROH ZRXOG EH VXIILFLHQW WR HVWDEOLVK E\ FOHDU DQG FRQYLQFLQJ HYLGHQFH WKDW QR UHDVRQDEOH IDFWILQGHU 'HIHQGDQWUHPDLQHGDIXJLWLYHXQWLOKLVDUUHVWLQ)ORULGDRQ ZRXOG KDYH IRXQG WKH PRYDQW JXLOW\ RI WKH RIIHQVH RU 6HSWHPEHU     +H ZDV UHWXUQHG WR 2KLR DSSRLQWHG FRXQVHO DQG GHWDLQHG SHQGLQJ VHQWHQFH  $ UHYLVHG  D QHZ UXOH RI FRQVWLWXWLRQDO ODZ PDGH UHWURDFWLYH WR SUHVHQWHQFHUHSRUWZDVSUHSDUHG2Q'HFHPEHU WKH FDVHV RQ FROODWHUDO UHYLHZ E\ WKH 6XSUHPH &RXUW WKDW ZDV

GLVWULFWFRXUWVHQWHQFHGGHIHQGDQWWRDWHUPRIPRQWKVj SUHYLRXVO\ XQDYDLODEOH

 86& †   8QLWHG6WDWHVY&RWWDJH 1R 1R 8QLWHG6WDWHVY&RWWDJH 

DUHVXOWGHIHQGDQWKDVQRWVKRZQWKDWDQLPSHGLPHQWFUHDWHG LPSULVRQPHQW$OWKRXJKGHIHQGDQWDGPLWWHGKLVFRQGXFWDW E\ JRYHUQPHQWDO DFWLRQ SUHYHQWHG KLP IURP EULQJLQJ KLV VHQWHQFLQJKHDOVRH[SODLQHGWKDWKHKDGEHHQSUHVVXUHGE\ †PRWLRQZLWKLQRQH\HDURIWKHGDWHWKDWKLVFRQYLFWLRQ WKH LQIRUPDQW WR JHW KLP WKH FRFDLQH KH ZDV FKDUJHG ZLWK EHFDPHILQDO KDYLQJGLVWULEXWHG & )DLOXUHWR$VVHUW(QWUDSPHQW'HIHQVH 05&277$*( $OOULJKW7KHODVWRQHDOOULJKW, DPJXLOW\EHFDXVH,GLGQjWKDYHHQRXJKVHQVHWRVD\QR 7KH VXSSOHPHQWDO SHWLWLRQ FODLPHG WKDW GHIHQGDQW ZDV ,WWRRN0U%DUWOH\>WKH)%,DJHQWLQWKLVFDVH@DQGWKLV GHQLHGHIIHFWLYHDVVLVWDQFHRIFRXQVHOZKHQFRXQVHOIDLOHGWR &RXUWILYHPRQWKVDSSUR[LPDWHO\WRJHWPHWRVHOOWKLV LQYHVWLJDWHDQGSUHVHQWDQHQWUDSPHQWGHIHQVH'HIHQGDQW IHOORZIURP&LQFLQQDWLKLVQDPHLV7LPRWK\ KRZHYHUGRHVQRWVSHFLILFDOO\FKDOOHQJHWKHGLVWULFWFRXUWjV ILQGLQJ WKDW WKLV FODLP ZDV QRW ILOHG WLPHO\  7R HVWDEOLVK 06s2+1621>'()(16(&2816(/@ &DQ,KDYH LQHIIHFWLYHDVVLVWDQFHRIFRXQVHOLQDJXLOW\SOHDFRQWH[WWKH MXVWDPRPHQW<RXU+RQRU" GHIHQGDQW PXVW VKRZ WKDW KLV FRXQVHOjV SHUIRUPDQFH ZDV GHILFLHQWDQGWKDWmWKHUHLVDUHDVRQDEOHSUREDELOLW\WKDWEXW 7+(&2857 <HV 'LVFXVVLRQKDGRIIWKHUHFRUG IRUFRXQVHOjVHUURUVKHZRXOGQRWKDYHSOHDGHGJXLOW\DQG EHWZHHQ0VsRKQVRQDQG0U&RWWDJH ZRXOGKDYHLQVLVWHGRQJRLQJWRWULDOl+LOOY/RFNKDUW 86    :HDJUHHZLWKWKHGLVWULFWFRXUWWKDWWKLV 05&277$*( :HOODQ\KRZ,ZLOOILQLVKWKLVLQD FODLPZDVXQWLPHO\EHFDXVHWKHIDFWVVXSSRUWLQJWKLVFODLP KXUU\,WWRRNILYHPRQWKVIRUPHWREUHDNGRZQDIWHUP\ FRXOG KDYH EHHQ GLVFRYHUHG WKURXJK WKH H[HUFLVH RI GXH PRWKHUGLHG$FRXSOHRIZHHNVDIWHU,GURYHGRZQWR GLOLJHQFHPRUHWKDQD\HDUEHIRUHWKHVXSSOHPHQWDOSHWLWLRQ )ORULGD GLGQjW WHOO DQ\ERG\ , ZDV JRLQJ GRZQ WKHUH ZDVILOHGRQ0D\ 7KH\KDGDOUHDG\FRQILVFDWHGP\KRXVH:HOOQR7KH\ WRRNWKDWODWHU 7KHJRYHUQPHQWDOVRDUJXHVWKDWWKHGLVWULFWFRXUWZDVQRW DXWKRUL]HG WR FRQVLGHU GHIHQGDQWjV VXSSOHPHQWDO PRWLRQ %XWDQ\ZD\LWWRRNILYHPRQWKVRIWKHPVHWWLQJPH EHFDXVH LW ZDV D VHFRQG RU VXFFHVVLYH PRWLRQ ILOHG XQGHU XSWRVHOOWKHPVRPHFRNHWHOOLQJPHDERXWWKHFDUGHDOHU †  ZLWKRXW DXWKRUL]DWLRQ IURP WKLV FRXUW SXUVXDQW WR LQ&LQFLQQDWL  7XUQVRXWWREHWKHFDUGHDOHUZDV0U  86& †  E    $OWKRXJK VRPH FRXUWV KDYH %DUWOH\DQ)%,DJHQW7KLVJX\7LPRWK\%XFNOH\ GLVPLVVHGVHFRQGRUVXFFHVVLYH†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

 ,Q FDOFXODWLQJ WKH JXLGHOLQH UDQJH WKH GLVWULFW FRXUW LQFUHDVHG WKH RIIHQVH OHYHO DQG FULPLQDO KLVWRU\ FDWHJRU\ WR DFFRXQW IRU GHIHQGDQWjV VWDWXV DV D FDUHHU RIIHQGHU DQG JUDQWHG D WKUHHOHYHO UHGXFWLRQ LQ WKH RIIHQVH OHYHO IRU DFFHSWDQFH RI UHVSRQVLELOLW\  8QLWHG6WDWHVY&RWWDJH 1R 1R 8QLWHG6WDWHVY&RWWDJH

06 s2+1621   <RXU +RQRU PD\ , KDYH DQRWKHU LQFOXGLQJ WKH GHIHQVH RI HQWUDSPHQW 6HH 8QLWHG 6WDWHV Y PRPHQW" %URFH86    7ROOHWWY+HQGHUVRQ 86       $SSDUHQWO\ DZDUH RI WKLV EDU 7+( &2857   <RX PD\  'LVFXVVLRQ KDG RII WKH GHIHQGDQW FKDOOHQJHV WKH SOHD DV D SURGXFW RI WKH DOOHJHG UHFRUGEHWZHHQ0VsRKQVRQDQG0U&RWWDJH %UDG\YLRODWLRQ,QVXSSRUW RI KLV%UDG\FODLPGHIHQGDQW VWDWHVWKDW%XFNOH\ZKRKHKDGPHWZKLOHVHUYLQJDIHGHUDO 05&277$*( ,ZLOOHQGLWWKHQ,ZLOOMXVWVD\ VHQWHQFHRQDQHDUOLHUGUXJFKDUJHSUHVVXUHGKLPLQWRVHOOLQJ WKLV<RXU+RQRUDQG,ZLOOHQGLW$Q\ZD\OLNHDGDPQ D NLORJUDP RI FRFDLQH  $FFRUGLQJ WR GHIHQGDQW %XFNOH\ IRRO,FRXOGQj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†  PRWLRQ WR FRUUHFW VHQWHQFH DQG VHW DVLGH WKH KLPDQGPDWHULDOWRKLVJXLOWRUSXQLVKPHQW.\OHVY:KLWOH\ IRUIHLWXUHVRIUHDODQGSHUVRQDOSURSHUW\'HIHQGDQWWKURXJK 86    8QLWHG6WDWHVY7RGG )G  FRXQVHO DUJXHG WKDW KH ZDV QRW JXLOW\ RI WKH GLVWULEXWLRQ  WK&LU  %HFDXVH%UDG\LVFRQFHUQHGRQO\ZLWK RIIHQVH EHFDXVHKHKDGEHHQHQWUDSSHGE\WKHJRYHUQPHQW FDVHV LQ ZKLFK WKH JRYHUQPHQW SRVVHVVHV LQIRUPDWLRQ WKDW LQIRUPDQW7KHJRYHUQPHQWPRYHGWRGLVPLVVRQWKHJURXQGV GHIHQGDQWGRHVQRWKDYHWKHJRYHUQPHQWjVIDLOXUHWRGLVFORVH WKDWWKHPRWLRQZDVQRWILOHGZLWKLQWKHRQH\HDUOLPLWDWLRQ SRWHQWLDOO\H[FXOSDWRU\LQIRUPDWLRQ GRHVQRWYLRODWH%UDG\ SHULRGVHWIRUWKLQ†ZKLFKEHJLQVWRUXQIURPWKHODWHVW mZKHUHDGHIHQGDQWµNQHZRUVKRXOGKDYHNQRZQWKHHVVHQWLDO RI IDFWV SHUPLWWLQJ KLP WR WDNH DGYDQWDJH RI DQ\ H[FXOSDWRU\ LQIRUPDWLRQjRUZKHUHWKHHYLGHQFHLVDYDLODEOHWRGHIHQGDQW    WKH GDWH RQ ZKLFK WKH MXGJPHQW RI FRQYLFWLRQ IURPDQRWKHUVRXUFHl8QLWHG6WDWHVY&ODUN )G EHFRPHVILQDO  WK&LU   TXRWLQJ8QLWHG6WDWHVY*URVVPDQ    WKH GDWH RQ ZKLFK WKH LPSHGLPHQW WR PDNLQJ D )G G&LU  6HHDOVR7RGG )GDW PRWLRQFUHDWHGE\JRYHUQPHQWDODFWLRQLQYLRODWLRQRIWKH ,WLVDSSDUHQWIURPGHIHQGDQWjVDOORFXWLRQDWVHQWHQFLQJWKDW &RQVWLWXWLRQRUODZVRIWKH8QLWHG6WDWHVLVUHPRYHGLI KHZDVDZDUHRIWKHHVVHQWLDOIDFWVWKDWVHUYHDVWKHEDVLVIRU WKHPRYDQWZDVSUHYHQWHGIURPPDNLQJDPRWLRQE\VXFK WKH FODLPV RI HQWUDSPHQW DQG WKH IDLOXUH WR GLVFORVH JRYHUQPHQWDFWLRQ H[FXOSDWRU\HYLGHQFHUHODWHGWRWKHFODLPRIHQWUDSPHQW$V

 WKHGDWHRQZKLFKWKHULJKWDVVHUWHGZDVLQLWLDOO\  UHFRJQL]HGE\WKH6XSUHPH&RXUWLIWKDWULJKWKDVEHHQ 7KH 6XSUHPH &RXUW UHFHQWO\ KHOG WKDW D GHIHQGDQW KDV QR FRQVWLWXWLRQDO ULJKW WR WKH GLVFORVXUH RI LPSHDFKPHQW LQIRUPDWLRQ EHIRUH HQWHULQJ D SOHD DJUHHPHQW 8QLWHG 6WDWHV Y 5XL]  6 &W     8QLWHG6WDWHVY&RWWDJH 1R 1R 8QLWHG6WDWHVY&RWWDJH 

IURPKLVFRQYLFWLRQEXWGLGQRWVHHNFHUWLRUDULUHYLHZ7KH QHZO\ UHFRJQL]HG E\ WKH 6XSUHPH &RXUW DQG PDGH 1LQWK&LUFXLWH[SODLQHGWKDWm>V@LQFH*DUFLDPLJKWZHOOKDYH UHWURDFWLYHO\DSSOLFDEOHWRFDVHVRQFROODWHUDOUHYLHZ RU ILOHG D SHWLWLRQ IRU D ZULW RI FHUWLRUDUL WKH MXGJPHQW FRXOG KDYHEHHQVXEMHFWWRIXUWKHUUHYLHZDQGWKHUHIRUHZDV QRW  7KHGDWHRQZKLFKWKHIDFWVVXSSRUWLQJWKHFODLP ILQDOXQWLOWKHILOLQJWLPHH[SLUHGl,GDW RUFODLPVSUHVHQWHGFRXOGKDYHEHHQGLVFRYHUHGWKURXJK WKHH[HUFLVHRIGXHGLOLJHQFH +RZHYHUZKHQD†PRYDQWGRHVQRWSXUVXHDGLUHFW DSSHDOWRWKHFRXUWRIDSSHDOVKLVFRQYLFWLRQEHFRPHVILQDO 2Q2FWREHU WKHGLVWULFWFRXUWGLVPLVVHGWKHPRWLRQ HLWKHURQWKHGDWHWKDWWKHMXGJPHQWZDVHQWHUHGVHH8QLWHG WR FRUUHFW VHQWHQFH ZLWK SUHMXGLFH EHFDXVH LW ZDV QRW ILOHG 6WDWHVY6DQGHUV)G  WK&LU FHUWGHQLHG WLPHO\7KHGLVWULFWFRXUWDOVRGLVPLVVHGZLWKRXWSUHMXGLFH 6&W  RURQWKHGDWHRQZKLFKWKHWLPHIRU WKHUHTXHVWWRVHWDVLGHWKHIRUIHLWXUHVEHFDXVHWKH\FRXOGQRW ILOLQJVXFKDSSHDOH[SLUHGVHH.DSUDOY8QLWHG6WDWHV EHFKDOOHQJHGLQDSURFHHGLQJXQGHU†1RDSSHDOZDV )G   G &LU   D PDMRULW\ YLHZ   6LQFH WDNHQIURPWKLVRUGHU GHIHQGDQW GLG QRW SXUVXH D GLUHFW DSSHDO WKHUH ZDV QR MXGJPHQWE\WKHFRXUWRIDSSHDOVIURPZKLFKKHFRXOGVHHN 2Q$XJXVW WHQPRQWKVODWHUGHIHQGDQWILOHGDQ UHYLHZDQGWKH GD\SHULRGIRUILOLQJDSHWLWLRQIRUZULWRI DPHQGHG PRWLRQ WR FRUUHFW VHQWHQFH FODLPLQJ WKDW WKH FHUWLRUDUL LV QRW UHOHYDQW  $V D UHVXOW HYHQ LI GHIHQGDQWjV DPHQGPHQWmUHODWHGEDFNlWRWKHLQLWLDO†PRWLRQ+H FRQYLFWLRQZDVQRWILQDOXQWLODIWHUWKHWHQGD\DSSHDOSHULRG DUJXHGWKDWWKHLQLWLDO†PRWLRQZDVWLPHO\EHFDXVHWKH KDGH[SLUHGKLV†PRWLRQZDVQRWWLPHO\EHFDXVHLWZDV MXGJPHQW GLG QRW EHFRPH ILQDO XQWLO WKH WLPH IRU ILOLQJ D ILOHGPRUHWKDQRQH\HDUODWHU SHWLWLRQIRUFHUWLRUDULKDGHODSVHG)LQGLQJWKLVDUJXPHQWWR EH mLQFRUUHFWl WKH GLVWULFW FRXUW GLVPLVVHG WKH DPHQGHG % (QWUDSPHQWDQG%UDG\ PRWLRQRQ1RYHPEHU 1H[W ZLWKRXW DFWXDOO\ DWWHPSWLQJ WR WLH WKH FODLP WR WKH 2Q 1RYHPEHU   GHIHQGDQW ILOHG D PRWLRQ IRU LVVXHRIWLPHOLQHVVGHIHQGDQWFRQWLQXHVWRDUJXHWKDWKHZDV UHFRQVLGHUDWLRQ DUJXLQJ WKDW WKH LQLWLDO PRWLRQ ZDV WLPHO\ HQWUDSSHG E\ WKH JRYHUQPHQW LQIRUPDQW DQG WKDW WKH ILOHGHLWKHUXQGHU†  EHFDXVHKHZDVLPSHGHGIURP JRYHUQPHQWjVIDLOXUHWRGLVFORVH%UDG\PDWHULDOFRQFHUQLQJDQ DVVHUWLQJHQWUDSPHQWE\JRYHUQPHQWDODFWLRQLQWKHIRUPRI HQWUDSPHQWGHIHQVHLQYDOLGDWHGKLVSOHD%UDG\Y0DU\ODQG LQHIIHFWLYHDVVLVWDQFHRIFRXQVHORUXQGHU†  EHFDXVH 86   7RWKHH[WHQWWKDWGHIHQGDQWFODLPVWKDW KLV LQFDUFHUDWLRQ SUHYHQWHG KLP IURP GLVFRYHULQJ KLV WKH IDLOXUH WR WXUQ RYHU HYLGHQFH ZDV DQ LPSHGLPHQW WKDW HQWUDSPHQWGHIHQVHWKURXJKWKHH[HUFLVHRIGXHGLOLJHQFH2Q SUHYHQWHGKLPIURPEULQJLQJKLV†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j FDOFXODWLRQV WKH WHQGD\ SHULRG UXQV IURP WKH HQWU\ RI WKH MXGJPHQW RI FRQYLFWLRQ DQG QRW WKH GDWH RI WKH VHQWHQFLQJ 2Q0D\GHIHQGDQWILOHGDPRWLRQIRUOHDYHWRILOH KHDULQJ 6HH )  !!  5 $  3  E  DVXSSOHPHQWDOSHWLWLRQWRVHWDVLGHKLVFRQYLFWLRQDVKDYLQJ  8QLWHG6WDWHVY&RWWDJH 1R 1R 8QLWHG6WDWHVY&RWWDJH 

EHHQREWDLQHGWKURXJKHQWUDSPHQW,QWKLVPRWLRQGHIHQGDQW LVWKHRQO\RUGHUUHIHUHQFHGLQGHIHQGDQWjVQRWLFHRIDSSHDO DUJXHGWKDWKLVDSSRLQWHGFRXQVHOZDVLQHIIHFWLYHLQIDLOLQJWR $FFRUGLQJO\ZHGRQRWDGGUHVVGHIHQGDQWjVFODLPVRIHUURU LQYHVWLJDWHRUSUHVHQWDGHIHQVHRIHQWUDSPHQWDQGUHWXUQHGWR FRQFHUQLQJWKHIRUIHLWXUHV WKH DUJXPHQW WKDW WKH JRYHUQPHQW KDG IDLOHG WR GLVFORVH H[FXOSDWRU\ HYLGHQFH  'HIHQGDQW DOVR WRRN LVVXH ZLWK WKH $ †  GHIHQVHFRXQVHOjVDGPLVVLRQWKDWKHZDVDmFDUHHURIIHQGHUl XQGHUWKHJXLGHOLQHVDSSDUHQWO\UHO\LQJRQWKHIDFWWKDWKHKDG 'HIHQGDQWVSHFLILFDOO\DUJXHVRQDSSHDOWKDWKLVRULJLQDO QRFRQYLFWLRQVGXULQJWKHVHYHQ\HDUVWKDWKHZDVDIXJLWLYH PRWLRQ ZDV WLPHO\ ILOHG XQGHU †    EHFDXVH WKH MXGJPHQWRIFRQYLFWLRQGLGQRWEHFRPHILQDOXQWLODIWHUWKH 7KHGLVWULFWFRXUWGHQLHGWKLVPRWLRQRQ2FWREHU  H[SLUDWLRQRIERWKWKHWHQGD\SHULRGWRILOHDQDSSHDOWRWKLV ILQGLQJQRWKLQJLQWKHVXSSOHPHQWDOSHWLWLRQWKDWZRXOGDOWHU FRXUWDQGWKH GD\SHULRGIRUILOLQJDSHWLWLRQIRUFHUWLRUDUL WKHSUHYLRXVGHWHUPLQDWLRQWKDWWKHGHIHQGDQWIDLOHGWRILOHWKH WR WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW  ,I KH LV FRUUHFW WKH LQLWLDO SHWLWLRQ ZLWKLQ WKH RQH\HDU OLPLWDWLRQ SHULRG  7KH †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jV PRWLRQ WR FRPSHO WKH JRYHUQPHQW WR ILOH D UHVSRQVH WR KLV VXSSOHPHQWDO SHWLWLRQ ZDV GHQLHG DV PRRW $V D JHQHUDO PDWWHU D FRQYLFWLRQ EHFRPHV ILQDO IRU 7KLVLVWKHRUGHUIURPZKLFKGHIHQGDQWKDVDSSHDOHG SXUSRVHV RI FROODWHUDO DWWDFN DW WKH FRQFOXVLRQ RI GLUHFW UHYLHZ6HHsRKQVRQY8QLWHG6WDWHV)G WK ,, &LU    ,I D †  PRYDQW SXUVXHG KLV GLUHFW DSSHDO WKURXJK WR D SHWLWLRQ IRU FHUWLRUDUL LQ WKH 6XSUHPH &RXUW %HIRUH WXUQLQJ WR WKH PRWLRQ WR FRUUHFW VHQWHQFH ZH GLUHFWUHYLHZLVFRQFOXGHGZKHQWKH6XSUHPH&RXUWHLWKHU REVHUYHWKDWGHIHQGDQWKDVUDLVHGVHYHUDOFKDOOHQJHVWRWKH GHQLHVWKHSHWLWLRQRUGHFLGHVWKHFDVH,G$SDUWIURPWKDW JRYHUQPHQWjVIRUIHLWXUHVRIUHDODQGSHUVRQDOSURSHUW\:KLOH VLWXDWLRQWKHFRXUWVKDYHGLVDJUHHGDERXWZKHQDFRQYLFWLRQ WKHLQLWLDO†PRWLRQDVNHGWRVHWDVLGHWKHIRUIHLWXUHVWKH EHFRPHVILQDOLIWKHGHIHQGDQWKDVIDLOHGWRDSSHDO GLVWULFW FRXUW GLVPLVVHG WKDW UHTXHVW ZLWKRXW SUHMXGLFH RQ 2FWREHU 1RDSSHDOZDVWDNHQIURPWKDWGHFLVLRQ :KHQDGHIHQGDQWGRHVQRWVHHNFHUWLRUDULUHYLHZRIWKH 1RUZDVWKHTXHVWLRQRIWKHIRUIHLWXUHVUDLVHGLQWKHPRWLRQ MXGJPHQW HQWHUHG E\ WKH FRXUW RI DSSHDOV KLV FRQYLFWLRQ IRUOHDYHWRILOHDVXSSOHPHQWDOSHWLWLRQXQGHU†ZKLFK EHFRPHVILQDOXQGHU†HLWKHUZKHQWKHFRXUWRIDSSHDOV PDQGDWH LV ILOHG RU ZKHQ WKH WLPH IRU VHHNLQJ FHUWLRUDUL UHYLHZ H[SLUHV  ,G Q QRWLQJ FRQIOLFW   )RU H[DPSOH LQ  8QLWHG6WDWHVY*DUFLD)G WK&LU  $OWKRXJK GHIHQGDQW FRQWLQXHV WR FRPSODLQ DERXW WKH mFDUHHU RIIHQGHUl DGPLVVLRQ WKLV DUJXPHQW FRPSOHWHO\ LJQRUHV WKH DFDVHUHOLHGRQE\GHIHQGDQW*DUFLDKDGILOHGDGLUHFWDSSHDO DSSOLFDEOH FDUHHU RIIHQGHU SURYLVLRQV LQ 86 6HQWHQFLQJ *XLGHOLQHV 0DQXDO † % WKH IDFW WKDW WKH VHQWHQFLQJ WUDQVFULSW  LQGLFDWHV WKDW FRXQVHO LQYHVWLJDWHG SRVVLEOH FKDOOHQJHV WR LWV 7KH UHOHYDQW GD\ SHULRG IRU ILOLQJ D SHWLWLRQ IRU D ZULW RI DSSOLFDWLRQ DQG WKH XQGLVSXWHG IDFW WKDW GHIHQGDQW KDG WZR SULRU FHUWLRUDUL UXQV IURP HQWU\ RI WKH MXGJPHQW E\ WKH 8QLWHG 6WDWHV &RXUW RI IHORQ\ GUXJ FRQYLFWLRQV $SSHDOV 6&! &% 5