United States v. Leachman
United States v. Leachman
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 8QLWHG6WDWHVY/HDFKPDQ 1R 3XUVXDQW WR 6L[WK &LUFXLW 5XOH
(/(&7521,& &,7$7,21 )(' $SS 3 WK &LU
7KH&RQVWLWXWLRQSODFHVWKHEXUGHQRISURRIDQGSURGXFWLRQ )LOH 1DPH DS
RIHYLGHQFHVTXDUHO\XSRQWKHVKRXOGHUVRIWKHJRYHUQPHQW 6HH 8QLWHG 6WDWHV Y sHQQLQJV )G WK &LU $FFRUGLQJO\WKHHUURUZDVSODLQ 81,7('67$7(6&28572)$33($/6 +RZHYHU D GHIHQGDQW PXVW QH[W VKRZ WKDW WKH HUURU )257+(6,;7+&,5&8,7 VXEVWDQWLDOO\DIIHFWHGKLVULJKWV$OWKRXJKLQLWLDOO\VWUDSSLQJ BBBBBBBBBBBBBBBBB /HDFKPDQ ZLWK WKH EXUGHQ RI JRLQJ IRUZDUG WKH MXGJH XOWLPDWHO\UHYLHZHGWKHHYLGHQFHLQOLJKWRIWKH*RYHUQPHQWjV EXUGHQRISURRIVWDWLQJ m6RP\FRQFOXVLRQLVWKDWWKH\KDYH 81,7(' 67$7(6 2) $0(5,&$ ; HVWDEOLVKHG RYHU D WKRXVDQG DQG WKHUHIRUH WKH PDQGDWRU\ 3ODLQWLII$SSHOOHH PLQLPXPZRXOGDSSO\l6HQWHQFLQJ+HDULQJ$XJ 7UDW HPSKDVLVDGGHG $FFRUGLQJO\ZHILQGWKHHUURU 1R GLGQRWDIIHFW/HDFKPDQjVVXEVWDQWLDOULJKWVDQGZHQHHGQRW Y DGGUHVVWKHIRXUWKIDFWRU ! 0$5& 0,/721 /($&+0$1 ,Q VXP ZH UHMHFW /HDFKPDQjV FODLP WKDW WKH MXGJH 'HIHQGDQW$SSHOODQW FRPPLWWHGSODLQHUURUZKHQKHLQLWLDOO\VKLIWHGWKHEXUGHQRI 1 SURRIDWVHQWHQFLQJ $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW 9,,&RQFOXVLRQ IRUWKH:HVWHUQ'LVWULFWRI.HQWXFN\DW/RXLVYLOOH 1R nsRKQ*+H\EXUQ,,&KLHI'LVWULFWsXGJH )RU WKH IRUHJRLQJ UHDVRQV ZH DIILUP WKH MXGJPHQW RI VHQWHQFHLPSRVHGE\WKH8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH $UJXHG sXO\ :HVWHUQ'LVWULFWRI.HQWXFN\ 'HFLGHGDQG)LOHG 2FWREHU $)),50(' %HIRUH 68+5+(,15,&+6,/(5DQG*,/0$1&LUFXLW sXGJHV BBBBBBBBBBBBBBBBB &2816(/ $5*8(' .HYLQ 0 6FKDG 6&+$' &22. ,QGLDQ 6SULQJV 2KLR IRU $SSHOODQW 7HUU\ 0 &XVKLQJ $66,67$1781,7('67$7(6$77251(</RXLVYLOOH .HQWXFN\ IRU $SSHOOHH 21 %5,() .HYLQ 0 6FKDG 6&+$' &22. ,QGLDQ 6SULQJV 2KLR IRU $SSHOODQW 7HUU\ 0 &XVKLQJ $OH[DQGHU 7 7DIW sU $66,67$17
8QLWHG6WDWHVY/HDFKPDQ 1R 1R 8QLWHG6WDWHVY/HDFKPDQ
81,7('67$7(6$77251(<6/RXLVYLOOH.HQWXFN\IRU GRHV QRWKLQJ WR UHLQVWDWH KLV ULJKW WR SURRI EH\RQG D $SSHOOHH UHDVRQDEOHGRXEW BBBBBBBBBBBBBBBBB ,QVXPHYHQLI)ORZDODQGLWVSURJHQ\ZHUHVWLOOJRRGODZ /HDFKPDQjV DUJXPHQW IDLOV EHFDXVH KH NQRZLQJO\ DQG 23,1,21 YROXQWDULO\ZDLYHGKLVFRQVWLWXWLRQDOULJKWVWRDMXU\DQGWR BBBBBBBBBBBBBBBBB SURRI EH\RQG D UHDVRQDEOH GRXEW RI WKH DPRXQW RI GUXJV VSHFLILHGDJDLQVWKLP 68+5+(,15,&+ &LUFXLW s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sHUVH\86 GHIHQGDQW DQG VXEVWDQWLDOO\ DIIHFWV WKH IDLUQHVV DQG EHFDXVH KLV PDQGDWRU\ PLQLPXP VHQWHQFLQJ UDQJH LQWHJULW\RIWKHMXGLFLDOSURFHHGLQJV2ODQR86DW ZDVGHWHUPLQHGE\DQDPRXQWRIGUXJVQRWSURYHGWRDMXU\ EH\RQGDUHDVRQDEOHGRXEW/HDFKPDQjVDUJXPHQWIDLOVIRU $WVHQWHQFLQJWKHMXGJHLQLWLDOO\SODFHGWKHEXUGHQRISURRI WZRUHDVRQV RQ/HDFKPDQ )LUVWLQsXQHRIWKLV\HDUWKH8QLWHG6WDWHV6XSUHPH&RXUW 7KH&RXUW 2ND\,JXHVVLWjV\RXUEXUGHQWRFRQYLQFH KHOG FRQWUDU\ WR WKH SUHFHGHQW RI WKLV &RXUW WKDW WKH PHDVWRZKDWWKHn FRQVWLWXWLRQDO ULJKWV SUHVFULEHG LQ $SSUHQGL DSSO\ RQO\ WR /HDFKPDQjVFRXQVHO ,WjVP\EXUGHQWRJRIRUZDUG" IDFWRUV WKDW H[WHQG D GHIHQGDQWjV VHQWHQFH EH\RQG WKH 7KH&RXUW <HV VWDWXWRU\ PD[LPXP DQG QRW WR WKRVH WKDW LQFUHDVH WKH /HDFKPDQjV FRXQVHO :HOO MXGJH OHW PH DVN \RX VWDWXWRU\PDQGDWRU\PLQLPXP+DUULVY86n86n SURFHGXUDOO\KRZ\RXZRXOGOLNHPHWRGRWKDW,KDYHD 6&W WUDQVFULSWn 7KH &RXUW ,WjV \RXU EXUGHQ 7KH VWDQGDUG LV E\ D 6HFRQGHYHQKDGWKH6XSUHPH&RXUWQRWGHFLGHG+DUULV SUHSRQGHUDQFHRIWKHHYLGHQFHWRGHWHUPLQHKRZPXFK /HDFKPDQKDGNQRZLQJO\DQGYROXQWDULO\ZDLYHGKLVULJKWVWR PDULMXDQDZDVLQYROYHG DMXU\DQGWRSURRIEH\RQGDUHDVRQDEOHGRXEWLQUHJDUGWRWKH DPRXQW RI GUXJV +H DIIHFWHG D ZDLYHU ILUVW E\ SOHDGLQJ 6HQWHQFLQJ +HDULQJ $XJ 7U DW JXLOW\WRDQLQGLFWPHQWSURSHUO\FKDUJLQJWKHDPRXQWRIGUXJV $FFRUGLQJO\ WKH SUHVHQWDWLRQ RI ZLWQHVVHV ZDV UHYHUVHG DV DQ HOHPHQW RI KLV RIIHQVH DQG VHFRQG E\ H[SUHVVO\ +HQFHWKHUHZDVHUURUEXWZHZLOORQO\UHFRJQL]HLWLILWLV DJUHHLQJ WR EH ERXQG E\ WKH MXGJHjV GHWHUPLQDWLRQ RI WKH SODLQ HUURU $Q HUURU LV SODLQ LI LW LV FOHDUO\ FRQWUDU\ WR DPRXQW HVWDEOLVKHGUXOHVRIODZ 8QLWHG6WDWHVY/HDFKPDQ 1R 1R 8QLWHG6WDWHVY/HDFKPDQ
/HDFKPDQQRZLQWLPDWHVLQVSLWHRIWKHLQGLFWPHQWDQGKLV 0RUHRYHUWKHMXGJHGLGQRWFRPPLWSODLQHUURUZKHQDW VXEVHTXHQWFROORTX\ZLWKWKHMXGJHWKDWWKHDPRXQWRIGUXJV /HDFKPDQjV VHQWHQFLQJ KHDULQJ KH VKLIWHG WKH EXUGHQ RI ZDV ODWHU VWULFNHQ IURP WKH SOHD DJUHHPHQW 3UHVXPDEO\ SURRIWR /HDFKPDQEHFDXVHWKHHUURUGLGQRWVXEVWDQWLDOO\ /HDFKPDQJURXQGVKLVFRQWHQWLRQLQWKHIROORZLQJFROORTX\ DIIHFW/HDFKPDQjVULJKWV 7KH&RXUW 2ND\'RHVWKHGHIHQGDQWDJUHHZLWKDOOWKH $FFRUGLQJO\ZHUHMHFW/HDFKPDQjVFRQWHQWLRQVDQGDIILUP WKLQJVWKHSURVHFXWRUKDVVDLG" WKHVHQWHQFHLPSRVHGE\WKHGLVWULFWFRXUW 0U 0LOOHU <RXU KRQRU ZH FHUWDLQO\ DFFHSW UHVSRQVLELOLW\ IRU VRPH RI WKH WKLQJV WKDW ZHUH VDLG ,,)DFWV 7KHUHDUHDIHZLVVXHVWKDWZHFHUWDLQO\GLVDJUHHZLWK 2QHRIWKHPLVWKHSODQWFRXQW,EHOLHYHn,PLJKWEH 2Q 2FWREHU +DUGLQ &RXQW\ .HQWXFN\ SROLFH ZURQJ,WKLQNLWjV(GJHY8QLWHG6WDWHVLVRQHRIWKH RIILFHUVH[HFXWHGDVHDUFKZDUUDQWIRU/HDFKPDQj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jV SOHD SHUWDLQLQJ WR WKH DPRXQW EXW VLPSO\ VWDONV GU\LQJ RQ D FORWKHVOLQH DQG D VLJQLILFDQW DPRXQW RI YHUEDOL]HVZKDWKDGHDUOLHUEHHQLQWLPDWHGnWKDW/HDFKPDQ SDUDSKHUQDOLD VXFK DV VFDOHV XVHG LQ WKH JURZLQJ RI KDG DJUHHG WR EH ERXQG E\ WKH MXGJHjV GHWHUPLQDWLRQ DW PDULMXDQDsDFTXHO\Q0LOOV/HDFKPDQjVFRGHIHQGDQWZDV VHQWHQFLQJE\DSUHSRQGHUDQFHRIWKHHYLGHQFH7KLVFROORTX\
$SSDUHQWO\ WKH LQIRUPDQW ZDV DQ DFTXDLQWDQFH RI /HDFKPDQ +H GLVWULEXWLRQ DW VHQWHQFLQJ :H KHOG QRWZLWKVWDQGLQJ WKH GHIHQGDQWjV KDG EHHQ LQ WKH KRXVH VL[ PRQWKV HDUOLHU DQG KDG REVHUYHG HTXLSPHQW DQG SOHD WKDW WKH mHQKDQFHPHQW HOHPHQWV KDG WR EH SURYHG E\ WKH FRXUW PDWHULDOV FRQVLVWHQW ZLWK DQ LQGRRU JURZ VXFK DV LQWHQVHO\ EULJKW OLJKWV EH\RQG D UHDVRQDEOH GRXEW 5HEPDQQ KRZHYHU LV GLVWLQJXLVKDEOH IURP DQG VKLQ\ SDSHU RQ WKH ZDOOV ZKLFK ZRXOG FRQFHLYDEO\ EH XVHG WR UH WKLV FDVH )LUVW DOWKRXJK QRW DGGUHVVHG E\ XV WKH LQGLFWPHQW LQ 5HEPDQQ GLUHFW WKH OLJKW 7KH LQIRUPDQW ZDV DJDLQ LQ WKH KRPH WKUHH GD\V EHIRUH ZDV WHFKQLFDOO\ GHILFLHQW WR LQYRNH WKH HQKDQFHPHQW SURYLVLRQV WKHUHE\ WKH H[HFXWLRQ RI WKH VHDUFK ZDUUDQW DW ZKLFK WLPH KH VPHOOHG WKH VWURQJ YLRODWLQJ 5HEPDQQjV ULJKW WR D SURSHU LQGLFWPHQW ,G DW Q RGRU RI PDULMXDQD DQG VDZ QHZ FRQVWUXFWLRQ HYLGHQFLQJ PRUH JURZLQJ 6HFRQG 5HEPDQQj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
SUHVHQW WKRXJK /HDFKPDQ ZDV QRW 1RQHWKHOHVV SRVVHVVHGPDULMXDQDSODQWV$FFRUGLQJO\WKHDPRXQWRI /HDFKPDQjV ILQJHUSULQWV ZHUH IRXQG DURXQG WKH KRXVH GUXJVZDVFRQWDLQHGLQ/HDFKPDQjVSOHD LQFOXGLQJRQPXFKRIWKHJURZLQJHTXLSPHQW 0RUHRYHU WKH YROXQWDULQHVV RI /HDFKPDQjV SOHD ZDV $ IHGHUDO JUDQG MXU\ UHWXUQHG D WKUHH FRXQW LQGLFWPHQW H[SORUHGE\WKHMXGJHDWWKH&KDQJHRI3OHD+HDULQJ DJDLQVWERWK'HIHQGDQWVRQ)HEUXDU\ 7KHLQGLFWPHQW FKDUJHGHDFKZLWKRQHFRXQWRIFRQVSLUDF\WRPDQXIDFWXUH 7KH &RXUW <RX DUH DZDUH RI WKH SRWHQWLDO PD[LPXP PDULMXDQDRQHFRXQWRIPDQXIDFWXULQJPDULMXDQDSODQWV SHQDOWLHVXQGHUWKLVoXQGHUWKHVHFKDUJHV" m6HFRQG&RXQWl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sDQXDU\ /HDFKPDQ LQLWLDOO\ SOHG QRW JXLOW\ EXW 5DPLUH]ERWKUHOLHGRQE\/HDFKPDQ1RWZLWKVWDQGLQJWKDW VXEVHTXHQWO\FKDQJHGKLVSOHDWRJXLOW\RQDOOIRXUFRXQWV WKHVHFDVHVKDYHDOVREHHQRYHUUXOHGE\+DUULV/HDFKPDQj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
%HFDXVH WRGD\jV KROGLQJ PD\ VHHP D ELW DW RGGV ZLWK 86 Y 5HEPDQQ )G WK &LU ZH ILQG LW QHFHVVDU\ WR DGGUHVV $OWKRXJK /HDFKPDQ ZDV QRW SUHVHQW WKHUH ZDV DPSOH HYLGHQFH WR WKH KROGLQJ LQ WKDW FDVH ,Q 5HEPDQQ WKH GHIHQGDQW SOHG JXLOW\ XQGHU VXJJHVW KH OLYHG WKHUH VXFK DV KLV ZDOOHW FRQWDLQLQJ SHUVRQDO SDSHUV DQG WR GLVWULEXWLRQ RI KHURLQ DQG VXEPLWWHG WR WKH MXGJHjV GLVFUHWLRQ WR KLV GULYHUjV OLFHQVH ILQG WKH HQKDQFHPHQW IDFWRU RI ZKHWKHU mGHDWK UHVXOWHGl IURP KHU KHURLQ 8QLWHG6WDWHVY/HDFKPDQ 1R 1R 8QLWHG6WDWHVY/HDFKPDQ
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jV ,,,6WDQGDUGRI5HYLHZDQG6WDWXWRU\%DFNJURXQG LQGLFWPHQWGLGQRWVSHFLILFDOO\DOOHJHWKHDPRXQWRIGUXJV 7KXV WKH GHIHQGDQW ZDV QRW RQ QRWLFH DQG ZDV WKHUHIRUH 7KHILUVWWDVNLQHYDOXDWLQJ/HDFKPDQjV$SSUHQGLFODLPLV LQFDSDEOHRIH[HFXWLQJDNQRZLQJDQGYROXQWDU\ZDLYHURIKLV WRVSHFLI\WKHSURSHUVWDQGDUGRIUHYLHZ/HDFKPDQFODLPV ULJKWV LQ UHJDUG WR WKH DPRXQW +HUH WKH VXSHUVHGLQJ WKHMXGJHHUUHGDVDPDWWHURIODZLQLPSRVLQJKLVVHQWHQFH LQGLFWPHQW DOOHJHG QRW WKDW /HDFKPDQ KDG SRVVHVVHG VRPH +RZHYHU /HDFKPDQ QHYHU UDLVHG KLV REMHFWLRQ ZLWK WKH XQVSHFLILHG DPRXQW RI GUXJV EXW WKDW KH VSHFLILFDOO\ GLVWULFW FRXUW $FFRUGLQJO\ ZH UHYLHZ WKLV LVVXH IRU SODLQ HUURURQO\)HG5&ULP3 E VHHDOVR86Y&RWWRQn 86n6&W sRKQVRQY8686 86Y*UDKDP)G WK &LU 7KHUHLVSODLQHUURURQO\LIWKHUHLVDQHUURUWKDWLV ,QFLGHQWDOO\ ZH KDYH SUHYLRXVO\ IRXQG WKDW D GHIHQGDQW ZDLYHV WKH FRQVWLWXWLRQDO ULJKWV SURIIHUHG LQ $SSUHQGL ZKHQ KH SOHDGV JXLOW\ ,I D GHIHQGDQW mVWLSXODWH>V@ WR WKH DPRXQW RI GUXJV IRU ZKLFK KH ZDV KHOG UHVSRQVLEOH DQG WKH GLVWULFW FRXUW GLG QRW UHO\ RQ DQ\ IDFW RXWVLGH RI WKH SOHD DJUHHPHQW WR GHWHUPLQH GUXJ TXDQWLW\ DW VHQWHQFLQJl WKHUH LV QR /HDFKPDQ RULJLQDOO\ QRWHG KLV GHVLUH WR DSSHDO DW VHQWHQFLQJ +LV $SSUHQGL YLRODWLRQ 86 Y +DUSHU )G WK &LU QRWLFH ZDV QRW LPPHGLDWHO\ ILOHG DQG HYHQWXDOO\ /HDFKPDQ VHQW D OHWWHU +DUSHU LV VOLJKWO\ GLVWLQJXLVKDEOH KRZHYHU EHFDXVH KHUH WKH MXGJH GLG WR WKH FOHUN RI FRXUWV IRU WKH :HVWHUQ 'LVWULFW RI .HQWXFN\ LQTXLULQJ DERXW UHO\ RQ WHVWLPRQ\ DW VHQWHQFLQJ DV ZHOO DV /HDFKPDQjV SOHD DOWKRXJK LW KLV DSSHDO ,Q WKH LQWHULP /HDFKPDQjV WULDO DWWRUQH\ KDG ZLWKGUDZQ IURP VHHPV VXSHUIOXRXV 1RQHWKHOHVV +DUSHU GHDOLQJ ZLWK WKH HQKDQFHPHQW WKH FDVH DQG IDLOHG WR SXUVXH WKH DSSHDO 7KH FOHUNjV RIILFH LQIRUPHG RI D PDQGDWRU\ PLQLPXP LV RYHUUXOHG WR WKH H[WHQW LW FRQIOLFWV ZLWK /HDFKPDQ WKDW QR QRWLFH RI DSSHDO KDG EHHQ ILOHG DQG ILOHG RQH RQ KLV +DUULV DQG WKLV RSLQLRQ EHKDOI RQ 1RYHPEHU VRPH ILIW\VL[ GD\V DIWHU WKH 6HSWHPEHU MXGJPHQW 6LQFH XQGHU )HG 5 $SS 3 E $ WKH GHIHQGDQW RQO\ KDV 6WUD\KRUQ LV IXUWKHU GLVWLQJXLVKHG E\ WKH FDVHV RI 86 Y /XFDV WHQ GD\V WR ILOH KLV QRWLFH LW ZDV GLVPLVVHG DV XQWLPHO\ E\ D SDQHO RI WKLV )G WK &LU DQG 86 Y *DUFLD )G WK &LU &RXUW RQ s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j SHQDOW\ SURYLVLRQ H[WHQWWKH\FRQIOLFWZLWK+DUULVDQGWKLVRSLQLRQ6HHHJ 86& E $ ZKLFKSURYLGHV 86Y+XPSKUH\)G WK&LU *LEVRQY 86)G WK&LU 86Y*DUFLD)G ,QWKHFDVHRIDYLRODWLRQRIVXEVHFWLRQ D RIWKLVVHFWLRQ WK&LU LQYROYLQJ NLORJUDPV RU PRUH RI D PL[WXUH RU VXEVWDQFHFRQWDLQLQJDGHWHFWDEOHDPRXQWRIPDULMXDQD 9:DLYHU RURUPRUHPDULMXDQDSODQWVUHJDUGOHVVRIZHLJKW VXFK SHUVRQ VKDOO EH VHQWHQFHG WR D WHUP RI (YHQ LI WKH 6XSUHPH &RXUW KDG QRW GHFLGHG +DUULV LPSULVRQPHQWZKLFKPD\QRWEHOHVVWKDQWHQ\HDUVRU /HDFKPDQjVDUJXPHQWZRXOGKDYHQRQHWKHOHVVIDLOHGEHFDXVH PRUHWKDQOLIH /HDFKPDQHIIHFWHG DNQRZLQJDQGYROXQWDU\ZDLYHURIKLV FRQVWLWXWLRQDO ULJKWV WR D MXU\ DQG WR SURRI EH\RQG D 86& E $ YLL HPSKDVLVDGGHG UHDVRQDEOHGRXEW$SSUHQGLGLGQRWKLQJPRUHWKDQUHLQIRUFH WKH 'XH 3URFHVV DQG 6L[WK $PHQGPHQW ULJKWV DOUHDG\ 8QGHU WKH SODLQ ODQJXDJH RI WKH VWDWXWH WKH SODQWV SRVVHVVHG E\ WKH GHIHQGDQW DQG H[WHQGHG WKHVH ULJKWV WR ZLWKZKLFK/HDFKPDQZDVFKDUJHGSODFHVKLPLQWKHWHQ\HDU IDFWRUV WKDW HQKDQFH D GHIHQGDQWjV VHQWHQFH EH\RQG WKH PDQGDWRU\ PLQLPXP UDQJH $W VHQWHQFLQJ LQ DFFRUGDQFH VWDWXWRU\PD[LPXP$VFRQVWLWXWLRQDOULJKWVWKHVHULJKWVDUH ZLWK/HDFKPDQjVSOHDWKHMXGJHIRXQGWKHDPRXQWRIGUXJV VXEMHFWWRRUGLQDU\UXOHVRIZDLYHUDQGDGHIHQGDQWFDQIRUIHLW E\DSUHSRQGHUDQFHRIWKHHYLGHQFH6HFWLRQ E $ WKHPDVORQJDVKHGRHVVRNQRZLQJO\DQGYROXQWDULO\6HH SURYLGHVWKHPD[LPXPSHQDOW\IRULQIUDFWLRQVLQYROYLQJ s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j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
ZKLFKmDQ\RQHFRQYLFWHGRIFHUWDLQHQXPHUDWHGIHORQLHVLV SURJHQ\ DV GHFODULQJ DQ DEVROXWH EDQ RQ HQKDQFLQJ D VXEMHFW WR D PDQGDWRU\ PLQLPXP VHQWHQFH RI ILYH \HDUVj GHIHQGDQWjV PDQGDWRU\ PLQLPXP VHQWHQFH EDVHG RQ IDFWV LPSULVRQPHQW LI WKH VHQWHQFLQJ MXGJH ILQGV E\ D SURYHG RQO\ E\ D SUHSRQGHUDQFH RI WKH HYLGHQFH SUHSRQGHUDQFH RI WKH HYLGHQFH WKDW WKH SHUVRQ µYLVLEO\ $FFRUGLQJO\KHKDVH[WHQGHG$SSUHQGLEH\RQGHQKDQFHPHQWV SRVVHVVHGDILUHDUPjGXULQJWKHFRPPLVVLRQRIWKHRIIHQVHl RIWKHVWDWXWRU\PD[LPXPWRHQKDQFHPHQWVRIWKHVWDWXWRU\ 0F0LOODQ 86 DW 7KH PDMRULW\ LQ $SSUHQGL PLQLPXPDVZHOO H[SUHVVO\GHFOLQHGWRRYHUUXOH0F0LOODQEXWLQVWHDGOLPLWHG 0F0LOODQjV KROGLQJ WR mFDVHV WKDW GR QRW LQYROYH WKH ,9$SSUHQGLDQG+DUULV LPSRVLWLRQ RI D VHQWHQFH PRUH VHYHUH WKDQ WKH VWDWXWRU\ PD[LPXPIRUWKHRIIHQVHHVWDEOLVKHGE\WKHMXU\jVYHUGLFWn ,Q$SSUHQGLWKH6XSUHPH&RXUWKHOGWKDWm>R@WKHUWKDQD D OLPLWDWLRQ LGHQWLILHG LQ WKH 0F0LOODQ RSLQLRQ LWVHOIl IDFWRISULRUFRQYLFWLRQDQ\IDFWWKDWLQFUHDVHVWKHSHQDOW\IRU $SSUHQGL86DWQ,QWKHSOXUDOLW\SRUWLRQRI DFULPH EH\RQGWKHSUHVFULEHGVWDWXWRU\PD[LPXPPXVWEH WKH RSLQLRQ +DUULV UHLQIRUFHG 0F0LOODQjV UHDVRQLQJ WKDW VXEPLWWHGWRDMXU\DQGSURYHGEH\RQGDUHDVRQDEOHGRXEWl IDFWRUVLQFUHDVLQJWKHPDQGDWRU\PLQLPXPVHQWHQFHDUHQRW $SSUHQGL86DW HPSKDVLVDGGHG +RZHYHUWKH HOHPHQWVEXWPHUHVHQWHQFLQJIDFWRUVQRWHQWLWOHGWRWKHVDPH $SSUHQGLPDMRULW\DOVRVWDWHGWKDWmLWLVXQFRQVWLWXWLRQDOIRU FRQVWLWXWLRQDOSURWHFWLRQV DOHJLVODWXUHWRUHPRYHIURPWKHMXU\WKHDVVHVVPHQWRIIDFWV WKDW LQFUHDVH WKH SUHVFULEHG UDQJH RI SHQDOWLHV WR ZKLFK D 7KDWUHDVRQLQJVWLOOFRQWUROV,IWKHIDFWVMXGJHVFRQVLGHU FULPLQDOGHIHQGDQWLVH[SRVHG,WLVHTXDOO\FOHDUWKDWVXFK ZKHQ H[HUFLVLQJ WKHLU GLVFUHWLRQ ZLWKLQ WKH VWDWXWRU\ IDFWV PXVW EH HVWDEOLVKHG E\ SURRI EH\RQG D UHDVRQDEOH UDQJH DUH QRW HOHPHQWV WKH\ GR QRW EHFRPH DV PXFK GRXEWl,GDW HPSKDVLVDGGHG :KLOHWKLVVWDWHPHQW PHUHO\EHFDXVHOHJLVODWXUHVUHTXLUHWKHMXGJHWRLPSRVH FDVWVRPHGRXEWRQWKHEHOLHIWKDW$SSUHQGLZDVLQWHQGHGWR D PLQLPXP VHQWHQFH ZKHQ WKRVH IDFWV DUH IRXQGn D DSSO\ RQO\ WR HQKDQFHPHQWV RI PD[LPXP SHQDOWLHV WKH VHQWHQFH WKH MXGJH FRXOG KDYH LPSRVHG DEVHQW WKH PDMRULW\DOVRH[SUHVVO\VWDWHGLWZDVQRWRYHUUXOLQJ0F0LOODQ ILQGLQJ ,W GRHV QRW PDWWHU IRU WKH SXUSRVHV RI WKH Y3HQQV\OYDQLD86 ZKLFKXSKHOGDVWDWH FRQVWLWXWLRQDO DQDO\VLV WKDW LQ VWDWXWHV OLNH WKH VWDWXWHDOORZLQJMXGJHVWRILQGPLQLPXPSHQDOW\HQKDQFHPHQW 3HQQV\OYDQLD$FWWKHm6WDWHSURYLGHVlWKDWDIDFWmVKDOO IDFWRUVE\DSUHSRQGHUDQFHRIWKHHYLGHQFH$SSUHQGL JLYH ULVH ERWK WR D VSHFLDO VWLJPD DQG WR D VSHFLDO 86DWQ SXQLVKPHQWl 0F0LOODQ VXSUD DW 6WHYHQV s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n86n 86Y+DUULV)G DQG $SSUHQGL KDYH EHHQ UHFRQFLOHG DQG WKHUH LV QR ORQJHU WK&LU 86Y.HLWK)G WK&LU TXHVWLRQWKDW0F0LOODQLVVWLOOJRRGODZ FHUWGHQLHG86 86Y5RGJHUV )G WK &LU 86 Y $JXD\R 'HOJDGR)G WK&LU FHUWGHQLHG 8QLWHG6WDWHVY/HDFKPDQ 1R 1R 8QLWHG6WDWHVY/HDFKPDQ
86 86 Y *DUFLD6DQFKH] )G QRWDIRUHJRQHFRQFOXVLRQWKDWWKHWULDOMXGJHZRXOGKDYH WK&LU 86Y6DQFKH] )G VHQWHQFHG)ORZDOWROLIHZLWKRXWWKHSRVVLELOLW\RIUHOHDVH WK &LU FHUW GHQLHG n 86 n LI D MXU\ KDG GHWHUPLQHG WKH GUXJV ZHLJKHG +RZHYHULQFDVHVVXFKDV86Y)ORZDO)G WK NLORJUDPV,QIDFWLIWKHMXU\KDGGHWHUPLQHGWKDWWKH &LU 86Y5DPLUH])G WK&LU DQG GUXJVZHLJKHGOHVVWKDQJUDPVDOLIHVHQWHQFHZRXOG 86Y6WUD\KRUQ)G WK&LU DOOLQYROYLQJ QRW KDYH HYHQ EHHQ DQ RSWLRQ XQGHU 86& FRQYLFWLRQVXQGHU86&ZHDGGUHVVHGWKHLVVXH E & 7KHMXGJHjVGHWHUPLQDWLRQHIIHFWLYHO\ DQGH[WHQGHG$SSUHQGLjVSURWHFWLRQVWRPDQGDWRU\PLQLPXP OLPLWHG WKH UDQJH RI DSSOLFDEOH SHQDOWLHV DQG GHSULYHG VHQWHQFHV WKXV UHQGHULQJ XV D mPLQRULW\ RI RQHl 86 Y )ORZDO RI WKH RSSRUWXQLW\ WR UHFHLYH OHVV WKDQ OLIH +XPSKUH\)G WK&LU 5RVHQ's LPSULVRQPHQWZLWKRXWWKHSRVVLELOLW\RIUHOHDVH GLVVHQWLQJ 86Y6WDIIRUG)G Q WK&LU TXRWLQJ 86 Y +LOO )G WK &LU ,GDW $FFRUGLQJO\LQ)ORZDOZHFUHDWHGDFLUFXLWVSOLW DQGEURDGHQHG$SSUHQGLWRDSSO\WRGHWHUPLQDWLRQVDIIHFWLQJ WKH MXGJHjV GLVFUHWLRQ WR LPSRVH D OHVVHU VHQWHQFH ,Q WKLV ,Q)ORZDOWKHILUVWFDVHLQZKLFKZHDSSOLHG$SSUHQGLWR &LUFXLW DQ\VXFKGHWHUPLQDWLRQKDGWREHSURYHGWRDMXU\ PDQGDWRU\PLQLPXPVHQWHQFHVWKHMXGJHIRXQGWKHGHIHQGDQW EH\RQGDUHDVRQDEOHGRXEW,GDW JXLOW\ DQG IRXQG WKH DPRXQW RI GUXJV ILYH NLORJUDPV RI FRFDLQH E\ D SUHSRQGHUDQFH RI WKH HYLGHQFH 7KH MXGJH +RZHYHU LQ sXQH WKH 6XSUHPH &RXUW GHFLGHG+DUULV Y VHQWHQFHG )ORZDO WR OLIH n WKH PLQLPXP SHQDOW\ IRU 8QLWHG 6WDWHV n 86n 6 &W DQG GHIHQGDQWV ZLWK SULRU GUXJ FRQYLFWLRQVn XQGHU UHVROYHG WKH FLUFXLW VSOLW ,Q +DUULV WKH GHIHQGDQW ZDV E $ ,Q UHYHUVLQJ )ORZDO ZH WZHDNHG WKH FKDUJHGZLWKFDUU\LQJDILUHDUPZKLOHFRPPLWWLQJWKHFULPH $SSUHQGLKROGLQJVWDWLQJmDIDFWWKDWLQFUHDVHVWKHDSSOLFDEOH RI GUXJ WUDIILFNLQJ DQG ZDV VHQWHQFHG XQGHU 86& VWDWXWRU\UDQJHIRUDSDUWLFXODUFULPHPXVWEHSURYHGEH\RQG F $ LL ZKLFKSURYLGHVIRUDPLQLPXPVHQWHQFHRI DUHDVRQDEOHGRXEWWRWKHWULHURIIDFWl)ORZDO)GDW VHYHQ\HDUVLIWKHILUHDUPZDVmEUDQGLVKHGl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jV YLRODWHWKHGHIHQGDQWjVFRQVWLWXWLRQDOULJKWV+DUULV6 GHWHUPLQDWLRQRIWKHZHLJKWRIWKHGUXJVWRRNDZD\DQ\ &W DW 0RUHRYHU VXFK D SUDFWLFH GRHV QRW YLRODWH GLVFUHWLRQLQWHUPVRILPSRVLQJDVKRUWHUVHQWHQFH,WLV $SSUHQGL EHFDXVH $SSUHQGL ZDV OLPLWHG WR LQFUHDVHV LQ PD[LPXPVHQWHQFHV,GDW $SSUHQGL DSSOLHV WR 7KHUHVXOWLQ+DUULVLVERUQHIURPWKHKROGLQJLQ0F0LOODQ (YHQ WKRXJK WKLV &LUFXLWjV SULRU KROGLQJ WKDW LQFUHDVHV LQ VWDWXWRU\ PLQLPXPV SXW LW LQ D PRUH WKDQ RYHUZKHOPLQJ ,Q 0F0LOODQ WKH 6XSUHPH &RXUW XSKHOG WKH 6WDWH RI PLQRULW\ ZLWK LWV IHOORZ &LUFXLWV LW LV LQWHUHVWLQJ WR QRWH WKDW WKH +DUULV 3HQQV\OYDQLDjV0DQGDWRU\0LQLPXP6HQWHQFLQJ$FWXQGHU UHVXOW ZDV DSSURYHG E\ RQO\ D PDUJLQ LQ WKH 6XSUHPH &RXUW
Reference
- Status
- Published