Goode v. United States

U.S. Court of Appeals for the Sixth Circuit

Goode v. United States

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

.(9,1 $1721,2 *22'( ; 3HWLWLRQHU$SSHOODQW    1R Y  !  81,7(' 67$7(6 2) $0(5,&$  5HVSRQGHQW$SSHOOHH  1 $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW IRUWKH(DVWHUQ'LVWULFWRI0LFKLJDQDW'HWURLW 1Rn3DWULFNs'XJJDQ'LVWULFWsXGJH 6XEPLWWHG $SULO 'HFLGHGDQG)LOHG 0D\ %HIRUH 0$57,1&KLHI&LUFXLWsXGJH &2/(&LUFXLW sXGJH 6+$53'LVWULFWsXGJH



7KLV GHFLVLRQ ZDV RULJLQDOO\ LVVXHG DV DQ mXQSXEOLVKHG GHFLVLRQl ILOHG RQ 0D\  

7KH +RQRUDEOH * .HQGDOO 6KDUS 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH 0LGGOH 'LVWULFW RI )ORULGD VLWWLQJ E\ GHVLJQDWLRQ

  *RRGHY8QLWHG6WDWHV 1R 1R *RRGHY8QLWHG6WDWHV 

BBBBBBBBBBBBBBBBB $MXULVGLFWLRQDOGHIHFWFDQQRWEHZDLYHGRUSURFHGXUDOO\ GHIDXOWHGnUDWKHUDMXULVGLFWLRQDOGHIHFWUHTXLUHVUHYHUVDO &2816(/ 8QLWHG 6WDWHV Y *ULIILQ  86       &RQWUDVWLQJWKLVULJKWZLWKWKHULJKWWREHFKDUJHGE\DJUDQG 21 %5,()   0DUN & sRQHV $66,67$17 81,7(' MXU\LQGLFDWHVWKDWWKHVHDUHGLIIHUHQWULJKWV7KHULJKWWREH 67$7(6$77251(<)OLQW0LFKLJDQIRU$SSHOOHH.HYLQ FKDUJHGE\DJUDQGMXU\LVDSHUVRQDOULJKWWKDWFDQEHZDLYHG $QWRQLR*RRGH6KHULGDQ2UHJRQSURVH )HG5&ULP3 E  BBBBBBBBBBBBBBBBB 7KLVFLUFXLWKDVDSSOLHGDSODLQHUURUUHYLHZLQFDVHVZKHUH DQLQGLFWPHQWIDLOHGWRDOOHJHDGUXJTXDQWLW\6HH3DJH 23,1,21 )G DW o  ,I DQ $SSUHQGL HUURU ZDV PHDQW WR EH BBBBBBBBBBBBBBBBB MXULVGLFWLRQDOWKHFRXUWZRXOGEHXQDEOHWRDSSO\DSODLQHUURU UHYLHZEXWUDWKHUZRXOGEHUHTXLUHGWRUHYHUVH7KRXJK3DJH 5*8<&2/(s5&LUFXLWsXGJH7KLVDFWLRQVWHPVIURP RQO\LQYROYHGWKHGUXJTXDQWLW\HOHPHQWWKHW\SHRIGUXJDQG WKH FRQYLFWLRQ DQG VHQWHQFH RI 3HWLWLRQHU$SSHOODQW .HYLQ WKH SDUWLFXODU SHQDOW\ SURYLVLRQ EHLQJ DSSOLHG UHTXLUH DQ $QWRQLR *RRGH RI IRXU FRXQWV LQYROYLQJ D FRQVSLUDF\ WR DQDORJRXVUHVXOWLQWKLVFDVH$FFRUGLQJO\WKHRPLVVLRQRI GLVWULEXWH FRFDLQH DSSHDOHG SXUVXDQW WR WKH GHQLDO RI D  WKHGUXJW\SHTXDQWLW\DQGWKHUHOHYDQWSHQDOW\SURYLVLRQGLG 86& †  PRWLRQ WR YDFDWH VHW DVLGH RU FRUUHFW WKH QRWGLYHVWWKHGLVWULFWFRXUWRIMXULVGLFWLRQ VHQWHQFH  ,Q OLJKW RI *RRGHjV WZR SULRU IHORQ\ GUXJ FRQYLFWLRQVDQGWKHFRXUWjVILQGLQJWKDWKHZDVUHVSRQVLEOHIRU ,,,&21&/86,21 JUDPVRUPRUHRIFUDFNFRFDLQH*RRGHZDVVHQWHQFHGWR OLIH LPSULVRQPHQW SXUVXDQW WR  86& †  E  $  )RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHGHFLVLRQRIWKH *RRGHDUJXHVSURVHWKDWLQOLJKWRI$SSUHQGLY1HZsHUVH\ GLVWULFWFRXUWWRGHQ\3HWLWLRQHUjV†PRWLRQ 86  KLVVHQWHQFHZDVLPSURSHUEHFDXVHWKH GUXJTXDQWLW\ZDVQRWVXEPLWWHGWRWKHMXU\IRUGHWHUPLQDWLRQ EH\RQGDUHDVRQDEOHGRXEW6SHFLILFDOO\*RRGHVXEPLWVWKDW WKHGLVWULFWFRXUWZDVLQFRUUHFWLQFRQFOXGLQJWKDW$SSUHQGL GRHVQRWDSSO\UHWURDFWLYHO\WRLQLWLDO†PRWLRQV*RRGH DOVR DUJXHV WKDW WKH GLVWULFW FRXUW HUUHG ZKHQ LW IDLOHG WR DGGUHVV WKH PHULWV RI KLV DUJXPHQW WKDW WKH VHFRQG VXSHUVHGLQJLQGLFWPHQWLVGHIHFWLYHEHFDXVHLWIDLOVWRUHFLWH WKH HVVHQWLDO HOHPHQWV UHTXLUHG WR JUDQW WKH GLVWULFW FRXUW MXULVGLFWLRQWRLPSRVHWKHFXUUHQWVHQWHQFH 7KLVDSSHDOSUHVHQWVWZRLVVXHVIRURXUUHYLHZ   ZKHWKHU WKHUXOHRI$SSUHQGLVKRXOGEHDSSOLHGUHWURDFWLYHO\WRLQLWLDO †PRWLRQV DQG  ZKHWKHUWKHGLVWULFWFRXUWFRPPLWWHG UHYHUVLEOHHUURULQIDLOLQJWRDGGUHVVWKHHIIHFWLYHQHVVRIWKH VHFRQGVXSHUVHGLQJLQGLFWPHQW:HFRQFOXGHWKDW$SSUHQGL GRHVQRWDSSO\UHWURDFWLYHO\WRLQLWLDO†PRWLRQVDVLWLV QRWDZDWHUVKHGUXOHRIFULPLQDOSURFHGXUH:HDOVRFRQFOXGH  *RRGHY8QLWHG6WDWHV 1R 1R *RRGHY8QLWHG6WDWHV 

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sDQXDU\  DVHFRQGVXSHUVHGLQJLQGLFWPHQWILOHG WKRXJK WKH LVVXH RI PDWHULDOLW\ LQ D IDOVH VWDWHPHQW E\WKHJUDQGMXU\FKDUJHG3HWLWLRQHU.HYLQ*RRGHZLWKWKH SURVHFXWLRQXQGHU86&†LVDTXHVWLRQIRUWKHMXU\ IROORZLQJFRXQWV   FRQVSLUDF\WRGLVWULEXWHFRFDLQH FRXQW UDWKHUWKDQWKHMXGJHDGLVWULFWFRXUWj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mZDWHUVKHGlUXOH6HH6DQGHUV WKHLULQYROYHPHQWLQDFRQVSLUDF\DOOHJHGWRKDYHUXQIURP  )G DW o  FLWLQJ%OL]HULDQ Y 8QLWHG 6WDWHV  sXO\   WKURXJK sDQXDU\   LQ WKH YLFLQLW\ RI )OLQW )G G&LU  DQG8QLWHG6WDWHVY6KXQN 0LFKLJDQ2Q$SULO DMXU\FRQYLFWHG*RRGHRQDOO )G   WK &LU    HDFK RI ZKLFK KDYH XVHG WKH FRXQWV mKDUPOHVV HUURUl UDWLRQDOH DV D VLJQDO WKDW WKH LVVXH RI PDWHULDOLW\ LQ IDOVH VWDWHPHQW SURVHFXWLRQV GRHV QRW DSSO\ *RRGHKDGWZRSULRUIHORQ\GUXJFRQYLFWLRQV%HFDXVHRI UHWURDFWLYHO\RQFROODWHUDOUHYLHZ sXVWDVWKH%OL]HULDQFRXUW WKH SULRU FRQYLFWLRQV *RRGHjV VHQWHQFH ZDV HQKDQFHG FRQFOXGHGWKHUHZDVmOLWWOHUHDVRQWREHOLHYHWKDWMXULHVZLOO SXUVXDQWWR86&††DQG2Q2FWREHU  KDYHVXEVWDQWLDOO\GLIIHUHQWLQWHUSUHWDWLRQVRIPDWHULDOLW\WKDQ WKH GLVWULFW FRXUW LPSRVHG WKH IROORZLQJ VHQWHQFH    OLIH MXGJHVl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jVGLUHFWDSSHDORIKLVFRQYLFWLRQZDVXQVXFFHVVIXO ,QKLVVHFRQGDUJXPHQW*RRGHVXEPLWVWKDWEHFDXVHWKH XOWLPDWHO\ UHVXOWLQJ LQ WKH 8QLWHG 6WDWHV 6XSUHPH &RXUW LQGLFWPHQWGLGQRWFRQWDLQWKHGUXJW\SHTXDQWLW\DQGWKH SHQDOW\SURYLVLRQRI† E  $ LLL XQGHUZKLFKKHZDV EHLQJFKDUJHGWKHGLVWULFWFRXUWODFNHGMXULVGLFWLRQ:HDJUHH  ,Q   *RRGH ZDV FRQYLFWHG LQ &DOKRXQ &RXQW\ &LUFXLW &RXUW ZLWK WKH (OHYHQWK &LUFXLW WKDW DQ $SSUHQGL FODLP LV QRW 0LFKLJDQ RI GHOLYHU\ RI FRFDLQH ,Q   KH ZDV FRQYLFWHG LQ MXULVGLFWLRQDO0F&R\)GDW  .DODPD]RR &RXQW\ &LUFXLW &RXUW 0LFKLJDQ RI SRVVHVVLRQ RI FRFDLQH

 *RRGH ZDV QRW VHQWHQFHG RQ WKH UHPDLQLQJ FRXQWV  *RRGHY8QLWHG6WDWHV 1R 1R *RRGHY8QLWHG6WDWHV

GHQ\LQJ KLV ZULW RI FHUWLRUDUL RQ 2FWREHU     2Q OLNH WKH SKUDVH mPDGH  E\ WKH 6XSUHPH &RXUWl LW LV 2FWREHU*RRGHILOHGDPRWLRQWRYDFDWHKLVVHQWHQFH QHFHVVDU\ WR DQDO\]H DQ LQLWLDO †  PRWLRQ WR YDFDWH D SXUVXDQWWR86&†7KHGLVWULFWFRXUWGHQLHGWKLV VHQWHQFHXQGHUWKHQHZFRQVWLWXWLRQDOUXOHRI$SSUHQGLE\ PRWLRQLQDQRSLQLRQDQGRUGHULVVXHGRQsDQXDU\ ORRNLQJDWWKH7HDJXHH[FHSWLRQ *RRGHILOHGDWLPHO\QRWLFHRIDSSHDORQ)HEUXDU\ DQGWKHGLVWULFWFRXUWJUDQWHGKLVDSSOLFDWLRQIRUDFHUWLILFDWH $FFRUGLQJ WR 7HDJXH $SSUHQGL VKRXOG EH DSSOLHG RIDSSHDODELOLW\RQ0DUFK UHWURDFWLYHO\RQO\LIWKHGHFLVLRQLVXQGHUVWRRGWRKDYHFUHDWHG DQHZmZDWHUVKHGlUXOHRIFULPLQDOSURFHGXUHWKDWLPSOLFDWHV ,,',6&866,21 WKH IXQGDPHQWDO IDLUQHVV DQG DFFXUDF\ RI WKH FULPLQDO SURFHHGLQJ 86DW$SSUHQGLFOHDUO\HVWDEOLVKHVD $6WDQGDUGRI5HYLHZ mQHZUXOHlDVWKHUHVXOWRI$SSUHQGLZDVQRWFRQWUROOHGE\ DQ\mSUHFHGHQWH[LVWLQJDWWKHWLPHWKHGHIHQGDQWjVFRQYLFWLRQ ,Q UHYLHZLQJ D GLVWULFW FRXUW V GHQLDO RI D PRWLRQ XQGHU EHFDPHILQDOl7HDJXH 86DW%HIRUHWKH6XSUHPH †ZHDSSO\DFOHDUO\HUURQHRXVVWDQGDUGWRLWVIDFWXDO &RXUWGHFLGHG$SSUHQGLIHGHUDOFLUFXLWVWKDWFRQVLGHUHGWKH ILQGLQJV DQG UHYLHZ LWV FRQFOXVLRQV RI ODZ GH QRYR  6HH TXHVWLRQ RI WKH FRQVWLWXWLRQDOLW\ RI GUXJ TXDQWLWLHV EHLQJ /XFDVY2 'HD )G WK&LU 5DWWLJDQ GHWHUPLQHGE\WKHFRXUWUDWKHUWKDQWKHMXU\KDGFRQFOXGHG Y8QLWHG6WDWHV)G WK&LU  1DJLY WKDWWKLVZDVDQDFFHSWDEOHSURFHGXUHEHFDXVHGUXJTXDQWLW\ 8QLWHG6WDWHV )G WK&LU  &DUGLQDOY ZDVDVHQWHQFLQJIDFWRUQRWDQHOHPHQWRIWKHRIIHQVH8QLWHG 8QLWHG 6WDWHV  )G    WK &LU     ,W LV D 6WDWHVY7KRPDV)G G&LU 8QLWHG ZHOOVHWWOHGSULQFLSOHWKDWWRREWDLQFROODWHUDOUHYLHZUHOLHID 6WDWHVY*ULPDOGR)G  WK&LU  SULVRQHUPXVWFOHDUDVLJQLILFDQWO\KLJKHUKXUGOHWKDQZRXOG H[LVWRQGLUHFWDSSHDO8QLWHG6WDWHVY)UDG\86 'HVSLWH$SSUHQGLEHLQJDmQHZUXOHlLWLVQRWUHWURDFWLYHO\     FLWDWLRQRPLWWHG :KHQWKHSHWLWLRQHUDSSHDOLQJ DSSOLFDEOHXQOHVVLWLVDOVRRQHRImZDWHUVKHGlLPSRUWDQFH XQGHU†KDVSURFHGXUDOO\GHIDXOWHGKLVFRQWHQWLRQVE\ $FFRUGLQJWRWKH6XSUHPH&RXUWWKLVFODVVLILFDWLRQVKRXOGEH IDLOLQJ WR DVVHUW WKHP RQ GLUHFW DSSHDO RU YLD D SUHYLRXVO\ UHVHUYHGIRUDmVPDOOFRUHRIUXOHVUHTXLULQJREVHUYDQFHRI OLWLJDWHG KDEHDV DSSOLFDWLRQ KH PXVW IXUWKHU SURYH HLWKHU WKRVH SURFHGXUHV WKDW     DUH LPSOLFLW LQ WKH FRQFHSW RI  JRRGFDXVHIRUIDLOLQJWRGRVRDQGWKDWKHZRXOGVXIIHU RUGHUHGOLEHUW\l2j'HOOY1HWKHUODQG86 DFWXDOSUHMXGLFHLIKLVDUJXPHQWVDUHGHHPHGSUHFOXGHG RU    TXRWLQJ *UDKDP Y &ROOLQV  86    WKDWKHLVDFWXDOO\LQQRFHQWRIWKHVXEMHFWRIIHQVH%RXVOH\   7RTXDOLI\DVDZDWHUVKHGUXOHWKHQHZUXOHmPXVW Y 8QLWHG 6WDWHV  86      )OR\G Y LPSURYHWKHEHGURFNSURFHGXUDOHOHPHQWVHVVHQWLDOWRWKH $OH[DQGHU)G WK&LU   IDLUQHVVRIDSURFHHGLQJl6DZ\HUY6PLWK 86   $FFRUGLQJWRWKH&RXUWDQH[DPSOHRIVXFKDUXOH ZRXOG EH *LGHRQ Y :DLQZULJKW  86     LQ ZKLFKWKH6XSUHPH&RXUWKHOGWKDWLQDOOFULPLQDOWULDOVIRU VHULRXVRIIHQVHVFRXQVHOVKDOOEHSURYLGHG 7KHDFFXUDF\WKDWLVLPSURYHGE\WKH$SSUHQGLUHTXLUHPHQW  $SSUHQGL Y 1HZ sHUVH\  86    ZDV QRW GHFLGHG XQWLO LVWKHEHWWHULPSRVLWLRQRIDSURSHUVHQWHQFH,QFRQWUDVWWKH sXQH   DOPRVW D \HDU DIWHU *RRGHjV ZULW RI FHUWLRUDUL ZDV GHQLHG DFFXUDF\WKDWLVLPSURYHGE\WKHUXOHRI*LGHRQLQYROYHVWKH $FFRUGLQJO\ WKLV &RXUW PXVW FRQVLGHU WKH DSSOLFDWLRQ RI $SSUHQGL WR WKLV EDVLFGHWHUPLQDWLRQRIWKHGHIHQGDQWjVJXLOWRULQQRFHQFH%\ FDVH RQ FROODWHUDO UHYLHZ UDWKHU WKDQ RQ GLUHFW DSSHDO  *RRGHY8QLWHG6WDWHV 1R 1R *RRGHY8QLWHG6WDWHV 

&RQVWLWXWLRQRUODZVRIWKH8QLWHG6WDWHVLVUHPRYHGLI %$QDO\VLV WKHPRYDQWZDVSUHYHQWHGIURPPDNLQJDPRWLRQE\VXFK JRYHUQPHQWDODFWLRQ 7KHUXOHRI$SSUHQGLLVQRWUHWURDFWLYHO\DSSOLFDEOHWR LQLWLDO†PRWLRQVEHFDXVH$SSUHQGLGRHVQRWFUHDWH   WKH GDWH RQ ZKLFK WKH ULJKW DVVHUWHG ZDV LQLWLDOO\ DQHZmZDWHUVKHGUXOHlWKDWLPSURYHVWKHDFFXUDF\RI UHFRJQL]HGE\WKH6XSUHPH&RXUWLIWKDWULJKWKDVEHHQ GHWHUPLQLQJWKHJXLOWRULQQRFHQFHRIDGHIHQGDQW QHZO\ UHFRJQL]HG E\ WKH 6XSUHPH &RXUW DQG PDGH UHWURDFWLYHO\DSSOLFDEOHWRFDVHVRQFROODWHUDOUHYLHZ RU $SSUHQGLHVWDEOLVKHVWKDWmRWKHUWKDQWKHIDFWVRIDSULRU FRQYLFWLRQ DQ\ IDFW WKDW LQFUHDVHV WKH SHQDOW\ IRU D FULPH  WKHGDWHRQZKLFKWKHIDFWVVXSSRUWLQJWKHFODLPRU EH\RQGWKHSUHVFULEHGVWDWXWRU\PD[LPXPPXVWEHVXEPLWWHG FODLPVSUHVHQWHGFRXOGKDYHEHHQGLVFRYHUHGWKURXJKWKH WRDMXU\DQGSURYHGEH\RQGDUHDVRQDEOHGRXEWl86 H[HUFLVHRIGXHGLOLJHQFH DW    :LWK UHVSHFW WR GUXJ FRQYLFWLRQV XQGHU  86& †WKLV&RXUWKDVKHOGWKDWWKHTXDQWLW\DQGW\SHRIGUXJV 86&† DWWULEXWDEOHWRDGHIHQGDQWPXVWEHVXEPLWWHGWRWKHMXU\IRU DGHWHUPLQDWLRQEH\RQGDUHDVRQDEOHGRXEW6HH8QLWHG6WDWHV *RRGHILOHGKLV†PRWLRQZLWKLQRQH\HDURIWKHGDWH Y3DJH)G WK&LU 8QLWHG6WDWHVY RQ ZKLFK WKH MXGJPHQW RI FRQYLFWLRQ EHFDPH ILQDO XQGHU )ORZDO)G   WK&LU %HFDXVH*RRGHjV †  ˆ     ,Q VHFRQG RU VXFFHVVLYH PRWLRQV WKH VHQWHQFH ZDV LQFUHDVHG EH\RQG WKH WKLUW\ \HDU VWDWXWRU\ DSSOLFDWLRQPXVWFRQWDLQHLWKHU  PD[LPXP XQGHU †  E  &  EDVHG XSRQ WKH GLVWULFW FRXUWjVILQGLQJE\DSUHSRQGHUDQFHRIWKHHYLGHQFHWKDW*RRGH   QHZO\ GLVFRYHUHG HYLGHQFH ZKLFK LI SURYHQ DQG ZDVUHVSRQVLEOHIRUWRJUDPVRIFRFDLQHWKHGLVWULFW YLHZHG LQ OLJKW RI WKH HYLGHQFH DV D ZKROH ZRXOG EH FRXUW ZDV FRUUHFW LQ FRQFOXGLQJ WKDW *RRGHjV VHQWHQFH IRU VXIILFLHQWWRHVWDEOLVKE\FOHDUDQGFRQYLQFLQJHYLGHQFH FRXQWRQHZRXOGEHHUURQHRXVXQGHU$SSUHQGL8QLWHG6WDWHV WKDW QR UHDVRQDEOH IDFWILQGHU ZRXOG KDYH IRXQG WKH Y*RRGH)6XSSGo ('0LFK  PRYDQW JXLOW\ RI WKH RIIHQVH  RU   D QHZ UXOH RI FRQVWLWXWLRQDOODZPDGHUHWURDFWLYHWRFDVHVRQFROODWHUDO 7KHUHWURDFWLYHDSSOLFDELOLW\RIWKH$SSUHQGLUXOHWRFDVHV UHYLHZ E\ WKH 6XSUHPH &RXUW WKDW ZDV SUHYLRXVO\ RQDQLQLWLDO†PRWLRQLVDQLVVXHRIILUVWLPSUHVVLRQLQ XQDYDLODEOH WKLV&LUFXLW:HPXVWGHFLGHLIZHDJUHHZLWKWKHUHDVRQLQJ DQG DQDO\VLV RI IRXU RWKHU FLUFXLWV HDFK RI ZKLFK KDV 86&† E  & †ˆ8QOLNHWKHODQJXDJH FRQFOXGHGWKDW$SSUHQGLGRHVQRWDSSO\UHWURDFWLYHO\WRLQLWLDO WKDWDSSOLHVWRVHFRQGRUVXFFHVVLYH†SHWLWLRQVWKHUHLV †PRWLRQV6HH0F&R\Y8QLWHG6WDWHV)G QROLPLWDWLRQRQLQLWLDO†SHWLWLRQVXQGHUˆ  DQGWKXV WK&LU FHUWGHQLHG6&W  8QLWHG LWGRHVQRWFRQIOLFWZLWKWKHDSSOLFDWLRQRI7HDJXH6HH7\OHU 6WDWHVY0RVV)G  WK&LU FHUWGHQLHG Y&DLQ86   ILQGLQJWKDWWKHMXU\LQVWUXFWLRQ UXOHLQ&DJHY/RXLVLDQD 86    ZDVQRWPDGH UHWURDFWLYHWRFDVHVRQFROODWHUDOUHYLHZZLWKLQWKHPHDQLQJ  RI WKH †  E  $  H[FHSWLRQ WR UHVWULFWLRQV RQ D VWDWH 7KH VWDWXWRU\ PD[LPXP XQGHU †  E  & LV WKLUW\ \HDUV EHFDXVH SULVRQHUjV VHFRQG IHGHUDO KDEHDV FRUSXV SHWLWLRQ  ,Q UH RI *RRGHjV WZR SULRU IHORQ\ GUXJ FRQYLFWLRQV

&OHPPRQV   )G   WK &LU   KROGLQJ WKDW WKH  DQDORJRXVODQJXDJHRI† E  $ DQG†ˆ  OHDG 7KLV &RXUW KDV KHOG WKDW $SSUHQGL GRHV QRW DSSO\ UHWURDFWLYHO\ WR WRWKHVDPHUHVXOW $Vˆ  GRHVQRWRIIHUDQ\UHVWULFWLRQV VHFRQG RU VXFFHVVLYH †  PRWLRQV ,Q UH &OHPPRQV  )G     WK &LU    *RRGHY8QLWHG6WDWHV 1R 1R *RRGHY8QLWHG6WDWHV 

6&W  8QLWHG6WDWHVY6DQGHUV)G  WK SURVFULEHl RU   mUHTXLUHV WKH REVHUYDQFH RI WKRVH &LU FHUWGHQLHG6&W  sRQHVY6PLWK SURFHGXUHV WKDW u DUH LPSOLFLW LQ WKH FRQFHSW RI RUGHUHG )G WK&LU  OLEHUW\l ,G DW  LQWHUQDO TXRWDWLRQV RPLWWHG   7KH TXHVWLRQ LQ WKLV FDVH LV ZKHWKHU WKH $SSUHQGL UXOH LV D $V D JHQHUDO UXOH QHZ FRQVWLWXWLRQDO GHFLVLRQV DUH QRW mZDWHUVKHGlUXOHWKDWmLPSOLFDWHVWKHIXQGDPHQWDOIDLUQHVVRI DSSOLHGUHWURDFWLYHO\WRFDVHVWKDWZHUH ILQDOL]HGSULRUWRD WULDOl XQGHU WKH VHFRQG H[FHSWLRQ WR WKH JHQHUDO QRQ QHZ6XSUHPH&RXUWGHFLVLRQ6HHHJ$OOHQY+DUG\ UHWURDFWLYLW\UXOHRI7HDJXH,GDW LQWHUQDOTXRWDWLRQV 86    MXU\VHOHFWLRQUXOHQRWDSSOLFDEOHWRFDVHVRQ RPLWWHG  FROODWHUDO UHYLHZ  6ROHP Y 6WXPHV  86     FXVWRGLDO LQWHUURJDWLRQ UXOH QRW DSSOLFDEOH WR FDVHV RQ *RRGH DUJXHV WKDW WKH UXOH RI $SSUHQGL VKRXOG QRW EH FROODWHUDOUHYLHZ 0LFKLJDQY3D\QH86   DQDO\]HGXQGHU7HDJXHUHDVRQLQJWKDW†ZDVPRGLILHG SURWHFWLYHVHQWHQFLQJUXOHQRWUHWURDFWLYH sRKQVRQY1HZ DIWHU7HDJXHWKURXJKWKHDGRSWLRQRIWKH$QWLWHUURULVPDQG sHUVH\  86      LQWHUURJDWLRQ UXOHV QRW (IIHFWLYH'HDWK3HQDOW\$FWRI  m$('3$l DQGWKHQHZ UHWURDFWLYH  7KH SULQFLSOH RI ILQDOLW\ ZLWKLQ WKH FULPLQDO ODQJXDJH GLG QRW DGRSW WKH 7HDJXH DSSURDFK  3XUVXDQW WR MXVWLFHV\VWHPZHLJKVKHDYLO\DJDLQVWUHWURDFWLYHDSSOLFDWLRQ $('3$&RQJUHVVGHOHWHGWKHODQJXDJHLQ†WKDWUHDG RIQHZFRQVWLWXWLRQDOODZHVSHFLDOO\LQOLJKWRIWKHVLJQLILFDQW $PRWLRQIRUVXFKUHOLHIPD\EHPDGHDWDQ\WLPH,QLWV SHUFHQWDJHRIGUXJWUDIILFNLQJFRQYLFWLRQVGHFLGHGLQIHGHUDO SODFHWKHIROORZLQJODQJXDJHZDVDGGHG  FRXUW $ \HDU SHULRG RI OLPLWDWLRQ VKDOO DSSO\ WR D PRWLRQ ,Q 7HDJXH Y /DQH   86  o    WKH XQGHUWKLVVHFWLRQ7KHOLPLWDWLRQSHULRGVKDOOUXQIURP 6XSUHPH&RXUWDUWLFXODWHGWZRH[FHSWLRQVWRWKHJHQHUDOUXOH WKHODWHVWRI RI QRQUHWURDFWLYH DSSOLFDWLRQ IRU QHZ UXOHV RI FULPLQDO SURFHGXUH  $Q H[FHSWLRQ WKDW DOORZV IRU UHWURDFWLYH   WKH GDWH RQ ZKLFK WKH MXGJPHQW RI FRQYLFWLRQ DSSOLFDWLRQ RI D QHZ UXOH DSSOLHV RQO\ LI WKH QHZ UXOH EHFRPHVILQDO  mSODFHVFHUWDLQNLQGVRISULPDU\SULYDWHLQGLYLGXDOFRQGXFW EH\RQG WKH SRZHU RI WKH FULPLQDO ODZPDNLQJ DXWKRULW\ WR  WKHGDWHRQZKLFKWKHLPSHGLPHQWWRPDNLQJDPRWLRQ FUHDWHG E\ JRYHUQPHQWDO DFWLRQ LQ YLRODWLRQ RI WKH

 7KRXJK HYHU\ FLUFXLW WKDW KDV DGGUHVVHG WKH LVVXH VR IDU KDV FRQFOXGHG WKDW $SSUHQGL LV QRW UHWURDFWLYHO\ DSSOLFDEOH WR †  PRWLRQV  7KH ILUVW H[FHSWLRQ XQGHU 7HDJXH GRHV QRW DSSO\ WR WKH WKHUH DUH GLVWULFW FRXUW GHFLVLRQV IDYRULQJ UHWURDFWLYH DSSOLFDWLRQ RI FLUFXPVWDQFHV RI $SSUHQGL DSSHDOV DV WKH UXOH RI $SSUHQGL GRHV QRW $SSUHQGL 6HH HJ 8QLWHG 6WDWHV Y +HUQDQGH]  ) 6XSS G   GLYHVW WKH JRYHUQPHQW RI DQ\ FULPLQDO ODZPDNLQJ DXWKRULW\ sRQHV Y  1' 2KLR  3DULVH Y 8QLWHG 6WDWHV  ) 6XSS G   6PLWK  )G DW  KROGLQJ WKDW mWKH ILUVW H[FHSWLRQ LGHQWLILHG LQ ' &RQQ  sDFNVRQ Y 8QLWHG 6WDWHV  ) 6XSS G   7HDJXH LV SODLQO\ LQDSSOLFDEOH KHUH ZKHUH WKH VWDWHjV DXWKRULW\ WR SXQLVK (' 0LFK   UHYjG RQ RWKHU JURXQGV  :/  WK &LU 3HWLWLRQHU IRU DWWHPSWHG PXUGHU LV EH\RQG TXHVWLRQl 6DQGHUV  )G 6HSW   8QLWHG 6WDWHV Y 0XUSK\  ) 6XSS G    ' DW  FRQFOXGLQJ WKDW mWKH ILUVW H[FHSWLRQ FOHDUO\ GRHV QRW DSSO\ KHUH 0LQQ   UHYjG 0XUSK\ Y 8QLWHG 6WDWHV  )G  WK &LU EHFDXVH $SSUHQGL GLG QRW SODFH GUXJ FRQVSLUDFLHV EH\RQG WKH VFRSH RI WKH   VWDWHjV DXWKRULW\ WR SURVFULEHl 0RVV  )G DW  H[SODLQLQJ WKDW WKH VHFRQG H[FHSWLRQ ZDV WKH RQO\ H[FHSWLRQ mUHOHYDQW WR RXU LQTXLU\l VHH  $FFRUGLQJ WR WKH 8QLWHG 6WDWHV 6HQWHQFLQJ &RPPLVVLRQ IURP ILVFDO DOVR 'DQLHOV Y 8QLWHG 6WDWHV  )G    WK &LU  \HDUV  o  RYHU  GUXJ WUDIILFNLQJ GHIHQGDQWV ZHUH VHQWHQFHG KROGLQJ LQ WKH FRQWH[W RI D VXFFHVVLYH †  PRWLRQ WKDW $SSUHQGL GRHV LQ IHGHUDO FRXUW 7KLV PDGH XS RYHU RQHWKLUG RI DOO IHGHUDO VHQWHQFHV QRW IDOO ZLWKLQ7HDJXH jV ILUVW H[FHSWLRQ 

Reference

Status
Published