Hatchett v. United States
Hatchett v. United States
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH +DWFKHWWHWDOY8QLWHG6WDWHV 1R (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 2SSHQKHLPHU'DYLG(QJOLVK&DUPDFN81,7('67$7(6 '(3$570(17 2) s867,&( $33(//$7( 6(&7,21 7$;',9,6,21:DVKLQJWRQ'&IRU$SSHOODQW5REHUW1 81,7('67$7(6&28572)$33($/6 %DVVHO.(03./(,1803+5(<(1'(/0$1 0$< )257+(6,;7+&,5&8,7 7UR\0LFKLJDQIRU$SSHOOHHV BBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBB 23,1,21 (/%(57 / +$7&+(77DQG ; BBBBBBBBBBBBBBBBB /$85(67,1( +$7&+(77 5*8<&2/(s5&LUFXLWs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n'HQLVH3DJH+RRG'LVWULFWsXGJH ZURQJIXO EHFDXVH WKH\ ZHUH DJDLQVW SURSHUWLHV KHOG E\ WKH +DWFKHWWVDVWHQDQWVE\WKHHQWLUHW\7KHGLVWULFWFRXUWUHO\LQJ $UJXHG )HEUXDU\ RQDGHFLVLRQRIWKLV&RXUW&UDIWY8QLWHG6WDWHV)G WK&LU DJUHHGZLWKWKH+DWFKHWWVDQGIRXQGWKDW 'HFLGHGDQG)LOHG sXQH WKHOHYLHVZHUHZURQJIXO7KH8QLWHG6WDWHVSULPDULO\DUJXHV WKDWWKLV&RXUWjVGHFLVLRQLQ&UDIWZDVZURQJDVPDWWHURIODZ %HIRUH 6,/(5'$8*+75(<DQG&2/(&LUFXLW DQGWKDWWKHOHYLHVPD\DWWDFKWRSURSHUW\KHOGDVDWHQDQF\E\ sXGJHV WKH HQWLUHW\ 7KH 8QLWHG 6WDWHV DOVR DUJXHV WKDW WKH OHYLHV ZHUH QRW ZURQJIXO XQGHU WKUHH RWKHU OHJDO WKHRULHV D BBBBBBBBBBBBBBBBB IUDXGXOHQW FRQYH\DQFH WKHRU\ LQ ZKLFK WKH *RYHUQPHQW FODLPVWKDW(OEHUWXVHGKLVLQGLYLGXDOIXQGVWRSXUFKDVHDQG &2816(/ HQKDQFHSURSHUW\WKDWZDVWLWOHGDVDWHQDQF\E\WKHHQWLUHW\ DQRPLQHHWKHRU\LQZKLFKWKH*RYHUQPHQWFODLPVWKDW $5*8(' sRDQ , 2SSHQKHLPHU 81,7(' 67$7(6 RWKHU LQGLYLGXDOV DUH KROGLQJ WKH HQWLUHWLHV SURSHUWLHV DV '(3$570(17 2) s867,&( $33(//$7( 6(&7,21 (OEHUWjVQRPLQHHV DQG DOLHQWUDFLQJWKHRU\LQZKLFKWKH 7$;',9,6,21:DVKLQJWRQ'&IRU$SSHOODQW5REHUW1 *RYHUQPHQWFODLPVWKDWVLQFHLWKDVDOLHQRQ(OEHUWjVPRQH\ %DVVHO.(03./(,1803+5(<(1'(/0$1 0$< LW LV HQWLWOHG WR SODFH D OLHQ RQ WKH SURSHUWLHV LPSURYHG RU 7UR\ 0LFKLJDQ IRU $SSHOOHHV 21 %5,() sRDQ , SXUFKDVHGZLWKWKDWPRQH\ 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
$IWHUQRWLFHRIDSSHDOKDGEHHQILOHGDQGWKHFDVHKDGEHHQ SURSHUWLHVDUHRZQHGMRLQWO\E\WKH+DWFKHWWVDVWHQDQWVE\WKH VHWIRURUDODUJXPHQWWKH6XSUHPH&RXUWJUDQWHGFHUWLRUDULRQ HQWLUHW\ WKHLUSULPDU\UHVLGHQFH m:HVW+LFNRU\l DQG &UDIWDQGDJUHHGZLWKWKH*RYHUQPHQWjVSRVLWLRQWKDWIHGHUDO D SURSHUW\ RSHUDWHG DV D FDU ZDVK m6RXWK 6DJLQDZl WD[OLHQVPD\DWWDFKWRSURSHUW\KHOGE\DGHOLQTXHQWWD[SD\HU 7ZR SURSHUWLHV DUH KHOG LQGLYLGXDOO\ E\ /DXUHVWLQH D DVDWHQDQF\E\WKHHQWLUHW\%HFDXVHWKH6XSUHPH&RXUWKDV SURSHUW\RFFXSLHGE\(OEHUWjVPRWKHU m)UDQNOLQ%RXOHYDUGl DQVZHUHGWKHTXHVWLRQRIZKHWKHUWKH*RYHUQPHQWPD\OHY\ DQG D SURSHUW\ LQ %ORRPILHOG 7RZQVKLS 7KH ,56 DJDLQVW UHDO SURSHUW\ KHOG DV D WHQDQF\ E\ WKH HQWLUHW\ ZH VFKHGXOHG D SXEOLF DXFWLRQ WR VHOO WKH UHDO SURSHUWLHV RQ 5(9(56(WKHGHFLVLRQRIWKHGLVWULFWFRXUWDQG5(0$1' 1RYHPEHU IRUHQWU\RIMXGJPHQWFRQVLVWHQWZLWKFXUUHQW6XSUHPH&RXUW SUHFHGHQW)XUWKHUPRUHZH5(9(56(DQG5(0$1'WKH 2QsDQXDU\ WKH,56OHYLHGPRUWJDJHSD\PHQWV GLVWULFWFRXUWjVUHIXVDOWRDOORZWKH*RYHUQPHQWWRDPHQGLWV GXHWRWKH+DWFKHWWVIURPDSURSHUW\SUHYLRXVO\RZQHGE\WKH FRPSODLQWDQGWRDVVHUWLWVFODLPRIIUDXGXOHQWFRQYH\DQFH +DWFKHWWVDQGXVHGIRUKRUVHEUHHGLQJDQGHQWHUWDLQLQJFOLHQWV ZH5(9(56(DQG5(0$1'WKHGLVWULFWFRXUWjVJUDQWRI m&\FORQHl 7KH&\FORQHSURSHUW\ZDVVROGWRDKXVEDQG VXPPDU\ MXGJPHQW IRU WKH +DWFKHWWV RQ WKH *RYHUQPHQWjV DQGZLIH(UQHVWDQG+HUPHWKD%O\WKH$QQsDUUHWWLQ QRPLQHHDQGOLHQWUDFLQJWKHRULHV 7KH +DWFKHWWV WRRN EDFN D PRUWJDJH RI RQ WKH &\FORQHSURSHUW\WREHSDLGLQVHPLDQQXDOLQVWDOOPHQWVRI ,%$&.*5281' RQLQWHUHVWDQGSULQFLSDOEHJLQQLQJ)HEUXDU\ DQGFRQWLQXLQJXQWLO$XJXVW 7KLV FDVH EHJDQ PRUH WKDQ WZHQW\ILYH \HDUV DJR ZKHQ (OEHUWDSURPLQHQW'HWURLWWULDODWWRUQH\GHFLGHGWRIRUHJR $W WKH WLPH WKH ,56 LVVXHG WKH IRXU OHYLHV LQ WKH SD\PHQWRIIHGHUDODQGVWDWHLQFRPHWD[HV,Q (OEHUW +DWFKHWWVKHOGWLWOHWRWKH:HVW+LFNRU\DQG6RXWK6DJLQDZ ZDVFRQYLFWHGE\DMXU\RIIRXUPLVGHPHDQRUFRXQWVRIZLOOIXO SURSHUWLHV DV WHQDQWV E\ WKH HQWLUHW\ /DXUHVWLQH KDV KHOG IDLOXUH WR SD\ IHGHUDO LQFRPH WD[HV 8QLWHG 6WDWHV Y LQGLYLGXDOWLWOHWRWKH)UDQNOLQ%RXOHYDUGSURSHUW\VLQFH +DWFKHWW )G WK &LU +H ZDV EXW LW ZDV KHOG E\ WKH +DWFKHWWV DV WHQDQWV E\ WKH HQWLUHW\ VHQWHQFHGWRWKUHHFRQVHFXWLYHRQH\HDUVHQWHQFHVSODFHGRQ ZKHQWKHIHGHUDOWD[OLHQILUVWDWWDFKHGLQ 7KH+DWFKHWWV ILYH\HDUVjSUREDWLRQILQHGDQGRUGHUHGWRSD\mDOO KHOGWKH&\FORQHSURSHUW\DVWHQDQWVE\WKHHQWLUHW\XQWLOLW EDFNWD[HVlDVDFRQGLWLRQRISUREDWLRQ,G:HDIILUPHGWKDW ZDVFRQYH\HGE\ZDUUDQW\GHHGWRWKHsDUUHWWVRQ$XJXVW VHQWHQFHDQG(OEHUWVSHQWWKUHH\HDUVLQSULVRQ,GDW 7KH,QWHUQDO5HYHQXH6HUYLFH m,56l PDGHDQDVVHVVPHQW 2Q 1RYHPEHU WKH +DWFKHWWV FRPPHQFHG D RQ 2FWREHU WKDW +DWFKHWW RZHG PRUH WKDQ ZURQJIXO OHY\ DFWLRQ LQ WKH GLVWULFW FRXUW SXUVXDQW WR PLOOLRQLQIHGHUDOLQFRPHWD[HVDQGSHQDOWLHVIRUWKHWD[\HDUV 86& WRHQMRLQWKHWD[VDOHRIWKHIRXUSDUFHOV WR $VRI0DUFK (OEHUWjVWD[OLDELOLWLHV RIUHDOHVWDWHDQGWKHVHL]XUHRIWKHPRUWJDJHSD\PHQWVGXH WRWDOHGPRUHWKDQPLOOLRQ 7KH GLVWULFW FRXUW HQWHUHG WZR VWLSXODWHG RUGHUV RQ 'HFHPEHU DQGsXQH HQMRLQLQJWKH,56IURP ,QDQDWWHPSWWRFROOHFWWKHGHOLQTXHQWWD[HVWKH,56OHYLHG FRQGXFWLQJ WKH SXEOLF DXFWLRQ RU OHY\LQJ RQ WKH SHQGLQJ DJDLQVWIRXUSDUFHOVRIUHDOHVWDWHRZQHGE\WKH+DWFKHWWVDQG PRUWJDJH SD\PHQWV XQWLO WKH SURSULHW\ RI WKH OHYLHV ZDV RQHVHULHVRIPRUWJDJHSD\PHQWVRZHGWRWKH+DWFKHWWVRQD GHWHUPLQHG2QsXQH 0DJLVWUDWHsXGJH'RQDOG$ ILIWK SDUFHO SXUVXDQW WR 86& 7KH 6FKHHULVVXHGWZRRUGHUVFRQVLVWHQWZLWKKLVEHQFKUXOLQJV +DWFKHWWVUHFHLYHGD7D[/HY\GDWHG2FWREHU DQG DQ RUGHU JUDQWLQJ WKH +DWFKHWWVj 3HWLWLRQ WR 4XDVK WKH IRXU1RWLFHVRI6HL]XUHGDWHG2FWREHU 7ZRRIWKH 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
*RYHUQPHQWjVUHTXHVWIRUDQXPEHURIGRFXPHQWVIURP RI WKH QRQPRYLQJ SDUW\ 0DWVXVKLWD (OHF ,QGXV &R Y WRWKHSUHVHQW DQG DQRUGHUJUDQWLQJWKH*RYHUQPHQWjV =HQLWK 5DGLR &RUS 86 7KH PRWLRQWRDPHQGLWVDQVZHUWRWKH+DWFKHWWVjFRPSODLQWDQG QRQPRYLQJSDUW\PXVWVHWIRUWKVSHFLILFIDFWVVKRZLQJWKDW DVVHUWIUDXGXOHQWFRQYH\DQFHDVDQDIILUPDWLYHGHIHQVH7KH WKHUHLVDJHQXLQHLVVXHIRU WULDO$JHQXLQHLVVXHIRUWULDO GLVWULFWFRXUWLVVXHGD0HPRUDQGXP2SLQLRQDQG2UGHURQ H[LVWVmLIWKHHYLGHQFHLVVXFKWKDWDUHDVRQDEOHMXU\FRXOG )HEUXDU\ UHYHUVLQJWKHWZRRUGHUVRIWKHPDJLVWUDWH UHWXUQ D YHUGLFW IRU WKH QRQPRYLQJ SDUW\l $QGHUVRQ Y MXGJH /LEHUW\/REE\,QF86 2Q0DUFKWKHGLVWULFWFRXUWHQWHUHGDMXGJPHQW %$SSOLFDELOLW\RI8QLWHG6WDWHVY&UDIW GHFLGLQJWKHFURVVPRWLRQVIRUVXPPDU\MXGJPHQWILOHGE\WKH +DWFKHWWV DQG WKH *RYHUQPHQW 7KH FRXUW JUDQWHG WKH 2Q0DUFKWKLV&RXUWLVVXHGDQRSLQLRQRQWKH +DWFKHWWVj VXPPDU\ MXGJPHQW PRWLRQ DQG GHQLHG WKH DSSHDO IURP LWV UHPDQG RI &UDIW , DQG DJDLQ KHOG WKDW WKH *RYHUQPHQWjV PRWLRQ ZLWK UHVSHFW WR WKH :HVW +LFNRU\ *RYHUQPHQWZDVXQDEOHWROHY\SURSHUW\KHOGDVDWHQDQF\E\ )UDQNOLQ%RXOHYDUG6RXWK6DJLQDZDQG&\FORQHSURSHUWLHV WKH HQWLUHW\ &UDIW Y 8QLWHG 6WDWHV )G WKH FRXUW JUDQWHG WKH *RYHUQPHQWjV VXPPDU\ MXGJPHQW m&UDIW,,l +RZHYHULQWKH6XSUHPH&RXUWJUDQWHG PRWLRQDQGGHQLHGWKH+DWFKHWWVjPRWLRQZLWKUHVSHFWWRWKH FHUWLRUDULRQ&UDIW,,DQGUHYHUVHGWKHGHFLVLRQRIWKLV&RXUW %ORRPILHOG7RZQVKLSSURSHUW\,QLWVGHFLVLRQWRJUDQWWKH 7KH6XSUHPH&RXUWKHOGWKDWSURSHUW\WLWOHGDVDWHQDQF\E\ +DWFKHWWVVXPPDU\MXGJPHQWWKHGLVWULFWFRXUWUHOLHGRQRXU WKHHQWLUHW\FRXOGEHOHYLHGE\WKH*RYHUQPHQW8QLWHG6WDWHV GHFLVLRQ LQ &UDIW Y 8QLWHG 6WDWHV )G WK &LU Y&UDIW6&W m&UDIWl m&UDIW ,l DQG KHOG WKDW WKH *RYHUQPHQW ZDV QRW HQWLWOHG WR OHY\ SURSHUW\ KHOG LQ WHQDQFLHV E\ WKH HQWLUHW\ 6DQGUD&UDIWZDVWKHZLIHRIDGHOLQTXHQWWD[SD\HU'RQ 7KLVWLPHO\DSSHDOIROORZHGRQsXQH DQGVKHDQGKHUKXVEDQGRZQHGSURSHUW\DVWHQDQWVE\WKH HQWLUHW\XQGHU0LFKLJDQODZ&UDIW,)GDW ,Q ,,',6&866,21 WKH ,56 ILOHG D QRWLFH RI IHGHUDO WD[ OLHQ XQGHU 86& RQDOORI'RQjVSURSHUW\LQFOXGLQJWKH $6WDQGDUGRI5HYLHZ HQWLUHWLHVSURSHUW\GXHWRDOLDELOLW\RILQXQSDLG WD[HV,G$IWHUWKHOLHQZDVILOHGWKH&UDIWVWUDQVIHUUHGWKH 7KLV&RXUWUHYLHZVWKHGLVWULFWFRXUWjVVXPPDU\MXGJPHQW HQWLUHWLHVSURSHUW\WR6DQGUDE\ZD\RIDTXLWFODLPGHHGLQ GHFLVLRQGHQRYR6HH:DWNLQVY%DWWOH&UHHN)G H[FKDQJHIRU,G:KHQ6DQGUDDWWHPSWHGWRVHOOWKH WK&LU 6XPPDU\MXGJPHQWVKRXOGEHJUDQWHG SURSHUW\LQ WKHIHGHUDOOLHQZDVGLVFRYHUHG,GDW ZKHQmWKHSOHDGLQJVGHSRVLWLRQVDQVZHUVWRLQWHUURJDWRULHV 7KH,56DJUHHGWRUHOHDVHWKHOLHQRQWKHSURSHUW\DQGDOORZ DQG DGPLVVLRQV RQ ILOH WRJHWKHU ZLWK WKH DIILGDYLWV LI DQ\ WKHVDOHWRJRIRUZDUGFRQGLWLRQHGRQ6DQGUDjVSODFLQJKDOI VKRZWKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQG WKHSURFHHGVRIWKHVDOHLQWRDQHVFURZDFFRXQWXQWLODFRXUW WKDWWKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURI GHFLGHGWKHQDWXUHDQGH[WHQWRIWKH*RYHUQPHQWjVLQWHUHVWLQ ODZl )(' 5 &,9 3 F 6XPPDU\ MXGJPHQW LV WKHSURSHUW\,G,Q 6DQGUDEURXJKWDQDFWLRQLQWKH DSSURSULDWHLIDSDUW\ZKRKDVWKHEXUGHQRISURRIDWWULDOIDLOV GLVWULFWFRXUWWRTXLHWWLWOHWRWKHSURFHHGVEHLQJKHOGLQWKH WRPDNHDVKRZLQJVXIILFLHQWWRHVWDEOLVKWKHH[LVWHQFHRIDQ HVFURZDFFRXQW,G HOHPHQW WKDW LV HVVHQWLDO WR WKDW SDUW\jV FDVH 6HH &HORWH[ &RUS Y&DWUHWW86 ,QGHFLGLQJD ,QWKHGLVWULFWFRXUWWKH*RYHUQPHQWPDLQWDLQHGWKDWWKH PRWLRQ IRU VXPPDU\ MXGJPHQW WKH FRXUW PXVW YLHZ WKH OLHQDWWDFKHGWRWKHSURSHUW\GHVSLWHWKHIDFWWKDWWKH&UDIWV IDFWXDOHYLGHQFHDQGGUDZDOOUHDVRQDEOHLQIHUHQFHVLQIDYRU KHOG LW DV WHQDQWV E\ WKH HQWLUHW\ ,G 7KH GLVWULFW FRXUW 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
UHMHFWHGWKDWDUJXPHQWDQGLQVWHDGKHOGWKDWWKHWHQDQF\E\WKH WKH HQWLUHW\ KDV QR VHSDUDWH LQWHUHVW LQ HQWLUHWLHV SURSHUW\@ HQWLUHW\ ZDV WHUPLQDWHG ZKHQ WKH &UDIWV H[HFXWHG WKH HDFKWHQDQWSRVVHVVHVLQGLYLGXDOULJKWVLQWKHHVWDWHVXIILFLHQW TXLWFODLPGHHG,G7KHFRXUWFRQFOXGHGWKDWHDFKVSRXVH WRFRQVWLWXWHµSURSHUW\jRUµULJKWVWRSURSHUW\jIRUWKHSXUSRVHV PRPHQWDULO\KHOGDRQHKDOILQWHUHVWLQWKHSURSHUW\DQGWKDW RI WKH OLHQ l ,G DW 7KH &RXUW H[DPLQHG WKH WKHWD[OLHQDWWDFKHGWR'RQj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jVFRQVHQW )G WK&LU ZHKHOGWKDWXQGHU0LFKLJDQ DQG WR UHFHLYH KDOI WKH SURFHHGV IURP VXFK D VDOH WKH ODZ D VSRXVH GRHV QRW SRVVHVV D VHSDUDWH LQWHUHVW LQ WKH ULJKWWRSODFHDQHQFXPEUDQFHRQWKHSURSHUW\ZLWKWKH HQWLUHWLHVSURSHUW\DQGWKHUHIRUHWKHWD[OLHQFRXOGQRWDWWDFK UHVSRQGHQWjVFRQVHQWDQGWKHULJKWWREORFNUHVSRQGHQW WR WKH HQWLUHWLHV SURSHUW\ ,G DW 2Q UHPDQG WKH IURPVHOOLQJRUHQFXPEHULQJWKHSURSHUW\XQLODWHUDOO\ GLVWULFWFRXUWFRQGXFWHGDEHQFKWULDODQGKHOGWKDW'RQKDG FRPPLWWHGIUDXGE\PDNLQJVHYHUDOPRUWJDJHSD\PHQWVRQWKH ,G DW 7KH &RXUW DOVR QRWHG WKDW WKH PRVW HVVHQWLDO SURSHUW\ZKLOHFODLPLQJWREHLQVROYHQW&UDIW,,)GDW SURSHUW\ULJKWVJUDQWHGE\0LFKLJDQWKHULJKWVWRXVHWKH %RWKSDUWLHVDSSHDOHGWKHGHFLVLRQZLWKWKH*RYHUQPHQW SURSHUW\WRUHFHLYHLQFRPHSURGXFHGE\LWDQGWRH[FOXGH DJDLQFODLPLQJWKDWLWVOLHQDWWDFKHGWRWKHWD[SD\HUjVLQWHUHVW RWKHUVIURPLWDORQHFRQVWLWXWHGULJKWVVXIILFLHQWWRVXEMHFW LQWKHHQWLUHWLHVSURSHUW\DQGWKHFDVHZDVKHDUGE\WKLV&RXUW DGHOLQTXHQWWD[SD\HUjVLQWHUHVWLQDQHQWLUHWLHVSURSHUW\WRD IRUDVHFRQGWLPH$SSO\LQJWKHGRFWULQHVRIWKHODZRIWKH IHGHUDOWD[OLHQ,GDW FDVH DQG WKH ODZ RI WKH FLUFXLW ZH KHOG WKDW WKH SDQHOjV GHFLVLRQLQ&UDIW,PXVWVWDQGDQGWKDWWKHIHGHUDOWD[OLHQGLG (PSKDVL]LQJWKDWWKHmLQWHUSUHWDWLRQRI86&LV QRWDWWDFKWRWKHHQWLUHWLHVSURSHUW\,GDW D IHGHUDO TXHVWLRQl WKH 6XSUHPH &RXUW UHDVRQHG WKDW mLI QHLWKHU>WKHKXVEDQGQRUWKHZLIH@KDGDSURSHUW\LQWHUHVWLQ 7KH 6XSUHPH &RXUW JUDQWHG FHUWLRUDUL WR mFRQVLGHU WKH WKHHQWLUHWLHVSURSHUW\ZKRGLG"7KLVUHVXOWQRWRQO\VHHPV *RYHUQPHQWjVFODLPWKDWUHVSRQGHQWjVKXVEDQGKDGDVHSDUDWH DEVXUGEXWZRXOGDOVRDOORZVSRXVHVWRVKLHOGWKHLUSURSHUW\ LQWHUHVWLQWKHHQWLUHWLHVSURSHUW\WRZKLFKWKHIHGHUDOWD[OLHQ IURPIHGHUDOWD[DWLRQE\FODVVLI\LQJLWDVHQWLUHWLHVSURSHUW\ DWWDFKHGl &UDIW 6 &W DW ,Q D VL[ WR WKUHH IDFLOLWDWLQJ DEXVH RI WKH IHGHUDO WD[ V\VWHPl ,G DW GHFLVLRQ WKH 6XSUHPH &RXUW UHYHUVHG DQG UHPDQGHG WKH GHFLVLRQRIWKLV&RXUW7KH6XSUHPH&RXUWEHJDQLWVDQDO\VLV E\ XVLQJ WKH FRPPRQ LGLRP RI D mEXQGOH RI VWLFNVl WR :LWKWKLVGHFLVLRQWKH6XSUHPH&RXUWXQHTXLYRFDOO\VWDWHG GHVFULEHSURSHUW\LQWHUHVWV,G,WGHVFULEHGWKHUHODWLRQVKLS WKDWWKHODQJXDJHLQDOORZLQJWKH*RYHUQPHQWWRSODFH EHWZHHQVWDWHDQGIHGHUDOODZLQWKHIROORZLQJWHUPV m6WDWH DOLHQXSRQmDOOSURSHUW\DQGULJKWVWRSURSHUW\ZKHWKHUUHDO ODZGHWHUPLQHVRQO\ZKLFKVWLFNVDUHLQDSHUVRQjVEXQGOH RUSHUVRQDOlLQFOXGHGWKHULJKWWRSODFHIHGHUDOWD[OLHQVRQ :KHWKHUWKRVHVWLFNVTXDOLI\DVµSURSHUW\jIRUSXUSRVHVRIWKH SURSHUWLHVKHOGDVWHQDQFLHVE\WKHHQWLUHW\)XUWKHUPRUHWKH IHGHUDOWD[OLHQVWDWXWHLVDTXHVWLRQRIIHGHUDOODZl,G7KH LQFOXVLRQ RI HQWLUHWLHV SURSHUW\ LQ WKH GHILQLWLRQ RI mDOO &RXUWKHOGWKDWmGHVSLWHWKH>VWDWHODZILFWLRQWKDWDWHQDQWE\ SURSHUW\ DQG ULJKWV WR SURSHUW\l LQ LV GLUHFWO\ DSSOLFDEOHWR D ZKLFKDOORZVIRUWKH*RYHUQPHQWWR 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
FROOHFWXQSDLGWD[HVE\DGPLQLVWUDWLYHOHY\RImDOOSURSHUW\ DSSOLFDEOHWRDSDUWLFXODUFDVHGRHVQRWWXUQRQmZKHWKHU DQG ULJKWV WR SURSHUW\ EHORQJLQJ WR VXFK SHUVRQ RU RQ >OLWLJDQWV@DFWXDOO\UHOLHGRQ>DQ@ROGUXOH>RU@KRZWKH\ ZKLFKWKHUHLVDOLHQl7KHVFRSHRIWKHIHGHUDOWD[OLHQ ZRXOGVXIIHUIURPUHWURDFWLYHDSSOLFDWLRQlRIDQHZRQH DQGWKHVFRSHRIWKHOHY\DUHLGHQWLFDODQGLQWHUHVWVVXEMHFWWR D IHGHUDO OLHQ DUH DOVR VXEMHFW WR DQ DGPLQLVWUDWLYH OHY\ ,G DW Q TXRWLQJ sDPHV % %HDP 'LVWLOOLQJ &R Y $FFRUGLQJO\ WKH *RYHUQPHQW LQ WKLV FDVH LV DEOH WR OHY\ *HRUJLD86 6RXWHUs VHHDOVR,Q DJDLQVWDQGVHL]HWKH:HVW+LFNRU\)UDQNOLQ5RDGDQG6RXWK UH)HGHUDWHG'HSj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mIDUUHDFKLQJ XQWRZDUG HIIHFWV XSRQ WK &LU QRWLQJ WKDW +DUSHU PDQGDWHV WKH PDQ\ LQFOXGLQJ WD[ SURIHVVLRQDOV DQG WKH WLWOH LQGXVWU\l DSSOLFDWLRQRIDQHZ6XSUHPH&RXUWFDVHGHFLGHGZKLOHWKH $GGLWLRQDOO\ FLWLQJ WR RQH RI WKH GLVVHQWV LQ &UDIW WKH SUHVHQWFDVHZDVRQGLUHFWDSSHDO 0RUHRYHUWKH&RXUWLQ +DWFKHWWVDUJXHWKDWWKHUHKDVEHHQDJHQHUDOUHOLDQFHLQWKLV +DUSHU LQYRNHG WKH 6XSUHPDF\ &ODXVH DQG UHMHFWHG FRXQWU\ LQFOXGLQJ ZLWKLQ WKH ,56 RQ WKH IDFW WKDW WKH 9LUJLQLDjVDUJXPHQWWKDWVWDWHVKDYHWKHDELOLW\WROLPLWWKH *RYHUQPHQW LV XQDEOH WR OHY\ DJDLQVW SURSHUW\ KHOG DV D UHWURDFWLYH RSHUDWLRQ RI IHGHUDO ODZ 86 DW WHQDQF\ E\ WKH HQWLUHW\ 7KHVH DUJXPHQWV DUH EDVHG RQ DQ m:KDWHYHU IUHHGRP VWDWH FRXUWV PD\ HQMR\ WR OLPLW WKH LQFRUUHFWXQGHUVWDQGLQJRIFXUUHQW6XSUHPH&RXUWSUHFHGHQW UHWURDFWLYH RSHUDWLRQ RI WKHLU RZQ LQWHUSUHWDWLRQV RI VWDWH ODZ>@ FDQQRW H[WHQG WR WKHLU LQWHUSUHWDWLRQV RI IHGHUDO ,Q+DUSHUY9LUJLQLD'HSDUWPHQWRI7D[DWLRQ 86 ODZl FLWDWLRQVRPLWWHG VHHDOVR'U\HY8QLWHG6WDWHV WKH6XSUHPH&RXUWKHOGWKDWLWVGHFLVLRQLQ'DYLVY 86 m>)@HGHUDOQRWVWDWH>ODZ@FRQWURO>V@WKH 0LFKLJDQ 'HSDUWPHQW RI 7UHDVXU\ 86 XOWLPDWHLVVXHZKHWKHUDWD[SD\HUKDVDEHQHILFLDOLQWHUHVWLQ DSSOLHG UHWURDFWLYHO\ WR UHWLUHG IHGHUDO HPSOR\HHV VHHNLQJ DQ\ SURSHUW\ VXEMHFW WR OHY\ IRU XQSDLG IHGHUDO WD[HVl UHIXQGVIRUWD[HVLPSRVHGRQWKHLUIHGHUDOUHWLUHPHQWEHQHILWV 8QLWHG 6WDWHV Y 5RGJHUV 86 E\ WKH VWDWH RI 9LUJLQLD 86 DW 7KH &RXUW KROGLQJWKDWWKH6XSUHPDF\&ODXVHDOORZVWKH*RYHUQPHQW DEDQGRQHG WKH EDODQFLQJ WHVW DUWLFXODWHG LQ &KHYURQ 2LO WRmVZHHSDVLGHVWDWHFUHDWHGH[HPSWLRQVlWRWKHFROOHFWLRQRI GHYHORSLQJ D QHZ VWDQGDUG IRU GHWHUPLQLQJ UHWURDFWLYLW\ LQ IHGHUDOWD[HVDQGDSSO\IHGHUDOODZ FLYLOFDVHV 7KH6XSUHPH&RXUWGHWDLOHGWKHSURFHVVIRUFRQVLGHUDWLRQ >2@XUGHFLVLRQWRGD\PDNHVLWFOHDUWKDWmWKH&KHYURQ2LO RIUHWURDFWLYLW\LQ5H\QROGVYLOOH&DVNHW&RY+\GH86 WHVWFDQQRWGHWHUPLQHWKHFKRLFHRIODZE\UHO\LQJRQWKH VWDWLQJWKDW HTXLWLHVRIWKHSDUWLFXODUFDVHlDQGWKDWWKHIHGHUDOODZ 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
>:@KHQ WKH &RXUW GHFLGHV D FDVH DQG DSSOLHV WKH DVVHUWWKDWWKH*RYHUQPHQWPD\OHY\PHUHO\RQ(OEHUWjVmULJKW QHZ OHJDOUXOHRIWKDWFDVHWRWKHSDUWLHVEHIRUHLWWKHQ RIXVHDQGULJKWRIH[FOXVLRQVXEMHFWWRKLVZLIHjVULJKWRIXVH LWDQGRWKHUFRXUWVPXVWWUHDWWKDWVDPH QHZ OHJDO DQGH[FOXVLRQl7KHVHDUJXPHQWVDUHZKROO\ZLWKRXWPHULW UXOH DV mUHWURDFWLYHl DSSO\LQJ LW IRU H[DPSOH WR DOO SHQGLQJ FDVHV ZKHWKHU RU QRW WKRVH FDVHV LQYROYH )LUVW WKH PDMRULW\ LQ &UDIW VSHFLILFDOO\ UHMHFWHG WKH SUHGHFLVLRQHYHQWV DUJXPHQW DGYDQFHG LQ WKH GLVVHQWV E\ sXVWLFHV 6FDOLD DQG 7KRPDVWKDWmWKHFRQFOXVLRQWKDWWKHKXVEDQGSRVVHVVHGDQ 86DW LQWHUHVWLQWKHHQWLUHWLHVSURSHUW\WRZKLFKWKHIHGHUDOWD[OLHQ FRXOGDWWDFKLVLQFRQIOLFWZLWKWKHUXOHVRIWD[OLHQVUHODWLQJ $SSO\LQJ 5H\QROGVYLOOH &DVNHW ZH ILQG WKDW ILUVW &UDIW WR SDUWQHUVKLS SURSHUW\l &UDIW 6 &W DW 7KH DQQRXQFHVDQHZUXOHRIIHGHUDOODZ6HYHUDOIHGHUDODQGVWDWH &RXUWVWDWHGWKDWm>W@KHUHLVKRZHYHUDGLIIHUHQFHEHWZHHQ FRXUWVLQFOXGLQJRXU&RXUWDVZHOODVWKH,56KDGDVVXPHG WKHWUHDWPHQWRIHQWLUHWLHVSURSHUW\DQGSDUWQHUVKLSDVVHWVl WKDWHQWLUHWLHVSURSHUW\ZDVH[FOXGHGIURPWKHGHILQLWLRQRI ,G$FFRUGLQJO\WKH+DWFKHWWVjDWWHPSWWRHTXDWHHQWLUHWLHV mDOO SURSHUW\ DQG ULJKWV WR SURSHUW\l DV GHILQHG E\ WKH WD[ SURSHUW\WRSDUWQHUVKLSDVVHWVLVDQDUJXPHQWWKDWDOUHDG\ZDV FRGH 6HH HJ &UDIW 6 &W DW 7KRPDV s FRQVLGHUHGDQGUHMHFWHGE\WKH6XSUHPH&RXUW GLVVHQWLQJ OLVWLQJFDVHV 7KHUHIRUHWKHUHVXOWLQ&UDIWLV WKDW D QHZ UXOH RI IHGHUDO ODZ ZDV DQQRXQFHG $OVR WKH 6HFRQGDSSO\LQJ&UDIWWRWKLVFDVHOHDGVWRWKHUXOHWKDW &RXUW DSSOLHG WKH UXOH LQ&UDIW WR WKH SDUWLHV EHIRUH LW ,Q SXUVXDQWWRWKH*RYHUQPHQWPD\OHY\XSRQSURSHUW\ KROGLQJWKDWWKH*RYHUQPHQWZDVDXWKRUL]HGWRDWWDFKOLHQVWR KHOGE\DGHOLQTXHQWWD[SD\HUDVDWHQDQF\E\WKHHQWLUHW\ HQWLUHWLHVSURSHUW\WKH&RXUWUHPDQGHGWKHGHFLVLRQLQ&UDIW 6HFWLRQ E VSHFLILFDOO\VWDWHVWKDW WR WKLV &RXUW WR GHWHUPLQH WKH H[DFW YDOXDWLRQ RI WKH WD[SD\HUjVLQWHUHVWLQWKHHQWLUHWLHVSURSHUW\DQGWKHDPRXQW E 6HL]XUHDQGVDOHRISURSHUW\7KHWHUPmOHY\lDVXVHG RZLQJWRWKH*RYHUQPHQW,GDW6HFRQGWKHSUHVHQW LQWKLVWLWOHLQFOXGHVWKHSRZHURIGLVWUDLQWDQGVHL]XUHE\ FDVHZDVSHQGLQJRQGLUHFWUHYLHZZKHQWKH6XSUHPH&RXUWjV DQ\PHDQV([FHSWDVRWKHUZLVHSURYLGHGLQVXEVHFWLRQ GHFLVLRQLQ&UDIWZDVUHQGHUHG,QGHHGWKH*RYHUQPHQWjV H DOHY\VKDOOH[WHQGRQO\WRSURSHUW\SRVVHVVHGDQG SULPDU\DUJXPHQWWRWKLV&RXUWRQDSSHDOGHSHQGHGRQWKH REOLJDWLRQVH[LVWLQJDWWKHWLPHWKHUHRI,QDQ\FDVHLQ RXWFRPHRI&UDIW,,ZKLFKZDVSHQGLQJUHYLHZLQRXU&RXUW ZKLFKWKH6HFUHWDU\PD\OHY\XSRQSURSHUW\RUULJKWVWR DW WKH WLPH WKH *RYHUQPHQWjV DSSHDO ZDV ILOHG DQG DQ\ SURSHUW\KHPD\VHL]HDQGVHOOVXFKSURSHUW\RUULJKWVWR VXEVHTXHQWUHYLHZE\WKH6XSUHPH&RXUW$FFRUGLQJO\&UDIW SURSHUW\ ZKHWKHU UHDO RU SHUVRQDO WDQJLEOH RU DSSOLHVUHWURDFWLYHO\WRWKLVFDVH LQWDQJLEOH '5LJKWRIWKH*RYHUQPHQWWR6HOOWKH/HYLHG3URSHUW\ HPSKDVLVDGGHG )XUWKHUPRUH O VWDWHVWKDWm>I@RU SURFHHGLQJVDSSOLFDEOHWRVDOHRIVHL]HGSURSHUW\VHHVHFWLRQ 7KH +DWFKHWWV DUJXH LQ WKH DOWHUQDWLYH WKDW HYHQ LI WKH l7LWOH86& F VWDWHVWKDWm>L@IDQ\ *RYHUQPHQW PD\ OHY\ WKH HQWLUHWLHV SURSHUW\ WKH UHVXOW LQ SURSHUW\ OLDEOH WR OHY\ LV QRW GLYLVLEOH VR DV WR HQDEOH WKH &UDIWGRHVQRWFRPSHOWKH*RYHUQPHQWWRVHOOWKHSURSHUW\ 6HFUHWDU\E\VDOHRIDSDUWWKHUHRIWRUDLVHWKHZKROHDPRXQW 7KH\EULHIO\DQDORJL]HWKHLUVLWXDWLRQWRWKDWRIDSDUWQHUVKLS RI WD[ DQG H[SHQVHV WKH ZKROH RI VXFK SURSHUW\ VKDOO EH VWDWLQJ WKDW mZKLOH WKH *RYHUQPHQWjV OLHQ FDQ DWWDFK WR DQ VROGl HPSKDVLVDGGHG LQGLYLGXDOSDUWQHUjVLQWHUHVWLQDSDUWQHUVKLSLWGRHVQRWDWWDFK WR WKH SDUWQHUVKLS DVVHWV DQG WKH *RYHUQPHQW FDQQRW VHOO 7KHODQJXDJHRIWKHVWDWXWHVLVFOHDU7KHSRZHUWROHY\ WKRVHSDUWQHUVKLSDVVHWVl&LWLQJWR'U\HWKH+DWFKHWWVDOVR LQFOXGHV WKH SRZHU WR VHL]H DQG VHOO WKHVH SURSHUWLHV DV 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
SUHVFULEHG E\ SURSHUW\ WKDW FDQQRW EH GLYLGHG LQ GRHVQRWUHTXLUHDQ\MXGLFLDOLQWHUYHQWLRQDQGLWLVXSWRWKH RUGHUWRVDWLVI\WKHZKROHRIWD[HVDQGH[SHQVHVVKDOOEHVROG WD[SD\HU WR JR WR FRXUW LI KH FODLPV WKDW WKH DVVHVVHG LQLWVHQWLUHW\&UDIWDOORZVWKH*RYHUQPHQWWROHY\XSRQWKH DPRXQWLVQRWOHJDOO\RZLQJl,GDW7KHDFWLRQLQ :HVW +LFNRU\ )UDQNOLQ %RXOHYDUG DQG 6RXWK 6DJLQDZ WKLV FDVH LV DQ DGPLQLVWUDWLYH OHY\ SXUVXDQW WR DQG SURSHUWLHVKHOGE\WKH+DWFKHWWVDVWHQDQWVE\WKHHQWLUHW\,Q WKHUHIRUH 5RGJHUV KDV DEVROXWHO\ QR DSSOLFDWLRQ KHUH WKHWD[DEOHYDOXHRIWKHVHSURSHUWLHVZDVHVWLPDWHGDV $FFRUGLQJO\XQGHU&UDIWWKH*RYHUQPHQWLVDEOHWRVHOOWKH IROORZV :HVW +LFNRU\ DW )UDQNOLQ +DWFKHWWVj HQWLUHWLHV SURSHUWLHV DQG FROOHFW WKH PRUWJDJH %RXOHYDUG DW DQG 6RXWK 6DJLQDZ DW SD\PHQWV (OEHUWjVRXWVWDQGLQJWD[LQGHEWHGQHVVLQH[FHVVRI IDU H[FHHGV WKH YDOXH RI KLV LQWHUHVWV LQ WKH HQWLUHWLHV (7KH*RYHUQPHQWjV$OWHUQDWLYH7KHRULHV SURSHUWLHV$FFRUGLQJO\WKH*RYHUQPHQWLVHQWLWOHGWRVHOO WKH ZKROH RI WKH SURSHUWLHV DQG FROOHFW D SRUWLRQ RI WKH 7KH *RYHUQPHQW DUJXHV WKDW WKH GLVWULFW FRXUW HUUHG LQ SURFHHGVSXUVXDQWWR F UHIXVLQJ WR DOORZ LW WR SUHVHQW WKUHH DOWHUQDWLYH WKHRULHV RI GHIHQVH WR WKH +DWFKHWWVj ZURQJIXO OHY\ DFWLRQ 7KH 7KH+DWFKHWWVUHO\LQJRQWKH6XSUHPH&RXUWjVGHFLVLRQLQ *RYHUQPHQW DUJXHV WKDW LI WKHUH LV VXIILFLHQW HYLGHQFH WR 5RGJHUVDOVRDUJXHWKDWHYHQLIWKH*RYHUQPHQWLVHQWLWOHGWR VXSSRUWWKHVHWKUHHWKHRULHVLWZRXOGEHDOORZHGWRUHWDLQD VHOOWKHHQWLUHWLHVSURSHUW\ZHVKRXOGUHPDQGWKHFDVHWRWKH KLJKHU SHUFHQWDJH RI WKH SURFHHGV IURP WKH VDOH RI WKH GLVWULFWFRXUWIRUFRQVLGHUDWLRQE\WKDWFRXUWRIZKHWKHUWKH HQWLUHWLHVSURSHUW\ VDOHVKRXOGEHDOORZHGWRJRIRUZDUG7KH+DWFKHWWVjUHOLDQFH RQ5RGJHUVLVPLVSODFHG7KH&RXUWLQ5RGJHUVGHFLGHGWKDW )UDXGXOHQWFRQYH\DQFHWKHRU\ D7H[DVKRPHVWHDGODZGLGQRWSUHYHQWWKH*RYHUQPHQWIURP IRUFLQJWKHVDOHRIDIDPLO\KRXVHWRVDWLVI\WD[LQGHEWHGQHVV ,Q SXUVXDQWWR)HGHUDO5XOHRI&LYLO3URFHGXUH D 86 DW 7KH *RYHUQPHQW FKRVH WR SXUVXH WKH WKH*RYHUQPHQWILOHGDPRWLRQWRDPHQGLWVDQVZHUWRWKH WD[SD\HULQ5RGJHUVXQGHU86& ZKLFK +DWFKHWWVj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jV FODLP LV HVWDEOLVKHG F ,Q RUGHUJUDQWLQJWKH*RYHUQPHQWjVPRWLRQWRDPHQGLWVDQVZHU H[SODLQLQJWKDWDFRXUWLQDSURFHHGLQJLVFKDUJHGZLWK +RZHYHULQD)HEUXDU\ 0HPRUDQGXPDQG2SLQLRQ H[HUFLVLQJLWVGLVFUHWLRQUHJDUGLQJWKHVDOHRIOHYLHGSURSHUW\ WKHGLVWULFWFRXUWUHYHUVHGWKHRUGHURIWKHPDJLVWUDWHMXGJH WKH &RXUW LQ 5RGJHUV KHOG WKDW VHYHUDO IDFWRUV VKRXOG EH DQGUHIXVHGWRDOORZWKH*RYHUQPHQWWRSUHVHQWLWVWKHRU\RI FRQVLGHUHG E\ WKH GLVWULFW FRXUW LQ GHFLGLQJ ZKHWKHU WR IUDXGXOHQWFRQYH\DQFH7KHGLVWULFWFRXUWDOVRUXOHGRQWKH DXWKRUL]HWKHIRUFHGVDOH86DW +DWFKHWWVj0RWLRQWR6WULNH)UDXGXOHQW&RQYH\DQFH'HIHQVH DQGIRU6XPPDU\sXGJPHQWDQGJUDQWHGWKH0RWLRQWR6WULNH $VWKH&RXUWH[SODLQHGLQ5RGJHUVDSURFHHGLQJLV DQGWKH0RWLRQIRU6XPPDU\sXGJPHQWDVWRWKHIUDXGXOHQW ZKROO\GLIIHUHQWIURPDQmDGPLQLVWUDWLYHOHY\XQGHU86& FRQYH\DQFHLVVXH7KHFRXUWGLVFXVVHGWKUHHUHDVRQVIRULWV l86DW$QDFWLRQXQGHUWKH&RXUW KROGLQJ WKH *RYHUQPHQW ODFNHG VWDQGLQJ WR EULQJ WKH QRWHG LV mXQOLNH WKH SURFHGXUH GHVFULEHG LQ >DQG@ WKHRU\ LQWURGXFWLRQ RI WKH WKHRU\ ZDV EDUUHG E\ UHV 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
MXGLFDWD DQG LQWURGXFWLRQ RI WKH WKHRU\ ZDV EDUUHG E\ 6HFWLRQRIWKH%DQNUXSWF\&RGHSURYLGHV ODFKHV D 7KHWUXVWHHPD\DYRLGDQ\WUDQVIHURIDQLQWHUHVWRI :HUHYLHZDGHQLDORIDPRWLRQWRDPHQGWKHSOHDGLQJVIRU WKHGHEWRULQSURSHUW\RUDQ\REOLJDWLRQLQFXUUHGE\WKH DEXVHRIGLVFUHWLRQ)LVKHUY5REHUWV)G GHEWRUWKDWZDVPDGHRULQFXUUHGRQRUZLWKLQRQH\HDU WK&LU /5/3URSVY3RUWDJH0HWUR+RXV$XWK EHIRUHWKHGDWHRIWKHILOLQJRIWKHSHWLWLRQLIWKHGHEWRU )G WK&LU +RZHYHULIWKHFRXUWGHQLHV YROXQWDULO\RULQYROXQWDULO\ WKHPRWLRQRQJURXQGVWKDWWKHPRWLRQZRXOGEHIXWLOHWKH $ PDGHVXFKWUDQVIHURULQFXUUHGVXFKREOLJDWLRQZLWK GHQLDO LV UHYLHZHG GH QRYR 3DUU\ Y 0RKDZN 0RWRUV RI DFWXDO LQWHQW WR KLQGHU GHOD\ RU GHIUDXG DQ\ HQWLW\ WR 0LFK,QF)G WK&LU /5/3URSV ZKLFKWKHGHEWRUZDVRUEHFDPHRQRUDIWHUWKHGDWHWKDW )GDW VHHDOVR'XEXFY*UHHQ2DN7RZQVKLS VXFKWUDQVIHUZDVPDGHRUVXFKREOLJDWLRQZDVLQFXUUHG )G WK&LU %HFDXVHWKHGLVWULFWFRXUWjV LQGHEWHG GLVSRVLWLRQ RI WKLV LVVXH LV HTXLYDOHQW WR D GHQLDO EDVHG RQ IXWLOLW\ZHUHYLHZWKHGHFLVLRQGHQRYR:HGLVDJUHHZLWKDOO 86& D 7KRXJK WKH WUXVWHH KDV WKH WKUHHRIWKHUHDVRQVVHWIRUWKE\WKHGLVWULFWFRXUWDQGUHPDQG H[FOXVLYHULJKWWREULQJDQDFWLRQIRUIUDXGXOHQWFRQYH\DQFH ZLWKLQVWUXFWLRQVWRJUDQWWKH*RYHUQPHQWjVPRWLRQWRDPHQG GXULQJ WKH SHQGHQF\ RI WKH EDQNUXSWF\ SURFHHGLQJV WKH LWVDQVZHU %DQNUXSWF\ &RGH GRHV QRW H[WLQJXLVK WKH ULJKW RI WKH *RYHUQPHQW WR EULQJ D VWDWH ODZ DFWLRQ IRU IUDXGXOHQW D6WDQGLQJ FRQYH\DQFH DIWHU WKH GHEWRU UHFHLYHV D GLVFKDUJH LQ EDQNUXSWF\,Q+DYOLNWKH6HYHQWK&LUFXLWKHOGWKDWWKHULJKW 7KH GLVWULFW FRXUW UHO\LQJ LQ SDUW RQ 1DWjO 7D[ &UHGLW WRUHFRXSDIUDXGXOHQWFRQYH\DQFHLVH[FOXVLYHWRWKHWUXVWHH 3DUWQHUV/3Y+DYOLN)G WK&LU DQGVSHFLILFDOO\QRWHGWKDWWKLVULJKWRQO\DWWDFKHGmRQFH D KHOG WKDW WKH *RYHUQPHQW ODFNHG VWDQGLQJ WR DVVHUW WKH EDQNUXSWF\LVXQGHUZD\l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jO$P,QV&RY5XSSHUW/DQGVFDSLQJ&R,QF GHWHUPLQLQJWKDWWKHOLHQVILOHGLQIDYRURIWKH,56DQGWKH )G WK&LU QRWLQJWKDWDQLQGLYLGXDO 6WDWH RI 0LFKLJDQ H[FHHGHG WKH +DWFKHWWjV HTXLW\ LQ WKH FUHGLWRUFDQSXUVXHIUDXGXOHQWFRQYH\DQFHFODLPVRQO\DIWHU SURSHUWLHVDWLVVXH7KHWUXVWHHGHWHUPLQHGWKDWEHFDXVHQR VXFKDFODLPKDVEHHQDEDQGRQHGE\WKHWUXVWHH .DWK\% IXQGVZRXOGEHDYDLODEOHIURPWKHOLTXLGDWLRQRISURSHUWLHV (QWHU,QFY8QLWHG6WDWHV )G WK&LU IRU XQVHFXUHG FUHGLWRUV KH VKRXOG DEDQGRQ WKH FODLP ,Q KROGLQJWKDWRQFHWKHEDQNUXSWF\SURFHHGLQJVDUHRYHU 0DUFK WKHWUXVWHHjVIUDXGXOHQWFRQYH\DQFHDFWLRQZDV WKH,56LVDEOHWRSXUVXHDFROOHFWLRQDFWLRQEHFDXVHVXFKDQ RIILFLDOO\ DEDQGRQHG DQG WKH PDWWHU ZDV VHWWOHG LQ WKH DFWLRQZRXOGQRWLQWHUIHUHZLWKULJKWVRIRWKHUFUHGLWRUV )HG %DQNUXSWF\&RXUWLQ$SULO 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
'HSRVLW,QV&RUSY'DYLV)G WK&LU HQIRUFLQJLWVULJKWVl *XDU7UXVW&RY8QLWHG6WDWHV m2QFHDEDQNUXSWF\FDVHKDVEHHQFORVHGFUHGLWRUV 86 QRWLQJWKHFRQWLQXLQJYLWDOLW\RIWKH KDYLQJXQDYRLGHGOLHQVRQIUDXGXOHQWO\FRQYH\HGSURSHUW\FDQ UXOHWKDWWKHVRYHUHLJQLVH[HPSWIURPLWVRZQODFKHV 8QLWHG SXUVXHWKHLUVWDWHODZUHPHGLHVLQGHSHQGHQWO\RIWKHWUXVWHHLQ 6WDWHVY3HRSOHV+RXVHKROG)XUQLVKLQJ,QF)G EDQNUXSWF\l $FFRUGLQJO\ EHFDXVH WKH EDQNUXSWF\ WK&LU m7KHDQFLHQWUXOHµWKDWWKHVRYHUHLJQ SURFHHGLQJVDUHRYHUWKH*RYHUQPHQWKDVVWDQGLQJWRDVVHUW LVH[HPSWIURPWKHFRQVHTXHQFHVRILWVODFKHVDQGIURPWKH LWVIUDXGXOHQWFRQYH\DQFHWKHRU\ RSHUDWLRQRIVWDWXWHVRIOLPLWDWLRQVjKDVHQMR\HGFRQWLQXLQJ YLWDOLW\ IRU FHQWXULHVl FLWDWLRQ RPLWWHG 8QLWHG Y E5HVMXGLFDWD :HLQWUDXE)G WK&LU m7KHSULQFLSOH >WKDWWKH*RYHUQPHQWLVH[HPSWIRUWKHFRQVHTXHQFHVRILWV 7KH GLVWULFW FRXUW DOVR KHOG WKDW WKH *RYHUQPHQWjV RZQODFKHV@LVZHOOHVWDEOLVKHGLQWKLVFRXQWU\l +RZHYHU IUDXGXOHQWFRQYH\DQFHFODLPZDVEDUUHGE\WKHGRFWULQHRIUHV WKH*RYHUQPHQWPD\EHVXEMHFWWRODFKHVLQFHUWDLQW\SHVRI MXGLFDWD:LWKDFXUVRU\H[SODQDWLRQWKHGLVWULFWFRXUWKHOG DFWLRQ 6HH 6(5 )G DW 7KH FRXUW LQ 6(5 WKDW WKH %DQNUXSWF\ &RXUWj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sDNHZD\)G WK&LU 7KHDFWLRQDW FRPPHQFHG ZLWKLQ WZR \HDUV RI WKH DSSRLQWPHQW RI WKH LVVXH KHUH GRHV QRW HYHQ PHHW WKH ILUVW UHTXLUHPHQW RI WKH &KDSWHU WUXVWHH %HFDXVH WKH EDQNUXSWF\ WUXVWHH ZDV GRFWULQHRIUHVMXGLFDWD7KHEDQNUXSWF\WUXVWHHDEDQGRQHG DSSRLQWHGRQ6HSWHPEHU WKHFRXUWUHDVRQHGWKDWWKH DQ\ DFWLRQ WR UHFRYHU WKH SURSHUWLHV EDVHG RQ D WKHRU\ RI *RYHUQPHQWjV IUDXGXOHQW FRQYH\DQFH DFWLRQ LV XQWLPHO\ IUDXGXOHQW FRQYH\DQFH $FFRUGLQJO\ WKHUH ZDV QR ILQDO +RZHYHUWKHVWDWXWHRIOLPLWDWLRQVLQDSSOLHVRQO\WR MXGJPHQW RQ WKH PHULWV UHJDUGLQJ WKH LVVXH RI IUDXGXOHQW DFWLRQVE\WUXVWHHV6HH:HLQWUDXE)GDW m:KLOH FRQYH\DQFHDQGWKHGRFWULQHRIUHVMXGLFDWDGRHVQRWDSSO\ WKHJHQHUDOUXOHLVWKDWWKHVRYHUHLJQLVH[HPSWIURPWKH RSHUDWLRQ RI VWDWXWHV RI OLPLWDWLRQV DQ H[FHSWLRQ WR WKDW F/DFKHV JHQHUDO UXOH H[LVWV ZKHQ WKH VRYHUHLJQ WKURXJK WKH OHJLVODWXUH H[SUHVVO\ LPSRVHV D OLPLWDWLRQ SHULRG XSRQ )LQDOO\ WKH GLVWULFW FRXUW KHOG WKDW WKH *RYHUQPHQWjV LWVHOIl $VZHKDYHGLVFXVVHGWKLVVWDWHODZDFWLRQE\WKH IUDXGXOHQWFRQYH\DQFHGHIHQVHZDVEDUUHGE\ODFKHV,QLWV *RYHUQPHQWIRUIUDXGXOHQWFRQYH\DQFHFRPPHQFHGDIWHUWKH VXPPDU\GLVSRVLWLRQRIWKHLVVXHWKHGLVWULFWFRXUWUHOLHGRQ GLVFKDUJHRIWKHEDQNUXSWF\DQGKDVQRWKLQJWRGRZLWKWKH 6(5sREVIRU3URJUHVV,QFY8QLWHG6WDWHV )G ULJKWVRIWKHWUXVWHH$FFRUGLQJO\WKHVWDWXWHRIOLPLWDWLRQVHW )HG&LU DQG86& 7KLVUHOLDQFH IRUWKLQLVLUUHOHYDQWWRWKH*RYHUQPHQWjVDFWLRQDQGWKH ZDVPLVSODFHG,WLVZHOOHVWDEOLVKHGWKDWWKH*RYHUQPHQW JHQHUDOUXOHWKDWWKH*RYHUQPHQWLVH[HPSWIURPWKHGRFWULQH JHQHUDOO\LVH[HPSWIURPWKHFRQVHTXHQFHVRILWVODFKHV6HH RIODFKHVDSSOLHVLQWKHLQVWDQWFDVH 8QLWHG6WDWHVY6XPPHUOLQ86 m,WLV ZHOO VHWWOHG WKDW WKH 8QLWHG 6WDWHV LV QRW ERXQG E\ VWDWH VWDWXWHV RI OLPLWDWLRQRUVXEMHFWWRWKHGHIHQVHRIODFKHVLQ 1R +DWFKHWWHWDOY8QLWHG6WDWHV +DWFKHWWHWDOY8QLWHG6WDWHV 1R
)XUWKHUPRUH ZH UHYHUVH WKH GLVWULFW FRXUWjV GHFLVLRQ WR ,,,&21&/86,21 JUDQWWKH+DWFKHWWjV0RWLRQWR6WULNH)UDXGXOHQW&RQYH\DQFH 'HIHQVH:HUHYLHZWKHJUDQWRIDPRWLRQWRVWULNHDSOHDGLQJ )RUWKHUHDVRQVVWDWHGZH5(9(56(WKHGHFLVLRQRIWKH IRUDEXVHRIGLVFUHWLRQ6HHHJ)LVKHU)GDW GLVWULFW FRXUW JUDQWLQJ $SSHOOHHVj PRWLRQ IRU VXPPDU\ WK&LU /5/3URS)GDW)RUWKHUHDVRQV MXGJPHQW DQG 5(0$1' WR WKH GLVWULFW FRXUW IRU IXUWKHU VWDWHG DERYH ZH ILQG WKDW WKH GLVWULFW FRXUW DEXVHG LWV SURFHHGLQJVLQDFFRUGDQFHZLWKWKLVRSLQLRQ)XUWKHUPRUH GLVFUHWLRQLQJUDQWLQJWKH+DWFKHWWjVPRWLRQWRVWULNH ZH5(9(56(DQG5(0$1'WKHGLVWULFWFRXUWjVGHQLDORI WKH*RYHUQPHQWjV0RWLRQWR$PHQGLWVDQVZHUWRLQFOXGHD 1RPLQHHDQGOLHQWUDFLQJWKHRULHV IUDXGXOHQW FRQYH\DQFH GHIHQVH DQG ZH 5(9(56( DQG 5(0$1'WKHGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQWIRU 7KH*RYHUQPHQWDOVRZDQWHGWRDUJXHDWWKHWULDOOHYHOWKDW WKH+DWFKHWWVRQWKH*RYHUQPHQWjVQRPLQHHDQGOLHQWUDFLQJ LWVOHYLHVZHUHSURSHUXQGHUERWKDQRPLQHHWKHRU\DQGDOLHQ WKHRULHV WUDFLQJWKHRU\DQGVRXJKWWRLQWURGXFHHYLGHQFHLQVXSSRUWRI WKHVHWKHRULHV8QGHUWKHQRPLQHHWKHRU\WKH*RYHUQPHQW DUJXHVWKDWRWKHULQGLYLGXDOVDUHKROGLQJWKUHHSURSHUWLHVDQG ULJKWVWRWKHPRUWJDJHSD\PHQWVDVQRPLQHHVRI(OEHUW7KH *RYHUQPHQW DUJXHV WKDW (OEHUW VKLHOGHG WKH SURSHUWLHV DQG SD\PHQWVIURPKLVWD[OLDELOLWLHVZLWKWKHVHWLWOHDUUDQJHPHQWV 8QGHU WKH OLHQ WUDFLQJ WKHRU\ WKH *RYHUQPHQW DUJXHV WKDW VLQFHLWKDGDOLHQRQ(OEHUWjVPRQH\LWLVHQWLWOHGWRSODFHD OLHQRQWKHSURSHUWLHVLPSURYHGRUSXUFKDVHGZLWKWKDWPRQH\ ,QD0DUFK2UGHU'HQ\LQJ'HIHQGDQWVj0RWLRQ IRU5HFXVDODQG*UDQWLQJLQ3DUWDQG'HQ\LQJLQ3DUW&URVV 0RWLRQV IRU 6XPPDU\ sXGJPHQW +DWFKHWWV Y ,QWHUQDO 5HYHQXH6HUY)6XSSG ('0LFK WKH GLVWULFWFRXUWUXOHGWKDWWKH*RYHUQPHQWjVQRPLQHHDQGOLHQ WUDFLQJ WKHRULHV ZHUH XQSHUVXDVLYH 7KH FRXUW EDVHG LWV GHFLVLRQRQWKHIDFWWKDWXQGHU&UDIW,ZHKHOGWKDWWD[SD\HUV GLGQRWKROGDQ\VHSDUDWHLQWHUHVWLQSURSHUW\KHOGDVDWHQDQF\ E\WKHHQWLUHW\WRZKLFKDOLHQFDQDWWDFK 7KLV&RXUWUHYLHZVWKHGLVWULFWFRXUWjVVXPPDU\MXGJPHQW GHFLVLRQGHQRYR6HH:DWNLQV)GDW,QOLJKWRI WKH 6XSUHPH &RXUW GHFLVLRQ LQ &UDIW ERWK WKHRULHV DUH UHOHYDQW LQ GHWHUPLQLQJ WKH *RYHUQPHQWjV LQWHUHVW LQ WKH HQWLUHWLHV SURSHUWLHV DQG PRUWJDJH SD\PHQWV DW LVVXH $FFRUGLQJO\ WKH *RYHUQPHQW LV HQWLWOHG WR SUHVHQW LWV QRPLQHH DQG OLHQ WUDFLQJ WKHRULHV RQ UHPDQG LQ RUGHU WR GHWHUPLQHWKHH[DFWYDOXHRIWKH*RYHUQPHQWjVLQWHUHVWV
Reference
- Status
- Published