United States v. Wheeler
United States v. Wheeler
Opinion
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH 8QLWHG6WDWHVY:KHHOHU 1R (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 1DVKYLOOH7HQQHVVHHIRU$SSHOOHH21%5,() &DU\OO6 $OSHUW )('(5$/ 38%/,& '()(1'(5j6 2)),&( 1DVKYLOOH7HQQHVVHHIRU$SSHOODQW'HEUD7HXIHO3KLOOLSV 81,7('67$7(6&28572)$33($/6 81,7('67$7(6$77251(<1DVKYLOOH7HQQHVVHHIRU )257+(6,;7+&,5&8,7 $SSHOOHH BBBBBBBBBBBBBBBBB BBBBBBBBBBBBBBBBB 23,1,21 81,7(' 67$7(6 2) $0(5,&$ ; BBBBBBBBBBBBBBBBB 3ODLQWLII$SSHOOHH 526(1'LVWULFWsXGJH 1R Y ,,1752'8&7,21 ! 'HIHQGDQW$SSHOODQW $QGUH 6FRWW :KHHOHU DSSHDOV KLV $1'5( 6&277 :+((/(5 VHQWHQFHLPSRVHGIROORZLQJDJXLOW\SOHDWRSRVVHVVLQJ 'HIHQGDQW$SSHOODQW ILUHDUPV DV D FRQYLFWHG IHORQ LQ YLRODWLRQ RI 86& 1 J 0RUHVSHFLILFDOO\'HIHQGDQWFRQWHQGVWKDWWKH $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW 'LVWULFW&RXUWHUUHGLQFDOFXODWLQJWKHFULPLQDOKLVWRU\SRLQWV IRUWKH0LGGOH'LVWULFWRI7HQQHVVHHDW1DVKYLOOH DSSOLFDEOH WR KLV SULRU VHQWHQFH IRU D IHORQ\ GUXJ 1R nsRKQ71L[RQ'LVWULFWsXGJH FRQYLFWLRQ E\ IDLOLQJ WR H[FOXGH IURP WKH FDOFXODWLRQ WKH SHULRGRILQFDUFHUDWLRQLPSRVHGRQ'HIHQGDQWDVDUHVXOWRI $UJXHG 0D\ WKHUHYRFDWLRQRIKLVRULJLQDOFRPPXQLW\FRUUHFWLRQVVHQWHQFH IRU WKH FULPH %HFDXVH VWDWH DXWKRULWLHV UHYRNHG WKH 'HFLGHGDQG)LOHG 0D\ FRPPXQLW\ VHQWHQFH DV D UHVXOW RI WKH ILUHDUPV SRVVHVVLRQ XQGHUO\LQJKLV J YLRODWLRQ'HIHQGDQWFRQWHQGVWKDW %HIRUH 1(/621DQG&2/(&LUFXLWsXGJHV 526(1 VXFK SRVVHVVLRQ FRQVWLWXWHV FRQGXFW UHOHYDQW WR WKH LQVWDQW 'LVWULFWsXGJH RIIHQVH ZKLFK WKH VHQWHQFLQJ JXLGHOLQHV H[FOXGH IURP WKH GHILQLWLRQ RI mSULRU VHQWHQFHl IRU SXUSRVHV RI FDOFXODWLQJ BBBBBBBBBBBBBBBBB FULPLQDOKLVWRU\SRLQWV'HIHQGDQWDOVRFRQWHQGVIRUWKHILUVW WLPH RQ DSSHDO WKDW WKH 'LVWULFW &RXUW YLRODWHG KLV GRXEOH &2816(/ MHRSDUG\ ULJKWV E\ LPSRVLQJ PXOWLSOH SXQLVKPHQWV IRU WKH VDPHILUHDUPVSRVVHVVLRQ $5*8(' &DU\OO 6 $OSHUW )('(5$/ 38%/,& '()(1'(5j62)),&(1DVKYLOOH7HQQHVVHHIRU$SSHOODQW )RU WKH UHDVRQV VHW IRUWK EHORZ ZH ILQG 'HIHQGDQWjV 6 &DUULH 'DXJKWUH\ 81,7(' 67$7(6 $77251(< DUJXPHQWVZLWKRXWPHULWDQG$)),50WKHVHQWHQFHLPSRVHG E\WKH'LVWULFW&RXUW
7KH +RQRUDEOH *HUDOG ( 5RVHQ 8QLWHG 6WDWHV 'LVWULFW sXGJH IRU WKH (DVWHUQ 'LVWULFW RI 0LFKLJDQ VLWWLQJ E\ GHVLJQDWLRQ
1R 8QLWHG6WDWHVY:KHHOHU 8QLWHG6WDWHVY:KHHOHU 1R
,,%$&.*5281' EDVH RIIHQVH OHYHO RI 6HH 866* . D DQG E 2WKHU WKDQ JUDQWLQJ D WKUHHOHYHO UHGXFWLRQ IRU $*HQHUDO DFFHSWDQFHRIUHVSRQVLELOLW\WKH'LVWULFW&RXUWDFFHSWHGWKH UHSRUWjVUHFRPPHQGDWLRQ 2Q 'HFHPEHU D 7HQQHVVHH &LUFXLW &RXUW VHQWHQFHG'HIHQGDQWWRWHQ\HDUVRIFRPPXQLW\FRUUHFWLRQV &ULPLQDO+LVWRU\ VXSHUYLVLRQIROORZLQJDJXLOW\SOHDWRWKHIHORQ\VWDWHFKDUJH RISRVVHVVLRQZLWKLQWHQWWRVHOORUGHOLYHUFRFDLQH WKHm 7XUQLQJ WR FULPLQDO KLVWRU\ WKH SUHVHQWHQFH UHSRUW &RQYLFWLRQl :KLOH'HIHQGDQWZDVVHUYLQJWKLVFRPPXQLW\ UHFRPPHQGHG D FULPLQDO KLVWRU\ FDWHJRU\ RI ,9 EDVHG RQ FRUUHFWLRQVVHQWHQFHORFDOSROLFHH[HFXWHGDVHDUFKZDUUDQW HLJKWFULPLQDOKLVWRU\SRLQWV,QUHVSRQVH'HIHQGDQWILOHGDQ DW KLVKRPHLQ)UDQNOLQ7HQQHVVHH'XULQJWKLV0DUFK REMHFWLRQWRWKHDVVHVVPHQWRIWKUHHFULPLQDOKLVWRU\SRLQWVIRU VHDUFK RIILFHUV GLVFRYHUHG PXOWLSOH ILUHDUPV LQ WKH &RQYLFWLRQ 'HIHQGDQWjV SRVVHVVLRQ 7KHUHDIWHU 7HQQHVVHH DXWKRULWLHV UHYRNHG 'HIHQGDQWjV FRPPXQLW\ FRUUHFWLRQV VHQWHQFH DQG 8QGHU WKH VHQWHQFLQJ JXLGHOLQHV D GHIHQGDQW UHFHLYHV RUGHUHGKLPLQFDUFHUDWHGIRUWKHmUHPDLQGHURIKLVWHQ\HDU FULPLQDO KLVWRU\ SRLQWV IRU mSULRU VHQWHQFHVl DQG UHFLGLYLVW VHQWHQFHDWl FRQGXFWDVIROORZV 5HO\LQJRQWKHILUHDUPVIRXQGGXULQJWKH0DUFKVHDUFK D $GG SRLQWV IRU HDFK SULRU VHQWHQFH RI IHGHUDO RIILFLDOV VXEVHTXHQWO\ ILOHG D RQHFRXQW LQGLFWPHQW LPSULVRQPHQWH[FHHGLQJRQH\HDUDQGRQHPRQWK DJDLQVW'HIHQGDQWLQWKH8QLWHG6WDWHV'LVWULFW&RXUWIRUWKH E $GG SRLQWV IRU HDFK SULRU VHQWHQFH RI 0LGGOH 'LVWULFW RI 7HQQHVVHH DOOHJLQJ D YLRODWLRQ RI LPSULVRQPHQWRIDWOHDVWVL[W\GD\VQRWFRXQWHGLQ 86& J 2QsDQXDU\'HIHQGDQWSOHG D JXLOW\WRWKLVILUHDUPVFKDUJHDQGWKH'LVWULFW&RXUWWXUQHGWR F $GGSRLQWIRUHDFKSULRUVHQWHQFHQRWFRXQWHGLQ VHQWHQFLQJ D RU E XSWRDWRWDORISRLQWVIRUWKLVLWHP G $GGSRLQWVLIWKHGHIHQGDQWFRPPLWWHGWKHLQVWDQW % 6HQWHQFLQJ RIIHQVHZKLOHXQGHUDQ\FULPLQDOMXVWLFHVHQWHQFH LQFOXGLQJ SUREDWLRQ SDUROH VXSHUYLVHG UHOHDVH %DVH2IIHQVH/HYHO LPSULVRQPHQWZRUNUHOHDVHRUHVFDSHVWDWXV &LWLQJ'HIHQGDQWjVWZRSULRUIHORQ\FRQWUROOHGVXEVWDQFH 866*$ D G RIIHQVHV DQG KLV SRVVHVVLRQ RI PXOWLSOH ILUHDUPV WKH 3UREDWLRQ'HSDUWPHQWjVSUHVHQWHQFHUHSRUWUHFRPPHQGHGD :LWKUHVSHFWWRSULRUVHQWHQFHVLQYROYLQJWKHUHYRFDWLRQRI SUREDWLRQ SDUROH VXSHUYLVHG UHOHDVH VSHFLDO SDUROH RU 9 WKLV WLPH 'HIHQGDQWjV UHFRUG LQFOXGHG DQ DGGLWLRQDO IHORQ\ GUXJ FRQYLFWLRQ QDPHO\ D VWDWH FODVV ( IHORQ\ IRU SRVVHVVLRQ RI 9LRODWLRQV RI J DUH VHQWHQFHG XQGHU 866* . PDULMXDQD ZLWK LQWHQW WR VHOO $00 $SSHQGL[ $ WR WKH 6HQWHQFLQJ *XLGHOLQHV 866* . D VHWV D EDVH RIIHQVH OHYHO RI LI DV LQ WKLV FDVH mWKH GHIHQGDQW FRPPLWWHG 'HIHQGDQW UHFHLYHG FUHGLW IRU WKH WLPH KH ZDV RQ FRPPXQLW\ DQ\ SDUW RI WKH LQVWDQW RIIHQVH VXEVHTXHQW WR VXVWDLQLQJ DW OHDVW WZR IHORQ\ FRUUHFWLRQV IURP 'HFHPEHU XQWLO 0DUFK 7KLUW\ FRQYLFWLRQV RI D FRQWUROOHG VXEVWDQFH RIIHQVHl 8QGHU 866* SHUFHQW RI WKH UHPDLQGHU RI KLV LQLWLDO WHQ\HDU VHQWHQFH UHVXOWHG LQ D SRVW . E WKH EDVH RIIHQVH OHYHO LV LQFUHDVHG WZR DGGLWLRQDO OHYHOV LI UHYRFDWLRQ WHUP RI LPSULVRQPHQW RI DSSUR[LPDWHO\ WZR \HDUV WKH RIIHQVH DV LQ WKLV FDVH LQYROYHG WKUHH WR VHYHQ ILUHDUPV 1R 8QLWHG6WDWHVY:KHHOHU 8QLWHG6WDWHVY:KHHOHU 1R
PDQGDWRU\UHOHDVHWKHJXLGHOLQHVGLUHFWVHQWHQFLQJFRXUWVWR VHQWHQFH DQG QRW KLV SRVWUHYRFDWLRQ VDQFWLRQ DV D mSULRU mDGG WKH RULJLQDO WHUP RI LPSULVRQPHQW WR DQ\ WHUP RI VHQWHQFHl LQ FDOFXODWLQJ KLV FULPLQDO KLVWRU\ SRLQWV IRU WKH LPSULVRQPHQWLPSRVHGXSRQUHYRFDWLRQlDQGWRXVHm>W@KH &RQYLFWLRQ ,Q HIIHFW 'HIHQGDQW DVNHG WKH 'LVWULFW UHVXOWLQJWRWDOWRFRPSXWHWKHFULPLQDOKLVWRU\SRLQWVIRU &RXUW WR WUHDW WKH &RQYLFWLRQ DV LI LW LQYROYHG WZR $ D E RU F DV DSSOLFDEOHl 866* FULPLQDOSURVHFXWLRQVUHVXOWLQJLQWZRGLVWLQFWVHQWHQFHV $ N 5HO\LQJ RQ $ N WKH 3UREDWLRQ 'HSDUWPHQWjV SUHVHQWHQFH UHSRUW DGGHG WKH SHULRG RI ,Q UHVSRQVH WKH *RYHUQPHQW DUJXHG WKDW WKH SRVW LQFDUFHUDWLRQ LPSRVHG XSRQ UHYRFDWLRQ WR 'HIHQGDQWjV UHYRFDWLRQVDQFWLRQZDVVLPSO\DQH[WHQVLRQRIWKHRULJLQDO RULJLQDOFRPPXQLW\VHQWHQFHIRUWKH &RQYLFWLRQ7KH VHQWHQFHLPSRVHGIRUWKH &RQYLFWLRQ*LYHQWKDWWKLV UHVXOWLQJ WRWDO WHUP RI LPSULVRQPHQW RI PRUH WKDQ WKLUWHHQ HDUOLHU GUXJ RIIHQVH ZDV XQUHODWHG WR WKH LQVWDQW ILUHDUPV PRQWKVSODFHG'HIHQGDQWLQWKHWKUHHSRLQWFDWHJRU\VHWIRUWK FKDUJH WKH *RYHUQPHQW FRQWHQGHG WKDW WKH WHUP RI LQ866*$ D LPSULVRQPHQW KDQGHG GRZQ XSRQ UHYRFDWLRQ ZDV SURSHUO\ WUHDWHG DV SDUW RI WKH mSULRU VHQWHQFHl IRU SXUSRVHV RI 'HIHQGDQWFRXQWHUHGWKDWRQO\RQHFULPLQDOKLVWRU\SRLQW FDOFXODWLQJ WKH FULPLQDO KLVWRU\ SRLQWV IRU WKH ZDV DSSURSULDWH IRU WKH &RQYLFWLRQ XQGHU 866* &RQYLFWLRQ $JUHHLQJ ZLWK WKH *RYHUQPHQW WKH 'LVWULFW $ F ,QPDNLQJWKLVDUJXPHQW'HIHQGDQWUHOLHGRQ &RXUW GHQLHG 'HIHQGDQWjV REMHFWLRQ DQG VHQWHQFHG KLP WR WKH GHILQLWLRQ RI mSULRU VHQWHQFHl LQ WKH JXLGHOLQHV ZKLFK VHYHQW\PRQWKVLQFDUFHUDWLRQ UHDGV ,,,$1$/<6,6 µ3ULRU VHQWHQFHj PHDQV D VHQWHQFH LPSRVHG SULRU WR VHQWHQFLQJRQWKHLQVWDQWRIIHQVHRWKHUWKDQDVHQWHQFH $ &ULPLQDO+LVWRU\&DOFXODWLRQ IRU FRQGXFW WKDW LV SDUW RI WKH LQVWDQW RIIHQVH &RQGXFWWKDWLVSDUWRIWKHLQVWDQWRIIHQVHPHDQVFRQGXFW 2Q DSSHDO 'HIHQGDQW UHQHZV KLV REMHFWLRQ WR WKH WKDWLVUHOHYDQWFRQGXFWWRWKHLQVWDQWRIIHQVHXQGHUWKH DVVHVVPHQW RI WKUHH FULPLQDO KLVWRU\ SRLQWV IRU WKH SURYLVLRQVRI% 5HOHYDQW&RQGXFW &RQYLFWLRQ :H UHYLHZ GH QRYR D GLVWULFW FRXUWjV OHJDO FRQFOXVLRQV UHJDUGLQJ WKH DSSOLFDWLRQ RI WKH JXLGHOLQHV 866*$FPWQ 8QLWHG6WDWHVY+XUVW)G WK&LU 0RUHVSHFLILFDOO\'HIHQGDQWDUJXHGWKDWWKHSRVVHVVLRQRI 7KH DQDO\VLV RI 'HIHQGDQWjV FULPLQDO KLVWRU\ DUJXPHQW ILUHDUPV XQGHUO\LQJ WKH UHYRFDWLRQ RI KLV FRPPXQLW\ EHJLQVZLWK866*$ N ZKLFKSURYLGHVWKDWDQ\ FRUUHFWLRQV VHQWHQFH ZDV FRQGXFW UHOHYDQW WR KLV LQVWDQW WHUPRILPSULVRQPHQWLPSRVHGXSRQUHYRFDWLRQLVDGGHGWR J RIIHQVH %HFDXVH RQO\ SULRU VHQWHQFHV DUH WKHRULJLQDOWHUPRILPSULVRQPHQWIRUSXUSRVHVRIFDOFXODWLQJ FRQVLGHUHGLQFDOFXODWLQJFULPLQDOKLVWRU\SRLQWVDQGEHFDXVH FULPLQDO KLVWRU\ SRLQWV XQGHU 866* $ D F WKHJXLGHOLQHVH[FOXGHmUHOHYDQWFRQGXFWlIURPWKHGHILQLWLRQ RImSULRUVHQWHQFHl'HIHQGDQWDVVHUWHGWKDWWKH'LVWULFW&RXUW VKRXOG FRQVLGHU RQO\ KLV RULJLQDO FRPPXQLW\ FRUUHFWLRQV *XLGHOLQH $ N H[SUHVVO\ VSHDNV WR WKH UHYRFDWLRQ RI mSUREDWLRQ SDUROH VXSHUYLVHG UHOHDVH VSHFLDO SDUROH RU PDQGDWRU\ UHOHDVHl QRW WKH UHYRFDWLRQ RI D FRPPXQLW\ FRUUHFWLRQV VHQWHQFH 7KH *RYHUQPHQW FRQWHQGV ZLWKRXW REMHFWLRQ IURP 'HIHQGDQW WKDW D ,I FRUUHFW 'HIHQGDQWjV DUJXPHQW ZRXOG UHGXFH KLV WRWDO FULPLQDO FRPPXQLW\ FRUUHFWLRQV VHQWHQFH LV VXIILFLHQWO\ DQDORJRXV WR SUREDWLRQ WR KLVWRU\ SRLQWV IURP HLJKW WR VL[ SODFLQJ KLP LQ FULPLQDO KLVWRU\ FDWHJRU\ ZDUUDQW WKH DSSOLFDWLRQ RI $ N $00 6WDWH Y +DUNLQV ,,, UDWKHU WKDQ ,9 $00 866* &K 3W $ 6:G 7HQQ QRWLQJ WKDW mD FRPPXQLW\ FRUUHFWLRQV 1R 8QLWHG6WDWHVY:KHHOHU 8QLWHG6WDWHVY:KHHOHU 1R
:KLOHWKLVUHODWLYHO\VWUDLJKWIRUZDUGUXOHZRXOGVHHPWRHQG LPSULVRQPHQW WKDW ORJLFDOO\ IORZHG IURP DQG ZDV DQ WKH LQTXLU\ 'HIHQGDQW FRQWHQGV WKDW ZKHQ UHYRFDWLRQ H[WHQVLRQRIKLVRULJLQDOVHQWHQFHIRUWKH &RQYLFWLRQ WULJJHULQJ FRQGXFW DOVR VHUYHV DV WKH EDVLV IRU D VHSDUDWH $FFRUGLQJO\ WKH IDFW WKDW 7HQQHVVHH DXWKRULWLHV UHYRNHG FULPLQDO SURVHFXWLRQ WKH JXLGHOLQHVj H[FOXVLRQ RI UHOHYDQW 'HIHQGDQWjV FRPPXQLW\ FRUUHFWLRQV VHQWHQFH IRU WKH VDPH FRQGXFW IURP WKH GHILQLWLRQ RI SULRU VHQWHQFH WUXPSV ILUHDUPVSRVVHVVLRQWKDWOHGWRKLV J FRQYLFWLRQGRHV $ N QRWIRUFULPLQDOKLVWRU\SXUSRVHVVHYHUWKHFRQGXFWIURPWKH RULJLQDOVWDWHVHQWHQFHDWWULEXWDEOHWRKLV &RQYLFWLRQ $OWKRXJK 'HIHQGDQWjV DUJXPHQW PD\ KROG VRPH VXUIDFH DSSHDOLWJORVVHVRYHUWKHWKUHVKROG TXHVWLRQRIZKHWKHUD 3URYLGLQJIXUWKHUVXSSRUWIRUWKLVFRQFOXVLRQLVWKHIDFWWKDW SRVWUHYRFDWLRQVDQFWLRQFRQVWLWXWHVDVHSDUDWHVHQWHQFHRU UHYRFDWLRQ SURFHHGLQJV DQG LQGHSHQGHQW FULPLQDO ZKHWKHULWLVPHUHO\DQH[WHQVLRQRIRUUHSODFHPHQWIRUWKH SURVHFXWLRQVVHUYHHQWLUHO\GLIIHUHQWSXUSRVHV$VFRJHQWO\ RULJLQDOVHQWHQFHIRUDFULPH,QsRKQVRQY8QLWHG6WDWHV VXPPDUL]HGE\WKH6HYHQWK&LUFXLW 86 6&W WKH6XSUHPH &RXUWUHVROYHGWKLVTXHVWLRQE\mDWWULEXW>LQJ@SRVWUHYRFDWLRQ $SDUROHUHYRFDWLRQSURFHHGLQJLVDQDGPLQLVWUDWLYH SHQDOWLHVWRWKHRULJLQDOFRQYLFWLRQl7KLVUXOHDSSOLHVHYHQ SURFHHGLQJGHVLJQHGWRGHWHUPLQHZKHWKHUDSDUROHH LIDVLQWKLVFDVHWKHDFWVXQGHUO\LQJDUHYRFDWLRQDUHFULPLQDO KDVYLRODWHGWKHWHUPVRIKLVSDUROHQRWDSURFHHGLQJ LQWKHLURZQULJKWRUWKHEDVLVIRUVHSDUDWHSURVHFXWLRQ6HH GHVLJQHGWRSXQLVKDFULPLQDOGHIHQGDQWIRUYLRODWLRQ LG DW 6&W DW ,QGHHG WKH UHYRFDWLRQ RI RI D FULPLQDO ODZ $ FULPLQDO SURVHFXWLRQ LV D SUREDWLRQ GRHV QRW HYHQ DPRXQW WR D VWDJH RI FULPLQDO MXGLFLDOSURFHHGLQJWKDWYLQGLFDWHVWKHFRPPXQLW\j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
,Q OLJKW RI sRKQVRQ ZH ILQG QR EDVLV LQ ODZ WR VXSSRUW sXVWDVUHYRFDWLRQRISDUROHLVQRWLQWHQGHGWRVHUYHDV 'HIHQGDQWj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µEUHDFK RI RULJLQDOFRPPXQLW\VHQWHQFHDQGUHSODFHGLWZLWKDWHUPRI WUXVWj DQG FRQVLGHUV µWKH VHQWHQFH LPSRVHG XSRQ UHYRFDWLRQ>RIVXSHUYLVHGUHOHDVHDV@LQWHQGHGWRVDQFWLRQ WKHYLRODWRUIRUIDLOLQJWRDELGHE\WKHFRQGLWLRQVRIWKH FRXUWRUGHUHG VXSHUYLVLRQ OHDYLQJ WKH SXQLVKPHQW IRU VHQWHQFH DV D SUDFWLFDO PDWWHU FORVHO\ UHVHPEOHV WKDW RI SUREDWLRQl :H DQ\ QHZ FULPLQDO FRQGXFW WR WKH FRXUW UHVSRQVLEOH IRU DJUHH LPSRVLQJWKHVHQWHQFHIRUWKDWRIIHQVHj8QLWHG6WDWHV 1R 8QLWHG6WDWHVY:KHHOHU 8QLWHG6WDWHVY:KHHOHU 1R
6HQWHQFLQJ&RPPLVVLRQ*XLGHOLQHV0DQXDO&K3W$ QRWLPSOLFDWHGZKHQDVKHUHDGLVWULFWFRXUWVLPSO\DSSOLHV E PXOWLSOHJXLGHOLQHVWRGHWHUPLQHWKHDSSURSULDWHVHQWHQFHIRU DQRIIHQVHRIFRQYLFWLRQZHILQGQRFRQVWLWXWLRQDOYLRODWLRQ 8QLWHG6WDWHVY:\DWW)G WK&LU $OWKRXJK IUDPHG DV D GRXEOH MHRSDUG\ YLRODWLRQ ,Q VKRUW 'HIHQGDQWjV SRVWUHYRFDWLRQ VDQFWLRQ ZDV 'HIHQGDQWjV DUJXPHQW IDLUO\ XQGHUVWRRG SDUWLFXODUO\ DIWHU DWWULEXWDEOH WR KLV &RQYLFWLRQ &RQVHTXHQWO\ WKH RUDO DUJXPHQW UHDOO\ UDLVHV LVVXHV RI SRVVLEOH mGRXEOH 'LVWULFW&RXUWSURSHUO\LQFOXGHGWKHSRVWUHYRFDWLRQVDQFWLRQ FRXQWLQJl XQGHU WKH VHQWHQFLQJ JXLGHOLQHV ,Q WKH 6L[WK LQ FDOFXODWLQJ WKH FULPLQDO KLVWRU\ SRLQWV DSSOLFDEOH WR &LUFXLW GRXEOH FRXQWLQJ RFFXUV ZKHQ mSUHFLVHO\ WKH VDPH 'HIHQGDQWjVSULRUVHQWHQFHIRUKLV &RQYLFWLRQFRUUHFWO\ DVSHFWRIDGHIHQGDQWjVFRQGXFWIDFWRUVLQWRKLVVHQWHQFHLQ UHVXOWLQJ LQ WKH DVVHVVPHQW RI WKUHH SRLQWV XQGHU 866* WZRVHSDUDWHZD\Vl8QLWHG6WDWHVY)DUURZ )G $ D WK&LU FLWLQJ8QLWHG6WDWHVY3HUNLQV )G WK&LU 7KDWEHLQJVDLGQRWDOOLQVWDQFHV % 'RXEOHsHRSDUG\'RXEOH&RXQWLQJ RI GRXEOH FRXQWLQJ DUH LPSHUPLVVLEOH ,QGHHG ZH SHUPLW GRXEOH FRXQWLQJ ZKHQ mLW DSSHDUV WKDW &RQJUHVV RU WKH 'HIHQGDQWIXUWKHUFRQWHQGVWKDWWKH'LVWULFW&RXUWYLRODWHG 6HQWHQFLQJ&RPPLVVLRQLQWHQGHGWRDWWDFKPXOWLSOHSHQDOWLHV WKH 'RXEOH sHRSDUG\ &ODXVH E\ XVLQJ WKH VDPH FRQGXFW WRWKHVDPHFRQGXFWl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mEHFDXVHWKHGHWHUPLQDWLRQVDWLVVXHGR QRWSODFHDGHIHQGDQWLQMHRSDUG\IRUDQµRIIHQVHjl0RQJHY 7KH GXDO VRYHUHLJQW\ GRFWULQH IRUHFORVHV DQ\ DUJXPHQW E\ &DOLIRUQLD866&W 'HIHQGDQW WKDW KLV J SURVHFXWLRQ E\ IHGHUDO DXWKRULWLHV DQG WKH
7KLV UXOH DOVR DSSOLHV WR VHQWHQFLQJ HQKDQFHPHQWV ZKLFK UHYRFDWLRQ SURFHHGLQJ E\ VWDWH DXWKRULWLHV YLRODWHV WKH 'RXEOH sHRSDUG\ &ODXVH 6HH 8QLWHG 6WDWHV Y /RXLVYLOOH (GLEOH 2LO 3URGV ,QF )G FRQVWLWXWHLQFUHDVHGSHQDOWLHVIRUWKHODWHVWFULPHUDWKHUWKDQ WK &LU FI :\DWW )G DW KROGLQJ WKDW mµDQHZMHRSDUG\RUDGGLWLRQDOSHQDOW\IRUWKHHDUOLHUFULPHVjl m>E@HFDXVH UHYRFDWLRQ RI VXSHUYLVHG UHOHDVH DPRXQWV RQO\ WR D ,G TXRWLQJ *U\JHU Y %XUNH 86 6&W PRGLILFDWLRQ RI WKH WHUPV RI WKH GHIHQGDQWjV RULJLQDO VHQWHQFH DQG GRHV *LYHQWKDWGRXEOHMHRSDUG\FRQFHUQVDUH QRW FRQVWLWXWH SXQLVKPHQW IRU WKH UHYRFDWLRQWULJJHULQJ RIIHQVH WKH 'RXEOH sHRSDUG\ &ODXVH LV QRW YLRODWHG E\ D VXEVHTXHQW SURVHFXWLRQ IRU WKDW RIIHQVHl
7KH GHILQLWLRQ RI SULRU VHQWHQFH UHOLHG XSRQ E\ 'HIHQGDQW VLPSO\ :H DOVR QRWH WKDW m>D@EVHQW DQ LQVWUXFWLRQ WR WKH FRQWUDU\ WKH GRHV QRW FRQWHPSODWH VLWXDWLRQV LQ ZKLFK UHYRFDWLRQWULJJHULQJ FRQGXFW DGMXVWPHQWV IURP GLIIHUHQW JXLGHOLQH VHFWLRQV DUH DSSOLHG FXPXODWLYHO\ DOVR VHUYHV DV WKH EDVLV IRU D VHSDUDWH FULPLQDO SURVHFXWLRQ DGGHG WRJHWKHU l 866* % FPW Q 1R 8QLWHG6WDWHVY:KHHOHU
$ UHYLHZ RI WKHVH JXLGHOLQH SURYLVLRQV KRZHYHU EHOLHV 'HIHQGDQWjVDVVHUWLRQ:KLOHYLRODWLRQVRI J DUH VHQWHQFHG XQGHU 866* . DQ HQKDQFHPHQW XQGHU VXEVHFWLRQ . D IRFXVHV RQ 'HIHQGDQWjV KLVWRU\ RI GUXJRIIHQVHVDGLIIHUHQWDVSHFWRI'HIHQGDQWjVFRQGXFWWKDQ JXQSRVVHVVLRQ6LPLODUO\866*$ G IRFXVHVQRW RQ JXQ SRVVHVVLRQ DORQH EXW RQ WKH IDFW WKDW 'HIHQGDQW YLRODWHG J ZKLOH XQGHU DQRWKHU FULPLQDO MXVWLFH VHQWHQFH )LQDOO\ WKH SULRU GUXJ FRQYLFWLRQV IRU ZKLFK 'HIHQGDQW UHFHLYHG FULPLQDO KLVWRU\ SRLQWV XQGHU 866* $ REYLRXVO\ LQFOXGHG FRQGXFW RWKHU WKDQ JXQ SRVVHVVLRQ$OWKRXJKVRPHRIWKHVHSRLQWVDUHEDVHGRQWKH VDPH GUXJ FRQYLFWLRQV DV 'HIHQGDQWjV HQKDQFHPHQW XQGHU . D WKHJXLGHOLQHVH[SUHVVO\SURYLGHWKDWm>S@ULRU IHORQ\ FRQYLFWLRQ V UHVXOWLQJ LQ DQ LQFUHDVHG EDVH RIIHQVH OHYHOXQGHUVXEVHFWLRQV D DUHDOVRFRXQWHGIRU SXUSRVHVRIGHWHUPLQLQJFULPLQDOKLVWRU\SRLQWVSXUVXDQWWR &KDSWHU)RXU3DUW$ &ULPLQDO+LVWRU\ l866*. FPW Q ,QGHHG HDFK RI WKH JXLGHOLQHV DSSOLHG E\ WKH 'LVWULFW &RXUW HLWKHU HPSKDVL]HV GLIIHUHQW DVSHFWV RI 'HIHQGDQWjVFRQGXFWWKDQJXQSRVVHVVLRQDORQHRULQYROYHV GRXEOH FRXQWLQJ H[SUHVVO\ DXWKRUL]HG E\ WKH 6HQWHQFLQJ &RPPLVVLRQ$VDUHVXOWZHILQGQRLPSHUPLVVLEOHGRXEOH FRXQWLQJDQGQRHUURUPXFKOHVVSODLQHUURULQWKH'LVWULFW &RXUWjVDSSOLFDWLRQRIWKHJXLGHOLQHV ,9&21&/86,21 )RU DOO RI WKH DIRUHPHQWLRQHG UHDVRQV ZH $)),50 WKH VHQWHQFHLPSRVHGE\WKH'LVWULFW&RXUW
/LNHZLVH 'HIHQGDQWjV WZR OHYHO HQKDQFHPHQW XQGHU . E HPSKDVL]HV WKH 3:2s07 RI ILUHDUPV IRXQG LQ 'HIHQGDQWjV SRVVHVVLRQ UDWKHU WKDQ PHUH SRVVHVVLRQ
Reference
- Status
- Published