)LTKXV6XQQDK )LTK 3XULILFDWLRQ
6D\\LG6DDELT
7KHVKDUL DKKDVGLYLGHGZDWHULQWRIRXUNLQGV PXWODTZDWHU...
88 downloads
1440 Views
4MB Size
Report
This content was uploaded by our users and we assume good faith they have the permission to share this book. If you own the copyright to this book and it is wrongfully on our website, we offer a simple DMCA procedure to remove your content from our site. Start by pressing the button below!
Report copyright / DMCA form
)LTKXV6XQQDK )LTK 3XULILFDWLRQ
6D\\LG6DDELT
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
/HIWRYHUZDWHULVZKDWUHPDLQVLQDSRWDIWHUVRPHKDVEHHQGUXQN7KHUHDUHILYHGLIIHUHQWW\SHVRI OHIWRYHUZDWHU )LTKD :DWHUOHIWRYHUDIWHUSHRSOHKDYHGUXQNIURPWKHSRW $FFRUGLQJWRWKHVKDUL DKVXFKZDWHULVFRQVLGHUHGSXUHUHJDUGOHVVRIZKHWKHUWKHRQHZKRGUDQNIURP WKHSRWZDVD0XVOLPDQXQEHOLHYHUDSHUVRQLQSRVWVH[LPSXULW\RUDPHQVWUXDWLQJZRPDQ $OWKRXJK $OODK VD\V LQ WKH 4XU DQ 9HULO\ WKH LGRO ZRUVKLSSHUV DUH LPSXUH DW7DXEDK WKLV LV D UHIHUHQFHQRWWRWKHLUSK\VLFDOVWDWHEXWWRWKHLUIDOVHEHOLHIVDQGFUHHG7KH\PD\FRPHLQWRFRQWDFW ZLWKGLUWRULPSXULWLHVEXWWKLVGRHVQRWPHDQWKDWWKHLUSRVVHVVLRQVRUERGLHVDUHLPSXUH,QIDFWWKH\ XVHGWRPL[ZLWKWKH0XVOLPV7KHLUHPPLVVDULHVDQGGHOHJDWLRQVXVHGWRYLVLWWKH0HVVHQJHURI$OODK DQGHQWHUKLVPRVTXH7KH3URSKHWXSRQZKRPEHSHDFHGLGQRWRUGHUWKDWWKHREMHFWVWKH\WRXFKHG EHFOHDQVHG$VIRUPHQVWXUDWLQJZRPHQ $LVKDKVDLG,XVHGWRGULQN IURPDFRQWDLQHU ZKLOH,ZDV PHQVWUXDWLQJ,ZRXOGWKHQSDVVLWWRWKH0HVVHQJHURI$OODKDQGKHZRXOGGULQNIURPWKHVDPHVSRW ZKHUH,KDGSXWP\OLSV 5HODWHGE\0XVOLP )LTK :DWHUOHIWLQDFRQWDLQHUDIWHUDQDOORZDEOHDQLPDOKDVGUXQNIURPLW 6XFKZDWHULVFRQVLGHUHGSXUH6LQFHWKHDQLPDOTXDOLILHVIRUFRQVXPSWLRQLWVVDOLYDLVDOVRSXUH$EX %DNULEQDO0XQ]KLUVDLG7KHVFKRODUVDUHDJUHHGWKDWVXFKZDWHULVSHUPLVVLEOHWRGULQNRUXVHIRU DEOXWLRQ )LTKD :DWHUUHPDLQLQJLQDSRWDIWHULWKDVEHHQGUXQNE\DGRQNH\PXOHEHDVWVRIELUGVRISUH\ 6XFKZDWHULVDOVRFRQVLGHUHGSXUHEDVHGRQWKHKDGLWKRI-DELULQZKLFKWKH0HVVHQJHURI$OODKZDV DVNHGDERXWPDNLQJDEOXWLRQZLWKGULQNLQJZDWHUOHIWE\GRQNH\V7KH3URSKHWXSRQZKRPEHSHDFH DQVZHUHG
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
,EQ +DMU VD\V LQ )DWK DO%DUL D FRPPHQWDU\ RQ 6DKLK DO%XNKDUL $EX +XUDLUDK GLG QRW VHH DQ\WKLQJZURQJLQDGURSRUWZRRIEORRGGXULQJWKHSUD\HUV%DVHGRQWKLVUHSRUWIURP$EX+XUDLUDK WKH EORRG RI D IOHH RU WKH EORRG WKDW FRPHV IURP D SLPSOH DUH WR EH RYHUORRNHG $EX 0DMOL]Q ZDV DVNHG DERXW SXV WKDW JHWV RQ WKH ERG\ RU WKH FORWKHV +H VDLG 7KHUH LV QRWKLQJ ZURQJ ZLWKWKHP $OODKPHQWLRQVRQO\WKHEORRGQRWWKHSXV
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
$OLQDUUDWHGWKDWWKH0HVVHQJHURI$OODKVDLG7KHXULQHRIDEDE\ER\VKRXOGKDYHZDWHUVSULQNOHG XSRQLW7KHXULQHRIDEDE\JLUOLVWREHZDVKHGRII6D\V4DWDGDK7KLVUHIHUVWRDPDOHEDE\WKDW KDVQRW\HWEHJXQWRHDW,IKHDOUHDG\HDWVWKHQWKHJDUPHQWLVWREHZDVKHG 7KLVKDGLWKLVUHODWHGE\$KPDG$EX'DZXGDW7LUPL]KLDQG,EQ0DMDK,QDO)DWK,EQ+DMUVD\VLWV FKDLQLVVDKLK 6SULQNOLQJ LV VXIILFLHQW DV ORQJ DV WKH ER\ LV VWLOO QXUVLQJ ,I KH HDWV VROLG IRRG KLV XULQH PXVW EH ZDVKHGIURPWKHFORWKHVDQGERG\7KHUHLVQRGLVDJUHHPHQWRQWKLVODWWHUSRLQW3HUKDSVWKHUHDVRQ IRUWKLVH[HPSWLRQWRWKHPDOHEDE\ VXULQHLVWKDWSHRSOHKDYHDWHQGHQF\WRFDUU\WKHLUPDOHEDELHV DURXQGDQGLWZRXOGKDYHEHHQGLIILFXOWWRFOHDQWKHFORWKHVDIWHUWKHLUIUHTXHQWXULQDWLRQV )LTK $O:DGL :DGLLVDWKLFNZKLWHVHFUHWLRQGLVFKDUJHG E\VRPHSHRSOH DIWHUXULQDWLRQ,WLVFRQVLGHUHGLPSXUH
$LVKDKVDLG:DGLFRPHVRXWDIWHUXULQDWLRQ7KHSHUVRQVKRXOGZDVKWKHSULYDWHSDUWVDQGSHUIRUP DEOXWLRQ ,W LV QRW QHFHVVDU\ WR SHUIRUP JKXVO 7KLV LV UHODWHG E\ ,EQ DO0XQ]KLU ,EQ $EEDV UHODWHG WKDW PDQL VSHUP UHTXLUHV JKXVO $V IRU PD]KL VHPHQ DQG ZDGL WKH\ UHTXLUH D FRPSOHWH SXULILFDWLRQ 7KLV LV UHODWHG E\ DO$WKUDP $O%DLKDTL KDV LW ZLWK WKH ZRUGLQJ &RQFHUQLQJ PD]KL SURVWDWLFIOXLG DQGZDGLKHVDLG :DVK\RXUVH[XDORUJDQVDQGSHUIRUPWKHVDPHW\SHRIDEOXWLRQDV \RXSHUIRUPIRUSUD\HU
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
PX DQ DQ KDQGHGGRZQ IRUP EHFDXVH RI KLV UHSXWDWLRQ DV RQH ZKR FRPPLWHG WDGOLV %XW LQ WKLV QDUUDWLRQ KH PDNHV LW FOHDU WKDW KH KHDUG WKH KDGLWK GLUHFWO\ $O$WKUDP QDUUDWHG WKH VDPH KDGLWK ZLWKWKHZRUGLQJ,ZDVERWKHUHGE\DJUHDWGHDORIPD]KLVR,ZHQWWRWKH3URSKHWXSRQZKRPEH SHDFHDQGLQIRUPHGKLPRIWKLV+HVDLG ,WLVVXIILFLHQWIRU\RXWRWDNHDKDQGIXORIZDWHUDQGVSULQNOH LWRYHU WKHPD]KL
)LTK 6SHUP$O0DQL 6RPHVFKRODUVVD\WKDWVSHUPLVLPSXUHEXWDSSDUHQWO\LWLVSXUHIRULWLVRQO\UHFRPPHQGHGWRZDVK LWRIILILWLVVWLOOZHWDQGWRVFUDWFKLWRIILILWLVGU\6DLG $LVKDK,XVHGWRVFUDWFKWKHVSHUPRIIWKH 0HVVHQJHURI$OODK VFORWKHVLILWZDVGU\DQGZDVKLWRIILILWZDVVWLOOZHW 7KLVLVUHODWHGE\DG 'DUDTXWQL$EX $ZDQDKDQGDO%D]]DU ,WLVDOVRUHODWHGWKDW,EQ $EEDVVDLG,DVNHGWKH0HVVHQJHU RI$OODKDERXWVSHUPRQFORWKHV+HVDLG ,WLVWKHVDPHDVPXFXVDQGVSLWWOH,WLVVXIILFLHQWWRUXEWKH DUHDZLWKDUDJRUFORWK
7KH KDGLWK ZDV UHODWHG E\ DG'DUDTXWQL DO%DLKDTL DQG DW7DKDZL 7KHUH LV D GLIIHUHQFH LQ WKH QDUUDWLRQRYHUZKHWKHULWVKRXOGEHLQPDUIX RUPDXTRRIIRUP )LTKD 7KHXULQHDQGVWRROVRIDQLPDOVWKDWDUHSHUPLVVLEOHWRHDW %RWKRIWKHVHDUHFRQVLGHUHGLPSXUH,EQ0DV XGUHODWHGWKDWWKH0HVVHQJHURI$OODKXSRQZKRPEH SHDFH ZHQW WR DQVZHU WKH FDOO RI QDWXUH +H DVNHG $EGXOODK LEQ 0DV XG WR EULQJ WKUHH VWRQHV
$EGXOODK VDLG , FRXOG QRW ILQG WKUHH VWRQHV VR , IRXQG WZR VWRQHV DQG DQLPDO GXQJ DQG EURXJKW WKHPWRKLP+HWRRNWKHWZRVWRQHVDQGWKUHZDZD\WKHGXQJVD\LQJ ,WLVLPSXUH
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
)LTK 2QHVKRXOGQRW XULQDWHLQEDWKLQJSODFHVRULQVWLOORUUXQQLQJZDWHU
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
$EGXUDKPDQ LEQ =DLG UHODWHG WKDW 6DOPDQ ZDV DVNHG
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Ì 7KH6KDI L\\DKPDLQWDLQWKDWLWVKRXOGEHGRQHRQWKHVHYHQWKGD\ 6D\VDVK6KDXNDQL7KHUHLVQRWKLQJWKDWVWDWHVH[SOLFLWO\LWVWLPHRULQGLFDWHVWKDWLWLVREOLJDWRU\ )LTKE 6KDYLQJSXELFKDLUVDQGSXOOLQJRXWXQGHUDUPKDLUV 7KH\DUHWZRVXQDQDFWV,IWKHKDLULVRQO\WULPPHGRUSXOOHGRXWLWZLOOVXIILFH )LTKF &OLSSLQJRQH VILQJHUQDLOVWULPPLQJDQGVKDYLQJKLVPRXVWDFKH ,EQ 8PDU UHODWHG WKDW WKH 0HVVHQJHU RI $OODK VDLG 'LIIHU IURP WKH SRO\WKHLVWV OHW \RXU EHDUGV JURZ DQGVKDYH\RXUPRXVWDFKH 5HODWHGE\DO%XNKDULDQG0XVOLP $EX+XUDLUDKUHSRUWHGWKDW WKH 0HVVHQJHU RI $OODK XSRQ ZKRPEHSHDFHVDLG)LYHWKLQJVDUHSDUWRIRQH VILWUD 6KDYLQJWKH SXELF KDLUV FLUFXPFLVLRQ WULPPLQJ WKH PRXVWDFKH UHPRYLQJ WKH KDLU XQGHU WKH DUPV DQG WULPPLQJ WKH QDLOV 5HODWHG E\ WKH JURXS ,W GRHV QRW PHQWLRQ ZKLFK RQH ZRXOG VSHFLILFDOO\ IXOILOO WKH VXQQDK 2QH VKRXOG PDNH VXUH WKDW KLV PRXVWDFKH LV QRW VR ORQJ WKDW IRRG SDUWLFOHV GULQN DQG GLUW DFFXPXODWHLQLW=DLGLEQ$UTDPUHODWHGWKDWWKH3URSKHWXSRQZKRPEHSHDFHVDLG:KRHYHUGRHV QRWWDNH RII VRPHRIKLVPRXVWDFKHLVQRWRQHRIXV 5HODWHGE\$KPDGDQ1DVD LDQGDW7LUPL]KL ZKRFODVVLILHGLWDVVDKLK ,WLVSUHIHUUHGWRFXWWKHSXELFKDLUVSOXFNRXWWKHXQGHUDUPKDLUVFXWWKH QDLOVDQGWULPWKHPRXVWDFKHRQDZHHNO\EDVLVDSUDFWLFHZKLFKLVPRVWK\JHQLF ,IVRPHXQQHFHVVDU\ KDLU LV OHIW RQ WKH ERG\ IRU D ORQJHU SHULRG RI WLPH LW PD\ GLVWXUE WKH SHUVRQ 2QH PD\ OHDYH WKLV DFWLRQIRUIRUW\GD\VEXWQRORQJHU6DLG$QDV7KHWLPHSHULRGIRUXVWRWULPWKHPRXVWDFKHFXWWKH QDLOVSOXFNRXWWKHXQGHUDUPKDLUVDQGFXWWKHSXELFKDLUVZDVIRUW\QLJKWV 5HODWHGE\$KPDG$EX 'DZXGDQGRWKHUV )LTK /HWWLQJRQH VEHDUGJURZDQGEHFRPHWKLFN 7KLVLVDIHDWXUHRIGLJQLW\,WVKRXOGQRWEHFXWVRVKRUWWKDWLWDSSHDUVOLNHDVKDYHGEHDUGQRUVKRXOG LWEH OHIWVRORQJWKDWLWEHFRPHVXQWLG\,WLVDOVRDVLJQRIPDQKRRG6D\VDO%XNKDUL:KHQHYHU,EQ
8PDUPDGHWKHKDMMRU XPUDKKHZRXOGKROGKLVEHDUGLQKLVILVWDQGZKDWHYHUH[FHHGHGKLVILVWKH ZRXOGFXWRII )LTKD 2LOLQJDQGFRPELQJRQH VKDLU $EX+XUDLUDKUHSRUWHGWKH3URSKHWXSRQZKRPEHSHDFHDVVD\LQJ:KRHYHUKDVKDLUVKRXOGKRQRU LW 5HODWHGE\$EX'DZXG 6DLG $WDLEQ
&XWWLQJRQH VKDLURIILVSHUPLVVLEOHDQGVRLVOHWWLQJLWJURZLIRQHKRQRUVLW,EQ 8PDUQDUUDWHGWKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG 6KDYH LW DOO RU OHDYH LW DOO 5HODWHG E\ $KPDG 0XVOLP $EX 'DZXG DQG DQ1DVD L 7R VKDYH SDUW RI LW DQG OHDYH SDUW RI LW LV JUHDWO\ GLVOLNHG1DID UHODWHG IURP,EQ 8PDUWKDWWKH0HVVHQJHURI$OODKSURKLELWHGTL]D 1DID DVNHG:KDWLVTL]D "+HVDLG ,WLVWRVKDYHRIISDUWRIWKHKDLURID\RXWKDQGWROHDYHSDUW $O%XNKDULDQG0XVOLP )LTK /HDYLQJJUH\KDLUVLQSODFH 7KLVDSSOLHVWRERWKPHQDQGZRPHQ $PULEQ6KX DLEUHODWHGRQWKHDXWKRULW\RIKLVIDWKHUIURPKLV JUDQGIDWKHUWKDWWKH3URSKHWVDLG'RQRWSOXFNWKHJUH\KDLUVDVWKH\DUHD0XVOLP VOLJKW1HYHUD 0XVOLPJURZVJUH\LQ,VODPH[FHSWWKDW$OODKZULWHVIRUKLPGXHWRWKDWDJRRGGHHG$QGKHUDLVHV KLPDGHJUHH$QGKHHUDVHVIRUKLPGXHWRWKDWRQHRIKLVVLQV 5HODWHGE\$KPDG$EX'DZXG DW7LUPL]KLDQ1DVD LDQG,EQ0DMDK $QG$QDVVDLG:HXVHGWRKDWHWKDWDPDQVKRXOGSOXFNRXW KLVZKLWHKDLUVIURPKLVKHDGRUEHDUG 5HODWHGE\0XVOLP )LTKD &KDQJLQJWKHFRORURIJUH\KDLUE\XVLQJKHQQDUHGG\H\HOORZG\HDQGVRRQ $EX+XUDLUDKUHSRUWHGWKDWWKH3URSKHWXSRQZKRPEHSHDFHVDLG7KH-HZVDQG&KULVWLDQVGRQRW G\HVRGLIIHUIURPWKHP 5HODWHGE\WKHJURXS $EX=KDUUUHSRUWHGWKDWWKH0HVVHQJHURI$OODK VDLG7KHEHVWWKLQJWKDWRQHFDQXVHWRFKDQJHWKHFRORURIJUH\KDLUVLVKHQQDDQGNDWP DUHGGLVK G\H 5HODWHGE\WKHILYH 7KHUH DUH VRPH QDUUDWLRQV WKDW VWDWH WKDW G\LQJ LV GLVOLNHG EXW LW LV REYLRXV WKDW WKHVH QDUUDWLRQV FRQIOLFWZLWKWKHVXQQDKDQGFXVWRP,WLVUHODWHGIURPVRPHRIWKHFRPSDQLRQVWKDWLWLVEHWWHUQRWWR G\HZKLOHRWKHUVVD\LWLVEHWWHUWRGRLW6RPHXVHGD\HOORZG\HZKLOHRWKHUVXVHGKHQQDRUNDWP 2WKHUVXVHGVDIIURQDQGDJURXSRIWKHPXVHGDEODFNG\H,EQ+DMUPHQWLRQHGLQ)DWKDO%DULWKDWD] =XKUL VDLG :H XVHG EODFN G\H LI RXU IDFH ZDV \RXWKIXO EXW LI ZULQNOHV ZHUH SUHVHQW DQG WKH WHHWK ZHUH JRQH ZH ZRXOG QRW XVH LW 6DLG -DELU $EX 4XKDIDK $EX %DNU V IDWKHU ZDV EURXJKW WR WKH 3URSKHW GXULQJ WKH FRQTXHVW RI 0DNNDK ZKLOH KLV KHDG ZDV ZKLWH 7KH 3URSKHW XSRQ ZKRP EH SHDFHVDLG7DNHKLPWRRQHRIKLVZLYHVDQGOHWKHUFKDQJHWKHFRORURIKLVKDLUZLWKVRPHWKLQJEXW VKH VKRXOG DYRLG PDNLQJ KLV KDLU EODFN 5HODWHG E\ WKH JURXS H[FHSW IRU DO%XNKDUL DQG DW 7LUPL]KL 7KLVGHDOWZLWKDFHUWDLQLQFLGHQWDQGFDQQRWEHJHQHUDOL]HG)XUWKHUPRUHEODFNZRXOGQRW EHSURSHUIRUVRPHRQHDVROGDV$EX4XKDIDK )LTK 7RXVHPXVNDQGRWKHUW\SHVRISHUIXPH 7KHVHDUHSOHDVLQJWRWKHVRXODQGEHDXWLI\WKHDWPRVSKHUH$QDVUHSRUWHGWKH0HVVHQJHURI$OODKDV VD\LQJ$PRQJWKHWKLQJVRIWKLVZRUOG,ORYHZRPHQDQGSHUIXPHDQGWKHFRROQHVVRIP\H\HVLV SUD\HU 5HODWHGE\$KPDGDQGDQ1DVD L $EX+XUDLUDKUHSRUWHGWKDWWKH0HVVHQJHURI$OODKVDLG ,IVRPHRQHRIIHUVSHUIXPHGRQRWUHMHFWLWIRULWLVOLJKWWRFDUU\DQGKDVDVZHHWVFHQW 5HODWHGE\ 0XVOLPDQ1DVD LDQG$EX'DZXG $EX6D HHGUHSRUWHGWKDWWKH3URSKHWVDLGDERXW PXVN,WLVWKH EHVWRISHUIXPHV 5HODWHGE\WKHJURXSH[FHSWIRUDO%XNKDULDQG,EQ0DMDK 1DID QDUUDWHGWKDW,EQ 8PDUXVHGWREXUQDQGLQKDOHDEUDQFKFDOOHGDOXZDKWKDWKDVDQLFHVPHOO+H DOVRXVHGFDPSKRU+HXVHGWRVD\7KLVLVWKHZD\WKH0HVVHQJHURI$OODKLQKDOHGVXFKVFHQWV WKDW LVE\EXUQLQJWKHP 5HODWHGE\0XVOLPDQGDQ1DVD L )LTK $EOXWLRQPHDQVWRZDVKRQH VIDFHKDQGVDUPVKHDGDQGIHHWZLWKZDWHU )LTKD 3DUWRI,VODPLFODZ 7KLVLVSURYHQIURPWKHWKUHHPDMRUVRXUFHVRI,VODPLFODZ 7KH 4XU DQ 6D\V $OODK LQ WKH 4XU DQ 2 \RXZKREHOLHYHZKHQ\RXULVHIRUSUD\HUZDVK\RXU IDFHVDQG\RXUKDQGVXSWRWKHHOERZVDQGOLJKWO\UXE\RXUKHDGVDQG ZDVK \RXUIHHWXSWRWKHDQNOHV DO0DL GDK 7KH6XQQDK$EX+XUDLUDKUHSRUWHGWKDWWKH0HVVHQJHURI$OODKVDLG$OODKGRHVQRWDFFHSWWKH SUD\HURIRQHZKRQXOOLILHGKLVDEOXWLRQXQWLOKHSHUIRUPVLWDJDLQ 5HODWHGE\DO%XNKDUL0XVOLP $EX'DZXGDQGDW7LUPL]KL 7KH &RQVHQVXV 7KHUH LV D FRQVHQVXV RI VFKRODUO\ RSLQLRQ WKDW DEOXWLRQ LV SDUW RI ,VODPLF ODZ 7KHUHIRUHLWLVDUHFRJQL]HGIDFWRIWKHUHOLJLRQ )LTKE ,WVYLUWXHV 0DQ\KDGLWKVWDWHWKHYLUWXHVRIDEOXWLRQ:HVKDOOPHQWLRQMXVWDIHZ LVODPPHVVDJHFRP
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
%LODOUHSRUWHGWKDWWKH3URSKHWXSRQZKRPEHSHDFHVDLG:LSHRYHU\RXUVKRHVDQGKHDGFRYHULQJ 5HODWHGE\$KPDG 8PDURQFHVDLG0D\$OODKQRWSXULI\WKHRQHZKRGRHVQRWFRQVLGHUZLSLQJ RYHUWKHWXUEDQWREHSXULI\LQJ0DQ\KDGLWKKDYHEHHQUHODWHGRQWKLVWRSLFE\DO%XNKDUL0XVOLP DQGRWKHUV0RVWRIWKHVFKRODUVDJUHHZLWKWKHP :LSLQJRYHUWKHIURQWSRUWLRQRIWKHVFDOSDQGWKHWXUEDQ $O0XJKLUDKLEQ6KX EDKVDLGWKDWWKH0HVVHQJHURI$OODKXSRQZKRPEHSHDFHPDGHDEOXWLRQDQG ZLSHG RYHU WKH IURQW SRUWLRQ RI KLV VFDOS KLV WXUEDQ DQG KLV VRFNV 5HODWHG E\ 0XVOLP 7KHUH LV KRZHYHU QR VWURQJ KDGLWK WKDW KH ZLSHG RYHU SDUW RI KLV KHDG HYHQ WKRXJK DO0D LGDK DSSDUHQWO\ LPSOLHVLW,WLVDOVRQRWVXIILFLHQWMXVWWRZLSHRYHUORFNVRIKDLUWKDWSURFHHGIURPWKHKHDGRUDORQJ WKHVLGHVRIWKHKHDG )LTK :DVKLQJWKHIHHWDQGWKHKHHOV 7KLV KDV EHHQ FRQILUPHG LQ PXWDZDWLU FRQWLQXRXV UHSRUWV IURP WKH 3URSKHW XSRQ ZKRP EHSHDFH FRQFHUQLQJ KLV DFWLRQV DQGVWDWHPHQWV,EQ 8PDUVDLG7KH3URSKHWODJJHGEHKLQGXVLQRQHRIRXU WUDYHOV+HFDXJKWXSZLWKXVDIWHUZHKDGGHOD\HGWKHDIWHUQRRQSUD\HU:HVWDUWHGWRPDNHDEOXWLRQ DQGZHUHZLSLQJRYHURXUIHHWZKHQWKH3URSKHWVDLG :RHWRWKHKHHOVVDYHWKHPIURPWKH+HOOILUH UHSHDWLQJLWWZRRUWKUHHWLPHV 5HODWHGE\DO%XNKDULDQG0XVOLP 1HHGOHVVWRVD\WKHSUHFHGLQJREOLJDWLRQVDUHWKHRQHVWKDW$OODKKDVPHQWLRQHGLQ DO0D LGDK )LTKD )ROORZLQJWKHSUHVFULEHGVHTXHQFH $OODK PHQWLRQHG WKH REOLJDWLRQV LQ D VSHFLILF RUGHU +H DOVR GLIIHUHQWLDWHG WKH OHJVIURPWKHKDQGV WKRXJKERWKRIWKHPKDYHWREHZDVKHGIURPWKHKHDGZKLFKRQO\QHHGVWREHZLSHG7KHSRO\WKHLVWV RI $UDELD ZRXOG QRW GLIIHUHQWLDWH LWHPV XQOHVV WKHUH ZDV VRPH EHQHILW LQ GRLQJ VR 7KH ZD\ $OODK VWUXFWXUHG WKH DEOXWLRQ PDGH LW HDVLHU IRU WKHP WR FRPSUHKHQG LW $O0D LGDK H[SODLQV ZKDW LV REOLJDWRU\DQGLWIDOOVXQGHUWKHJHQHUDOLW\RIWKH3URSKHW VVWDWHPHQW%HJLQZLWKZKDW$OODKEHJDQ ZLWK 7KH 3URSKHW XVHG WR IROORZ WKDW VHTXHQFH DV RQH RI DEOXWLRQ V SULQFLSOHV 7KHUH LV QR VXFK UHSRUW WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH HYHU GHSDUWHG IURP WKDW VHTXHQFH $EOXWLRQ LV SDUW RI ZRUVKLS DQG LQ PDWWHUV RI ZRUVKLS WKHUH LV QR URRP IRU DQ\WKLQJ H[FHSW GRLQJ ZKDW KDV EHHQ FRPPDQGHG )LTKF 7KLV VHFWLRQ GHDOV ZLWK WKRVH DFWV FRQQHFWHG ZLWK WKH DEOXWLRQ EXW ZKLFK DUH QRW REOLJDWRU\ DV WKH 3URSKHWXSRQZKRPEHSHDFHGLGQRWULJRURXVO\VWLFNWRWKHPRUFHQVXUHDQ\RQHIRUQRWGRLQJWKHP 7KH\DUHDVIROORZV )LTK 0HQWLRQLQJWKHQDPHRI$OODKDWWKHEHJLQQLQJ 7KHUHDUHVRPHZHDNKDGLWKWKDWPHQWLRQWKLVDFWDQGDOORIWKHFKDLQVRIWKHVHKDGLWKSRLQWWRWKHIDFW WKDWWKHUHLVVRPHEDVLVIRUWKLVDFW,QDQ\FDVHLWLVDJRRGDFWLQDQGRILWVHOIDQGLQJHQHUDOLWLV SDUWRIWKH,VODPLFODZ )LTK D 'HQWDO+\JLHQH 7KLVLQYROYHVXVLQJDVWLFNRUVLPLODUREMHFWWRFOHDQRQH VWHHWK7KHEHVWW\SHWRXVHLVWKDWRIWKHDUDN WUHHIRXQGLQWKH+HMD]6XFKDSUDFWLFHVWUHQJWKHQVWKHJXPVSUHYHQWVWRRWKGLVHDVHKHOSVGLJHVWLRQ DQG IDFLOLWDWHV WKH IORZ RI XULQH 7KLV VXQQDK LV IXOILOOHG E\ XVLQJ DQ\ REMHFW ZKLFK UHPRYHV \HOORZ VWDLQVRQWKHWHHWKDQGFOHDQVWKHPRXWKVXFKDVDWRRWKEUXVKDQGVRRQ$EX+XUDLUDKUHSRUWHGWKDW WKH3URSKHWXSRQZKRPEHSHDFHVDLG:HUHLWQRWWREHDKDUGVKLSRQP\FRPPXQLW\,ZRXOGKDYH RUGHUHGWKHPWRXVHDWRRWKEUXVKIRUHYHU\DEOXWLRQ 5HODWHGE\0DOLNDVK6KDI L DO%DLKDTLDQGDO +DNLP $LVKDKUHSRUWHGWKDWWKH3URSKHWVDLG7KHWRRWKEUXVKSXULILHVWKHPRXWKDQGLVSOHDVLQJWR WKH/RUG 5HODWHGE\$KPDGDQ1DVD LDQGDW7LUPL]KL 8VLQJDWRRWKEUXVKLVOLNHGDWDQ\WLPHEXWWKHUHDUHILYHWLPHVLQZKLFKLW LVHVSHFLDOO\OLNHG DEOXWLRQ SUD\HU UHDGLQJWKH4XU DQ ULVLQJIURPVOHHSDQG ZKHQ WKH WDVWH LQ RQH V PRXWK KDV FKDQJHG )DVWLQJ DQG QRQIDVWLQJ SHRSOH PD\ XVH LW DW WKH EHJLQQLQJ WKH HQG RU DW DQ\ RWKHU WLPH GXULQJ WKH GD\ $PU LEQ 5DEL DK VDLG , KDYH VHHQ WKH LVODPPHVVDJHFRP
0HVVHQJHURI$OODKXSRQZKRPEHSHDFHRQFRXQWOHVVRFFDVLRQVXVLQJDWRRWKEUXVKZKLOHIDVWLQJ 5HODWHGE\$KPDG$EX'DZXGDQGDW7LUPL]KL :KHQ RQH XVHV D WRRWKEUXVK LW LV VXQQDK WR FOHDQ LW DIWHUZDUGV 6DLG $LVKDK :KHQ WKH 3URSKHW XSRQ ZKRP EH SHDFH XVHG KLV WRRWKEUXVK KH ZRXOG JLYH LW WR PH , ZRXOG ZDVK LW XVH LW ZDVK LW DJDLQDQGJLYHLWEDFNWRKLP 5HODWHGE\$EX'DZXGDQGDO%DLKDTL ,W LV SDUW RI WKH VXQQDK WKDW RQH ZKR KDV QR WHHWK PD\ XVH KLV ILQJHUV WR FOHDQ KLV PRXWK $VNHG
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
8PDU UHSRUWHG WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG ,I RQH FRPSOHWHV DQG SHUIHFWV WKH DEOXWLRQDQGWKHQVD\V ,WHVWLI\WKDWWKHUHLVQRJRGH[FHSW$OODKWKH2QH:KRKDVQRSDUWQHUDQG WKDW0XKDPPDGLV+LVVODYHDQG0HVVHQJHUWKHHLJKWJDWHVRISDUDGLVHZLOOEHRSHQHGIRUKLPDQG KHPD\HQWHUDQ\RIWKHPWKDWKHZLVKHV 5HODWHGE\0XVOLP $EX6D HHGDO.KXGULUHSRUWHGWKDWWKH3URSKHWVDLG:KRHYHUPDNHVDEOXWLRQDQGVD\V *ORU\EHWR 7KHH2$OODKDQGWKHSUDLVHEHWR7KHH,EHDUZLWQHVVWKDWWKHUHLVQRJRGH[FHSW
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
)LTK 7RXFKLQJDZRPDQ
$LVKDKUHODWHGWKDWWKH0HVVHQJHURI$OODKXSRQZKRPEHSHDFHNLVVHGKHUZKLOHKHZDVIDVWLQJDQG VDLG .LVVLQJ GRHV QRW QXOOLI\ WKH DEOXWLRQ QRU GRHV LW EUHDN WKH IDVW 5HODWHG E\ ,VKDT LEQ 5DKDZDLKDQGDO%D]]DUZLWKDJRRGFKDLQ LVODPPHVVDJHFRP
(YDOXDWLQJ LWV DXWKHQWLFLW\ $EGXO+DTT VD\V , GR QRW NQRZ RI DQ\ GHIHFW LQ WKH KDGLWK WKDW FRXOG FDXVHLWVUHMHFWLRQ
$LVKDK DOVR VDLG 2QH QLJKW , PLVVHG WKH 0HVVHQJHU RI $OODK LQ P\ EHG DQG VR ZHQW WR ORRN IRU KLP,SXWP\KDQGRQWKHERWWRPRIKLVIHHWZKLOHKHZDVSUD\LQJDQGVD\LQJ 2$OODK,VHHNUHIXJH LQ
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
,EEDG LEQ %LVKU ZDV KLW ZLWK DQ DUURZ ZKLOH SUD\LQJ EXW FRQWLQXHG KLV SUD\HUV 5HODWHG E\ $EX 'DZXG,EQ.KX]DLPDKDQGDO%XNKDULLQPX DOODTIRUP )LTKD 9RPLW 5HJDUGOHVVRIZKHWKHUWKH DPRXQWRIYRPLWZDVJUHDWRUVPDOOWKHUHLVQRVRXQGKDGLWKWKDWLWQXOOLILHV DEOXWLRQ )LTKE (DWLQJFDPHOPHDW 7KDW WKLV GRHV QRW QXOOLI\ WKH DEOXWLRQ ZDV WKH RSLQLRQ RI WKH IRXU ULJKWO\ JXLGHG FDOLSKV WKH FRPSDQLRQVDQGWKHIROORZLQJJHQHUDWLRQDOWKRXJKWKHUHLVDQDXWKHQWLFKDGLWKWKDWVWDWHVRQHVKRXOG PDNHDEOXWLRQDIWHULW 6DLG-DELULEQ6XPUDK$PDQDVNHGWKH3URSKHW 6KRXOGZHPDNHDEOXWLRQDIWHUHDWLQJPXWWRQ" +H VDLG ,I \RX ZLVK PDNH DEOXWLRQ ,I \RX GR QRW GR QRW PDNH DEOXWLRQ 7KH PDQ DVNHG 6KRXOG ZH PDNH DEOXWLRQ DIWHU HDWLQJ FDPHO PHDW" +H VDLG
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
5HSRUWHG $LVKDK :KHQ WKH 3URSKHW XSRQ ZKRP EH SHDFH ZDQWHG WR VOHHS LQ D VWDWH RI SRVWVH[ LPSXULW\KHZRXOGZDVKKLVSULYDWHSDUWV DQGSHUIRUPDEOXWLRQ 5HODWHGE\WKHJURXS )LTKD 7RUHPRYHDVH[XDOLPSXULW\ ,I D SHUVRQ LQ D VWDWH RI SRVWVH[ LPSXULW\ ZDQWV WR HDW GULQN RU KDYH LQWHUFRXUVH DJDLQ KH VKRXOG SHUIRUPDEOXWLRQ 6DLG $LVKDK :KHQ WKH 3URSKHW XSRQ ZKRP EH SHDFH ZDV LQ D VWDWH RI LPSXULW\ EHFDXVH RI LQWHUFRXUVHDQGZDQWHGWRHDWRUVOHHSKHZRXOGSHUIRUPDEOXWLRQ $PPDULEQ
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aÌ 5HODWHGE\$EX'DZXGDW 7LUPL]KLDQG,EQ0DMDK )LTK 1RWHVRILPSRUWDQFHFRQFHUQLQJDEOXWLRQ ,WLVSHUPLVVLEOHWRVSHDNZKLOHSHUIRUPLQJDEOXWLRQ7KHUHLVQRWKLQJUHSRUWHGIURPWKHVXQQDKWKDW SURKLELWVLW 0DNLQJVXSSOLFDWLRQVZKLOHZDVKLQJWKHH[WUHPLWLHVLVEDVHGRQIDOVHKDGLWK,WLVEHVWIRUWKHSHUVRQ WRXVHRQO\WKHVXSSOLFDWLRQVPHQWLRQHGXQGHUWKH6XQQDK$FWVRI$EOXWLRQ ,I WKH SHUVRQ ZKR LV PDNLQJ DEOXWLRQ KDV D GRXEW FRQFHUQLQJ KRZ PDQ\ WLPHV KH KDV ZDVKHG D SDUWLFXODUSDUWRIWKH ERG\KHVKRXOGJRE\WKHQXPEHUKHLVFHUWDLQDERXW
LVODPPHVVDJHFRP
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
)LTK D 'LVFKDUJHRIDO0DQLRZLQJWRVWLPXODWLRQZKLOHDVOHHSRUDZDNH 7KH RSLQLRQ RI WKH MXULVWV LQ JHQHUDO LV WKDW JKXVO LV D PXVW VKRXOG RQH KDYH D GLVFKDUJH RI DOPDQL VSHUP RZLQJWRVWLPXODWLRQZKLOHDVOHHSRUDZDNH$EX6D HHGUHSRUWHGWKDWKHKHDUGWKH0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH VD\ :DWHU ZDVKLQJ LV QHHGHG DIWHU HMDFXODWLRQ RI VSHUP 5HODWHGE\0XVOLP 8PP6DODPDKUHSRUWHGWKDW8PP6XODLPVDLG20HVVHQJHURI$OODK$OODKLVQRWDVKDPHGRIWKH WUXWK 'RHV D ZRPDQ KDYH WR SHUIRUP JKXVO LI VKH KDVD ZHW GUHDP" +H VDLG
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
LVUHODWHGE\WKHIRXU$W7LUPL]KLJUDGHGLWVDKLK6D\VDO+DIH]LQDO)DWK6RPHSHRSOHGHFODUH VRPHRILWVQDUUDWRUVZHDN%XWLQIDFWLWLVRIWKHKDVVDQFODVVDQGLWLVVDWLVIDFWRU\DVDSURRI+H DOVR UHODWHG , VDZ WKH 0HVVHQJHU RI $OODK SHUIRUP DEOXWLRQ DQG UHFLWH VRPH RI WKH 4XU DQ DIWHU ZKLFKKHVDLG 7KLVLVIRUWKHRQHZKRLVQRWLQSRVWVH[LPSXULW\,IRQHLVLQSRVWVH[LPSXULW\KH PD\QRWGRVRQRWHYHQRQHYHUVH$KPDGDQG$EX
,DPPHQVWUXDWLQJ +HVDLG
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
,PUDQ ELQ +XVDLQ VDLG :H ZHUH ZLWK WKH 0HVVHQJHU RI $OODK GXULQJ D MRXUQH\ :KHQ KH OHG WKH SHRSOHLQSUD\HURQHPDQVWD\HGDSDUW+HDVNHGKLP:KDWSUHYHQWHG\RXIURPSUD\LQJ"+HVDLG
,QHHGDSRVWQRFWXUQDOEDWKDQGWKHUHLVQRZDWHU +HVDLG 8VHWKHVRLOIRULWLVVXIILFLHQW
5HODWHG E\DO%XNKDULDQG0XVOLP LVODPPHVVDJHFRP
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
$LVKDKVPDOOER[HVZLWK\HOORZVWDLQHGFRWWRQDQGVKHZRXOGWHOOWKHP'RQRWEHLQKDVWHXQWLO\RX VHHWKHSXUHZKLWHFRWWRQ,IWKHGLVFKDUJHLV\HOORZRUPXGG\GXULQJWKHGD\VRIPHQVWUXDWLRQLWLVWR EHFRQVLGHUHGDVSDUWRIWKHPHQVHV'XULQJRWKHUGD\VLWLVQRWUHJDUGHGDVVXFK8PP $WL\\DKVDLG $IWHU ZH ZHUH SXUH ZH GLG QRW FRQVLGHU WKH \HOORZ RU PXGG\ GLVFKDUJH WR EH DQ\WKLQJ 7KLV LV UHODWHGE\$EX'DZXGDQGDO%XNKDULEXWZLWKRXWWKHZRUGVDIWHUZHZHUHSXUH )LTK 7KHUHLVQRVWDWHGPLQLPXPRUPD[LPXPOHQJWKRIWLPHIRUWKHPHQVHV $OOVWDWHPHQWVGHDOLQJZLWKWKLVWRSLFKDYHQRVRXQGEDFNLQJ,IDZRPDQKDVDFXVWRPDU\OHQJWKRI WLPHIRUKHUPHQVHVVKHVKRXOGDFFRUGLQJWRLW8PP6DODPDKDVNHGWKH3URSKHWDERXWDZRPDQZLWK D SURORQJHG IORZ RI EORRG +H VDLG 6KH VKRXOG ORRN IRU WKH QXPEHU RI GD\V DQG QLJKWV WKDW VKH XVXDOO\KDVKHUPHQVHVDQGWKHWLPHRIWKHPRQWKGXULQJZKLFKLWRFFXUV7KHQVKHVKRXOGOHDYHWKH SUD\HU GXULQJ WKRVH GD\V DQG WKHQ DIWHUZDUGV SHUIRUP JKXVO WLH VRPHWKLQJ DURXQG KHU YDJLQD DQG SUD\ 5HODWHG E\ WKH ILYH
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
LVODPPHVVDJHFRP
$OO DFWV IRUELGGHQ IRU D SHUVRQ ZKR KDV QRW \HW FOHDQVHG KLPVHOI IURP VH[ RU D ZHW GUHDP DUH SURKLELWHGWRZRPHQLQWKHVHWZRFRQGLWLRQVDVWKHVHDUHFRQVLGHUHGPDMRULPSXULWLHV%XWWKHUHDUH DOVRWZRIXUWKHUSURKLELWLRQV )LTKD 7KH\FDQQRWIDVWPHQVWUXDWLQJZRPHQ ,I ZRPHQ IDVW WKHLU IDVWLQJ ZLOO EH FRQVLGHUHG QXOO DQG YRLG ,I WKH\ IDVW GXULQJ WKH PRQWK RI 5DPDGDQ WKH\ ZLOO VWLOO KDYH WR PDNH WKRVH GD\V RI IDVWLQJ XS ODWHU RQ 0X D]KDK VDLG , DVNHG
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
)LTK 3UD\HU
7KH SUD\HU LV D W\SH RI ZRUVKLS FRQVLVWLQJ RI VSHFLILF VWDWHPHQWV DQG DFWLRQV ,W LV EHJXQ E\ SURQRXQFLQJ WKH JUHDWQHVV RI $OODK DQG LV FRQFOXGHG ZLWK VDOXWDWLRQV RI SHDFH $V SUD\HU LV WKH HVVHQFHRI,VODPZHZLOOGLVFXVVLWKHUHLQGHWDLO 7RVWDWHLWVLPSO\SUD\HUPXVWH[LVWIRUZLWKRXWLW,VODPFDQQRWVWDQG7KH3URSKHWXSRQZKRPEH SHDFHVDLG7KHKHDGRIWKHPDWWHULV,VODPLWVSLOODULVWKHSUD\HUDQGWKHWRSRILWVKXPSLVMLKDGLQ WKHZD\RI$OODK,WZDVWKHILUVWDFWRIZRUVKLSWKDWZDVPDGHREOLJDWRU\E\$OODK,WVREOLJDWLRQZDV UHYHDOHGGLUHFWO\WRWKH3URSKHWGXULQJKLVDVFHQVLRQWRKHDYHQ6DLG$QDV7KHSUD\HUVZHUHPDGH REOLJDWRU\ RQ WKH 3URSKHW XSRQ ZKRP EH SHDFH WKH QLJKW RI KLV DVFHQVLRQ WR KHDYHQ $W ILUVW WKH\ LVODPPHVVDJHFRP
ZHUHILIW\LQQXPEHUEXWZHUHUHGXFHGVHYHUDOWLPHVXQWLOWKH\ZHUHILYH7KHQLWZDVSURFODLPHG 2 0XKDPPDGWKHRUGHULVQRWFKDQJHG7KHVHILYHDUH HTXLYDOHQW WRWKHILIW\
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
-DELU UHSRUWV WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG %HWZHHQ D SHUVRQ DQG GLVEHOLHI LV GLVFDUGLQJSUD\HU 5HODWHGE\$KPDG0XVOLP$EX'DZXGDW7LUPL]KLDQG,EQ0DMDK %XUDLGDK UHSRUWHG WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH VDLG 7KH SDFW EHWZHHQ XV DQG WKHP LV SUD\HU:KRHYHUDEDQGRQVLWLVDGLVEHOLHYHU 5HODWHGE\$KPDG$EX'DZXGDW7LUPL]KLDQ1DVD L DQG,EQ0DMDK
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
$OODKKDVODLGILYHSUD\HUVXSRQ+LVVODYHV:KRHYHUIXOILOOVWKHPDQGGRHVQRWPLVVDQ\RIWKHPZLOO LVODPPHVVDJHFRP
KDYH D SDFW ZLWK $OODK WKDW +H ZLOO OHW KLP HQWHU 3DUDGLVH :KRHYHU GRHV QRW FRPH ZLWK WKHP ZLOO KDYHQRSDFWZLWK$OODK,I+HZLVKHV+HPD\SXQLVKKLPDQGLI+HZLVKHV+HPD\IRUJLYHKLP 5HODWHG E\ $KPDG $EX 'DZXG DQ1DVD L DQG ,EQ 0DMDK ,Q RQH YHUVLRQ LW VWDWHV 2U RQH ZKR FRPHVZLWKDGHILFLHQF\LQWKHPRUZKRGHJUDGHVWKHLUGXWLHV7DOKDKLEQ 8EDLGXOODKQDUUDWHGWKDWD EHGRXLQ ZLWK XQNHPSW KDLU FDPH WR WKH 0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH DQG VDLG 2 0HVVHQJHU RI $OODK LQIRUP PH RI ZKDW $OODK KDV PDGH REOLJDWRU\ RQ PH DV UHJDUGV SUD\LQJ +H VDLG )LYH SUD\HUV XQOHVV \RX GR RWKHUV YROXQWDULO\ +H DVNHG WKH 3URSKHW WR LQIRUP KLP DERXW IDVWLQJ DQG KH VDLG 7KH IDVW RI 5DPDGDQ XQOHVV \RX GR RWKHUV YROXQWDULO\ 7KHQ KH DVNHG KLP DERXWFKDULW\DQGWKH0HVVHQJHURI$OODKLQIRUPHGKLPRIWKH,VODPLFOHJLVODWLRQV7KHEHGRXLQWKHQ VDLG %\ WKH 2QH ZKR KDV KRQRUHG \RX , VKDOO QRW YROXQWDULO\ DGG DQ\WKLQJ WR LW QRU VKDOO , EH GHILFLHQW LQ ZKDW $OODK KDVRUGHUHGPHWRGR7KH0HVVHQJHURI$OODKXSRQZKRPEHSHDFHWKHQ VDLG+HZLOOHQWHU3DUDGLVHLIKHLVWUXWKIXO WRZKDWKHVDLG 5HODWHGE\DO%XNKDULDQG0XVOLP )LTK 7KH7LPHVRIWKH3UD\HUV (DFK SUD\HU KDV LWV RZQ SDUWLFXODU WLPH DW ZKLFK LW PXVW EH SHUIRUPHG 6D\V$OODK3UD\HUDWIL[HG KRXUVKDVEHHQHQMRLQHGXSRQWKHEHOLHYHUV DQ1LVD 7KH4XU DQLWVHOISRLQWVWRWKHVHGLIIHUHQWWLPHV $OODKVD\V3UD\DWWKHWZRHQGVRIWKHGD\DQGLQVRPHZDWFKHVRIWKHQLJKW/R*RRGGHHGVDQQXO HYLOGHHGV7KLVLVDUHPLQGHUIRUWKHPLQGIXO +XG 6XUDKDO,VUD VWDWHV(VWDEOLVKSUD\HUDWWKH VHWWLQJRIWKHVXQXQWLOWKHGDUNRIWKHQLJKWDQG WKHUHFLWDO RIWKH4XU DQDWGDZQ/R7KHUHFLWDORI WKH4XU DQDWGDZQLVHYHUZLWQHVVHG DO,VUD DQG&HOHEUDWHWKHSUDLVHVRI\RXU/RUGEHIRUHWKH ULVLQJRIWKHVXQDQGEHIRUHLWVVHWWLQJ*ORULI\+LPVRPHKRXUVRIWKHQLJKWDQGDWWKHWZRHQGVRIWKH GD\WKDW\RXPD\ILQGDFFHSWDQFH 7DKD 7KLVYHUVHVSHFLILFDOO\UHIHUVWRWKHGDZQSUD\HUDQG WKH DIWHUQRRQ SUD\HU DV LW LV UHFRUGHG LQ WKH WZR 6DKLKV -DULU LEQ $EGXOODK DO%DMDOL UHSRUWHG :H ZHUH VLWWLQJ ZLWK WKH 0HVVHQJHU RI $OODK DQG ZH ORRNHG DW WKH PRRQ RQ D FOHDU QLJKW 7KH 3URSKHW VDLG
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
$EGXOODKLEQ $DPDULEQ5DEL DKZRXOGSUD\WKHZLWUSUD\HUDIWHUWKHGDZQKDGEHJXQ6DLG $EGXOODK LEQ 0DV XG ,W GRHV QRW ERWKHU PH LI WKH\ PDNH WKH LTDPDK WKH VHFRQG FDOO WR SUD\HU ZKLOH , DP SUD\LQJ ZLWU
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
8TEDKLEQ $DPDUVDLGKHKHDUGWKH3URSKHWXSRQZKRPEHSHDFHVD\
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
$PUUHODWHGWKDWDPDQVDLG20HVVHQJHURI$OODKWKHFDOOHUVWRSUD\HUJHWPRUHYLUWXHVWKDQXV +HVDLG6D\ZKDWWKH\VD\DQGZKHQWKH\ILQLVKDVNDQGLWVKDOOEHJLYHQ 5HODWHGE\$EX'DZXG ZLWKDVDKLKFKDLQ LVODPPHVVDJHFRP
2QWKHVDPHVXEMHFWUHSRUWHG8PP6DODPDK7KH3URSKHWXSRQZKRPEHSHDFHWDXJKWPHWRVD\ DIWHU WKHVXQVHWFDOOWRSUD\HU 2$OODKWKLVLVWKHEHJLQQLQJRI
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
)LTKD 7KH$]KDQDQG,TDPDKIRU:RPHQ 6DLG,EQ 8PDU7KHUHLVQRD]KDQRULTDPDKIRUZRPHQ 5HODWHGE\DO%DLKDTLZLWKDVDKLKFKDLQ 7KLVZDVWKHRSLQLRQRI$QDVDO+DVVDQ,EQ6LUHHQDQ1DNKD LDO7KDXUL0DOLN$EX7KDXUDQGWKH SHRSOHRIMXULVWLFUHDVRQLQJ$VK6KDLIL,VKDTDQG$KPDGVDLGLIWKH\PDNHWKHLTDPDKDQGD]KDQ WKHUHLVQRSUREOHP,WLVUHODWHGIURP $LVKDKWKDWVKHZRXOGPDNHWKHD]KDQDQGLTDPDKDQGOHDGWKH ZRPHQLQSUD\HUVWDQGLQJLQWKHPLGGOHRIWKHURZ 5HODWHGE\DO%DLKDTL )LTK (QWHULQJWKH0RVTXH$IWHUWKH3UD\HU,V)LQLVKHG 7KH DXWKRU RI DO0XJKQL VWDWHV,IRQHHQWHUVWKHPRVTXHDIWHUWKHSUD\HULVILQLVKHGKHPD\PDNH WKH D]KDQDQGLTDPDK$KPDG VSUDFWLFHEDVHGRQZKDWDO $WKUDPDQG6D HHGLEQ0DQVXUUHFRUGHG IURP$QDVZDVWRDVNDSHUVRQWRPDNHWKHD]KDQDQGLTDPDKDIWHUZKLFKKHZRXOGSUD\ZLWK VRPH SHRSOH LQFRQJUHJDWLRQ,IDSHUVRQZLVKHVKHPD\SUD\ZLWKRXWPDNLQJWKHD]KDQDQGLTDPDK6D\V
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
5HSRUWHG
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
$LVKDK DOVR UHODWHG WKDW WKH 0HVVHQJHU RI $OODK VDLG WR ZRPHQ ZLWK D SURORQJHG IORZ RI EORRG :DVKWKHEORRGIURP\RXUVHOIDQGSUD\ &RQFHUQLQJ SXULW\ RI FORWKLQJ ZH KDYH WKH IROORZLQJ 6D\V $OODK $QG SXULI\ \RXU UDLPHQW DO 0XGGDWKLU -DELULEQ6XPUDKUHSRUWHGWKDWKHKHDUGDPDQDVNWKH3URSKHW0D\,SUD\LQWKHVDPH FORWKHVWKDW,KDGRQGXULQJLQWHUFRXUVHZLWKP\ZLIH"+HVDLG
ZKHQ KH KDG LQWHUFRXUVH" 6KH VDLG
0XVOLPUHFRUGVIURP$EXDO $OL\DWKDW $EGXOODKLEQDV6DPLWVWUXFNKLVWKLJKDQGVDLG,DVNHG$EX =KDUU DQG KH VWUXFN P\ WKLJK DV , VWUXFN \RXUV DQG KH VDLG , DVNHG WKH 0HVVHQJHU RI $OODK XSRQ ZKRP EH SHDFH DQG KH VWUXFN P\ WKLJK DV , KDYH VWUXFN \RXUV DQG VDLG 3HUIRUP WKH SUD\HU LQ LWV LVODPPHVVDJHFRP
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
DXUDK 7KLV LV UHODWHG E\ $KPDG DO+DNLP DQG DO%XNKDUL LQ 7DUHHNK DQG LQ PX DOODT IRUP LQ KLV 6DKLK 5HSRUWHG-XUKDG7KH0HVVHQJHURI$OODKSDVVHGE\PHZKHQWKHFORDN,ZDVZHDULQJGLGQRWFRYHU P\ WKLJK +H VDLG &RYHU \RXU WKLJK IRU LW LV SDUW RI WKH DXUDK 7KLV LV UHODWHG E\ $KPDG $EX 'DZXGDQGDW7LUPL]KLZKRFDOOHGLWKDVVDQDQGE\DO%XNKDULLQPX DOODTIRUPLQWKH6DKLK )LTK :RPDQ VDXUDKKLMDE 7KHUH LV QR VXFK GLVSXWH RYHU ZKDW FRQVWLWXWHV D ZRPDQ V DXUDK ,W LV VWDWHG WKDW KHU HQWLUH ERG\ LV
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
DXUDKDQGWR SUD\LQWURXVHUVZKLOHQRWZHDULQJDFORDN 5HODWHGE\$EX'DZXGDQGDO%DLKDTL ,W LV UHODWHG WKDW ZKHQ DO+DVVDQ LEQ $OL SUD\HG KH ZRXOG ZHDU KLV EHVW FORWKHV +H ZDV DVNHG DERXW WKDWDQGKHVDLG9HULO\$OODKLVEHDXWLIXODQG+HORYHVEHDXW\VR,EHDXWLI\P\VHOIIRUP\/RUG 6XFKDYLHZLVLQDFFRUGZLWK$OODK VZRUGV$QGZHDU\RXUDGRUQPHQWIRUHYHU\SUD\HU )LTK 8QFRYHULQJWKH+HDG'XULQJWKH3UD\HU LVODPPHVVDJHFRP
,EQ $VDNLUUHODWHGWKDWWKH3URSKHWZRXOGVRPHWLPHVUHPRYHKLVFDSDQGSODFHLWLQIURQWRIKLPDVD VXWUDK$FFRUGLQJWRWKH+DQLIL\\DKRQHFDQSUD\ZLWKKLVKHDGXQFRYHUHG,QIDFWWKH\SUHIHUWKLVLI LWLVGRQHRXWRIDVHQVHRIKXPLOLW\DQGDZH Ì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
$EGXOODKLEQ*KDQDPUHODWHGWKDW$EX0XVDDO$VK DULJDWKHUHGWRJHWKHUKLVSHRSOHVD\LQJ 27ULEH RI$VK DULJDWKHUWRJHWKHUDQGJDWKHU\RXUZRPHQDQGFKLOGUHQWRWHDFKWKHPKRZWKH0HVVHQJHURI LVODPPHVVDJHFRP
$OODK XSRQ ZKRP EH SHDFH SUD\HG ZLWK XV LQ 0DGLQDK 7KH\ DOO JDWKHUHG WR ZDWFK KLP SHUIRUP DEOXWLRQ$IWHULWKHZDLWHGXQWLOWKHVXQKDGMXVW SDVVHGWKHPHULGLDQDQGWKHUHZDVVRPHVKDGHDQG WKHQKHPDGHWKHD]KDQ+HSXWWKHPHQLQWKHURZFORVHVWWRKLPWKHFKLOGUHQLQDURZEHKLQGWKH PHQDQGWKHZRPHQLQDURZEHKLQGWKHFKLOGUHQ$IWHUWKHLTDPDKKHUDLVHGKLVKDQGVDQGPDGHWKH WDNELU VLOHQWO\ UHFLWHG 6XUDK DO)DWLKDK DQG DQRWKHU VXUDK UHSHDWHG WKH WDNELU DQG ERZHG ZKLOH VD\LQJ*ORU\EHWR$OODKDQG3UDLVHEHWR+LPWKUHHWLPHVDIWHUZKLFKKHVDLG$OODKKHDUVKLP ZKR SUDLVHV +LP DQG VWRRG VWUDLJKW +H WKHQ PDGH WKH WDNELU DQGSURVWUDWHG PDGH DQRWKHU WDNELU UDLVHGKLVKHDG DQGVDW UHSHDWHGWKHWDNELUDQGSURVWUDWHGDJDLQDIWHUZKLFKKHVDLGWKHILQDOWDNELU DQGVWRRGXS,QWKHILUVWUDN DKKHPDGHVL[WDNELUDQGKHPDGHDQRWKHURQHZKHQKHVWRRGIRUWKH VHFRQGUDN DK:KHQKHILQLVKHGWKHSUD\HUKHWXUQHGWRKLVSHRSOHDQGVDLG*XDUGWKHQXPEHURI P\WDNELUDQGOHDUQP\ERZLQJVDQGSURVWUDWLRQVIRUWKLVLVKRZWKH3URSKHWSUD\HGZLWKXVGXULQJ WKLVSDUWRIWKHGD\ 7KHQKHVDLG ZKHQWKH3URSKHWXSRQZKRPEHSHDFH ILQLVKHGWKHSUD\HUKH WXUQHGWRZDUGWKHSHRSOHDQGVDLG2SHRSOHOLVWHQDQGXQGHUVWDQG$OODKKDVVODYHVZKRDUHQHLWKHU SURSKHWV QRU PDUW\UV EXW ERWK WKH SURSKHWV DQG PDUW\UV HQY\ WKHP IRU WKHLU FORVHQHVV WR $OODK $ EHGRXLQVWHSSHGIRUZDUGSRLQWHGWRWKH0HVVHQJHURI$OODKDQGVDLG20HVVHQJHURI$OODKWHOOXV DERXW WKHVH SHRSOH 7KH 3URSKHW ZDV SOHDVHG ZLWK WKH EHGRXLQ V UHTXHVW DQG VDLG 7KH\ DUH IURP YDULRXVSHRSOHVDQGWULEHVZKRKDYHQRWLHVRIUHODWLRQVKLSEHWZHHQWKHP7KH\ORYHHDFKRWKHUSXUHO\ IRUWKHVDNHRI$OODK2QWKH'D\RI5HVXUUHFWLRQ$OODKZLOOSUHVHQWWKHPSXOSLWVRIOLJKWIRUWKHPWR VLWRQ7KHLUIDFHVZLOOEHOLJKWDQGWKHLUFORWKHVZLOOEHOLJKW7KHSHRSOHZLOOEHVFDUHGRQWKH'D\RI 5HVXUUHFWLRQ EXW WKH\ ZLOO QRWEH VFDUHG 7KH\ DUH WKH IULHQGV RI $OODK ZKR ZLOO QRW KDYH DQ\ IHDU XSRQWKHPQRUZLOOWKH\JULHYH $V WR WKH DXWKHQWLFLW\ RI WKLV UHSRUW LW LV UHODWHG E\ $KPDG DQG $EX
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
DQG ,EQ .KX]DLPDK ,EQ +LEEDQ DW7DEDUDQL DQG DO%DLKDTL ZKR FRQVLGHU LWV FKDLQDVVDKLKZKLOHDW7LUPL]KLJUDGHVLWDVKDVVDQVDKLK .QRZOHGJHDEOH FRPSDQLRQV DFW DFFRUGLQJ WRWKHSULQFLSOHWKDWDSHUVRQLVWRPDNHKLVEDFNVWUDLJKW GXULQJKLVERZLQJVDQGSURVWUDWLRQV+X]KDLIDKVDZVRPHRQHZKRGLGQRWVWUDLJKWHQKLVEDFNGXULQJ KLVERZLQJVDQGSURVWUDWLRQVDQGWROGKLP
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
)LTK 2EOLJDWRU\DFWVRISUD\HU7KH6DODDP 3HDFH%H 8SRQ
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
2QH PXVW UDLVH WKH KDQGV DW DERXW WKH VDPH WLPH KH PDNHV WKH WDNELU 1DID UHODWHG WKDW ZKHQ ,EQ
8PDUZRXOGEHJLQKLVSUD\HUKHZRXOGVD\WKHWDNELUDQGUDLVHKLVKDQGV7KH3URSKHWDOVRGLGWKLV 5HODWHGE\DO%XNKDULDQ1DVD LDQG$EX'DZXG +HDOVRUHSRUWHGWKDWWKH3URSKHWXSRQZKRPEH SHDFHZRXOGUDLVHKLVKDQGVXSRQPDNLQJWKHWDNELUXQWLOWKH\ZHUHSDUDOOHOWRKLVVKRXOGHUVRUFORVH WRWKDW 5HODWHGE\$KPDGDQGRWKHUV $VIRUUDLVLQJWKHKDQGVMXVWEHIRUHWKHWDNELU,EQ 8PDUUHSRUWHG:KHQWKH3URSKHWXSRQZKRPEH SHDFHVWRRGIRUSUD\HUKHZRXOGUDLVHKLVKDQGVXQWLOWKH\ZHUHSDUDOOHOWRKLVVKRXOGHUVDQGZRXOG PDNHWKHWDNELU 5HODWHGE\DO%XNKDULDQG0XVOLP $KDGLWKIURP0DOLNLEQDO+XZDLULWKKDVWKH ZRUGLQJ 0DNH WKH WDNELU DQG WKHQ UDLVH \RXU KDQGV 5HODWHG E\ 0XVOLP 7KLV LPSOLHV WKDW WKH WDNELUFRPHVEHIRUHWKHUDLVLQJRIWKHKDQGVEXW,EQ+DMUVD\V,KDYHQRWPHWDQ\RQHZKRKROGVWKDW WKHWDNELUFRPHVEHIRUHWKHUDLVLQJRIWKHKDQGV ,WLVSUHIHUUHGWRUDLVHRQH VKDQGVZKLOHJRLQJWRERZDQGXSRQFRPLQJXSIURPWKHERZ 7ZHQW\WZRFRPSDQLRQVQDUUDWHGWKDWWKH3URSKHWXSRQZKRPEHSHDFHGLGVR5HSRUWHG,EQ 8PDU :KHQWKH3URSKHWXSRQZKRPEHSHDFHVWRRGWRSUD\KHZRXOGUDLVHKLVKDQGVXQWLOWKH\ZHUHWKH VDPHKHLJKWDVKLVVKRXOGHUVDQGWKHQKHZRXOGPDNHWKHWDNELU:KHQKHZDQWHGWRERZKHZRXOG DJDLQUDLVHKLVKDQGVLQDVLPLODUIDVKLRQ:KHQKHUDLVHGKLVKHDGIURPWKHERZLQJKHGLGWKHVDPH DQGVDLG $OODKKHDUVKLPZKRSUDLVHV+LP 5HODWHGE\DO%XNKDUL0XVOLPDQGDO%DLKDTL 6D\VDO %XNKDUL +H ZRXOG QRW GR WKDW ZKHQ KH ZDV JRLQJ WR SURVWUDWH QRU ZKHQ KH FDPH XS IURP KLV SURVWUDWLRQ$O%XNKDULDOVRVD\V+HZRXOGQRWUDLVHKLVKDQGVEHWZHHQWKHWZRSURVWUDWLRQV$O %DLKDTLKDVWKHDGGLWLRQ+HGLGQRWVWRSGRLQJWKDWXQWLOKHPHW$OODK,EQDO0DGLQLVDLG,QP\ RSLQLRQWKDWKDGLWKLVDSURRIIRUWKHZKROHFUHDWLRQ:KRHYHUKHDUVLWPXVWDFWE\LW7KHUHLVQRWKLQJ ZURQJ ZLWK LWV FKDLQ $O%XNKDUL ZURWH D SDPSKOHW RQ WKLV WRSLF DQG UHODWHG IURP DO+DVVDQ DQG +XPDLGLEQ+LODOWKDWWKHFRPSDQLRQVXVHGWR SHUIRUPWKHLUSUD\HUV LQWKLVPDQQHU 2Q WKH FRQWUDU\ WKH +DQDIL\\DK VD\ WKDW RQH VKRXOG RQO\ UDLVH KLV KDQGV DW WKH EHJLQQLQJ 7KLV LV EDVHG RQ WKH KDGLWK RI ,EQ 0DV XGZKRUHSRUWHG,SUD\HGZLWKWKH3URSKHWXSRQZKRPEHSHDFH DQGKHUDLVHGKLVKDQGVRQO\RQFH7KLVLVDZHDNRSLQLRQDQGPDQ\KDGLWKVFKRODUVKDYHFULWLFL]HG WKLVUHSRUW,EQ+LEEDQWKRXJKVDLGWKDWWKLVLVWKHEHVWUHSRUW 7KH SHRSOH RI .XIDK QDUUDWHG WKDW WKH 3URSKHW XSRQ ZKRP EH SHDFH GLG QRW UDLVH KLV KDQGV XSRQ ERZLQJ RU ULVLQJ %XW LQ IDFW WKLV LV D YHU\ ZHDN VWDWHPHQW IRU LW FRQWDLQV PDQ\ GHIHFWV DQG LV WKHUHIRUHLQYDOLG(YHQLIZHDFFHSWLWDVDW7LUPL]KLGLGLWGRHVQRWLQYDOLGDWHWKHDXWKHQWLFDQGZHOO NQRZQKDGLWKPHQWLRQHGHDUOLHU7KHDXWKRURIDW7DQTLKVD\VWKDWSHUKDSV,EQ0DV XGIRUJRWWKDWWKH 3URSKHW XSRQ ZKRP EH SHDFH UDLVHG KLV KDQGV $]=DLOD L ZULWHV LQ 1DVE DU5D\DK TXRWLQJ WKH DXWKRU RI DW7DQTLK ,W LV QRW VWUDQJH WKDW ,EQ 0DV XG PD\ KDYH IRUJRWWHQ WKDW ,EQ 0DV XG IRUJRW VRPH WKLQJV IURP WKH 4XU DQ WKDW WKH 0XVOLPV DIWHU KLP QHYHU GLIIHUHG DERXW DQG WKRVHDUHWKHODVW WZR VXUDKV RI WKH 4XU DQ +H IRUJRW KRZ WZR SHRSOH DUHWRVWDQGEHKLQGWKHLPDPWKDWWKH3URSKHW SUD\HG WKH PRUQLQJ SUD\HU RQ WKH 'D\ RI 6DFULILFH GXULQJ WKH KDMM DW LWV SURS
