• Embed Doc
  • Readcast
  • Collections
  • CommentGo Back
Download
 
7KH7DURW
,WV2FFXOW6LJQLILFDQFH8VHLQ)RUWXQH7HOOLQJDQG0HWKRGRI3OD\(WF

%\6/0DF*UHJRU0DWKHUV

7KH7DURW
,WV2FFXOW6LJQLILFDQFH8VHLQ)RUWXQH7HOOLQJDQG0HWKRGRI3OD\(WF
7RHQWHUZLWKLQWKHOLPLWVRIWKLVVKRUWWUHDWLVHXSRQDQ\ORQJLQTXLU\LQWRWKH+LVWRU\RI&DUGVLVXWWHUO\RXWRIWKHTXHVWLRQDQG,VKDOOWKHUHIRUHFRQILQHP\VHOIWRH[DPLQLQJEULHIO\LQWRZKDWUHODWHVWRWKHLUPRVWDQFLHQWIRUPWKH7DURWRU7DURFFKL&DUGVDQGWRJLYLQJDVFOHDUO\DQGFRQFLVHO\DVSRVVLEOHLQVWUXFWLRQVZKLFKZLOOHQDEOHP\UHDGHUVWRXWLOLVHWKHPIRUIRUWXQHWHOOLQJWRZKLFKWKH\DUHIDUEHWWHUDGDSWHGIURPWKHJUHDWHUQXPEHUDQGYDULHW\RIWKHLUFRPELQDWLRQVWKDQWKHRUGLQDU\FDUGV,VKDOODOVRHQWHUVRPHZKDWLQWRWKHLURFFXOWDQG4DEDOLVWLFDOVLJQLILFDWLRQV7KHWHUP³7DURW´RU³7DURFFKL´LVDSSOLHGWRDSDFNRIFDUGVFRQVLVWLQJRIIRXUVXLWVRIFDUGVHDFKWKHUHEHLQJRQHPRUHFRXUWFDUGWKDQLQWKHRUGLQDU\SDFNV²WKH&DYDOLHU.QLJKWRU+RUVHPDQ
 
DQGV\PEROLFDOSLFWXUHFDUGVDQVZHULQJIRUWUXPSV7KHVHODWWHUDUHQXPEHUHGIURPWRLQFOXVLYHWKHQGFDUGEHLQJPDUNHG=HUR7KHGHVLJQVRIWKHVHWUXPSVDUHH[WUHPHO\VLQJXODUDPRQJWKHPEHLQJVXFKUHSUHVHQWDWLRQVDV'HDWKWKH'HYLOWKH/DVW-XGJPHQWF7KHLGHDWKDWFDUGVZHUHILUVW³LQYHQWHG¶WRDPXVH&KDUOHV9,RI)UDQFHLVQRZH[SORGHGDQGLWLVZRUWK\RIQRWHLQWKLVFRQQHFWLRQWKDWWKHLUVXSSRVLWLWLRXV³LQYHQWRU´ZDV-DFTXHV*ULQJRQQHXUDQ$VWURORJHUDQG4DEDOLVW)XUWKHUPRUHFDUGVZHUHNQRZQSULRUWRWKLVSHULRGDPRQJWKH,QGLDQVDQGWKH&KLQHVH(WWHLOODLQGHHGJLYHVLQRQHRIKLVWUDFWVRQWKH7DURWDUHSUHVHQWDWLRQRIWKHP\VWLFDODUUDQJHPHQWRIWKHVHFDUGVLQWKH7HPSOHRI3WDKDW0HPSKLVDQGKHIXUWKHUVD\V³8SRQDWDEOHRUDOWDUDWWKHKHLJKWRIWKHEUHDVWRIWKH(J\SWLDQ0DJXVRU+LHURSKDQWZHUHRQRQHVLGHDERRNRUDVVHPEODJHRIFDUGVRUSODWHVRIJROGWKH7DURWDQGRQWKHRWKHUDYDVHHWF´7KLVLGHDLVIXUWKHUGLODWHGXSRQE\3&KULVWLDQWKHGLVFLSOHRI(OLSKDV/HYLLQKLV
³+LVWRLUHGHOD0DJLH´
WRZKLFK,VKDOOKDYHRFFDVLRQWRUHIHUODWHU7KHJUHDWH[SRQHQWVRIWKH7DURW&RXUWGH*qEHOLQ/HYLDQG(WWHLOODKDYHDOZD\VDVVLJQHGWRWKH7DURWD4DEDOLVWLFR(J\SWLDQRULJLQDQGWKLV,KDYHIRXQGFRQILUPHGLQP\RZQUHVHDUFKHVLQWRWKLVVXEMHFWZKLFKKDYHH[WHQGHGRYHUVHYHUDO\HDUV:+XJKHV:LOOVKLUHLQKLVUHPDUNVRQWKH*HQHUDO+LVWRU\RI3OD\LQJ&DUGVVD\V³7KHPRVWDQFLHQWFDUGVZKLFKKDYHFRPHGRZQWRXVDUHRIWKH7DURW¶VFKDUDFWHU7KHVHDUHWKHIRXUFDUGVRIWKH0XVpH&RUUHUDW9HQLFHWKHVHYHQWHHQSLHFHVRIWKH3DULV&DELQHWHUURQHRXVO\RIWHQFDOOHGWKH
*ULQJRQQHXU
RU&KDUOHV9,FDUGVRIILYH9HQHWLDQ7DURWVRIWKHILIWHHQWKFHQWXU\LQWKHRSLQLRQRIVRPHQRWRIDQHDUOLHUGDWHWKDQDQGWKHVHULHVRIFDUGVEHORQJLQJWRD
 0LQFKLDWH
VHWLQWKHSRVVHVVLRQRIWKH&RXQWHVV$XUHOLD9LVFRQWL*RQ]DJDDW0LODQZKHQ&LFRJQDUDZURWH´:$&KDWWRLQKLV³
 +LVWRU\RI3OD\LQJ&DUGV
´VD\VWKDWFDUGVZHUHLQYHQWHGLQ&KLQDDVHDUO\DV$'
LQWKHUHLJQRI6HXQ+RIRUWKHDPXVHPHQWRIKLVQXPHURXVFRQFXELQHV-)9DLOODQWLQ³
 /HV5RPHVKLVWRLUHYUDLHGHVYUDLHV%RKpPLHQV´
3DULVVD\VWKDWWKH&KLQHVHKDYHDGUDZLQJGLYLGHGLQWRFRPSDUWPHQWVRUVHULHVEDVHGRQFRPELQDWLRQVRIWKHQXPEHUL>L@³,WVRFORVHO\UHVHPEOHVWKH7DURWWKDWWKHIRXUVXLWVRIWKHODWWHURFFXS\LWVILUVWIRXUFROXPQVRIWKHWZHQW\RQH
DWRXWV
IRXUWHHQRFFXS\WKHILIWKFROXPQDQGWKHVHYHQRWKHU
DWRXWV
WKHVL[WKFROXPQ7KLVVL[WKFROXPQRIVHYHQ
DWRXWV
LVWKDWRIWKHVL[GD\VRIWKHZHHNRIFUHDWLRQ 1RZDFFRUGLQJWRWKH&KLQHVHWKLVUHSUHVHQWDWLRQEHORQJVWRWKHILUVWDJHVRIWKHLUHPSLUHWRWKHGU\LQJXSRIWKHZDWHUVRIWKHGHOXJHE\O$2LWPD\EHFRQFOXGHGWKHUHIRUHWKDWLWLVDQRULJLQDORUDFRS\RIWKH7DURWDQGXQGHUDQ\FLUFXPVWDQFHVWKDWWKHODWWHULVRIDQRULJLQDQWHULRUWR0RVHVWKDWLWEHORQJVWRWKHEHJLQQLQJRIRXUWLPHWRWKH
 
HSRFKRIWKHSUHSDUDWLRQRIWKH=RGLDFDQGFRQVHTXHQWO\WKDWLWPXVWRZQ\HDUVRIH[LVWHQFH´%XWQRWZLWKVWDQGLQJWKHDSSDUHQWDXGDFLW\RIWKLVODWWHUVWDWHPHQWLWPXVWEHHYLGHQWRQUHIOHFWLRQWKDWWKH7DURWFRQVLVWLQJDVLWGRHVRIWKHWHQQXPEHUVRIWKHGHFLPDOVFDOHFRXQWHUFKDQJHGZLWKWKHWHWUDGDQGRIDKLHURJO\SKLFDOSKDEHWRIWZHQW\WZRP\VWLFV\PEROVPXVWEHUHOHJDWHGWRIDUHDUOLHUSHULRGLQWKHKLVWRU\RIWKHZRUOGWKDQWKDWXVXDOO\DVVLJQHGWRWKHLQWURGXFWLRQRIFDUGVLQWR(XURSHDQGZHPD\WDNHWKHIDFWRIWKH7DURWEHLQJWKHRULJLQRIWKHPRGHUQFDUGDVEHLQJQRZSUHWW\ZHOOHVWDEOLVKHGE\JHQHUDOFRQVHQVXVRI2SLQLRQ,WZDV&RXUWGH*qEHOLQZKRLQKLV³
 0RQGH3ULPLWLI´
3DULVZURWH³:HUHZHWRKHDUWKDWWKHUHH[LVWVLQRXUGD\:RUNRIWKH$QFLHQW(J\SWLDQVRQHRIWKHLUERRNVZKLFKKDGHVFDSHGWKHIODPHVZKLFKGHYRXUHGWKHLUVXSHUEOLEUDULHVDQGZKLFKFRQWDLQVWKHLUSXUHVWGRFWULQHRQPRVWLQWHUHVWLQJVXEMHFWVHYHU\RQHZRXOGGRXEWOHVVEHDQ[LRXVWRDFTXLUHWKHNQRZOHGJHRIVRYDOXDEOHDQGH[WUDRUGLQDU\DZRUN:HUHZHWRDGGWKDWWKLVERRNLVZLGHO\VSUHDGWKURXJKDODUJHSDUWRI(XURSHDQGWKDWIRUVHYHUDOFHQWXULHVLWKDVEHHQDFFHVVLEOHWRHYHU\RQHZRXOGQRWLWEHVWLOOPRUHVXUSULVLQJ"$QGZRXOGQRWWKDWVXUSULVHEHDWLWVKHLJKWZHUHLWDVVHUWHGWKDWSHRSOHKDYHQHYHUVXVSHFWHGWKDWLWZDV(J\SWLDQWKDWWKH\SRVVHVVLWLQVXFKDPDQQHUWKDWWKH\FDQKDUGO\EHVDLGWRSRVVHVVLWDWDOOWKDWQRRQHKDVHYHUDWWHPSWHGWRGHFLSKHUDVLQJOHOHDIDQGWKDWWKHRXWFRPHRIDUHFRQGLWHZLVGRPLVUHJDUGHGDVDPDVVRIH[WUDYDJDQWGHVLJQVZKLFKPHDQQRWKLQJLQWKHPVHOYHV":RXOGQRWSHRSOHWKLQNWKDWRQHZDVWU\LQJWRDPXVHRQHVHOIZLWKDQGWRSOD\XSRQWKHFUHGXOLW\RIRQH¶VKHDUHUV"³<HWWKLVLVDWUXHIDFW7KLV(J\SWLDQERRNWKHVROHUHPDLQVRIWKHLUVXSHUEOLEUDULHVH[LVWVWRRXUGD\LWLVHYHQVRFRPPRQWKDWQR
VDYDQW
KDVGHVLJQHGWRWURXEOHKLPVHOIDERXWLWQRRQHEHIRUHP\VHOIKDYLQJVXVSHFWHGLWVLOOXVWULRXVRULJLQ7KLVERRNLVFRPSRVHGRIVHYHQW\VHYHQOHDYHVRULOOXVWUDWLRQVRUUDWKHURIVHYHQW\HLJKWGLYLGHGLQWRILYHFODVVHVZKLFKHDFKSUHVHQWREMHFWVDVYDULRXVDVWKH\DUHDPXVLQJDQGLQVWUXFWLYH,QRQHZRUGWKLVERRNLVWKH3$&.2)7$527&$5'6´/HWXVQRZH[DPLQHWKHZRUG7$527RU7$52DQGGLVFRYHULIZHFDQLWVWUXHGHULYDWLRQDQGPHDQLQJ&RXUWGH*qEHOLQVWDWHVWKDWWKHUHDUHWKUHHZRUGVRI2ULHQWDORULJLQSUHVHUYHGLQWKHQRPHQFODWXUHRIWKH3DFN7KHVHDUH7$520$7
 
DQG3$*$'7DURKHVD\VLVSXUH(J\SWLDQIURP7$53DWKDQG52526RU52*5R\DO²WKH5R\DO3DWKRI/LIH0$7LV2ULHQWDODQGPHDQVRYHUSRZHUHGPXUGHUHGFUDFNEUDLQHGZKLOH3$*$'KHDGGVLVDOVR2ULHQWDOIRUP3$*FKLHIRUPDVWHUDQG*$')RUWXQH9DLODQWVD\V³7KHJUHDWGLYLQLW\$VKWDURWK$V
WDURWK
LVQRRWKHUWKDQWKH,QGR7DUWDU
7DQWDUD
WKH
7DURW
WKH=RGLDF´0\GHULYDWLRQRIWKHZRUGZKLFK,KDYHQHYHUIRXQGJLYHQE\DQ\DXWKRULVIURPWKHDQFLHQWKLHURJO\SKLFDO(J\SWLDQZRUG³
WkUX´
WRUHTXLUHDQDQVZHURUWRFRQVXOW
HUJR
WKDWZKLFKLV
of 00

Leave a Comment

You must be to leave a comment.
Submit
Characters: ...
You must be to leave a comment.
Submit
Characters: ...