You are on page 1of 4

6HSWHPEHU 9LHZWKLVHPDLOLQ\RXUEURZVHU

'($7+2)$'21252)$1,55(92&$%/(32:(5
2)$77251(<())(&7
:KDW KDSSHQV XSRQ GHDWK RI D GRQRU RI DQ ,UUHYRFDEOH 3RZHU RI $WWRUQH\ H[HFXWHG IRU YDOXDEOH
FRQVLGHUDWLRQ RU WR VHFXUH WKH LQWHUHVW RI WKH GRQHH LQ WKH VXEMHFW PDWWHU SURSHUW\" 'RHV LW PDNH
WKH ,UUHYRFDEOH 3RZHU RI $WWRUQH\ LQYDOLG" 7R UHSKUDVH :KHWKHU DQ ,UUHYRFDEOH 3RZHU RI $WWRUQH\
H[HFXWHGE\GRQRUVLQIDYRXURIGRQHHVIRUYDOXDEOHFRQVLGHUDWLRQRUWRVHFXUHWKHLQWHUHVWRIWKH
GRQHHLQWKHVXEMHFWPDWWHUSURSHUW\EHFRPHVLQYDOLGXSRQGHDWKRIWKHGRQRUV

:+$7,6$32:(52)$77251(<"
8QGHU6HF$RIWKH3RZHUVRI$WWRUQH\$FW
32$$FW
DSRZHURIDWWRUQH\LQFOXGHVDQ\
LQVWUXPHQWHPSRZHULQJDVSHFLILHGSHUVRQWRDFWIRUDQGLQWKHQDPHRIWKHSHUVRQH[HFXWLQJLW ,Q
RWKHU ZRUGV LW LV DQ LQVWUXPHQW E\ ZKLFK D SHUVRQ LV DXWKRULVHG WR DFW DV DQ DJHQW RI WKH
SHUVRQJUDQWLQJLW

6221&(,+$9(0$'($32:(52)$77251(<,6,7
,55(92&$%/("
7KRXJKWKH32$$FWGRHVQRWVWDWHZKHQDSRZHURIDWWRUQH\LVLUUHYRFDEOHHVVHQWLDOO\D3RZHU
RI$WWRUQH\LVUHYRFDEOHOLNHDQ\RWKHUFRQWUDFW$VWKH3RZHURIDWWRUQH\FUHDWHVDQDJHQF\LWLV
JRYHUQHG E\ WKH ,QGLDQ &RQWUDFW $FW  7KH UHYRFDWLRQ RI WKH DXWKRULW\ KDV EHHQ FRQWHPSODWHG
XQGHU VHFWLRQ  RI WKH ,QGLDQ &RQWUDFW $FW  ZKLFK VSHFLILHV WKDW $Q DJHQF\ LV WHUPLQDWHG
E\WKHSULQFLSDOUHYRNLQJKLVDXWKRULW\RUE\WKHDJHQWUHQRXQFLQJWKHEXVLQHVVRIWKHDJHQF\RUE\
WKH EXVLQHVV RI WKH DJHQF\ EHLQJ FRPSOHWHG RU E\ HLWKHU WKH SULQFLSDO RU DJHQW G\LQJ RU
EHFRPLQJRIXQVRXQGPLQGRUE\WKHSULQFLSDOEHLQJDGMXGLFDWHGDQLQVROYHQWXQGHUWKHSURYLVLRQV
RIDQ\$FWIRUWKHWLPHEHLQJLQIRUFHIRUWKHUHOLHIRILQVROYHQWGHEWRUV

7KXV RQ D EDUH UHDGLQJ RI WKH VHFWLRQ LW DSSHDUV WKDW WKH 32$ LV WHUPLQDWHG LQ WKH FDVH WKH
SULQFLSDORUWKHDJHQWRIWKH32$GLHV

%87:+$7+$33(1672$1,55(92&$%/(32$)259$/8$%/(
&216,'(5$7,218321'($7+2)$'2125"
:KHUHDQDJUHHPHQWLVHQWHUHGLQWRRQDVXIILFLHQWFRQVLGHUDWLRQZKHUHE\DQDXWKRULW\LVJLYHQIRU
WKH SXUSRVH RI VHFXULQJ VRPH EHQHILW WR WKH DJHQWGRQHH RI WKH DXWKRULW\ VXFK DQ DXWKRULW\ LV
LUUHYRFDEOH

6HFWLRQ  RI WKH ,QGLDQ &RQWUDFW $FW  HQXPHUDWHV WKDW ZKHUH WKH DJHQW KLPVHOI KDV DQ
LQWHUHVW LQ WKH SURSHUW\ ZKLFK IRUPV WKH VXEMHFWPDWWHU RI WKH DJHQF\ WKH DJHQF\ FDQQRW LQ WKH
DEVHQFHRIDQH[SUHVVFRQWUDFWEHWHUPLQDWHGWRWKHSUHMXGLFHRIVXFKLQWHUHVW

,QRWKHUZRUGVZKHUHDSRZHURIDWWRUQH\LVJLYHQIRUYDOXDEOHFRQVLGHUDWLRQDQGH[SUHVVHG
WR EH LUUHYRFDEOH RU LV JLYHQ WR VHFXUH WKH LQWHUHVW RI WKH GRQHH LQ WKH VXEMHFW PDWWHU
SURSHUW\ WKHQ VR ORQJ DV WKH GRQHH KDV WKDW LQWHUHVW WKH SRZHU LV LUUHYRFDEOH +RZHYHU
ZLWKRXWDXWKRULW\EHLQJFRXSOHGZLWKLQWHUHVWMXVWE\GHFODULQJWKHSRZHUWREHLUUHYRFDEOHGRHVQRW
PDNHLWLUUHYRFDEOH

:+$7'27+(&28576,1,1',$+$9(726$<219$/,',7<2)
,55(92&$%/(32$)259$/8$%/(&216,'(5$7,218321
'($7+2)'2125"

,QWKHFDVHRI6HWK/RRQ.DUDQ6HWKL\DYV,YDQ(-RKQ>@WKH6XSUHPH&RXUWRI,QGLDKHOG,WLV
VHWWOHG ODZ WKDW ZKHUH WKH DJHQF\ LV FUHDWHG IRU YDOXDEOH FRQVLGHUDWLRQ DQG DXWKRULW\ LV JLYHQ WR
HIIHFWXDWHDVHFXULW\RUWRVHFXUHLQWHUHVWRIWKHDJHQWWKHDXWKRULW\FDQQRWEHUHYRNHG

6LPLODUO\ WKH 'HOKL +LJK &RXUW LQ WKH FDVH RI 6KUL 5DP 0XUWL 6LQJK 6LVRGLD YV 6KUL 3UDWDS 6LQJK
6LVRGLD DQG 2UV 8QUHSRUWHG FDVH >@ KHOG 7KH REMHFW RI JLYLQJ YDOLGLW\ WR D SRZHU RI DWWRUQH\
JLYHQIRUFRQVLGHUDWLRQHYHQDIWHUGHDWKRIWKHH[HFXWDQWVLVWRHQVXUHWKDWHQWLWOHPHQWXQGHUVXFK
SRZHURIDWWRUQH\UHPDLQVEHFDXVHWKHVDPHLVQRWDUHJXODURUDURXWLQHSRZHURIDWWRUQH\EXWWKH
VDPH KDG HOHPHQWV RI D FRPPHUFLDO WUDQVDFWLRQ ZKLFK FDQQRW EH DOORZHG WR EH IUXVWUDWHG RQ
DFFRXQWRIGHDWKRIWKHH[HFXWDQWRIWKHSRZHURIDWWRUQH\

,67+(,55(92&$%/(32$$/62%,1',1*217+(/(*$/+(,56
2)7+('2125"
7KLV DVSHFW ZDV GHDOW ZLWK LQ DQ LPSRUWDQW FDVH RI %KDJZDQEKDL .DUDPEKDL %KDUYDG Y
$URJ\DQDJDU&R2S+RXVLQJ6RFLHW\/WGDQG2UV >@E\WKH+RQ
EOH*XMDUDW+LJK&RXUW

,QWKLVFDVHWKHODQGRZQHUV RULJLQDOGHIHQGDQWV1RWR KDGH[HFXWHGDJUHHPHQWWRVHOO


LQ IDYRXU RI D VRFLHW\ 7KH $URJ\DQDJDU &RRSHUDWLYH +RXVLQJ 6RFLHW\ /WG WKH RULJLQDO
SODLQWLIIV  IRU VDOH RI WKHLU ODQG DIWHU UHFHLYLQJ WKH HQWLUH FRQVLGHUDWLRQ RQ  2Q WKH
VDPH GD\ GHIHQGDQWV  DOVR H[HFXWHG D QRWDUL]HG VXSSOHPHQWDU\ DJUHHPHQW IRU
SRVVHVVLRQLQIDYRXURIWKHSODLQWLIIVRFLHW\,UUHYRFDEOH6SHFLILFSRZHURIDWWRUQH\ZDVDOVR
H[HFXWHG E\ WKH GHIHQGDQWV¶ 1R  WR  LQ IDYRXU RI RQH -D\DQWLEKDL & 3DWHO 2Q EHKDOI RI
WKHGHIHQGDQWV1RWRWKHSRZHURIDWWRUQH\KROGHUH[HFXWHGILYHVHSDUDWHVDOHGHHGVRQ
LQIDYRXURIWKHSODLQWLIIVRFLHW\7KHILYHVDOHGHHGVZHUHUHJLVWHUHGRQE\
WKH6XE5HJLVWUDU,WLVWREHQRWHGKHUHLQWKDWDWWKHWLPHRIH[HFXWLRQRIWKHVDOHGHHGV
H[HFXWHG E\ WKH 3RZHU RI $WWRUQH\ +ROGHU RQ EHKDOI RI DOO WKH  ODQG RZQHUV 'HIHQGDQW
1RLHRQHRIWKHODQGRZQHUZDVDOUHDG\GHDG
'HIHQGDQWV 1R    DQG  LH WKH ODQG RZQHUV H[FHSW QR   DOVR H[HFXWHG UHJLVWHUHG
VDOHGHHGVRQLQIDYRXURIWKHRULJLQDOGHIHQGDQWV1RLHWKHSHWLWLRQHUKHUHLQ
DV ZHOO DV QRWDUL]HG SRZHU RI DWWRUQH\ LQ IDYRXU RI $PUXWEKDL DQG QRWRUL]HG VXSSOHPHQWDU\
DJUHHPHQW IRU SRVVHVVLRQ ZDV DOVR H[HFXWHG RQ WKH VDPH GD\ 6DOH GHHG ZDV DOVR
H[HFXWHGE\WKHGHIHQGDQWV1RDQGLQIDYRXURIWKHGHIHQGDQW1RE\WKHSRZHU
RIDWWRUQH\KROGHURQ
7KHSODLQWLIIVRFLHW\ UHVSRQGHQWWKHUHLQ FKDOOHQJHGWKHVDOHGHHGH[HFXWHGLQIDYRXURIWKH
GHIHQGDQW1R SHWLWLRQHUWKHUHLQ
$PRQJVW WKH YDULRXV FRQWHQWLRQV DQG JURXQGV RI DUJXPHQWV RI WKH SHWLWLRQHU KHUHLQ
GHIHQGDQW 1R  RQH ZDV GLVSXWLQJ WKH VDOH GHHGV ZKLFK ZHUH H[HFXWHG E\ WKH 3RZHU RI
$WWRUQH\KROGHURQEHKDOIRIWKHODQGRZQHUVLQIDYRXURIWKHSODLQWLIIVRFLHW\VXEVHTXHQWWR
WKHGHDWKRIRQHRIWKHGRQRUV
RQWKHJURXQGVWKDWDWWKHUHOHYDQWWLPHRQHRIWKHGRQRU
V
GHIHQGDQW 1R  ZDV QRW DOLYH IRU H[HFXWLRQ RI WKH VDOH GHHGV DQG KHLUV DQG OHJDO
UHSUHVHQWDWLYHV RI WKH GHFHDVHG GRQRU KDG QRW FRQVHQWHG IRU H[HFXWLRQ RI WKH VDOH GHHGV
DQG KHQFH WKH VDOH GHHGV H[HFXWHG RQ EHKDOI RI WKH GHFHDVHG GRQRU LQ WKH DEVHQFH RI
FRQVHQWRIWKHKHLUVDQGOHJDOUHSUHVHQWDWLYHRIWKHGRQRUZHUHLOOHJDODQGQRWVXVWDLQDEOHLQ
WKHH\HVRIODZDQGLQYLHZRI6HFWLRQRIWKH,QGLDQ&RQWUDFW$FWWKHSRZHURIDWWRUQH\
KDGFRPHWRDQHQGDQGWHUPLQDWHGDWOHDVWLQUHVSHFWRIWKHGHFHDVHGGRQRU
7KH+RQ
EOH&RXUWGLVPLVVHGWKHJURXQGDQGKHOG
, DP RI WKH YLHZ WKDW WKH GHIHQGDQW 1R  WKRXJK GLHG WKHUH ZDV QR QHHG IRU WKH SRZHU RI
DWWRUQH\KROGHUWRREWDLQWKHFRQVHQWIURPWKHKHLUVDQGOHJDOUHSUHVHQWDWLYHRIWKHGHIHQGDQW
1RDVWKHSUHVHQFHRUDEVHQFHRIWKHGHIHQGDQW1RPDNHVQRGLIIHUHQFHLQYLHZRIWKH
IDFWWKDWWKHGHIHQGDQW1RKDGDOUHDG\SDUWHGKLVSRZHUIRUH[HFXWLRQRIWKHVDOHGHHGLQ
IDYRXURIWKHSRZHURIDWWRUQH\KROGHU
DJHQF\ZRXOGQRWEHWHUPLQDWHG8QGHU6HFWLRQRIWKH&RQWUDFW$FWHYHQDIWHUGHDWK
RIWKHSHUVRQZKRKDVDXWKRUL]HGZKHUHWKHUHLVQRH[SUHVVFRQWUDFWIRUWHUPLQDWLRQ
7KLV FDVH GUDZV WKH LQIHUHQFH WKDW DQ LUUHYRFDEOH SRZHU RI DWWRUQH\ JUDQWHG RQ SD\PHQW RI
WRWDO FRQVLGHUDWLRQ LQ ZKLFK VXEMHFW PDWWHU SURSHUW\ WKH GRQHH KDV DQ LQWHUHVW FDQQRW EH
UHYRNHG QRU FDQ LW EH WHUPLQDWHG E\ WKH GHDWK XQVRXQGQHVV RI PLQG RU LQVROYHQF\ RI WKH
GRQRUWRWKHSUHMXGLFHRIWKHGRQHH,WIXUWKHUGUDZVWKHLQIHUHQFHWKDWDQ,UUHYRFDEOH3RZHU
RI$WWRUQH\IRUYDOXDEOHFRQVLGHUDWLRQVKDOOEHELQGLQJRQWKHOHJDOKHLUVRIWKHGHFHDVHG

<280($1726$<7+$7,&$1*2$+($'$1'5(*,67(5$
6$/('(('(9(17+28*+7+('21252)7+(32$+$6',('"
7KHSUDFWLFDODVSHFWRIGRLQJDWUDQVDFWLRQZKHUHE\DGRFXPHQWVXFKDVDVDOHGHHGIRUH[DPSOH
UHTXLUHV WR EH UHJLVWHUHG DW WKH 6XE5HJLVWUDU
V RIILFH RQ WKH EDVLV RI DQ LUUHYRFDEOH SRZHU RI
DWWRUQH\ ZKHUH WKH GRQRU KDV GLHG LV VWLOO QRW WKDW VLPSOH RU FOHDU $V D PDWWHU RI SUDFWLVH LQ WKH
HYHQW RI DQ\ GRFXPHQW UHJLVWUDWLRQ RQ WKH EDVLV RI D SRZHU RI DWWRUQH\ D GHFODUDWLRQ LV VRXJKW E\
WKH 6XE5HJLVWUDU DQG QHHGV WR EH JLYHQ E\ WKH DWWRUQH\ VWDWLQJ DPRQJVW RWKHU WKLQJV WKDW WKH
H[HFXWDQWGRQRULVVWLOODOLYH

,67+(5($1<*29(510(17127,),&$7,21&/$5,)<,1*7+(
'28%76"
<HVLQYLHZRIVXFKSUDFWLFDOGLIILFXOW\DQGXSRQVXJJHVWLRQVREWDLQHGIURPYDULRXVSHRSOHYLGHD
QRWLILFDWLRQ EHDULQJ 1R GDWHG  )HEUXDU\  WKH JRYHUQPHQW FODULILHG WKDW VXFK D
GHFODUDWLRQ LV QRW DSSOLFDEOH LQ WKH FDVH RI DQ LUUHYRFDEOH SRZHU RI DWWRUQH\ IRU YDOXDEOH
FRQVLGHUDWLRQ DV H[SUHVVO\ PHQWLRQHG WKHUHLQ DQG RU D SRZHU RI DWWRUQH\ H[HFXWHG DORQJ ZLWK D
GHYHORSPHQW DJUHHPHQW DJUHHPHQW IRU VDOHVDOH GHHG ,W IXUWKHU FODULILHG WKDW LQ YLHZ RI 6HFWLRQ
 RI WKH ,QGLDQ &RQWUDFW $FW  D SRZHU RI DWWRUQH\ KDYLQJ WKH LQJUHGLHQWV DV UHTXLUHG XQGHU
VHFWLRQ  LV LUUHYRFDEOH DQG LV YDOLG HYHQ XSRQ GHDWK RI WKH GRQRU XQOHVV GHFODUHG
LQYDOLGWHUPLQDWHGE\DFRXUW DQGWKDWLQVXFKDQHYHQWDGHFODUDWLRQGRHVQRWQHHGWREHSURYLGHG
E\WKHDWWRUQH\EXWILUVWZKHWKHUWKHLQVWUXPHQWLVLUUHYRFDEOHRUQRWKDVWREHDVFHUWDLQHGE\WKH
6XE5HJLVWUDU

7KXVWKRXJKWKHQRWLILFDWLRQKDVFODULILHGDQGDWWHPSWHGWRUHPRYHWKHKLQGUDQFHVLQUHJLVWUDWLRQRI
GHHGVDQGGRFXPHQWVRQWKHEDVLVRILUUHYRFDEOHSRZHURIDWWRUQH\ZKHUHWKHGRQRULVQRWDOLYH\HW
WKH QRWLILFDWLRQ DOVR LQWHUDOLD VSHFLILHV WKDW LW LV DW WKH GLVFUHWLRQ RI WKH 6XE5HJLVWUDU WR GHFLGH
ZKHWKHUVXFKGHFODUDWLRQLVQHFHVVDU\EDVHGRQWKHFRQWHQWVDQGWKHODQJXDJHRIWKHLQVWUXPHQW
7+$70($167+(&217(176$1'/$1*8$*(2)7+(32$$5(
&58&,$/
7KDW
V ULJKW ,Q YLHZ RI WKH OHJDO SURYLVLRQV DQG WKH YDULRXV FDVH ODZV LW FDQ EH LQIHUUHG WKDW D ORW
GHSHQGV RQ WKH FRQWHQWV RI DQ LQVWUXPHQW $V VXFK SURSHU OHJDO FRQVXOWDWLRQ VKRXOG EH WDNHQ IRU
GUDIWLQJ VXFK ,UUHYRFDEOH 3RZHU RI $WWRUQH\ WR HQVXUH WKDW DOO WKH LQJUHGLHQWV DORQJ ZLWK WKH LQWHQW
DUHFDSWXUHGFOHDUO\LQWKHLQVWUXPHQW$GGLWLRQDOO\GRFXPHQWVWREHH[HFXWHGRQWKHEDVLVRIVXFK
,UUHYRFDEOH3RZHURI$WWRUQH\VKRXOGDOVREHGUDIWHGFDXWLRXVO\FDSWXULQJWKHSRZHURIDWWRUQH\LQ
WKHGRFXPHQWDQGSURSHUDGYLFHDQGFRQVXOWDWLRQVKRXOGEHVRXJKWIRUWKHVDPH

:+$7,67+(,1)(5(1&("
:KDWDSSHDUVIURPWKHDERYHOHJDOSURYLVLRQVDQGWKHFLWHGFDVHODZVLVWKDWDQLUUHYRFDEOH
SRZHU RI DWWRUQH\ IRU YDOXDEOH FRQVLGHUDWLRQ DQG FUHDWLQJ DQ DJHQF\ ZKHUHLQ WKH
DJHQWGRQHH KDV DQ LQWHUHVW LQ WKH VXEMHFW PDWWHU SURSHUW\ FDQQRW EH WHUPLQDWHG WR WKH
SUHMXGLFH RI VXFK LQWHUHVW HYHQ RQ GHDWK RI WKH GRQRU XQOHVV RI D ZULWWHQ FRQWUDFW WR WKH
FRQWUDU\

+RZHYHUZKHWKHUDSRZHURIDWWRUQH\LVLUUHYRFDEOHRUQRWDQGZKHWKHUWKHLQWHQWLRQRIWKHGRQRULV
DVVXFKZLOOEHFDVHVSHFLILFDQGDVILQDOO\GHFLGHGE\WKH&RXUWVLQWKHHYHQWRIGLVSXWH:KHWKHU
WKHLQVWUXPHQWJLYLQJSRZHULVFRXSOHGZLWKLQWHUHVWRUQRWZLOOGHSHQGRQWKHIDFWVDQGLWVZRUGLQJV

$VVXFKLIWKHQHFHVVDU\LQJUHGLHQWVUHTXLUHGXQGHU6HFWLRQRIWKH,QGLDQ&RQWUDFW$FWVR
DV WR KROG WKDW WKH DJHQF\ FDQQRW EH WHUPLQDWHG LV FOHDUO\ HVWDEOLVKHG WKHQ WKH IDFW RI GHDWK RI D
GRQRU FDQQRW EULQJ DERXW WKH WHUPLQDWLRQ RI WKH DJHQF\ FUHDWHG XQGHU VXFK LUUHYRFDEOH SRZHU RI
DWWRUQH\ 0HUHO\ NQRZLQJ WKH ODZ ZRXOG QRW VXIILFH HDFK FDVH ZRXOG EH UHTXLUHG WR EH
ORRNHG LQWR DQG LQIHUUHG DQG LQWHUSUHW ZKHWKHU WKH 32$ ILWV ZLWKLQ WKH FRUQHUV DV SURYLGHG
KHUHLQDERYH

%\$VKLVK'KDNQH $VVRFLDWH3DUWQHU  3UL\D6DUPDK 6HQLRU$VVRFLDWH

(GLWRU7UXSWL'DSKWDU\

>@$,56&

>@5)$

>@$,5*XM

7KLV QHZVOHWWHU LV IRU LQIRUPDWLRQDO SXUSRVHV RQO\ DQG QRW LQWHQGHG WR EH DQ DGYHUWLVHPHQW RU
VROLFLWDWLRQ 7KLV QHZVOHWWHU LV QRW D VXEVWLWXWH IRU SURIHVVLRQDO DGYLFH +DULDQL  &R GLVFODLP DOO
UHVSRQVLELOLW\DQGDFFHSWQROLDELOLW\IRUFRQVHTXHQFHVRIDQ\SHUVRQDFWLQJRUUHIUDLQLQJIURPDFWLQJ
RQWKHEDVLVRIDQ\LQIRUPDWLRQFRQWDLQHGKHUHLQ

&RS\ULJKW‹+DULDQL &R$OOULJKWVUHVHUYHG5HSURGXFWLRQRIWKLVQHZVOHWWHULQZKROHRULQSDUWLV
DOORZHGZLWKSURSHUUHIHUHQFHWR+DULDQL &R

You might also like