You are on page 1of 5

3HDUO 'HDQ 3KLOV YV6KRHPDUW,QF 1RUWK(GVD0DUNHWLQJ 

6XPPDU\&DVHV

● 3HDUO 'HDQ 3KLOV YV6KRHPDUW,QF 1RUWK(GVD0DUNHWLQJ

6XEMHFW 7UDGHPDUN FRS\ULJKW DQG SDWHQWV DUH GLIIHUHQW LQWHOOHFWXDO SURSHUW\ ULJKWV 1R FRS\ULJKW
LQIULQJHPHQW1RSDWHQWLQIULQJHPHQW&RS\ULJKWSURWHFWLRQFDQQRWEHDVXEVWLWXWHIRUDYDOLGSDWHQW2QO\
WKHH[SUHVVLRQRIDQLGHDLVSURWHFWHGE\FRS\ULJKWQRWWKHLGHDLWVHOI1RWUDGHPDUNLQIULQJHPHQW1R
XQIDLUFRPSHWLWLRQ1RVHFRQGDU\PHDQLQJ

)DFWV

3HDUODQG'HDQ 3 ' LVHQJDJHGLQWKHPDQXIDFWXUHRIDGYHUWLVLQJGLVSOD\XQLWVVLPSO\UHIHUUHGWRDV


OLJKW ER[HV 7KHVH XQLWV XWLOL]H VSHFLDOO\ SULQWHG SRVWHUV VDQGZLFKHG EHWZHHQ SODVWLF VKHHWV DQG
LOOXPLQDWHG ZLWK EDFN OLJKWV 3 ' ZDV DEOH WR VHFXUH D &HUWLILFDWH RI &RS\ULJKW 5HJLVWUDWLRQ GDWHG
-DQXDU\RYHUWKHVHLOOXPLQDWHGGLVSOD\XQLWV7KHDGYHUWLVLQJOLJKWER[HVZHUHPDUNHWHGXQGHU
WKHWUDGHPDUN3RVWHU$GV7KHDSSOLFDWLRQIRUUHJLVWUDWLRQRIWKHWUDGHPDUNZDVILOHGRQ-XQH
EXWZDVDSSURYHGRQO\RQ6HSWHPEHU3 'HPSOR\HGWKHVHUYLFHVRI0HWUR,QGXVWULDO6HUYLFHV
WRPDQXIDFWXUHLWVDGYHUWLVLQJGLVSOD\V

6RPHWLPHLQ3 'QHJRWLDWHGZLWK6KRHPDUW,QF 60, IRUWKHOHDVHDQGLQVWDOODWLRQRIWKHOLJKW


ER[HVLQ600DNDWLDQG60&XEDR2QO\WKHFRQWUDFWIRU600DNDWLZDVUHWXUQHGVLJQHG3 ' V
PDQDJHU9HUJDUDZURWH60, V$EDQRLQTXLULQJDERXWWKHRWKHUFRQWUDFWIRU60&XEDR60,GLGQRW
ERWKHUWRUHSO\,QVWHDGLQDOHWWHUGDWHG-DQXDU\60, VKRXVHFRXQVHOLQIRUPHG3 'WKDWLW
ZDVUHVFLQGLQJWKHFRQWUDFWIRU600DNDWLGXHWRQRQSHUIRUPDQFHRIWKHWHUPVWKHUHRI

7ZR\HDUVODWHU0HWUR,QGXVWULDO6HUYLFHVWKHFRPSDQ\IRUPHUO\FRQWUDFWHGE\3 'WRIDEULFDWHLWV
GLVSOD\XQLWVRIIHUHGWRFRQVWUXFWOLJKWER[HVIRU6KRHPDUW VFKDLQRIVWRUHV60,RUGHUHGWHQ  OLJKW
ER[HV $IWHU LWV FRQWUDFW ZLWK 0HWUR ,QGXVWULDO ZDV WHUPLQDWHG 60, HQJDJHG WKH VHUYLFHV RI (<'
5DLQERZ$GYHUWLVLQJ&RUSRUDWLRQWRPDNHWKHOLJKWER[HV6RPHXQLWVZHUHIDEULFDWHGLQ
7KHVHZHUHLQVWDOOHGDW600HJDPDOODQG60&LW\

3 'UHFHLYHGUHSRUWVWKDWH[DFWFRSLHVRILWVOLJKWER[HVZHUHLQVWDOOHGDW60&LW\DQGLQWKHIDVWIRRG
VHFWLRQRI60&XEDR8SRQLQYHVWLJDWLRQ3 'IRXQGRXWWKDWWKHVHZHUHDOVRLQVWDOOHGLQWZRRWKHU60
VWRUHV,WDOVRGLVFRYHUHGWKDW1RUWK(GVD0DUNHWLQJ,QF 1(0, WKURXJKLWVPDUNHWLQJDUP3ULPH6SRWV
0DUNHWLQJ6HUYLFHVZDVVHWXSSULPDULO\WRVHOODGYHUWLVLQJVSDFHLQOLJKWHGGLVSOD\XQLWVORFDWHGLQ60, V
GLIIHUHQWEUDQFKHV3 'QRWHGWKDW1(0,LVDVLVWHUFRPSDQ\RI60,

,QWKHOLJKWRILWVGLVFRYHULHV3 'VHQWDOHWWHUWRERWK60,DQG1(0,HQMRLQLQJWKHPWRFHDVHXVLQJWKH
VXEMHFWOLJKWER[HVLQ60, VHVWDEOLVKPHQWVWRGLVFRQWLQXHWKHXVHRIWKHWUDGHPDUN3RVWHU$GVDQGWR
SD\3PLOOLRQLQFRPSHQVDWRU\GDPDJHV

60,VXVSHQGHGWKHOHDVLQJRIOLJKWER[HVDQG1(0,WRRNGRZQLWVDGYHUWLVHPHQWVIRU3RVWHU$GV
IURPWKHOLJKWHGGLVSOD\XQLWVLQ60, VVWRUHV

6WLOOFODLPLQJWKDWERWK60,DQG1(0,IDLOHGWRPHHWDOOLWVGHPDQGV3 'ILOHGDFDVHIRULQIULQJHPHQWRI
WUDGHPDUNDQGFRS\ULJKWXQIDLUFRPSHWLWLRQDQGGDPDJHV

7KH57&RI0DNDWL&LW\GHFLGHGLQIDYRURI3 '60,DQG1(0,ZHUHIRXQGMRLQWO\DQGVHYHUDOO\OLDEOH
IRULQIULQJHPHQWRIFRS\ULJKWXQGHU6HFWLRQRI3'DQGLQIULQJHPHQWRIWUDGHPDUNXQGHU6HFWLRQ
RI5$1R
_3DJHRI
+RZHYHUWKH&RXUWRI$SSHDOV &$ UHYHUVHGWKH57&7KH&$IRXQGWKDWZKDWZDVFRS\ULJKWHGZHUH
WKH WHFKQLFDO GUDZLQJV RQO\ DQG QRW WKH OLJKW ER[HV WKHPVHOYHV 7KHUH ZDV DOVR QR WUDGHPDUN
LQIULQJHPHQWVLQFH3RVWHU$GVZDVUHJLVWHUHGE\3 'IRUVSHFLILFXVHLQLWVVWDWLRQHULHVLQFRQWUDVWWR
60,ZKRXVHGWKHVDPHZRUGVLQWKHLUDGYHUWLVLQJGLVSOD\XQLWV

,VVXHV

 ,IWKHHQJLQHHULQJRUWHFKQLFDOGUDZLQJVRIDQDGYHUWLVLQJGLVSOD\XQLW OLJKWER[ DUHJUDQWHGFRS\ULJKW


SURWHFWLRQLVWKHOLJKWER[GHSLFWHGLQVXFKHQJLQHHULQJGUDZLQJVLSVRIDFWRDOVRSURWHFWHGE\VXFK
FRS\ULJKW"RUVKRXOGWKHOLJKWER[EHUHJLVWHUHGVHSDUDWHO\DQGSURWHFWHGE\DSDWHQW"

 &DQWKHRZQHURIDUHJLVWHUHGWUDGHPDUNOHJDOO\SUHYHQWRWKHUVIURPXVLQJVXFKWUDGHPDUNLILWLVD
PHUHDEEUHYLDWLRQRIDWHUPGHVFULSWLYHRIKLVJRRGVVHUYLFHVRUEXVLQHVV"

+HOG

7UDGHPDUNFRS\ULJKWDQGSDWHQWVDUHGLIIHUHQWLQWHOOHFWXDOSURSHUW\ULJKWV

7UDGHPDUNFRS\ULJKWDQGSDWHQWVDUHGLIIHUHQWLQWHOOHFWXDOSURSHUW\ULJKWVWKDWFDQQRWEHLQWHUFKDQJHG
ZLWKRQHDQRWKHU$WUDGHPDUNLVDQ\YLVLEOHVLJQFDSDEOHRIGLVWLQJXLVKLQJWKHJRRGV WUDGHPDUN RU
VHUYLFHV VHUYLFHPDUN RIDQHQWHUSULVHDQGVKDOOLQFOXGHDVWDPSHGRUPDUNHGFRQWDLQHURIJRRGV,Q
UHODWLRQWKHUHWRDWUDGHQDPHPHDQVWKHQDPHRUGHVLJQDWLRQLGHQWLI\LQJRUGLVWLQJXLVKLQJDQHQWHUSULVH
0HDQZKLOH WKH VFRSH RI D FRS\ULJKW LV FRQILQHG WR OLWHUDU\ DQG DUWLVWLF ZRUNV ZKLFK DUH RULJLQDO
LQWHOOHFWXDOFUHDWLRQVLQWKHOLWHUDU\DQGDUWLVWLFGRPDLQSURWHFWHGIURPWKHPRPHQWRIWKHLUFUHDWLRQ
3DWHQWDEOHLQYHQWLRQVRQWKHRWKHUKDQGUHIHUWRDQ\WHFKQLFDOVROXWLRQRIDSUREOHPLQDQ\ILHOGRI
KXPDQDFWLYLW\ZKLFKLVQHZLQYROYHVDQLQYHQWLYHVWHSDQGLVLQGXVWULDOO\DSSOLFDEOH VHH.KRYV&RXUW
RI$SSHDOV

1RFRS\ULJKWLQIULQJHPHQW

$OWKRXJK3 ' VFRS\ULJKWFHUWLILFDWHZDVHQWLWOHG$GYHUWLVLQJ'LVSOD\8QLWV ZKLFKGHSLFWHGWKH


ER[W\SHHOHFWULFDOGHYLFHV LWVFODLPRIFRS\ULJKWLQIULQJHPHQWFDQQRWEHVXVWDLQHG

&RS\ULJKWLQWKHVWULFWVHQVHRIWKHWHUPLVSXUHO\DVWDWXWRU\ULJKW%HLQJDPHUHVWDWXWRU\JUDQWWKH
ULJKWVDUHOLPLWHGWRZKDWWKHVWDWXWHFRQIHUV,WPD\EHREWDLQHGDQGHQMR\HGRQO\ZLWKUHVSHFWWRWKH
VXEMHFWVDQGE\WKHSHUVRQVDQGRQWHUPVDQGFRQGLWLRQVVSHFLILHGLQWKHVWDWXWH$FFRUGLQJO\LWFDQ
FRYHURQO\WKHZRUNVIDOOLQJZLWKLQWKHVWDWXWRU\HQXPHUDWLRQRUGHVFULSWLRQ

3 'VHFXUHGLWVFRS\ULJKWXQGHUWKHFODVVLILFDWLRQFODVV2ZRUN7KLVEHLQJVR3 ' VFRS\ULJKW


SURWHFWLRQH[WHQGHGRQO\WRWKHWHFKQLFDOGUDZLQJVDQGQRWWRWKHOLJKWER[LWVHOIEHFDXVHWKHODWWHU
ZDVQRWDWDOOLQWKHFDWHJRU\RISULQWVSLFWRULDOLOOXVWUDWLRQVDGYHUWLVLQJFRSLHVODEHOVWDJVDQGER[
ZUDSV6WDWHGRWKHUZLVHZKLOH3 'LQGHHGRZQHGDYDOLGFRS\ULJKWWKHVDPHFRXOGKDYHUHIHUUHGRQO\
WR WKH WHFKQLFDO GUDZLQJV ZLWKLQ WKH FDWHJRU\ RI SLFWRULDO LOOXVWUDWLRQV ,W FRXOG QRW KDYH SRVVLEO\
VWUHWFKHGRXWWRLQFOXGHWKHXQGHUO\LQJOLJKWER[7KHVWULFWDSSOLFDWLRQRIWKHODZ VHQXPHUDWLRQLQ6HFWLRQ
SUHYHQWVXVIURPJLYLQJSHWLWLRQHUHYHQDOLWWOHOHHZD\WKDWLVHYHQLILWVFRS\ULJKWFHUWLILFDWHZDV
HQWLWOHG$GYHUWLVLQJ'LVSOD\8QLWV:KDWWKHODZGRHVQRWLQFOXGHLWH[FOXGHVDQGIRUWKHJRRGUHDVRQ
WKHOLJKWER[ZDVQRWDOLWHUDU\RUDUWLVWLFSLHFHZKLFKFRXOGEHFRS\ULJKWHGXQGHUWKHFRS\ULJKWODZ$QG
QROHVVFOHDUO\QHLWKHUFRXOGWKHODFNRIVWDWXWRU\DXWKRULW\WRPDNHWKHOLJKWER[FRS\ULJKWDEOHEH
UHPHGLHGE\WKHVLPSOLVWLFDFWRIHQWLWOLQJWKHFRS\ULJKWFHUWLILFDWHLVVXHGE\WKH1DWLRQDO/LEUDU\DV
$GYHUWLVLQJ'LVSOD\8QLWV

_3DJHRI
,QILQHLI60,DQG1(0,UHSULQWHG3 ' VWHFKQLFDOGUDZLQJVIRUVDOHWRWKHSXEOLFZLWKRXWOLFHQVHIURP
3 'WKHQQRGRXEWWKH\ZRXOGKDYHEHHQJXLOW\RIFRS\ULJKWLQIULQJHPHQW%XWWKLVZDVQRWWKHFDVH
60, VDQG1(0, VDFWVFRPSODLQHGRIE\3 'ZHUHWRKDYHXQLWVVLPLODURULGHQWLFDOWRWKHOLJKWER[
LOOXVWUDWHGLQWKHWHFKQLFDOGUDZLQJVPDQXIDFWXUHGE\0HWURDQG(<'5DLQERZ$GYHUWLVLQJIRUOHDVLQJ
RXWWRGLIIHUHQWDGYHUWLVHUV:DVWKLVDQLQIULQJHPHQWRISHWLWLRQHU VFRS\ULJKWRYHUWKHWHFKQLFDOGUDZLQJV"
:HGRQRWWKLQNVR

1RSDWHQWLQIULQJHPHQW

3 'QHYHUVHFXUHGDSDWHQWIRUWKHOLJKWER[HV,WWKHUHIRUHDFTXLUHGQRSDWHQWULJKWVZKLFKFRXOG
KDYHSURWHFWHGLWVLQYHQWLRQLILQIDFWLWUHDOO\ZDV$QGEHFDXVHLWKDGQRSDWHQW3 'FRXOGQRWOHJDOO\
SUHYHQWDQ\RQHIURPPDQXIDFWXULQJRUFRPPHUFLDOO\XVLQJWKHFRQWUDSWLRQ

7KHUHFDQEHQRLQIULQJHPHQWRIDSDWHQWXQWLODSDWHQWKDVEHHQLVVXHGVLQFHZKDWHYHUULJKW
RQHKDVWRWKHLQYHQWLRQFRYHUHGE\WKHSDWHQWDULVHVDORQHIURPWKHJUDQWRISDWHQW$QLQYHQWRU
KDVQRFRPPRQODZULJKWWRDPRQRSRO\RIKLVLQYHQWLRQ+HKDVWKHULJKWWRPDNHXVHRIDQGYHQGKLV
LQYHQWLRQEXWLIKHYROXQWDULO\GLVFORVHVLWVXFKDVE\RIIHULQJLWIRUVDOHWKHZRUOGLVIUHHWRFRS\DQGXVH
LWZLWKLPSXQLW\$SDWHQWKRZHYHUJLYHVWKHLQYHQWRUWKHULJKWWRH[FOXGHDOORWKHUV$VDSDWHQWHHKH
KDV WKH H[FOXVLYH ULJKW RI PDNLQJ VHOOLQJ RU XVLQJ WKH LQYHQWLRQ 2Q WKH DVVXPSWLRQ WKDW 3 ' V
DGYHUWLVLQJXQLWVZHUHSDWHQWDEOHLQYHQWLRQV3 'UHYHDOHGWKHPIXOO\WRWKHSXEOLFE\VXEPLWWLQJWKH
HQJLQHHULQJGUDZLQJVWKHUHRIWRWKH1DWLRQDO/LEUDU\

7REHDEOHWRHIIHFWLYHO\DQGOHJDOO\SUHFOXGHRWKHUVIURPFRS\LQJDQGSURILWLQJIURPWKHLQYHQWLRQD
SDWHQWLVDSULPRUGLDOUHTXLUHPHQW1RSDWHQWQRSURWHFWLRQ7KHXOWLPDWHJRDORIDSDWHQWV\VWHPLVWR
EULQJQHZGHVLJQVDQGWHFKQRORJLHVLQWRWKHSXEOLFGRPDLQWKURXJKGLVFORVXUH,GHDVRQFHGLVFORVHGWR
WKHSXEOLFZLWKRXWWKHSURWHFWLRQRIDYDOLGSDWHQWDUHVXEMHFWWRDSSURSULDWLRQZLWKRXWVLJQLILFDQWUHVWUDLQW

 7KH SDWHQW V\VWHP WKXV HPERGLHV D FDUHIXOO\ FUDIWHG EDUJDLQ IRU HQFRXUDJLQJ WKH FUHDWLRQ DQG
GLVFORVXUHRIQHZXVHIXODQGQRQREYLRXVDGYDQFHVLQWHFKQRORJ\DQGGHVLJQLQUHWXUQIRUWKHH[FOXVLYH
ULJKWWRSUDFWLFHWKHLQYHQWLRQIRUDQXPEHURI\HDUV7KHLQYHQWRUPD\NHHSKLVLQYHQWLRQVHFUHWDQGUHDS
LWVIUXLWVLQGHILQLWHO\,QFRQVLGHUDWLRQRILWVGLVFORVXUHDQGWKHFRQVHTXHQWEHQHILWWRWKHFRPPXQLW\WKH
SDWHQWLVJUDQWHG$QH[FOXVLYHHQMR\PHQWLVJXDUDQWHHGKLPIRU\HDUVEXWXSRQWKHH[SLUDWLRQRIWKDW
SHULRGWKHNQRZOHGJHRIWKHLQYHQWLRQLQXUHVWRWKHSHRSOHZKRDUHWKXVHQDEOHGWRSUDFWLFHLWDQGSURILW
E\LWVXVH

7KHSDWHQWODZKDVDWKUHHIROGSXUSRVHILUVWSDWHQWODZVHHNVWRIRVWHUDQGUHZDUGLQYHQWLRQ
VHFRQGLWSURPRWHVGLVFORVXUHVRILQYHQWLRQVWRVWLPXODWHIXUWKHULQQRYDWLRQDQGWRSHUPLWWKHSXEOLFWR
SUDFWLFHWKHLQYHQWLRQRQFHWKHSDWHQWH[SLUHVWKLUGWKHVWULQJHQWUHTXLUHPHQWVIRUSDWHQWSURWHFWLRQVHHN
WRHQVXUHWKDWLGHDVLQWKHSXEOLFGRPDLQUHPDLQWKHUHIRUWKHIUHHXVHRIWKHSXEOLF

&RS\ULJKWSURWHFWLRQFDQQRWEHDVXEVWLWXWHIRUDYDOLGSDWHQW

,WLVRQO\DIWHUDQH[KDXVWLYHH[DPLQDWLRQE\WKHSDWHQWRIILFHWKDWDSDWHQWLVLVVXHG6XFKDQ
LQGHSWKLQYHVWLJDWLRQLVUHTXLUHGEHFDXVHLQUHZDUGLQJDXVHIXOLQYHQWLRQWKHULJKWVDQGZHOIDUHRIWKH
FRPPXQLW\PXVWEHIDLUO\GHDOWZLWKDQGHIIHFWLYHO\JXDUGHG7RWKDWHQGWKHSUHUHTXLVLWHVWRREWDLQLQJD
SDWHQWDUHVWULFWO\REVHUYHGDQGZKHQDSDWHQWLVLVVXHGWKHOLPLWDWLRQVRQLWVH[HUFLVHDUHHTXDOO\VWULFWO\
HQIRUFHG7REHJLQZLWKDJHQXLQHLQYHQWLRQRUGLVFRYHU\PXVWEHGHPRQVWUDWHGOHVWLQWKHFRQVWDQW
GHPDQGIRUQHZDSSOLDQFHVWKHKHDY\KDQGRIWULEXWHEHODLGRQHDFKVOLJKWWHFKQRORJLFDODGYDQFHLQ
DUW

7KHUHLVQRVXFKVFUXWLQ\LQWKHFDVHRIFRS\ULJKWVQRUDQ\QRWLFHSXEOLVKHGEHIRUHLWVJUDQWWRWKH
_3DJHRI
HIIHFWWKDWDSHUVRQLVFODLPLQJWKHFUHDWLRQRIDZRUN7KHODZFRQIHUVWKHFRS\ULJKWIURPWKHPRPHQWRI
FUHDWLRQDQGWKHFRS\ULJKWFHUWLILFDWHLVLVVXHGXSRQUHJLVWUDWLRQZLWKWKH1DWLRQDO/LEUDU\RIDVZRUQ
H[SDUWHFODLPRIFUHDWLRQ

7KHUHIRUHQRWKDYLQJJRQHWKURXJKWKHDUGXRXVH[DPLQDWLRQIRUSDWHQWV3 'FDQQRWH[FOXGHRWKHUV
IURPWKHPDQXIDFWXUHVDOHRUFRPPHUFLDOXVHRIWKHOLJKWER[HVRQWKHVROHEDVLVRILWVFRS\ULJKW
FHUWLILFDWHRYHUWKHWHFKQLFDOGUDZLQJV:KDW3 'VHHNVLVH[FOXVLYLW\ZLWKRXWDQ\RSSRUWXQLW\IRUWKH
SDWHQWRIILFH ,32 WRVFUXWLQL]HWKHOLJKWER[ VHOLJLELOLW\DVDSDWHQWDEOHLQYHQWLRQ

2QO\WKHH[SUHVVLRQRIDQLGHDLVSURWHFWHGE\FRS\ULJKWQRWWKHLGHDLWVHOI

,Q%DNHUYV6HOGHQWKH8QLWHG6WDWHV6XSUHPH&RXUWKHOGWKDWRQO\WKHH[SUHVVLRQRIDQLGHDLV
SURWHFWHGE\FRS\ULJKWQRWWKHLGHDLWVHOI,QWKHVDLGFDVHLWZDVUXOHGWKDWWKHFRS\ULJKWRIDERRN
QRPDWWHUKRZPDQ\GUDZLQJVDQGLOOXVWUDWLRQVLWPD\FRQWDLQJLYHVQRH[FOXVLYHULJKWWRWKHPRGHVRI
GUDZLQJGHVFULEHGWKRXJKWKH\PD\QHYHUKDYHEHHQNQRZQRUXVHGEHIRUH%\SXEOLVKLQJWKHERRN
ZLWKRXWJHWWLQJDSDWHQWIRUWKHDUWWKHODWWHULVJLYHQWRWKHSXEOLF7KHXVHRIWKHDUWLVDWRWDOO\GLIIHUHQW
WKLQJIURPDSXEOLFDWLRQRIWKHERRNH[SODLQLQJLW7KHFRS\ULJKWRIDERRNRQERRNNHHSLQJFDQQRWVHFXUH
WKHH[FOXVLYHULJKWWRPDNHVHOODQGXVHDFFRXQWERRNVSUHSDUHGXSRQWKHSODQVHWIRUWKLQVXFKERRN

7KHGLIIHUHQFHEHWZHHQWKHWZRWKLQJVOHWWHUVSDWHQWDQGFRS\ULJKWPD\EHLOOXVWUDWHGE\UHIHUHQFH
WRWKHVXEMHFWVMXVWHQXPHUDWHG7DNHWKHFDVHRIPHGLFLQHV&HUWDLQPL[WXUHVDUHIRXQGWREHRIJUHDW
YDOXH LQ WKH KHDOLQJ DUW ,I WKH GLVFRYHUHU ZULWHV DQG SXEOLVKHV D ERRN RQ WKH VXEMHFW  DV UHJXODU
SK\VLFLDQVJHQHUDOO\GR KHJDLQVQRH[FOXVLYHULJKWWRWKHPDQXIDFWXUHDQGVDOHRIWKHPHGLFLQHKH
JLYHVWKDWWRWKHSXEOLF,IKHGHVLUHVWRDFTXLUHVXFKH[FOXVLYHULJKWKHPXVWREWDLQDSDWHQWIRUWKH
PL[WXUHDVDQHZDUWPDQXIDFWXUHRUFRPSRVLWLRQRIPDWWHU+HPD\FRS\ULJKWKLVERRNLIKHSOHDVHV
EXWWKDWRQO\VHFXUHVWRKLPWKHH[FOXVLYHULJKWRISULQWLQJDQGSXEOLVKLQJKLVERRN6RRIDOORWKHU
LQYHQWLRQVRUGLVFRYHULHV

1RWUDGHPDUNLQIULQJHPHQW

7KLVLVVXHFRQFHUQVWKHXVHE\60,RIWKHPDUN3RVWHU$GVZKLFK3 ' VSUHVLGHQWVDLGZDVD


FRQWUDFWLRQRISRVWHUDGYHUWLVLQJ3 'ZDVDEOHWRVHFXUHDWUDGHPDUNFHUWLILFDWHIRULWEXWRQHZKHUH
WKHJRRGVVSHFLILHGZHUHVWDWLRQHULHVVXFKDVOHWWHUKHDGVHQYHORSHVFDOOLQJFDUGVDQGQHZVOHWWHUV
3 'DGPLWWHGLWGLGQRWFRPPHUFLDOO\HQJDJHLQRUPDUNHWWKHVHJRRGV2QWKHFRQWUDU\LWGHDOWLQ
HOHFWULFDOO\RSHUDWHGEDFNOLWDGYHUWLVLQJXQLWVDQGWKHVDOHRIDGYHUWLVLQJVSDFHVWKHUHRQZKLFKKRZHYHU
ZHUHQRWDWDOOVSHFLILHGLQWKHWUDGHPDUNFHUWLILFDWH

$VVXPLQJDUJXHQGRWKDW3RVWHU$GVFRXOGYDOLGO\TXDOLI\DVDWUDGHPDUNWKHIDLOXUHRI3 'WR
VHFXUHDWUDGHPDUNUHJLVWUDWLRQIRUVSHFLILFXVHRQWKHOLJKWER[HVPHDQWWKDWWKHUHFRXOGQRWKDYH
EHHQDQ\WUDGHPDUNLQIULQJHPHQWVLQFHUHJLVWUDWLRQZDVDQHVVHQWLDOHOHPHQWWKHUHRI2QHZKR
KDVDGRSWHGDQGXVHGDWUDGHPDUNRQKLVJRRGVGRHVQRWSUHYHQWWKHDGRSWLRQDQGXVHRIWKH
VDPHWUDGHPDUNE\RWKHUVIRUSURGXFWVZKLFKDUHRIDGLIIHUHQWGHVFULSWLRQ

1RXQIDLUFRPSHWLWLRQ

%\WKHQDWXUHRIWKLQJVWKHUHFDQEHQRXQIDLUFRPSHWLWLRQXQGHUWKHODZRQFRS\ULJKWVDOWKRXJKLWLV
DSSOLFDEOHWRGLVSXWHVRYHUWKHXVHRIWUDGHPDUNV(YHQDQDPHRUSKUDVHLQFDSDEOHRIDSSURSULDWLRQDV
DWUDGHPDUNRUWUDGHQDPHPD\E\ORQJDQGH[FOXVLYHXVHE\DEXVLQHVV VXFKWKDWWKHQDPHRUSKUDVH
EHFRPHVDVVRFLDWHGZLWKWKHEXVLQHVVRUSURGXFWLQWKHPLQGRIWKHSXUFKDVLQJSXEOLF EHHQWLWOHGWR
SURWHFWLRQDJDLQVWXQIDLUFRPSHWLWLRQ

_3DJHRI
,QWKLVFDVHWKHUHZDVQRHYLGHQFHWKDW3 ' VXVHRI3RVWHU$GVZDVGLVWLQFWLYHRUZHOONQRZQ$V
QRWHGE\WKH&RXUWRI$SSHDOV3 ' VH[SHUWZLWQHVVHVKLPVHOIKDGWHVWLILHGWKDW 3RVWHU$GV ZDVWRR
JHQHULFDQDPH6RLWZDVGLIILFXOWWRLGHQWLI\LWZLWKDQ\FRPSDQ\KRQHVWO\VSHDNLQJ7KLVFUXFLDO
DGPLVVLRQVKRZHGWKDWLQWKHPLQGRIWKHSXEOLFWKHJRRGVDQGVHUYLFHVFDUU\LQJWKHWUDGHPDUN3RVWHU
$GVFRXOGQRWEHGLVWLQJXLVKHGIURPWKHJRRGVDQGVHUYLFHVRIRWKHUHQWLWLHV

1RVHFRQGDU\PHDQLQJ

7KLVIDFWDOVRSUHYHQWHGWKHDSSOLFDWLRQRIWKHGRFWULQHRIVHFRQGDU\PHDQLQJ3RVWHU$GVZDV
JHQHULF DQG LQFDSDEOH RI EHLQJ XVHG DV D WUDGHPDUN EHFDXVH LW ZDV XVHG LQ WKH ILHOG RI SRVWHU
DGYHUWLVLQJWKHYHU\EXVLQHVVHQJDJHGLQE\3 '

6HFRQGDU\PHDQLQJPHDQVWKDWDZRUGRUSKUDVHRULJLQDOO\LQFDSDEOHRIH[FOXVLYHDSSURSULDWLRQ
ZLWKUHIHUHQFHWRDQDUWLFOHLQWKHPDUNHW EHFDXVHLWLVJHRJUDSKLFDOO\RURWKHUZLVHGHVFULSWLYH PLJKW
QHYHUWKHOHVVKDYHEHHQXVHGIRUVRORQJDQGVRH[FOXVLYHO\E\RQHSURGXFHUZLWKUHIHUHQFHWRKLVDUWLFOH
WKDWLQWKHWUDGHDQGWRWKDWEUDQFKRIWKHSXUFKDVLQJSXEOLFWKHZRUGRUSKUDVHKDVFRPHWRPHDQWKDW
WKHDUWLFOHZDVKLVSURSHUW\7KHDGPLVVLRQE\3 ' VRZQH[SHUWZLWQHVVWKDWKHKLPVHOIFRXOGQRW
DVVRFLDWH 3RVWHU $GV ZLWK SHWLWLRQHU 3 ' EHFDXVH LW ZDV WRR JHQHULF GHILQLWHO\ SUHFOXGHG WKH
DSSOLFDWLRQRIWKLVH[FHSWLRQ

_3DJHRI

You might also like