Filed: Sep. 04, 2002
Latest Update: Mar. 02, 2020
Summary: 5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB s$1( % &$8',// 5,&+$5' ; 7 &$8',// &+5,6723+(5 &$8',// /$55 Z@KLOHZHQRUPDOO\UHYLHZ GHQRYRDGLVWULFWFRXUWjVGHFLVLRQWRDEVWDLQZHKDYHDW OHDVWRQRQHRFFDVLRQUHYLHZHGVXFKDGHFLVLRQIRUDEXVHRI GLVFUHWLRQl REVHUYLQJ WKDW LQ DQ\ HYHQW WKHUH LV OLW
Summary: 5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB s$1( % &$8',// 5,&+$5' ; 7 &$8',// &+5,6723+(5 &$8',// /$55 Z@KLOHZHQRUPDOO\UHYLHZ GHQRYRDGLVWULFWFRXUWjVGHFLVLRQWRDEVWDLQZHKDYHDW OHDVWRQRQHRFFDVLRQUHYLHZHGVXFKDGHFLVLRQIRUDEXVHRI GLVFUHWLRQl REVHUYLQJ WKDW LQ DQ\ HYHQW WKHUH LV OLWW..
More
5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH (/(&7521,& &,7$7,21 )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB s$1( % &$8',// 5,&+$5' ; 7 &$8',// &+5,6723+(5 &$8',// /$55 Z@KLOHZHQRUPDOO\UHYLHZ GHQRYRDGLVWULFWFRXUWjVGHFLVLRQWRDEVWDLQZHKDYHDW OHDVWRQRQHRFFDVLRQUHYLHZHGVXFKDGHFLVLRQIRUDEXVHRI GLVFUHWLRQl REVHUYLQJ WKDW LQ DQ\ HYHQW WKHUH LV OLWWOH SUDFWLFDOGLIIHUHQFHEHWZHHQWKHWZRVWDQGDUGVLQDEVWHQWLRQ FDVHVEHFDXVHWKHGLVWULFWFRXUWjVGLVFUHWLRQLVQDUURZHGE\LWV REOLJDWLRQ WR H[HUFLVH GLVFUHWLRQ LQ DOO EXW WKH PRVW H[WUDRUGLQDU\FDVHVFHUWGHQLHG6&W $EVWHQWLRQLVmDQH[WUDRUGLQDU\DQGQDUURZH[FHSWLRQWRWKH GXW\RID'LVWULFW&RXUWWRDGMXGLFDWHDFRQWURYHUV\SURSHUO\ EHIRUH LWl &RORUDGR 5LYHU :DWHU &RQVHUYDWLRQ 'LVW Y 8QLWHG 6WDWHV 86 7KH GRFWULQH LV EDVHGRQSULQFLSOHVRIIHGHUDOLVPDQGFRPLW\4XDFNHQEXVK Y $OOVWDWH ,QV &R 86 ,Q 4XDFNHQEXVKWKH6XSUHPH&RXUWDUWLFXODWHGWKHGRFWULQHDV IROORZV 8OWLPDWHO\ZKDWLVDWVWDNHLVDIHGHUDOFRXUWjVGHFLVLRQ EDVHGRQDFDUHIXOFRQVLGHUDWLRQRIWKHIHGHUDOLQWHUHVWV &DXGLOOHWDOY(XEDQNV 1R 1R &DXGLOOHWDOY(XEDQNV )DUPV,QFHWDO )DUPV,QFHWDO LQ UHWDLQLQJ MXULVGLFWLRQ RYHU WKH GLVSXWH DQG WKH LQFRUSRUDWH LQ WKH VWDWH :H VHH QR UHDVRQ WR GLVWXUE FRPSHWLQJ FRQFHUQ IRU WKH mLQGHSHQGHQFH RI VWDWH LPSRUWDQWVWDWHLQWHUHVWVLQWKLVFDVHHLWKHU DFWLRQl%XUIRUG86DWWKDWWKH6WDWHjV LQWHUHVWVDUHSDUDPRXQWDQGWKDWDGLVSXWHZRXOGEHVWEH 7KH 6HFRQG &LUFXLW KDV UHDFKHG D VLPLODU FRQFOXVLRQ DGMXGLFDWHG LQ D VWDWH IRUXP 6HH 1236, VXSUD 7KHUHDVKHUHDVKDUHKROGHUEURXJKWVXLWWRREWDLQGLVVROXWLRQ 86 DW TXHVWLRQ XQGHU %XUIRUG LV ZKHWKHU RID1HZ @l&RORUDGR5LYHU86DW LQWHUSUHWDWLRQ RI WKH VWDWXWRU\ VFKHPH UHJDUGLQJ LWV FRUSRUDWLRQV0RUHRYHUWRH[HUFLVHMXULVGLFWLRQRYHU ,G D GLVVROXWLRQ RI D VWDWH FRUSRUDWLRQ ZRXOG DOORZ mWKH SRVVLELOLW\RIIHGHUDOGLVVROXWLRQDFWLRQVEDVHGRQ>VWDWH ,Q %XUIRUG WKH 6XQ 2LO &RPSDQ\ FKDOOHQJHG LQ IHGHUDO VWDWXWHV@ EHLQJ FRPPHQFHG LQ D QXPEHU RI GLIIHUHQW FRXUW WKH 7H[DV 5DLOURDG &RPPLVVLRQjV JUDQW RI DQ RLO GLVWULFWVLQZKLFKDSDUWLFXODUFRUSRUDWLRQZDVVXEMHFW GULOOLQJSHUPLW7KH6XSUHPH&RXUWKHOGWKDWDEVWHQWLRQZDV WR VHUYLFH WKHUHE\ SODFLQJ DQ RQHURXV EXUGHQ RQ WKH QHFHVVDU\EHFDXVHWKHRUGHUZDVSDUWRIDFRPSOH[UHJXODWRU\ FRUSRUDWLRQ V\VWHP HVWDEOLVKHG XQGHU 7H[DV ODZ WR IXUWKHU WKH VWDWHjV LQWHUHVWLQRLODQGJDVUHVRXUFHV6HH%XUIRUG86 ,QDGGLWLRQHYHU\IHGHUDOFRXUWWKDWKDVDGGUHVVHGWKH 7KH &RXUW HPSKDVL]HG WKDW 7H[DV ODZ FRQVROLGDWHG LVVXHRIGLVVROYLQJVWDWHFRUSRUDWLRQVKDVHLWKHUDEVWDLQHG MXGLFLDOUHYLHZRIFRPPLVVLRQRUGHUVLQDVLQJOHVWDWHGLVWULFW RUQRWHGWKDWDEVWHQWLRQZRXOGEHDSSURSULDWHDVVXPLQJ FRXUW ZKLFK DOORZHG WKH FRXUWV WR DFTXLUH VSHFLDOL]HG MXULVGLFWLRQH[LVWHG NQRZOHGJHRIWKHRLODQGJDVUHJXODWLRQVDQGLQGXVWU\DQG WKHUHIRUH DFW DV mZRUNLQJ SDUWQHUV ZLWK WKH 5DLOURDG )ULHGPDQ)GDWFLWLQJFDVHV &RPPLVVLRQLQWKHEXVLQHVVRIFUHDWLQJDUHJXODWRU\V\VWHP IRUWKHRLOLQGXVWU\l,GDW )LQDOO\DVRQHFRPPHQWDWRUKDVDGYRFDWHGm>W@KURXJKWKH UHSHDWHG DGMXGLFDWLRQ RI DFWLRQV WR GLVVROYH FORVH 7KH 6XSUHPH &RXUW KDV VXEVHTXHQWO\ H[SODLQHG WKDW FRUSRUDWLRQVWKHVWDWHFRXUWVDFTXLUHDGHSWKRINQRZOHGJH %XUIRUGDEVWHQWLRQLVDSSURSULDWHZKHUHWLPHO\DQGDGHTXDWH DERXW WKH FRPSOH[ IDFWXDO FLUFXPVWDQFHV VXUURXQGLQJ VWDWHFRXUW UHYLHZ LV DYDLODEOH DQG D FDVH SUHVHQWV G\VIXQFWLRQDO FRUSRUDWLRQV WKDW DOORZV WKHP WR GHYHORS DQ mGLIILFXOWTXHVWLRQVRIVWDWHODZEHDULQJRQSROLF\SUREOHPVRI XQGHUVWDQGLQJRIZKHQGLVVROXWLRQLVUHTXLUHGDQGZKHQRWKHU VXEVWDQWLDOSXEOLFLPSRUWZKRVHLPSRUWDQFHWUDQVFHQGVWKH UHPHGLHVDUHPRUHDSSURSULDWHl/HZLV GLG@ QRW LQYROYH D 7KHSODLQWLIIVKDYHRIIHUHGQREDVLVQRUKDYHZHGLVFRYHUHG VWDWHODZFODLPQRUHYHQDQDVVHUWLRQWKDWWKHIHGHUDOFODLPV RQHWRGHSDUWIURPWKLVUHDVRQLQJLQWKHSUHVHQWFDVH >ZHUH@LQDQ\ZD\HQWDQJOHGLQDVNHLQRIVWDWHODZWKDWPXVW EHXQWDQJOHGEHIRUHWKHIHGHUDOFDVHFDQSURFHHGl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j DUJXPHQW LJQRUHV WKLV &RXUWjV KROGLQJ LQ EXVLQHVV RI WKH FRUSRUDWLRQ IURP EHLQJ FRQGXFWHG WR WKH 0DF'RQDOGY9LOODJHRI1RUWKSRUW0LFKLJDQ)G VKDUHKROGHUVj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mVKDOOOLHLQWKHFRXQW\ZKHUHDFRUSRUDWLRQjV DGGUHVVGLVSXWHVUHODWLQJWRODQGXVH,QSDUWLFXODUZHQRWHG SULQFLSDORIILFHRULIQRQHLQWKLVVWDWHLWVUHJLVWHUHGRIILFH WKDWm0LFKLJDQKDVHVWDEOLVKHGDSROLF\DQGKDVFRQVROLGDWHG LVRUZDVODVWORFDWHGl.\5HY6WDW% MXGLFLDOUHYLHZRIWKHVHFDVHVLQWKHORFDOIRUXPVEHVWVXLWHG WRDGMXGLFDWHWKHORFDOLVVXHVDQGIDFWVUDLVHGLQVXFKFDVHVl 7KHVWDWXWHDOVRSURYLGHVIRUGLVVROXWLRQLQDSURFHHGLQJE\ ,G +HUH DV LQ 0DF'RQDOG MXGLFLDO UHYLHZ LV QRW WKHDWWRUQH\JHQHUDOLIWKHDWWRUQH\JHQHUDOHVWDEOLVKHVWKDWWKH FRQFHQWUDWHGLQDQ\RQHVLQJOHFRXUWEXWUDWKHUSODFHGLQORFDO FRUSRUDWLRQ REWDLQHG LWV DUWLFOHV RI LQFRUSRUDWLRQ WKURXJK IRUXPVZLWKLQWKHFRXUWVRIJHQHUDOMXULVGLFWLRQ6HH.\5HY IUDXGRUWKHFRUSRUDWLRQKDVFRQWLQXHGWRH[FHHGRUDEXVHWKH 6WDW% DXWKRULW\FRQIHUUHGXSRQLWE\ODZ.\5HY6WDW% 9HQXHIRUGLVVROXWLRQDFWLRQVE\WKHDWWRUQH\JHQHUDO ,Q VXP 3ODLQWLIIVj DUJXPHQWV WKDW %XUIRUG DEVWHQWLRQ LV OLH LQ )UDQNOLQ &RXQW\ ,G % sXGLFLDO XQDYDLODEOH EHFDXVH QR VWDWH DGPLQLVWUDWLYH DJHQF\ LV GLVVROXWLRQLVDOVRDYDLODEOHLQDSURFHHGLQJE\DFUHGLWRULI LQYROYHG DQG MXGLFLDO UHYLHZ LV QRW FHQWUDOL]HG LQ D VLQJOH WKH FUHGLWRU HVWDEOLVKHV WKDW LWV FODLP KDV EHHQ UHGXFHG WR GLVWULFWFRXUWDUHXQDYDLOLQJ MXGJPHQW WKH H[HFXWLRQ RQ WKH MXGJPHQW LV UHWXUQHG 6XEWLWOH RI 7LWOH RI WKH .HQWXFN\ 5HYLVHG 6WDWXWHV ZKLFK JRYHUQV 3ULYDWH &RUSRUDWLRQV DQG $VVRFLDWLRQV DOVR FRQWDLQV SURFHGXUHV IRU 9ROXQWDU\ 'LVVROXWLRQ DQG $GPLQLVWUDWLYH 'LVVROXWLRQ