Shamati - Kabbalah.info

Transcription

Shamati - Kabbalah.info
‘Š–Š’
ǻȱ
ŽŠ›Ǽ
/$,7 0 $ 1
.$%%$ / $ +
3 8%/,6 +(56
5DY<HKXGD$VKODJ%DDO+D6XODP
6KDPDWL,+HDUG
&RS\ULJKW‹E\0,&+$(//$,70$1
$OOULJKWVUHVHUYHG
3XEOLVKHGE\/DLWPDQ.DEEDODK3XEOLVKHUV
ZZZNDEEDODKLQIRLQIR#NDEEDODKLQIR
6WHHOHV$YHQXH:HVW6XLWH
7RURQWR2105;&DQDGD
%QHL%DUXFK86$WK6WUHHW
%URRNO\Q1HZ<RUN86$
3ULQWHGLQ&DQDGD
1RSDUWRIWKLVERRNPD\EHXVHGRUUHSURGXFHGLQDQ\PDQQHUZLWKRXW
ZULWWHQSHUPLVVLRQRIWKHSXEOLVKHUH[FHSWLQWKHFDVHRIEULHITXRWDWLRQV
HPERGLHGLQFULWLFDODUWLFOHVRUUHYLHZV
/LEUDU\RI&RQJUHVV&DWDORJLQJLQ3XEOLFDWLRQ'DWD
$VKODJ<HKXGDK
6KDPDWL ,KHDUG<HKXGD$VKODJFRPSLOHGE\0LFKDHO/DLWPDQVWHG
SFP
,6%1
&DEDOD,/DLWPDQ0LFKDHO,,7LWOH,,,7LWOH,KHDUG
%0$
!GF
&RPSLODWLRQ5DY0LFKDHO/DLWPDQ3K'
&RS\(GLWRUV0LFKDHO5.HOORJJ1DWDVKD6LJPXQG
3URRIUHDGLQJ0DUN%HUHOHNKLV6DUDK7DODO
/D\RXW%DUXFK.KRYRY
&RYHU'HVLJQ%DUXFK.KRYRY
3ULQWLQJ'RURQ*ROGLQ
3RVW3URGXFWLRQ8UL/DLWPDQ
([HFXWLYH(GLWRUDQG7UDQVODWRU&KDLP5DW]
),567(',7,210D\
)LUVWSULQWLQJ
7KH%ULJKW2QH
5DY<HKXGD$VKODJ
7KH%ULJKW2QH
$QGIURPWKH+HDYHQV+HVKLQHV
7KHUH²ZLWKLQWKHFXUWDLQRIWKHVFUHHQ
7KHVHFUHWRIWKHULJKWHRXVLVWKHUHPDGHFOHDU
$QG/LJKWDQGGDUNQHVVVKLQHWRJHWKHU
+RZJRRGLWLVWRGHOYHLQ+LVGHHGV
%XWEHZDUHQRWWRUHDFKRXW\RXUKDQGIRU+LP
7KHQVKDOO\RXKHDU+LPDQGVRZLOO\RXPHHW+LP
,QWKHWRZHURIPLJKWWKH$OO,QFOXVLYH1DPH
<RXVKDOOUHOLVKLQZRUGVRIWUXWK
7RVSHDNXQWDLQWHGZRUGV
$QGDOO\RXZLOOVHH
<RXURZQH\HVZLOOVHHDQGQRWDVWUDQJHU¶VH\H
&RQWHQWV
7KHUH,V1RQH(OVH%HVLGHV+LP 'LYLQLW\LQ([LOH 7KH0DWWHURI6SLULWXDO$WWDLQPHQW :KDW,VWKH5HDVRQIRUWKH+HDYLQHVV2QH)HHOV
ZKHQ$QQXOOLQJEHIRUHWKH&UHDWRULQWKH:RUN /LVKPD,VDQ$ZDNHQLQJIURP$ERYH
DQG:K\'R:H1HHGDQ$ZDNHQLQJIURP%HORZ :KDW,V6XSSRUWLQWKH7RUDKLQWKH:RUN :KDW,VWKH+DELW%HFRPHVD6HFRQG1DWXUH
LQWKH:RUN :KDW,VWKH'LIIHUHQFHEHWZHHQ
D6KDGHRI.HGXVKDDQGD6KDGHRI6LWUD$FKUD :KDW$UH7KUHH7KLQJVWKDW%URDGHQ2QH¶V0LQG
LQWKH:RUN :KDW,V0DNH+DVWH0\%HORYHGLQWKH:RUN -R\ZLWKD4XLYHU 7KH(VVHQFHRI2QH¶V:RUN $3RPHJUDQDWH :KDW,VWKH*UHDWQHVVRIWKH&UHDWRU :KDW,V2WKHU*RGVLQWKH:RUN :KDW,VWKH'D\RIWKH/RUG
DQGWKH1LJKWRIWKH/RUGLQWKH:RUN :KDW'RHV,W0HDQWKDWWKH6LWUD$FKUD,V&DOOHG
³0DOFKXWZLWKRXWD&URZQ´ :KDW,V0\6RXO6KDOO:HHS,Q6HFUHW
LQWKH:RUN :KDW,VWKH&UHDWRU+DWHVWKH%RGLHV
LQWKH:RUN /LVKPDIRU+HU1DPH :KHQ2QH)HHOV2QHVHOILQD6WDWHRI$VFHQW 7RUDK/LVKPDIRU+HU1DPH
<RX7KDW/RYHWKH/RUG+DWH(YLO
2XWRIWKH+DQGRIWKH:LFNHG
7KLQJVWKDW&RPHIURPWKH+HDUW
2QH¶V)XWXUH'HSHQGVDQG,V7LHGWR*UDWLWXGH
IRUWKH3DVW :KDW,V³7KH/RUG,V+LJKDQGWKH/RZ:LOO6HH´ ,6KDOO1RW'LHEXW/LYH :KHQ7KRXJKWV&RPHWRD3HUVRQ 7KH0RVW,PSRUWDQW,VWR:DQW2QO\WR%HVWRZ $OOWKDW3OHDVHVWKH6SLULWRIWKH3HRSOH $/RW,VDQ$ZDNHQLQJIURP$ERYH 7KH/RWVRQ<RP.LSSXULPDQGZLWK+DPDQ 7KH3UR¿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³5HÀHFWLRQ´RI*RRG'HHGV $ERXWWKH5RGDQGWKH6HUSHQW $0LW]YDWKDW&RPHVWKURXJK7UDQVJUHVVLRQ 5RXQG$ERXW+LP,W6WRUPHWK0LJKWLO\ 'HVFHQGVDQG,QFLWHV$VFHQGVDQG&RPSODLQV ,:DV%RUURZHGRQDQG,5HSD\ )URP/R/LVKPDWR/LVKPD $ERXWWKH5HYHDOHGDQGWKH&RQFHDOHG 7KH*LYLQJRIWKH7RUDK 'HSDUWIURP(YLO 0DQ¶V&RQQHFWLRQWRWKH6H¿URW )LUVW:LOO%HWKH&RUUHFWLRQRIWKH:RUOG :LWKD0LJKW\+DQGDQGZLWK)XU\3RXUHG2XW 0\6RXOVKDOO:HHSLQ6HFUHW &RQ¿GHQFH,VWKH&ORWKLQJIRUWKH/LJKW $IWHUWKH7]LPW]XP :RUOG<HDU6RXO 7KHUH,VD'LVFHUQPHQWRIWKH1H[W:RUOG
DQG7KHUH,VD'LVFHUQPHQWRI7KLV:RUOG :LWK$OO7K\2IIHULQJV7KRX6KDOW2IIHU6DOW 2QH/HDUQVIURP2QH¶V6RXO 7KH7RUDKWKH&UHDWRUDQG,VUDHO$UH2QH $W]LOXWDQG%\D &RQFHUQLQJ%DFNWR%DFN &RQFHUQLQJ5DLVLQJ0DQ 7KH3UD\HU2QH6KRXOG$OZD\V3UD\ &RQFHUQLQJWKH5LJKW9DYWKH/HIW9DY :KDW,V³6R+H'URYHWKH0DQ2XWRIWKH*DUGHQRI
(GHQOHVW+H:RXOG7DNHRIWKH7UHHRI/LIH´ :KDW,VWKH)UXLWRI*RRGO\7UHHVLQWKH:RUN $QG7KH\%XLOW6WRUH&LWLHV 6KDEEDW6KHNDOLP $OOWKH:RUN,V2QO\:KHUH7KHUH$UH7ZR:D\V 7R8QGHUVWDQGWKH:RUGVRIWKH+RO\=RKDU ,Q7KH=RKDU%HUHVKHHW &RQFHUQLQJWKH5HSODFHDEOH ([SODLQLQJWKH'LVFHUQPHQWRI/XFN &RQFHUQLQJ)LQVDQG6FDOHV $QG<RX6KDOO.HHS<RXU6RXOV &RQFHUQLQJ5HPRYLQJWKH)RUHVNLQ :KDW,V:DVWHRI%DUQDQG:LQHU\LQWKH:RUN :DVWHRI%DUQDQG:LQHU\ 6SLULWXDOLW\,V&DOOHG
7KDW:KLFK:LOO1HYHU%H/RVW +H'LG1RW6D\:LFNHGRU5LJKWHRXV 7KH:ULWWHQ7RUDKDQGWKH2UDO7RUDK $&RPPHQWDU\RQWKH3VDOP
³)RUWKH/HDGHUXSRQ5RVHV´ $QG<RX6KDOO7DNH<RXWKH)UXLW
RI*RRGO\7UHHV :KRVH+HDUW0DNHWK+LP:LOOLQJ $QGWKH6DERWHXU:DV6LWWLQJ $:LVH'LVFLSOH%DVWDUG
3UHFHGHVD+LJK3ULHVW&RPPRQHU :KDW'RWKH7ZHOYH&KDOODKVRQ6KDEEDW,PSO\ &RQFHUQLQJWKH7ZR$QJHOV ,I<RX/HDYH0H2QH'D\,:LOO/HDYH<RX7ZR 7ZR.LQGVRI0HDW $)LHOG:KLFKWKH/RUG+DV%OHVVHG %UHDWK6RXQGDQG6SHHFK 7KH7KUHH$QJHOV 7KH(LJKWHHQ3UD\HU 3UD\HU 6WLOO9HJHWDWLYH$QLPDWHDQG6SHDNLQJ :K\'LG+H6D\WKDW0LW]YRW
'R1RW5HTXLUH,QWHQWLRQ <RX/DERUHGDQG'LG1RW)LQG'R1RW%HOLHYH 7R8QGHUVWDQGWKH0DWWHURIWKH.QHHV
:KLFK+DYH%RZHG8QWR%DDO 7KDW'LVFLSOH:KR/HDUQHGLQ6HFUHW 7KH5HDVRQIRU1RW(DWLQJ1XWV
RQ5RVK+DVKDQDK 6KH,V/LNH0HUFKDQW6KLSV 8QGHUVWDQGLQJ:KDW,V:ULWWHQ
LQ6KXOFKDQ$UXFK +LV'LYRUFHDQG+LV+DQG&RPHDV2QH $6KDEEDWRI*HQHVLVDQGRI
WKH6L[7KRXVDQG<HDUV :KR'HOLJKWVWKH6KDEEDW $6DJH&RPHVWR7RZQ 7KH'LIIHUHQFHEHWZHHQ.HUQHO(VVHQFH
DQG$GGHG$EXQGDQFH 'HZ'ULSVIURPWKDW*DOJDOWDWR=HLU$QSLQ 'LYLQLW\LQWKH'XVW 7LEHULDVRI2XU6DJHV*RRG,V7K\6LJKW :KR&RPHVWR%H3XUL¿H ,QWKH6ZHDWRI7K\)DFH6KDOW7KRX(DW%UHDG 7KH/LJKWVRI6KDEEDW ,QWR[LFDWLQJ:LQH &OHDQDQG5LJKWHRXV6OD\7KRX1RW 7KH'LIIHUHQFHEHWZHHQWKH)LUVW/HWWHUV
DQGWKH/DVW/HWWHUV =HORSKHKDG:DV*DWKHULQJ:RRG $ERXW)HDUWKDW6RPHWLPHV&RPHV
8SRQD3HUVRQ 7KH'LIIHUHQFHEHWZHHQWKH6L['D\VRI$FWLRQ
DQGWKH6KDEEDW +RZ,/RYH7K\/DZ 7KH+ROLGD\RI3DVVRYHU 7KH(VVHQFHRIWKH:DU 2QO\*RRGWR,VUDHO 7KHUH,VD&HUWDLQ3HRSOH :KDW,V:LOO*LYH:LVGRP
6SHFL¿FDOO\WRWKH:LVH $&RPPHQWDU\RQ7KH=RKDU 7KH:RUNRI5HFHSWLRQDQG%HVWRZDO 7KH6FUXWLQ\RI%LWWHUDQG6ZHHW
7UXHDQG)DOVH :K\:H1HHGWR([WHQG+RFKPD 3UXQHXQWRWKH/RUGIRU+H+DWK'RQH3ULGH $QG,VUDHO6DZWKH(J\SWLDQV )RUD%ULEH'RWK%OLQGWKH(\HVRIWKH:LVH $7KRXJKW,VDQ8SVKRWRIWKH'HVLUH 7KHUH&DQQRW%HDQ(PSW\6SDFHLQWKH:RUOG 7KH&OHDQQHVVRIWKH%RG\ /HVW+H7DNHRIWKH7UHHRI/LIH ,$P$VOHHSEXW0\+HDUW,V$ZDNH 7KH5HDVRQIRU1RW(DWLQJ
DW(DFK2WKHU¶V+RPHRQ3DVVRYHU $QG,W&DPHWR3DVV
LQWKH&RXUVHRI7KRVH0DQ\'D\V 7KH5HDVRQIRU&RQFHDOLQJWKH0DW]RW 7KH0DWWHURIWKH*LYLQJRIWKH7RUDK &RQFHUQLQJWKH+D]DN:H6D\
$IWHU&RPSOHWLQJWKH6HULHV :KDWWKH$XWKRUVRI7KH=RKDU6DLG 7KHUH,VD'LIIHUHQFHEHWZHHQ&RUSRUHDOLW\
DQG6SLULWXDOLW\ $Q([SODQDWLRQWR(OLVKD¶V5HTXHVWRI(OLMDK 7ZR'LVFHUQPHQWVLQ$WWDLQPHQW 7KH5HDVRQ:K\,W,V&DOOHG6KDEEDW7HVKXYDK 7KH&XVWRPVRI,VUDHO &RQFHUQLQJD&RPSOHWH5LJKWHRXV 7KRX6KDOW1RW+DYHLQ7K\3RFNHW
D/DUJH6WRQH =RKDU$PRU 7KH0DWWHURI3UHYHQWLRQDQG'HOD\V :K\'R:H6D\/¶FKDLP &RQFHDOPHQW $QG,IWKH:D\%H7RR/RQJIRU7KHH :KHQ'ULQNLQJ%UDQG\DIWHUWKH+DYGDOD $WRQHPHQWV 7KUHH3DUWQHUVLQ0DQ 7KUHH/LQHV ,QWKH=RKDU$PRU +RQRU 0RVHVDQG6RORPRQ 7KH'LVFHUQPHQWRIWKH0HVVLDK 7KH'LIIHUHQFHEHWZHHQ)DLWKDQG0LQG 7KH8QHGXFDWHG
WKH)HDURI6KDEEDW,VXSRQ+LP 0DNH<RXU6KDEEDWD:HHNGD\
DQG'R1RW1HHG3HRSOH &KRRVLQJ/DERU $OOWKH:RUN,V2QO\:KHUH7KHUH$UH
7ZR:D\V 7KH$FW$IIHFWVWKH7KRXJKW (YHU\$FW/HDYHVDQ,PSULQW 7KH7LPHRI'HVFHQW 7KH/RWV 2QH:DOO6HUYHV%RWK 7KH&RPSOHWH6HYHQ 5HZDUGHG²,:LOO+DVWHQ,W $*ULSIRUWKH([WHUQDOV %RRN$XWKRU6WRU\ )UHHGRP 7R(YHU\0DQ2I,VUDHO 7KH3XUL¿FDWLRQRIWKH0DVDFK 6SLULWXDOLW\DQG&RUSRUHDOLW\ ,QWKH6ZHDWRI7K\)DFH6KDOW7KRX(DW%UHDG 0DQ¶V3ULGH6KDOO%ULQJ+LP/RZ 7KH3XUSRVHRIWKH:RUN :LVGRP&ULHWK$ORXGLQWKH6WUHHWV )DLWKDQG3OHDVXUH 5HFHLYLQJLQRUGHUWR%HVWRZ /DERU 7KUHH&RQGLWLRQVLQ3UD\HU $+DQGVRPH)ODZLQ<RX $VWKRXJK6WDQGLQJEHIRUHD.LQJ (PEUDFHRIWKH5LJKW(PEUDFHRIWKH/HIW $FNQRZOHGJLQJWKH'HVLUH .QRZQLQWKH*DWHV )DLWK 5LJKWDQG/HIW ,I,$P1RWIRU0H:KR,VIRU0H 7KH7RUDKDQGWKH&UHDWRU$UH2QH 'HYRWLRQ 6XIIHULQJ 0XOWLSOH$XWKRULWLHV 7KH3DUW*LYHQWRWKH6LWUD$FKUD
WR6HSDUDWH,WIURPWKH.HGXVKD &ORWKLQJ%DJ/LH$OPRQG <HVRGGH1XNYD$QG<HVRGGH'HFKXUD 5DLVLQJ2QHVHOI :ULWWHQ7RUDKDQG2UDO7RUDK 7KH5HZDUGIRUD0LW]YD±D0LW]YD )LVKEHIRUH0HDW +DPDQ3RFNHWV 7KH/RUG,V+LJKDQGWKH/RZ:LOO6HH 7KH3XULW\RIWKH9HVVHOVRI5HFHSWLRQ &RPSOHWLQJWKH/DERU 3DUGRQ)RUJLYHQHVVDQG$WRQHPHQW :KR&HDVHV:RUGVRI7RUDK
DQG(QJDJHVLQ&RQYHUVDWLRQ /RRNLQJLQWKH%RRN$JDLQ 0LQH$GYHUVDULHV7DXQW0H$OOWKH'D\ )RU0DQ6KDOO1RW6HH0HDQG/LYH +DSS\,VWKH0DQ:KR'RHV1RW)RUJHW7KHH
DQGWKH6RQRI0DQ:KR([HUWVLQ7KHH 7KH'LIIHUHQFHEHWZHHQ0RFKLQRI6KDYXRW
DQGWKDWRI6KDEEDW0LQFKDK ,QTXLUH<RXU,QTXLUHUVZKHQ7KH\
,QTXLUH<RXU)DFH &DOO8SRQ+LPZKLOH+H,V1HDU
:KDW,VWKH0DWWHURI'HOLJKWLQJWKH3RRU
RQD*RRG'D\LQWKH:RUN ([DPLQLQJWKH6KDGHRQWKH1LJKW
RI+RVKDQD5DEEDK 7KHUH,V1RQH(OVH%HVLGHV+LP
,KHDUGRQ3DUDVKDW<LWUR)HEUXDU\
,W LV ZULWWHQ ³WKHUH LV QRQH HOVH EHVLGHV +LP´
7KLV PHDQV WKDW WKHUH LV QR RWKHU IRUFH LQ WKH
ZRUOGWKDWKDVWKHDELOLW\WRGRDQ\WKLQJDJDLQVW
+LP$QGZKDWPDQVHHVWKDWWKHUHDUHWKLQJVLQ
WKH ZRUOG WKDW GHQ\ WKH +LJKHU +RXVHKROG WKH
UHDVRQLVWKDWWKLVLV+LVZLOO
$QGLWLVGHHPHGDFRUUHFWLRQFDOOHG³WKHOHIW
UHMHFWVDQGWKHULJKWDGGXFWV´PHDQLQJWKDWZKLFK
WKH OHIW UHMHFWV LV FRQVLGHUHG FRUUHFWLRQ 7KLV
PHDQVWKDWWKHUHDUHWKLQJVLQWKHZRUOGZKLFKWR
EHJLQZLWKDLPWRGLYHUWDSHUVRQIURPWKHULJKW
ZD\DQGE\ZKLFKKHLVUHMHFWHGIURP6DQFWLW\
$QG WKH EHQH¿W IURP WKH UHMHFWLRQV LV WKDW
WKURXJKWKHPDSHUVRQUHFHLYHVDQHHGDQGDFRP
SOHWHGHVLUHIRUWKH&UHDWRUWRKHOSKLPVLQFHKH
VHHV WKDW RWKHUZLVH KH LV ORVW 1RW RQO\ GRHV KH
QRWSURJUHVVLQKLVZRUNEXWKHVHHVWKDWKHUH
JUHVVHV WKDW LV KH ODFNV WKH VWUHQJWK WR REVHUYH
7RUDK DQG 0LW]YRW HYHQ LQ /R /LVKPD QRW IRU
+HU1DPH7KDWRQO\E\JHQXLQHO\RYHUFRPLQJ
DOO WKH REVWDFOHV DERYH UHDVRQ FDQ KH REVHUYH
WKH 7RUDK DQG 0LW]YRW %XW KH GRHV QRW DOZD\V
KDYH WKH VWUHQJWK WR RYHUFRPH DERYH UHDVRQ
RWKHUZLVH KH LV IRUFHG WR GHYLDWH *RG IRUELG
IURPWKHZD\RIWKH&UHDWRUHYHQIURP/R/LVKPD
$QG KH ZKR DOZD\V IHHOV WKDW WKH VKDWWHUHG
LVJUHDWHUWKDQWKHZKROHPHDQLQJWKDWWKHUHDUH
PDQ\ PRUH GHVFHQWV WKDQ DVFHQWV DQG KH GRHV
QRW VHH DQ HQG WR WKHVH VWDWHV DQG KH ZLOO IRU
HYHUUHPDLQRXWVLGHRIKROLQHVVIRUKHVHHVWKDW
LWLVGLI¿FXOWIRUKLPWRREVHUYHHYHQDVOLWWOHDVD
MRWXQOHVVE\RYHUFRPLQJDERYHUHDVRQ%XWKH
LVQRWDOZD\VDEOHWRRYHUFRPH$QGZKDWVKDOO
EHWKHHQG"
7KHQKHFRPHVWRWKHGHFLVLRQWKDWQRRQHFDQ
KHOS KLP EXW WKH &UHDWRU +LPVHOI 7KLV FDXVHV
KLPWRPDNHDKHDUWIHOWGHPDQGWKDWWKH&UHDWRU
ZLOORSHQKLVH\HVDQGKHDUWDQGWUXO\EULQJKLP
QHDUHUWRHWHUQDODGKHVLRQZLWK*RG,WWKXVIRO
ORZVWKDWDOOWKHUHMHFWLRQVKHKDGH[SHULHQFHG
KDGFRPHIURPWKH&UHDWRU
7KLV PHDQV WKDW LW ZDV QRW EHFDXVH KH ZDV
DWIDXOWWKDWKHGLGQRWKDYHWKHDELOLW\WRRYHU
FRPH5DWKHUIRUWKRVHSHRSOHZKRWUXO\ZDQW
WR GUDZ QHDU WKH &UHDWRU DQG VR WKH\ ZLOO QRW
VHWWOH IRU OLWWOH PHDQLQJ UHPDLQ DV VHQVHOHVV
FKLOGUHQKHLVWKHUHIRUHJLYHQKHOSIURP$ERYH
VR KH ZLOO QRW EH DEOH WR VD\ WKDW WKDQN *RG
,KDYH7RUDKDQG0LW]YRWDQGJRRGGHHGVDQG
ZKDWHOVHGR,QHHG"
$QGRQO\LIWKDWSHUVRQKDVDWUXHGHVLUHZLOO
KHUHFHLYHKHOSIURP$ERYH$QGKHLVFRQVWDQW
O\VKRZQKRZKHLVDWIDXOWLQKLVSUHVHQWVWDWH
1DPHO\KHLVVHQWWKRXJKWVDQGYLHZVZKLFKDUH
DJDLQVWWKHZRUN7KLVLVLQRUGHUIRUKLPWRVHH
WKDWKHLVQRWRQHZLWKWKH/RUG$QGDVPXFKDV
KHRYHUFRPHVKHDOZD\VVHHVKRZKHLVIDUWKHU
IURPKROLQHVVWKDQRWKHUVZKRIHHOWKDWWKH\DUH
RQHZLWKWKH&UHDWRU
%XW KH RQ WKH RWKHU KDQG DOZD\V KDV FRP
SODLQWV DQG GHPDQGV DQG KH FDQQRW MXVWLI\ WKH
&UHDWRU¶VEHKDYLRUDQGKRZ+HEHKDYHVWRZDUG
KLP7KLVSDLQVKLP:K\LVKHQRWRQHZLWKWKH
&UHDWRU")LQDOO\KHFRPHVWRIHHOWKDWKHKDVQR
SDUWLQKROLQHVVZKDWVRHYHU
$OWKRXJK KH RFFDVLRQDOO\ UHFHLYHV DZDNHQLQJ
IURP$ERYHZKLFKPRPHQWDULO\UHYLYHVKLPEXW
VRRQDIWHUKHIDOOVLQWRWKHSODFHRIEDVHQHVV+RZ
HYHU WKLV LV ZKDW FDXVHV KLP WR FRPH WR UHDOL]H
WKDWRQO\*RGFDQKHOSDQGUHDOO\EULQJKLPFORVHU
$PDQPXVWDOZD\VWU\DQGFOHDYHWRWKH&UH
DWRUQDPHO\WKDWDOOKLVWKRXJKWVZLOOEHDERXW
+LP7KDWLVWRVD\WKDWHYHQLIKHLVLQWKHZRUVW
VWDWHIURPZKLFKWKHUHFDQQRWEHDJUHDWHUGH
FOLQHKHVKRXOGQRWOHDYH+LVGRPDLQQDPHO\
WKDW WKHUH LV DQRWKHU DXWKRULW\ ZKLFK SUHYHQWV
KLPIURPHQWHULQJKROLQHVVDQGZKLFKFDQEULQJ
EHQH¿WRUKDUP
7KDW LV KH PXVW QRW WKLQN WKDW WKHUH LV WKH
IRUFHRIWKH6LWUD$FKUD2WKHU6LGHZKLFKGRHV
QRWDOORZDSHUVRQWRGRJRRGGHHGVDQGIROORZ
*RG¶VZD\V5DWKHUDOOLVGRQHE\WKH&UHDWRU
7KH%DDO6KHP7RYVDLGWKDWKHZKRVD\VWKDW
WKHUHLVDQRWKHUIRUFHLQWKHZRUOGQDPHO\.OLSRW
VKHOOVWKDWSHUVRQLVLQDVWDWHRI³VHUYLQJRWKHU
JRGV´ ,W LV QRW QHFHVVDULO\ WKH WKRXJKW RI KHU
HV\WKDWLVWKHWUDQVJUHVVLRQEXWLIKHWKLQNVWKDW
WKHUH LV DQRWKHU DXWKRULW\ DQG IRUFH DSDUW IURP
WKH&UHDWRUE\WKDWKHLVFRPPLWWLQJDVLQ
)XUWKHUPRUH KH ZKR VD\V WKDW PDQ KDV KLV
RZQDXWKRULW\WKDWLVKHVD\VWKDW\HVWHUGD\KH
KLPVHOIGLGQRWZDQWWRIROORZ*RG¶VZD\VWKDW
WRR LV FRQVLGHUHG FRPPLWWLQJ WKH VLQ RI KHUHV\
PHDQLQJ WKDW KH GRHV QRW EHOLHYH WKDW RQO\ WKH
&UHDWRULVWKHOHDGHURIWKHZRUOG
%XWZKHQKHKDVFRPPLWWHGDVLQKHPXVWFHU
WDLQO\UHJUHWLWDQGEHVRUU\IRUKDYLQJFRPPLWWHG
LW%XWKHUHWRRZHVKRXOGSODFHWKHSDLQDQGVRU
URZLQWKHULJKWRUGHUZKHUHGRHVKHSODFHWKH
FDXVHRIWKHVLQIRUWKDWLVWKHSRLQWWKDWVKRXOG
EHUHJUHWWHG
7KHQ RQH VKRXOG EH UHPRUVHIXO DQG VD\ ³,
FRPPLWWHG WKDW VLQ EHFDXVH WKH &UHDWRU KXUOHG
PHGRZQIURPKROLQHVVWRDSODFHRI¿OWKWRWKH
ODYDWRU\WKHSODFHRI¿OWK´7KDWLVWRVD\WKDWWKH
&UHDWRUJDYHKLPDGHVLUHDQGFUDYLQJWRDPXVH
KLPVHOIDQGEUHDWKHDLULQDSODFHRIVWHQFK
$QG\RXPLJKWVD\WKDWLWLVZULWWHQLQERRNV
WKDW VRPHWLPHV RQH FRPHV LQFDUQDWHG DV D SLJ
:HVKRXOGLQWHUSUHWWKDWDVKHVD\VRQHUHFHLYHV
DGHVLUHDQGFUDYLQJWRWDNHOLYHOLQHVVIURPWKLQJV
KH KDG DOUHDG\ GHWHUPLQHG ZHUH OLWWHU EXW QRZ
KHZDQWVWRUHFHLYHQRXULVKPHQWIURPWKHP
$OVRZKHQRQHIHHOVWKDWQRZKHLVLQDVWDWH
RIDVFHQWDQGIHHOVVRPHJRRGÀDYRULQWKHZRUN
KHPXVWQRWVD\³1RZ,DPLQDVWDWHWKDW,XQGHU
VWDQGWKDWLWLVZRUWKZKLOHWRZRUVKLSWKH&UHDWRU´
5DWKHUKHVKRXOGNQRZWKDWQRZKHZDVIDYRUHG
E\ WKH &UHDWRU KHQFH WKH &UHDWRU EURXJKW KLP
FORVHUDQGIRUWKLVUHDVRQKHQRZIHHOVJRRGÀD
YRULQWKHZRUN$QGKHVKRXOGEHFDUHIXOQHYHUWR
OHDYHWKHGRPDLQRI6DQFWLW\DQGVD\WKDWWKHUHLV
DQRWKHUZKRRSHUDWHVEHVLGHVWKH&UHDWRU
%XW WKLV PHDQV WKDW WKH PDWWHU RI EHLQJ ID
YRUHG E\ WKH &UHDWRU RU WKH RSSRVLWH GRHV QRW
GHSHQG RQ WKH SHUVRQ KLPVHOI EXW RQO\ RQ WKH
&UHDWRU$QGPDQZLWKKLVH[WHUQDOPLQGFDQQRW
FRPSUHKHQGZK\QRZWKH/RUGKDVIDYRUHGKLP
DQGDIWHUZDUGVGLGQRW
/LNHZLVH ZKHQ KH UHJUHWV WKDW WKH &UHDWRU
GRHVQRWGUDZKLPQHDUKHVKRXOGDOVREHFDUH
IXO WKDW LW ZRXOG QRW EH FRQFHUQLQJ KLPVHOI
PHDQLQJ WKDW KH LV UHPRWH IURP WKH &UHDWRU
7KLVLVEHFDXVHWKXVKHEHFRPHVDUHFHLYHUIRU
KLVRZQEHQH¿WDQGRQHZKRUHFHLYHVLVVHSD
UDWHG5DWKHUKHVKRXOGUHJUHWWKHH[LOHRIWKH
6KHFKLQD'LYLQLW\PHDQLQJWKDWKHLVFDXVLQJ
WKHVRUURZRI'LYLQLW\
2QHVKRXOGLPDJLQHWKDWLWLVDVWKRXJKDVPDOO
RUJDQRIWKHSHUVRQLVVRUH7KHSDLQLVQRQHWKH
OHVVIHOWSULPDULO\LQWKHPLQGDQGLQWKHKHDUW
7KHKHDUWDQGWKHPLQGZKLFKDUHWKHZKROHRI
PDQ$QGFHUWDLQO\WKHVHQVDWLRQRIDVLQJOHRU
JDQFDQQRWUHVHPEOHWKHVHQVDWLRQRIDSHUVRQ¶V
IXOOVWDWXUHZKHUHPRVWRIWKHSDLQLVIHOW
/LNHZLVHLVWKHSDLQWKDWDSHUVRQIHHOVZKHQ
KHLVUHPRWHIURPWKH&UHDWRU6LQFHPDQLVEXWD
VLQJOHRUJDQRIWKH+RO\6KHFKLQDIRUWKH+RO\
6KHFKLQD LV WKH FRPPRQ VRXO RI ,VUDHO KHQFH
WKHVHQVDWLRQRIDVLQJOHRUJDQGRHVQRWUHVHPEOH
WKH VHQVDWLRQ RI WKH SDLQ LQ JHQHUDO 7KDW LV WR
VD\ WKDW WKHUH LV VRUURZ LQ WKH 6KHFKLQD ZKHQ
WKHRUJDQVDUHGHWDFKHGIURPKHUDQGVKHFDQQRW
QXUWXUHKHURUJDQV
$QGZHVKRXOGVD\WKDWWKLVLVZKDWRXUVDJHV
VDLG³:KHQDPDQUHJUHWVZKDWGRHV6KHFKLQD
VD\"µ,WLVOLJKWHUWKDQP\KHDG¶´%\QRWUHODW
LQJWKHVRUURZRIUHPRWHQHVVWRRQHVHOIRQHLV
VSDUHG IDOOLQJ LQWR WKH WUDS RI WKH GHVLUH WR UH
FHLYHIRURQHVHOIZKLFKLVFRQVLGHUHGVHSDUDWLRQ
IURPKROLQHVV
7KHVDPHDSSOLHVZKHQRQHIHHOVVRPHFORVH
QHVV WR KROLQHVV ZKHQ KH IHHOV MR\ DW KDYLQJ
EHHQIDYRUHGE\WKH&UHDWRU7KHQWRRRQHPXVW
VD\WKDWRQH¶VMR\LVSULPDULO\EHFDXVHQRZWKHUH
LVMR\$ERYHZLWKLQWKH+RO\6KHFKLQDDWEHLQJ
DEOHWREULQJKHUSULYDWHRUJDQQHDUKHUDQGWKDW
VKHGLGQRWKDYHWRVHQGKHUSULYDWHRUJDQDZD\
$QG RQH GHULYHV MR\ IURP EHLQJ UHZDUGHG
ZLWK SOHDVLQJ WKH 6KHFKLQD 7KLV LV LQ DFFRUG
ZLWK WKH DERYH FDOFXODWLRQ WKDW ZKHQ WKHUH LV
MR\ IRU WKH SDUW LW LV RQO\ D SDUW RI WKH MR\ RI
WKH ZKROH 7KURXJK WKHVH FDOFXODWLRQV KH ORVHV
KLVLQGLYLGXDOLW\DQGDYRLGVEHLQJWUDSSHGE\WKH
6LWUD$FKUDZKLFKLVWKHZLOOWRUHFHLYHIRUKLV
RZQEHQH¿W
$OWKRXJK WKH ZLOO WR UHFHLYH LV QHFHVVDU\
VLQFHWKLVLVWKHZKROHRIPDQVLQFHDQ\WKLQJWKDW
H[LVWVLQDSHUVRQDSDUWIURPWKHZLOOWRUHFHLYH
GRHVQRWEHORQJWRWKHFUHDWXUHEXWLVDWWULEXWHG
WR WKH &UHDWRU EXW WKH ZLOO WR UHFHLYH SOHDVXUH
VKRXOGEHFRUUHFWHGWREHLQJLQRUGHUWREHVWRZ
7KDWLVWRVD\WKHSOHDVXUHDQGMR\ZKLFKWKH
ZLOO WR UHFHLYH WDNHV VKRXOG EH ZLWK WKH LQWHQ
WLRQ WKDW WKHUH LV FRQWHQWPHQW$ERYH ZKHQ WKH
FUHDWXUHVIHHOSOHDVXUHIRUWKLVZDVWKHSXUSRVH
RIFUHDWLRQ²WREHQH¿W+LVFUHDWLRQV$QGWKLVLV
FDOOHGWKHMR\RIWKH6KHFKLQD$ERYH
)RU WKLV UHDVRQ RQH PXVW VHHN DGYLFH DV WR
KRZKHFDQEULQJFRQWHQWPHQW$ERYH$QGFHU
WDLQO\LIKHUHFHLYHVSOHDVXUHFRQWHQWPHQWVKDOO
EHIHOW$ERYH7KHUHIRUHKH\HDUQVWRDOZD\VEH
LQ WKH .LQJ¶V SDODFH DQG WR KDYH WKH DELOLW\ WR
SOD\ZLWKWKH.LQJ¶VWUHDVXUHV$QGWKDWZLOOFHU
WDLQO\FDXVHFRQWHQWPHQW$ERYH,WIROORZVWKDW
KLVHQWLUHORQJLQJVKRXOGEHRQO\IRUWKHVDNHRI
WKH&UHDWRU
'LYLQLW\LQ([LOH
,KHDUGLQ
7KH+RO\=RKDUVD\V³+HLV6KRFKHQ'ZHOOHU
DQG6KHLV6KHFKLQD'LYLQLW\´:HVKRXOGLQWHU
SUHWLWVZRUGV,WLVNQRZQZLWKUHJDUGWRWKH8S
SHU /LJKW WKDW WKH\ VD\ WKDW WKHUH LV QR FKDQJH
DVLWLVZULWWHQ³,WKH/RUGFKDQJHQRW´$OOWKH
QDPHV DQG DSSHOODWLRQV DUH RQO\ ZLWK UHVSHFW WR
WKH .HOLP YHVVHOV ZKLFK LV WKH ZLOO WR UHFHLYH
LQFOXGHGLQ0DOFKXW²WKHURRWRIFUHDWLRQ)URP
WKHUHLWKDQJVGRZQWRWKLVZRUOGWRWKHFUHDWXUHV
$OOWKHVHGLVFHUQPHQWVEHJLQQLQJZLWK0DO
FKXWEHLQJWKHURRWRIWKHFUHDWLRQRIWKHZRUOGV
WKURXJK WKH FUHDWXUHV LV QDPHG 6KHFKLQD7KH
JHQHUDO 7LNNXQ FRUUHFWLRQ LV WKDW WKH 8SSHU
/LJKWZLOOVKLQHLQWKHPLQXWWHUFRPSOHWHQHVV
7KH /LJKW WKDW VKLQHV LQ WKH .HOLP LV QDPHG
6KRFKHQ DQG WKH .HOLP DUH JHQHUDOO\ QDPHG
6KHFKLQD,QRWKHUZRUGVWKH/LJKWGZHOOVLQVLGH
WKH6KHFKLQD7KLVPHDQVWKDWWKH/LJKWLVFDOOHG
6KRFKHQEHFDXVHLWGZHOOVZLWKLQWKH.HOLPWKDW
LVWKHZKROHRIWKH.HOLPDUHQDPHG6KHFKLQD
%HIRUHWKH/LJKWVKLQHVLQWKHPLQXWWHUFRP
SOHWHQHVVZHQDPHWKDWWLPH³$7LPHRI&RU
UHFWLRQV´7KLVPHDQVWKDWZHPDNHFRUUHFWLRQV
VRWKDWWKH/LJKWZLOOVKLQHLQWKHPLQFRPSOHWH
QHVV8QWLOWKHQWKDWVWDWHLVFDOOHG³'LYLQLW\LQ
([LOH´
,WPHDQVWKDWWKHUHLVVWLOOQRSHUIHFWLRQLQWKH
8SSHU:RUOGV%HORZLQWKLVZRUOGWKHUHVKRXOG
EH D VWDWH ZKHUH WKH 8SSHU /LJKW LV ZLWKLQ WKH
ZLOOWRUHFHLYH7KLV7LNNXQLVGHHPHGUHFHLY
LQJLQRUGHUWREHVWRZ
0HDQZKLOH WKH ZLOO WR UHFHLYH LV ¿OOHG ZLWK
LJQREOH DQG IRROLVK WKLQJV WKDW GR QRW PDNH D
SODFHZKHUHWKHJORU\RI+HDYHQFDQEHUHYHDOHG
7KLVPHDQVWKDWZKHUHWKHKHDUWVKRXOGEHD7DE
HUQDFOHIRUWKH/LJKWRI*RGWKHKHDUWEHFRPHVD
SODFHRIZDVWHDQG¿OWK,QRWKHUZRUGVLJQRELO
LW\FDSWXUHVWKHZKROHRIWKHKHDUW
7KLVLVFDOOHG³'LYLQLW\LQWKHGXVW´,WPHDQV
WKDWLWLVORZHUHGWRWKHJURXQGDQGHDFKDQGHY
HU\RQHORDWKHVPDWWHUVRI6DQFWLW\DQGWKHUHLV
QRGHVLUHZKDWVRHYHUWRUDLVHLWIURPWKHGXVW,Q
VWHDGWKH\FKRRVHLJQREOHWKLQJVDQGWKLVEULQJV
RQ WKH VRUURZ RI WKH 6KHFKLQD ZKHQ RQH GRHV
QRWPDNHDSODFHLQWKHKHDUWWKDWZLOOEHFRPHD
7DEHUQDFOHIRUWKH/LJKWRI*RG
7KH0DWWHURI6SLULWXDO$WWDLQPHQW
,KHDUG
:H GLVFHUQ PDQ\ GHJUHHV DQG GLVFHUQPHQWV LQ
WKHZRUOGV:HPXVWNQRZWKDWHYHU\WKLQJWKDW
UHODWHVWRGLVFHUQPHQWVDQGGHJUHHVVSHDNVRIWKH
DWWDLQPHQWRIWKHVRXOVZLWKUHJDUGWRZKDWWKH\
UHFHLYHIURPWKHZRUOGV7KLVDGKHUHVWRWKHUXOH
³:KDW ZH GR QRW DWWDLQ ZH GR QRW NQRZ E\
QDPH´7KLVLVVREHFDXVHWKHZRUG³QDPH´LQGL
FDWHVDWWDLQPHQWOLNHDSHUVRQZKRQDPHVVRPH
REMHFW DIWHU KDYLQJ DWWDLQHG VRPHWKLQJ DERXW LW
DFFRUGLQJWRRQH¶VDWWDLQPHQW
+HQFHUHDOLW\LQJHQHUDOLVGLYLGHGLQWRWKUHH
GLVFHUQPHQWV ZLWK UHVSHFW WR VSLULWXDO DWWDLQ
PHQW
$W]PXWR+LV(VVHQFH
(LQ6RI,Q¿QLW\
7KH6RXOV
:HGRQRWVSHDNRI$W]PXWRDWDOO7KLVLV
EHFDXVH WKH URRW DQG WKH SODFH RI WKH FUHDWXUHV
EHJLQLQWKH7KRXJKWRI&UHDWLRQZKHUHWKH\DUH
LQFRUSRUDWHGDVLWLVZULWWHQ³7KHHQGRIDQDFW
LVLQWKHSUHOLPLQDU\WKRXJKW´
(LQ6RISHUWDLQVWRWKH7KRXJKWRI&UHDWLRQ
ZKLFKLV³+LVGHVLUHWRGRJRRGWR+LVFUHDWLRQV´
7KLVLVFRQVLGHUHG(LQ6RIDQGLWLVWKHFRQQHF
WLRQH[LVWLQJEHWZHHQ$W]PXWRDQGWKHVRXOV:H
SHUFHLYHWKLVFRQQHFWLRQLQWKHIRUPRI³GHVLUHWR
GHOLJKWWKHFUHDWXUHV´
(LQ6RILVWKHEHJLQQLQJ,WLVFDOOHG³D/LJKW
ZLWKRXW D .OL YHVVHO´ \HW WKHUH LV WKH URRW RI
WKH FUHDWXUHV PHDQLQJ WKH FRQQHFWLRQ EHWZHHQ
WKH&UHDWRUDQGWKHFUHDWXUHVFDOOHG³+LVGHVLUH
WRGRJRRGWR+LVFUHDWLRQV´7KLVGHVLUHEHJLQV
LQWKHZRUOGRI(LQ6RIDQGH[WHQGVWKURXJKWKH
ZRUOGRI$VVL\D
7KH 6RXOV ZKLFK DUH WKH UHFHLYHUV RI WKH
JRRGWKDW+HZLVKHVWRGR
+HLVFDOOHG(LQ6RIEHFDXVHWKLVLVWKHFRQ
QHFWLRQ EHWZHHQ $W]PXWR DQG WKH VRXOV ZKLFK
ZH SHUFHLYH DV ³+LV GHVLUH WR GR JRRG WR +LV
FUHDWLRQV´:HKDYHQRXWWHUDQFHH[FHSWIRUWKDW
FRQQHFWLRQRIGHVLUHWRHQMR\DQGWKLVLVWKHEH
JLQQLQJRIWKHHQJDJHPHQWDQGLWLVFDOOHG³/LJKW
ZLWKRXWD.OL´
<HW WKHUH EHJLQV WKH URRW RI WKH FUHDWXUHV
PHDQLQJWKHFRQQHFWLRQEHWZHHQWKH&UHDWRUDQG
WKH FUHDWXUHV FDOOHG ³+LV GHVLUH WR GR JRRG WR
+LVFUHDWLRQV´7KLVGHVLUHEHJLQVLQWKHZRUOGRI
(LQ6RIDQGH[WHQGVWKURXJKWKHZRUOGRI$VVL\D
$OO WKH ZRUOGV DUH LQ WKHPVHOYHV FRQVLGHUHG
/LJKWZLWKRXWD.OLZKHUHWKHUHLVQRXWWHUDQFH
7KH\DUHGLVFHUQHGDV$W]PXWRDQGWKHUHLVQR
DWWDLQPHQWLQWKHP
'RQRWZRQGHUWKDWZHGLVFHUQPDQ\GLVFHUQ
PHQWVWKHUH7KLVLVEHFDXVHWKHVHGLVFHUQPHQWV
DUHWKHUHLQSRWHQWLDO$IWHUZDUGVZKHQWKHVRXOV
FRPH WKHVH GLVFHUQPHQWV ZLOO DSSHDU LQ WKH
VRXOVWKDWUHFHLYHWKH8SSHU/LJKWVDFFRUGLQJWR
ZKDWWKH\KDYHFRUUHFWHGDQGDUUDQJHG7KXVWKH
VRXOVZLOOEHDEOHWRUHFHLYHWKHPHDFKDFFRUG
LQJWRLWVDELOLW\DQGTXDOL¿FDWLRQ$QGWKHQWKHVH
GLVFHUQPHQWV DSSHDU LQ DFWXDO IDFW +RZHYHU
ZKLOH WKH VRXOV GR QRW DWWDLQ WKH 8SSHU /LJKW
WKH\LQWKHPVHOYHVDUHFRQVLGHUHG$W]PXWR
:LWKUHVSHFWWRWKHVRXOVWKDWUHFHLYHIURPWKH
ZRUOGVWKHZRUOGVDUHFRQVLGHUHG(LQ6RI7KLV
LV EHFDXVH WKLV FRQQHFWLRQ EHWZHHQ WKH ZRUOGV
DQGWKHVRXOVPHDQLQJZKDWWKHZRUOGVJLYHWR
WKHVRXOVH[WHQGVIURPWKH7KRXJKWRI&UHDWLRQ
ZKLFKLVDFRUUHODWLRQEHWZHHQWKHVRXOVDQG$W]
PXWR
7KLV FRQQHFWLRQ LV FDOOHG (LQ 6RI :KHQ ZH
SUD\ WR WKH &UHDWRU DQG DVN RI +LP WR KHOS XV
DQG WR JLYH XV ZKDW ZH ZDQW ZH UHODWH WR WKH
GLVFHUQPHQWRI(LQ6RI7KHUHLVWKHURRWRIWKH
FUHDWXUHV ZKLFK ZDQWV WR LPSDUW WKHP GHOLJKW
DQG SOHDVXUH FDOOHG ³+LV GHVLUH WR GR JRRG WR
+LVFUHDWLRQV´
7KHSUD\HULVWRWKH&UHDWRUZKRFUHDWHGXV
DQG+LV1DPHLV³+LVGHVLUHWRGRJRRGWR+LV
FUHDWLRQV´ +H LV FDOOHG (LQ 6RI EHFDXVH WKLV
VSHDNVRISULRUWRWKHUHVWULFWLRQ$QGHYHQDIWHU
WKHUHVWULFWLRQQRFKDQJHRFFXUVLQ+LPDVWKHUH
LVQRFKDQJHLQWKH/LJKWDQG+HDOZD\VUHPDLQV
ZLWKWKLVQDPH
7KH SUROLIHUDWLRQ RI WKH QDPHV LV RQO\ ZLWK
UHVSHFW WR WKH UHFHLYHUV +HQFH WKH ¿UVW QDPH
WKDWDSSHDUHGWKDWLVWKHURRWIRUWKHFUHDWXUHV
LV FDOOHG (LQ 6RI $QG WKLV QDPH UHPDLQV XQ
FKDQJHG$OOWKHUHVWULFWLRQVDQGWKHFKDQJHVDUH
PDGHRQO\ZLWKUHJDUGWRWKHUHFHLYHUVDQG+H
DOZD\VVKLQHVLQWKH¿UVWQDPH³+LVGHVLUHWRGR
JRRGWR+LVFUHDWLRQV´HQGOHVVO\
7KLV LV ZK\ ZH SUD\ WR WKH &UHDWRU FDOOHG
(LQ6RIZKRVKLQHVZLWKRXWUHVWULFWLRQRUHQG
7KHHQGZKLFKDSSHDUVVXEVHTXHQWO\LVFRUUHF
WLRQVIRUWKHUHFHLYHUVVRWKDWWKH\PD\UHFHLYH
+LV/LJKW
7KH 8SSHU /LJKW LV PDGH RI WZR GLVFHUQ
PHQWVDWWDLQLQJDQGDWWDLQHG(YHU\WKLQJZHVD\
UHJDUGLQJ WKH 8SSHU /LJKW FRQFHUQV RQO\ KRZ
WKHDWWDLQLQJLVLPSUHVVHGE\WKHDWWDLQHG+RZ
HYHULQWKHPVHOYHVPHDQLQJRQO\WKHDWWDLQLQJ
RURQO\WKHDWWDLQHGWKH\DUHQRWFDOOHG(LQ6RI
5DWKHU WKH DWWDLQHG LV FDOOHG $W]PXWR DQG WKH
DWWDLQLQJLVFDOOHG³VRXOV´EHLQJDQHZGLVFHUQ
PHQWZKLFKLVDSDUWRIWKHZKROH,WLVQHZLQ
WKHVHQVHWKDWWKHZLOOWRUHFHLYHLVLPSULQWHGLQ
LW$QGLQWKDWVHQVHFUHDWLRQLVFDOOHG³H[LVWHQFH
IURPDEVHQFH´
)RU WKHPVHOYHV DOO WKH ZRUOGV DUH UHJDUGHG
DVVLPSOHXQLW\DQGWKHUHLVQRFKDQJHLQ*RGOL
QHVV7KLVLVWKHPHDQLQJRI³,WKH/RUGGRQRW
FKDQJH´7KHUHDUHQR6H¿URWDQG%HKLQRWGLV
FHUQPHQWVLQ*RGOLQHVV
(YHQWKHPRVWVXEWOHDSSHOODWLRQVGRQRWUH
IHUWRWKH/LJKWLWVHOIDVWKLVLVDGLVFHUQPHQWRI
$W]PXWR ZKHUH WKHUH LV QR DWWDLQPHQW 5DWKHU
DOOWKH6H¿URWDQGWKHGLVFHUQPHQWVVSHDNRQO\
RIZKDWDSHUVRQDWWDLQVLQWKHP7KLVLVEHFDXVH
WKH&UHDWRUZDQWHGXVWRDWWDLQDQGXQGHUVWDQG
WKHDEXQGDQFHDV³+LVGHVLUHWRGRJRRGWR+LV
FUHDWLRQV´
,QRUGHUIRUXVWRDWWDLQZKDW+HKDGZDQWHG
XVWRDWWDLQDQGXQGHUVWDQGDV³+LVGHVLUHWRGR
JRRGWR+LVFUHDWLRQV´+HFUHDWHGDQGLPSDUWHG
XVZLWKWKHVHVHQVHVDQGWKHVHVHQVHVDWWDLQWKHLU
LPSUHVVLRQVRIWKH8SSHU/LJKW
$FFRUGLQJO\ ZH KDYH EHHQ JLYHQ PDQ\ GLV
FHUQPHQWVVLQFHWKHJHQHUDOVHQVHLVFDOOHG³WKH
ZLOOWRUHFHLYH´DQGLVGLYLGHGLQWRPDQ\GHWDLOV
DFFRUGLQJ WR WKH PHDVXUH WKDW WKH UHFHLYHUV DUH
DEOH WR UHFHLYH 7KXV ZH ¿QG PDQ\ GLYLVLRQV
DQGGHWDLOVFDOOHGDVFHQWVDQGGHVFHQWVH[SDQ
VLRQDQGGHSDUWXUHHWF
6LQFH WKH ZLOO WR UHFHLYH LV FDOOHG ³FUHDWXUH´
DQG D ³QHZ GLVFHUQPHQW´ WKH XWWHUDQFH EHJLQV
SUHFLVHO\IURPWKHSODFHZKHUHWKHZLOOWRUHFHLYH
EHJLQVWRUHFHLYHLPSUHVVLRQV7KHVSHHFKLVGLV
FHUQPHQWVSDUWVRILPSUHVVLRQV)RUKHUHWKHUHLV
DOUHDG\DFRUUHODWLRQEHWZHHQWKH/LJKWDQGWKH
ZLOOWRUHFHLYH
7KLVLVFDOOHG³/LJKWDQG.OL´+RZHYHUWKHUH
LVQRXWWHUDQFHLQWKH/LJKWZLWKRXWD.OLVLQFH
D /LJKW WKDW LV QRW DWWDLQHG E\ WKH UHFHLYHU LV
FRQVLGHUHG$W]PXWRZKHUHWKHXWWHUDQFHLVIRU
ELGGHQVLQFHLWLVXQDWWDLQDEOHDQGKRZFDQZH
QDPHZKDWZHGRQRWDWWDLQ"
)URPWKLVZHOHDUQWKDWZKHQZHSUD\IRUWKH
&UHDWRU WR VHQG XV VDOYDWLRQ FXUH DQG VR RQ
WKHUHDUHWZRWKLQJVZHVKRXOGGLVWLQJXLVK±
7KH&UHDWRU±7KDWZKLFKH[WHQGVIURP+LP
,QWKH¿UVWGLVFHUQPHQWFRQVLGHUHG$W]PXWR
WKHXWWHUDQFHLVIRUELGGHQDVZHKDYHVDLGDERYH
,Q WKH VHFRQG GLVFHUQPHQW WKDW ZKLFK H[WHQGV
IURP+LPZKLFKLVFRQVLGHUHGWKH/LJKWWKDWH[
SDQGV LQWR RXU .HOLP PHDQLQJ LQWR RXU ZLOO WR
UHFHLYHWKDWLVZKDWZHFDOO(LQ6RI7KLVLVWKH
FRQQHFWLRQRIWKH&UHDWRUZLWKWKHFUHDWXUHVEH
LQJ³+LVGHVLUHWRGRJRRGWR+LVFUHDWLRQV´7KH
ZLOOWRUHFHLYHLVUHJDUGHGDVWKHH[SDQGLQJ/LJKW
WKDW¿QDOO\UHDFKHVWKHZLOOWRUHFHLYH
:KHQ WKH ZLOO WR UHFHLYH UHFHLYHV WKH H[
SDQGLQJ /LJKW WKH H[SDQGLQJ /LJKW LV WKHQ
FDOOHG(LQ6RI,WFRPHVWRWKHUHFHLYHUVWKURXJK
PDQ\FRYHUVVRWKDWWKHORZHURQHZLOOEHDEOH
WRUHFHLYHWKHP
,WWXUQVRXWWKDWDOOWKHGLVFHUQPHQWVDQGWKH
FKDQJHV DUH PDGH VSHFL¿FDOO\ LQ WKH UHFHLYHU
ZLWKUHODWLRQWRKRZWKHUHFHLYHULVLPSUHVVHGE\
WKHP+RZHYHUZHPXVWGLVFHUQWKHPDWWHUZH
DUHVSHDNLQJRI:KHQZHVSHDNRIGLVFHUQPHQWV
LQWKHZRUOGVWKHVHDUHSRWHQWLDOGLVFHUQPHQWV
$QG ZKHQ WKH UHFHLYHU DWWDLQV WKHVH GLVFHUQ
PHQWVWKH\DUHFDOOHG³DFWXDO´
6SLULWXDODWWDLQPHQWLVZKHQWKHDWWDLQLQJDQG
WKHDWWDLQHGFRPHWRJHWKHUDVZLWKRXWDQDWWDLQ
LQJWKHUHLVQRIRUPWRWKHDWWDLQHGVLQFHWKHUHLV
QRRQHWRREWDLQWKHIRUPRIWKHDWWDLQHG+HQFH
WKLV GLVFHUQPHQW LV FRQVLGHUHG $W]PXWR ZKHUH
WKHUH LV QR URRP IRU DQ\ XWWHUDQFH 7KHUHIRUH
KRZ FDQ ZH VD\ WKDW WKH DWWDLQHG KDV LWV RZQ
IRUP"
:HFDQRQO\VSHDNIURPZKHUHRXUVHQVHVDUH
LPSUHVVHGE\WKHH[SDQGLQJ/LJKWZKLFKLV³+LV
GHVLUHWRGRJRRGWR+LVFUHDWLRQV´ZKLFKFRPHV
LQWRWKHKDQGVRIWKHUHFHLYHUVLQDFWXDOIDFW
6LPLODUO\ZKHQZHH[DPLQHDWDEOHRXUVHQVH
RIWRXFKIHHOVLWDVVRPHWKLQJKDUG:HDOVRGLV
FHUQ LWV OHQJWK DQG ZLGWK DOO DFFRUGLQJ WR RXU
VHQVHV +RZHYHU WKDW GRHV QRW QHFHVVLWDWH WKDW
WKH WDEOH ZLOO DSSHDU VR WR RQH ZKR KDV RWKHU
VHQVHV )RU H[DPSOH LQ WKH H\HV RI DQ DQJHO
ZKHQLWH[DPLQHVWKHWDEOHLWZLOOVHHLWDFFRUG
LQJ WR LWV VHQVHV +HQFH ZH FDQQRW GHWHUPLQH
DQ\IRUPZLWKUHJDUGWRDQDQJHOVLQFHZHGRQRW
NQRZLWVVHQVHV
7KXVVLQFHZHKDYHQRDWWDLQPHQWLQWKH&UH
DWRUZHFDQQRWVD\ZKLFKIRUPWKHZRUOGVKDYH
IURP+LVSHUVSHFWLYH:HRQO\DWWDLQWKHZRUOGV
DFFRUGLQJWRRXUVHQVHVDQGVHQVDWLRQVDVLWZDV
+LVZLOOIRUXVWRDWWDLQ+LPVR
7KLV LV WKH PHDQLQJ RI ³7KHUH LV QR FKDQJH
LQWKH/LJKW´5DWKHUDOOWKHFKDQJHVDUHLQWKH
.HOLP PHDQLQJ LQ RXU VHQVHV:H PHDVXUH HY
HU\WKLQJ DFFRUGLQJ WR RXU LPDJLQDWLRQ )URP
WKLVLWIROORZVWKDWLIPDQ\SHRSOHH[DPLQHRQH
VSLULWXDOWKLQJHDFKZLOODWWDLQDFFRUGLQJWRKLV
LPDJLQDWLRQDQGVHQVHVWKHUHE\VHHLQJDGLIIHU
HQWIRUP
,Q DGGLWLRQ WKH IRUP LWVHOI ZLOO FKDQJH LQ D
SHUVRQ DFFRUGLQJ WR KLV XSV DQG GRZQV DV ZH
KDYH VDLG DERYH WKDW WKH /LJKW LV 6LPSOH /LJKW
DQGDOOWKHFKDQJHVDUHRQO\LQWKHUHFHLYHUV
0D\ZHEHJUDQWHGZLWK+LV/LJKWDQGIROORZ
LQWKHZD\VRIWKH&UHDWRUDQGVHUYH+LPQRWLQ
RUGHUWREHUHZDUGHGEXWWRJLYHFRQWHQWPHQWWR
WKH&UHDWRUDQGUDLVH'LYLQLW\IURPWKHGXVW0D\
ZHEHJUDQWHGDGKHVLRQZLWKWKH&UHDWRUDQGWKH
UHYHODWLRQRI+LV*RGOLQHVVWR+LVFUHDWXUHV
+2:72&217$&7%1(,%$58&+
6WHHOHV$YHQXH:HVW6XLWH
7RURQWR2105;
&DQDGD
%QHL%DUXFK86$
WKVWUHHW
%URRNO\Q1<
86$
(PDLOLQIR#NDEEDODKLQIR
:HEVLWHZZZNDELQIR
7ROOIUHHLQ86$DQG&DQDGD
/$,70$1
)D[