January-February 2009 San Antonio Lawyer

Transcription

January-February 2009 San Antonio Lawyer
.ERYEV]*IFVYEV]
$Ƚ4ȐȹɄɑȨǸȹ
356767'
863267$*(
3$,'
3(50,7
6$1$1721,2
7(;$6
.ERYEV]*IFVYEV]
(ITEVXQIRXW
*IEXYVIW
.YHKI0EVV]2SPP
0MOI*EXLIV0MOI7SR
&]'EPIF6EGOPI]
4VIWMHIRX¸W4EKI
-R4VEMWISJ0MZI'0)
&]/EVIR01EVZIP
)XLMGW*SPPMIW´
0II'YWIRFEV]¸W&VEMRGLMPH
&]%QERHE6&YGOIVX
*SYVXL'SYVX9THEXI
'EWI7YQQEVMIW
&].YWXMGI'EXLIVMRI7XSRI
-R1IQSVMEQ
%VVERKIHF]4EX%YXV]
(IEV)HMXSV
%VVERKIHF].YHKI&EVFEVE2IPPIVQSI
)XLMGEP0MJI%[EVHW
&]%QERHE6&YGOIVX
*IHIVEP'SYVX9THEXI
&],SR2ERG]7XIMR2S[EO
ERH2MWWE1(YRR
3RXLI'SZIV
-XGJH&DURO+DEHUPDQ.QLJKW6KHHQÀUVWIHPDOHGLVWULFWMXGJHLQ%H[DU&RXQW\
3KRWRFRXUWHV\RI+XJK/HLJKWRQ0F:LOOLDPV3KRWRJUDSK\
6DQ$QWRQLR/DZ\HULVDQRIÀFLDOSXEOLFDWLRQRIWKH6DQ$QWRQLR%DU$VVRFLDWLRQ6HQGDGGUHVVFKDQJHVWRWKH%DU$VVRFLDWLRQDGGUHVVDERYH9LHZVH[SUHVVHGLQ6DQ$QWRQLR/DZ\HUDUH
WKRVHRIWKHDXWKRUVDQGGRQRWQHFHVVDULO\UHÁHFWWKHYLHZVRIWKH6DQ$QWRQLR%DU$VVRFLDWLRQ3XEOLFDWLRQRIDQDGYHUWLVHPHQWGRHVQRWLPSO\HQGRUVHPHQWRIDQ\SURGXFWRUVHUYLFH
&RQWULEXWLRQVWR6DQ$QWRQLR/DZ\HUDUHZHOFRPHEXWWKHULJKWLVUHVHUYHGWRVHOHFWPDWHULDOVWREHSXEOLVKHG3OHDVHVHQGDOOFRUUHVSRQGHQFHWRNLPS#VDEDURUJ&RS\ULJKW‹6DQ
$QWRQLR%DU$VVRFLDWLRQ$OOULJKWVUHVHUYHG
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
0E[]IV
7ER%RXSRMS
7KH6DQ$QWRQLR%DU$VVRFLDWLRQ
'RORURVD6DQ$QWRQLR7H[DV
)D[
2IÀFHUV'LUHFWRUV
3UHVLGHQW
9LFWRU+1HJUyQ-U
3UHVLGHQW(OHFW
&DUO5RELQ7HDJXH
9LFH3UHVLGHQW
-XVWLFH3K\OLV-6SHHGOLQ
6HFUHWDU\
*DU\:+XWWRQ
7UHDVXUHU
$QGUHZ/.HUU
,PPHGLDWH3DVW3UHVLGHQW
$OODQ.'X%RLV
'LUHFWRUV
.U\VWDO&RUGRYD
0DOLQGD$*DXO
'LDQD0*HLV
7KRPDVJ.H\VHU
-XVWLFH5HEHFFD6LPPRQV
%HWK:DWNLQV6TXLUHV
'DYLG6WHSKHQVRQ
*HRUJH$7D\ORU
0H[LFDQ$PHULFDQ
%DU$VVRFLDWLRQ
%ULDQ$+DPQHU
6DQ$QWRQLR%DU
)RXQGDWLRQ
*LOEHUW9DUD-U
6DQ$QWRQLR<RXQJ
/DZ\HUV$VVRFLDWLRQ
6DPXHO+RXVWRQ,,,
6WDWH%DU
RI7H[DV'LUHFWRUV
9DQ*+LOOH\
/DPRQW$-HIIHUVRQ
%H[DU&RXQW\:RPHQ·V
%DU$VVRFLDWLRQ
([HFXWLYH'LUHFWRU
0RQLFD57UROOLQJHU
-LPP\$OOLVRQ
6DQ$QWRQLR%ODFN
/DZ\HUV$VVRFLDWLRQ
6WHSKDQLH5%R\G
!"
#$
%&
'
% (&
)!&$&!
*"+,-!
.
-
,%
5!&6"
(&
/0&!&
12"+3,&&!&+3//4
(GLWRUV
(GLWRULQ&KLHI
+RQ%DUEDUD1HOOHUPRH
0DQDJLQJ(GLWRU
.LP3DOPHU
$UWLFOHV(GLWRU
6DUD0XUUD\
'HSDUWPHQWV(GLWRU
/HVOLH6DUD+\PDQ
%RDUGRI(GLWRUV
+RQ%DUEDUD+DQVRQ1HOOHUPRH&KDLU
3DW+$XWU\9LFH&KDLU
7RP%DJE\,,,
'RQDOG6%D\QH
%UDGIRUG%XOORFN
%DUU\+%HHU
&KDUOHV%XWWV
3ULVFLOOD&DPDFKR
5XG\&DVWLOOR
*D\OD&RUOH\
3DXO&XUO
$QWRLQHWWH'HOJDGR
-DVRQ'*RII
6WHSKHQ+*RUGRQ
3HU+DUG\
6DP+RXVWRQ
5RE/RUHH
(G0DUYLQ
$P\0F/LQ
+XJK0F:LOOLDPV
-RE\-0LOOV
&XUW0R\
/DXUD5RGULJXH]
7\6KHHKDQ
$GULDQ$6SHDUV,,
%UHQW6\NRUD
'DQLHO7DPDURII
-RKQQ\7KRPDV
-XGLWK.:HPPHUW
1DWLRQZLGH3XEOLVKLQJ6$
*UHDW5LGJH6DQ$QWRQLR7;
‡)D[
3XEOLVKHU5RQ/+RJXH
UOKRJXH#VDW[UUFRP
/D\RXWE\.LP3DOPHU
0DQDJLQJ(GLWRU6DQ$QWRQLR%DU$VVRFLDWLRQ
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
%\.DUHQ/0DUYHO
6$%$3UHVLGHQW9LFWRU1HJURQLQYLWHG,PPHGLDWH3DVW3UHVLGHQWRI6$%$·V)DPLO\/DZ6HFWLRQ
.DUHQ0DUYHOWRDXWKRUWKLVLVVXH·V3UHVLGHQW·V3DJH
%
V,SUHSDUHGWRWDNHWKH/HJDO
6SHFLDOL]DWLRQ ([DP LQ )DP
LO\/DZLQ2FWREHU,GXJRXW
WKH 7H[DV 'LVFLSOLQDU\ 5XOHV
RI 3URIHVVLRQDO &RQGXFW WR
UHIUHVKP\PHPRU\DQGKRSHIXOO\VFRUH
VRPHHDV\SRLQWVRQWKHRWKHUZLVHJUXHO
LQJH[DP7KHUXOHVDUHQRWHDV\WRÀQG
7KH\ DUH WXFNHG LQWR WKH *RYHUQPHQW
&RGHXQGHUWKHKHDGLQJ´6XSUHPH&RXUW
5XOHVµ DQG GHI\ DQ HDV\ *RRJOH VHDUFK
/LNH PRVW ODZ\HUV , GRQ·W FXVWRPDULO\
UHDGDZKROHFRGHIURPFRYHUWRFRYHU,
XVXDOO\JRWRWKHVHFWLRQ,QHHGWRUHYLHZ
IRUDFOLHQW+RZHYHUIRUWKHH[DP,UHDG
WKHHQWLUH'LVFLSOLQDU\5XOHVWZLFHDQG
UHGLVFRYHUHGWKLVJHPLQWKHSUHDPEOH
$VDSXEOLFFLWL]HQDODZ\HUVKRXOGVHHN
LPSURYHPHQWRIWKHODZWKHDGPLQLVWUDWLRQRI
MXVWLFHDQGWKHTXDOLW\RIVHUYLFHUHQGHUHGE\WKH
OHJDOSURIHVVLRQ$VDPHPEHURIDOHDUQHGSUR
IHVVLRQDODZ\HUVKRXOGFXOWLYDWHNQRZOHGJHRI
WKHODZEH\RQGLWVXVHIRUFOLHQWVHPSOR\WKDW
NQRZOHGJH LQ UHIRUP RI WKH ODZ DQG ZRUN WR
VWUHQJWKHQ OHJDO HGXFDWLRQ 7(; ',6&,3/,1$5<
5 352)·/ &21'8&7 3UHDPEOH $ /DZ\HU·V
5HVSRQVLELOLWLHVˆUHSULQWHGLQ7(;*29·7
&2'($11WLWVXEWLW*DSS$9HUQRQ
6XSS7(;67$7(%$55DUW;†
7KHVHGXWLHVÀWSHUIHFWO\ZLWKWKHZRUN
RI WKH 6$%$ )DPLO\ /DZ 6HFWLRQ 2QH RI
WKHVHFWLRQ·VPLVVLRQVIRUWKHSDVWÀYH\HDUV
KDVEHHQWRSURYLGHORZFRVWOLYH&/(IRU
6DQ$QWRQLR DWWRUQH\V LQFOXGLQJ RXU VHF
WLRQPHPEHUV,QDGGLWLRQWRRXUPRQWKO\
OXQFKHRQV KHOG RQ WKH WKLUG 7XHVGD\ RI
HDFKPRQWKRIIHULQJIUHH&/(DQGDJUHDW
OXQFK DW 7KH 3DOP IRU RQO\ IRU PHP
EHUVWKHVHFWLRQKDVDGGHGDGGLWLRQDOOLYH
&/(VHPLQDUVWRSURYLGHTXDOLW\DIIRUGDEOH
&/(ULJKWKHUHLQWKH$ODPR&LW\
7KH ´([WUHPH )DPLO\ /DZ 0DNH
RYHUµ LV D RQHGD\ VHPLQDU SDFNHG ZLWK
SUDFWLFDOLQIRUPDWLRQWKDWODZ\HUVFDQSXW
WR XVH LPPHGLDWHO\ 6DQ $QWRQLR·V EHVW
IDPLO\ODZDWWRUQH\VVKDUHWKHLUVWUDWHJLHV
DQGVHFUHWV,QDGGLWLRQRQHRUWZRRXWRI
WRZQDWWRUQH\VVSHDNWRHQKDQFHWKHSUR
JUDP$VDOZD\V-LP0RQQLJJLYHVDOXQ
FKHRQDGGUHVVWKDWKDVHYHU\RQHODXJKLQJ
DQG OHDUQLQJ DW WKH VDPH WLPH 7KH VHPLQDUZLOOEHKHOGRQ)HEUXDU\DWWKH
%ULJKW6KDZODQGDVXVXDOLVH[SHFWHGWR
VHOORXW/RRNIRUWKHEURFKXUHVVRRQ
7KH ´7ULDO 6NLOOV 6HULHV IRU )DP
LO\/DZ\HUVµZDVVWDUWHGODVW\HDUWRKHOS
ODZ\HUV KRQH VSHFLÀF VNLOOV 6HPLQDUV
ZHUHFRQGXFWHGRQWHPSRUDU\RUGHUVDQG
HYLGHQFH7KHVHVHPLQDUVZHUHIUHHWRVHF
WLRQ PHPEHUV DQG IRU QRQPHPEHUV
ZKLFK FDQ EH DSSOLHG WR \RXU PHP
EHUVKLSGXHVWRWKH)DPLO\/DZ6HFWLRQ
/RRNIRUWZRPRUHVHPLQDUVLQ
2Q 2FWREHU WKH VHFWLRQ
DORQJZLWKWKH7H[DV<RXQJ/DZ\HUV$V
VRFLDWLRQVSRQVRUHG´'RPHVWLF9LROHQFH
:KDW(YHU\)DPLO\/DZ\HU6KRXOG.QRZµ
DV SDUW RI 'RPHVWLF 9LROHQFH $ZDUHQHVV
PRQWK7KHEUDLQFKLOGRI%RDUGPHPEHUV
-XVWLFH 6DQGHH %U\DQ 0DULRQ DQG 3HGUR
+HUQDQGH] WKLV VHPLQDU JDYH DWWRUQH\V
LQIRUPDWLRQRQFRPPXQLW\DQGSROLFHUH
VRXUFHV WKH FULPLQDO MXVWLFH V\VWHP DQG
WULDOODZ\HUV·SHUVSHFWLYHVRQIDPLO\YLR
OHQFHLQGLYRUFHDQGFXVWRG\FDVHV6\OYLD
&DUGRQD 3UHVLGHQW RI WKH 7H[DV <RXQJ
/DZ\HUV$VVRFLDWLRQDOVRDGYLVHGWKH
JURXSRIIUHHEURFKXUHVRQSURWHFWLYH
RUGHUV DQG IDPLO\ ODZ DYDLODEOH IURP
KHURUJDQL]DWLRQDWZZZW\ODRUJ
6DQ $QWRQLR·V IDPLO\ ODZ\HUV DOVR
KDYHDQDGYDQWDJHRYHUODZ\HUVLQWKHUHVW
RIWKHVWDWH7KH%LJ.DKXQDRIIDPLO\ODZ
FRXUVHVLVKHOGKHUHWKUHHRXWRIHYHU\IRXU
\HDUV7KH6WDWH%DU·VOLYH$GYDQFHG)DP
LO\/DZ&RXUVHLVJHQHUDOO\FRQVLGHUHGWKH
ODUJHVWOLYH&/(FRXUVHRIDQ\NLQGLQWKH
FRXQWU\DQGUHJXODUO\DWWUDFWVXSZDUGVRI
DWWRUQH\VDQGSDUDOHJDOVWRWKH0DU
ULRWW5LYHU&HQWHUHDFK$XJXVW%HFDXVHLW
LVKHOGLQRXUEDFN\DUG6DQ$QWRQLRDWWRU
QH\VJHWWRKHDUWKHYHU\EHVWODZ\HUVLQ
WKHVWDWHDQGFRXQWU\VSHDNDQGZULWHRQ
WKH ELJJHVW LVVXHV LQ RXU ÀHOG +RZHYHU
WKHH[SHQVHRIWKLVVHPLQDULVSXWWLQJLWRXW
RIUHDFKRI\RXQJDQGPDQ\VRORODZ\HUV
$VDUHVXOWWKH)DPLO\/DZ6HFWLRQZRUNV
WRÀOOWKDWJDSZLWKRXU&/(SURJUDPV
7KDQNVWRWKHPLUDFOHRIWKH,QWHUQHWDQG
VWUHDPLQJ YLGHR ODZ\HUV FDQ IXOÀOO RI WKHLU &/( UHTXLUHPHQWV ZLWKRXW OHDYLQJ
WKHLUGHVNRUIRUWKDWPDWWHUZKLOHVLWWLQJ
LQ WKHLU SDMDPDV DW WKHLU KRPH FRPSXWHU
, ÀUPO\ EHOLHYH KRZHYHU WKDW RQH RI WKH
JUHDWHVWEHQHÀWVRIOLYH&/(LVWKHFRQYHUVD
WLRQDQGGLVFRXUVHEHWZHHQWKHOHFWXUHV
, XVH OLYH VHPLQDUV DV D FKDQFH WR
ERXQFH LGHDV RII P\ IHOORZ ODZ\HUV WR
VSHDN WR MXGJHV DV SHRSOH RXWVLGH WKHLU
FRXUWVDQGWRDVNWKHVHPLQDUVSHDNHUVLQ
GHSWKTXHVWLRQVDERXWWKHLUSUHVHQWDWLRQV
7KRVHRSSRUWXQLWLHVDUHQRWDYDLODEOHDWP\
GHVNWRS/LYH&/(VHPLQDUVKHOSPDLQWDLQ
WKHFROOHJLDOLW\DQGSURIHVVLRQDOFRXUWHV\RI
WKH%DU:KHQ,WDONWRDODZ\HURXWVLGHRI
WKHFRXUWURRPDERXWWKHWKHRU\RIWKHODZ
DQG LWV DSSOLFDWLRQ WR RWKHU FDVHV OLNH ZH
GLGLQODZVFKRRO,DPOHVVOLNHO\WREHSHU
WXUEHGRYHUKHUFOLHQW·VLQDQHEHKDYLRULQD
FDVH:KHQHYHUSRVVLEOH,XUJH\RXWRDW
WHQGOLYH&/(WRVWD\LQWRXFKZLWK\RXUIHO
ORZDWWRUQH\V)RUPRUHLQIRUPDWLRQRQWKH
)DPLO\/DZ6HFWLRQ·VVHPLQDUVDQGHYHQWV
FKHFNWKHFDOHQGDUDWZZZVDEDURUJ
'HSHQGLQJ RQ ZKR LV SURYLGLQJ WKH
QXPEHUV IDPLO\ ODZ PDNHV XS EHWZHHQ
DQG SHUFHQW RI WKH QRQMXU\ GRFNHW
LQ %H[DU &RXQW\ )DPLO\ ODZ\HUV GHDO
ZLWK VRPH RI WKH PRVW LPSRUWDQW LVVXHV
LQSHRSOHV·OLYHVWKHHQGLQJRIPDUULDJHV
FXVWRG\ DQG FDUH RI FKLOGUHQ WKH MR\ RI
DGRSWLRQDQGWKHWHUPLQDWLRQRISDUHQWDO
ULJKWV9HU\IHZRIXVJHWULFKGRLQJIDPLO\
ODZ 1RQHWKHOHVV PDQ\ ODZ\HUV SUDFWLFH
LQWKLVÀHOGEHFDXVHZHORYHWKHSHRSOHZH
ZRUNZLWKDQGHQMR\KHOSLQJQLFHSHRSOH
WKURXJKGLIÀFXOWWLPHV7KURXJKOLYH&/(
SURJUDPV VXFK DV WKRVH RIIHUHG WKURXJK
WKH )DPLO\ /DZ 6HFWLRQ DQG RWKHU EDU
RUJDQL]DWLRQVDOODWWRUQH\VFDQIXOÀOOWKH
SUHDPEOH RI WKH 'LVFLSOLQDU\ 5XOHV DQG
´VHHNLPSURYHPHQWRIWKHODZWKHDGPLQ
LVWUDWLRQ RI MXVWLFH DQG WKH TXDOLW\ RI VHU
YLFHUHQGHUHGE\WKHOHJDOSURIHVVLRQµ
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
.DUHQ/0DUYHOLVDSDUW
QHU RI WKH /DZ 2IÀFHV RI
6LQNLQ 0DUYHO 6KH LV
,PPHGLDWH3DVW3UHVLGHQW
RIWKH)DPLO\/DZ6HFWLRQ
RI WKH 6DQ $QWRQLR %DU
$VVRFLDWLRQDQGVHUYHVRQ
LWV&/(FRPPLWWHH
4VIWMHIRX¸W4EKI
,Q3UDLVHRI/LYH&/(
-XGJH/DUU\1ROO
/LNH)DWKHU
/LNH6RQ
%\&DOHE5DFNOH\
-
W LV KDUG WR LPDJLQH WZR PRUH
VHHPLQJO\ GLIIHUHQW PHQ /DZ
UHQFH 9 1ROO ZDV D ´MDFN RI DOO
WUDGHVµZKRGHVSLWHWKHIDFWKH
KDG RQO\ D VHFRQGJUDGH HGX
FDWLRQ DFKLHYHG VXFFHVV EHFDXVH KH
FRXOG ZHOG DQG EXLOG DOPRVW DQ\
WKLQJ +LV HOGHVW VRQ WK 'LVWULFW
&RXUW-XGJH/DUU\1ROOSUDFWLFHGIRU
PDQ\ \HDUV DV D ERDUGFHUWLÀHG ODZ
\HUKDVEHHQDOHDGHULQWKHFKDULWDEOH
FRPPXQLW\DQGWKHEDUDQGQRZVLWV
RQWKHEHQFK:KLOH-XGJH1ROO·VOLIH
VHHPVDWÀUVWJODQFHDIDUFU\IURPKLV
IDWKHU·VVWUXJJOHVWRPDNHHQGVPHHW
DVDPDQXDOODERUHULQWKHVDQG
VWKHUHLVDQXQPLVWDNDEOHFRP
PRQWKUHDGEHWZHHQWKHWZR´+HZDV
WKHKDUGHVWZRUNHU,HYHUPHWµ1ROO
UHFDOOVRIKLVGDG´+HDOZD\VWROGXV
WKDWKDUGZRUNDQGHGXFDWLRQDUHWKH
JUHDWHTXDOL]HUVµ,QIDFW1ROO·VIDWKHU
´ZDV DOZD\V ZRUNLQJµ DQG DOZD\V
VHHPHGWRKDYHZRUNDYDLODEOHIRU/DU
U\DQGKLVWKUHH\RXQJHUEURWKHUVDV
ZHOO$V1ROOUHPHPEHUV´7KHUHZDV
RQO\RQHZD\WRJHWRXWRIWKHZRUN
DQGWKDWZDVWRGRVRPHWKLQJUHODWHG
WR VFKRROµ $V D UHVXOW WKH ER\V GLG
WKHLU VFKRROZRUN DQG SDUWLFLSDWHG LQ
H[WUDFXUULFXODUDFWLYLWLHVDWHYHU\RS
SRUWXQLW\7RGD\DOOIRXURIWKH´1ROO
ER\VµDUHVXFFHVVIXOKLJKO\HGXFDWHG
SURIHVVLRQDOV³QR GRXEW D WULEXWH WR
WKHGHGLFDWLRQRIWKHLUIDWKHUDQGDOVR
WKHLUPRWKHU0RQD1ROO
/DUU\ 1ROO JUHZ XS LQ D PRGHVW
KRPH RQ WKH ZHVW VLGH RI 6DQ $QWR
QLR DQG JUDGXDWHG LQ IURP +RO\
&URVV +LJK 6FKRRO DV YDOHGLFWRULDQ RI
KLV FODVV +H REWDLQHG D JRYHUQPHQW
GHJUHHDQGDPLQRULQPDWKIURP6W
0DU\·V 8QLYHUVLW\ LQ DQG DIWHU
VHUYLQJWKUHH\HDUVLQWKH$UP\ZHQW
WRODZVFKRRODW6W0DU\·VZKHUHKHUH
FHLYHGKLVODZGHJUHHLQ+HSUDF
WLFHG DW %LUG 1ROO IRU \HDUV ZLWK
KLV ORQJWLPH IULHQG DQG IRUPHU ODZ
VFKRROFODVVPDWH5RQ%LUG:KHQ5RQ
UHWLUHGIURPIXOOWLPHSUDFWLFHLQ
1ROO IRXQGHG WKH ÀUP RI 1ROO 1ROO
ZLWKKLVEURWKHU5LFN$IWHUDQXQVXF
FHVVIXO ELG IRU GLVWULFW MXGJH LQ 1ROOUDQIRUDQGZRQHOHFWLRQLQ
WR DQ XQH[SLUHG WHUP DV MXGJH RI WKH
WK'LVWULFW&RXUW+HUDQXQRSSRVHG
IRUUHHOHFWLRQWRDIXOOWHUPLQ
%HIRUHEHLQJHOHFWHGWRWKHEHQFK
1ROO·V SUDFWLFH FRQVLVWHG SULPDULO\ RI
IDPLO\ODZDQGUHDOHVWDWHPDWWHUV+H
EHFDPHERDUGFHUWLÀHGLQ)DPLO\/DZ
LQ DQG 5HVLGHQWLDO 5HDO (VWDWH
/DZLQ+HKDVWZLFHEHHQQDPHG
D 7H[DV 0RQWKO\ ´6XSHU /DZ\HUµ DQG
ZDVQDPHGRQHRI´6DQ$QWRQLR·V%HVW
/DZ\HUV LQ 5HDO (VWDWH DQG )DPLO\
/DZµ E\ 6DQ $QWRQLR 0RQWKO\ PDJD
]LQH+HKDVVHUYHGDVDQDGMXQFWSUR
IHVVRULQ)DPLO\/DZDW6W0DU\·V8QL
YHUVLW\6FKRRORI/DZVLQFH
7KURXJKRXW KLV FDUHHU 1ROO KDV
GHYRWHG VLJQLÀFDQW DPRXQWV RI WLPH
WRYROXQWHHULQJLQWKHFRPPXQLW\DV
ZHOO6RRQDIWHUEHFRPLQJOLFHQVHGWR
SUDFWLFHLQ1ROOEHFDPHKHDYLO\
LQYROYHGLQWKH6W0DU\·V8QLYHUVLW\
$OXPQL $VVRFLDWLRQ HYHQWXDOO\ FXO
PLQDWLQJLQKLVVHUYLFHDV3UHVLGHQWLQ
)RURYHUDGHFDGHKHZDVDQDF
WLYHSDUWLFLSDQWLQWKH6W0DU\·V8QL
YHUVLW\ $WKOHWLF $VVRFLDWLRQ ZKLFK
LQFOXGHG VHUYLFH DV 9LFH3UHVLGHQW
IRUVHYHQ\HDUVDQG3UHVLGHQWIRUWZR
\HDUV,QDGGLWLRQ1ROOKDVVHUYHGRQ
WKHERDUGVRUDVDQRIÀFHURIYDULRXV
RWKHUQRQSURÀWRUJDQL]DWLRQVLQFOXG
LQJ +RO\ &URVV &RPPXQLW\ 6HUYLFHV
RI7H[DV+RO\&URVV+LJK6FKRROWKH
$PHULFDQ &DQFHU 6RFLHW\ &DWKROLF
&DEOH79RI6DQ$QWRQLRDQGWKH6DQ
$QWRQLR/LEUDU\)RXQGDWLRQ
-XGJH1ROOKDVDOVREHHQDQDFWLYH
SDUWLFLSDQW LQ EDU DFWLYLWLHV (DUO\ LQ
KLV FDUHHU KH JRW LQYROYHG LQ WKH -X
QLRU%DUQRZNQRZQDVWKH6DQ$Q
WRQLR <RXQJ /DZ\HUV $VVRFLDWLRQ
ÀUVWVHUYLQJDVDGLUHFWRUDQGWKHQDV
VHFUHWDU\IURPWR
$IWHUDJLQJRXWRIWKH-XQLRU%DU
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
1ROOEHFDPHDQDFWLYHSDUWLFLSDQWLQ
WKH6DQ$QWRQLR%DU$VVRFLDWLRQ+H
ZDV HOHFWHG GLUHFWRU LQ VHFUH
WDU\LQDQGWKHQYLFHSUHVLGHQW
LQ+HLVSURXGRIWKHIDFWWKDW
DIWHUKHORVWWKHUDFHIRUSUHVLGHQWRI
WKH6DQ$QWRQLR%DULQDJDLQVW
WKHQ)HGHUDO 0DJLVWUDWH -XGJH 'DQ
1DUDQMRKHZDVDVNHGE\WKHOHDG
HUVKLS WR VHUYH DJDLQ DV D GLUHFWRU
1ROO DQVZHUHG WKH FDOO DQG DIWHU
SXWWLQJ LQ DQ DGGLWLRQDO ÀYH \HDUV
DVDGLUHFWRUZDVHOHFWHGYLFHSUHVL
GHQWIRUWKHVHFRQGWLPHLQDQG
HOHFWHGSUHVLGHQWRIWKH6DQ$QWRQLR
%DU$VVRFLDWLRQLQ
1ROOKDVEHHQD)HOORZRIWKH6DQ
$QWRQLR%DU)RXQGDWLRQVLQFH
DQGVLQFHKHKDVVHUYHGRQWKH
)RXQGDWLRQ·V%RDUG RI 7UXVWHHV +H
LV DOVR D PHPEHU RI WKH 7H[DV %DU
$VVRFLDWLRQ WKH 7H[DV %DU )RXQGD
WLRQ WKH 6DQ $QWRQLR )DPLO\ /DZ
\HUV $VVRFLDWLRQ DQG WKH 0H[LFDQ
$PHULFDQ%DU$VVRFLDWLRQ
1XPHURXV RUJDQL]DWLRQV KDYH
SUHVHQWHG1ROOZLWKDZDUGVDQGKRQ
RUVIRUKLVVHUYLFHWRWKHEDUDQGWKH
FRPPXQLW\,QUHFRJQLWLRQRIKLVORQJ
VHUYLFH WR WKH 6W 0DU\·V 8QLYHUVLW\
$WKOHWLF$VVRFLDWLRQ KH ZDV QDPHG
WRWKH6W0DU\·V8QLYHUVLW\$WKOHWLF
+DOORI)DPHLQ+HZDVHOHFWHG
WR WKH +RO\ &URVV +LJK 6FKRRO +DOO
RI)DPHLQDQGKHZDVQDPHGD
'LVWLQJXLVKHG$OXPQXVRI6W0DU\·V
8QLYHUVLW\LQ,QWKH$UFK
GLRFHVH RI 6DQ $QWRQLR SUHVHQWHG
1ROO ZLWK LWV &DWKROLF 6FKRROV +DOO
RI )DPH $ZDUG $OVR LQ 1ROO
UHFHLYHG WKH 'RFWRUDO $FKLHYHPHQW
$ZDUG IURP WKH :HVW 6DQ $QWRQLR
&KDPEHURI&RPPHUFH
'XULQJWKHFRXUVHRIKLVSUDFWLFH
DW %LUG 1ROO 1ROO VHUYHG DV D -XV
WLFHRIWKH3HDFHLQ%H[DU&RXQW\IRU
VHYHUDO \HDUV DQG WKHQ DV D 0XQLFL
SDO&RXUW-XGJHIRUWKH&LW\RI/HRQ
9DOOH\IRURYHUWHQ\HDUV+HEHOLHYHV
WKRVH SRVLWLRQV ZHUH JUHDW WUDLQLQJ
EHFDXVHWKH\SXWKLP´LQDSRVLWLRQWR
EH D SUREOHPVROYHU UDWKHU WKDQ MXVW
DQ DGYRFDWH IRU RQH VLGHµ &RPSDU
LQJ WKRVH H[SHULHQFHV WR KLV FXUUHQW
SRVLWLRQ RQ WKH GLVWULFW EHQFK 1ROO
VD\V ´7KH SUREOHPV DUH JHQHUDOO\
WKHVDPH³LW·VMXVWWKDWWKHVWDNHVDUH
PXFKKLJKHUµ7KXVKHDGYLVHV\RXQJ
ODZ\HUVZKRPD\ZDQWWRVRPHGD\EH
DMXGJHWRFRQVLGHUJDLQLQJVLPLODUH[
SHULHQFHZKHWKHULWEHDVDPHGLDWRU
DQDUELWUDWRUDMXVWLFHRIWKHSHDFHRU
DV D PXQLFLSDO MXGJH SHUKDSV LQ WKH
VPDOOHU FRPPXQLWLHV VXUURXQGLQJ
6DQ $QWRQLR 1RW RQO\ ZDV LW JUHDW
WUDLQLQJKHVD\VEXWKHIRXQGWKHSR
VLWLRQV´YHU\HQMR\DEOHDVZHOOµ´$VD
-XVWLFHRIWKH3HDFHLWZDVMXVWLFHDWLWV
PRVWEDVLFOHYHODQGLWZDVYHU\VDW
LVI\LQJWRKHOSSHRSOHZRUNRXWWKHLU
SUREOHPVµ1ROOUHFDOOV$VDPXQLFL
SDOMXGJHKHJRWWR´NHHSDQH\HRQ
WKHNLGVLQWKHFRPPXQLW\µZKLFKKH
IRXQGWREHUHZDUGLQJWRR
$V IRU OLIH RXWVLGH WKH ODZ 1ROO
DQG KLV ZLIH 3DWV\ KDYH EHHQ PDU
ULHGIRU\HDUV7KH\KDYHWZRFKLO
GUHQ'DYLGDQG.DWHDVZHOODVWKUHH
JUDQGFKLOGUHQ 7KH\ DUH PHPEHUV
RI 6W /XNH·V &DWKROLF &KXUFK 2Q
ZHHNHQGV WKH\ HQMR\ WDNLQJ /DUU\·V
EHORYHG · &KHY\ RXW RQ WKH RSHQ
URDG1ROOÀUVWERXJKWWKHFDULQ
ZKHQ KH ZDV LQ FROOHJH +H SDLG D
PHUH IRU LW 2YHU WKH \HDUV KH
FRXOGQ·WOHWLWJRDQGPRUHUHFHQWO\
KHGHFLGHGWRUHIXUELVKLWWRLWVRULJL
QDOFRQGLWLRQ7RGD\/DUU\DQG3DWV\
WDNHWKHFDUWRSDUDGHVDQGHYHQWVDOO
RYHU 7H[DV ZLWK WKH 9HWHUDQ·V 0RWRU
&DU&OXERI$PHULFDDQGWKH)UHGHU
LFNVEXUJ 9LQWDJH &DU &OXE 7KH FDU
KDV EHFRPH VRPHWKLQJ RI D WUDGH
PDUN IRU 1ROO DV SKRWRJUDSKV RI LW
GRWKLVFDPSDLJQOLWHUDWXUH
%XW ZKHQ WKH ZRUNZHHN EHJLQV
DJDLQ 1ROO IROORZV D UHJLPHQ PRVW
ZRXOG ÀQG H[FUXFLDWLQJ +H W\SL
FDOO\ DUULYHV DW ZRUN EHIRUH GDZQ
DIWHUKDYLQJULVHQDWDPMRJJHG
PLOHV DQG WKHQ ZRUNHG RXW IRU DQ
RWKHU ¼ KRXU OLIWLQJ ZHLJKWV +H
VWDUWHG KLV HDUO\PRUQLQJ VFKHGXOH
EDFN ZKHQ KH VHUYHG DV D -XVWLFH RI
WKH3HDFHEHFDXVHDVKHGHVFULEHVLW
KH ´KDG WR EH FUDQNLQJµ E\ WKH WLPH
KHIDFHGWKHOLWLJDQWVIURPWKHEHQFK
+HIRXQGWKHURXWLQHVHUYHGKLPZHOO
EDFNWKHQDQGLWVWLOOGRHVWRGD\
:KHQDVNHGWRGHVFULEHWKHPRVW
GLIÀFXOW SDUW RI EHLQJ D MXGJH 1ROO
SRLQWVZLWKRXWKHVLWDWLRQWRWKHWRXJK
GHFLVLRQVKHKDVWRPDNHLQYROYLQJWKH
FKLOGUHQRIEURNHQDQGG\VIXQFWLRQDO
IDPLOLHV)DPLO\ODZFDVHVFRPSULVHD
ODUJHSHUFHQWDJHRIWKHGRFNHWRIWKH
WK'LVWULFW&RXUWDQGZKLOH1ROO·V
H[SHULHQFHLQIDPLO\ODZKDVEHHQLQ
YDOXDEOHLQWHUPVRIDSSO\LQJWKHODZ
QRWKLQJFRXOGKDYHSUHSDUHGKLPIRU
WKHGLIÀFXOW\WKDWFRPHVZLWKPDNLQJ
WKH KHDUWZUHQFKLQJ GHFLVLRQV WKDW
VRPHWLPHVPXVWEHPDGH´7HUPLQDW
-XGJH1ROOZLWKKLVEHORYHG·&KHY\
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
GSRXMRYIHSRTEKI
(7+,&6)2//,(6
/HH&XVHQEDU\·V%UDLQFKLOG
%\$PDQGD5%XFNHUW
LWK D ÁDLU IRU WKH GUD
PDWLF VWDJH VKRZ &
/HH &XVHQEDU\ LV WKH
PDQ DQG WKH PDVWHU
PLQG EHKLQG RQH RI
WKLV\HDU·VPRVWXQLTXH
WKHDWHU SUHVHQWDWLRQV $Q HQWHUWDLQHU
H[WUDRUGLQDLUH &XVHQEDU\ LV D UHDO
WULSOH WKUHDW³KH FDQ VLQJ KH FDQ DFW
DQG KH SUDFWLFHV ODZ 7KH ODWWHU PLJKW
QRWW\SLFDOO\EHEHQHÀFLDOIRU\RXURU
GLQDU\ %URDGZD\ EDE\ EXW LW ZDV WKH
SHUIHFWFRPELQDWLRQWRSXWRQDWKUHH
KRXUPXVLFDODERXWFRUSRUDWHHWKLFV
7KH (WKLFV )ROOLHV ZDV &XVHQ
:
EDU\·V IHDWKHUERDÀOOHG 'HFHQW·V 'HFHQW
DQRULJLQDOIXOOVFDOHPXVLFDOSURGXFWLRQ
7KH ´VHULRXVO\ IXQ HWKLFV FRQIHUHQFHµ
SOD\HG WR D IXOO KRXVH RI PRUH WKDQ SHRSOHRQ1RYDWWKH&KDUOLQH0F&RPEV
(PSLUH 7KHDWUH 7KH OHJDO DQG FRUSRUDWH
FRPPXQLW\ WXUQHG RXW LQ IRUFH WR ZDWFK
WKHPXVLFDOZLWKDPHVVDJHZKLFKHDUQHG
ODZ\HUVWKUHHKRXUVRI&/(FUHGLW
7KHSURGXFWLRQVHUYHGDVWKH\HDUO\
HWKLFVFRQIHUHQFHIRUWKH$VVRFLDWLRQRI
&RUSRUDWH &RXQVHO $&& 6RXWK&HQ
WUDO 7H[DV &KDSWHU DQG ZDV VSRQVRUHG
E\ -DFNVRQ :DONHU //3 &R[ 6PLWK
0DWWKHZV ,QF 9DOHUR (QHUJ\ &RUS
3KRWRVE\0LNH&XEHWD
&RQYHUVDWLRQVRQFHOOSKRQHVDUHKHDUGE\PRUHWKDQMXVWWKHSHUVRQRQWKHRWKHUSKRQHLQ
´,&DQ+HDU<RXU&HOOµ
DQG WKH 6DQ
$QWRQLR%DU
$VVRFLDWLRQ
7KH HYHQW LV
QRW MXVW HGXFDWLRQDO EXW FKDULWDEOH DV
ZHOO $OO RI WKH SURFHHGV ZLOO EHQHÀW
WKH&RPPXQLW\-XVWLFH3URJUDP
´7KHPLVVLRQRI$&&LVWRKDYHDQ
HWKLFVFRQIHUHQFHHYHU\\HDUZKLFKZH
KDYHGRQHIRUWKHSDVWµVDLG&XVHQ
EDU\ ZKR LV WKH JHQHUDO FRXQVHO IRU
0LVVLRQ3KDUPDFDO&RPSDQ\DORFDOO\
EDVHG SKDUPDFHXWLFDO FRPSDQ\ ´7KH
UHDOJRDOZDVWRPDNHVXUHLQKRXVHDW
WRUQH\VLQWRZQNHSWHWKLFVLQWKHIURQW
RI WKHLU PLQGV ZKHQ GHDOLQJ ZLWK OH
JDODQGEXVLQHVVGHFLVLRQV$IWHUDIHZ
\HDUV>WKHFRQIHUHQFH@EHFDPHDUHSHWL
WLYHDQGSUHGLFWDEOHVHULHVRIOHFWXUHVµ
7KDWLVZKHQ$&&·V([HFXWLYH'LUHF
WRU $PEHU &ODUN VXJJHVWHG WKH\ KLUH D
PXVLFDO JURXS WR FRPH LQ DQG SHUIRUP
IRUWKHFRQIHUHQFH´7KDWZDVDERXWIRXU
\HDUVDJR,WZDVYHU\ZHOOUHFHLYHGEXW
, WKRXJKW ZH FRXOG GR EHWWHU DQG VDYH
WKH FRVWµ KH VDLG ´7KH
QH[W\HDUZHSXWRXUKHDGVWRJHWKHUDQG
ZURWHGLIIHUHQWSDURGLHVRIVRQJVDQGSHU
IRUPHGLWLQWKHFRXUWKRXVHµ(WKLFV)RO
OLHVZDVERUQZLWKWKDWFRXUWKRXVHVKRZ
7KH QH[W WZR \HDUV LW ZDV KHOG DW
WKH 3OD]D &OXE EXW &XVHQEDU\ VDLG KH
DJDLQ WKRXJKW WKH\ FRXOG QRW RQO\ GR LW
HYHQ EHWWHU³EXW ELJJHU &XVHQEDU\ DS
SURDFKHG WKH 6DQ $QWRQLR %DU $VVRFLD
WLRQDERXWDSDUWQHUVKLSDQGUHFHLYHGWKH
RUJDQL]DWLRQ·VIXOOVXSSRUW,WZDVGHFLG
HGWKDWWKHVKRZZRXOGEHPDUNHWHGRXW
VLGHRI$&&DQGWRWKHHQWLUHOHJDOFRP
PXQLW\QRWMXVWLQKRXVHFRXQVHO´$IWHU
WKDWLWUHDOO\ZDVDJUDVVURRWVHIIRUWDQG
LWEHFDPHPRUHWKDQZHHYHUH[SHFWHG,
ZDV DPD]HGµ &XVHQEDU\ VDLG ´,W WRRN
VL[WRHLJKWPRQWKVRIPHHWLQJVZLWKSHR
SOH HDFK ZHHN WR H[SODLQ ZKDW ZH ZHUH
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
GRLQJ , GLGQ·W WKLQN , FRXOG DVN SHRSOH
WR FRPPLW WKLV PXFK WLPH WR LW ZLWKRXW
WKHPXQGHUVWDQGLQJWKHPHVVDJHµ
7KDW PHVVDJH KH VDLG LV WR SURWHFW
6DQ$QWRQLR·VHWKLFDOFXOWXUH´:HZDQW
WRSUHVHUYHRXUHWKLFDOFXOWXUHDQGWUXVW
LQJEXVLQHVVFXOWXUH:HGRQRWZDQW6DQ
$QWRQLR WR KDYH DQ (QURQ RU D :RUOG
&RP,WLVJUHDWWRKDYHDOORIWKHLQKRXVH
FRXQVHOFRPHWRJHWKHURQFHD\HDUWREH
RQ WKH VDPH SDJH DERXW ELJ HWKLFDO LV
VXHVµ &XVHQEDU\ VDLG ´,W LV MXVW JUHDW
WKDW DW WKH (WKLFV )ROOLHV ZH KDG WKH
FRUSRUDWH H[HFXWLYHV VLWWLQJ DW WKH VDPH
WDEOHDVWKHLULQKRXVHFRXQVHOµ7KRPDV
-'RROH\&KLHI)LQDQFLDO2IÀFHUIRU0LV
VLRQ3KDUPDFDO&RPSDQ\VDLGWKHVKRZ
´ZDVUHDOO\DSSURSULDWHDQGRQWDUJHWIRU
WKHEXVLQHVVFXOWXUHZHOLYHLQWRGD\µ
&XVHQEDU\GLGKLVKRPHZRUNEHIRUH
WDFNOLQJVXFKDODUJHVKRZDQGXVHGDEORJ
WRNHHSWUDFNRIKLVWKRXJKWVDQGLGHDV´,
UHDGDQXPEHURIMRXUQDOVDQGPDJD]LQHV
RQHWKLFVWKDWKDYHYHU\LQGHSWKVWRULHV
DERXW WKH HWKLFDO EHKDYLRU RI FRPSDQLHV
DQG LQWHUHVWLQJ LVVXHV DERXW KRZ HWKLFDO
FRPSDQLHV PDNH PRUH PRQH\µ KH VDLG
ZLWKDQREYLRXVH[FLWHPHQWLQKLVYRLFH
´(YHU\WLPH,ZRXOGVHHVRPHWKLQJLQWHU
HVWLQJ,ZRXOGGURSLWLQWRWKDWEORJ,Q
WKHHQG,KDGDZKROH\HDURIKHDGOLQHV
WR SXOO IURP , WKLQN WKDW LV ZK\ SHRSOH
OLNHLW³EHFDXVHLWZDVWKLQJVWKH\UHFRJ
QL]HGDQGFRXOGUHODWHWRµ
&XVHQEDU\ VDLG KH FRPSDUHG WKH
3KRWRVE\0LNH&XEHWD
'RUDOHH0DU\%HODQ'RJJHWWDQGWKHZRPHQRI'HFHQW)RRGDQG'UXJVDUHJRLQJWRVWRS
WKHFRUSRUDWHIUDXGµ:H·OOVWDUWZLWKERDVDQGZRUNRXUZD\IURPWKHUHµ
)URQWURZ7LIIDQLH.ODXVHZLW]'U7HUL+RVSHUV0DU\%HODQ'RJJHWWDQG'DQLHOOH+DUJURYH
SUHVHQWDWLRQ RI WKH HWKLFDO HGXFDWLRQ
FRPSRQHQWRIWKH(WKLFV)ROOLHVWREXLOG
LQJDEULGJH´,WU\WRPDNHWKLQJVJRIURP
RQH HQG WR WKH RWKHU ZLWK D EHJLQQLQJ
PLGGOH DQG DQ HQG ,W WDNHV PRQWKV WR
JHWLWWRDOOPDNHVHQVHEXWZHFDQDOOUH
ODWHWRKHDGOLQHVZHKDYHVHHQGLIÀFXOW
EXVLQHVV GHFLVLRQV RU D ERVV ZH GLGQ·W
OLNHµKHVDLGZLWKDFKXFNOH
7KH (WKLFV )ROOLHV ZULWHU SURGXFHU
DQG GLUHFWRU VDLG KH VSHQW PRVW RI KLV
IUHH WLPH ZULWLQJ WKH VFULSW DQG PDNLQJ
XS SDURG\ O\ULFV WR PXVLF IURP SRSXODU
WKHDWHU VKRZV +H ZURWH PRVW RI WKHP
KLPVHOI EXW HQFRXUDJHG WKH FDVW WR KHOS
DV ZHOO )URP EHJLQQLQJ WR HQG LW WRRN
&XVHQEDU\DERXWDZHHNWRZULWHDQGUH
FRUGHDFKVRQJ+HVDLGKHLVHPEDUUDVVHG
WR DGPLW LW EXW HVWLPDWHV WKDW KH SXW LQ
DERXW KRXUV ZRUWK RI ZRUN LQWR WKH
JOLW]\ SURGXFWLRQ 7KH SDVVLRQDWH PXVLF
PDQUHFRUGHGWKHHQWLUHVKRZKLPVHOIDQG
WKHQJDYHWKHFDVW&'VWROHDUQIURPDORQJ
ZLWK D VFULSW ´&RS\ULJKW ODZ DOORZV XV
WRPDNHSDURGLHVRIUHDOVRQJV:HGRQ·W
KDYHWRSD\IRUWKHO\ULFVEXWZHGRSD\
WKH OLFHQVH IHHV WR WKH PXVLFLDQV ZKR UH
FRUGWKHPXVLF:HGRKDYHWRGRHYHU\
)XOEULJKW
-DZRUVNL·V7RP
&RXQWU\PDQLQ
KLV6XSHU6XLW
3KRWRVE\0LNH&XEHWD
$JHQW7ZL[LH7ZDLQ.DWK\<DWHVUHPLQGVWKH*HQHUDO&RXQVHO+HQU\&/HH&XVHQEDU\WKDW
´QRWNQRZLQJµLVQRORQJHUDGHIHQVHWRFRUSRUDWHIUDXG
7ER%RXSRMS0E[]IV .ERYEV]*IFVYEV]
WKLQJHWKLFDOO\RIFRXUVHµKHMRNHG
7KH FDVW VWDUWHG RXW DW DURXQG SHRSOH EXW &XVHQEDU\ VDLG DERXW DFWXDOO\ PDGH LW WR WKH VKRZ GDWH +H
VDLGWKDWLIDQ\ERG\UHDOO\ZDQWVWREH
D SDUW RI WKH VKRZ WKHQ KH ZLOO ÀQG D
SODFHIRUWKHP´,ZDVVRDPD]HGDWKRZ
GHGLFDWHGHYHU\RQHZDV:HUHKHDUVHG
DOPRVW HYHU\GD\ IRU VL[ ZHHNV :H UH
KHDUVHGUHDOO\KDUG,WZDVOLNHUXQQLQJ
DPDUDWKRQEXWZHPDGHUHKHDUVDOVDQ
HQYLURQPHQW RI VXSSRUW DQG RSHQQHVV
1R VWUHVV QR QHJDWLYLW\ DQG QR GLYDV
DOORZHGµKHVDLGZLWKDURDULQJODXJK
&XVHQEDU\ VDLG KH FDPH XS ZLWK
WKH VKRZ·V WLWOH EDVHG RQ WKH LPDJHU\
RIDFRPSDQ\·VGRZQIDOODQGWKRXJKW
WKH GHVFHQW RI GHFHQF\ ZRXOG FUHDWH
D SLFWXUH LQ SHRSOH·V PLQGV ´$ERXW D
PRQWKDIWHUWKHVKRZ,ZDVFKHZ
LQJ RQ LGHDV DQG ORRNLQJ DW GLIIHUHQW
RQHVWU\LQJWRÀQGDQRULJLQDOFRQFHSW
DERXWDFRUSRUDWLRQ·VGRZQIDOOIRUWKLV
\HDU·V VKRZµ &XVHQEDU\ VDLG ´, GH
FLGHGWRXVH'DWDSRLQW&RUSRUDWLRQD
IDOOHQFRPSXWHUFRPSDQ\EDVHGRXWRI
6DQ$QWRQLRDVWKHFDVHVWXG\IRU'H
FHQW·V 'HFHQW 7KH FKDUDFWHUV DUH VLOO\
DQGIXQQ\WRPDNHWKHPHQWHUWDLQLQJ
EXW WKH VXEVWDQFH LV YHU\ UHDO DQG QRW
PDGHXS,WLVEDVHGRQUHDOLW\µ
7KH PHVVDJH ZDV VHULRXV EXW VHUL
RXVGUHVVHGXSLQDORWRIIXQQ\DQGDIHZ
IHDWKHUV 7KH SHUIRUPHUV WKDW EURXJKW
&XVHQEDU\·VFKDUDFWHUVWROLIHZHUHDPL[
3KRWRVE\0LNH&XEHWD
/R\DOHPSOR\HH'RUDOHH6QRGJUDVV0DU\%HODQ'RJJHWWUHPHPEHUVKHUGHFHDVHGERVV0U
'HFHQW6UZKRPDGHHWKLFDOEHKDYLRUDZD\RIOLIH
RI SURIHVVLRQDO ORFDO DFWRUV DV ZHOO DV
VRPH ZHOONQRZQ IDFHV DURXQG WKH KDOOV
RI WKH %H[DU &RXQW\ &RXUWKRXVH $WWRU
QH\V /DPRQW -HIIHUVRQ DQG 0DU\ %HODQ
'RJJHWWKHOSHGKHDGXSWKHFDVWDVWKH\
SRUWUD\HGEDZG\DQGERLVWHURXVFKDUDF
WHUV7KHIDPLOLDUIDFHVWKDWSOD\HGRWKHU
TXLUN\FKDUDFWHUVRUFKRUXVOLQHPHPEHUV
LQFOXGHGDQXPEHURIMXULVWVDVZHOO-XGJH
%DUEDUD1HOOHUPRHIRUPHUMXGJHV%RQQLH
5HHG DQG 5HQH 'LD] DQG )RXUWK &RXUW
RI $SSHDOV -XVWLFHV .DUHQ $QJHOLQL DQG
3K\OLV6SHHGOLQ³ZKRVHUHQGLWLRQRI79·V
ORXGPRXWKHG-XGJH-XG\ZDVDFURZGID
YRULWH³ZHUHDOOSDUWRIWKHFDVW´,UHDOO\
IHOW OLNH , ZDV ZDWFKLQJ D ELJ %URDGZD\
VKRZ,WZDVDPD]LQJVRWREHDSDUWRILW
ZDVHYHQEHWWHUµ6SHHGOLQVDLG
$WWRUQH\ *HRUJH %ULQ VDLG KH ZDV
GHOLJKWHGWREHDSDUWRIWKHSURGXFWLRQ
´,GRQ·WEHOLHYHWKDW,KDYHHYHUEHHQD
SDUW RI DQ\WKLQJ PRUH EULOOLDQWO\ FRQ
FHLYHG DQG SHUIRUPHG 7KH DPRXQW RI
ZRUN SXW LQ RQ WKLV LQ XQLPDJLQDEOHµ
KH VDLG %ULQ DGGHG WKDW KH WKRXJKW
&XVHQEDU\·VZULWLQJGLUHFWLRQDQGSUR
GXFWLRQZDV´WUXO\RXWVWDQGLQJµ´,MXVW
WKLQN LW LV VXFK D JUHDW ZD\ WR SUHVHQW
HWKLFDOFRQFHSWVWRWKH%DUEHFDXVHWKHUH
LVVXFKDGDQJHUWKDWSURJUDPVGHDOLQJ
3KRWRVE\0LNH&XEHWD
0HGLDWRU5HQH
'LD]UHSULVHVKLV
UROHDV(OYLVIRU
WKHVHFRQG\HDU
RI(WKLFV)ROOLHV
6LQFH(WKLFV)ROOLHV
XVHVDQ(OYLV,PSHU
VRQDWRUHYHU\\HDU
5HQHZHQWDKHDGDQG
ERXJKWWKH(OYLVFRVWXPH
´7KDQN\RXYHU\PXFKµ
-XGJH-XG\-XVWLFH3K\OLV6SHHGOLQKHDUVRUDODUJXPHQWIURPFULPLQDOGHIHQVHFRXQVHO
%UXFH/LHVPDQDERXWZK\KLVFOLHQW6WHYHQ%XOOVKRXOGEHUHOHDVHGRQEDLO%DLOLII
0DQQ\3HODH]NQRZVLW·VQRWJRLQJWRKDSSHQ´QRZD\QRKRZµ
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
3KRWRVE\0LNH&XEHWD
7KH,7*HHNVDUHIUXVWUDWHGWKDWWKH\FDQ·WXVHWKH,QWHUQHWWRVKRSRQH%D\RU0DWFKFRP
ZLWKRXWYLRODWLQJFRPSDQ\SROLFLHV
ZLWKHWKLFVZLOOFRPHDFURVVDVGU\DQG
XQLQWHUHVWLQJ 7KLV LV VXFK DQ HIIHFWLYH
ZD\RIPDNLQJWKRVHSRLQWVLQDQHQWHU
WDLQLQJZD\SOXVLWLVMXVWIXQµKHVDLG
7KHWDVNZDVDQHQMR\DEOHODERURI
ORYHIRU&XVHQEDU\ZKRLVQRVWUDQJHU
WR WKH WKHDWHU DQG VSHQW VRPH WLPH DV
D SURIHVVLRQDO DFWRU ´0\ ÀUVW VKRZ
ZDV ZKHQ , ZDV DQG , GLG LW ZLWK
*ORULD/LXZKRLURQLFDOO\LVWKHFKRUH
RJUDSKHURI'HFHQW·V'HFHQWµKHVDLG
´7KHQ,GLGVRPHWKHDWHUZKHQ,ZDVDW
WKH8QLYHUVLW\RI7H[DVDW$XVWLQDQG
HYHQWXDOO\JRWDQDJHQWDQGZDVDSUR
IHVVLRQDODFWRUIRUWKUHH\HDUVµ
&XVHQEDU\ VDLG KH IHOW D UHDO FDOO
LQJWRUHWXUQWRKLVSDVVLRQDQGXVHGKLV
WDOHQWVWRFUHDWHWKHIXQDQGHQWHUWDLQLQJ
HWKLFVVHPLQDUZKLFKKHZURWHSURGXFHG
DQGGLUHFWHG´(WKLFVLVQRWMXVWDUXOHRQ
DSDJHRUMXVWDZRUG,WLVYHU\UHDODQG
QHHGVWREHSXWLQWRSUDFWLFH+DYLQJSHR
SOHVHHLWDVDYLVXDORQVWDJHLVDSUDFWLFDO
DSSOLFDWLRQ IRU WKH HQWLUH FRPPXQLW\ WR
VHHDQGXVHµKHVDLG´,KDGQHYHUEHHQD
SURGXFHUEHIRUHDQGWKHUHLVMXVWVRPXFK
WREHLQJLQDSURIHVVLRQDOWKHDWHU,WKLQN
WKHDXGLHQFHJRWVRPXFKPRUHRXWRILWµ
'XULQJ KLV FROOHJH GD\V &XVHQEDU\
PHW KLV ZLIH 'U 7HUL +RVSHUV ZKR ZDV
DOVRLQWKHVKRZLQWKH8QLYHUVLW\RI7H[DV
/RQJKRUQ6LQJHUVJURXS&XVHQEDU\ZDV
FDVWLQDERXWDGR]HQQDWLRQDOFRPPHUFLDOV
DQGGLG´DORWµRIWKHDWHUVKRZVLQ$XVWLQ
EXWVDLGKHUHDOL]HGWKDWKHZDVQ·WUHDG\
WR WDNH WKH ULVN RI GRLQJ LW IXOO WLPH +H
VDLG WKDW ZKHQ KLV ZLIH HQWHUHG PHGLFDO
VFKRROKHGHFLGHGWRJRWRODZVFKRROLQ
VWHDGRISXUVXLQJDFWLQJ´,DPUHDOO\JODG
, GLG EHFDXVH , ORYH WR SUDFWLFH ODZµ KH
VDLG´+RZHYHULQODZVFKRRO,ZDVKHVL
WDQWWRHYHQWDONDERXWDFWLQJDQGVLQJLQJ
EHFDXVH HYHU\RQH ZDV VR VHULRXV , WRRN
EHLQJ D ODZ\HU VR VHULRXVO\ WKDW , GLGQ·W
WKLQN,FRXOGEHIULYRORXVDQGWKRXJKWLW
PLJKWXQGHUPLQHP\FUHGLELOLW\,WZDVQ·W
XQWLO , FDPH WR 0LVVLRQ WKDW , HPEUDFHG
P\LQQHUDFWRUDJDLQµ
&XVHQEDU\ FUHGLWV KLV FROOHDJXHV
ERWKDW0LVVLRQ3KDUPDFDODQGLQWKHOH
JDOFRPPXQLW\IRUKLVEHLQJDEOHWRIHHO
FRPIRUWDEOHDJDLQZLWKKLVFUHDWLYLW\+H
VDLGWKHSURFHVVRIEULQJLQJWKH(WK
LFV )ROOLHV WR IUXLWLRQ KHOSHG KLP WKULYH
QRWRQO\SHUVRQDOO\EXWDOVRSURIHVVLRQ
DOO\ ´, WKLQN , DP PXFK PRUH FUHDWLYH
ZLWKSUREOHPVROYLQJZKHQ,DPDEOHWR
KDYHDQRXWOHWIRUWKDWFUHDWLYHSDUWRIP\
EUDLQ WR EH ZRUNLQJ WRRµ KH VDLG KDS
SLO\´,DPUHDOO\JUDWHIXOWKDW,FDQHQMR\
WKLVSDUWRIPHEHFDXVHRWKHUVDW0LVVLRQ
DUHVRPXVLFDODQGFUHDWLYH,WKHOSVPH
VRPXFKDQG,GLGQ·WUHDOL]HKRZPXFK,
ZDVQ·WGRLQJLWEHIRUHµ
GSRXMRYIHSRTEKI
/HIW
&RUSRUDWHIUDXGKXUWVWKH
HPSOR\HHVWRRDVWKH
/DUVHQIDPLO\5LFKDUG
&DURO\QDQGGDXJKWHU
6KDQQRQVLQJ´,Q0\/LIHµ
3KRWRVE\0LNH&XEHWD
5LJKW
6XQVKLQH&UXQFKLH
&\QWKLD6PLWKZDQWV
WRVDYHWKHSODQHWZKLOH
PDNLQJD3ULXVIXOORI
FDVKDVDQHQYLURQ
PHQWDOFRQVXOWDQWVLQJLQJ
´6RPHZKHUH7KDW·V*UHHQµ
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
$Ƚ4ȐȹɄɑȨǸȹ
.DUHQ &URXFK $PRV D QDWLYH RI -DFNVRQ
YLOOH 7H[DV ZKRVH ÀUVW FDUHHU DV D VRFLDO
ZRUNHU OHG KHU WR ODZ VFKRRO GLHG DW KHU
KRPH LQ HDVW 7H[DV LQ -XQH DW WKH DJH RI
$PRV JUDGXDWHG IURP 6W 0DU\·V /DZ
6FKRRO LQ DQG ZDV ERWK D SURVHFXWRU
DQGFULPLQDOGHIHQVHDWWRUQH\LQ6DQ$QWR
QLR:DFRDQG+HQGHUVRQIRU\HDUV
/ROD / %RQQHU ERUQ LQ
3RUWODQG 7H[DV GLHG LQ
)HEUXDU\ DW \HDUV RI
DJH %RQQHU UHFHLYHG
KHU XQGHUJUDGXDWH GH
JUHHIURP7H[DV$,8QL
YHUVLW\DQGKHUODZGHJUHH
IURP WKH 8QLYHUVLW\ RI
7H[DV+HUFDUHHUZDVPDUNHGE\PDQ\´ÀUVWVµ
6KHZDVWKHÀUVWGXO\HOHFWHGIHPDOH3UHVLGHQW
RIWKH7H[DV$,WKHÀUVWZRPDQ3UHVLGHQWRI
WKH 5RFNSRUW)XOWRQ &KDPEHU RI &RPPHUFH
DQG WKH ÀUVW ZRPDQ SUHVLGHQW RI WKH$UDQVDV
&RXQW\%DU$VVRFLDWLRQ6KHZDVDFWLYHLQWKH
'HPRFUDWLF 3DUW\ DQG LQ YDULRXV FRPPXQLW\
SRVLWLRQVWKURXJKRXWWKH&RDVWDO%HQG
5R\&%URFNDIRXQG
LQJPHPEHURIWKHÀUP
RI%URFN3HUVRQ*XHUUD
5H\QD 3& GLHG LQ 1R
YHPEHUDWWKHDJHRI
%URFN ZDV D QDWLYH RI
+DVNHOO DQG ZDV D YHW
HUDQRI:RUOG:DU,,+H
DWWHQGHG2NODKRPD$0&ROOHJHJUDGXDW
LQJLQZLWKDGHJUHHLQ(FRQRPLFVDQG
HDUQHGKLVODZGHJUHHDW%D\ORULQ+H
SUDFWLFHGODZSULQFLSDOO\DVDWULDODWWRUQH\
XQWLOKLVUHWLUHPHQWLQ+HZDVD'LS
ORPDWHRIWKH$PHULFDQ%RDUGRI7ULDO$G
YRFDWHVDQGDPHPEHURIERWKWKH,QWHUQD
WLRQDO$VVRFLDWLRQ RI 'HIHQVH &RXQVHO DQG
WKH'HIHQVH5HVHDUFK,QVWLWXWH
-DPHV 0 &DVWOHEHUU\
-U GLHG LQ -XQH DW WKH
DJH RI &DVWOHEHUU\
ZDVDQDWLYHRI&KDWRP
$ODEDPD +H UHFHLYHG
KLVODZGHJUHHIURP6W
0DU\·V 8QLYHUVLW\ LQ
+H WDXJKW DW WKH
-DPHV / %ULVWHU UH
/DZ 6FKRRO IURP WR VHUYHG DV
WLUHG $LU )RUFH FDSWDLQ
LWV'HDQIURPWRDQGZDV'HDQ
DQG ORQJWLPH PXQLFL
(PHULWXVIURPXQWLOKLVGHDWK+HZDV
SDO MXGJH IRU 8QLYHUVDO
DYLVLWLQJSURIHVVRUDWYDULRXVXQLYHUVLWLHV
&LW\DQG/LYH2DNGLHG
DQG LQVWLWXWHV ZRUOGZLGH GXULQJ KLV ORQJ
LQ-XO\DWWKHDJHRI
WHDFKLQJFDUHHU+HOHIWDQLQGHOLEOHPDUNDW
%ULVWHU HQWHUHG WKH $LU
6W0DU\·V8QLYHUVLW\DQGZDVGLUHFWO\UH
)RUFH IROORZLQJ KLV
VSRQVLEOHIRUGHYHORSPHQWHIIRUWVWKDWOHG
JUDGXDWLRQIURPKLJKVFKRRO:KLOHVHUYLQJ WRLWVHPHUJHQFHDVSURPLQHQWODZVFKRRO
LQWKHPLOLWDU\KHHDUQHGKLVXQGHUJUDGX
DWH GHJUHH IURP WKH 8QLYHUVLW\ RI 7HQQHV -RKQ &KULVWRSKHU ´-DFNµ &RQQRUV GLHG
VHH +H UHWLUHG IURP WKH$LU )RUFH LQ LQ-DQXDU\DWWKHDJHRI&RQQRUVZDV
ZLWKWKHUDQNRI0DMRUHQWHUHGODZVFKRRO DQDWLYHRI0LDPLDQGUHFHLYHGKLVXQGHU
DW6W0DU\·V8QLYHUVLW\DQGJUDGXDWHGLQ JUDGXDWHGHJUHHLQDFFRXQWLQJIURP6XI
+HSUDFWLFHGODZWDXJKWDQGVHUYHG IRON8QLYHUVLW\LQ%RVWRQ+HZDVDJUDG
DVPXQLFLSDOMXGJHIRUWKHQH[W\HDUV
XDWHRI6W0DU\·V8QLYHUVLW\/DZ6FKRRO
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
+HUEHUW *RUGRQ
'DYLVZKRVHFRP
PXQLW\ VHUYLFH LQ
6DQ$QWRQLRKHOSHG
SDYH WKH ZD\ IRU
WKH *RRG *RYHUQ
PHQW /HDJXH GLHG
LQ 1RYHPEHU DW WKH
DJHRI'DYLVZDVERUQLQ+DUWIRUG
&RQQHFWLFXW EXW KLV IDPLO\ PRYHG WR
7H[DV ZKHQ KH ZDV \RXQJ 'DYLV ZDV
LQ WKH ÀUVW FODVV WR JUDGXDWH IURP -HI
IHUVRQ +LJK 6FKRRO +H DWWHQGHG ERWK
FROOHJHDQGODZVFKRRODWWKH8QLYHUVLW\
RI 7H[DV 'DYLV VHUYHG LQ WKH PLOLWDU\
GXULQJ :RUOG :DU ,, VHHLQJ GXW\ LQ
1RUWK$IULFDDQG,WDO\,QWKHVDQG
VKHZRUNHGIRUWKH%H[DU&RXQW\
'LVWULFW $WWRUQH\ DQG ODWHU IRU 0D\RU
-RKQ:KLWHLQHIIRUWVWRFXUHDEXVHVLQ
6DQ$QWRQLRFLW\JRYHUQPHQW
5REHUW / (VFKHQ
EXUJ,,DQDWLYHRI
)ORUHVYLOOH GLHG LQ
'HFHPEHUDWWKHDJH
RI $SSRLQWHG E\
*RYHUQRU %ULVFRH
(VFKHQEXUJ VHUYHG
DV MXGJH RI WKH WKHQ
QHZO\ FUHDWHG WK -XGLFLDO 'LVWULFW
&RXUWIURPWKURXJK7KHUHDI
WHUKHVHUYHGDVDYLVLWLQJMXGJHKHDULQJ
FDVHV WKURXJKRXW 6RXWK 7H[DV DQG WKH
&RDVWDO%HQG,Q-DQXDU\KHDVVRFL
DWHGKLPVHOIZLWKWKHODZÀUPRI6RXOHV
:DOODFH$WWRUQH\VDW/DZ3&-XGJH
(VFKHQEXUJZDVDJUDGXDWHRIWKH
8QLYHUVLW\RI7H[DV/DZ6FKRRO+HZDV
D VWDOZDUW GHIHQGHU RI WKH $PHULFDQ
V\VWHP RI MXVWLFH DQG GHYRXWO\ IHOW WKDW
VHUYLFHWRRWKHUVZDVWKHKLJKHVWFDOOLQJ
+DUYH\ / +DUG\
GLHG LQ -XO\ DW WKH
DJH RI +DUG\
ZDV WKH VRQ RI WZR
ODZ\HUV+HGLGQRW
DWWHQG ODZ VFKRRO
EXW REWDLQHG KLV
OLFHQVH E\ SDVVLQJ
WKH EDU LQ DW D WLPH ZKHQ ODZ
VFKRRODWWHQGDQFHZDVQRWDSUHUHTXL
VLWH )ROORZLQJ VHUYLFH LQ :RUOG :DU
,, KH EHFDPH D SURVHFXWRU LQ %H[DU
&RXQW\ +DUG\ EHFDPH FLW\ DWWRUQH\
RI 6DQ$QWRQLR LQ DQG ODWHU HQ
WHUHG SULYDWH SUDFWLFH VSHFLDOL]LQJ LQ
ORFDO JRYHUQPHQW UHJXODWLRQV +DUG\
KDQGOHG PRUH WKDQ VWDWH DQG IHG
HUDO DSSHDOV GXULQJ KLV FDUHHU DQG JUHH IURP 7H[DV 6RXWKHUQ 8QLYHUVLW\
SUHVHQWHGKLVODVWRUDODUJXPHQWWRWKH +HVHUYHGDVD%H[DU&RXQW\$VVLVWDQW
7H[DV6XSUHPH&RXUWLQ
'LVWULFW $WWRUQH\ IRU \HDUV EHIRUH
HQWHULQJ SULYDWH SUDFWLFH ZLWK +RPHU
'RXJODV6ORDQ+DU :DOOV +LOO VHUYHG RQ WKH &LW\ 3XEOLF
ODQ GLHG LQ 1RYHP 6HUYLFH%RDUGIRU\HDUVDQGHQGHG
EHU DW WKH DJH RI KLVWHQXUHDVLWV&KDLUPDQ
+DUODQ·VWDOHQWVDQG
VNLOOV IRXQG PDQ\
&DURO +DEHUPDQ
RXWOHWV³DV D ZULWHU
.QLJKW6KHHQ WKH
VSHDNHUWHDFKHUODZ
ÀUVW IHPDOH GLV
\HU DQG DGPLQLVWUD
WULFW MXGJH LQ %H[DU
WRU+HZDVYHU\DFWLYHLQORFDODQGVWDWH
&RXQW\GLHGLQ2F
5HSXEOLFDQSROLWLFVFUHDWLQJDFDPSDLJQ
WREHU DW WKH DJH RI
VFKRRO ZKRVH DOXPQL LQFOXGH 6HQDWRU
+DEHUPDQ UH
.D\%DLOH\+XWFKLVRQDQG6WDWH6HQDWRU
FHLYHG KHU ODZ GH
-HII :HQWZRUWK +DUODQ KHOG GHJUHHV JUHHIURP6W0DU\·V8QLYHUVLW\LQ
IURP 5LFH 8QLYHUVLW\ DQG 'XNH 8QL DQGODWHUHDUQHGDPDVWHU·VGHJUHHLQ
YHUVLW\ DQG KDG ERWK D GRFWRUDWH LQ VRFLDOZRUNIURP2XU/DG\RIWKH/DNH
3ROLWLFDO 6FLHQFH DQG ODZ GHJUHH IURP 8QLYHUVLW\ +DEHUPDQ 5RVH 6SHFWRU
WKH 8QLYHUVLW\ RI 7H[DV +H DXWKRUHG DQG&DURO\Q6SHDUVDOOUDQDQGZRQ
DSROLWLFDOFRPPHQWDU\FROXPQIRUWKH VHDWV DV FRXQW\ MXGJHV LQ ³DQ
6DQ$QWRQLR/LJKWIURPWR
HYHQW WKDW HVWDEOLVKHG WKDW WKH ORFDO
FRPPXQLW\ZDVUHDG\WRHOHFWZRPHQ
(DUO+LOODQDWLYHRI0RQWJRPHU\$O DVMXGJHV*RYHUQRU'ROSK%ULVFRHDS
DEDPDDQGDSURPLQHQWORFDODWWRUQH\ SRLQWHG+DEHUPDQWRDGLVWULFWEHQFK
DQGSXEOLFVHUYDQWGLHGLQ1RYHPEHU LQ DQG VKH FRQWLQXHG WR EH UH
DWWKHDJHRI+LOOHDUQHGKLVODZGH HOHFWHGIRUWKHQH[W\HDUV
<Ș(ǸȹȐɕ8ѱǸɕɜȵȐǾȐɑɑɴѮ(ɑѱ
-LP&DVWOHEHUU\GLHGLQ6WRZH9HUPRQWZKLOHGRLQJRQHRIWKHWKLQJVKH
HQMR\HGPRVW³ÀVKLQJ)RUPDQ\\HDUVKHKDGEHORQJHGWRDSULYDWHFOXELQ
WKDWSDUWRIWKHFRXQWU\DQGDOZD\VORRNHGIRUZDUGWRKLV\HDUO\ÀVKLQJH[FXU
VLRQDQGHVFDSLQJIRUDIHZGD\VIURPWKHVXPPHUKHDWRI6DQ$QWRQLR
5HÁHFWLQJXSRQDQLQGLYLGXDOXVXDOO\EULQJVIRUWKPHPRULHVRIKRZWKDW
SHUVRQDIIHFWHGQRWRQO\\RXEXW\RXULPPHGLDWHVXUURXQGLQJV-LP&DVWOHEHU
U\ZDVDSRZHUIXOIRUFHLQP\OLIH1RWRQO\ZDVKHRQHRIP\SURIHVVRUVLQODZ
VFKRROEXWKHVXEVHTXHQWO\VHUYHGDV'HDQRI6W0DU\·V/DZ6FKRROIURP
XQWLOKHUHWLUHGIURPWKHRIÀFHLQ0RVWRIDOOKHZDVYHU\LQVWUXPHQWDOLQ
KHOSLQJPHREWDLQDVFKRODUVKLSWR608/DZ6FKRRODQGD)XOEULJKW6FKRODU
VKLSWKHIROORZLQJ\HDU,KDYHQRLGHDKRZLQÁXHQWLDOKHZDVZLWK'HDQ5DED·V
GHFLVLRQ WR EULQJ PH RQWR WKH IDFXOW\ EXW , GRXEW LI 'HDQ 5DED ZRXOG KDYH
PDGHVXFKDQRIIHULI-LP&DVWOHEHUU\KDGEHHQRSSRVHGWRWKHLGHD
0RVWNQRZWKDWKHLVWKHRQHUHVSRQVLEOHIRUWKHEXLOGLQJRIWKH6DULWD
.HQHG\(DVW/DZ/LEUDU\7KLVRQHVWUXFWXUHQHDUO\GRXEOHGWKHVL]HRIRXU
ÁRRUVSDFHDQGSURMHFWHGXVLQWRWKHVW&HQWXU\ZKHQLWZDVEXLOWLQWKHHDUO\
V,WZDVDOVRXQGHUKLVWHQXUHDVGHDQWKDWRXU,QQVEUXFNSURJUDPZDV
LQDXJXUDWHGDQGWKLVVWXG\DEURDGSURJUDPKDVHYROYHGLQWRRQHRIWKHPRVW
VXFFHVVIXOLQWKH8QLWHG6WDWHVWRGD\:KDWPD\KRZHYHUKDYHEHHQIRUJRW
WHQLVWKDWLWZDV-LP&DVWOHEHUU\ZKREURXJKWWHFKQRORJ\WRRXUFDPSXV
-LPZDVDQDYLGKXQWHUDQHQWKXVLDVWLFWUDYHOHUDJUHDWVWRU\WHOOHUDQGD
FRQQRLVVHXURIÀQHERXUERQ(DFK&KULVWPDVKLVIULHQGVUHFHLYHGDFDUGZLWK
DSLFWXUHIURPRQHRIKLVPRVWUHFHQWWUDYHOV/DVW\HDULWZDV-LPKLNLQJLQ
WKH$OSV%HIRUHLWZDVDOZD\VVRPHLQWHUHVWLQJDQGH[RWLFIDUÁXQJSDUWRI
WKHJOREH7KLVSDVW&KULVWPDVKLVFDUGZDVGHDUO\PLVVHG
&KDUOHV(&DQWX'HDQDQG6W0DU\·V8QLYHUVLW\'LVWLQJXLVKHG
6RXWK7H[DV3URIHVVRURI/DZ
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
<ȘǸɑɄȵHѱ
ǸǾȐɑȹǸȽ
,ȽȨȝȣɜ҇LȣȐȐȽ
$OO RI WKH ZRPHQ ZKR KDYH EHHQ
SULYLOHJHG WR VLW RQ D %H[DU &RXQW\
EHQFK LQ WKH ODVW \HDUV NQRZ ZKDW
D GHEW RI JUDWLWXGH ZH RZH WR &DURO
+DEHUPDQ .QLJKW6KHHQ 6KH ZDV RXU
WUDLOEOD]HURXUIRUHPRWKHURXUPHQWRU
RXU UROH PRGHO DQG RXU IULHQG :LWK
ZDUPWK DQG JHQHURVLW\ VKH FKHHUIXOO\
ZHOFRPHGWKRVHRIXVZKRIROORZHGKHU
LQ WKH MXGLFLDU\ 6KH WDXJKW XV KRZ WR
´ZRUNDURRPµGXULQJDQHOHFWLRQF\FOH
DQG QR RQH FRXOG ZRUN D URRP PRUH
WKRURXJKO\DQGHIIHFWLYHO\WKDQVKH
1RU ZDV DQ\RQH PRUH FRORUIXO
RQ WKH EHQFK³OLWHUDOO\ VSHDNLQJ RI
FRXUVH³ZLWKKHUUDLQERZFROOHFWLRQRI
UREHV,WVSRNHWRKHURSHQQHVVKHUMR\
LQVHUYLQJWKHFLWL]HQVRI%H[DU&RXQW\
DQG KHU FDOOLQJ 6KH WROG PH WKDW KHU
FKRLFHRIFRORUHGUREHVZDVDUHVSRQVH
WR KHU H[SHULHQFHV DV D SUREDWH MXGJH
IURP WR ZKHUH VKH VDZ VR
PXFKJULHIRQWKHIDFHVRIWKHOLWLJDQWV
6KH WKRXJKW EODFN UREHV V\PEROL]HG
WKDWJULHI7KLVGHFLVLRQWRZHDUDUHG
RU EOXH UREH LV EXW D VPDOO H[DPSOH
RI KHU VHQVLWLYLW\ WR WKH LPSUHVVLRQ D
MXGJH PDNHV RQ WKH SHRSOH ZKR VHHN
MXVWLFH LQ WKH FRXUWV ,W LV ÀWWLQJ WKDW
VKHZDVODLGWRUHVWLQKHUUHGRQH
6KHZDVRQHRIWKUHHZRPHQZKR
EURNH WKH JHQGHU EDUULHU LQ 1RYHP
EHURIWREHHOHFWHGFRXQW\ZLGH
WRDMXGLFLDOEHQFK,Q*RYHUQRU
'ROSK %ULVFRH FKRVH -XGJH +DEHU
PDQ WR EHFRPH WKH ÀUVW IHPDOH GLV
WULFW MXGJH LQ %H[DU &RXQW\ $W KHU
SRUWUDLWKDQJLQJRQ2FWREHU
*RYHUQRU%ULVFRHUHFDOOHG´,WZDVWKH
XQDQLPRXV UHFRPPHQGDWLRQ RI HY
HU\RQHWKDW&DUROEHDSSRLQWHGLQWKH
WK$QGLQP\RSLQLRQQRJRYHU
QRUDQ\ZKHUHDWDQ\WLPHHYHUPDGHD
JUHDWHURUEHWWHUDSSRLQWPHQWµ
,WLVDKLJKSULYLOHJHWRKDYHIRO
ORZHG WKLV JUDFLRXV IDLU DQG ZLVH
MXULVW , NHHS RQ WKH EHQFK WKHVH
GD\V D TXRWH DWWULEXWHG WR &RUQHO
:HVWWKDWVD\V´-XVWLFHLVZKDWORYH
ORRNV OLNH LQ SXEOLFµ , WKLQN WKDW
VXPV XS -XGJH +DEHUPDQ .QLJKW
6KHHQ·VOHJDF\EHDXWLIXOO\
%DUEDUD+DQVRQ1HOOHUPRH
-XGJHRIWKHWK'LVWULFW&RXUW
6LGQH\ * 2UGZD\ DWWDLQHG JUHDW SHU
VRQDO DQG SURIHVVLRQDO VXFFHVV GHVSLWH
VLJQLÀFDQWGLVDELOLW\DQGDGYHUVLW\2UG
ZD\ZDVERUQLQ'HV0RLQHV,RZD+H
VHUYHGWRXUVLQ9LHWQDPDQGZDVJULHY
RXVO\ LQMXUHG LQ D ÀUHÀJKW WKDW OHIW KLV
H\HVEOLQGHGDQGKLVEUDLQLQMXUHG1RW
ZLWKVWDQGLQJ KLV GLVDELOLWLHV 2UGZD\
ZHQWRQWRREWDLQKLVXQGHUJUDGXDWHDQG
ODZ GHJUHHV IURP 6W 0DU\·V 8QLYHUVLW\
DQGDGRFWRUDWHLQ3ROLWLFDO6FLHQFHIURP
8&/$ +H GHGLFDWHG KLV OLIH WR VHUYLQJ
WKHYLVLRQLPSDLUHGSDUWLFXODUO\PLOLWDU\
YHWHUDQVDQGZDVDWWKHWLPHRIKLVGHDWK
VHUYLQJDVQDWLRQDO9LFH3UHVLGHQWRIWKH
%OLQGHG9HWHUDQV$VVRFLDWLRQ
(GJDU $OODQ 3IHLO DJH GLHG DW KLV
UDQFK QHDU &RPIRUW LQ )HEUXDU\ )RO
ORZLQJKLJKVFKRROLQ6DQ$QWRQLR3IHLO
UHFHLYHG KLV ODZ GHJUHH IURP WKH 8QL
YHUVLW\RI7H[DVLQ+HZDVHOHFWHG
&RXQW\$WWRUQH\IRU*XDGDOXSH&RXQW\
LQDQGZRUNHGZLWKWKH6WDWH$WWRU
QH\*HQHUDO·V2IÀFHIURPWR
)ROORZLQJ VHYHUDO \HDUV RI PLOLWDU\ VHU
YLFH KH UHWXUQHG WR WKH SUDFWLFH RI ODZ
LQDQGEHFDPHDWULDODWWRUQH\IRU
+RXVWRQDQGODWHU6DQ$QWRQLR
)UDQN & 5RGJHUV D VXFFHVVIXO SHUVRQDO
LQMXU\DWWRUQH\GLHGLQ$SULODWWKHDJHRI
5RGJHUV ZDV DQ KRQRUHG JUDGXDWH RI
6W0DU\·V8QLYHUVLW\/DZ6FKRRODQGSUDF
WLFHGIRUPDQ\\HDUVLQ6DQ$QWRQLR+HHQ
MR\HGJROIFODVVLFDOOLWHUDWXUHDQGÀQHDUW
+HQU\*6FKXEOHGLHG
LQ'HFHPEHUDWWKHDJH
RI *RYHUQRU %ULV
FRH DSSRLQWHG 6FKXEOH
WR WKH QHZO\ FUHDWHG
WK -XGLFLDO 'LVWULFW
&RXUW EHQFK LQ +DU
ULV&RXQW\LQ+H
VHUYHG DV GLVWULFW MXGJH XQWLO QHYHU
ORVLQJ DQ HOHFWLRQ LQ +DUULV &RXQW\ 7KH
'HWURLWQDWLYHZDVWKHVRQRIPDMRUOHDJXH
EDVHEDOOSOD\HU´+HLQHµ6FKXEOHDQGSUR
IHVVLRQDO PRGHO $JQHV $UFKLEDOG 6KDZ
-XGJH6FKXEOHUHFHLYHGKLVXQGHUJUDGXDWH
GHJUHHIURP%D\ORUDQGIROORZLQJPLOLWDU\
VHUYLFHUHWXUQHGWR%D\ORUIRUODZVFKRRO
DQG JUDGXDWHG LQ $IWHU ODZ VFKRRO
-XGJH 6FKXEOH KHOG VHYHUDO SXEOLF DQG
SULYDWHSRVLWLRQVSULRUWREHLQJDSSRLQWHG
GLVWULFW MXGJH )ROORZLQJ ´UHWLUHPHQWµ LQ
WRKLVUDQFKLQ.DUQHV&RXQW\-XGJH
6FKXEOHFRQWLQXHGWRVHUYHDVDVHQLRUYLV
LWLQJMXGJHDQGPHGLDWRUXQWLOKLVGHDWK
'DQLHO77KRUQEHUU\
GLHGLQ-DQXDU\DWWKH
DJHRI7KRUQEHUU\
ZDV ERUQ LQ 'DOODV
DQG ZDV GHVFHQGHG
IURPRQHRIWKHRULJL
QDO 7H[DV SLRQHHU
IDPLOLHV +H UHFHLYHG
KLV XQGHUJUDGXDWH GHJUHH IURP WKH 8QL
YHUVLW\RI7H[DVDQGDPDVWHU·VGHJUHHLQ
KLVWRU\ IURP WKH 8QLYHUVLW\ RI 0LFKLJDQ
LQ$QQ$UERU+HDWWHQGHG6W0DU\·V8QL
YHUVLW\/DZ6FKRRODQGKHOGYDULRXVSRVL
WLRQVZLWKLQWKH%H[DU&RXQW\'LVWULFW$W
WRUQH\·VRIÀFHIRU\HDUVXQWLOKLVGHDWK
-RKQ+RZDUG9DQ9RR
UKLV GLHG LQ -XQH DW WKH
DJH RI 9DQ 9RRUKLV
ZDV ERUQ LQ -DFNVRQ
0LFKLJDQLQ+HDW
WHQGHGWKH8QLYHUVLW\RI
8WDK DQG ODWHU HQWHUHG
/R\ROD /DZ 6FKRRO
0LOLWDU\VHUYLFHLQ:RUOG:DU,,LQWHUUXSWHG
KLVOHJDOVWXGLHVDQGKHODWHUUHFHLYHGKLVODZ
GHJUHHIURP6RXWKHUQ0HWKRGLVW8QLYHUVLW\
<Ș
Ǹɑȇɴ
,VWDUWHGZRUNLQJIRU+DUYH\LQZKLOH
LQ ODZ VFKRRO DQG RXU DVVRFLDWLRQ FRQWLQXHG
XQWLOWKHGD\RIKLVGHDWK+DUYH\VWXGLHGODZ
ZLWKKLVSDUHQWVERWKRIZKRPZHUHODZ\HUV
GXULQJ DQG DIWHU DWWHQGLQJ 6DQ $QWRQLR &RO
OHJHRQDQDFDGHPLFVFKRODUVKLS+LVDVVRFLDWH
GHJUHHIURP6$&FRPSOHWHGKLVFROOHJHHGXFD
WLRQDQGZLWKRXWDWWHQGLQJODZVFKRROKHZDV
DGPLWWHGWRWKHEDULQDWDJH7KHODZ
ZDV+DUYH\·VSURIHVVLRQDQGLWZDVKLVSDVVLRQ
2QEHLQJDGPLWWHGWRWKH%DULQKHVDLG´,
ZDVOLWHUDOO\ERUQDJDLQµ$GHFRUDWHGYHWHUDQ
RIWKH%DWWOHRIWKH%XOJH+DUYH\DJJUHVVLYHO\
KRQHVWO\DQGVXFFHVVIXOO\UHSUHVHQWHGDPXOWL
WXGH RI FOLHQWV ZLWK ORFDO JRYHUQPHQWDO SURE
OHPVGXULQJKLVH[WUDRUGLQDULO\ORQJFDUHHU
3UDFWLFLQJ ODZ ZLWK +DUYH\ KDV EHHQ D
ZRQGHUIXODGYHQWXUHRFFXS\LQJPRVWRIP\
OLIH+HVHWDQH[DPSOHIRUPHKLVFOLHQWVDQG
RWKHUODZ\HUVZLWKZKRPKHSUDFWLFHG³QRW
RQO\DERXWSUDFWLFLQJODZEXWDERXWSURIHV
VLRQDO UHVSRQVLELOLW\ HWKLFV LQWHJULW\ DQG
PRUDOLW\+DUYH\·VOLIHHSLWRPL]HGDOOWKDWLV
JRRGDERXWRXUSURIHVVLRQ³DOLIHWKDWDOORI
XVZRXOGGRZHOOWRHPXODWH
5DOSK%URZQ
/DZ2IÀFHVRI5DOSK%URZQ3&
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
ǸɑɨȐɴ0ѱ
%\-XVWLFH&DWKHULQH6WRQH
7
DQFWLRQV 8QLIXQG &&5 3DUWQHUV
Y9LOOD1R&9
:/7H[$SS³6DQ$Q
WRQLR6HSWSHWÀOHG$
GLVPLVVDOKDVQRHIIHFWRQDSHQG
LQJ PRWLRQ IRU VDQFWLRQV 7KH WULDO FRXUW
GLGQRWDEXVHLWVGLVFUHWLRQLQÀQGLQJWKDW
WKHSODLQWLIIFUHGLWRUKDGDFWXDONQRZOHGJH
RIWKHGHIHQGDQWGHEWRU·VEDQNUXSWF\GLV
FKDUJHEHIRUHÀOLQJDFROOHFWLRQODZVXLWRU
LQÀQGLQJWKDWWKHSODLQWLIIFUHGLWRU·VSXU
SRUWHGGLVSXWHDERXWWKHGLVFKDUJHRIWKH
GHEWLQTXHVWLRQZDVQRWIRUPHGDIWHUUHD
VRQDEOH LQTXLU\ RU ZDUUDQWHG E\ H[LVWLQJ
ODZ 7KH WULDO FRXUW GLG QRW DEXVH LWV GLV
FUHWLRQ LQ DZDUGLQJ DGGLWLRQDO VDQFWLRQV
IRULQFRQYHQLHQFHDQGKDUDVVPHQW
:RUNHUV· &RPSHQVDWLRQ ² )XQHV Y (O
GULGJH(OHF&R1R&9
:/ 7H[ $SS³6DQ $QWRQLR
2FW QR SHW K $ VXEFRQWUDF
WRU ZDV HQWLWOHG WR LPPXQLW\ IURP VXLW
XQGHUWKHH[FOXVLYHUHPHGLHVSURYLVLRQ
RIWKH7H[DV:RUNHUV·&RPSHQVDWLRQ$FW
EHFDXVHDJHQHUDOFRQWUDFWRU·VTXDOLÀFD
WLRQ DV D VWDWXWRU\ HPSOR\HU H[WHQGHG
WKH VWDWXWRU\ HPSOR\HUHPSOR\HH UHOD
WLRQVKLSWRDOOWLHUVRIVXEFRQWUDFWRUV
7LPHO\ $SSHDO ² 5REHUWV Y 6WDWH 1R
&5 :/ 7H[
$SS³6DQ$QWRQLR2FWQRSHW
$GRFXPHQWHQWLWOHG6WDWHPHQWRI,QDELO
LW\ WR $IIRUG &RXQVHO WKDW GRHV QRW LQ
FOXGHWKHZRUG´DSSHDOµRULQDQ\PDQ
3RVW&RQYLFWLRQ '1$ 7HVWLQJ ² /\RQ QHU DOOXGH WR WKH GHVLUH WR DSSHDO FRXOG
Y 6WDWH 1R &5 :/ QRWEHFRQVWUXHGDVDQRWLFHRIDSSHDO
7H[ $SS³6DQ $QWRQLR 2FW
SHWÀOHG3RVWFRQYLFWLRQ'1$ 0LWLJDWLRQRI'DPDJHV²$ODPR&RPPXQLW\
WHVWLQJ LV QRW UHTXLUHG ZKHUH WKH GHIHQ &ROOHJH'LVWY0LOOHU1R&9
GDQWDGPLWWHGWREHLQJWKHSHUSHWUDWRUEXW :/7H[$SS³6DQ$QWRQLR
VHHNVWRHVWDEOLVKDQDIÀUPDWLYHGHIHQVH 2FW$SURIHVVRUIDLOHGWRPLWLJDWH
KLVGDPDJHVIROORZLQJKLVZURQJIXOWHUPL
6WDWH·V$SSHDO²,QUH6HDUFK:DUUDQW6HL QDWLRQEHFDXVHKHIDLOHGWRH[HUFLVHUHDVRQ
]XUH1RV&5 DEOH GLOLJHQFH LQ VHHNLQJ DQG DFFHSWLQJ
&5 :/ 7H[ $SS³6DQ DQ\ZRUNIRUZKLFKKHZDVTXDOLÀHGRQFH
$QWRQLR 6HSW SHW ÀOHG 7KH LWZDVGHWHUPLQHGWKDWKHFRXOGQRWVHFXUH
VWDWHLVQRWDXWKRUL]HGWRDSSHDODQRUGHU HPSOR\PHQW LQ D SRVLWLRQ VXEVWDQWLDOO\
UHTXLULQJWKHUHWXUQRIVHL]HGSURSHUW\
VLPLODUWRKLVIRUPHUWHDFKLQJSRVLWLRQ
9DQ9RRUKLVVHUYHGLQWKHPLOLWDU\IRU
\HDUV DQG UHWLUHG DV D &RORQHO IURP WKH
2IÀFHRIWKH6WDII-XGJH$GYRFDWHRIWKH
$LU)RUFH+HHQWHUHGSULYDWHSUDFWLFHLQ
DQGVHUYHGWKH&LW\RI&RQYHUVHDV
0D\RU&LW\$WWRUQH\
DQG0XQLFLSDO-XGJH
&DURO:HLUDFKDP
SLRQRIWKHULJKWVRI
RWKHUZLVH GHIHQVH
OHVV EDELHV DQG
\RXQJFKLOGUHQZLWK
VHYHUHPHGLFDOFKDO
OHQJHV GLHG LQ 0D\
DWWKHDJHRI:HLU
KHOG D PDVWHU·V GHJUHH LQ 3V\FKRORJ\
IURP7ULQLW\8QLYHUVLW\DQGUHFHLYHGKHU
ODZGHJUHHIURP6W0DU\·V8QLYHUVLW\LQ
6KHGHGLFDWHGKHUFDUHHUWRGHIHQG
LQJFKLOGUHQDQGDVVLVWLQJ\RXQJSDUHQWV
ZKR ODFNHG WKH VNLOOV RU UHVRXUFHV WR
UDLVH FKLOGUHQ ,Q WKH 6DQ$QWRQLR
&DWKROLF/DZ\HUV*XLOGQDPHG:HLULWV
/DZ\HURIWKH<HDU,Q$SULORIWKLV\HDU
WKH 6DQ $QWRQLR %DU $VVRFLDWLRQ PDGH
KHU WKH ÀUVW UHFLSLHQW RI WKH &DURO\Q
7KXUPRQG&RPPXQLW\6HUYLFH$ZDUG
*XV(:LOFR[-UDQDWLYHRI(O3DVR
DQGDORQJWLPHUHVLGHQWRI6DQ$QWRQLR
GLHGLQ0DUFKDWWKHDJHRI:LOFR[
JUDGXDWHGIURP6W0DU\·V8QLYHUVLW\
/DZ 6FKRRO LQ DQG VHUYHG DV DQ
DVVLVWDQW FULPLQDO 'LVWULFW $WWRUQH\
LQ %H[DU &RXQW\ IURP WR +HSUDFWLFHGLQWKHDUHDVRIFULPLQDO
PXQLFLSDODQGEXVLQHVVODZ
&RQIURQWDWLRQ&ODXVH²5RGULJXH]Y6WDWH
1R &5 :/ 7H[$SS³6DQ$QWRQLR2FWQR
SHWK$ZRPDQ·VUHVSRQVHVWRTXHVWLRQ
LQJE\DQRIÀFHULQYHVWLJDWLQJDQDOOHJHG
DVVDXOW WKDW ZHUH LQWHQGHG WR GHWHUPLQH
ZKDWZDVSUHVHQWO\KDSSHQLQJDQGWRDV
VHVVWKHVLWXDWLRQZHUHQRQWHVWLPRQLDOIRU
SXUSRVHV RI &UDZIRUG $IWHU WKH DOOHJHG
SHUSHWUDWRURIWKHDVVDXOWKDGEHHQORFDW
HG DQG GHWDLQHG WKH ZRPDQ·V UHVSRQVHV
WRIXUWKHUTXHVWLRQLQJZHUHWHVWLPRQLDO
&RXUW5HFRUGV²,QUH&RDVWDO%HQG&ROOHJH
1R&9:/7H[
$SS³6DQ$QWRQLR 2FW QR SHW
K'9'VWHQGHUHGIRULQFDPHUDLQVSHFWLRQ
DUHQRW´FRXUWUHFRUGVµRSHQWRWKHSXEOLF
6WDWXWRU\'DPDJHV²=XQLJDY9HODVTXH]
1R &9 :/ 7H[ $SS³6DQ $QWRQLR 2FW QR SHW K 6HFWLRQ RI WKH 7H[DV
3URSHUW\&RGHDOORZVDSXUFKDVHUWRUH
FRYHU GDLO\ VWDWXWRU\ GDPDJHV RI IRUDVHOOHU·VIDLOXUHWRWLPHO\FRQYH\OH
JDOWLWOHLQDFRQWUDFWIRUGHHGVLWXDWLRQ
%HFDXVH VHFWLRQ LPSRVHV D KDUVK
SHQDOW\ WKH SXUFKDVHU LV UHTXLUHG WR
GHPRQVWUDWHWKDWDOOSD\PHQWVZHUHSUH
FLVHO\PDGHXQGHUWKHFRQWUDFWIRUGHHG
&OHULFDO(UURU²7H['HS·WRI3XE6DIHW\Y
*RQ]DOHV 1R &9 :/
7H[ $SS³6DQ $QWRQLR 2FW QRSHWK$FOHULFDOHUURULQDQDGPLQ
LVWUDWLYHRUGHUGRHVQRWUHTXLUHUHYHUVDO
%LIXUFDWLRQ ² ,Q UH 7UDYHOHUV /OR\GV RI
7H[,QV&R1R&9
:/ 7H[ $SS³6DQ $QWRQLR
6HSW RULJ SURFHHGLQJ 7KH
WULDO FRXUW GLG QRW DEXVH LWV GLVFUHWLRQ
LQRUGHULQJDELIXUFDWHGWULDORIFRQWUDF
WXDODQGH[WUDFRQWUDFWXDOFODLPVUDWKHU
WKDQDVHYHUDQFHDQGDEDWHPHQW
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
-XVWLFH&DWKHULQH6WRQH
KDVVHUYHGRQWKH)RXUWK
&RXUWRI$SSHDOVVLQFH
0DUFK RI DQG LV
ERDUG FHUWLÀHG LQ FLYLO
DSSHOODWHODZ
*SYVXL'SYVX9THEXI
&DVH6XPPDULHV
6
7fZ[US^
>[XW
3iSdVe
%\$PDQGD5%XFNHUW
XULQJ WKH VHFRQG DFW RI DWWRUQH\µKHVDLG´+HSUDFWLFHGGXULQJD
WKH (WKLFV )ROOLHV WLPHZKHQODZ\HUVWULHGKXQGUHGVRIFDVHV
WKH$VVRFLDWLRQ RI &RUSR GXULQJWKHLUFDUHHUVDQGDVIDUDV,NQRZ
UDWH &RXQVHO 6RXWK&HQ WKHUHLVQRWDVLQJOHODZ\HUZKRDSSHDUHG
WUDO 7H[DV &KDSWHU WRRN D DJDLQVWKLPZKRKDVDQ\WKLQJEDGWRVD\
EUHDN IURP IXQ HWKLFV HGXFDWLRQ WR IRFXV $FWXDOO\LWZDVMXVWWKHRSSRVLWHµ
RQ VRPHWKLQJ VHULRXV 0D\RU 3KLO +DUG
*HRUJH 6SHQFHU -U ZHQW RQ WR VD\
EHUJHU SUHVHQWHG WKH $&&·V ÀUVW (WKLFDO WKDWZKHQRWKHUODZ\HUVJRWLQWRWURXEOH
/LIH $ZDUGV WR DQ LQKRXVH ODZ GHSDUW RU ZHUH VXHG LW ZDV KLV IDWKHU ZKRP
PHQW DQG D ODZ ÀUP RU
VROR SUDFWLWLRQHU ´ZKR
H[HPSOLI\LGHDORUH[FHS
WLRQDO HWKLFDO FRQGXFWµ
7KH DZDUGV ZHUH PHDQW
WRHPSKDVL]HWKHSRLQWRI
WKHDPXVLQJDWPRVSKHUH
RI ´'HFHQW·V 'HFHQWµ
WKH (WKLFV )ROOLHV
PXVLFDOSURGXFWLRQ
$FFRUGLQJ WR WKH
$&& ´$OO LQKRXVH OH
JDOGHSDUWPHQWVDQGODZ
ÀUPVLQWKH&HQWUDODQG
6RXWK 7H[DV ZHUH HOL
JLEOH 7KH QRPLQDWLRQV
ZHUH PDGH E\ FXVWRP
HUV FOLHQWV HPSOR\HHV
DQG YHQGRUV ZLWK SHU
VRQDO NQRZOHGJH RI WKH (WKLFDO/LIH$ZDUGIRUDVROHSUDFWLWLRQHURUODZÀUPUHFLSLHQW*HRUJH
DWWRUQH\V· FRPPLWPHQW 6SHQFHU6UZLWK)RXUWK&RXUWRI$SSHDOV-XVWLFH3K\OLV6SHHGOLQ
WR HWKLFDO EHKDYLRU LQ
WKHSUDFWLFHRIODZ7KHDZDUGVUHFRJQL]H WKH\WXUQHGWRIRUUHSUHVHQWDWLRQ´,ZDV
ERWKDODZ\HURUODZÀUPDQGDQLQKRXVH SULYLOHJHGWRVLWVHFRQGFKDLULQDQXPEHU
DWWRUQH\ RU FRUSRUDWH OHJDO GHSDUWPHQW RIFDVHVZLWKP\GDGDQGWRREVHUYHQRW
ZKLFK KDYH H[KLELWHG HWKLFDO FRQGXFW LQ RQO\ KLV FRXUWURRP VNLOOV EXW KLV YHU\
WKHLUOHJDOUHSUHVHQWDWLRQVLQµ
KLJKHWKLFVµKHVDLG´,QIDFW,WKLQNWKH
7KLV\HDU·VDZDUGUHFLSLHQWVZHUHDW SHRSOHZKRZRXOGEHLQWKHYHU\EHVWSR
WRUQH\*HRUJH6SHQFHU6UDSDUWQHULQ VLWLRQWRFRPPHQWRQKLVSURIHVVLRQDOLVP
WKH ÀUP RI &OHPHQV 6SHQFHU DQG WKH DQGHWKLFVDUHWKHRQHVZKRZHUHUHSUH
OHJDO GHSDUWPHQW RI 1X6WDU (QHUJ\ /3 VHQWLQJRSSRVLQJSDUWLHVDJDLQVWKLPµ
$QQDO\Q6PLWKDPHPEHURIWKHVHOHFWLRQ
0D\RU+DUGEHUJHUVDLGKHWKLQNVRI
FRPPLWWHHVDLGWKDWZKHQWKHFRPPLWWHH 6SHQFHUDVWKHRULJLQDOJHQWOHPDQODZ\HU
PHW DQG ZHQW WKURXJK WKH QRPLQDWLRQV ´7KHUHLVQRGRXEWWKDWKHKDVOHGDQH[
*HRUJH 6SHQFHU 6U ZDV ´MXVW DQ HDV\ WUHPHO\HWKLFDOOLIH,IHYHU\ODZ\HUZHUH
FKRLFH7KHUHZDVMXVWQREHWWHURSWLRQRU OLNH*HRUJH6UWKHUHZRXOGEHDVFDUFLW\
DQ\RQH PRUH GHVHUYLQJµ :KHQ 6SHQFHU RIODZ\HUMRNHVµKHVDLG´,WULHGDQXP
ZDONHG RQ VWDJH WR UHFHLYH KLV DZDUG LW EHURIFDVHVRQWKHRWKHUVLGHRIWKHGRFNHW
ZDVDSSDUHQWWKRVHIURPWKHOHJDOFRPPX IURP KLP DQG VRPHWLPHV RQ WKH VDPH
QLW\LQDWWHQGDQFHDJUHHGZLWKKLVVHOHF VLGH,DOZD\VIHOWWKHUHZDVQRWDEHWWHU
WLRQ ZKROHKHDUWHGO\³WKH\ URVH WR WKHLU ODZ\HU WKDQ *HRUJH 6U³ZKLFK ZDVQ·W
IHHWDQGJDYHDURXVLQJVWDQGLQJRYDWLRQ JRRG QHZV LI \RX ZHUH DJDLQVW KLPµ
WRDPDQZKRPPDQ\DWWRUQH\VFDOOHGDQ 0D\RU+DUGEHUJHUDGGHGWKDW6SHQFHU·V
H[DPSOHWRODZ\HUVHYHU\ZKHUH
FKDUDFWHUZDVHYLGHQWWRDOO´7KHSXULW\
6SHQFHU·V VRQ *HRUJH 6SHQFHU -U RIKLVEHLQJLVVKRZQDQGMXULHVUHDOL]HG
VDLGKLVIDWKHUZKRLVPRVWO\UHWLUHGZDV LW+HDOZD\VKDQGOHGKLPVHOIZLWKFRXU
H[WUHPHO\ KRQRUHG E\ WKH DZDUG ´, FDQ·W WHV\DQGDORWRIGHFRUXP+HLVWKHEHVW
HYHQ WKLQN RI KRZ PDQ\ RWKHU ODZ\HUV WKH %DU KDV WR RIIHUµ WKH 0D\RU FRQWLQ
KDYH WROG PH KRZ PXFK WKH\ UHVSHFW P\ XHG ´+H WDXJKW PH OHVVRQV RI FRXUWHV\
IDWKHURUKRZPDQ\SHRSOHKDYHVDLGWKDW WKDWKDYHLQÁXHQFHGP\HQWLUHFDUHHUµ
KHZDVWKHFRQVXPPDWHSURIHVVLRQDODVDQ
)RXUWK&RXUWRI$SSHDOV-XVWLFH3K\
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
OLV 6SHHGOLQ ZDV D SDUWQHU DW &OHPHQV 6SHQFHU EHIRUH PRYLQJ WR WKH EHQFK ´,
KDYH DOZD\V FRQVLGHUHG P\VHOI YHU\ IRU
WXQDWH LQGHHG WR KDYH KDG *HRUJH 6U DV
ERWKP\VHQLRUSDUWQHUDQGP\PHQWRU,
FUHGLWKLPZLWKZKHUH,DPWRGD\ERWKDV
D ODZ\HU DQG DV D MXGJHµ VKH VDLG ´+LV
OLIHLVWKHHSLWRPHRIEHLQJERWKDJHQWOH
PDQODZ\HUDQGDVFKRODUIRUPRUHWKDQ
\HDUVRISUDFWLFH,ZDVRQHRIPDQ\IRUWX
QDWHDWWRUQH\VZKREHQHÀWHGIURPKLVH[
DPSOHDQGKLVPHQWRULQJ,NQRZQRRQH
ZKREHWWHUUHSUHVHQWVDQHWKLFDOOLIHDQGDQ
HWKLFDOODZSUDFWLFHWKDQWKLVJHQWOHPDQµ
6SHQFHU·V VRQ DQG DWWRUQH\ 3KLO :DW
NLQV ERWK VDLG WKDW DQ LQFLGHQW WKDW RF
FXUUHGZKHQ:DWNLQVZDVRSSRVLQJFRXQ
VHO LQ D FDVH LV D KXPRURXV DQG DFFXUDWH
UHÁHFWLRQ RQ 6SHQFHU·V FKDUDFWHU :DWNLQV
VDLG WKDW LQ DERXW KH UHSUHVHQWHG D
PDQLQMXUHGZKLOHRSHUDWLQJDODUJHIURQW
HQGORDGHUPDQXIDFWXUHGE\-RKQ'HHUH
DQG 6SHQFHU UHSUHVHQWHG 'HHUH ´7KH
'HHUHLQKRXVHSURGXFWOLDELOLW\DVVRFLDWH
FRXQVHOZDVD\RXQJODZ\HUZKRVWUHQX
RXVO\ EHOLHYHG WKHLU SURGXFW WR EH FRP
SOHWHO\VDIHDQGZDQWHGWKHFDVHGHIHQGHG
]HDORXVO\'LVFRYHU\UHTXLUHGZHWDNHGH
SRVLWLRQV DOO RYHU WKH 0LGZHVWµ KH VDLG
´*HRUJH DQG , ZRXOG WUDYHO WRJHWKHU RQ
FRPPHUFLDO DLUOLQHV WR WDNH GHSRVLWLRQV
2QRQHWULSZHÁHZLQWRDVPDOODLUSRUW
QHDU 'DYHQSRUW ,RZD DQG WKH \RXQJ
'HHUH ODZ\HU ZDV ZDLWLQJ DW WKH DLUSRUW
IRU*HRUJHµ:DWNLQVVDLGWKDWWKH\RXQJ
ODZ\HUWRRN6SHQFHU·VOXJJDJHSXWLWLQWR
WKH FDU DQG ´VSHG RXW RI WKH SDUNLQJ ORW
OHDYLQJ >KLP@ VWDQGLQJ RQ WKH FXUE ZLWK
QRWD[LLQVLJKWµWKHQVXGGHQO\WKHEUDNH
OLJKWVFDPHRQDQGWKHFDUEHJDQWREDFN
XSXQWLOLWVWRSSHGDWWKHFXUEZKHUH:DW
NLQV ZDV VWDQGLQJ ´7KH \RXQJ ODZ\HU
VKHHSLVKO\JRWRXWRIWKHFDUDQGRSHQHG
WKH WUXQN IRU PH WR GHSRVLW P\ OXJJDJH
:H WKHQ ZHQW WR WKH KRWHO 1RWKLQJ ZDV
VDLGDERXWWKHLQFLGHQW:KHQZHUHWXUQHG
WR6DQ$QWRQLR*HRUJHJDYHPHDOLIWIURP
WKHDLUSRUWDQGGURSSHGPHDWP\KRPHµ
:DWNLQVH[SODLQHG´,WKDQNHGKLPIRUWKH
ULGHDQGWKHFRXUWHV\LQ'DYHQSRUWDQGKH
WROG PH ¶3KLO WKDW \RXQJ ODZ\HU GLGQ·W
XQGHUVWDQG WKDW \RX FDQ UHSUHVHQW \RXU
FOLHQW ZLWKRXW EHLQJ GLVDJUHHDEOH ZLWK
RSSRVLQJ FRXQVHO· $V D \RXQJ ODZ\HU
P\VHOIDWWKHWLPH,WRRNWKLVDGPRQLWLRQ
WRKHDUWDQGKRSHWKDW,KDYHDOZD\VIRO
ORZHG KLV H[DPSOHµ :DWNLQV DGGHG ´,
KDYHNQRZQKLPVLQFHDQGEHOLHYH
KLPWREHRQHRIWKHÀQHVWODZ\HUV,KDYH
HYHUPHWDQGWULHGODZVXLWVDJDLQVWµ
$V 6SHQFHU·V
VRQVDLGWKHVWRULHV
DERXWKLVIDWKHUDUH
ZKDW H[SODLQ ZK\
KLV SHHUV VHOHFWHG
KLP DV DQ (WKLFDO
/LIH $ZDUG UHFLSL
HQWDQGKRQRUHH
)RU WKH LQ
KRXVH FRXQVHO
DZDUG6PLWKVDLG
WKH FULWHULD ZHUH
FOHDU´:HORRNHG
DWZKHWKHURUQRW
WKHFRPSDQ\KDG
D IRUPDO HWKLFV
SURJUDP YRFDO
L]HG D FRPPLW
*HQHUDOFRXQVHO%UDGOH\%DUURQRI1X6WDU(QHUJ\/3WKH(WKLFDO/LIHUH
PHQW WR HWKLFDO FLSLHQWZLWK6DQ$QWRQLR0D\RU3KLO+DUGEHUJHUDQG)RXUWK&RXUWRI$SSHDOV
VWDQGDUGV ZLWKLQ -XVWLFH6DQGHH%U\DQ0DULRQ
WKH RUJDQL]DWLRQ
WR FOLHQWV DQG WR
WKH FRPPXQLW\ ZHUH WKH\ FRPPLWWHG WR FKDLUPDQ KDQGHG RXW D ODPLQDWHG FDUG
H[FHSWLRQDO HWKLFDO VWDQGDUGV GLG WKH\ ZLWKQLQHYHUVLRQVRI´7KH*ROGHQ5XOHµ
RYHUFRPH HWKLFDO FKDOOHQJHV ZLWK LQWHJ DWDPDQDJHPHQWPHHWLQJ+HDOVRVDLG
ULW\DQGZDVWKHUHDQDGRSWLRQRIHWKLFDO WKDWDOOHPSOR\HHVDUHDZDUHRIWKHKRW
VWDQGDUGV LQ WKH RUJDQL]DWLRQ DQG H[DP OLQHWKH\FDQDQRQ\PRXVO\FDOOZLWKDQ\
SOHVRIDFWLRQVWKDWH[HPSOLÀHGWKDWFRQ FRQFHUQ7KHFDOOVJRVWUDLJKWWR%DUURQ
GXFWµVKHVDLG6KHVDLGWKDWWKHVHOHFWLRQ DQG KH VHWV XS D FRPPLWWHH WR LQYHVWL
FRPPLWWHHUHDFKHGDFRQVHQVXVWRFKRRVH JDWH7KHUHVXOWVDUHUHSRUWHGWRDQRSHU
1X6WDUDVWKHDZDUGUHFLSLHQW´,WZDVQRW DWRUDQGWKHHPSOR\HHFDOOVEDFNLQWZR
DGLIÀFXOWGHFLVLRQµVKHVDLG´7KH\ZHUH ZHHNVWRJHWKLVRUKHUDQVZHU´)RUWX
DUHODWLYHO\QHZFRPSDQ\EXWWKH\GLGHY QDWHO\ ZH GRQ·W JHW PDQ\ UHSRUWV EXW
HU\WKLQJULJKW7KH\HYHQKDYHDUHPLQGHU ZHWDNHWKHPYHU\VHULRXVO\µKHVDLG
SDSHUZHLJKWIRUWKHLUHPSOR\HHV·GHVNVµ
(OL]DEHWK&OLIWRQLVFRUSRUDWHFRXQ
%UDGOH\ %DUURQ LV WKH VHQLRU YLFH VHOZLWKWKHFRPSDQ\´2QWKHÀUVWGD\
SUHVLGHQW JHQHUDO FRXQVHO DQG FRUSR RI ZRUN HDFK QHZ HPSOR\HH JHWV ZKDW
UDWHVHFUHWDU\RI1X6WDU(QHUJ\/3´:H , OLNH WR FDOO D GHVN RUQDPHQW RU DFFHV
DUHQRWVXUHZKRQRPLQDWHGXVEXWZH VRU\ EXW , JXHVV LW LV D SDSHUZHLJKWµ
DUH SOHDVHG WKDW VRPHRQH UHFRJQL]HG VKHVDLGZLWKDODXJK´%XWLWLVDFWXDOO\
WKDW1X6WDUUHSUHVHQWHGWKHWKHPHRIWKH D VHULRXV JHVWXUH EHFDXVH LW KDV DOO RI
(WKLFV)ROOLHV³WKDWWKHWRQHVWDUWVDWWKH 1X6WDU·V JXLGLQJ SULQFLSOHV RQ LW WR UH
WRSµ%DUURQVDLG´$VPXFKDVZHGRLQ PLQGHYHU\RQHDOOGD\DERXWRXUHWKLFDO
WKHOHJDOGHSDUWPHQWWRSURPRWHHWKLFDO FXOWXUHKHUHµ6PLWKVDLGWKHFRPSDQ\·V
EXVLQHVVSUDFWLFHVLWLVUHDOO\DERXWWKH IRUPDOHWKLFVSURJUDPFRGHRIEXVLQHVV
FRPSDQ\DVDZKROH7KHVXSSRUWIURP FRQGXFWDQGFRGHRIHWKLFVIRUWKHVHQLRU
WRS PDQDJHPHQW LV NH\ 2XU &(2 DQG ÀQDQFLDORIÀFHVVHWDQH[DPSOHWRRWKHU
FKDLUPDQ UHDOO\ VWUHVVHV WKH LPSDFW RI FRPSDQLHV ´,W ZDV UHIUHVKLQJ WR VHH DOO
HWKLFVDWDOOOHYHOVRIWKHRUJDQL]DWLRQµ
WKDW1X6WDUKDVLQSODFHDQGWKDWWKHUHLV
%DUURQ VDLG KH LV SHUVRQDOO\ YHU\ DFOHDUXQGHUVWDQGLQJZLWKDOOHPSOR\HHV
SURXGDERXWWKHDZDUGDQGWKDWWKHWUR IURPWKHWRSWRWKHERWWRPµVKHVDLG
SK\LVGLVSOD\HGLQWKHOREE\RQWKHIURQW
GHVN´7REHWKHÀUVWUHFLSLHQWLVUHDOO\DQ
KRQRUµKHVDLG´)RUPHLWLVPHDQLQJ
$PDQGD 5HLPKHUU %XFN
IXO DQG D JUHDW KRQRU WR EH UHFRJQL]HG
HUW D IRUPHU MRXUQDOLVW
ZLWKWKH6DQ$QWRQLR([
IRU VRPHWKLQJ RWKHU WKDQ RXU DELOLW\ WR
SUHVV1HZVLVWKH&RRUGL
GUDIWDQLQGHPQLW\FODXVHRUDUJXHDPR
QDWRURI6$%$·V&RPPX
WLRQ ,W UHDOO\ LV VRPHWKLQJ WKDW JRHV WR
QLW\-XVWLFH3URJUDP
WKH KHDUW RI ZKDW ZH VWDQG IRU DV ODZ
\HUV ZLWK HWKLFVµ %DUURQ VDLG 1X6WDU·V
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
&C?P'BGRMP
'DYLG*DOODQW·VUHFHQWDUWLFOH´([SHUWVRQ&RPSXWHU)RUHQVLFV³$'HIHQVH&RXQVHO·V$OO\µ6DQ$QWRQLR
/DZ\HU1RYHPEHU'HFHPEHUSSVSDUNHGDQLQWHUHVWLQJHPDLOGLDORJXHEHWZHHQWKHDXWKRUDQG
DWWRUQH\-LP'HHJHDU([FHUSWVRIWKDWH[FKDQJHDUHSXEOLVKHGKHUHIRU\RXUFRQVLGHUDWLRQ(GLWRU
'DYLG*DOODQW
-LP'HHJHDU
-' $V ODZ\HUV ZH PD\ GLVDJUHH RQ WKH ODZ EXW ZKHQ ZH
SXEOLVKZHGRVRZLWKFLWDWLRQVRIDXWKRULW\WKDWFDQDWOHDVW
EHYHULÀHG0U*DOODQWZKR,UHDOL]HLVQRWDODZ\HUDVKDYH
VRPHSUHYLRXVDXWKRUVPDNHVVWDWHPHQWVZLWKRXWDWWULEXWLRQ
RU DXWKRULW\ )RU H[DPSOH KH VWDWHV WKDW 7H[DV UHTXLUHV FRP
SXWHUIRUHQVLFH[SHUWVWREHOLFHQVHG7KDWLVQRWH[DFWO\WUXH
:KDWLVWUXHLVWKDWDQ\RQHSHUIRUPLQJFHUWDLQLQYHVWLJDWLRQVRI
FRPSXWHUHTXLSPHQWPXVWEHOLFHQVHGDVDSULYDWHLQYHVWLJDWRU
ZKLFKLVQRWWKHVDPH/LNHZLVHKHLQIRUPVXVXQHTXLYR
FDOO\WKDW´>L@Q7H[DV\RX>SUHVXPDEO\WKHDWWRUQH\HQJDJLQJ
WKHH[SHUW@PXVWLQIRUPWKHH[SHUWLQZULWLQJWKDW\RXZDQWD
ZULWWHQUHSRUWµ$IWHU\HDUVRISUDFWLFLQJODZ,DPXQIDPLO
LDUZLWKWKLV´UHTXLUHPHQWµDQGFDQÀQGQRDXWKRULW\IRULWLQ
HLWKHUIHGHUDORUVWDWHODZ8QIRUWXQDWHO\0U*DOODQWDOVRSUR
YLGHVQRFLWDWLRQIRUWKLVVWDWHPHQWVR,DPOHIWVFUDWFKLQJP\
KHDGZRQGHULQJDERXWWKHRULJLQRIWKLVQHZSUHFRQGLWLRQ
'*6HFWLRQRIWKH7(;$62&&83$7,21&2'(SURYLGHV
IRUWKHUHJXODWLRQRILQYHVWLJDWRUVLQFOXGLQJWKRVHHQJDJHG
LQFRPSXWHUIRUHQVLFV&KDQJHVLQWKLVDUHDWRRNHIIHFWRQ
6HSWHPEHUDQGHQIRUFHPHQWEHJDQRQ'HFHPEHU
6HH7(;2&&&2'(†
7KHUH LV DOVR DQ RSLQLRQ LVVXHG E\ WKH 3ULYDWH 6HFX
ULW\%RDUG36%RQ$XJXVWWKDWVSHFLÀFDOO\DG
GUHVVHGOLFHQVXUHUHTXLUHPHQWV
)LUVW WKH GLVWLQFWLRQ EHWZHHQ ´FRPSXWHU IRUHQVLFVµ DQG
´GDWD DFTXLVLWLRQµ LV VLJQLÀFDQW :H XQGHUVWDQG WKH WHUP
´FRPSXWHUIRUHQVLFVµWRUHIHUWRWKHDQDO\VLVRIFRPSXWHU
EDVHG GDWD SDUWLFXODUO\ KLGGHQ WHPSRUDU\ GHOHWHG SUR
WHFWHG RU HQFU\SWHG ÀOHV IRU WKH SXUSRVH RI GLVFRYHULQJ
LQIRUPDWLRQ UHODWHG JHQHUDOO\ WR WKH FDXVHV RI HYHQWV RU
WKHFRQGXFWRISHUVRQV:HZRXOGGLVWLQJXLVKVXFKDFRQ
WHQWEDVHG DQDO\VLV IURP WKH PHUH VFDQQLQJ UHWULHYDO DQG
UHSURGXFWLRQRIGDWDDVVRFLDWHGZLWKHOHFWURQLFGLVFRYHU\RU
OLWLJDWLRQVXSSRUWVHUYLFHV)RUH[DPSOHZKHQWKHVHUYLFH
SURYLGHULVFKDUJHGZLWKUHYLHZLQJWKHFOLHQW·VFRPSXWHU
EDVHG GDWD IRU HYLGHQFH RI HPSOR\HH PDOIHDVDQFH DQG D
UHSRUWLVSURGXFHGWKDWGHVFULEHVWKHFRPSXWHUUHODWHGDF
WLYLWLHV RI DQ HPSOR\HH LW KDV FRQGXFWHG DQ LQYHVWLJDWLRQ
DQG KDV WKHUHIRUH SURYLGHG D UHJXODWHG VHUYLFH 2Q WKH
RWKHU KDQG LI WKH FRPSDQ\ VLPSO\ FROOHFWV DQG SURFHVVHV
HOHFWURQLFGDWDZKHWKHULQWKHIRUPRIKLGGHQGHOHWHGHQ
FU\SWHGÀOHVRURWKHUZLVHDQGSURYLGHVLWWRWKHFOLHQWLQD
IRUPWKDWFDQWKHQEHUHYLHZHGDQGDQDO\]HGIRUFRQWHQWE\
RWKHUVVXFKDVE\DQDWWRUQH\RUDQLQYHVWLJDWRUWKHQQR
UHJXODWHGVHUYLFHKDVEHHQSURYLGHG7KH3ULYDWH6HFXULW\
$FWFRQVWUXHVDQLQYHVWLJDWRUDVRQHZKRREWDLQVLQIRUPD
WLRQ UHODWHG WR WKH ´LGHQWLW\ KDELWV EXVLQHVV RFFXSDWLRQ
NQRZOHGJH HIÀFLHQF\ OR\DOW\ PRYHPHQW ORFDWLRQ DIÀOLD
WLRQVDVVRFLDWLRQVWUDQVDFWLRQVDFWVUHSXWDWLRQRUFKDUDF
WHURIDSHUVRQWKHORFDWLRQGLVSRVLWLRQRUUHFRYHU\RIORVW
RUVWROHQSURSHUW\WKHFDXVHRUUHVSRQVLELOLW\IRUDÀUHOLEHO
ORVVDFFLGHQWGDPDJHRULQMXU\WRDSHUVRQRUWRSURSHUW\
RUIRUWKHSXUSRVHRIVHFXULQJHYLGHQFHIRUXVHLQFRXUW7(;
2&& &2'( † &RQVHTXHQWO\ ZH ZRXOG FRQFOXGH
WKDWWKHSURYLGHURIFRPSXWHUIRUHQVLFVHUYLFHVPXVWEHOL
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
FHQVHGDVDQLQYHVWLJDWRULQVRIDUDVWKHVHUYLFHLQYROYHVWKH
DQDO\VLV RI WKH GDWD IRU WKH SXUSRVHV GHVFULEHG DERYH :LWK
UHVSHFWWRWKHVWDWXWRU\UHIHUHQFHWR´VHFXULQJHYLGHQFHIRUXVH
LQ FRXUWµ ZH ZRXOG VXJJHVW WKDW WKH PHUH DFFXPXODWLRQ RI
GDWDRUHYHQWKHRUJDQL]DWLRQDQGFDWDORJLQJRIGDWDIRUGLV
FRYHU\SXUSRVHVLVQRWDUHJXODWHGVHUYLFH5DWKHULQWKLVFRQ
WH[WWKH%XUHDXZRXOGLQWHUSUHWWKHUHIHUHQFHWR´HYLGHQFHµ
DVUHIHUULQJWRWKHUHSRUWRIWKHFRPSXWHUIRUHQVLFH[DPLQHU
QRWWKHGDWDLWVHOI7KHDFTXLVLWLRQRIWKHGDWDIRUHYLGHQWLDU\
SXUSRVHVSUHFHGHVWKHDQDO\VLVE\WKHFRPSXWHUIRUHQVLFH[
DPLQHULQVRIDUDVLWLVUDZDQGXQDQDO\]HG7KHPHUHFROOHF
WLRQDQGRUJDQL]DWLRQRIWKHHYLGHQFHLQWRDIRUPWKDWFDQEH
UHYLHZHGDQGDQDO\]HGE\RWKHUVLVQRWWKH´VHFXULQJRIHYL
GHQFHµFRQWHPSODWHGE\WKHVWDWXWH7KLVDQDO\VLVLVFRQVLVWHQW
ZLWKWKHODQJXDJHRI+%7H[/HJWK6HVVLRQZKLFK
DPHQGV6HFWLRQ7KHDPHQGPHQWFRQÀUPVWKDWWKH
´LQIRUPDWLRQµUHIHUUHGWRLQWKHVWDWXWH´LQFOXGHVLQIRUPDWLRQ
REWDLQHGRUIXUQLVKHGWKURXJKWKHUHYLHZDQGDQDO\VLVRIDQG
WKHLQYHVWLJDWLRQLQWRWKHFRQWHQWRIFRPSXWHUEDVHGGDWDQRW
DYDLODEOHWRWKHSXEOLFµ,WPD\ZHOOEHWKDWWKHKDUGZDUHRQ
ZKLFKWKHGDWDH[LVWVLVLWVHOIWKHSURGXFWRIDQLQYHVWLJDWLRQ
EXWWKDWLVDVHSDUDWHTXHVWLRQ5HY
7KHÀQDOFLWDWLRQWKDWVXSSRUWVWKHFRPPHQWDERXWUHSRUWVLV
IURP7;'363ULYDWH6HFXULW\%XUHDX$GPLQLVWUDWLYH5XOHV
58/(†6WDQGDUGVRI5HSRUWVD$WWKHWLPHDFRQWUDFWIRU
VHUYLFHVUHTXLULQJDOLFHQVHXQGHUWKH$FWLVQHJRWLDWHGHDFK
FOLHQWVKDOOEHLQIRUPHGWKDWKHRUVKHLVHQWLWOHGWRUHFHLYHD
ZULWWHQ UHSRUW FRQFHUQLQJ VHUYLFHV UHQGHUHG IRU ZKLFK D IHH
KDVEHHQWHQGHUHGE\DOLFHQVHGFRPSDQ\E$ZULWWHQUHSRUW
VKDOOEHIXUQLVKHGE\WKHOLFHQVHGFRPSDQ\WRWKHFOLHQWZLWKLQ
VHYHQGD\VDIWHUDZULWWHQUHTXHVWLVUHFHLYHGIURPWKHFOLHQW
-',WZRXOGKDYHEHHQKHOSIXOWRWKHUHDGHULIWKHPDWHULDOV
UHIHUHQFHGE\0U*DOODQWLQKLVUHVSRQVHKDGEHHQLQFOXGHG
RUUHIHUHQFHGLQWKHRULJLQDODUWLFOHDQGDVZLWKPDQ\OD\SHU
VRQVKHUHDGVWKHFLWHGUHIHUHQFHVOLWHUDOO\DQGQDUURZO\
5HJDUGLQJWKHXVHRIDFRPSXWHUIRUHQVLFH[SHUWKHLV
JHQHUDOO\ FRUUHFW DOWKRXJK , EHOLHYH WKHUH FDQ H[LVW H[FHS
WLRQVWRWKDWJHQHUDOUXOHHJZKHQDQH[SHUW·VRSLQLRQLV
EDVHG XSRQ DVVXPSWLRQV ZLWKRXW D GLUHFW H[DPLQDWLRQ RI
WKHHYLGHQFHLWVHOIZKLFKLVZK\LWLVLPSRUWDQWWRFLWHWKH
DXWKRULW\IRURQH·VSURSRVLWLRQ,QWKHFRQWH[WZLWKLQZKLFK
KH ZULWHV WKH H[SHUW ZLOO DOPRVW LQHYLWDEO\ IDOO XQGHU WKH
VWDWXWHUHTXLULQJKLPRUKHUWREHOLFHQVHGDVDSULYDWHLQYHV
WLJDWRU³EXWQRWQHFHVVDULO\DOZD\V
'*0\FRPPHQWVLQWKHDUWLFOHDUHQRWVROHO\EDVHGRQP\
LQWHUSUHWDWLRQRIWKHVWDWXWH2XUFRPSDQ\LQFOXGLQJRXUFRU
SRUDWHFRXQVHOKDVEHHQLQGLVFXVVLRQZLWKWKH36%IRU\HDUV
RYHUDPELJXLW\LQWKHROGODZ7KH36%EHOLHYHGFRPSXWHUIR
UHQVLFV UHTXLUHG OLFHQVXUH XQGHU WKH ROG ODZ ZKLFK GLG QRW
FRQWDLQ WKH ODQJXDJH UHJDUGLQJ ´FRPSXWHU EDVHG GDWD QRW
DYDLODEOH WR WKH SXEOLFµ³ZH DQG VHYHUDO RWKHU FRPSDQLHV
DUJXHGLWGLGQRW7KDWDPELJXLW\LVZKDWSURPSWHGWKH36%
WRKDYHWKH/HJLVODWXUHDGGUHVVWKHQHHGWRFODULI\WKHVWDWXWH
, KDYH SHUVRQDOO\ KDG FRQYHUVDWLRQV ZLWK 36% SHUVRQQHO LQ
FOXGLQJWKHLUOHDGFRXQVHO0U6WHYH0RQLQJHUUHJDUGLQJWKLV
LVVXH7KHLUERWWRPOLQHDQGWKHEDVLVIRUP\FRPPHQWLQWKH
DUWLFOHLVWKDWDQ\RQHZKRDQDO\]HV´FRPSXWHUEDVHGGDWDQRW
DYDLODEOHWRWKHSXEOLFµPXVWEHOLFHQVHGDVDSULYDWHLQYHVWLJD
WLRQVFRPSDQ\,GRDJUHHZLWK0U'HHJHDUWKDWVLPSO\UHQ
GHULQJDQRSLQLRQRIVRPHRQHHOVH·VZRUNZLWKRXWDQ\DFWXDO
H[DPLQDWLRQRIWKHGDWDZRXOGOLNHO\QRWUHTXLUHOLFHQVXUH
-':LWKUHVSHFWWRWKH5XOHFLWHGLQVXSSRUWRI0U*DOODQW·V
VWDWHPHQWWKDWDZULWWHQUHTXHVWLVUHTXLUHGRIDQH[SHUWIRUDUH
SRUWWRLVVXH6HFWLRQZRUNVWKHRWKHUZD\DURXQGSURYLG
LQJWKDWZKHQDZULWWHQUHSRUWLVUHTXHVWHGLQZULWLQJDOLFHQVHG
SULYDWH LQYHVWLJDWLQJ FRPSDQ\ PXVW SURYLGH D ZULWWHQ UHSRUW
ZLWKLQVHYHQGD\VRIUHFHLYLQJWKDWUHTXHVW,WGRHVQRWUHTXLUH
WKDWDZULWWHQUHTXHVWEHPDGHRIDQH[SHUWIRUDUHSRUWZULWWHQ
RURWKHUZLVHWRLVVXH$VDPDWWHURIIDFWWKHUHDUHPDQ\WLPHV
DUHTXHVWLQJODZ\HUGRHVQRWZLVKWRPDNHDZULWWHQUHTXHVWIRU
YHU\VRXQGUHDVRQVDQGRIWHQZDQWVQRZULWWHQUHSRUWHLWKHU
'*:KLOHWKH5XOHGRHVQRWVSHFLÀFDOO\VWDWHWKHUHLVDUHTXLUH
PHQWIRUDZULWWHQUHTXHVWIRUDUHSRUW,LQWHUSUHWERWKSDUDJUDSKV
WRLPSO\LW7KHÀUVWSDUDJUDSKVWDWHVWKHFOLHQWLVHQWLWOHGWRDZULW
WHQUHSRUWDQGWKHVHFRQGUHTXLUHVWKHH[SHUWWRSURYLGHRQHZLWK
LQVHYHQGD\VRIDZULWWHQUHTXHVW$VVWDWHGLQP\DUWLFOHZKHWKHU
RUQRW\RXZDQW\RXUH[SHUWWRLVVXHDZULWWHQUHSRUW´LVDGHFLVLRQ
WKDWGHSHQGVRQWKHIDFWVRIWKHFDVHDQGWKHH[SHUW·VÀQGLQJVµ
-',VWDQGE\P\HDUOLHUFRPPHQWVDQGVXJJHVWLRQVDV,FRQWLQXH
WREHOLHYHWKDWVXSSRUWLQJDXWKRULW\LVLPSRUWDQWZKHQZULWLQJIRUD
OHJDODXGLHQFH7KHIDFWWKDWDOD\SHUVRQLVWKHDXWKRUGRHVQRWGL
PLQLVKWKLVQHHG,QGHHGEHFDXVHOD\SHUVRQVIUHTXHQWO\UHDGDQG
LQWHUSUHWVWDWXWHVUXOHVDQGGHFLVLRQVZLWKRXWDODZ\HU·VWUDLQLQJ³
ZKLFKLVQRWLQWHQGHGDVDFULWLFLVPRIWKDWH[SHUW·VRZQÀHOGVRI
H[SHUWLVH³WKHFLWDWLRQVDUHMXVWDVLPSRUWDQWLIQRWPRUHVR
,I WKH UHDGHU ZLVKHV WR FRQWLQXH WKLV FRQYHUVD
WLRQZLWKHLWKHURUERWKRIWKHVHJHQWOHPHQ\RX
PD\HPDLO-LP'HHJHDUDWMLP#GHHJHDUODZFRP
DQG'DYLG*DOODQWDWGJDOODQW#HIHQVHFRP
3RVWVFULSW 7KH IRUHJRLQJ SUHVHQWDWLRQ RI WKH H[FKDQJH EHWZHHQ
0U'HHJHDUDQG0U*DOODQWZDVHGLWHGIRUSXEOLFDWLRQE\-XGJH
%DUEDUD +DQVRQ 1HOOHUPRH (GLWRU LQ &KLHI RI 6DQ $QWRQLR
/DZ\HU$IWHUEHLQJJLYHQDQRSSRUWXQLW\WRUHYLHZWKHHGLWHGYHU
VLRQ-LP'HHJHDUVHQWWKHIROORZLQJHPDLOWR-XGJH1HOOHUPRH
<RXU+RQRU
<RXKDYHGRQHPHPRUHMXVWLFHWKDQ,GHVHUYH<RXUSUHVHQWD
WLRQ LV ERWK IDLU DQG DFFXUDWH 7KDQN \RX DJDLQ IRU WDNLQJ \RXU
WLPHZLWKWKLVIUHTXHQWO\WKDQNOHVV,DPVXUHEXWLPSRUWDQWWDVN
, DOVR DSSUHFLDWH 0U *DOODQW·V WLPH HIIRUW DQG UHVSRQVHV LQ WKLV
H[FKDQJHMXVWDV,GRKLVRULJLQDODUWLFOH$VDSURIHVVLRQZHDUH
ZHOOVHUYHGE\WKHWKRXJKWIXOLQSXWRIWKRVHLQRWKHUSURIHVVLRQV
DQGFDOOLQJVDVWKHLULQIRUPDWLRQDQGRSLQLRQVHQDEOHHDFKRIXVWR
EHWWHUVHUYHRXUFOLHQWVDQGMXVWLFH+DYLQJDGGUHVVHGRWKHUSURIHV
VLRQDOJURXSV,NQRZLWLVERWKFKDOOHQJLQJDQGGDXQWLQJWRXQ
GHUWDNHGRLQJVRZKHWKHULQDVSHHFKRULQDQDUWLFOH,UHVSHFWDQG
WKDQN0U*DOODQWIRUKLVFRQWULEXWLRQWRP\OHDUQLQJDQG,KRSH,
KDYHQRWGLPLQLVKHGKLVZLOOLQJQHVVWRZULWHIRUODZ\HUVDJDLQ
5HVSHFWIXOO\\RXUV
-LP'HHJHDU
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
*IHIVEP'SYVX9THEXI
%\+RQ1DQF\6WHLQ1RZDN
DQG1LVVD0'XQQ
-XGJH 1RZDN·V VXPPDULHV RI VLJQLÀFDQW
GHFLVLRQVUHQGHUHGE\6DQ$QWRQLRIHGHUDO
MXGJHVIURPWRWKHSUHVHQWDUHDYDLO
DEOHIRUNH\ZRUGVHDUFKLQJDW&RXUW:HE
IRXQG DW Q\VGXVFRXUWVJRYFRXUWZHE
)XOO WH[W LPDJHV RI PRVW RI WKHVH RUGHUV
FDQDOVREHDFFHVVHGWKURXJK&RXUW:HE
,I \RX DUH DZDUH RI D :HVWHUQ 'LVWULFW RI
7H[DVRUGHUWKDW\RXEHOLHYHZRXOGEHRILQ
WHUHVWWRWKHORFDOEDUDQGVKRXOGEHVXPPD
UL]HG LQ WKLV FROXPQ SOHDVH FRQWDFW 1LVVD
'XQQE\SKRQHDWRUE\HPDLO
DW QLVVDGXQQ#GXQQODZSFFRP ZLWK WKH
VW\OHDQGFDXVHQXPEHURIWKHFDVHDQGWKH
HQWU\GDWHDQGGRFNHWQXPEHURIWKHRUGHU
$'$)0/$
6WUDXVV Y .HLWK =DUV 3RROV 6$&$
2/**DUFLD$XJ
'HIHQGDQW·V PRWLRQ IRU VXPPDU\
MXGJPHQWRQ$'$DQG)0/$FODLPV
JUDQWHGDQGÀQDOMXGJPHQWHQWHUHGLQ
GHIHQGDQW·V IDYRU 3ODLQWLII QHYHU LQ
YRNHGWKHSURWHFWLRQVDIIRUGHGXQGHU
WKH)0/$3ODLQWLIIZDVQRW´UHJDUG
HGDVµGLVDEOHGDQGSODLQWLII·VWUHDW
DEOHFDQFHUZDVDWHPSRUDU\PHGLFDO
FRQGLWLRQUDWKHUWKDQDSHUPDQHQWRU
ORQJ WHUP LPSDLUPHQW WKDW VXEVWDQ
WLDOO\OLPLWHGPDMRUOLIHDFWLYLWLHV
6WXGHQW/RDQ
86Y+ROOLV6$&$111RZDN
6HSW
2UGHU JUDQWLQJ PRWLRQ WR GLVPLVV
FRXQWHUFODLPVLQVXLWEURXJKWE\86
RQ VWXGHQW ORDQ ZKHUH FRXUW KHOG
WKDW JRYHUQPHQW KDG QRW ZDLYHG
VRYHUHLJQLPPXQLW\ZLWKUHVSHFWWR
WKHFODLPVSUHVHQWHGLQWKHFRXQWHU
FODLP'HIHQGDQWIDLOHGWRSUHVHQWDQ
DGPLQLVWUDWLYHFODLPXQGHUWKH)HG
HUDO7RUW&ODLPV$FWDQGGHIHQGDQW·V
'73$FODLPGLVPLVVHGIRUIDLOXUHWR
VWDWHDFODLPZLWKFRXUWKROGLQJWKDW
WKH GHIHQGDQW ZDV QRW D FRQVXPHU
ZLWKLQWKHPHDQLQJRIWKHVWDWXWH
6FKHGXOH
5LFKDUGVRQY6W3KLOOLSV&ROOHJH6$
&$111RZDN2FW
2UGHUGHQ\LQJIRUIDLOXUHWRVKRZ
JRRG FDXVH RU H[FXVDEOH QHJOHFW
UHTXHVWIRUH[WHQVLRQRIGHDGOLQHV
ÀOHGDIWHUH[SLUDWLRQRIGHDGOLQHV
)5&LY3E%DQGE
9HQXH
PDWWHU MXULVGLFWLRQ EHFDXVH WKHUH
%UR7HFK&RUSY3XULW\:DWHU&R6$
ZDV QR LPSURSHU MRLQGHU RI WKH
&$;55RGULJXH]6HSW
QRQGLYHUVH7H[DVGHIHQGDQW
&RXUW GHQLHG PRWLRQ WR GLVPLVV
IRU LPSURSHU YHQXH DQG WR VWD\ &LYLO5LJKWV
SHQGLQJ UHVROXWLRQ RI VWDWH FRXUW :HEEY&LW\RI6DQ$QWRQLR6$&$
DFWLRQSHQGLQJLQ$ODEDPDZKHUH 2/**DUFLD6HSW
FRXUW IRXQG WKDW GHIHQGDQW UH
&RXUWJUDQWHGGHIHQGDQW·VPRWLRQIRU
VLGHVLQWKLVGLVWULFWDQGWKDW&ROR
VXPPDU\MXGJPHQWRQFDXVHRIDFWLRQ
UDGR5LYHUY86DQDO\VLVFRQWUROV
IRU H[FHVVLYH XVH RI IRUFH XQGHU GHWHUPLQDWLRQRIVWD\TXHVWLRQ
86&†7KHUHZDVQRHYLGHQFH
RI D FXVWRP RU SROLF\ RI IDLOLQJ WR
6XPPDU\-XGJPHQW
WUDLQRIÀFHUVRUIDLOLQJWRLQYHVWLJDWH
:LOOLDPVY+LQNOH6$&$11
UHSRUWV RI H[FHVVLYH IRUFH LQ WKH 6DQ
1RZDN6HSW
$QWRQLR3DUN3ROLFH'HSDUWPHQW
2UGHU GHQ\LQJ LQ SDUW VXPPDU\
MXGJPHQW LQ SULVRQHU FLYLO ULJKWV 7H[DV7RUW&ODLPV$FW
FDVHZKHUHSODLQWLIIFODLPHGYLGHR 5RJHUV Y %RQQHWW 6$&$ ;5
WDSHVRIXVHRIIRUFHLQFLGHQWH[LVWHG 5RGULJXH]2FW
DQGQHLWKHUWKHWDSHVQRUWKHPHGL
2Q PRWLRQ IRU UHFRQVLGHUDWLRQ
FDOUHFRUGVZHUHVXEPLWWHGZLWKWKH
FRXUW FRQFOXGHG WKDW SODLQWLII·V
VXPPDU\MXGJPHQWHYLGHQFH
RULJLQDO FRPSODLQW ZKLFK DVVHUWHG
VWDWH WRUWODZ FODLPV RQO\ DJDLQVW
(PSOR\PHQW
LQGLYLGXDO GHIHQGDQW FRQVWLWXWHG
7UHYLQRY&HQWHUIRU+HDOWK&DUH6HUYLFHV6$
DQLUUHYRFDEOHHOHFWLRQWKDWEDUVDOO
&$111RZDN6HSW
VWDWHODZFODLPVDJDLQVWKLVHPSOR\
2UGHUGHQ\LQJLQSDUWPRWLRQWRGLV
HUWKH&LW\DQGKLVODWHUMRLQGHUDQG
PLVV ZKHUH WUDQVJHQGHUHG SHUVRQ
DVVHUWLRQ RI VWDWH WRUWODZ FODLPV
DOOHJHG WKDW VKH ZDV GLVFULPLQDWHG
DJDLQVWWKH&LW\GLGQRWWULJJHUWKH
DJDLQVW EDVHG RQ JHQGHU 'LVPLVVDO
DSSOLFDWLRQ RIVHFWLRQH RI
JUDQWHGDVWRLQYDVLRQRISULYDF\FODLP
WKH7H[DV7RUW&ODLPV$FW
RQVRYHUHLJQLPPXQLW\JURXQGV
(PSOR\PHQW
$GPLQLVWUDWLYH
)HUJXVRQ Y 7DNDWD 6$&$ ;5
6RXWKZHVW*HQHUDO+RVSLWDOY6HFRI++6 5RGULJXH]2FW
6$&$2/**DUFLD6HSW
6XPPDU\ MXGJPHQW IRU GHIHQGDQW
&RXUWDIÀUPHGUXOLQJRIWKH6HFUHWDU\
JUDQWHG ZKHUH GHIHQGDQW HVWDE
RIWKH86'HSDUWPHQWRI+HDOWKDQG
OLVKHGOHJLWLPDWHQRQGLVFULPLQDWR
+XPDQ 6HUYLFHV DQG GLVPLVVHG WKH
U\UHDVRQIRUSODLQWLII·VWHUPLQDWLRQ
PHGLFDO SURYLGHU·V DGPLQLVWUDWLYH
ZKHUH WKH FRQGXFW SODLQWLII FRP
DSSHDO IRU 0HGLFDUH UHLPEXUVHPHQW
SODLQHGRIZDVQRWVHYHUHRUSK\VL
DIWHUWKHSURYLGHUIDLOHGWRWLPHO\ÀOH
FDOO\WKUHDWHQLQJDQGWKHUHZDVQR
D ÀQDO SRVLWLRQ SDSHU ZLWK WKH 3UR
SURRI WKDW WKH FRQGXFW XQUHDVRQ
YLGHU5HLPEXUVHPHQW5HYLHZ%RDUG
DEO\LQWHUIHUHGZLWKSODLQWLII·VZRUN
SHUIRUPDQFH RU WKDW WKH KDUDVVLQJ
5HPRYDO
HYHQWVZHUHEDVHGRQUDFHRUDJH
&DUUY&96'UXJ6WRUHV6$&$
)%%LHU\2FW
'HDWK3HQDOW\
:KHUHLWZDVQRWIDFLDOO\DSSDUHQW 6HOOVY4XDUWHUPDQ6$&$*DU
RQWKHSHWLWLRQDWWKHWLPHRIUHPRY FLD2FW
DO WKDW WKH DPRXQW LQ FRQWURYHUV\
&RXQVHO DQG FRXUWDSSRLQWHG LQ
H[FHHGHGSODLQWLII·VPRWLRQ
YHVWLJDWRU IRU IHGHUDO KDEHDV SH
WRUHPDQGWRVWDWHFRXUWJUDQWHG
WLWLRQHU DVVHUWLQJ D FODLP WKDW KH
LVPHQWDOO\UHWDUGHGDQGWKHUHE\
5HPRYDO,PSURSHU-RLQGHU
LPPXQHIURPH[HFXWLRQXQGHU$W
6WRQH Y 1LUYDQD $SDUWPHQWV //& 6$
NLQVY9LUJLQLDKDYHDGXW\WRFRQ
&$)%%LHU\2FW
VXOW ZLWK D PHQWDO KHDOWK H[SHUW
3ODLQWLII·V PRWLRQ WR UHPDQG
%()25( HPEDUNLQJ RQ D ZLGH
JUDQWHG RQ SURFHGXUDO JURXQGV
UDQJLQJ H[SHQVLYH LQYHVWLJDWLRQ
EHFDXVHGHIHQGDQWVIDLOHGWRWLPH
LQWR SHWLWLRQHU·V EDFNJURXQG DQG
O\ UHPRYH DQG IRU ODFN RI VXEMHFW
PHQWDOKHDOWKKLVWRU\
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
%DQNUXSWF\3URFHGXUH
,Q5H7H[DV3LJ6WDQGV,QF6$&$
2/**DUFLD$XJ
%DQNUXSWF\ DSSHDO IURP DQ RUGHU
RQ PRWLRQ IRU UHFRQVLGHUDWLRQ RI
GLVWULEXWLRQRISURFHHGVRIVDOH'LV
WULFWFRXUWUHYHUVHGDQGUHPDQGHG
KROGLQJWKDWWKHEDQNUXSWF\FRXUW·V
UXOLQJUHJDUGLQJWKHYDOLGLW\SULRU
LW\DQGH[WHQWRIOLHQVVKRXOGKDYH
EHHQGHWHUPLQHGE\DGYHUVDU\SUR
FHHGLQJUDWKHUWKDQE\PRWLRQ
1DQF\ 6WHLQ 1RZDN LV D
8QLWHG6WDWHV0DJLVWUDWH
-XGJHIRUWKH:HVWHUQ'LV
WULFWRI7H[DV6LQFH
-XGJH1RZDNKDVVXPPD
UL]HGVLJQLÀFDQWGHFLVLRQV
RI WKH ORFDO MXGLFLDU\ IRU
WKH6XESRHQDDQGWKH6DQ
$QWRQLR/DZ\HU
1LVVD 'XQQ RI WKH /DZ
2IÀFHVRI1LVVD0'XQQ
3& VSHFLDOL]HV DQG LV
ERDUGFHUWLÀHGLQWKHDUHD
RIFLYLODSSHOODWHODZ
(WKLFV)ROOLHV
GSRXMRYIHJVSQTEKI
:LWKD1HZ<RUNFRPSRVHU&XVHQ
EDU\ KDV DOVR ZULWWHQ D SOD\ D VFUHHQ
SOD\ DQG PXVLFDO³FDOOHG /DPHQW
WKH 0XVLFDO³ZKLFK LV DYDLODEOH RQ
ZZZDPD]RQFRP´,ZURWHWKHPHO
RGLHVDQGO\ULFVDQGKHDUUDQJHGLW,
ZURWHLWDVNLQGRIDUHDOL]DWLRQRIHY
HU\WKLQJ DQG WKDW , QHHGHG WR KDYH
PXVLFEDFNLQP\OLIHµKHVDLG
&XVHQEDU\ VDLG KH ZDV DPD]HG
DQGLQVSLUHGE\WKHFUHDWLYLW\EURXJKW
RXWLQRWKHUVZKRZHUHSDUWRI'HFHQW·V
'HFHQW´,WLVUHDOO\JUHDWIRUPHWREH
DZKROHSHUVRQZLWKDOORIWKHWKLQJV,
HQMR\EXWDORWRIWKHSHRSOHLQWKHFDVW
IHOWWKHVDPHZD\µKHVDLG´6RPHRI
WKHMXGJHVVDLGWKH\ZDQWHGWRÀQLVK
DERRNRUJHWEDFNWRSDLQWLQJ:HDUH
XVHGWRVHHLQJMXGJHVVRIRUPDOVRLW
FDQEHVXUSULVLQJWRVHHWKHPVLQJLQJ
DQGGDQFLQJ%XWWKH\ZHUHZRQGHUIXO
DQGORYHGWKHLGHDRIDQHWKLFDOPHV
VDJHWRGRWKHULJKWWKLQJµ
'HFHQW·V 'HFHQW ZLOO EH SHU
IRUPHG LQ D PRGLÀHG YHUVLRQ WZR
PRUH WLPHV³IRU WKH 7H[DV %DU )RXQ
GDWLRQDQGDJDLQIRUWKH86/DZ1HW
ZRUN LQ 6RXWK &DUROLQD &XVHQEDU\
DGGHGWKDWWKHUHKDVEHHQLQWHUHVWIURP
RWKHUSDUWVRIWKHFRXQWU\DVZHOO
,QWKHHQG&XVHQEDU\UHPDLQVKXP
EOHDERXWKLVUROHLQWKHQRZDFFODLPHG
SURGXFWLRQ DQG VDLG KH GRHV LW IRU WKH
FUHDWLYH SURFHVV QRW WKH DFFRODGHV +H
VDLGZKDWKHUHDOO\ZDQWVWRWDONDERXW
DUH KLV SODQV IRU QH[W \HDU ´, QHHG WR
VWDUWÀOOLQJWKDWSDUWRIP\EUDLQDJDLQ
6R LQ ZH ZLOO GR D FDEDUHWW\SH
WKLQJLQWKUHHDFWVDQGLWZLOOEHJUHDWµ
KHVDLGZLWKJOHH:LWKWKDW&XVHQEDU\
GHWDLOHG DQG RXWOLQHG KLV SODQV IRU KLV
QH[WJUHDWHWKLFVSURGXFWLRQ
$PDQGD 5HLPKHUU %XFN
HUW D IRUPHU MRXUQDOLVW
ZLWKWKH6DQ$QWRQLR([
SUHVV1HZV LV WKH &RRU
GLQDWRU RI 6$%$·V &RP
PXQLW\-XVWLFH3URJUDP
999T'g('05'T%1/
g+5%18'4;X
14'05+%5X'%74+6;X4#+0+0)
1016'06'46*'%1746411/9+6*1766*'+0&7564;.'#&'4
/2.1;''+5%10&7%6
':7#.#4#55/'06f+5%4+/+0#6+10
'%74+6+'5+6+)#6+10
..;2'51(+8+.+6+)#6+10
4+/+0#.n*+6'1..#4'('05'
+814%'5
*'(61(06'..'%67#.412'46;
1064#%6+5276'5
':#5((+%'
19'4+('7+.&+0)
GENT6T#4;s56T
7+6'EFHN
#00610+1XKLFNI
FENTFKETFMMM
14214#6'((+%'
KJKNT*'56'46T
7+6'EGN
'06'00+#.XLNEEF
KFNTIIHTNLMN
+4)+0+#((+%'
EFNT6T5#2*6T
.':#0&4+#XFFGEH
KNGTFMMTNFHH
0+6'&+0)&1/((+%'
xHHjNkLHIGLLHJMK
'g('05'X6*''g('05'.1)1X#0&tg+5%18'4;X
14'05+%5X'%74+6;X4#+0+0)t
#4'4')+56'4'&64#&'/#4-51('g('05'X0%Tj%kFNNLX'g('05'X0%14214#6'&T..4+)*654'5'48'&T
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
1ROOMXGLFLDOSURÀOH
4YFPMWLIHF]
GSRXMRYIHJVSQTEKI
2EXMSR;MHI4YFPMWLMRK7%
+VIEX6MHKIˆ7ER%RXSRMS8<
4YFPMWLIV6SR0,SKYI
VPLSKYI$WEX\VVGSQ
*E\
*SVMRJSVQEXMSRSREHZIVXMWMRKMR
XLI7ER%RXSRMS0E[]IVQEKE^MRI
'EPP
8LI 7ER %RXSRMS 0E[]IV MW TYF
PMWLIH FMQSRXLP] F] 2EXMSR[MHI
4YFPMWLMRK 7% SR FILEPJ SJ XLI
7ER%RXSRMS&EV%WWSGMEXMSR6I
TVSHYGXMSRMRER]QERRIVSJER]
QEXIVMEP MR [LSPI SV MR TEVX MW
TVSLMFMXIH [MXLSYX XLI I\TVIWW
[VMXXIR GSRWIRX SJ XLI )HMXSV MR
'LMIJ 1EXIVMEP GSRXEMRIH LIVIMR
HSIW RSX RIGIWWEVMP] VIÂIGX XLI
STMRMSR SJ XLI 4YFPMWLIV SV MXW
WXEJJ7ER%RXSRMS0E[]IVXLI7ER
%RXSRMS &EV %WWSGEXMSR ERH XLI
4YFPMWLIV VIWIVZI XLI VMKLX XS
IHMX EPP QEXIVMEPW ERH EWWYQI RS
VIWTSRWMFMPMX]JSVEGGYVEG]IVVSVW
SVSQMWWMSRW7ER%RXSRMS0E[]IV
ERH XLI 4YFPMWLIV HS RSX ORS[
MRKP] EGGITX JEPWI SV QMWPIEHMRK
EHZIVXMWIQIRXW JEPWI SV QMWPIEH
MRKIHMXSVMEPWERHHSRSXEWWYQI
ER] VIWTSRWMFMPMX] WLSYPH WYGL
IHMXSVMEPWSVEHZIVXMWMRKETTIEV
LQJ SDUHQWDO ULJKWVµ 1ROO ODPHQWV ´LV
OLNHWKHGHDWKSHQDOW\LQIDPLO\ODZµ
+RZHYHU1ROOVWUHVVHVWKDWWKHGLI
ÀFXOWLHV RI KLV MRE SDOH LQ FRPSDULVRQ
WR WKH UHZDUGV WKDW FRPH ZLWK KHOS
LQJ SHRSOH ZLWK WKHLU OHJDO SUREOHPV
DQG HQVXULQJ WKDW MXVWLFH LV VHUYHG ,Q
IDFWKHVD\VKHZRXOGEHKDUGSUHVVHG
WR WKLQN RI VRPHWKLQJ WKDW PLJKW SXOO
KLP DZD\ IURP KLV FXUUHQW SRVLWLRQ
´0D\EHDIXOOWLPHWHDFKLQJSRVLWLRQµ
KHVXUPLVHV´EXWWKDW·VDERXWLW,·PUH
DOO\HQMR\LQJZKDW,·PGRLQJµ
3HRSOHZKRNQRZ-XGJH1ROODWWUL
EXWH KLV VXFFHVV EH\RQG KLV H[SHUWLVH
LQWKHDUHDVRIIDPLO\ODZDQGUHDOHV
WDWHODZWRDIHZVLPSOHWKLQJVQDPHO\
KDUGZRUNSHUVLVWHQFHDQGVHUYLFHWR
WKH FRPPXQLW\$V IRU 1ROO KH VHHPV
WR DJUHH ,Q DQ\RQH·V FDUHHU WKHUH DUH
D ORW RI XSV DQG GRZQV KH VD\V ´EXW
LI\RXUHDOO\ZDQWWREHVXFFHVVIXODQG
KHOS RWKHUV DORQJ WKH ZD\ WKHUH DUH
WLPHVZKHQ\RX·YHMXVWJRWWREHZLOO
LQJWRJLYHLWDQRWKHUVKRWµ
6XFK ZDV WKH FDVH ZLWK KLV IDWKHU
1ROOOLNHVWRWHOOWKHVWRU\RIZKHQKLV
'DG UHFHLYHG D FDOO IURP D IULHQG ODWH
RQH HYHQLQJ DIWHU D ORQJ GD\·V ZRUN
7KHIULHQGKDGEHHQKDUYHVWLQJPDL]H
&DOHE5DFNOH\LVDQDWWRU
QH\LQWKHEXVLQHVVOLWLJD
WLRQVHFWLRQRI&R[6PLWK
0DWWKHZV ,QFRUSRUDWHG
+H LV D JUDGXDWH RI
6W 0DU\·V 8QLYHUVLW\
6FKRRORI/DZ
/HJDO0HGLD3URGXFWLRQDQG3KRWRJUDSK\
Ƚ#$#'(#"'#&"'#&$+
Ƚ$+"&#",(#"
Ƚ(#"(( !"(&#)&'
Ƚ
("-"&#""&
Ƚ#&$+#(#&$+
Ƚ
#"*&'#"
Ƚ#)$ (#"
Ƚ) (!&###('
Ƚ#)&( +
Ƚ '(*'&"('
Ƚ
%)$!"("(
Ƚ* #&&*
%HZIVXMWIVW¸-RHI\
%WWRSJ%XX]1IHMEXSVW
)*IRWI-RG
0E7GEPE6IWXEYVERX
0MRHIQERR4VSHYGXMSRW
,YKL1G;MPPMEQW
0E[3JÁGISJ.IJJ7QEPP
8S[IV0MJI&YMPHMRK
;IWXSR'IRXVI
WKDWGD\ZKHQKLVFRPELQHWUDFWRUKLW
WKHVWXPSRIDQROGWHOHSKRQHSROHWKDW
ZDVKLGGHQLQWKHPDL]H´7KHJX\ZDV
GHVSHUDWHEHFDXVHLWMXVWJXWWHGWKHLQ
VLGHVRIKLVFRPELQHµ1ROOUHFDOOV´6R
'DGµZKRFRXOGRQO\VHHRXWRIRQHH\H
GXH WR D ZRXQG KH VXIIHUHG LQ :RUOG
:DU ,, ´JRW XV ER\V WRJHWKHU DQG ZH
VSHQWDOOQLJKWZHOGLQJWKDWWKLQJEDFN
WRJHWKHUµ 6RPHKRZ 1ROO UHFDOOV KLV
'DGZDVDEOHWRJHWWKHFRPELQHZRUN
LQJ DJDLQ E\ PRUQLQJ DQG WKH IULHQG
JRW KLV FURS LQ 7KHQ LW ZDV RII DJDLQ
WR DQRWKHU GD\·V ZRUN ´, GRQ·W NQRZ
KRZ KH GLG LW DOOµ 1ROO VD\V ´EXW LW
VXUHPDGHDQLPSUHVVLRQRQPHµ
$QG WKH LPSUHVVLRQ DSSDUHQWO\
VWXFN DV WKH YDOXHV KLV IDWKHU OLYHG
E\³KDUG ZRUN D UHIXVDO WR TXLW DQG
VHUYLFH WR RWKHUV³KDYH FRQVLVWHQWO\
PDUNHG1ROO·VOLIHDQGFDUHHUDVZHOO
WHUU\#WHUU\OLQGHPDQQFRP
3URXGO\6HUYLQJ2XU/HJDO&RPPXQLW\IRU2YHU<HDUV
.ERYEV]*IFVYEV]
7ER%RXSRMS0E[]IV
7551;;-, ;7 ;0- 5-,1);176 897+-:: -)+0 7. 7<9 5-5*-9 4)>@-9: 1: ,-=7;-, ;7 ;0- -;01+)4 89)+;1+- 7.
4)> #-+755-6,-, *@ 2<,/-: )6, ;0-19 .-447> );;796-@: 5-,1);79: 0)=- +76,<+;-, 7=-9 5-,1);176: :16+- 57,-4 7. 9-:876:1*4- ,1:8<;- 9-:74<;176 ): ) /97<8 >- 0)=- 7=-9 @-)9:
-?8-91-6+- 16 ;0- 89)+;1+- 7. 4)> '1;0 ;01: 5<+0 ;)4-6; )6, -?8-91-6+- >0@ +76:1,-9 )6@ 7;0-9
5-,1);176:7<9+-
1+34+)4)
5-9:76)6)+39
<,1;0#--,4)3->)@
#7/-99-:6)0)6
-:41-$-41/@9,
78-)58
)91+-4))=)A7:
-6#0)88-44
#7*-9;7>)6
1+0)-4<99@9
706)=1:
)9@-4)67//-;;
-9)4,%97</0;
$;-80-6#7/47069)6+79
!;;7$77,
$<-)44
#--:-)991:76
091:-1691+0:
)5-: 1/,76
1+0)-4744)6,
#76)4,796*-9/-9
)9@')=79%757:-80
7</4):-;;-95)6
-99@16/
7-44-16
)61-4(9</-9
)61-4!<:;7..
'1441)5-576:
)6 )9)627
B1..C"-66@8)+3-9
)4-#"-;-9:76
15"-;;1;
76#7*-9;%".-<..-9
76)4,#"014*169
&1+3"<;5)6
"014418#-6.97
0)94-:##7*-9;:
)936;076@$)6+0-A
'),-$0-4;76
-96)9,$0<*
0)94-:$51;0
%075):$51;0
9)63#$7<;0-9:
706$8-+1)
)=1,$$;-80-6:76
#)6,7480"%7>-9
'1441)5#%7>6:
"-9:76)462<9@
76:;9<+;176
$-+<91;1-:
6;-96);176)4
5847@5-6;)*79
6:<9)6+-
6;-9;)165-6;
%)?
88-44);-)>
6;-44-+;<)4"978-9;@
76,-56);176
'144:%9<:;::;);-:
#-)4:;);-
"97.-::176)41)*141;@
!14):
)514@)>
%1;4-6:<9)6+-
%)?);176
)639<8;+@
76:<5-9)>
<:16-::755-9+1)4
-)4;0)9-
1=14#1/0;:
-,1+)4
+76;)+;;0-$)66;76177+)40)8;-9
144-576:
97),>)@$<1;-
$)66;7617%-?):
>04-576::);-?4)>+75
! $$
%# !
" $ ! ! $!
! ! #!
! # ! $
! ! !
! $ # #
$$!%
#$$! 

Similar documents

F eb ru ary 2015 New sletter Issue 22

F eb ru ary 2015 New sletter Issue 22 WREHIHDWXUHGLQERRNV7KH\ZLOORQO\EHRQHRIPDQ\LQHDFKERRNEXW,WHOOHYHU\RQHZKRP,PHHW,ZDQWWKHP WRNQRZKRZLPSRUWDQWUHVFXHGRJVDUHKRZWKHLUVXIIHULQJDQGDELOLW\WRUHQHZW...

More information

pv direct-driven inverter gmv technical sales guide

pv direct-driven inverter gmv technical sales guide it is best photovoltaic GMV product also us company strongly detrude newly resource product.use

More information

Summer 2010 - Parkinson Society Canada

Summer 2010 - Parkinson Society Canada QLQJGRZQWKHLU YHUJHQFHLQVXIILFLHQF\WKH 1RUPDQ*HVFKZLQGDZDUGIRU FKHHNVDUHWROGWKH\ UHVHDUFKLQEHKDYLRXUDOQHXURO H\HVGRQRWFURVVHQRXJK KDYHGU\H\HV9L EHFDXVHWKHWZRH\HVDU...

More information

Fall/Winter 2015 About Babies and Children newslette

Fall/Winter 2015 About Babies and Children newslette SURIHVVLRQDOVLQRXUORFDO(,V\VWHP 7KHPHHWLQJVKHOGDWWKH:\RPLQJ 9DOOH\&KLOGUHQ·V$VVRFLDWLRQ)RUW\)RUW DQGWKH:\RPLQJ&RXQW\)DPLO\5H VRXUFH&HQWHU7XQNKDQQRFNSURYLGHG LQGLYLGXDOV...

More information

Bison Times

Bison Times SDUHQWVFRPLQJµ DGYLVHV JDUGLQJWKHLU FKLOG VDFDGHP 'LDQH /HYLQ LFQHHGV   3K'SURIHVVRURIHGXFD *HDU\0LGGOHVFKRRO WLRQDW:KHHORFN&ROOHJH +LJK6FKRROKDGDERXW RIWKH...

More information