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jV&KRLFHRI/DZ5XOHWR SULQFLSOHVRIWRGHWHUPLQHWKHODZDSSOLFDEOHWRDQ 0XQFLHj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m>7@KHUHLVQRGLVSXWHWKDW,QGLDQDGRHVQRW SDUWLHVLVFHQWHUHG UHFRJQL]HDFWLRQVIRUFRQWULEXWLRQDPRQJMRLQWWRUWIHDVRUVl FLWLQJ sDFNVRQ Y 5HFRUG 1(G VHH DOVR 7KHVH FRQWDFWV DUH WR EH HYDOXDWHG DFFRUGLQJ WR WKHLU (OFRQD+RPHV&RUSY0DSFR*DV0F0LOODQ%ORHGHOO/WG UHODWLYHLPSRUWDQFHZLWKUHVSHFWWRWKHSDUWLFXODULVVXH 1(G,QG&W$SSm,QGLDQDDGKHUHV WRWKHORQJVWDQGLQJUXOHSURKLELWLQJFRQWULEXWLRQDPRQJMRLQW 5(67$7(0(17 6(&21' 2) &21)/,&7 2) /$:6 WRUWIHDVRUVl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s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m>W@KHODZVHOHFWHGE\DSSOLFDWLRQRIWKHUXOHRI VHWWOHPHQWZDVUHDFKHGIRURYHUPLOOLRQ,GDW GHWHUPLQHV ZKHWKHU RQH WRUWIHDVRU KDV D ULJKW WR FRQWULEXWLRQ RU LQGHPQLW\ DJDLQVW DQRWKHU WRUWIHDVRUl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mEDODQFLQJWKHVHIRXUWHHQIDFWRUVFOHDUO\HVWDEOLVKHVWKDWWKH VWDWHRI0LFKLJDQSRVVHVVHGWKHPRVWVLJQLILFDQWUHODWLRQVKLS :H GR QRW SODFH VXEVWDQWLDO ZHLJKW RQ WKH GHFLVLRQ LQ WRWKHSDUWLHVDQGHYHQWVl,GDW 5HLNH$SDUWIURPEHLQJXQUHSRUWHG5HLNHZDVGHFLGHGE\ WKHVDPHGLVWULFWMXGJHDVLQWKLVFDVHDQGWKHFKRLFHRIODZ :HILQGWKLVFDVHLQDSSOLFDEOHWRWKHSUHVHQWFDVHIRUWKUHH DQDO\VLV DQG UHODWHG GLVFXVVLRQ LQ WKDW FDVH LV WDNHQ QHDUO\ UHDVRQV LW ZDV XQUHSRUWHG DQG WKHUHIRUH KDV QR YHUEDWLPIURPWKH0HPRUDQGXPDQG2SLQLRQLQWKLVFDVH SUHFHGHQWLDOYDOXHWKHFRXUWFRQVLGHUHGVHYHUDOIDFWRUVQRW 7KHUHIRUHWKRXJKZHILQGWKHGLVWULFWFRXUWWREHFRQVLVWHQWLQ RXWOLQHGLQWKH5HVWDWHPHQWIRUH[DPSOHWKHSODFHZKHUHWKH LWV DSSURDFK WR FKRLFHRIODZ LVVXHV 5HLNH DGGV OLWWOH HVWDWHV RI WKH GHFHGHQWV ZHUH RSHQHG WKH UHVLGHQF\ RI WKH DGGLWLRQDOVXSSRUWWR87$jVDUJXPHQWLQWKLVFDVH HVWDWHDGPLQLVWUDWRUVDQGWKHSODFHZKHUHWKHZURQJIXOGHDWK DFWLRQ ZDV ILOHG DQG WKH DSSHOODWH FRXUW FRQVLGHUHG :KLOHZHDFNQRZOHGJHWKDWWKHUHLVDODFNRIUHOHYDQWFDVH VHYHUDO IDFWRUV WKDW UHOLHG H[SOLFLWO\ RQ WKH UXOH RI OH[ ORFL ODZWRJXLGHRXUGHFLVLRQDSURSHUDQDO\VLVRI2KLRj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jVFODLPWKDQ2KLR,QLWVGHFLVLRQWKH 1R&6'2KLR1RYXQUHSRUWHG,Q GLVWULFWFRXUWFRQFOXGHGWKDW2KLRjVLQWHUHVWLQFRPSHQVDWLQJ 5HLNHDPRELOHKRPHWKDWZDVPDQXIDFWXUHGLQ,QGLDQDDQG %RZOLQJ ZDV VDWLVILHG DQG WKDW WKH UHODWLRQVKLS EHWZHHQ ORFDWHGLQ2KLRFDXJKWILUHNLOOLQJWZRFKLOGUHQ1R& 0XQFLHDQG87$ZDVFHQWHUHGSULQFLSDOO\LQ,QGLDQD DW 7KHDGPLQLVWUDWRUVRIWKHFKLOGUHQjVHVWDWHILOHGVXLW DJDLQVWWKHVXFFHVVRULQLQWHUHVWRIWKHPDQXIDFWXUHURIWKH 7KRXJK ZH DJUHH ZLWK WKH UHVXOW UHDFKHG E\ WKH GLVWULFW PRELOHKRPH)DLUPRQW+RPHV,QFm)DLUPRQWlLQ2KLR FRXUWZHGRVREDVHGRQDQDQDO\VLVRIWKHIDFWRUVRXWOLQHGLQ VWDWHFRXUW,G)DLUPRQWWKHQILOHGDWKLUGSDUW\FRPSODLQW WKH 5HVWDWHPHQW ,Q DSSO\LQJ WKH IRXU IDFWRUV VHW IRUWK LQ IRU LQGHPQLILFDWLRQ DQG FRQWULEXWLRQ DJDLQVW &KDPSLRQ VHFWLRQDQGWKHJHQHUDOSULQFLSOHVJRYHUQLQJFKRLFHRI ,QWHUQDWLRQDO &RUS m&KDPSLRQl DQG $UPVWURQJ &RUN ODZ FRQVLGHUDWLRQV DV VHW IRUWK LQ VHFWLRQ ZH ILQG WKDW &RPSDQ\WZRRIWKHPDQXIDFWXUHUVRIPDWHULDOVXVHGWREXLOG ,QGLDQD KDV WKH PRVW VLJQLILFDQW UHODWLRQVKLS WR WKLV WKHKRPH,G&KDPSLRQPRYHGIRUVXPPDU\MXGJPHQWRQ FRQWULEXWLRQDFWLRQDQGLWVODZVKRXOGDSSO\ WKHFRQWULEXWLRQFODLPDUJXLQJWKDWXQGHU2KLRjVFKRLFHRI ODZ UXOHV ,QGLDQD ODZ VKRXOG DSSO\ DQG ,QGLDQD GRHV QRW 7KHSODFHZKHUHWKHLQMXU\RFFXUUHG UHFRJQL]HFODLPVIRUFRQWULEXWLRQ,GDW 7KHGLVWULFW FRXUW SHUIRUPHG D FKRLFHRIODZ DQDO\VLV XQGHU WKH 2KLRLVWKHSODFHZKHUHWKHLQMXU\JLYLQJULVHWR0XQFLHjV 5HVWDWHPHQWDQGFRQFOXGHGWKDW,QGLDQDDQGQRW2KLRODZ FODLPV DJDLQVW 87$ RFFXUUHG +RZHYHU XQGHU WKH 5HVWDWHPHQW DQDO\VLV WKLV IDFWRU LV WR EH FRQVLGHUHG LQ 1R 0XQFLH3RZHU3URGXFWVY8QLWHG 0XQFLH3RZHU3URGXFWVY8QLWHG 1R 7HFKQRORJLHV$XWRPRWLYH 7HFKQRORJLHV$XWRPRWLYH FRQMXQFWLRQ ZLWK WKH RWKHU IDFWRUV DQG DVVLJQHG WKH FHQWHUHGSULQFLSDOO\LQ,QGLDQD6HH&KHDWKDPY7KXUVWRQ DSSURSULDWHZHLJKW 0RWRU /LQHV ) 6XSS 6' 2KLR H[SODLQLQJ WKDW IRU WKLUGSDUW\ FODLPV LQ SURGXFW OLDELOLW\ 7KHSODFHZKHUHWKHFRQGXFWFDXVLQJWKHLQMXU\RFFXUUHG DFWLRQVFRXUWVVKRXOGORRNWRZKHUHWKHSURGXFWZDVVROG PDQXIDFWXUHGDQGPRGLILHGQRWVROHO\WRWKHSODFHZKHUHWKH 7KHFRQGXFWFDXVLQJWKHLQMXU\RFFXUUHGERWKLQ2KLRDQG SURGXFWFDXVHGLQMXU\ ,QGLDQD 7KH MXU\ YHUGLFW IRXQG DOO WKUHH GHIHQGDQWV WKH GULYHURIWKHWUXFNWKHRZQHURIWKHWUXFNDQG0XQFLHJXLOW\ 6LQFH 0XQFLH KDV ZRUNHG ZLWK 87$ DQG LWV RIFDXVLQJ%RZOLQJjVLQMXULHV%HFDXVHWKHMXU\IRXQGWKH SUHGHFHVVRUVLQGHYHORSLQJGHVLJQVIRUWKHK\GUDXOLFWDQNVLQ GULYHU DQG RZQHU WZHQW\ILYH SHUFHQW UHVSRQVLEOH IRU ,QGLDQD,Q0XQFLHDSSURYHGWKHQHZGHVLJQIRUWKH %RZOLQJjVLQMXULHVLWFDQEHVDLGWKDWVRPHRIWKHFRQGXFW WDQNLQYROYHGLQWKHDFFLGHQWDWLVVXHKHUHDQGWKDWWDQNZDV FDXVLQJWKHLQMXU\RFFXUUHGLQ2KLR+RZHYHUWKHMXU\IRXQG PDQXIDFWXUHG E\ 87$jV SUHGHFHVVRU $OPD 3ODVWLFV LQ 0XQFLH VHYHQW\ILYH SHUFHQW UHVSRQVLEOH IRU WKH LQMXULHV ,QGLDQD $W DOO WLPHV UHOHYDQW WR WKLV DFWLRQ 0XQFLH WRRN FDXVHGE\WKHGHIHFWLYHGHVLJQDQGPDQXIDFWXUHRIWKHWDQN GHOLYHU\ RI WKH WDQNV LQ ,QGLDQD DW LWV IDFLOLW\ LQ WKDW VWDWH DQGWKHODFNRIDGHTXDWHZDUQLQJV,I0XQFLHjVFRQWULEXWLRQ 0XQFLHjV DFWLRQ DJDLQVW 87$ DOOHJHV WKDW 87$ LV MRLQWO\ FODLP LV FRUUHFW DQG 87$ LV DOVR GLUHFWO\ UHVSRQVLEOH IRU UHVSRQVLEOH IRU WKH GHIHFWLYHO\ GHVLJQHG DQG PDQXIDFWXUHG %RZOLQJjVLQMXULHVWKHFRQGXFWJLYLQJULVHWR0XQFLHj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m7KH VWDWH ZKHUH FRQGXFW DQG LQMXU\ RFFXUUHG ZLOO QRW E\ SDUWLHV UHDVRQRIWKHVHFRQWDFWVDORQHEHWKHVWDWHWKDWLVSULPDULO\ FRQFHUQHG ZLWK WKH TXHVWLRQ ZKHWKHU RQH WRUWIHDVRU PD\ 0XQFLHLVLQFRUSRUDWHGLQ,QGLDQDDQGLWVSULQFLSDOSODFHRI REWDLQ FRQWULEXWLRQ DJDLQVW DQRWKHUl 7KH EDODQFH RI WKH EXVLQHVVLV,QGLDQD87$LVLQFRUSRUDWHGLQ'HODZDUHDQGLWV IDFWRUV FOHDUO\ VXSSRUWV WKH DSSOLFDWLRQ RI ,QGLDQD ODZ ,Q SULQFLSDOSODFHRIEXVLQHVVLV0LFKLJDQ7KLVIDFWRUZHLJKV SDUWLFXODU WKH VHFRQG DQG IRXUWK IDFWRUV ZHLJK KHDYLO\ LQ LQSDUWLQIDYRURI,QGLDQDWKRXJKLWLVRIOHVVHUVLJQLILFDQFH IDYRURIDSSO\LQJ,QGLDQDODZ$VVHFWLRQLQVWUXFWVWKH WKDQWKHRWKHUIDFWRUV IDFWRUV mDUH WR EH HYDOXDWHG DFFRUGLQJ WR WKHLU UHODWLYH LPSRUWDQFH ZLWK UHVSHFW WR WKH SDUWLFXODU LVVXHl 7KH SODFH ZKHUH WKH UHODWLRQVKLS LI DQ\ EHWZHHQ WKH 5(67$7(0(17VHHDOVR0LOOHUY/RQJ$LUGR[&R SDUWLHVLVFHQWHUHG )GWK&LUm*HQHUDOO\LQDWRUWFDVHWKH WZRPRVWLPSRUWDQWFRQWDFWVDUHWKHSODFHZKHUHWKHLQMXU\ ,W LV WKLV IDFWRU WKDW ZHLJKV PRVW KHDYLO\ LQ IDYRU RI RFFXUUHGDQGWKHSODFHZKHUHWKHFRQGXFWFDXVLQJWKHLQMXU\ DSSO\LQJ,QGLDQDODZ7KRXJK$SSHOODQWVXUJHXVLQVWHDGWR RFFXUUHGl )DFWRUV WZR DQG IRXU DUH FOHDUO\ WKH PRVW FRQVLGHU 2KLR ODZ EHFDXVH WKH DFWXDO DFFLGHQW RFFXUUHG LQ LPSRUWDQW IDFWRUV LQ WKLV DFWLRQ EHFDXVH LW LV D FODLP IRU 2KLR WKH UHODWLRQVKLS EHWZHHQ 0XQFLH DQG 87$ ZDV 1R 0XQFLH3RZHU3URGXFWVY8QLWHG 0XQFLH3RZHU3URGXFWVY8QLWHG 1R 7HFKQRORJLHV$XWRPRWLYH 7HFKQRORJLHV$XWRPRWLYH FRQWULEXWLRQ EDVHG RQ D SURGXFW OLDELOLW\ FODLP FRQFHUQLQJ WKDW LQFOXGHV DFWLRQV IRU FRQWULEXWLRQ DQG LQGHPQLILFDWLRQ GHVLJQ DQG PDQXIDFWXULQJ GHIHFWV DOOHJHGO\ RFFXUULQJ LQ 7KRXJK 2KLRjV SROLF\ LV WR UHFRJQL]H DFWLRQV E\ MRLQW ,QGLDQD7KRXJKZHGRQRWLQWHQWLRQDOO\LJQRUHWKHIDFWWKDW WRUWIHDVRUVIRUFRQWULEXWLRQ,QGLDQDjVSROLF\QRWWRUHFRJQL]H %RZOLQJjVODZVXLWDJDLQVW0XQFLHZDVILOHGDQGGHFLGHGLQ VXFKDFWLRQVLVPRUHLPSRUWDQWKHUHEHFDXVH,QGLDQDLVPRUH 2KLRZHILQGWKDWWKHSUHYLRXVODZVXLWGRHVQRWH[FOXVLYHO\ LQWHUHVWHGLQGHWHUPLQLQJWKHULJKWVRISDUWLHVZKRVHFRQGXFW JXLGHWKHDQDO\VLVWKDWZHXQGHUWDNHKHUH ZDVFHQWHUHGLQLWVVWDWH7KHUHIRUH,QGLDQDODZDSSOLHVWR WKLV FRQWULEXWLRQ FODLP DQG 0XQFLHjV FODLP PXVW IDLO DV )XUWKHUPRUH LQ FRQVLGHULQJ WKH JHQHUDO SULQFLSOHV ,QGLDQDGRHVQRWUHFRJQL]HDFWLRQVIRUFRQWULEXWLRQ JRYHUQLQJFKRLFHRIODZDQDO\VLVRXWOLQHGLQVHFWLRQWKH ODZRI,QGLDQDLVPRVWDSSURSULDWH6HH0DF'RQDOGY*HQ ,,,&21&/86,21 0RWRUV&RUS)GWK&LUH[SODLQLQJ WKDWWKHJHQHUDOSULQFLSOHVJRYHUQLQJFKRLFHRIODZXQGHU )RUWKHIRUHJRLQJUHDVRQVZH$)),50WKHGHFLVLRQRIWKH VKRXOG EH XVHG WR JXLGH FKRLFHRIODZ DQDO\VLV VHH DOVR GLVWULFWFRXUW 5(67$7(0(17FPWDQRWLQJWKDWWKHUHLVDmJURZLQJ UHDOL]DWLRQWKDWDOOLVVXHVLQWRUWQHHGQRWEHJRYHUQHGE\WKH VDPHODZl:HFRQFHGHWKDW2KLRLVLQWHUHVWHGLQSUHYHQWLQJ WKH VDOH RI GHIHFWLYH SURGXFWV LQ LWV VWDWH 7KDW LQWHUHVW KRZHYHUZDVVDWLVILHGE\WKHMXGJPHQWDJDLQVW0XQFLHDQG WKHDZDUGRIGDPDJHVWR%RZOLQJLQWKHVWDWHFRXUWDFWLRQ 6HH &KHDWKDP ) 6XSS DW m,Q SURGXFW OLDELOLW\ FODLPV WKH SULPDU\ LQWHUHVW RI D VWDWH LV WR GHWHU WKH VDOH DQGRU PDQXIDFWXUH RI QHJOLJHQWO\ RU GHIHFWLYHO\ PDQXIDFWXUHG JRRGV WR WKDW VWDWHjV FLWL]HQVl VHH DOVR 'RUPDQY(PHUVRQ(OHF&R)GWK&LU m>W@KH0LVVRXULODZRISURGXFWVOLDELOLW\LVHYHQ PRUH FRQFHUQHG ZLWK FRPSHQVDWLQJ LQMXUHG YLFWLPV DQG SURWHFWLQJWKHH[SHFWDWLRQLQWHUHVWVRIWKHYLFWLPlFLWDWLRQV RPLWWHG0XQFLHjVVXEVHTXHQWFODLPVDJDLQVWDWKLUGSDUW\WR UHFRYHUSDUWRIWKHGDPDJHVUHVXOWLQJIURPWKHWRUWDFWLRQKDYH OLWWOHHIIHFWRQ2KLRjVLQWHUHVWLQWKHXQGHUO\LQJWRUWFODLP %RZOLQJjVDZDUGZLOOQRWEHUHGXFHGRULQFUHDVHGDVDUHVXOW RI0XQFLHjVFRQWULEXWLRQDFWLRQDQG0XQFLHjVOLDELOLW\IRU %RZOLQJjV LQMXULHV VLPLODUO\ ZLOO UHPDLQ XQFKDQJHG 6HH 5(67$7(0(17 FPW F VWDWLQJ WKDW µWKH LQWHUHVW RI D VWDWH LQ KDYLQJ LWV WRUW UXOH DSSOLHG ZLOO GHSHQG RQ WKH SXUSRVHVRXJKWWREHDFKLHYHGE\WKDWUXOHj )LQDOO\$SSHOODQWVUHO\RQWKHIDFWWKDWWKHWRUWRFFXUUHGLQ 2KLRDQGDUJXHWKDW2KLRKDVGHYHORSHGDQHQWLUHWRUWVFKHPH
Document Info
Docket Number: 01-4146
Filed Date: 5/15/2003
Precedential Status: Precedential
Modified Date: 9/22/2015