$OORIWKHFKDUDFWHUVLQWKLVERRNDUHILFWLWLRXVDQGDQ\UHVHPEODQFH WRDFWXDOSHUVRQVOLYLQJRUGHDGLVSXUHO\FRLQFLGHQWDO &23...
14 downloads
21 Views
380KB Size
$OORIWKHFKDUDFWHUVLQWKLVERRNDUHILFWLWLRXVDQGDQ\UHVHPEODQFH WRDFWXDOSHUVRQVOLYLQJRUGHDGLVSXUHO\FRLQFLGHQWDO
&23<5,*+7%<,6$$&$6,029$//5,*+765(6(59(' 35,17(',17+(81,7('67$7(6 720<:,)(*(5758'($1'0<621 '$9,' &RQWHQWV
&219(56$7,21:,7+$&200,66,21(5
5281'75,321$1(;35(66:$< ,1&,'(17$7$6+2(&2817(5 ,1752'8&7,2172$)$0,/< $1$/<6,62)$085'(5
:+,63(56,1$%('5220 (;&856,21,17263$&(72:1 '(%$7(29(5$52%27 (/8&,'$7,21%<$63$&(5 $)7(512212)$3/$,1&/27+(60$1 (6&$3($/21*7+(675,36 :25'6)520$1(;3(57 6+,)7727+(0$&+,1( 32:(52)$1$0( $55(672)$&2163,5$725
48(67,216&21&(51,1*$027,9( &21&/86,212)$352-(&7 (1'2)$1,19(67,*$7,21 &KDSWHU
&219(56$7,21:,7+$&200,66,21(5
/LMH%DOH\KDGMXVWUHDFKHGKLVGHVNZKHQKHEHFDPHDZDUHRI 56DPP\ZDWFKLQJKLPH[SHFWDQWO\ 7KHGRXUOLQHVRIKLVORQJIDFHKDUGHQHG:KDWGR\RXZDQW" 7KHERVVZDQWV\RX/LMH5LJKWDZD\6RRQDV\RXFRPHLQ$OOULJKW 56DPP\VWRRGWKHUHEODQNO\ %DOH\VDLGa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
DIWHUPH :HOO\RXNQRZKRZ,IHHODERXWWKRVHWKLQJV/LMH%XWKH VEHHQSXW KHUHDQG, YHJRWWRXVHKLPIRUVRPHWKLQJ ,W VXQFRPIRUWDEOH&RPPLVVLRQHU+HWHOOVPH\RXZDQWPHDQGWKHQKH VWDQGVWKHUH
LN,a? 7,LL/,DW,/,L5H, &/a aa,LaKLW 7KH&RPPLVVLRQHUVPLOHG,KDGWKLVDUUDQJHGVSHFLDOO\ODVW\HDU/LMH ,GRQ WWKLQN, YHVKRZHGLWWR\RXEHIRUH&{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a,KH&RPPLVVLRQHUVWDUHGDWKLPLQPLOGVXUSULVHWRRNRIIKLV Wa,LVVFVORRNHGDWWKHPDQGWKHQDW%DOHU:LWKRXWKLVJODVVHVKLVURXQG IDFHVHHPHGURXQGHUDQGKLVFKLQDWULIOHPRUHSURQRXQFHG+HORRNHGYDJXHU WRRDVKLVH\HVIDLOHGWRIRFXVSURSHUO\ +HVDLG
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
FRXOGQ WEUHDNWKHFDVH" :K\ZRXOGQ W\RXEUHDNLW/LMH"WKH&RPPLVVLRQHUZKHHGOHG
/LMH,FDQ WWUXVWDQ\RQHHOVHLQWKLV'R,KDYHWRVSHOOLWRXWIRU \RX":H YHJRWWRZRUNZLWKWKH6SDFHUV:H YHJRWWRVXFFHHGLIZH UHWR NHHSWKHLQGHPQLW\VKLSVDZD\IURP(DUWK%XWZHFDQ WVXFFHHGMXVWDQ\ROG ZD\
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
FKRUHEXWLWZDVQREDUWRWKLQNLQJZKHQ\RXZHUHXVHGWR LW
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
VZDOORZHGE\WKH&LWLHV(YHQWKHHDUO\SURVSHFWVRIDWRPLFZDURQO\VORZHG WKHWUHQG:LWKWKHLQYHQWLRQRIWKHIRUFHVKLHOGWKHWUHQGEHFDPHDKHDGORQJ UDFH &LW\FXOWXUHPHDQWRSWLPXPGLVWULEXWLRQRIIRRGLQFUHDVLQJXWLOL]DWLRQ RI\HDVWVDQGK\GURSRQLFV1HZ
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
GHVSHUDWHO\ $QGWKDWGLVWXUEV\RX" ,WVKRXOGQ W,VXSSRVH'D'DQHHO$UHWKH\DOOOLNH\RXRQ\RXU ZRUOG" 7KHUHDUHLQGLYLGXDOGLIIHUHQFHV(OLMDKDVZLWKPHQ 2XURZQURERWV:HOO\RXFDQWHOOWKH\ UHURERWV\RXXQGHUVWDQG
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
DQHZDQGEHWWHUOLIHZRXOGH[LVWIRUDOO %XWWKH0HGLHYDOLVWPRYHPHQWH[SDQGHGDORQJZLWKWKHGHFODVVLILFDWLRQ SURFHVV0HQJUHZGHVSHUDWHDQGWKHERUGHUEHWZHHQELWWHUIUXVWUDWLRQDQGZLOG GHVWUXFWLRQLVVRPHWLPHVHDVLO\FURVVHG $WWKLVPRPHQWPLQXWHVFRXOGEHVHSDUDWLQJWKHSHQWXSKRVWLOLW\RIWKH FURZGIURPDIODVKLQJRUJ\RIEORRGDQGVPDVK %DOH\ZULWKHGKLVZD\GHVSHUDWHO\WRWKHIRUFHGRRU &KDSWHU ,1&,'(17$7$6+2(&2817(5
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
VLU
+HWXUQHGKLVEURDGIDFHWRWKHVWRUHPDQDJHU2SHQWKHIRUFHGRRU
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
5'DQFHFRQVLGHUHG+HVKRRNKLVKHDG,WKLQN\RXDUHZURQJSDUWQHU (OLMDK0\EULHILQJRQKXPDQFKDUDFWHULVWLFVKHUHDPRQJWKHSHRSOHRI(DUWK LQFOXGHVWKHLQIRUPDWLRQWKDWXQOLNHWKHPHQRIWKH2XWHU:RUOGVWKH\DUH WUDLQHGIURPELUWKWRDFFHSWDXWKRULW\$SSDUHQWO\WKLVLVWKHUHVXOWRI\RXU ZD\RIOLYLQJ2QHPDQUHSUHVHQWLQJDXWKRULW\ILUPO\HQRXJKZDVTXLWH VXIILFLHQWDV,SURYHG
,WKDGEHHQKHUQDPHWKDWKDGILUVWPDGH(OLMDK%DOH\UHDOO\FRQVFLRXV RI-HVVLH+HKDGPHWKHUDWWKH6HFWLRQ&KULVWPDVSDUW\EDFNLQ RYHUD ERZORISXQFK+HKDGMXVWILQLVKHGKLVVFKRROLQJMXVWWDNHQKLVILUVWMRE ZLWKWKH&LW\MXVWPRYHGLQWRWKH6HFWLRQ+HZDVOLYLQJLQRQHRIWKH EDFKHORUDOFRYHVRI&RPPRQ5RRP$1RWEDGIRUDEDFKHORUDOFRYH 6KHZDVKDQGLQJRXWWKHSXQFK, P-HVVLHVKHVDLG-HVVLH1DYRGQ\ ,GRQ WNQRZ\RX %DOH\KHVDLG/LMH%DOH\, YHMXVWPRYHGLQWRWKH6HFWLRQ+H WRRNKLVJODVVRISXQFKDQGVPLOHGPHFKDQLFDOO\6KHLPSUHVVHGKLPDVD FKHHUIXODQGIULHQGO\SHUVRQVRKHVWD\HGQHDUKHU+HZDVQHZDQGLWLVD
ORQHO\IHHOLQJWREHDWDSDUW\ZKHUH\RXILQG\RXUVHOIZDWFKLQJSHRSOH VWDQGLQJDERXWLQFOLTXHVRIZKLFK\RXDUHQ WDSDUW/DWHUZKHQHQRXJK DOFRKROKDGWULFNOHGGRZQWKURDWVLWPLJKWEHEHWWHU 0HDQZKLOHKHUHPDLQHGDWWKHSXQFKERZOZDWFKLQJWKHIRONVFRPHDQGJR DQGVLSSLQJWKRXJKWIXOO\ ,KHOSHGPDNHWKHSXQFK7KHJLUO VYRLFHEURNHLQXSRQKLP,FDQ JXDUDQWHHLW'R\RXZDQWPRUH" %DOH\UHDOL]HGKLVOLWWOHJODVVZDVHPSW\+HVPLOHGDQGVDLG
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
ILUVW\HDU 0D\EHDV%DOH\WKRXJKWEDFNXSRQLW%HQWOH\ VEHJLQQLQJVPLJKW H[SODLQSDUWRIKHUXQXVXDOVNLWWLVKQHVV-HVVLHKDGEHHQGURRSLQJDELW EHFDXVHRI%DOH\ VFRQVLVWHQWRYHUWLPH 6KHVDLG,W VHPEDUUDVVLQJWRHDWDORQHDWWKHNLWFKHQHYHU\QLJKW %DOH\ZDVWLUHGDQGRXWRIVRUWV+HVDLG:K\VKRXOGLWEH"
WKRVHGD\V,I\RXUHDG,.LQJV\RXPXVWUHPHPEHUWKDW(OLMDKP\QDPHVDNH WKLVWLPH KDGDFRQWHVWZLWKaRSURSKHWVRI%DDOWRVHHZKLFKFRXOGEULQJ GRZQILUHIURPKHDYHQ(OLMDKZRQDQGSURPSWO\RUGHUHGWKHFURZGRIRQORRNHUV WRNLOOWKHaR%DDOLWHV$QGWKH\GLG -HVVLHELWKHUOLS:KDWDERXW1DERWK VYLQH\DUG/LMH+HUHZDVWKLV 1DERWKQRWERWKHULQJDQ\ERG\H[FHSWWKDWKHUHIXVHGWRVHOOWKH.LQJKLV YLQH\DUG6R-H]HEHODUUDQJHGWRKDYHSHRSOHSHUMXUHWKHPVHOYHVDQGVD\WKDW 1DERWKKDGFRPPLWWHGEODVSKHP\RUVRPHWKLQJ +HZDVVXSSRVHGWRKDYH EODVSKHPHG*RGDQGWKHNLQJVDLG%DOH\
ORRNHGXS:KDWRQHWKLQJ" 6KHGLGQRWTXLWHPHHWKLVH\HEXWVKHVDLGIRUFHIXOO\HQRXJK %HQWOH\LVQ WD%LEOHQDPHLVLW" 1RVDLG%DOH\, PTXLWHVXUHLWLVQ W $OOULJKWWKHQ,GRQ WZDQWDQ\%LEOHQDPHV $QGWKDWZDVWKHRQO\KDUNLQJEDFNWKDWWRRNSODFHIURPWKDWWLPHWRWKH GD\ZKHQ(OLMDK%DOH\ZDVFRPLQJKRPHZLWK5RERW'DQHHO2OLYDZZKHQKHKDG EHHQPDUULHGIRUPRUHWKDQHLJKWHHQ\HDUVDQGZKHQKLVVRQ%HQWOH\%DOH\ PLGGOHQDPHVWLOOXQFKRVHQ ZDVSDVWVL[WHHQ
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
DQWHFRUULGRU
+HKXUULHGGRZQLWIHHOLQJYDJXHO\GLUW\SDVWWKHFRPPRQFKDPEHUVWRWKH SULYDWHVWDOOV,WKDGEHHQILYH\HDUVQRZVLQFHKHKDGEHHQDZDUGHGRQHODUJH HQRXJKWRFRQWDLQDVKRZHUDVPDOOODXQGU\DQGRWKHUQHFHVVLWLHV,WHYHQ KDGDVPDOOSURMHFWRUWKDWFRXOGEHNH\HGLQIRUWKHQHZVILOPV $KRPHDZD\IURPKRPHKHKDGMRNHGZKHQLWZDVILUVWPDGHDYDLODEOH WRKLP%XWQRZKHRIWHQZRQGHUHGKRZKHZRXOGEHDUWKHDGMXVWPHQWEDFNWR WKHPRUH6SDUWDQH[LVWHQFHRI WKHFRPPRQFKDPEHUVLIKLVVWDOOSULYLOHJHVZHUH HYHUFDQFHOHG +HSUHVVHGWKHEXWWRQWKDWDFWLYDWHGWKHODXQGU\DQGWKHVPRRWKIDFHRI WKHPHWHUOLJKWHG 5'DQHHOZDVZDLWLQJSDWLHQWO\ZKHQ%DOH\UHWXUQHGZLWKDVFUXEEHG ERG\FOHDQXQGHUZHDUDIUHVKHQHGVKLUWDQGJHQHUDOO\DIHHOLQJRIJUHDWHU FRPIRUW 1RWURXEOH"%DOH\DVNHGZKHQWKH\ZHUHZHOORXWVLGHWKHGRRUDQGDEOH WRWDON 1RQHDWDOO(OLMDKVDLG5'DQHHO -HVVLHZDVDWWKHGRRUVPLOLQJQHUYRXVO\%DOH\NLVVHGKHU -HVVLHKHPXPEOHGWKLVLVP\QHZSDUWQHU'DQHHO2OLYDZ -HVVLHKHOGRXWDKDQGZKLFK5'DQHHOWRRNDQGUHOHDVHG6KH
WXUQHGWRKHUKXVEDQGWKHQORRNHGWLPLGO\DW5'DQHHO 6KHVDLG:RQ W\RXVLWGRZQ0U2OLYDZ",PXVWWDONWRP\KXVEDQGRQ IDPLO\PDWWHUV,W OOWDNHMXVWDPLQXWH,KRSH\RXZRQ WPLQG +HUKDQGZDVRQ%DOH\ VVOHHYH+HIROORZHGKHULQWRWKHQH[WURRP 6KHVDLGLQDKXUULHGZKLVSHU
/LMH%DOH\IHOWDOLWWOHXQFHUWDLQDERXWWKHDSDUWPHQWQRZ8QWLOWKLV YHU\PRPHQWKHKDGIHOWQRTXDOPV,QIDFWKHKDGDOZD\VEHHQSURXGRILW ,WKDGWKUHHODUJHURRPVWKHOLYLQJURRPIRULQVWDQFHZDVDQDPSOHILIWHHQ IHHWE\HLJKWHHQ7KHUHZDVDFORVHWLQHDFKURRP2QHRIWKHPDLQYHQWLODWLRQ GXFWVSDVVHGGLUHFWO\E\,WPHDQWDOLWWOHUXPEOLQJQRLVHRQUDUHRFFDVLRQV EXWRQWKHRWKHUKDQGDVVXUHGILUVWUDWHWHPSHUDWXUHFRQWURODQGZHOO FRQGLWLRQHGDLU1RUZDVLWWRRIDUIURPHLWKHU3HUVRQDOZKLFKZDVDSULPH FRQYHQLHQFH %XWZLWKWKHFUHDWXUHIURPZRUOGVEH\RQGVSDFHVLWWLQJLQWKHPLGVWRI LW%DOH\ZDVVXGGHQO\XQFHUWDLQ7KHDSDUWPHQWVHHPHGPHDQDQGFUDPSHG -HVVLHVDLGZLWKDJDLHW\WKDWZDVVOLJKWO\V\QWKHWLF+DYH\RXDQG 0U2OLYDZHDWHQ/LMH"
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
%DOH\VDLGZLWKDQXQGHUFRYHUVKXVKLQJZLJJOHRIKLVILQJHUV-HVVLH, P KXQJU\ 5'DQHHOVDLG:RXOG,EHEUHDNLQJDFXVWRP0UV%DOH\LI, DGGUHVVHG\RXE\\RXUJLYHQQDPH" ?9K\QRRIFRXUVHQRW-HVVLHIROGHGDWDEOHRXWRIWKHZDOODQG SOXJJHGWKHSODWHZDUPHULQWRWKHFHQWUDOGHSUHVVLRQRQWKHWDEOHWRS
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
6LWGRZQ%HQWOH\VDLG%DOH\GHVSHUDWHO\DQGGRQ WERWKHU0U 2OLYDZ +H VQRWERWKHULQJPH(OLMDK, GOLNHWRWDONWR\RXDERXWWKH SUREOHP%HQWOH\DQRWKHUWLPH
-HVVLHVDLGJRRGE\WRWKHP6KHZDVZHDULQJDIRUPDOKDWDQGDOLWWOH MDFNHWRINHUDWRILEHUDVVKHVDLG,KRSH\RX OOH[FXVHPH0U2OLYDZ, NQRZ\RXKDYHDJUHDWGHDOWRGLVFXVVZLWK/LMH 6KHSXVKHGKHUVRQDKHDGRIKHUDVVKHRSHQHGWKHGRRU :KHQZLOO\RXEHEDFN-HVVLH"DVNHG%DOH\ 6KHSDXVHG:KHQGR\RXZDQW PHWREHEDFN" :HOO1RXVHVWD\LQJRXWDOOQLJKW:K\GRQ W\RXFRPHEDFN\RXU XVXDOWLPH"0LGQLJKWRUVR+HORRNHGGRXEWIXOO\DW5'DQHHO 5'DQHHOQRGGHG,UHJUHWKDYLQJWRGULYH\RXIURP\RXUKRPH 'RQ WZRUU\DERXWWKDW0U2OLYDZ
GHILDQFHRIFXVWRPWKH\PD\EHDEOHWRYLRODWHFXVWRPIRUWKHVPDOOHU LPSURSULHW\RIHDYHVGURSSLQJ 7KHDSDUWPHQWLVDGHTXDWHO\LQVXODWHGVDLG%DOH\VWLOOIURZQLQJ
%DOH\VLJKHG$QFLHQWKLVWRU\$UHWKH\UHDOO\ZRUULHG"$UHWKH\VWLOO NLFNLQJDWXVIRUWKLQJVWKDWKDSSHQHGDWKRXVDQG\HDUVDJR" +XPDQVVDLG5'DQHHOKDYHWKHLURZQSHFXOLDUPDNHXS7KH\DUHQRW DVUHDVRQDEOHLQPDQ\ZD\VDVZHURERWVVLQFHWKHLUFLUFXLWVDUHQRWDV SUHSODQQHG,DPWROGWKDWWKLVWRRKDVLWVDGYDQWDJHV 3HUKDSVLWPD\VDLG%DOH\GU\O\
7KHQQRWDOO6SDFHUURERWVDUHOLNH\RX",PHDQVRPHORRNPRUHOLNH URERWVDQGOHVVOLNHKXPDQV5LJKW" :K\QDWXUDOO\7KHRXWZDUGDSSHDUDQFHLVGHSHQGHQWRQDURERW V IXQFWLRQ0\RZQIXQFWLRQUHTXLUHVDYHU\PDQOLNHDSSHDUDQFHDQG,KDYHLW 2WKHUVDUHGLIIHUHQWDOWKRXJKDOODUHKXPDQRLG&HUWDLQO\WKH\DUHPRUH KXPDQRLGWKDQWKHGLVWUHVVLQJO\SULPLWLYHPRGHOV,VDZDWWKHVKRHFRXQWHU $UHDOO\RXUURERWVOLNHWKDW" 0RUHRUOHVVVDLG%DOH\
5'DQHHOQRGGHG,WKLQNLWLVVDIHWRVD\WKDWQR(DUWKPDQFDQSRVVLEO\ KDYHSDVVHGWKURXJKWKHHQWUDQFHLOOHJDOO\ 7KHQZKHUHGRHVWKDWOHDYH\RX" ,WZRXOGOHDYHXVLQDFRQIXVLQJSRVLWLRQ(OLMDKLIWKHHQWUDQFHZHUH WKHRQO\ZD\RIUHDFKLQJ6SDFHWRZQIURP1HZ
:HVDLGWRKLP 7KHPDQPXVWKDYHFRPHFURVVFRXQWU\ /LNH\RXKHVDLG
,PSRVVLEOH RUSHUKDSV 8QWKLQNDEOH +HZDVTXLWHGLVWXUEHGRIFRXUVH DQGSHUKDSVWKDWPD\KDYHPDGHLWGLIILFXOWIRU KLPWRVHHWKHHVVHQWLDOSRLQW1HYHUWKHOHVVZHIRUFHGKLPWREHJLQFKHFNLQJ WKDWSRVVLELOLW\DOPRVWDWRQFH %DOH\WKRXJKWRIWKH&RPPLVVLRQHU VEURNHQJODVVHVDQGHYHQLQWKH PLGGOHRIVRPEHUWKRXJKWVDFRUQHURIKLVPRXWKWZLWFKHG3RRU-XOLXV
FRQFHLYHLWWREH\RXUGXW\
2QWKHXSSHUPRVWOHYHOVRIVRPHRIWKHZHDOWKLHVWVXEVHFWLRQVRIWKH &LW\DUHWKHQDWXUDO6RODULXPVZKHUHDSDUWLWLRQRITXDUW]ZLWKDPRYDEOH PHWDOVKLHOGH[FOXGHVWKHDLUEXWOHWVLQWKHVXQOLJKW7KHUHWKHZLYHVDQG GDXJKWHUVRIWKH&LW\ VKLJKHVWDGPLQLVWUDWRUVDQGH[HFXWLYHVPD\WDQ WKHPVHOYHV7KHUHDXQLTXHWKLQJKDSSHQVHYHU\HYHQLQJ 1LJKWIDOOV ,QWKHUHVWRIWKH&LW\LQFOXGLQJWKH896RODULXPVZKHUHWKHPLOOLRQV LQVWULFWVHTXHQFHRIDOORWWHGWLPHPD\RFFDVLRQDOO\H[SRVHWKHPVHOYHVWRWKH DUWLILFLDOZDYHOHQJWKVRIDUFOLJKWV WKHUHDUHRQO\WKHDUELWUDU\F\FOHVRI
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
%DOH\ VYRLFHUHWXUQHGWRLWVZKLVSHU+RZGLG\RXILQGRXW":RQ W\RX WHOOPH" -HVVLHWXUQHGWRZDUGKLP+HFRXOGVHQVHKHUH\HVORRNLQJWKURXJKWKH GDUNQHVVDWKLP /LMH+HUYRLFHZDVVFDUFHO\PRUHWKDQDVWLUULQJRIDLU&DQKHKHDU XV"7KDWWKLQJ" 1RWLIZHZKLVSHU +RZGR\RXNQRZ"0D\EHKHKDVVSHFLDOHDUVWRSLFNXSWLQ\VRXQGV 6SDFHUURERWVFDQGRDOOVRUWVRIWKLQJV %DOH\NQHZWKDW7KHSURURERW SURSDJDQGDZDVIRUHYHUVWUHVVLQJWKH PLUDFXORXVIHDWVRIWKH6SDFHUURERWVWKHLUHQGXUDQFHWKHLUH[WUDVHQVHV WKHLUVHUYLFHWRKXPDQLW\LQDKXQGUHGQRYHOZD\V3HUVRQDOO\KHWKRXJKWWKDW DSSURDFKGHIHDWHGLWVHOI(DUWKPHQKDWHGWKHURERWVDOOWKHPRUHIRUWKHLU VXSHULRULW\ +HZKLVSHUHG1RW'DQHHO7KH\PDGHKLPKXPDQW\SHRQSXUSRVH7KH\ ZDQWHGKLPWREHDFFHSWHGDVDKXPDQEHLQJVRKHPXVWKDYHRQO\KXPDQ VHQVHV +RZGR\RXNQRZ" ,IKHKDGH[WUDVHQVHVWKHUHZRXOGEHWRRPXFKGDQJHURIKLVJLYLQJ KLPVHOIDZD\DVQRQKXPDQE\DFFLGHQW+HZRXOGGRWRRPXFKNQRZWRRPXFK :HOOPD\EH 6LOHQFHIHOODJDLQ $PLQXWHSDVVHGDQG%DOH\WULHGDVHFRQGWLPH-HVVLHLI\RX OOMXVW
OHWWKLQJVEHXQWLOXQWLO/RRNGHDULW VXQIDLURI\RX WREHDQJU\ $QJU\"2K/LMH\RXIRRO, PQRWDQJU\, PVFDUHG, PVFDUHGFOHDQ WRGHDWK 6KHPDGHDJXOSLQJVRXQGDQGFOXWFKHGDWWKHQHFNRIKLVSDMDPDV)RUD ZKLOHWKH\FOXQJWRJHWKHUDQG%DOH\ VJURZLQJVHQVHRILQMXU\HYDSRUDWHG LQWRDWURXEOHGFRQFHUQ :K\-HVVLH"7KHUH VQRWKLQJWREHZRUULHGDERXW+H VKDUPOHVV, VZHDUKHLV &DQ W\RXJHWULGRIKLP/LMH"
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
'RHV\RXU/LMHNQRZDQ\WKLQJDERXWLW-HVVLH" DQG,ODXJKHGDQGVDLG
'RQ WEHVLOO\
7KHQZHZHQWWRWKHHWKHULFVDQG,JRWWRWKLQNLQJDERXW\RXUQHZ SDUWQHU'R\RXUHPHPEHUWKRVHSLFWXUHV\RXEURXJKWKRPHWKHRQHV-XOLXV (QGHUE\WRRNLQ6SDFHWRZQWRVKRZPHZKDW6SDFHUVORRNHGOLNH":HOO,JRWWR
WKLQNLQJWKDW VZKDW\RXUSDUWQHUORRNHGOLNH,WMXVWFDPHWRPHWKDWWKDW V ZKDWKHORRNHGOLNHDQG,VDLGWRP\VHOIRKP\*RGVRPHRQHPXVW YH UHFRJQL]HGKLPLQWKHVKRHGHSDUWPHQWDQGKH VZLWK/LMHDQG,MXVWVDLG,KDG DKHDGDFKH DQG,UDQ %DOH\VDLG1RZ-HVVLHVWRSVWRS*HWKROGRI\RXUVHOI1RZZK\DUH \RXDIUDLG"
+HVOHSW &KDSWHU
(;&856,21,17263$&(72:1
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
%DOH\LQVHUWHGKRVWLOLW\LQWRKLVYRLFH'DPQLWWKHURERWFDPHKHUH DQG,VKRXOGJRWKHUH,W VEDGHQRXJKVKDULQJDIURQWVHDWZLWKDURERW, KDWHWRWDNHDEDFNVHDW2IFRXUVHLI\RXGRQ WWKLQN, PFDSDEOHRIUXQQLQJ WKLVLQYHVWLJDWLRQ&RPPLVVLRQHU ,WLVQ WWKDW/LMH,W VQRW\RXLW VWKH6SDFHUV
LUULWDWLQJDVKDYLQJWKDWFOXPV\PHWDOFRQWUDSWLRQIRUHYHUPDNLQJIUHHZLWK \RXUIURQWQDPH+H GFRPSODLQHGDERXWWKDWZKHQ56DPP\ILUVWDUULYHGDQG WKH&RPPLVVLRQHUKDGVKPJJHGKLVVKRXOGHUVDQGVDLG
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
2QHDSSURDFKHG%DOH\DQGVDOXWHGZLWKSHUIHFWLIIULJLGPLOLWDU\ FRXUWHV\+HZDVWDOODQGJUDYHWKRXJKQRWWKHSHUIHFWVSHFLPHQRI6SDFHU SK\VLTXHWKDW5'DQHHOZDV +HVDLG
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
KLPDQGSODFHGLWZLWKLQDUHFHVVLQWKHZDOO$WKLQPHWDOSODWHVOLWKHUHG DFURVVLW ,I\RXZLOOSXW\RXUWKXPELQWKHGHSUHVVLRQVDLG5'DQHHORQO\ \RXUWKXPEZLOORSHQLWODWHURQ %DOH\IHOWXQGUHVVHGIDUPRUHVRLQIDFWWKDQKHKDGIHOWLQWKH VKRZHU+HVWHSSHGDFURVVWKHSRLQWDWZKLFKWKHURGVKDGODWHO\EDUUHGKLP DQGILQDOO\RXWRIWKH3HUVRQDO +HZDVEDFNLQDFRUULGRUDJDLQEXWWKHUHZDVDQHOHPHQWRIVWUDQJHQHVV DERXWLW8SDKHDGWKHOLJKWKDGDQXQIDPLOLDUTXDOLW\WRLW+HIHOWDZKLII RIDLUDJDLQVWKLVIDFHDQGDXWRPDWLFDOO\KHWKRXJKWDVTXDGFDUKDGSDVVHG 5'DQHHOPXVWKDYHUHDGKLVXQHDVLQHVVLQKLVIDFH+HVDLG
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
DQGJUDEELQJZLOGO\DQGVXFFHVVIXOO\ DWKLVIO\LQJVSHFWDFOHV%\VWDQGLQJ WKH&RPPLVVLRQHUWKUXVWKLV KHDGRXWRIWKHOLPLWVRIWKHWULPHQVLFUHFHLYHU DQGZDVIRUFHGWRVLWGRZQDJDLQUHGIDFHGDQGVSHHFKOHVV ,QDPXFKTXLHWHUZD\'U)DVWROIHKHDGLQFOLQHGWRRQHVLGHZDVDV VWDUWOHG2QO\5'DQHHOZDVXQPRYHG 'R\RXPHDQVDLG)DVWROIHWKDW \RXNQRZWKHPXUGHUHU" 1RVDLG%DOH\,PHDQWKHUHZDVQRPXUGHU :KDWVFUHDPHG(QGHUE\ 2QHPRPHQW&RPPLVVLRQHU(QGHUE\VDLG)DVWROIHUDLVLQJDKDQG+LV H\HVKHOG%DOH\ VDQGKHVDLG'R\RXPHDQWKDW'U6DUWRQLVDOLYH"
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
MXVWLFH " )URPWKHFRQWH[WRIRXUFRQYHUVDWLRQKHPHDQWZKDW\RXDQG,DQGDQ\ KXPDQEHLQJZRXOGPHDQEXWZKDWQRURERWFRXOGPHDQ :K\GRQ W\RXDVNKLP0U%DOH\WRGHILQHWKHWHUP" %DOH\IHOWDFHUWDLQORVVRIFRQILGHQFH+HWXUQHGWR5 'DQHHO:HOO"
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
WKHEHWWHUWKHLQFLGHQWDQG6SDFHUVKLSVFRPHGRZQDQGRFFXS\WKH&LWLHVRI (DUWK )DVWROIHVDLGPLOGO\:HKDGDQH[FXVHLQWKH%DUULHU5LRWVRIWZHQW\ ILYH\HDUVDJR
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
UHSDLUHGLQWKHRUGLQDU\IDVKLRQ$FKHVWSODWHFRXOG QRWEHXQULYHWHGIRUWKH SXUSRVH$VNXOOFRXOGQRWEHKLQJHGXSDQGRXWZDUG,QVWHDGWKHYDULRXV SDUWVRIWKHPHFKDQLFDOERG\ZRXOGKDYHWREHSXWWRJHWKHUDORQJDOLQHRI PLFURPDJQHWLFILHOGV$QDUPDKHDGDQHQWLUHERG\PXVWIDOOLQWZRDWWKH SURSHUWRXFKWKHQFRPHWRJHWKHUDJDLQDWDFRQWUDU\WRXFK %DOH\ORRNHGXS:KHUH VWKH&RPPLVVLRQHU"KHPXPEOHGKRWZLWK PRUWLILFDWLRQ 3UHVVLQJEXVLQHVVVDLG'U)DVWROIH,HQFRXUDJHGKLPWROHDYH, P DIUDLG,DVVXUHGKLPZHZRXOGWDNHFDUHRI\RX
:KDWDWULIOLQJDGGLWLRQWRWKHFRQYHQLHQFHRIWKHDSDUWPHQWDQ DFWLYDWHGZDVKEDVLQZDVZKHQIRUWKLUW\\HDUVSUHYLRXVO\WKHWULSWR3HUVRQDO KDGEHHQDQDXWRPDWLFDQGXQUHJDUGHGRQH+RZXVHOHVVLWZDVHYHQDVDGHYLFH WRSURYHVWDWXVZKHQLWZDVFRQVLGHUHGWKHKHLJKWRILOOIRUPWRSDUDGH VWDWXV
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
FURZGVXSRQXVWKHIDFWUHPDLQVWKDWIRURQHRIXVWRHQWHUWKH&LW\LVWKH HTXLYDOHQWRID GHDWKVHQWHQFH,WLVZK\'U6DUWRQLQLWLDWHG KLVSURMHFWRIKXPDQRLGURERWV7KH\ZHUHVXEVWLWXWHPHQGHVLJQHGWRHQWHU WKH&LW\LQVWHDGRIXV
:K\GRQ W\RXOHDYHXVDORQH" 'U)DVWROIHVDLGZLWKREYLRXVVXUSULVH$UH\RXVDWLVILHGZLWKOLIH RQ(DUWK" :HJHWDORQJ
OLIHRQ(DUWKZDVQ WVRVSHFLDOL]HGWKDWWKH\FRXOGQ WEUHDNORRVHDQGVWDUW DOORYHURQDUDZZRUOG7KH\GLGLWWKLUW\WLPHV%XWQRZ(DUWKPHQDUHDOO VRFRGGOHGVRHQZRPEHGLQWKHLULPSULVRQLQJFDYHVRIVWHHOWKDWWKH\DUH FDXJKWIRUHYHU
,WLVSRVVLEOHWREHWRRVWDEOH1R2XWHU:RUOGKDVFRORQL]HGDQHZ SODQHWLQWZRDQGDKDOIFHQWXULHV7KHUHLVQRSURVSHFWIRUFRORQL]DWLRQLQ WKHIXWXUH2XUOLYHVLQWKH2XWHU:RUOGVDUHWRRORQJWRULVNDQGWRR FRPIRUWDEOHWRXSVHW ,GRQ WNQRZDERXWWKDW'U)DVWROIH
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a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oLQJ&HUWDLQO\WKH &RPPLVVLRQHUZDVQ WWKDWJRRGDQDFWRU:HOOWKHQ
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
$WLaaWKH&RPPLVVLRQHUOHIWSDVVLQJKLPZLWKDQXQFHUWDLQVPLOH7KH GD\VKLIWOHIWHQPDVVH7KHVSDUVHUSRSXODWLRQWKDWILOOHGWKHRIILFHVLQWKH HYHQLQJDQGWKURXJKWKHQLJKWPDGHLWVZD\LQDQGJUHHWHGKLPLQYDULHGWRQHV RIVXUSULVH .'DQHHOFDPHWRKLVGHVNZLWKDVKHDIRISDSHUV $QGWKRVHDUH"DVNHG%DOH\ $OLVWRIPHQDQGZRPHQZKRPLJKWEHORQJWRD0HGLHYDOLVW RUJDQL]DWLRQ +RZPDQ\GRHVWKHOLVWLQFOXGH" 2YHUDPLOOLRQVDLG5'DQHHO7KHVHDUHMXVWSDUWRIWKHP 'R\RXH[SHFWWRFKHFNWKHPDOO'DQHHO" 2EYLRXVO\WKDWZRXOGEHLPSUDFWLFDO(OLMDK
FRQGXFWFDVHVLQYROYLQJURERWVRYHUWKHSDVWWZHQW\ILYH\HDUV$QRWKHU PDFKLQHVFDQQHGDOO&LW\QHZVSDSHUVRYHUDQHTXDOSHULRGIRUWKHQDPHVRI WKRVHLQYROYHGLQXQIDYRUDEOHVWDWHPHQWVFRQFHUQLQJURERWVRUPHQRIWKH2XWHU :RUOGV,WLVDPD]LQJZKDWFDQEHGRQHLQWKUHHKRXUV7KHPDFKLQHHYHQ HOLPLQDWHGWKHQDPHVRIQRQVXUYLYRUVIURPWKHOLVWV
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
7KHUH VQRRQHDERXWZKRP\RXNQRZ,Q\RXURZQNLWFKHQLW VTXLWHGLIIHUHQW
(6&$3($/21*7+(675,36
%DOH\ VJULSWLJKWHQHGFRQYXOVLYHO\RQKLVIRUN $UH\RX6XUH"KHDVNHGDXWRPDWLFDOO\DQGDVKHVDLGLWKHUHDOL]HG WKHXVHOHVVQHVVRIWKHTXHVWLRQ
VRPHUHODWLYHO\QDUURZSDVVDJHZD\3DQLFDQGK\VWHULDZRXOGWUDYHOVORZO\ DORQJWKHFRQVWULFWLRQDQGWKHUHZRXOGEHWLPHIRUWKHTXLFNSUHSDUHG IDGHDZD\DORQJWKHVLGHSDVVDJHRUWKHXQREWUXVLYHVWHSRQWRDQHVFDODWLQJ ORFDOZD\WKDWZRXOGPRYHWKHPWRDKLJKHUOHYHODQGGLVDSSHDUDQFH %DOH\IHOWWUDSSHG7KHUH ZHUHSUREDEO\RWKHUVZDLWLQJRXWVLGH%DOH\ DQG.'DQHHOZHUHWREHIROORZHGWRDSURSHUSRLQWDQGWKHIXVHZRXOGEHVHW RII .'DQHHOVDLG:K\QRWDUUHVWWKHP" 7KDWZRXOGRQO\VWDUWWKHWURXEOHVRRQHU
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
+RZPDQ\DUHZLWKXV'DQHHO" 2QO\RQH(OLMDK7KHURERWZDVDWKLVVLGH XQUXIIOHGXQEUHDWKLQJ +HPXVWKDYHEHHQDJRRGRQHLQKLVGD\WRREXWKHZRQ WODVW HLWKHU )XOORIVHOIFRQILGHQFHKHIHOWDKDOIUHPHPEHUHGVHQVDWLRQRIKLV \RXQJHUGD\V,WFRQVLVWHGSDUWO\RIWKHIHHOLQJRILPPHUVLRQLQDP\VWLFULWH WRZKLFK RWKHUVGLGQRWEHORQJSDUWO\RIWKHSXUHO\SK\VLFDOVHQVDWLRQRI ZLQGDJDLQVWKDLUDQGIDFHSDUWO\RIDWHQXRXVVHQVHRIGDQJHU 7KH\FDOOWKLVWKHVLGHVKXIIOHKHVDLGWR.'DQHHOLQDORZYRLFH +LVORQJVWULGHDWHGLVWDQFHEXWKHPRYHGDORQJD VLQJOHVWULSGRGJLQJ WKHOHJLWLPDWHFURZGZLWKDPLQLPXPRIHIIRUW+HNHSWLWXSPRYLQJDOZD\V FORVHUWRWKHVWULS VHGJHXQWLOWKHVWHDG\PRYHPHQWRIKLVKHDGWKURXJKWKH FURZGPXVWKDYHEHHQK\SQRWLFLQLWVFRQVWDQWYHORFLW\DVLWZDVLQWHQGHGWR EH $QGWKHQZLWKRXWDEUHDNLQKLVVWHSKHVKLIWHGWZRLQFKHVVLGHZD\V DQGZDVRQWKHDGMRLQLQJVWULS+HIHOWDQDFKLQJLQKLVWKLJKPXVFOHVDVKH NHSWKLVEDODQFH +HZKLSSHGWKURXJKDFOXVWHURIFRPPXWHUVDQGZDVRQWKHIRUW\ILYHPLOH VWULS +RZLV LWQRZ'DQHHO"KHDVNHG +HLVVWLOOZLWKXVZDVWKHFDOPDQVZHU %DOH\ VOLSVWLJKWHQHG7KHUHZDVQRWKLQJIRULWEXWWRXVHWKHPRYLQJ SODWIRUPVWKHPVHOYHVDQGWKDWUHDOO\UHTXLUHGFRRUGLQDWLRQPRUHSHUKDSV WKDQKHVWLOOUHWDLQHG +HORRNHG DERXWTXLFNO\([DFWO\ZKHUHZHUHWKH\QRZ"%]]G6WUHHW IODVKHGE\+HPDGHUDSLGFDOFXODWLRQVDQGZDVRII8SWKHUHPDLQLQJVWULSV VPRRWKO\DQGVWHDGLO\DVZLQJRQWRWKHORFDOZD\SODWIRUP 7KHLPSHUVRQDOIDFHVRIPHQDQGZRPHQFDOORXVHGZLWKWKHHQQXLRIZD\ ULGLQJZHUHMROWHGLQWRVRPHWKLQJOLNHLQGLJQDWLRQDV%DOH\DQG5'DQHHO FODPEHUHGDERDUGDQGVTXHH]HGWKURXJKWKHUDLOLQJV +H\QRZFDOOHGDZRPDQVKULOO\FOXWFKLQJDWKHUKDW 6RUU\VDLG%DOH\EUHDWKOHVVO\ +HIRUFHGKLVZD\WKURXJKWKHVWDQGHHVDQGZLWKDZULJJOHZDVRIIRQWKH RWKHUVLGH$WWKHODVWPRPHQWDMRVWOHGSDVVHQJHUWKXPSHGKLVEDFNLQDQJHU +HZHQWVWDJJHULQJ 'HVSHUDWHO\KHWULHGWRUHJDLQKLVIRRWLQJ+HOXUFKHGDFURVVDVWULS ERXQGDU\DQGWKHVXGGHQFKDQJHLQYHORFLW\IRUFHGKLPWRKLVNQHHVDQGWKHQ RYHURQKLVVLGH +HKDGWKHVXGGHQSDQLFN\YLVLRQRIPHQFROOLGLQJZLWKKLPDQGERZOLQJ RYHURIDVSUHDGLQJFRQIXVLRQRQWKHVWULSVRQHRIWKHGUHDGHGPDQMDPV WKDWZRXOGQRWIDLOWRSXW GR]HQVLQWKHKRVSLWDOZLWKEURNHQOLPEV %XW5'DQHHO VDUPZDVXQGHUKLVEDFN+HIHOWKLPVHOIOLIWHGZLWKPRUH WKDQDPDQ VVWUHQJWK 7KDQNVJDVSHG%DOH\DQGWKHUHZDVQRWLPHIRUPRUH 2IIKHZHQWDQGGRZQWKHGHFHOHUDWLQJVWULSVLQDFRPSOLFDWHGSDWWHUQVR GHVLJQHGWKDWKLVIHHWPHWWKH9MRLQWVWULSVRIDQH[SUHVVZD\DWWKHH[DFW SRLQWRIFURVVRYHU:LWKRXWWKHORVVRIUK\WKPKHZDVDFFHOHUDWLQJDJDLQ WKHQXSDQGRYHUDQH[SUHVVZD\ ,VKHZLWKXV'DQHHO" 1RWRQHLQVLJKW(OLMDK *RRG%XWZKDWDVWULSUXQQHU\RXZRXOGKDYHEHHQ'DQHHO 2RSVQRZ QRZ 2IIRQWRDQRWKHUORFDOZD\LQDZKLUODQGGRZQWKHVWULSVZLWKDFODWWHU WRDGRRUZD\ODUJHDQGRIILFLDOLQDSSHDUDQFH$JXDUGURVHWRKLVIHHW %DOH\IODVKHGKLVLGHQWLILFDWLRQ2IILFLDOEXVLQHVV 7KH\ZHUHLQVLGH 3RZHUSODQWVDLG%DOH\FXUWO\7KLVEUHDNVRXUWUDFNVFRPSOHWHO\
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
ULGRILW .'DQHHO VIRRGVDFZDVRIIOXRURFDUERQSODVWLF%DOH\GHFLGHG$W OHDVWWKHIRRGGLGQRWFOLQJWRLW,WFDPHRXWVPRRWKO\DQGZDVSODFHGOLWWOH E\OLWWOHLQWRWKHSLSH$ZDVWHRIJRRGIRRGDWWKDWKHWKRXJKW +HVDWGRZQRQRQHEHGDQGUHPRYHGKLVVKLUW+HVDLG,VXJJHVWDQ HDUO\VWDUWWRPRUURZ )RUDVSHFLILFUHDVRQ" 7KHORFDWLRQRIWKLVDSDUWPHQWLVQ WNQRZQWRRXUIULHQGV\HW2UDW OHDVW,KRSHQRW,IZHOHDYHHDUO\ZHDUHWKDWPXFKVDIHU2QFHLQ&LW\ +DOOZHZLOOKDYHWRGHFLGHZKHWKHURXUSDUWQHUVKLSLVDQ\ORQJHUSUDFWLFDO
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
'DQJHUVTXHDNHG%HQLQDVRUWRIKRUULILHGSOHDVXUH:KDW VJRLQJ RQ'DG"+XK'DG" 1RWKLQJ%HQ1RZWKLVLVQ WDQ\RI\RXUEXVLQHVV8QGHUVWDQG"*HW UHDG\IRUEHG,ZDQW\RXLQEHGZKHQ,JHWEDFN
%DOH\KLWFKHGKLVMDFNHWEDFNDVKHVWRRGDWWKHIORRUFRPPXQRVRWKDW KLVEODVWHUEXWWZDVUHDG\IRUVQDWFKLQJ+HVSRNHKLVSHUVRQDOQXPEHULQWR WKHPRXWKSLHFHDQGZDLWHGZKLOHDFRPSXWHUILIWHHQPLOHVDZD\FKHFNHGLWWR PDNHVXUHWKHFDOOZDVSHUPLVVLEOH,WZDVDYHU\VKRUWZDLWWKDWZDV LQYROYHGVLQFHDSODLQFORWKHVPDQKDGQROLPLWRQWKHQXPEHURIKLVEXVLQHVV FDOOV+HVSRNHWKHFRGHQXPEHURIKLVPRWKHULQODZ VDSDUWPHQW 7KHVPDOOVFUHHQDWWKHEDVHRIWKHLQVWUXPHQWOLWXSDQGKHUIDFH ORRNHGRXWDWKLP +HVDLGLQDORZYRLFH0RWKHUSXWRQ-HVVLH -HVVLHPXVWKDYHEHHQZDLWLQJIRUKLP6KHZDVRQDWRQFH%DOH\ORRNHG DWKHUIDFHDQGWKHQGDUNHQHGWKHVFUHHQGHOLEHUDWHO\ $OOULJKW-HVVLH%HQ VKHUH1RZZKDW VWKHPDWWHU"+LVH\HVURYHG IURPVLGHWRVLGHFRQWLQXRXVO\ZDWFKLQJ $UH\RXDOOULJKW"
7KHOLJKWVZHUHRXW %DOH\UHPDLQHGZDNHIXO+HZDVGLPO\DZDUHRI%HQ VEUHDWKLQJDV LW WXUQHGGHHSDQGUHJXODUDQGEHFDPHDELWURXJK :KHQKHWXUQHGKLVKHDGKH JUHZVRPHKRZFRQVFLRXVRI.'DQHHOVLWWLQJLQDFKDLUZLWKJUDYHLPPRELOLW\ IDFHWXUQHGWRZDUGWKHGRRU 7KHQKHIHOODVOHHSDQGZKHQKHVOHSWKHGUHDPHG +HGUHDPHG-HVVLHZDVIDOOLQJLQWRWKHILVVLRQFKDPEHURIDQXFOHDU SRZHUSODQWIDOOLQJDQGIDOOLQJ6KHKHOGRXWKHUDUPVWRKLPVKULHNLQJEXW KHFRXOGRQO\VWDQGIUR]HQO\MXVWRXWVLGHDVFDUOHWOLQHDQGZDWFKKHU
GLVWRUWHGILJXUHWXUQDVLWIHOOJURZLQJVPDOOHUXQWLOLWZDVRQO\DGRW +HFRXOGRQO\ZDWFKKHULQWKHGUHDPNQRZLQJWKDWLWZDVKHKLPVHOI ZKRKDGSXVKHGKHU &KDSWHU :25'6)520$1(;3(57
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
WKDW+HZDVQ WJRLQJWREHVSHFLILFDQGWKDWZDVWKDW ,ZRXOGQ W/LMH,ZRXOGQ W,GRQ WWKLQNLW VZLVH :KDW V\RXUREMHFWLRQ&RPPLVVLRQHU" 7KHIHZHUWKHSHRSOHZKRNQRZDERXWDOOWKLVWKHEHWWHU , OOWHOOKLPDVOLWWOHDV,FDQ1DWXUDOO\ ,VWLOOGRQ WWKLQNLW VZLVH %DOH\ZDVIHHOLQJMXVWVXIILFLHQWO\ZUHWFKHGWRORVHSDWLHQFH +HVDLG$UH\RXRUGHULQJPHQRWWRVHHKLP" 1R1R
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
7KDW VQRSURRIVDLG%DOH\VDYDJHO\1RFRXUWLILWHYHUFDPHWR WKDWZRXOGEHOLHYHWKDW\RXFRXOGUHPHPEHUWZRIDFHVLQDEOXURIDPLOOLRQ ,WLVREYLRXVWKDW,FDQ 6XUH7HOOWKHPZKDW\RXDUH$VVRRQDV\RXGRWKDW\RX UHQR ZLWQHVV
,W VYHU\XQFRPIRUWDEOH 6R\RXWRRNWKHH[SUHVVZD\"
FRXOGGRWKHIRUPHUHDVLO\EXWWKHODWWHUDFWZRXOGEHFRPSOHWHO\LPSRVVLEOH ,I\RX UHJRLQJWRUHSODFHDQXQOLNHO\WKHRU\E\DQLPSRVVLEOHRQH ,PSRVVLEOHLVDKHOORIDVWURQJZRUG'RFWRU
,WKDVQ WXQGHUWDNHQWKHQRQ$VHQLRQURERW7KHKXPDQUDFH0U%DKH\ KDVDVWURQJ)UDQNHQVWHLQFRPSOH[ $ZKDW" 7KDW VDSRSXODUQDPHGHULYHGIURPD0HGLHYDOQRYHOGHVFULELQJDURERW WKDWWXUQHGRQLWVFUHDWRU,QHYHUUHDGWKHQRYHOP\VHOI%XWWKDW VEHVLGH WKHSRLQW:KDW,ZLVKWRVD\LVWKDWURERWVZLWKRXWWKH)LUVW/DZDUHVLPSO\ QRWEXLOW $QGQRWKHRU\IRULWHYHQH[LVWV" 1RWWRP\NQRZOHGJHDQGP\NQRZOHGJHKHVPLOHGVHOIFRQVFLRXVO\LV UDWKHUH[WHQVLYH $QGDURERWZLWKD)LUVW/DZEXLOWLQFRXOGQRWNLOODPDQ" 1HYHU8QOHVVVXFKNLOOLQJZHUHFRPSOHWHO\DFFLGHQWDORUXQOHVVLWZHUH QHFHVVDU\WRVDYHWKHOLYHVRIWZRRUPRUHPHQ,QHLWKHUFDVHWKHSRVLWURQLF SRWHQWLDOEXLOWXSZRXOGUXLQWKHEUDLQSDVWUHFRYHU\ $OOULJKWVDLG%DOH\$OOWKLVUHSUHVHQWVWKHVLWXDWLRQRQ(DUWK 5LJKW"
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
,WWRRN\RXDORQJWLPHWRUHDOL]HWKDWVDLG%DKH\GU\O\ ,ZDVQ WH[SHFWLQJLW,QHYHUVDZRQHOLNHWKLV2XWHU :RUOG PDQXIDFWXUH"
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
7KDWLVQRWVRVDLG5'DQHHOTXLHWO\
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
YLVLEO\7KHPDQ VH\HVJUHZQDUURZDQGKDUG $UH\RXWHDFKLQJPHP\MRE" ,GRQ WPHDQ\RX UHLQFRPSHWHQWVDLG%DOH\+HSXWRXWDODUJH SOHDGLQJKDQG%XWFRXOGQ W\RXEHPLVWDNHQ"
DFFXVHG5'DQHHORQFHDVDKXPDQEHLQJLQGLVJXLVHDQGRQFHDVDQDGPLWWHG DQGDFWXDOURERWHDFKWLPHDVDPXUGHUHU7ZLFHWKHDFFXVDWLRQKDGEHHQEHQW EDFNDQGEURNHQ +HZDVEHLQJGULYHQEDFN$JDLQVWKLVZLOOKHZDVIRUFHGWRWXUQKLV WKRXJKWVLQWRWKH&LW\DQGVLQFHODVWQLJKWKHGDUHGQRW&HUWDLQTXHVWLRQV EDWWHUHGDWKLVFRQVFLRXVPLQGEXWKHZRXOGQRWOLVWHQKHIHOWKHFRXOGQRW ,IKHKHDUGWKHPKHFRXOGQ WKHOSEXWDQVZHUWKHPDQGRK*RGKHGLGQ WZDQW WRIDFHWKHDQVZHUV /LMH/LMH$KDQGVKRRN%DOH\ VVKRXOGHUURXJKO\ %DOH\VWLUUHGDQGVDLG:KDW VXS 3KLO" 3KLOLS1RUULV3ODLQFORWKHVPDQ&aVDWGRZQSXWKLVKDQGVRQKLV NQHHVDQGOHDQHGIRUZDUGSHHULQJDW%DOH\ VIDFH:KDWKDSSHQHGWR\RX" %HHQOLYLQJRQNQRFNRXWGURSVODWHO\"
GDQFHULVUHDOO\DURERW 7KDW VVLOO\ ,VLW"7KH\VD\WKH\FDQPDNHURERWVORRNMXVWOLNHKXPDQVZLWKD VSHFLDOSODVWLFVNLQVRUWRI %DOH\WKRXJKWJXLOWLO\RI5'DQHHODQGIRXQGQRZRUGV+HVKRRNKLV KHDG 7KHER\VDLG'R\RXVXSSRVHDQ\RQHZLOOPLQGLI,MXVWZDONDURXQG,W PDNHVPHIHHOEHWWHUWRVHHWKHROGSODFH *RDKHDGNLG 7KH\RXQJVWHUZDQGHUHGRII%DOH\DQG1RUULVZDWFKHGKLPJR 1RUULVVDLG,WORRNVDVWKRXJKWKH0HGLHYDOLVWVDUHULJKW
DQGUHFRYHU
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
7KHURERWVDLGTXLHWO\,WKLQNLWZRXOGEHEHWWHULI\RXORZHUHG\RXU YRLFH(OLMDK*UDQWHGWKDW,DPQRWDGHWHFWLYHLQWKHVHQVHWKDW\RXDUH, ZRXOGVWLOOOLNHWREULQJRQHVPDOOLWHPWR\RXUDWWHQWLRQ , PQRWLQWHUHVWHGLQOLVWHQLQJ 3OHDVHGR,I,DPZURQJ\RXZLOOWHOOPHVRDQGLWZLOOGRQRKDUP ,WLVRQO\WKLV/DVWQLJKW\RXOHIWRXUURRPWRFDOO-HVVLHE\FRUULGRU SKRQH,VXJJHVWHGWKDW\RXUVRQJRLQ\RXUSODFH
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
WHDUVLQZKLFKKHUH\HVZHUHVZLPPLQJPLJKWHDVLO\EHUHIUDFWLQJWKHURERW LQWRDIHDWXUHOHVVEOXU .'DQHHOVDLGLQDORZPXUPXU*RRGDIWHUQRRQ-HVVLH 6KHJDVSHG,VLWWKHWKHURERW" 6KHGDVKHGWKHEDFNRIKHUKDQGDFURVVKHUH\HVDQGVWHSSHGRXWRI %DOH\ VHQFLUFOLQJULJKWDUP6KHEUHDWKHGGHHSO\DQGIRUDPRPHQWD WUHPXORXVVPLOHZDYHUHGRQKHUOLSV,WLV\RXLVQ WLW"
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
-HVVLH VYRLFHWUHPEOHG, PVRUU\/LMH :HOOWKDWZRQ WKHOS%HLQJVRUU\,PHDQ,ZDQWWRNQRZDERXWWKH PHHWLQJV,QWKHILUVWSODFHZKHUHZHUHWKH\KHOG" $VHQVHRIGHWDFKPHQWZDV FUHHSLQJRYHUKLPDQXPELQJRIHPRWLRQV:KDW KHKDGWULHGQRWWREHOLHYHZDVVRZDVRSHQO\VRZDVXQPLVWDNDEO\VR,QD VHQVHLWZDVDUHOLHIWRKDYHWKHXQFHUWDLQW\RYHU 6KHVDLG'RZQKHUH 'RZQKHUH"
VRPHKRZLWZRXOGEHDOOPXKP\IDXOWIRUWDNLQJSDUWLQLWDQG,RXJKWWREH VHQWWRMDLO %DOH\OHWKHUVREKHUVHOIRXW+HSXWKLVDUPDERXWKHUVKRXOGHUDQG VWDUHGWLJKWOLSSHGDW5'DQHHOZKRJD]HGFDOPO\EDFN +HVDLG1RZ,ZDQW\RXWRWKLQN-HVVLH:KRZDVWKHKHDGRI\RXU JURXS" 6KHZDVTXLHWHUQRZSDWWLQJWKHFRUQHUVRIKHUH\HVZLWKD KDQGNHUFKLHI$PDQFDOOHG-RVHSK.OHPLQZDVWKHOHDGHUEXW KHZDVQ WUHDOO\ DQ\ERG\+HZDVQ WPRUHWKDQILYHIHHWIRXULQFKHVWDOODQG,WKLQNKHZDV WHUULEO\KHQSHFNHGDWKRPH,GRQ WWKLQNWKHUH VDQ\KDUPLQKLP
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a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aRWJUDVSWKHPHDQLQJKHUH RIWKHDGMHFWLYH ,PHDQWKDWLWLVKLJKO\UHJDUGHG9DULRXVSRUWLRQVRILWZKHQ SURSHUO\LQWHUSUHWHGFRQWDLQDFRGHRIEHKDYLRUZKLFKPDQ\PHQFRQVLGHUEHVW VXLWHGWRWKHXOWLPDWHKDSSLQHVVRIPDQNLQG 5'DQHHOVHHPHGWRFRQVLGHUWKDW,VWKLVFRGHLQFRUSRUDWHGLQWR\RXU ODZV"
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
%DOH\FRXOGVHQVHWKHYDJXHDURPDRI
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aRRWRaRU, GRQ WHDW ,W VDOOULJKWVDLG%DKH\, OODUUDQJHWRKDYH\RXUVXSSHUEURXJKW
WR\RX :HOOZHOOVDLG&RXVDUUMR\OHVVO\-XVWOLNHDQDULVWRFUDWRUD &FODVVFRSSHU:KDW VQH[W"3ULYDWHEDWK"
$OOULJKW2QHRIWKH.WKLQJVSXVKHGSDVWPHDQG,WULSSHGKLPXS,V WKDWLQFLWLQJWRULRW" 7KHFRXUWWKRXJKWVR
VWROLGDGYDQFHWRZDUGWKHUHWUHDWLQJ]\PRKRJLVW%DOH\VWHSSHGLQIURQWRIWKH GRRU &ORXVDQ\HOOHG.HHSWKDWWKLQJRIIPH 7KDW VQRZD\WRVSHDNVDLG%DOH\ZLWKHTXDQLPLW\7KHPDQ VP\ SDUWQHU
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
EHHQGHOLEHUDWHO\GHDFWLYDWHG 7KHQDV%DOH\DEVRUEHGWKDWVLOHQWO\5'DQHHKDGGHGJUDYHO\2ULI \RXSUHIHUWKHSKUDVHPXUGHUHG &KDSWHU 48(67,216&21&(51,1*$027,9(
EXWW
%DOH\UHSODFHGKLVEODVWHUEXWNHSWKLVKDQGXQREWUXVLYHO\XSRQLWV
+HVDLG:DONDKHDGRIXV&ORXVDQWR6HYHQWHHQWK6WUHHW([LW% &ORXVDUUVDLG,KDYHQ WHDWHQ 7RXJKVDLG%DOH\LPSDWLHQWO\7KHUH V\RXUPHDORQWKHIORRUZKHUH \RXGXPSHGLW ,KDYHDULJKWWRHDW
&ORXVDUUEURNHLQ
%DFNDWWKH'HSDUWPHQW%DOH\VLJQHGDGHWHQWLRQFHUWLILFDWHIRU &ORXVDUUDQGOHIWKLPLQDSSURSULDWHKDQGV)ROORZLQJWKDWKHDQG5'DQHHO WRRNWKHPRWRVSLUDOXSWKHOHYHOVWR+HDGTXDUWHUV 5'DQHHOVKRZHGQRVXUSULVHWKDWWKH\KDGQRWWDNHQWKHHOHYDWRUV QRUGLG%DOH\H[SHFWKLPWR+HZDVEHFRPLQJXVHGWRWKH URERW VTXHHUPL[WXUH RIDELOLW\DQGVXEPLVVLYHQHVVDQGWa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
ZKDW\RXVDLGVRKHVLPXOWDQHRXVO\WHVWHG\RXUVWDWHPHQWZRUNHGRIIKLV DJJUHVVLYHIHHOLQJVDQGKDGWKHSOHDVXUHRIVHHLQJPHSODFHGLQZKDWVHHPHG WRKLPDSRVLWLRQRILQIHULRULW\,QRUGHUWREHVRPRWLYDWHGDQGDOORZLQJIRU WKHGHOWDYDULDWLRQVLQKLVTXLQWLF +HSDXVHGDORQJPRPHQWDQGVDLG
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
&RPPLVVLRQHU(QGHUE\ VJODVVHGH\HVWXUQHGIXOORQ%DOH\%\DOOPHDQV JHWVRPHWKLQJWRHDW%XWVWD\LQVLGHWKH'HSDUWPHQWZLOO\RX"
IULHQGKHZRXOGQ WKDYHVWRSSHGKLVTXHVWLRQLQJVRVRRQ1RZWKH\ OOILQGRXW ZK\7KDW VFHUWDLQ6KHZDVSDUWRIDFRQVSLUDF\DIRROLVKDQGKDUPOHVVRQH EXWDFRQVSLUDF\MXVWWKHVDPH$QGDSROLFHPDQFDQ WDIIRUGWRKDYHKLVZLIH PL[HGXSZLWKDQ\WKLQJOLNHWKDW,WZRXOGEHWRP\REYLRXVLQWHUHVWWRVHH WKDWWKHPDWWHUZDVKXVKHGXS :HOOZKRNQHZDERXWLW"
:KDWHYHUWKHFUHDWXUHZDVKHZDVVWURQJDQGIDLWKIXODQLPDWHGE\QR VHOILVKQHVV:KDWPRUHFRXOG\RXDVNRIDQ\IULHQG"%DKH\QHHGHGDIULHQGDQG KHZDVLQQRPRRGWRFDYLODWWKHIDFWWKDWDJHDUUHSODFHGDEORRGYHVVHOLQ WKLVSDUWLFXODURQH %XW5'DQHHOZDVVKDNLQJKLVKHDG 7KHURERWVDLG,DPVRUU\(KLMDKWKHUHZDVQRWUDFHRIVRUURZRQKLV
IDFHRIFRXUVHEXW,DQWLFLSDWHGQRQHRIWKLV3HUKDSVP\DFWLRQZDV WR\RXU KDUP,DPVRUU\LIWKHJHQHUDOJRRGUHTXLUHVWKDW :KDWJHQHUDOJRRG"VWDPPHUHG%DOH\ ,KDYHEHHQLQFRPPXQLFDWLRQZLWK'U)DVWRKIH-HKRVKDSKDW:KHQ" :KLOH\RXZHUHHDWLQJ %DOH\ VOLSVWLJKWHQHG :HOO"KHPDQDJHGWRVD\:KDWKDSSHQHG"
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
,KDYH)RUDORQJWLPHQRZZHRI6SDFHWRZQKDYHWULHGWRFKDQJH(DUWK E\FKDQJLQJLWVHFRQRP\:HKDYHWULHGWRLQWURGXFHRXURZQ&)HFXOWXUH
(DUWKZRXOGFRORQL]H,WZDV\RXWKDWJDYHXVWKHDQVZHU ,JDYHLWWR\RX"+RZ"
.'DQHHOVDLG
LQFRQVLVWHQF\2QHLQFRQVLVWHQF\WKDW FRXOGEHQHLWKHUMXPSHGRYHQEXUURZHG XQGHUQRUVKXQWHGDVLGH:KLOHWKDWLQFRQVLVWHQF\H[LVWHGWKHFDVHUHPDLQHG EXULHGEHORZKLVWKRXJKWVEH\RQGWKHUHDFKRIKLVFRQVFLRXVSURELQJ %XWWKHVHQWHQFHKDGFRPHWKHLQFRQVLVWHQF\KDGYDQLVKHGWKHFDVH ZDV KLV
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
7KH&RPPLVVLRQHUPRYHGKLVJODVVHVXSRQWRKLVIRUHKHDGDQGUXEEHGKLV H\HVZLWKWKXPEDQGIRUHILQJHU+HOHIWUHGVSORWFKHVLQWKHIOHVKDURXQG WKHPWKHQUHVWRUHGWKHJODVVHVWRWKHLUSODFHEOLQNLQJDW%DOH\IURPEHKLQG WKHP /LMHKHVDLGVXGGHQO\ZKHQZHUH\RXODVWLQWKH:LOOLDPVEXUJSRZHU SODQW" %DOH\VDLG
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
PDQ\EDGHJJV , PQRWDIWHUV\PSDWK\, PMXVWWHOOLQJWKHWUXWK, PEHLQJWDNHQRXW RIFLUFXODWLRQWRSUHYHQWPHIURPOHDUQLQJWKHIDFWVDERXWWKH6DUWRQPXUGHU 8QIRUWXQDWHO\IRUP\IUDPLQJSDOLW VWRRODWHIRUWKDW :KDW %DOH\ORRNHGDWKLVZDWFK,WZDV +HVDLG,NQRZZKRLVIUDPLQJPHDQG,NQRZKRZ'U6DUWRQZDVNLOOHG DQGE\ZKRPDQG,KDYHRQHKRXUWRWHOO\RXDERXWLWFDWFKWKHPDQDQGHQG WKHLQYHVWLJDWLRQ &KDSWHU (1'2)$1,19(67,*$7,21
&RPPLVVLRQHU(QGHUE\ VH\HVQDUURZHGDQGKHJODUHGDW%DKH\:KDWDUH \RXJRLQJWRGR"
WKHQLJKWDQGPRUQLQJRIWKH6SDFHWRZQPXUGHUE\WKHZD\:HFKHFNHGWKDW DOPRVWULJKWDZD\WKRXJK,ZDVWKHRQO\RQHZKRNQHZWKHUHDVRQIRUFKHFNLQJ WKDWSDUWLFXODUWLPH %DOH\VDLG,QHYHUVDLGLWZDV&ORXVDUU&RPPLVVLRQHU
ZLOONHHSKLPIURPDUUHVWLQJPH
&RPPLVVLRQHUGLVPLVVHGLWZLWKDWKHRU\WKDW'DQHHOZDVUHFRJQL]HGDVDURERW GXULQJWKHLQFLGHQWDWWKHVKRHFRXQWHU,GLGQ WTXLWHEHOLHYHWKDW, FRXOGQ W,WRRNKLPIRUKXPDQZKHQ,ILUVWVDZKLPDQGWKHUH VQRWKLQJZURQJ ZLWKP\H\HV
'U*HQLJHOIRUEXWLWZDVTXLWHVDIHWRDVVXPHWKDWLWZDVLQFRQQHFWLRQ ZLWKLQIRUPDWLRQDERXWURERWV7KLVIULJKWHQHGWKH&RPPLVVLRQHUEHFDXVHD URERWKDGDQLQWLPDWHFRQQHFWLRQZLWKKLVJUHDWHQFULPH,VQ WWKDWVR &RPPLVVLRQHU" (QGHUE\VKRRNKLVKHDG:KHQWKLVLVRYHUKHEHJDQEXWFKRNHGLQWR LQDUWLFXODF\ +RZZDVWKHPXUGHUFRPPLWWHG"GHPDQGHG%DOH\ZLWKDVXSSUHVVHGIXU\ &)HGDPQLW&)H,XVH\RXURZQWHUP'DQHHO
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
%DOH\ VZDWFKVDLG$QHZGD\ZDVEHJLQQLQJ
6ORZO\WKH&RPPLVVLRQHU VKHDGZHQWGRZQRQKLVDUPV+LVZRUGVZHUH PXIIOHGZDLOV,WZDVDPLVWDNH$PLVWDNH,QHYHUPHDQWWRNLOOKLP" :LWKRXWZDUQLQJKHVOLSSHGIURPWKHFKDLUDQGOD\FUXPSOHGRQWKHIORRU 5'DQHHOVSUDQJWRKLPVD\LQJ
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