Front matter
Mediaeval Sources in Translation 43 Peter Lombard, The Sentences Book 2: On Creation
TRANSLATED BY GIULIO SILANO
Peter Lombard¶s major work, the four books of the Sentences, was written in the mid-twelfth century and, as early as the 1160s, the text was glossed and commented on in the schools. There is hardly a theologian of note throughout the rest of the Middle Ages who did not write a commentary on the Sentences. Yet in spite of its importance in Western intellectual history and its capacity to excite many generations of students and teachers, the Sentences has received little attention in more recent times. Indeed, it has been called ³one of the least read of the world¶s great books.´
This volume makes available for the first time in English a full translation of Book 2 of the Sentences. It consists of forty-four Distinctions, in the first of which Peter sets out a definition of creation and ponders the reasons which God may have had for engaging in it. Angels, their creation, nature, fall, ranks, and ministries are the subject of Distinctions 2-11.
Distinctions 12-15 set out an hexaemeron, or an account of the six days of creation as described in Genesis. The next three Distinctions concentrate on the creation of man and woman, and the following two discuss the state of human beings before their sinful fall, including their manner of procreation. Distinctions 21-29, organized around the fall, are devoted to human psychology, freedom of choice, and grace. In Distinctions 30-33 the focus is on original sin, its transmission by the current mode of procreation, its remission in baptism. And the Book concludes in Distinctions 34-44 with a detailed analysis of actual sin and how it occurs by free choice in the diminished condition of human freedom after the fall.
The volume contains an introduction to Book 2, a list of the major chapter headings, and a bibliography.
Saint Michael¶s College Mediaeval Translations General Editors
JOSEPH GOERING
GIULIO SILANO
Mediaeval Sources in Translation 43
PETER LOMBARD
THE SENTENCES
BOOK 2: On Creation Translated by
GIULIO SILANO
PONTIFICAL INSTITUTE OF MEDIAEVAL STUDIES
This book has been published with the help of a grant from the Canadian Federation for the Humanities and Social Sciences, through the Aid to Scholarly Publications Programme, using funds provided by the Social Sciences and Humanities Research Council of Canada.
Library and Archives Canada Cataloguing in Publication Peter Lombard, Bishop of Paris, ca. 1100-1160
The Sentences / Peter Lombard ; translated by Giulio Silano.
(Mediaeval sources in translation, ISSN 0316-0874 ; 42-43) (Saint Michael's College mediaeval translations)
Translation of: Sententiae in IV libris distinctae.
Includes bibliographical references and index.
Bk. 1. The mystery of the Trinity ± bk. 2. On creation.
ISBN 978-0-88844-292-5 (bk. 1).±ISBN 978-0-88844-293-2 (bk. 2) 1. God±Early works to 1800. 2. God±Attributes±Early works to 1800.
3. Trinity±Early works to 1800. 4. Catholic Church±Doctrines±Early works to 1800. 5. Theology±Early works to 1800. I. Silano, Giulio, 1955II. Pontifical Institute of Mediaeval Studies III. Title. IV. Series. V. Series.
B765.P33S46 2007
C2006-907006-7
© 2008 Reprinted 2012 Pontifical Institute of Mediaeval Studies 59 Queen's Park Crescent East Toronto, Ontario, Canada M5S 2C4
PRINTED IN CANADA
Contents Introduction vii Chapter Headings xxxv Peter Lombard, The Sentences Book 2: On Creation Distinction XXIII
Distinction XXIV
Distinction XXV
Distinction XXVI
Distinction XXVII
Distinction XXVIII
Distinction XXIX
Distinction XXX
Distinction XXXI
Distinction XXXII
Distinction XXXIII
Distinction XXXIV
Distinction XXXV
Distinction XXXVI
Distinction XXXVII
Distinction XXXVIII
Distinction XXXIX
Distinction XL
Distinction XLI
Distinction XLII
Distinction XLIII
Distinction XLIV
Distinction I
Distinction II
Distinction III
Distinction IV
Distinction V
Distinction VI
Distinction VII
Distinction VIII
Distinction IX
Distinction X
Distinction XI
Distinction XII
Distinction XIII
Distinction XIV
Distinction XV
Distinction XVI
Distinction XVII
Distinction XVIII
Distinction XIX
Distinction XX
Distinction XXI
Distinction XXII
Bibliography English translations of works cited in Book 2
Index of Scriptural and Patristic Authorities
To Stefano Ed elli a me: ³Se tu segui tua stella, non puoi fallire a glorïoso porto, se ben m'accorsi ne la vita bella´ 'n la mente m'è fitta, e or m'accora, la cara e buona imagine paterna di voi quando nel mondo ad ora ad ora m'insegnavate come l'uom s'etterna (Inferno, 15.55-57, 82-85)
INTRODUCTION
As noted in the Introduction to the translation of Book 1 of the Sentences, it is our view that Peter Lombard¶s work is best read as if it were analogous to a legal casebook intended for the training of experts.1 A few of them would become academic theologians, though most would become leaders in the Church. The varied functions to which they would be called would normally include some preaching and teaching, but they would also be deeply involved in the governance of their communities, whether ecclesiastical or secular. They might rule directly, as pastors, abbots, presiding officers of communities, episcopal and papal officials, or even as bishops and popes, or they might assist ecclesiastical and secular rulers as their advisors. In all these varied roles, the kind of disciplined reflection on the Christian tradition which the Sentences of Peter Lombard canonized was increasingly thought to be useful and necessary. An understanding of the great diversity of functions which medieval students of the Sentences fulfilled may help the modern reader to cultivate a better appreciation of the work itself.
In the first book of his Sentences, Peter Lombard had undertaken to explore in a stammering way, as he himself indirectly acknowledged, the mysteries of God¶s unity and trinity;2 with less hesitation, in this second
Book he turns to the consideration of creatures. The Book comes to us divided into forty-four Distinctions, in the first of which Peter sets out a definition of creation and ponders the reasons which God may have had for engaging in it. Angels, their creation, nature, fall, ranks, and ministries are the subject of Distinctions 2-11. Distinctions 12-15 set out an
1That Introduction also contained a brief overview of Peter¶s life and work, a discussion of the nature and purposes of the Sentences as a whole, and a summary of the contents of Book 1. The serious reader of Peter Lombard in English will want to consult the magisterial study of Marcia L. Colish, Peter Lombard, 2 vol. (E.J. Brill:
Leiden, New York, Cologne, 1994). If in the notes below I disagree with a few readings of Peter by Colish, this ought not to be taken as denial of the great value of her study, particularly in setting Peter¶s teachings in the context of the school debates of his time.
Her pioneering and thorough examination of Peter¶s thought is an indispensable reference work for the English reader. A useful and engaging introduction to Peter¶s life and thought, which complements Colish¶s more substantial work, is Philipp W.
Rosemann, Peter Lombard (Oxford University Press: Oxford and New York, 2004).
2See Book 1 p. 54.
viii * THE SENTENCES, BOOK 2 hexaemeron, or an account of the six days of creation as described in Genesis. The next three Distinctions concentrate on the creation of man and woman, and the following two discuss the state of human beings before their sinful fall, including their manner of procreation. Distinctions 21-29, organized around the fall, are devoted to human psychology, freedom of choice, and grace. In Distinctions 30-33 the focus is on original sin, its transmission by the current mode of procreation, its remission in baptism.
And the Book concludes in Distinctions 34-44 with a detailed analysis of actual sin and how it occurs by free choice in the diminished condition of human freedom after the fall.
In a Book devoted to creatures, it is perfectly sensible for Peter to begin by presenting his view of creation itself. In a work meant for people of faith, it is equally unsurprising that he should distance himself from philosophers and their ponderings on this issue, particularly insofar as these seem to detract from the clarity of Scripture¶s description of the Creator¶s free, unique, and sovereign initiative. And so he begins with a rejection of Plato¶s view of creation as inconsistent with divine creation ex nihilo
(dist. 1 c1). Creation from nothing is what distinguishes God from men and angels; were God simply an artificer, he would not be qualitatively different from other artificers (c2). Furthermore, artificers make things by a motion or change in themselves, which cannot be predicated of the unchangeable God. Hence it is improper even to speak of God creating things as if anew; by divine creation, things come to be because it has always been in God¶s eternal will that it should be so (c3 nn1-4). And this happens because of the goodness of God¶s will, which has decreed from all eternity that others ought to become sharers in that blessedness which is God¶s from all eternity and which can be shared without diminution
(c3 n5). Because it can only be shared through the intelligence, God created the rational creature, able to understand the highest good, to love it by understanding, to possess it by love, to enjoy it by possession (c4 n1).
Rational creatures are either incorporeal or corporeal, that is, angels or human beings, both of whom were created by God¶s goodness so that they might praise, serve, and enjoy God (c4 nn2-4). And this service is for their own utility, since God has no need of it (c4 n5). The world, in turn, was made to serve man (c4 n6). Such is the dignity of human persons that all things (including God) might be said to be theirs, and even the angels are sometime said to serve them (c4 n7). As for the view that man was made to make up for the fallen angels, Peter does not approve of it²at least not in the sense that humans would not have been created, if some of the angels had not fallen (c5).
Introduction * ix In regard to why God joined the soul to a body, thereby seeming to place it in a less worthy state, Peter asserts that the first cause of this is simply that God willed it, and his will is not to be queried (c6 nn1-2). The second cause was to hearten humankind by providing an example of the union which is between God and his creature in eternity (c6 nn3-4). Furthermore, to serve God in a body is more demanding in this life and so deserving of a greater crown in the next (c6 n6).
On Angels and the Works of the Six Days For all the dignity which Peter ascribes to the human condition, angels remain ³the worthier creature´ (c6 n6), and so they will be considered before man. And yet, perhaps continuing his bid for the assertion of human dignity, and despite (because of?) conflicting authorities on the subject,
Peter insists that angels were created together with primordial matter and in time (dist. 2 cc1-3), and both were formless upon creation. Primordial matter would be formed in the course of the six days of creation; the angels became fully formed only by their conversion toward God in love (c5).
At their creation, angels received a simple essence, personhood, a creaturely rationality, and a free will, by which, as soon as they were made, they might turn toward good or toward evil (dist. 3 c1). Although they all received these endowments, it is not to be held that they all received them equally; as there is difference in the bodies of corporeal beings, even before the fall, so it seems plausible that angels were different from one another in a manner suitable to their state. And so they differ in the fineness of their nature, the perspicacity of their knowledge, and the freedom of their will. On these initial differences of endowment would be grounded the eventual hierarchy of angels (c2 nn4-5), but the less endowed are not thereby made weak, ignorant, or unable to choose freely
(c2 nn4-5). The discernment of these differences can be properly exercised by God alone (c3).
Angels were created good and did not become good by their free choice. They were just by the innocence of their nature, and not by the practice of virtue. But they were made with the ability to sin and not to sin, and it was by the exercise of free choice that some fell and some remained steadfast (c4). They were all endowed with sufficient natural wisdom and love to make this choice (cc5-6).
At their creation, the angels were neither blessed, nor miserable, since there can be no misery without sin, and no one can be truly blessed without certainty or hope regarding the lasting nature of beatitude (dist. 4 c1).
As to whether they were perfect at their creation, they were perfect in the
x * THE SENTENCES, BOOK 2
sense that they were endowed with all that they required when they were created, but their nature would not be entirely fulfilled until after their confirmation. Even then, their perfection could not approach the divine nature (c1 nn5-6).
Those angels who, by the exercise of their free will, turned toward God in love immediately fulfilled all their potentialities, becoming, as it were, mirrors of God¶s wisdom (dist. 5 c1). Others chose to turn away from God in envy and hatred, wishing to become equal to God; by their choice, their gifts were perverted and they were made blind. A good choice was made by those on whom God¶s grace was conferred, an evil choice by those to whom no grace for conversion was given. But all chose with a free choice, now defined as the free power and aptitude of the will to choose what it pleases and make rational judgements (c2). The angels who converted were assisted to make a good choice by the divine conferral of co-operating grace, without which the rational creature cannot make progress and gain merit (c3). By this grace, the good angels were turned to a perfect love of God; because they were already good, they did not require the aid of operating grace, by which an evil person is made good.
But co-operating grace was kept from those who fell (c4). Not unreasonably, this gives rise to the question of whether the fallen angels ought to be blamed for their fall, since it was not by their fault that co-operating grace was not given to them. Peter¶s answer is that, although the good angels had not merited grace, the evil ones had deserved its withholding because, by their free choice, they had chosen not to stand firm until grace should be conferred on them (c5).
Although the good angels are granted blessedness at the time of their confirmation, the question remains of whether they merited it or whether it came to them entirely by grace. Peter¶s graceful conclusion is that, although either view has merit, ³the angels merit what they received at that time as a reward for the service which they render to us in obedience and reverence to God; and so the reward preceded the merit. And I confess that this latter view is more pleasing to me´ (c6 n2). This charming statement obviously flows from a thoughtful reflection on the dynamism of love; it also rejoices in the community which exists between angels and humankind and, not incidentally, confirms once more Peter¶s high view of the dignity of human persons.
Among both good and evil angels are to be found members of the higher and lower reaches of the angelic hierarchy. Indeed, Lucifer, the highest of them all, was among those who fell for desiring to be like God not by imitation, but in equality of power (dist. 6 c1). For their depravity,
Introduction * xi Lucifer and the other fallen angels were cast down from the empyrean heaven into the cloudy atmosphere next to us in order to test human beings (cc2-3). In this way, even after their fall, the demons do not cease to be subject to God¶s providential design and the link between angels and human beings finds another unexpected confirmation.
The perversion of their gifts does not mean that the demons do not preserve a hierarchy among themselves which echoes the hierarchy of the good angels and will remain until every form of rule is done away with (c4). In the meantime, under Lucifer¶s leadership, demons harry and tempt men here on earth, and some of them may already be in hell to hold prisoner and torment the souls of evil people (c5). It seems probable that Lucifer is bound in hell, from where he will emerge to become an even more powerful tempter in the time of Antichrist (c6). And lest one think that the warfare which the saints wage upon the demons is exclusively personal to them, the view is reported that individual demons defeated by the saints are rendered unable to tempt other human beings (c7).
If, as an irremediable consequence of their original choice, the evil angels cannot will the good, even when what they do turns out to be good, the good angels are unable to will evil (dist. 7 c1). This ought not to be taken as evidence that angels no longer have free choice. In the case of the good angels, the effect of divine grace is to perfect their freedom of choice so that they freely love more and more fully; in the evil angels, their abandonment by divine grace leaves them to their own malicious free choice and unable to rise to the good (c2). The good angels¶ inability to will evil confers upon them a freer choice, and this fuller freedom comes to them not from nature, but from grace; it follows that no confusion can occur between even the good angels and God, since God alone in unable to sin by nature (cc3-4).
As for demons, despite their malicious obstinacy, they are able to acquire powerful knowledge because of their nature and experience, and through revelation (c5), but only because God has allowed them knowledge and power so that they may become his instruments in the testing of human beings (c6). The magical arts are a telling sign of demoniacal power and its limits (c6). Although the exercise of magic can make it seem as if visible matter obeyed the demons and their power extended to creation, it is not so. God alone is the creator. But demons know the laws of creation much more thoroughly than human beings; they understand the seeds of things, which God has placed in creation, and they can manipulate them to produce the effects which are sometimes observed in the exercise
xii * THE SENTENCES, BOOK 2 of the magical arts. And yet they cannot do these things without God¶s permission, for whose service these things are allowed to occur (cc7-10).
From Scripture and authority, it appears that angels have bodies. At any rate, they take bodily form when, at God¶s bidding, they appear to human beings. Although Peter professes himself unable to settle the various questions which excite human curiosity regarding these subtle matters
(dist. 8 cc1-2), the one point he holds with firm certainty is that God has never appeared to human beings in the form of his divine essence (c3). In this way, Peter encourages his students to bow humbly before the divine transcendence. The point is reiterated by the assertion that, in cases of demonic possession, demons do not enter human beings substantially.
God alone, who created the human creature, is capable of being received substantially by that same creature; demons exercise their power by deception, by ³drawing the soul to a disposition for wickedness (c4).´
As for the angelic hierarchy, Scripture affirms that it is distinguished into nine orders, which seems entirely fitting, since this trinity of threes is a wonderful sign of the divine Trinity (dist. 9 c1). The angels are grouped in these orders by their gifts of nature and grace (c2), but their names were given for our sake, since they know each other directly through contemplation without need of names (c3). These names come from the preeminence, and not the uniqueness, of the gifts which the names denote, since in heaven all is shared and nothing is possessed singularly (c3 nn1-2). The most pre-eminent of these gifts is love, and so the Seraphim, whose predominant characteristic is a burning love, are higher than the Cherubim, who are characterized by knowledge (c3 nn3-4). The superiority of love over knowledge is not a pointless thing for master and students to ponder!
It does not seem plausible that the angels were distinguished in rank from the moment of their creation: if they had already possessed the gifts which distinguish them in their ranks, none of them would have fallen. It seems safer to say that, from the moment of creation, they were distinguished by a different degree of fineness of nature and discernment of form; in this sense, some could be called superior, others inferior (c4).
These distinctions presumably continue even now within each order (c5).
As for the assertion that a tenth order of angels is to be completed from human beings, Peter is loath to support the view that the creation and salvation of humankind might have been contingent upon the fall of the evil angels (c6). He prefers the interpretation ³that what fell in the case of the angels will be restored from men, and that so many fell from among the angels that a tenth order could be made´ (c6 n3). That this is the
Introduction * xiii sounder view seems confirmed by the fact that the human beings to be saved will correspond in number to the angels who remained steadfast rather than to those who fell away (c7 n1).
Since angels are so named from their being messengers of God to men, Peter next asks whether it is characteristic of all angels that they are sent (dist. 10 c1 n1). He seems to think this is plausible, but that the greater ones are sent more rarely and for the more signal tasks, as was the case with Michael, Gabriel, and Raphael (cc1-2).
Peter receives the traditional doctrine regarding the assignment of individual angels and demons to guard and test human beings, but he regards it as more plausible that each angel carries out the function for more than one human being, either sequentially or contemporaneously (dist. 11 c1).
This consideration of the work which angels do for the benefit of humankind fittingly introduces the concluding question of Peter¶s little treatise on angelology and prepares the way for his account of creation: it concerns whether angels make progress in merit or reward. After reporting an apparent conflict of authorities on the matter, Peter comes down firmly in favour of the view that they do for the work which they perform on behalf of human beings and that their progress and reward consist in the increase of love and knowledge. Even angels profit, as it were, from the existence and mission of the Church, through which they gain an increased knowledge of the divine mysteries, even if such an increase is not necessary for their blessedness (c2).
So concludes Peter¶s discussion of angels. Aside from the subject¶s intrinsic interest, the student has learned from it how to interpret the various references to angels in Scripture and in the Christian tradition and, not incidentally, has already met issues and topics which will arise again in the coming discussion of the creation and fall of the human person. Aside from having the undoubted merit of following chronology, the placement of angelology at the beginning of Book 2 has also allowed Peter to raise issues such as the freedom of the will and the role of grace in salvation in a less heated context than that of human creation and salvation. The numerous reaffirmations of divine transcendence and sovereignty also provide a useful context within which to discuss those aspects of creation which more closely touch his listeners and readers. But before he broaches these issues, he outlines the scriptural account of the creation of the universe and some of the heated disputes which have arisen in the course of Christian reflection on that account.
The creation account begins with the reiteration of the fact that, in the beginning, God created angels and formless matter (dist. 12 c1). By this
xiv * THE SENTENCES, BOOK 2 restatement, Peter takes sides already on the issue of whether God created everything at once: he does not think so (cc2-3). With the angels, God created the matter of the four elements, which is called formless because it did not yet have any clear, distinct, and beautiful form. For Peter, then, the work of the six days can be described as the imposition of the form of beauty on matter (c5 n2).
The work of the first day is the formation of light, which may be understood both as spiritual and corporeal light (dist. 13 cc1-2). This act of creation and those of the rest of the six days are described in Scripture as if they occurred by God speaking. This is not to be understood literally, as if God used speech, since this would imply mutability and the existence of language. The expression makes sense, if it is referred to the coeternal
Word, ³through whom all things were made´ (c6). But neither ought one to make the mistake of considering the work of creation as the Father¶s work, carried out in and through the Son, as if he were an instrument.
Reiterating a characteristic concern of his, Peter insists that the work of creation is to be understood as the work of the whole Trinity (c7).
Peter next makes short shrift of the works of the second, third, and fourth day, which include the creation of the firmament, the separation of the waters above from those below, and the making of the sun, moon, and stars (dist. 14 cc1-11). The straightforward presentation of the Genesis account is punctuated by the occasional interjection of items of interest.
Bede¶s reference to the creation of the starry heaven implicitly confirms Peter¶s rejection of the view that all things were created simultaneously
(c2). The failure of Genesis to refer to the work of the second day as good is taken not as a sign of divine ambivalence, but as a warning that twoness can be the origin of otherness and division (c6). One of the reasons for making the heavenly luminaries is ³that the night should not remain devoid of beauty, and that those men who find it needful to work at night should be consoled by the moon and stars´ (c10), so confirming the view that creation is the imposition of the beauty of forms upon formless matter and remembering that God creates for the sake of persons.
A brief account of the creation of animals and a preliminary sketch of the creation of humankind serve as preparation for a much fuller consideration of the state of the human person at creation (dist. 15 cc1-5). Once more, the bare-bones account is enlivened by the interjection of some issues of particular interest. Did the creation of animals extend also to dangerous and poisonous ones? Whether it did or not, such animals would not have been harmful to man, if he had not sinned; they became harmful to punish vices and test virtues (c3). Even in this, one finds confirmation that
Introduction * xv creation is for the sake of persons. And here, again, Peter returns to the question of whether the world was created all at once, giving the arguments of the other side, but making it clear that he regards it as the less probable view as being the less well-supported by Scripture and the Church¶s tradition (c5 n2±c6).
God¶s resting on the seventh day provides the occasion to ponder God¶s unceasing creative activity; although God stopped producing new creatures, creation could not continue in its existence and order, except for the Trinity¶s ceaseless activity (c7).
The Creation and Fall of Man Beginning with Distinction 16, Peter turns to the treatment of the creation of man, his state before the fall, the fall itself, and the work of human restoration (c1). Reflection on human nature begins with the emphatic assertion that its creation is the work of the whole Trinity (c2), and that it is in the image and likeness of the whole Trinity that the human person is created (c3 n1).
It is in human rationality that the image and likeness of God are discerned, ³in his image according to memory, intelligence, and love; in his likeness according to innocence and justice, which are naturally in the rational mind´ (c3 n5). One might also discern the divine image in the human apprehension of truth, and likeness in the human love of virtue.
Lastly, ³image pertains to form, likeness to nature,´ that is, to the very essence of the immortal and invisible soul. And yet the usage of image as applied to man is not to be confused with the sense of the term when applied to the Son, who ³is image, but not in the image, because he was born, not created, equal and in no way unlike´ (c4 n1). But even the body of the human person, by its erect posture, points toward heaven and so in some way points to the divine likeness (c4 n2). It is notable that, in all that has been said about the human soul, no distinction has been drawn according to gender; in this, Peter has been said to avoid the subordinationism expressed by some of his contemporaries in their differentiation of male and female nature.3
Distinction 17 discusses the creation of Adam, the first man. First, Peter offers a warning: in reading the Genesis account, one is not to forget that God is pure spirit, and so his forming man and breathing life into him are not to be taken in an anthropomorphic sense (c1 nn1-3). A proper reading of the text of Genesis will help to avoid the heretical conclusion
3Colish, Peter Lombard, 1.366-67; 2.731.
xvi * THE SENTENCES, BOOK 2 that the human soul is consubstantial with God (c1 nn4-5). As for the subtle and controverted question of whether Adam¶s soul was created before his body or in his body, Peter declines to choose between the contending views; he is certain, on the other hand, that subsequent human souls are created in the body.4 Unlike other men, however, Adam was created in the fullness of his maturity. That such should have been the case, and without the violation of nature, is taken to be another manifestation of the sovereignty of God¶s good pleasure, ³whose will is necessity´ (c3 n2).
Adam was not created in paradise; he was transferred there by God¶s grace (c4). And this paradise of delights is to be understood neither as a merely corporeal place, nor as a merely spiritual one, but as both, so that it is both itself and a sign of the Church (c5). This garden was rich in beautiful trees, among which were the tree of life and the tree of the knowledge of good and evil (c6). Nor was the latter true evil; its name derives from what happened afterwards, when the human creature would learn the difference between the good of obedience and the evil of disobedience by transgressing God¶s command not to eat of the fruit of that tree. By his transgression, man, who had known evil only in the abstract, now came to know it also by experience (c7 n1).
The creation of woman occurred in paradise and from the substance of the man (dist. 18 c1 n1). She was created after Adam so that humankind should recognize its common paternity in him and so be united by the loving bond of common filiation (c1 nn2-3). And the woman was created from the man¶s side, and not from his head or feet, so that it should be clear that the two are called to union in the fellowship of love (c2). That her formation from Adam¶s side should be experienced entirely as a good thing explains why it was done with Adam asleep and untroubled and serves as prefiguration of the Church¶s formation from the side of Christ on the cross (c3 n2).
Peter rejects the view that anything other than the man¶s substance was used in the creation of the woman; at the same time, he firmly re-
4On this question, Colish, Peter Lombard, 1.367, claims that Peter ³cannot resolve the question of whether there was a time lag between the creation of Adam¶s body and of his soul.´ Rosemann, Peter Lombard, p. 106 and n37, asserts that ³the Lombard distances himself from Augustine¶s position according to which the human soul was initially created without body,´ and that Colish¶s assertion is unambiguously rebutted by Peter¶s statement in dist. 17 c2 n4. Colish seems to have read Peter¶s unwillingness to take sides as an implicit admission of inability to do so; Rosemann seems to have missed Peter¶s careful distinction, in the text cited, between whatever may have been the case in Adam¶s creation and what happens in all other instances.
Introduction * xvii proves the opinion that the woman¶s soul was derived from the man¶s (c4 n1, c7 n1). Linked to these issues is a brief discussion of causation, distinguishing direct divine causation and causation through secondary causes (cc5-6). Furthermore, the reflection on the creation of Eve¶s soul leads to the affirmation that human souls are not derived from one another, nor were they all created at once; each soul is created and infused into the newly formed body in the womb, so attesting to God¶s tender and everpresent providence (c7).
In Distinction 19, Peter turns to the question of the state of the human person before the fall, which is in part described by comparison to the same state after the fall and to how it will be at the resurrection. In the first state, there was the power to die and the power not to die; in the second state, after sin, there is the power to die and no power not to die; in the third state, there shall be the power not to die and no power to die (c1).
But even in the first state, the human body was an animal one, requiring the sustenance of food; at the resurrection, the body shall become entirely spiritual and the need for food will disappear (c2). The most marked effect of the fall on the human body is the transition from the possibility of death to its necessity; the most marked effect of the resurrection upon the body shall be the impossibility of death (c3). The possibility of immortality, which the human body enjoyed before the fall, came from grace; the possibility of death came from the body¶s own nature (c4).
Perhaps even more revealing of the changes wrought in the human body by the fall is human sexuality and the procreation of offspring. Peter briskly rejects the view that there would have been no sexual joining without sin because sexual intercourse cannot happen without stain; he holds that it was possible, but would have occurred with the parties enjoying complete control over all their members. Lust, a consequence of sin, has brought about loss of this control (dist. 20 c1). If the first parents did not engage in stainless union before the fall, it was perhaps due to the speed with which they fell, or because God had not yet commanded them to become so joined (c3).
If the fall had not happened and procreation had occurred in paradise, children would not have succeeded to their dying parents, since there would have been no necessity for the latter to die, but perhaps they would have been transferred to a better state after the just fulfilment of their duties. And yet one should not be tempted by the view that, if there had been no fall, human beings would have been born fully grown and without the need to make physical progress, or even to take food. These things are not flaws, but the human condition, and so would have been the case even
xviii * THE SENTENCES, BOOK 2 if there had been no fall (c4). What changes as a result of the fall is the immoderate nature of the appetites; without the fall, there would have been no hunger (c4 n6). Similarly, Peter favours the view that human beings would not have been born with fullness of knowledge, but would have made progress in the use of their senses and intellect. Nor would they have failed to know what they ought to know. Such ignorance occurs from the darkening of the intellect which is brought about by sin (c5).
Such was the state of the human person before sin; the faculties with which humans had been endowed would have been used to obey the divine command and these glorious creatures would have received an eternal spiritual reward (c6). The fall, cause of so many changes, finds its root in the devil¶s envy of the possibilities that the practice of humility opened up for human beings, and so he tempted them by pride (dist. 21 c1 n1).
The timid malice of the devil looked for weakness in our first parents and found it in Eve¶s less vigorous rationality (c1 n2).5 That the devil¶s power is bounded and subject to God¶s is shown even by the form of a serpent which he was allowed to take in tempting Eve. Although he was permitted to practice deceit on Eve by taking animal form, he was only allowed a form through which his malice was detectable (c2). The fraud which the devil perpetrates is sufficiently thin that the punishment that follows is fully justified; this is the case, even though the serpent became, for the occasion, the most cunning of all the beasts (c3).
Peter next examines the rhetoric of the serpent¶s address to Eve, which provides evidence of its great cunning. Questions are the tempter¶s effective device to discover and exploit the weaknesses in Eve; she proves willing to doubt God¶s warning and to believe the devil¶s promise of divinity and of the knowledge of good and evil (c5 nn1-5). The chinks in Eve¶s defenses are gluttony, vainglory, and avarice; the last is understood to extend also to an immoderate desire for knowledge, which gives new
5Colish, Peter Lombard, 1.377 and 2.732, reads this as an assertion that Eve was less rational than Adam and sees it as an inconsistent and unwitting departure by Peter from his view of their equality of nature in Adam and Eve. But Peter¶s language is quite nuanced on the matter: he does not say that Eve was ³less rational´ than
Adam, but that in her ³reason was less vigorous than in the man.´ Rosemann, Peter
Lombard, p. 109, more attentively points out that Peter seems to hold that reason is less developed in Eve. This is explainable by Eve¶s more recent creation, and so by her lesser practice of the rational faculty, rather than by any intrinsic and permanent inferiority of female rationality. Such a reading is entirely consistent with Peter¶s views (dist. 20 cc4 and 5) about the gradual development of physical and moral faculties even if the fall had not occurred.
Introduction * xix point and weight to Peter¶s frequent warnings to his students and readers about the unsuitability of not respecting bounds in the desire to know.
That the account of Eve¶s temptation is not merely historical, but is meant to instruct about temptation in the here and now, is made clear by a brief description of human temptation, which is distinguished into an exterior and an interior one. Exterior temptation comes exclusively from the tempter suggesting an evil by some word or sign. Interior temptation occurs invisibly and can arise from the devil or from our own corrupt flesh.
The second does not occur without sin; in the first, there is no sin, unless there is consent on our part (c6). It was because humankind fell by exterior temptation that forgiveness is possible; since the angels who fell did not do so in the same way, forgiveness is not open to them (c7 n1).
This brief excursus leads to the consideration of whether there was pride in the human person before the serpent¶s temptation. How else does one explain Eve¶s willingness to be convinced by the serpent? Or Adam¶s yielding to Eve¶s words? (dist. 22 c1 nn1-5). But if this were the case, then our first parents would have sinned by their own pride and their fall would have been irremediable. And so pride is said to have arisen in Eve after the serpent¶s suggestion that great power was available for the taking (c1 nn6-8).
In Eve and Adam, pride appears to have been gender specific. Eve was so undone by the serpent¶s temptation that she wished to become
God¶s equal (c2). Adam was not taken in by the devil¶s mendacious assertions, but he misjudged the severity of the disobedience; since nothing untoward had yet happened to Eve after her eating of the forbidden fruit, he concluded that the offense was not serious and so yielded to his own desire to eat it (c3).
The comparison of the different kind of guilt in Eve and Adam appears to have been a standard school exercise.6 This is sometimes read as a discussion of who sinned more grievously of the two, with Eve coming out the loser in the comparison. Peter has been said to side with those who convict Eve of being the more guilty party.7 If Peter shares this view, he does not state it explicitly here. Under the rubric of µWho sinned more,
Adam or Eve,¶ he sets out the various arguments, first outlining the case for Eve¶s greater guilt, which is grounded in her greater pride, the greater number of persons against whom she sinned, and her more severe punish-
6Colish, Peter Lombard, 1.373-376, on the school debates regarding this subject, and 1.378-379 on Peter¶s supposed position on this topic.
7Ibid., 1.378; Rosemann, Peter Lombard, pp. 109-110.
xx * THE SENTENCES, BOOK 2
ment (c4 nn1-5). The arguments are then outlined which posit Adam¶s greater guilt, but each of these appears to have an adequate response (c4 nn6-12). At the conclusion, the case for Eve¶s greater guilt remains standing, while the one for Adam¶s appears to have adequate answers. And yet Peter avoids a formal determination of the question. Indeed, he will return to the question in a short while in order to argue once more, and on a somewhat different basis, for Adam¶s greater culpability (dist. 24 c4 nn612).8 As that discussion makes even clearer, the question of degree of culpability is useful in order to canvass exhaustively the mechanics of temptation and the conscious decision to sin as they apply to all human beings.
In line with this task, the discussion of Eve¶s guilt becomes an occasion for outlining the various kinds of ignorance and whether they excuse a sinner. Ignorance is first distinguished between vincible and invincible
(dist. 22 c5 n1). It is then further differentiated in three ways. The first concerns those who are able to know, but do not wish to do so; this is itself a sin. The second ignorance relates to those who wish to know, but are unable; this is punishment for sin and excuses the sinner. The third is the ignorance of those who simply do not know, and have no inclination to learn; this may make for a lighter punishment, but does not fully excuse the sinner (c5 n2). It is notable that, although it was Eve¶s possible defense of ignorance that gave rise to this discussion, there is no explicit reference to Eve, thereby making clear that Eve¶s case is simply an occasion for reflection on concerns which affect all human beings and their responsibility for their own choices.
The careful analysis of the temptation and fall of the first parents is followed by the question of why God allowed them to be tempted, knowing that they would fall, or why God did not make man unable to sin (dist.
23 c1 nn1-4). The glory of choice appears to be the answer, and God¶s ability to draw good even out of evil. But here, too, ultimately the most adequate response is to bow down before the mystery of divine knowledge
(c1 n5). Presumably, this injunction ought to have all the more force now that the student has contemplated the role of presumption to excessive knowledge in the fall of Eve.
The mention of divine knowledge leads to a consideration of human knowledge before the fall, which was threefold in respect to its objects,
8 Colish, Peter Lombard, 1.378. Rosemann, Peter Lombard, p. 235 n52, has already pointed out that Adam¶s greater culpability is to be inferred from Peter¶s discussion here; it is not clearly stated. This seems consistent with what we have just said concerning the question of Eve¶s greater guilt.
Introduction * xxi namely God, nature, and man himself (cc2±3 n1). The knowledge of God was not so perfect as that which the saints shall have when they will see
God face to face, but neither was it as opaque as our own is now. God¶s presence was more accessible to the first man than it is to believers now, who seek the absent God (c3 n4). As for other creatures, man knew them sufficiently as to be able to give names to each of them and assume responsibility for their care; human knowledge regarding creatures survived the fall, as did the knowledge by which to provide for the needs of the body (c3 nn2-3). As for self-knowledge, the first man knew his own place and responsibilities in creation; had he not had such knowledge, he could not have been guilty of transgression (c3 n5). But he had no foreknowledge of his own fall (c4).
Peter next begins to address the tangled question of the relationship of grace and nature, or of grace and freedom, in man before the fall. The crucial concern here is to safeguard both divine sovereignty and the dignity of human freedom. Just like the angels, man was created with a sufficient endowment of divine grace that he was able not to fall. By this grace, he was able to live in accordance with natural goods, but not to live spiritually unto salvation. Had he not had this grace, he would not have merited punishment for the fall (dist. 24 cc1-2).9 And yet, had he resisted temptation, he would not have gained merit since there was no impulse to evil in him which needed to be resisted (c2 nn7-8).
Free choice²the faculty by which the good is chosen with the aid of grace and evil without its aid²is said to reside in will and reason. It is called free because the will can bend either to good or evil; it is called choice because of the power of reason to discern between the two (c3 n1).
This faculty of free choice is what distinguishes human beings from brute animals, which have only sensual appetites (c3 n2). As for reason, it is said to have two parts, one higher and the other lower, namely wisdom and knowledge. Wisdom applies to the contemplation and observation of the highest eternal things; knowledge looks to the proper use of temporal things. Wisdom is entirely severed from, while knowledge is close to, the sensuality which humans share with the beasts (c5).
These reflections on free choice, reason, and sensuality occur here because they serve to clarify the fall of Adam and Eve and the way in which human beings sin now (c6). In effect, the story of the fall, which has been read carefully and literally for what it says about Adam and Eve,
9For useful comments on this difficult issue, see Rosemann, Peter Lombard, pp. 111-112.
xxii * THE SENTENCES, BOOK 2 now is read explicitly for what it says about all human beings. In them, sensuality is the serpent, knowledge is the woman, and wisdom is the man
(cc7-8). Sensuality presents the attraction of sin to knowledge which, if it consents to it, then suggests it to wisdom (c9 nn1-2). If sensuality alone is drawn to sin, then the sin is slight (c9 n3). If wisdom consents to it, the temptation to sin is actualized and the sin is mortal (c11). If the inclination to sin is not held for long in the pleasure of thought and wisdom intervenes to curb it, then the sin is venial. But if knowledge revels for too long in the prospect of sin, and wisdom does not intervene, then the sin is mortal (c12 n1). Ever mindful of the responsibility to teach his students to read Scripture attentively and prudently, Peter closes this discussion with the textual note that, in Scripture, the term sensuality is not confined to that part of the soul we share with animals, but is also used to refer to the lower part of human reason (c13).
The brief definition of free choice which has just preceded the account of temptation is reiterated and expanded (dist. 25 c1). Choice is a free judgement concerning one¶s own will, its exercise, and its movement toward good or evil things (c1 n2). Free choice applies neither to past, nor to present things, but only to future ones, and only those whose occurrence is dependent on that choice (c1 n3). This description of free choice is not suitable to describe God¶s exercise of his own free will, but that is no reason to assert that God does not have free choice because of the divine inability to choose evil things. The ability to choose such things is rather a disability from which God does not suffer: thus, the divine choice is not subject to necessity and is entirely free to do all things as it wills, and all those things are good (c1 nn4-5, c2). Similarly, the angels and saints, who cannot and do not wish to turn to evil, enjoy free choice. Indeed, the saints have a freer choice than the one which Adam enjoyed before the fall since he was able not to sin, but they are unable to sin (c3).
Theirs is a freer choice ³because, without compulsion or necessity, it is able to desire or elect what it has decreed by reason´ (c4 n2).
Combining these considerations on free choice with the earlier reflections on the fall, Peter sets out a perspective in which free choice is greater or lesser according to the different time frames in which it is exercised. Before the fall, human freedom was greater than it is now, since reason was then free to sin and not to sin. Our own state is much depressed in comparison, since we are able to sin and not able not to sin, and our sin was mortal before our restoration in Christ and is at least venial after that restoration. Finally, in glory, human beings will be able not to sin and will not be able to sin (c5). This perspective is also restated
Introduction * xxiii in terms of four states of free choice. In his first state, before the fall, man was not impelled to do evil or impeded from doing good, so that evil was easier to avoid and the good easier to achieve. After the fall and before Christ¶s reparation, man was pressed down and overcome by concupiscence; his freedom was so profoundly weakened by evil that he was unable not to sin, even mortally. After restoration in Christ, the will remains weak and the propensity to sin strong, but the human will aided by grace can now resist concupiscence and at least avoid mortal sin. In glory, this weakness toward evil will be entirely removed, and grace will be so perfected in man that his freedom of choice will have reached its highest state, the inability to sin (c6).
As if what has been said so far had not already made it abundantly clear, Peter proceeds to tell us explicitly that the limitation and corruption of free choice was a most awful consequence of the fall. As a result of sin,
³natural goods became corrupt in man and the goods of grace were taken away´ (c7 n1). Freedom survives the fall, but in a greatly reduced state, now consisting only in the natural freedom from necessity, that is, from absolute compulsion to evil; insofar as the will survives, of necessity freedom does also, because a will is not such if it is not in some degree free.10 But two other kinds of freedom, namely freedom from sin and from misery, were lost at the fall because they belong to grace, and not to nature (c9 n1).
Freedom from sin ³frees us from the servitude of sin and renders us servants of justice´ (c8 n3). This freedom is restored in some measure in those on whom Christ confers his grace to the point that they are not dominated and ruled by sin (c8 n4). Freedom from misery and trouble was enjoyed by man before the fall and will be enjoyed even more fully in glory, but not in this life because, even after Christ¶s coming, the lack of this freedom continues as punishment of sin (c8 n9). Despite the survival of free choice in the human will after the fall, it remains the case that the will cannot raise itself toward the good, or actually fulfil it, without the
10Rosemann, Peter Lombard, p. 236 n62, has noted that Colish, Peter Lombard, 1.383, seems to misread Peter here, when she states that ³[f]reedom from any necessity at all was a feature of the human will before the fall. This mode of free will ... now applies to no one but God.´ Colish¶s misreading becomes more egregious and indefensible in her more emphatic and unnuanced later restatement of her view (at 2.733): ³While the Lombard staunchly holds that man still possesses a conscience ..., he argues that fallen man is no longer free from necessity. The freedom to choose without violence or constraint has gone by the boards.´ This is quite clearly and flatly contradicted by what Peter says in dist. 25 c8 n2.
xxiv * THE SENTENCES, BOOK 2 aid of divine grace. Indeed, without prevenient grace, man would not even be able to beg for God¶s co-operating grace, the necessary aid for achieving the good which he now wills (c9 n2).
Divine grace may also be distinguished into operating and co-operating grace; the first goes ahead of the will and prepares it, while the second assists the same will to do what it has willed (dist. 26 c1). The point remains that, without God¶s mercy, a man may neither will, nor act in any way that does him any good (c1 n3). As for the will itself, it is defined, in Augustine¶s terms, as ³a movement of the spirit, without the compulsion of anyone, toward not committing something or toward gaining it´ (c2 n1).
It cannot achieve the avoidance of evil, or the gaining of the good, without the aid of divine grace, but it is also true that even such grace will be fruitless without the consent of the will. Nothing good can happen without divine initiative and aid, but human freedom and effort do not thereby lose their dignity, since they also remain necessary (c2 nn2-3).
The grace which precedes the will is the faith of Christ, which alone is the cause of justification; this faith goes first, freeing the will from the servitude of sin, so that a man may live in loving piety (c3). And yet, this faith itself proceeds from the will. A loving faith can only be such, if it comes from a free will that freely receives the gift of faith which God freely confers (c4). Once more, divine sovereignty and human dignity are presented in a creative tension in which neither undoes, and each confirms, the other.
The problem of whether good will precedes faith is resolved by saying that faith does so ³not in time, but according to cause and nature´ (c4 n3).
Whatever precedes temporally, whether good will or good thought, can only make for righteousness if accompanied by faith and charity, which cannot be present apart from grace (c4 n5). Consideration of the good may precede faith, but not that faith by which one may live righteously. The latter comes about as follows: our reason shows us the good and the usefulness of God¶s judgements, but our affection is slow in embracing them; we begin to wish that we might love these judgments and, with the assistance of grace, begin to delight in their operation (cc5-6). For a pious life, then, one must first seek understanding of the good and conclude that it is from God, and not from oneself; then delight in works must follow, once the will has been made good by faith and charity (c6).
For all man¶s radical inability to achieve righteousness apart from grace, one ought not to hold that nothing good can be done apart from cooperating grace. Free choice alone is sufficient for the achievement of such good things as the cultivation of fields and the building of houses (c7
Introduction * xxv n2). But within the hierarchy of goods, those which can be achieved by free will alone are the least important since it is possible to live righteously without them. The highest goods are those by which one lives righteously and which cannot be used evilly; the middle kind are those without which one cannot live righteously, but which may be used well or evilly. The virtues are highest goods; they cannot be used evilly and other goods are used well when they are subject to them. The powers of the soul, which may be used well or evilly, are middle goods (c10). Since free choice may be used well or evilly, it falls in this middle group (c11 n1).
But its good use is a work of virtue, and that is the sense in which it is sometimes called a virtue, even if somewhat improperly (c11 n2).
To distinguish virtue from its work, Peter restates Augustine¶s definition of virtue as ³a good quality of the mind by which we live righteously and of which no one makes an evil use; God alone works virtue in man´
(dist. 27 c1 n1). On scriptural authority, it seems evident that the virtues of justice and faith are from God; the same is to be understood of all other virtues (c1). Human merit comes from grace and free will. From these, a good disposition, such as belief, follows, and this constitutes the first merit; in like manner, from charity and free choice, one begins to love.
The same is true of all virtues from which merit flows (c4). But the acts of the virtues could not be meritorious, or deserve justification, in the absence of that charity which is the Holy Spirit (c5). Once again, Peter¶s conclusion points to the beauty and the fruitfulness of the co-operation of human freedom with the divine initiative.
As a fence against too high a view of the role of human freedom in the work of redemption, Peter next turns to a discussion of the Pelagian heresy, which had made divine grace dependent on human merit (dist. 28 c1 n1). The Pelagians are described as holding that human beings can fulfil the divine mandate without divine grace, which, they say, only serves to make such fulfilment easier. The heresy is also said to deny all value to the prayers which the Church offers for the conversion of the infidel and the perseverance in faith of the faithful; the heretics deny, too, that children are born with original sin (c1 n2). The quick assertion of these views is followed by a dossier of Augustinian passages which the Pelagians had been able to claim in support of their own opinions (c2); Peter then adduces other texts of Augustine in which he shows that his earlier assertions had been misunderstood by the Pelagians (c3). The effect is to deepen and extend the earlier discussion of grace and freedom while providing the students with a further example of the method by which apparent contradictions may be resolved, as well as of the humility which a
xxvi * THE SENTENCES, BOOK 2 student of these matters (even an Augustine!) ought to practice in addressing these challenging questions, about which one ought to be ever ready to become further instructed and to correct oneself accordingly.11
Concluding the extended discussion on grace and free choice and related issues, Peter returns to the subject which had been occasion of the discussion itself, namely the state and condition of the human person before the fall. Given the terminology which his readers have acquired from the preceding discussion, they can now be asked to ponder whether operating and co-operating grace were needed by man before the fall (dist. 29 c1 n1). The answer is that both kinds of grace were necessary even then, although operating grace was not needed then for every reason which makes it necessary now. It was not needed for liberation from sin, for example, since man was not yet subject to sin, but it was required for the efficacious willing of the good. Furthermore, even before the fall there would have been no merit without grace, since free choice alone, without divine aid, would have been insufficient for the having and retaining of justice (c1 n2).
On the question of whether man had virtues before the fall, it had seemed evident to some that the fall itself proved the lack of such virtues;
Peter takes the view that the fall proves that, by his sin, man had lost the virtues which he used to have (c2), not to mention paradise itself, and the prospect of immortality (cc3-4). Indeed, Cherubim with a flaming sword were placed before paradise so that man might not return there; this signifies that a return to paradise is only possible through the fullness of knowledge, which is charity (and which the Cherubim signify), and the bearing of the sufferings of this life (c5).
After the Fall A humble profession of the inadequacy of his account of the first sin precedes Peter¶s discussion of the transmission of sin and death to Adam¶s posterity (dist. 30 c1). The Pelagians had described Adam¶s sin as actual, rather than original, and had asserted that it descends to Adam¶s progeny by imitation (cc2-4). It seems fair enough to say that all men imitate Adam when they sin willingly, but this does not account for the fact that all are born with sin. It follows that Adam¶s sin was transmitted by both imitation
11For example, at dist. 28 c3 n4, Augustine is quoted as saying: ³Undoubtedly, I would not have said those things, if I had already known that faith itself is also included among the gifts of the Holy Spirit.´
Introduction * xxvii and propagation and origin (c4 n2). Original sin is transmitted to all who are ³begotten with concupiscence through [Adam¶s] vitiated flesh´ (c5).
Peter acknowledges frankly that there is little clarity or agreement among the ancient and modern doctors on the nature of this sin (c6 n1).
Some say that it is a liability to punishment, but not a fault or a punishment per se (c6 n2). For Peter, Scripture and the Fathers make it undeniable that original sin is both a punishment and a fault of all who are born through concupiscence (c7). Because it is not actual sin, original sin is not an act; it is the incentive to sin, namely concupiscence or the law of the flesh (c8). This concupiscence, with which human beings battle their whole life long, is present even in children (c9). Since all human beings were materially present in Adam, they all acquired the corruption of this sin and can even be said to have all sinned in him (c10). From Adam¶s actual disobedience, carnal concupiscence arose in Adam and proceeds to all his offspring, so that they are all born sinners (cc11-12).
The objection has been raised that all human beings past and present could not have been contained physically in Adam, since their number exceeds even the number of atoms in Adam¶s body (c14 n1). But this objection is not cogent because all humans were present in Adam materially and causally, but not formally. They descend from him by the law of propagation, not by some sort of subdivision, and so they can rightly be said to have been present in him by seminal reason (c14 nn2-3).
In addressing the question of whether original sin is transmitted via the soul or the flesh, Peter firmly rejects the view that the soul is transmitted to offspring through their parents; it follows that original sin must be transmitted through the flesh (dist. 31 cc1-3). That the flesh has become corrupt is shown by the fact that even married couples cannot engage in sex without lustful concupiscence; the flesh procreated in such lust and concupiscence is itself subject to the vice of concupiscence. This is the original sin which the flesh transmits to the soul that comes into contact with it (cc4-6).
As for the difficulty posed by the fact that children born to baptized parents are afflicted by the original sin from which their parents had been cleansed, Peter responds to it with Augustine¶s analogies to circumcision and winnowed wheat. Circumcised fathers beget uncircumcised children; wheat from which the chaff has been removed does not produce wheat without chaff. In the same way, baptized parents beget children who are themselves in need of baptism (c6 n3).
And yet we should not hold that we derive original sin simply from Adam¶s flesh, for then Christ himself, who was also formed from flesh
xxviii * THE SENTENCES, BOOK 2 that descended from Adam, would have been subject to original sin. Instead, it should be clear that original sin is so called from the vicious law of our origin, which is the lust of the flesh. Since Christ¶s conception occurred by the work of the Holy Spirit, and not by lust, he was not subject to original sin (c7 n1).
But if original sin is concupiscence, and the sin is removed by baptism, how is it that concupiscence survives baptism? (dist. 32 c1 n1). It is true that concupiscence survives baptism, but in a diminished state, so that it can now be resisted; furthermore, after baptism, concupiscence is no longer imputed as a sin, but only as a punishment of sin (c1 nn2-6). As for whether this concupiscence comes from God, Peter holds that, insofar as it is a punishment for sin, God is its author; insofar as it is a fault, it is to be attributed to the devil or to man (c3).
The last large question which Peter raises as to original sin asks why God joins a soul without stain to a corrupt body, thereby exposing it to corruption and the risk of damnation. The best answer to the question is that this is a case of God¶s hidden justice at work. But it is perhaps also the case that Adam¶s sin and its consequences are not sufficient reasons for God to change the manner of human creation or the propagation of humankind (c6). This discussion closes with brief reflections on the effect on the soul of being created in a corrupt body and on the variety and different degrees of natural gifts conferred on souls at their creation and the irrelevance of such differences to their final reward or punishment (cc7-8).
If Adam¶s progeny inherits his sin, is it also the case that the sins of all parents are transmitted to their children? This question in part arises from certain scriptural statements and in part from the Church¶s practice of baptizing even children µfor the remission of sins¶ (dist. 32 c1). The use of the plural can be explained in part by the fact that several sins were involved in Adam¶s actual sin (c2 nn2-3). It is also possible to entertain the opinion that God, in his mercy, regards children as bound only by the sins of their own parents, but not of all their ancestors since Adam; Augustine had been willing to expound such a view, but only by way of opinion (c2 nn4-5). And yet the same Augustine says elsewhere that unbaptized children will be subject only to the mildest punishment because they have added no other sin to the original one; it follows that the sins of their parents are not imputed to them (c2 nn4-5). Furthermore, the plural is often used in the Bible for the singular (c2 n6).
Holding the question in suspension, Peter moves next to whether Adam¶s sin is graver than all other sins. It seems to be so because it changed all human nature and did the gravest harm, making man subject to bodily
Introduction * xxix and spiritual death (c3 nn1-3). And yet Peter is not certain that Adam¶s sin is graver than the irremissible sin against the Holy Spirit which anyone may commit (c3 n4). At most, Adam¶s sin can only be called the gravest in view of the faults that emanated from it, but not as to its punishment since, even in our first parents, it was forgiven by their subsequent penance (c3 n5, c4).
This apparent digression seems to have been intended to blunt the glumness which one might have been tempted to bring to the resolution of the earlier question. The mention both of the irremissibility of one¶s own actual sin against the Holy Spirit and of the remissibility of original sin even in Adam has the effect of lifting the sense that one is burdened under the unbearable mass of inherited sin. Once more, the effect is to focus attention on one¶s own freedom and responsibility. And so it turns out that all those texts which speak of children being burdened by their fathers¶ sins can be read as referring to children who have freely chosen to imitate those same sins (c5). If readers are not satisfied with this interpretation, they can always engage in a metaphorical reading of some of the relevant texts (c5 n5).
After disposing of these preliminary issues, Peter next turns to an extended treatment of actual sin, its origin and first cause, in what it consists, what it is, and how it is contracted (dist. 34 c1). Since all that existed before sin was good, it must follow that sin originated in a good thing, namely, the angelic or the human nature, which God had created good, but in which arose an evil will from which all evil deeds are done (c2). Peter could not be clearer in tying the origin of sin to the free deliberation and intention of angels and men. This intentionalist view of sin will colour his whole discussion of the matter.
All subsequent evils flow from that original evil will of angel and man (c3). But since evil is nothing other than the privation of the good, it can only occur by corrupting a good nature, ³and so sin cannot exist in other than a good thing´ (c4 n2). It follows that even an evil man can be called an evil good, since one would hardly speak of sin occurring in such a man, if there were not still some good in him that was subject to corruption (c4 n3). And so, in this case, the rule of the dialecticians which denies the coexistence of opposites is shown to fail (c5).
As for definitions of actual mortal sin, Peter cites at least three from Augustine and Ambrose: every word, or deed, or desire against the law of God; the will to retain or obtain what justice forbids; transgression of the divine law and disobedience of heavenly commands (dist. 35 c1). These definitions present sin as consisting in some action; while Peter does not
xxx * THE SENTENCES, BOOK 2 doubt this, he emphasizes that ³sin exists primarily in the will, from which, like evil fruits from an evil tree, proceed evil deeds´ (c2 n3). The parable of the good Samaritan is invoked to exemplify the effect of sin on the soul. The man drawn into the power of the devil by sins is like the man left half-dead by robbers, as he is deprived of both virtues and natural goods (c4 n2). Furthermore, through sin, man diminishes his own likeness to God and deprives himself even of the goods of the body (c5).
As for the variety of sins, a basic distinction is drawn between those which are also punishment of sin and those which are both cause and punishment of sin (dist. 36 c1). All sins which are not quickly removed through penance fall into one of these categories and entangle the sinner more and more (c1 n2). A sin is said to be a cause of sin with respect to a subsequent sin and a punishment by reference to a preceding one. When penance does not intervene to remove a sin, then that sin leads to another, which is not only a sin, but also a punishment for the unrepented one. By a just judgement, God darkens the heart of the unrepentant sinner so that, because of the earlier sin, the sinner falls into the next one. And yet the cause even of this sin is not from God (c2 n3).
Despite the fact that this discussion is firmly anchored in biblical texts and school debates, it is difficult not to discern in it Peter¶s profound curiosity about the psychology of sin. The use of terms of art and the discussion of technical issues does not obscure the plausibility of the moral and psychological picture being painted and the dynamism which Peter sees as underlying human decision-making.
In what sense God may or may not be said to be the author of sin had been the subject of much clever debate in the schools. Peter summarizes the various positions in what is essentially a logician¶s game (dist. 37 cc12). It is clear that, insofar as man is made worse by sins, God is not the author of sin; insofar as sin is just punishment, God may well be called its author (cc1-2).
Since sin resides primarily in the will, it is of some relevance to consider the will itself. Free will is weighed and judged by the end which it freely sets before itself. A good will is one which turns toward blessedness, eternal life, and God himself; an evil will is one which turns toward an evil pleasure (dist. 38 c1 n1). Charity is the briefest and best description of a righteous end for the will, and it ought to inform the fulfilment of every mandate, since every mandate is referred to it (c1 n2). Anyone who has charity as his end can properly be said to have as his end God or Christ or the Holy Spirit, from whom is all perfection (c2). In this quite
Introduction * xxxi beautiful manner, Peter reminds us, as he has not done in a while, of the Trinity as the horizon of everything.
To say that charity is the end of a good will is not to deny that such a will may also have other ends, but all of these are to be referred to the one end, if the will is to remain good (c3). I wish to prepare food to feed the poor, but for the end of pleasing God and having eternal life, which is the end of all ends. Put another way, it is my end to feed the poor and it is my intention to have eternal life. Put in yet another way, it may be said that it is my will to feed the poor, and it is also my will to have eternal life; there is no contradiction here, so long as the first is referred to the second.
Delight remains the end concern; insofar as blessedness or life with God is the ultimate delight, all lesser ones ought to be referred to it. Nor is it useless for a reader of texts, and especially of the Bible, to be reminded that intention may sometimes be taken for the will itself and sometimes for its end (c4).
Mention of the possibility of an evil will may have puzzled the reader.
Since the will is a natural gift, like memory and intellect, how can it ever be evil? The answer is that evil will does not refer to the natural power by which we will, but to its act when it is disordered (dist. 39 c1). In this, the will is not unlike memory and intellect; if I remember or ponder evils in order to do them, then I engage in the evil use of these good powers (c2).
If the will is judged by its end, is the same true of actions? Generally, this is indeed the case, except for some actions which are so evil in themselves that for no reason can they be called good. Theft, rape, blasphemy, adultery cannot be made good by a good intention. And yet, even in the case of such obviously evil deeds, the role of intention is not to be entirely dismissed, since their gravity may differ depending on the intention with which they are done (dist. 40 c1).
If actions are judged by intention, and the intention is directed by faith, ought one to conclude that all actions of those who lack faith are evil? (dist. 40 c1 n1). If there cannot be charity without faith, that would indeed seem to be the case (c1 n3). But the term µgood¶ may be taken in several ways. When it is taken to mean µworthy of reward for life,¶ then a thing cannot be good which is done without faith and charity, even if it is useful and worthy for other reasons (c1 nn7-8, c2). As for the assertion that all sin is voluntary, and that sin is nowhere other than in the will, this is true of mortal and actual sin (cc3-6).
If an evil will is followed by an evil action, is there one sin or several?
The will is the first cause of sin; a will and its deed constitute one sin because they spring from the same contempt. But the contempt is less
xxxii * THE SENTENCES, BOOK 2 when it is limited to the will and greater when it results in action (dist. 42 c1 nn1-2).
If someone committed a sin, but now has ceased to do so and no longer intends to commit it, can the sin be said to be still in him? A sin can be said to be in a person by action or by liability. In the case mentioned, the sin is no longer in the person by action, but it remains in him by liability
(c2). In Scripture, this liability is described as a fault, punishment, or the obligation of punishment, eternal punishment in the case of mortal sin, temporal punishment in the case of venial sin (c3 n1). The first is so called because it makes one deserving of eternal death; the second is easily forgiven (c3 n2).
Different authorities have held that sin arises either from cupidity or from fear. Others distinguish sins by whether they are committed in thought, word, or deed. Yet others yet distinguish sins as being either against God, or against neighbour. All these taxonomies have their usefulness (c4). Among all sins, seven have been termed capital. As listed by Pope Gregory I, these are vainglory, anger, envy, sloth or sadness, avarice, gluttony, lust. All other sins emanate from these (c6). And yet, these too arise from pride which, according to Gregory, is the root of all evil (c7 nn1-2). But Paul seems to attribute this pivotal role to cupidity (c7 n3).
The contradiction between these two views is apparent, not real, and only arises if one forgets to examine them by reference to types of sins, rather than to individual ones. All types of sins arise at times from pride and at other times from cupidity. At times, pride itself arises from cupidity, and cupidity from pride (c8).
A particularly noteworthy sin is that against the Holy Spirit, of which Christ says in the Gospel that it is not remitted (dist. 43 c1 n1). This sin is said to consist either in obstinacy in wickedness leading to impenitence, or in a despair by which one believes one¶s own wickedness to be greater than divine goodness (c1 n2). This sin is said not to be remitted not because it would not be, if the sinner acknowledged it in repentance, but because it keeps the sinner from penance and the hope of mercy (c2 nn3-6).
And yet one ought not to cease praying for the obstinately impenitent while they are in this life (c2 n8).
To conclude his discussion of sin, Peter asks whether the very power to sin comes from the devil or from God (dist. 44 c1 n1). He rejects contrary views in order to assert unambiguously that God is the source of all powers, and so also of the will (c1 nn2-3). As has been the case throughout Book 2, Peter makes this assertion by adhering to a close and faithful
Introduction * xxxiii reading of Scripture. It is hard to think what better, humbler, and more useful lesson he could have taught his students and readers.12
A loose understanding of power may lead one to conclude, from the previous discussion, that, since all power comes from God, one ought not to resist any power, even when it is wielded by the devil or a tyrant. Consistently with all we have seen him say regarding divine sovereignty and the dignity of human freedom, Peter ends this Book with the injunction to obey no power which commands evil things (c2).
* * * In letting go of this second book of the Sentences, it pleases me to renew the expression of my gratitude to Fr. Ignatius Brady, O.F.M., editor of the work, and to Fr. Romain Georges Mailleux, O.F.M., Director of the Frati Editori di
Quaracchi, for the ³placet´ to translate the Sentences from Fr. Brady¶s edition.
Professor Joseph W. Goering, of St. Michael¶s College and the University of Toronto has continued his unfailing support of the enterprise and his testing of the translation in the most various and surprising of teaching venues.
My debt of obligation toward the staff of the Department of Publications of the Pontifical Institute of Mediaeval Studies becomes more and more inexpressible as they continue to shower the project with their patient interest and unboundedly generous efforts. Jean Hoff has not yet surrendered before my dilatoriness and appears to continue to delight in improving the work. Fred
Unwalla is to be thanked once more for applying his great gifts to the form of the book.
In dedicating this second book of the Sentences to Stefano, the second of my children, I am anxious to make clear that he has shown no more interest in the work than any of his siblings; the dedication, and the occasion to reflect with Dante and Brunetto, are entirely affectionate gift.
Giulio Silano St. Michael¶s College, Toronto Ash Wednesday 2008 12See the useful comments in this same sense of Rosemann, Peter Lombard, p. 117.
Chapter Headings
HERE BEGIN THE CHAPTERS
OF THE SECOND BOOK
[DISTINCTION I]
Ch. 1 That there is only one principle [or beginning] of things, and not several.
2 What is it to create and what to make.
3 In what sense are the words to make, to do, and suchlike, said of God.
4 Why the rational creature, that is, man or angel, was made.
5 How it is said that man was made in reparation for the fall of the angels.
6 Why is man so constituted that the soul is united to the body.
[DISTINCTION II]
Ch. 1 (7) On the angels, when they were made.
2 (8) That nothing was made before heaven and earth.
3 (9) That the spiritual and corporeal creature began together with time and the world.
4 (10) Where the angels were as soon as they were created.
5 (11) That the matter of visible things and the nature of invisible things were created together, and each of them was formless.
6 (12) In what sense Lucifer said: I will ascend into heaven.
[DISTINCTION III]
Ch. 1 (13) What qualities the angels had when they were made.
2 (14) Whether all the angels were equal in essence, wisdom, and freedom of choice.
3 (15) What things the angels had as common and equal.
4 (16) Whether the angels were created good or evil, and whether there was any delay between their creation and fall.
5 (17) On the three-fold wisdom of the angels before their fall or their confirmation.
6 (18) Whether they had any love of God or of themselves before the fall.
[DISTINCTION IV]
Ch. 1 (19) Whether the angels were created perfect and blessed, or miserable and imperfect.
xxxvi * THE SENTENCES, BOOK 2
[DISTINCTION V]
Ch. 1 (20) On the conversion and confirmation of those who remained steadfast and the turning away and fall of those who fell.
2 (21) He touches briefly on free choice.
3 (22) Whether something was given to those who remained so that they might be converted.
4 (23) What grace the angels needed and what they did not.
5 (24) Whether those who fell are to be blamed for having turned away.
6 (25) Whether those who remained deserved the blessedness which they received in their confirmation through some grace then given.
[DISTINCTION VI]
Ch. 1 (26) That some fell from among both the greater and the lesser ones, and one of them was among the highest, namely Lucifer.
2 (27) From what and to what were they cast down.
3 (28) Why it is not granted to them to live in heaven or on earth.
4 (29) On the order of precedence among demons.
5 (30) Whether all demons are in this cloudy atmosphere, or whether some of them are in hell.
6 (31) On the power of Lucifer.
7 (32) Whether those demons who have once been overcome by the saints afterwards have access to other men.
[DISTINCTION VII]
Ch. 1 (33) Whether the good angels can sin, or the evil ones live well.
2 (34) That although both have free choice, yet they cannot turn to both [good and evil].
3 (35) That the good angels after their confirmation have a freer choice than before.
4 (36) That they are not able to sin from nature as before.
5 (37) In what ways the evil angels know the truth of temporal things.
6 (38) That the magical arts are effective by the power and knowledge of the devil granted to him by God.
7 (39) That the matter of visible things does not serve the transgressing angels at their bidding.
8 (40) That they are not creators, even though magicians made frogs and other things through them; so neither are the good angels, although creatures are made through their ministry.
9 (41) That God alone works the creation of things, as he does the justification of our mind.
10 (42) That the evil angels are able to do many things by the strength of their nature which they cannot do because of the prohibition of God.
Chapter Headings * xxxvii
[DISTINCTION VIII]
Ch. 1 (43) Whether all angels are corporeal.
2 (44) Of the forms in which God appeared, and of those in which the angels appear.
3 (45) That God has never appeared to mortals in the form by which he is God.
4 (46) In what ways demons are said to enter the bodies of men
[DISTINCTION IX]
Ch. 1 (47) On the distinction of orders [of angels].
2 (48) What is an order, and what is the reason for the name of each.
3 (49) That these names were taken from gifts of grace, and they were given not for their sake, but for ours.
4 (50) Whether these orders were distinct from the beginning of creation.
5 (51) Whether all angels of the same order are equal.
6 (52) How Scripture says that the tenth order is to be completed with men.
7 (53) Whether men are taken up in proportion to the number of the angels who remained, or of those who fell.
[DISTINCTION X]
Ch. 1 (54) Whether all celestial spirits are sent.
2 (55) Whether Michael, Raphael, Gabriel are names of orders or of spirits.
[DISTINCTION XI]
Ch. 1 (56) That all souls have a good angel to guard them, an evil one to train them.
2 (57) Whether angels make progress in merit or in reward until judgement.
[DISTINCTION XII]
Ch. 1 (58) On the distinction of the works of the six days.
2 (59) That some have felt that all things were made simultaneously in matter and form, others at intervals of time.
3 (60) How corporeal things were established at intervals of time.
4 (61) In what sense darkness is said to be something, and in what sense it may be said to be nothing.
5 (62) Why that confused matter is called formless, and where it came forth into being and how high up it rose.
6 (63) On the four manners of divine operation.
[DISTINCTION XIII]
Ch. 1 (64) On the first work of distinction.
2 (65) On the light made on the first day, whether it was corporeal or spiritual.
3 (66) Where it was made.
4 (67) On the ways in which [the term] day is taken.
xxxviii * THE SENTENCES, BOOK 2 5 (68) On the natural order of computation of days and on what was introduced for the sake of the mystery.
6 (69) On the meaning of these words: God said.
7 (70) In what sense is the Father said to work in the Son, or through the Son, or in the Holy Spirit.
[DISTINCTION XIV]
Ch. 1 (71) On the work of the second day, on which the firmament was made.
2 (72) That heaven is to be understood to have been made then.
3 (73) Of what matter it is made.
4 (74) How there can be waters above heaven, and what they are like.
5 (75) On the shape of the firmament.
6 (76) Why Scripture was silent on the blessing of the work of this day.
7 (77) On the work of the third day, when the waters were gathered in one place.
8 (78) How were all the waters gathered in one place, since there are many seas and rivers.
9 (79) On the work of the fourth day, when the light-giving bodies were made.
10 (80) Why the light-giving bodies were made.
11 (81) How that statement is to be taken: to be as signs and for the fixing of times.
[DISTINCTION XV]
Ch. 1 (82) On the work of the fifth day, on which flying and swimming creatures were created.
2 (83) On the work of the sixth day, when the animals and crawling creatures of the earth were created.
3 (84) On poisonous and harmful animals.
4 (85) Whether some very small animals were created at that time.
5 (86) Why man was made after all things.
6 (87) On the opinion of those who contend that all things were made at once.
7 (88) How God¶s rest is to be understood.
8 (89) How is it to be taken when it says that God completed his work on the seventh day, since he then rested.
9 (90) How all the things which God made are said to be very good.
10 (91) On the sanctification of the seventh day.
[DISTINCTION XVI
Ch. 1 (92) On the creation of man.
2 (93) What qualities did man have when he was made.
3 (94) On the image and likeness in which man was made.
4 (95) Why man is said to be image and in the image, but the Son is not said to be in the image.
Chapter Headings * xxxix
[DISTINCTION XVII]
Ch. 1 (96) On the creation of the soul, whether it was made from anything; on the [manner of] God¶s breathing and blowing forth [of the soul].
2 (97) When the soul was made, whether in the body or out of it.
3 (98) At what age of life was man made.
4 (99) Why man, created outside paradise, was placed in paradise.
5 (100) In what ways is paradise taken.
6 (101) On the tree of life.
7 (102) On the tree of the knowledge of good and evil.
[DISTINCTION XVIII]
Ch. 1 (103) On the formation of woman.
2 (104) Why she was formed from man¶s side and not from some other part of his body.
3 (105) Why the rib was taken from man while asleep and not while awake.
4 (106) That she was made from that rib multiplied in itself, without the addition of anything extrinsic.
5 (107) On the higher and lower causes.
6 (108) On the causes which are simultaneously in God and in creatures, and of those which are only in God.
7 (109) On the soul of the woman, which is not from the man¶s soul, because souls do not derive from one another.
[DISTINCTION XIX]
Ch. 1 (110) On the state of man before sin, what he was like in respect to the body, and what he was like after sin.
2 (111) How man is said to have been made into a living soul.
3 (112) The body of man before sin was mortal and immortal; after sin, it was dead.
4 (113) Whether the immortality which he then had was from the condition of nature, or from a benefit of grace.
5 (114) If God had not commanded that he eat of that tree, and he had made use of other trees and not of the tree of life, whether man would have been able to live forever.
6 (115) On the first and second immortality of the body.
[DISTINCTION XX]
Ch. 1 (116) On the manner of procreating children, if the first humans had not sinned.
2 (117) Why they did not have sexual intercourse in paradise.
3 (118) On the manner of transferral to a better state, if they had not sinned.
xl * THE SENTENCES, BOOK 2
4 (119) Whether they would have procreated children having their full height and the use of their members.
5 (120) Whether children would be born also with sense.
6 (121) On the two goods: the one given here, the other promised.
[DISTINCTION XXI]
Ch. 1 (122) On the devil¶s envy, by which he came to tempt.
2 (123) On the form in which he came.
3 (124) On the cunningness of the serpent.
4 (125) Whether the devil chose the serpent in order to tempt through it.
5 (126) On the manner of temptation.
6 (127) On the double kind of temptation.
7 (128) Why man¶s sin was remediable, but not the angel¶s.
8 (129) That the command was not given to the man alone.
[DISTINCTION XXII]
Ch. 1 (130) On the origin of the sin.
2 (131) On the woman¶s pride.
3 (132) On the man¶s pride.
4 (133) Who sinned more, the man or the woman.
5 (134) On excusable and inexcusable ignorance.
6 (135) Whether the will preceded that sin.
[DISTINCTION XXIII]
Ch. 1 (136) Why God allowed man to be tempted, knowing that he would fall.
2 (137) What man was like with respect to his soul before sin.
3 (138) On the threefold knowledge of man before the fall.
4 (139) Whether man had foreknowledge of the things that were to happen to him.
[DISTINCTION XXIV]
Ch. 1 (140) On man¶s grace and power before the fall.
2 (141) On the help given to man at creation by which he was able to stand firm.
3 (142) On free choice.
4 (143) On sensuality.
5 (144) On reason and its parts.
6 (145) On the similar order of sinning in us and in our first parents.
7 (146) That the man, the woman, and the serpent are in us.
8 (147) On the spiritual marriage of the man and the woman in us.
9 (148) How temptation is consummated in us through those three.
10 (149) When the woman alone eats of the forbidden food.
11 (150) When the man also eats.
12 (151) When is the sin venial or mortal.
13 (152) In what ways sensuality is taken in Scripture.
Chapter Headings * xli
[DISTINCTION XXV]
Ch. 1 (153) The definition of free choice according to the philosophers.
2 (154) How free choice is understood in God.
3 (155) That the angels and saints have free choice.
4 (156) That the free choice shall be freer when man will not be able to sin.
5 (157) On the difference of freedom of choice at different times.
6 (158) On the four states of free choice.
7 (159) On the corruption of free choice through sin.
8 (160) On the three modes of freedom of free choice: from necessity, from sin, from misery.
9 (161) On freedom which is from grace, and which is from nature.
[DISTINCTION XXVI]
Ch. 1 (162) On operating and co-operating grace.
2 (163) What the will is.
3 (164) What is the grace that goes before the will.
4 (165) That the good will which is preceded by grace precedes some gifts of God.
5 (166) That thought of the good precedes faith.
6 (167) That understanding precedes both thought of the good and good will.
7 (168) Whether man works the good through free choice without grace.
8 (169) Whether it is the same grace which is called operating and co-operating.
9 (170) How grace may deserve to be increased.
10 (171) On the three kinds of goods.
11 (172) Among which goods is free choice.
[DISTINCTION XXVII]
Ch. 1 (173) On virtue, what it is and what its act is.
2 (174) On the grace which frees the will, whether it is a virtue or not.
3 (175) How good merits begin from grace, and of what grace this is understood.
4 (176) That good will is principally grace.
5 (177) By what reason faith is said to deserve justification.
6 (178) On the gifts of the virtues and on grace, which is not itself merit, but produces it.
7 (179) That the use of virtue and free choice is the same, but it is principally of virtue.
8 (180) Some hold that the virtues are good uses of free choice, that is, acts of the mind.
[DISTINCTION XXVIII]
Ch. 1 (181) On the Pelagian heresy.
2 (182) How the Pelagians use Augustine¶s words in support of their own error.
3 (183) How Augustine determines those words in the Retractations.
4 (184) On the heresy of Jovinian and Manichaeus, which Jerome crushes.
xlii * THE SENTENCES, BOOK 2
[DISTINCTION XXIX]
Ch. 1 (185) Whether man before sin was in need of operating and co-operating grace.
2 (186) Whether man had virtues before the fall.
3 (187) On the ejection of man from paradise.
4 (188) How is that to be understood: Lest he take of the tree of life and live forever.
5 (189) On the flaming sword placed in front of paradise.
6 (190) Whether man before sin had eaten of the tree of life.
[DISTINCTION XXX]
Ch. 1 (191) That through Adam sin and punishment came to his posterity.
2 (192) Whether that sin which passed [to his posterity] was original or actual.
3 (193) Some hold that it was actual.
4 (194) How they say that it entered into the world.
5 (195) That the original sin truly was that which passes to posterity.
6 (196) What is original sin.
7 (197) That original sin is a fault.
8 (198) That original sin is called the incentive to sin, that is, concupiscence.
9 (199) What is understood by the term concupiscence, which is the incentive to sin.
10 (200) That through Adam, original sin, that is, concupiscence, entered into all.
11 (201) Whether the sin is in which all sinned is original sin.
12 (202) In what sense it is said that through the disobedience of one, many were made sinners.
13 (203) That original sin was in Adam and is in us.
14 (204) How all human beings are said to have been in Adam when he sinned, and how they descended from him.
15 (205) That nothing extrinsic is converted into the human substance which comes from Adam.
[DISTINCTION XXXI]
Ch. 1 (206) How original sin passes from fathers to children.
2 (207) Whether according to the soul, or according to the flesh.
3 (208) That sin is transmitted through the flesh, and he shows how.
4 (209) He shows the cause of the corruption of the flesh, from which sin occurs in the soul.
5 (210) Why sin is said to be in the flesh.
6 (211) Whether the cause of the original sin, which is in the flesh, is a fault or a punishment.
7 (212) Why it is called original sin.
Chapter Headings * xliii
[DISTINCTION XXXII]
Ch. 1 (213) How original sin is remitted in baptism.
2 (214) Whether the uncleanness which the flesh contracts from lust is washed away in baptism.
3 (215) Whether God is the source of that concupiscence.
4 (216) Why that sin is imputed to the soul.
5 (217) Whether that sin is voluntary or necessary.
6 (218) Why God joins the soul to the body, knowing that it will be stained thereby.
7 (219) Whether the soul is as it is created by God.
8 (220) Whether souls from creation are equal in their natural gifts.
[DISTINCTION XXXIII]
Ch. 1 (221) Whether children originally contract the sins of all their forefathers as they do the sin of Adam.
2 (222) How in that one first sin several others are found.
3 (223) Whether the sin of Adam is graver than the rest.
4 (224) Whether that sin was remitted to the first parents.
5 (225) How the sins of parents are and are not visited on their children.
[DISTINCTION XXXIV]
Ch. 1 (226) On actual sin.
2 (227) What was the origin and first cause of sin.
3 (228) What was the secondary cause of evils.
4 (229) That evil only exists in a good thing.
5 (230) That the rule of the dialecticians regarding opposites fails in these matters.
[DISTINCTION XXXV]
Ch. 1 (231) What is sin.
2 (232) On sin.
3 (233) Whether an evil action, insofar as it is a sin, is a corruption or privation of the good.
4 (234) How can sin corrupt a good thing, since it is nothing.
5 (235) How man distances himself from God.
6 (236) Whether privation of the good is a punishment.
[DISTINCTION XXXVI]
Ch. 1 (237) That some things are both sins and punishment of sin, some are sins and the cause of sin, but others are sins and the cause and punishment of sin.
2 (238) Whether sin, insofar as it is a sin, is punishment of sin.
3 (239) That not all sin is a punishment of sin.
4 (240) Whether some sins are essentially punishments of sin.
xliv * THE SENTENCES, BOOK 2 5 (241) That, although sin is also the punishment of sin, the sin is from man and the punishment is from God.
6 (242) On some things which are without doubt both sins and punishments, and insofar as we suffer them, they are not sins.
[DISTINCTION XXXVII]
Ch. 1 (243) That some hold that evil actions are in no way from God.
2 (244) In what sense it is said: God is not the author of evil.
[DISTINCTION XXXVIII]
Ch. 1 (245) On the will and its end.
2 (246) What is a good end, namely charity.
3 (247) That all good wills have one end, and yet some are allotted different ends.
4 (248) On the difference of will and intention and end.
[DISTINCTION XXXIX]
Ch. 1 (249) Since the will is one of the natural gifts, why is it said to be a sin, when none of the other natural gifts is a sin.
2 (250) Why an action of the will is a sin, if the actions of the other powers are not sins.
3 (251) In what sense is it said that any man naturally wills the good.
[DISTINCTION XL]
Ch. 1 (252) Whether all actions are to be weighed by their end so that, from affective disposition or end, they are all good or evil.
[DISTINCTION XLI]
Ch. 1 (253) Whether every intention and action of those who lack faith is evil.
2 (254) In what ways [something] is called good.
3 (255) How the statement µTo such a degree is a sin voluntary that it would in no way be [a sin] if it were not voluntary¶ is to be understood.
4 (256) And the statement: Sin is nowhere other than in the will.
5 (257) Also: There is no sinning apart from the will.
6 (258) That an evil will is a voluntary sin.
[DISTINCTION XLII]
Ch. 1 (259) Whether evil will and action in the same man concerning the same thing are one sin or several.
2 (260) Whether a sin committed by someone remains in him until he repents.
3 (261) In what ways liability is taken.
4 (262) On the modes of sinning.
5 (263) In what do fault and sin differ.
Chapter Headings * xlv 6 (264) On the seven principal vices.
7 (265) On pride.
8 (266) How [both] pride and cupidity is called the root of all evils, although pride is not cupidity.
[DISTINCTION XLIII]
Ch. 1 (267) On the sin against the Holy Spirit.
[DISTINCTION XLIV]
Ch. 1 (268) On the power to sin, whether it comes to man or to the devil from God.
2 (269) Whether power is sometimes to be resisted.
7KH 6HQWHQFHV %RRN
2Q &UHDWLRQ
+(5( %(*,16 7+( 6(&21' %22.
2Q WKH &UHDWLRQ DQG )RUPDWLRQ
RI &RUSRUHDO DQG 6SLULWXDO 7KLQJV
DQG 6HYHUDO 2WKHU 0DWWHUV 3HUWDLQLQJ WR 7KHP
,QVRIDU DV ZH KDYH EHHQ DEOH ZH KDYH GLOLJHQWO\ WUHDWHG WKRVH WKLQJV ZKLFK
DUH NQRZQ WR SHUWDLQ WR XQGHUVWDQGLQJ LI RQO\ LQ SDUW WKH P\VWHU\ RI WKH
GLYLQH XQLW\ DQG WULQLW\ 1RZ OHW XV SURFHHG WR WKH FRQVLGHUDWLRQ RI FUHDWXUHV
',67,1&7,21 , &KDSWHU +( 6+2:6 7+$7 7+(5( ,6 21/< 21( 35,1&,3/( >25 %(*,11,1*@ 2)
7+,1*6 $1' 127 0$1< $6 620( +$9( +(/'²%('( 6FULSWXUH LQGLFD
WLQJ WKH FUHDWLRQ RI WKLQJV VKRZV DW LWV RSHQLQJ WKDW *RG LV WKH FUHDWRU
DQG RULJLQ RI WLPH DQG RI DOO FUHDWXUHV YLVLEOH DQG LQYLVLEOH VD\LQJ ,Q
WKH EHJLQQLQJ *RG FUHDWHG KHDYHQ DQG HDUWK %\ WKHVH ZRUGV 0RVHV
LQVSLUHG E\ WKH VSLULW RI *RG UHSRUWV WKDW WKH ZRUOG ZDV PDGH E\ *RG WKH
&UHDWRU LQ D VLQJOH EHJLQQLQJ GHVWUR\LQJ WKH HUURU RI VRPH ZKR KROG WKDW
WKHUH KDYH EHHQ PDQ\ EHJLQQLQJV ZLWKRXW EHJLQQLQJ
675$%86 3/$72 $66(57(' 7+5(( 35,1&,3/(6 >25 %(*,11,1*6@
)RU 3ODWR KHOG WKDW WKHUH ZHUH WKUHH ILUVW SULQFLSOHV >RU EHJLQQLQJV@ QDPH
O\ *RG WKH DUFKHW\SH DQG PDWWHU DQG WKDW WKHVH ZHUH XQFUHDWHG ZLWKRXW
EHJLQQLQJ DQG WKDW *RG ZDV DV LW ZHUH DQ DUWLILFHU QRW D FUHDWRU
&KDSWHU %< :+$7 5($621 $ &5($725 ,6 3523(5/< &$//(' 68&+ $1' :+$7 ,7
,6 72 &5($7( $1' :+$7 72 0$.( )RU D FUHDWRU LV RQH ZKR PDNHV VRPH
WKLQJV IURP QRWKLQJ DQG SURSHUO\ VSHDNLQJ WR FUHDWH LV WR PDNH VRPH
&I &RU
*HQ &I RUGLQDU\ JORVV RQ *HQ TXRWLQJ %HGH /LEUL TXDWXRU LQ SULQFL
SLXP *HQHVLV
7+( 6(17(1&(6 %22.
WKLQJ IURP QRWKLQJ EXW WR PDNH LV WR SURGXFH VRPHWKLQJ QRW RQO\ IURP
QRWKLQJ EXW DOVR IURP PDWWHU $QG VR D PDQ RU DQ DQJHO LV VDLG WR PDNH
VRPH WKLQJV EXW QRW WR FUHDWH WKHP DQG KH LV FDOOHG D PDNHU RU DQ DUWLIL
FHU EXW QRW D FUHDWRU )RU WKLV QDPH LV SURSHUO\ VXLWDEOH RQO\ IRU *RG
ZKR PDNHV VRPH WKLQJV IURP QRWKLQJ DQG RWKHUV IURP VRPHWKLQJ $QG VR
KH LV FUHDWRU DQG DUWLVDQ DQG PDNHU %XW KH KDV UHWDLQHG WKH QDPH RI FUHD
WLRQ SURSHUO\ IRU KLPVHOI ZKLOH VKDULQJ WKH RWKHUV DOVR ZLWK FUHDWXUHV $QG
\HW LQ 6FULSWXUH FUHDWRU LV IUHTXHQWO\ WDNHQ LQ WKH VHQVH RI PDNHU DQG WR
FUHDWH LQ WKH VHQVH RI WR PDNH ZLWKRXW GLVWLQFWLRQ RI PHDQLQJ
&KDSWHU 7+$7 7+(6( 9(5%6 1$0(/< 72 0$.( $1' 72 '2 $1' 68&+/,.( $5( 127 6$,' 2) *2' )25 7+( 6$0( 5($621 $6 7+(< $5( 6$,' 2) &5($
785(6 $QG \HW LW LV WR EH NQRZQ WKDW WKHVH YHUEV QDPHO\ WR PDNH WR
FUHDWH WR GR DQG VXFKOLNH FDQQRW EH VDLG RI *RG IRU WKH VDPH UHDVRQ DV
WKH\ DUH VDLG RI FUHDWXUHV )RU ZKHQ ZH VD\ WKDW KH PDNHV VRPHWKLQJ ZH
GR QRW XQGHUVWDQG WKDW WKHUH LV LQ KLP DQ\ PRWLRQ LQ ZRUNLQJ RU DQ\
VXIIHULQJ LQ ODERXULQJ DV XVXDOO\ KDSSHQV WR XV ,QVWHDG ZH VLJQLI\ VRPH
QHZ HIIHFW RI KLV VHPSLWHUQDO ZLOO WKDW LV WKDW E\ KLV HWHUQDO ZLOO VRPH
WKLQJ QHZO\ H[LVWV
,1 :+$7 6(16( *2' ,6 6$,' 72 0$.( 620(7+,1* )RU ZKHQ KH LV
VDLG WR PDNH VRPHWKLQJ LW LV DV LI RQH VDLG WKDW VRPHWKLQJ LV QHZO\ KDS
SHQLQJ RU H[LVWLQJ DFFRUGLQJ WR KLV ZLOO RU E\ KLV ZLOO 1RW WKDW VRPHWKLQJ
QHZ LV KDSSHQLQJ LQ KLP EXW WKDW VRPHWKLQJ QHZ LV PDGH DV LW KDG EHHQ LQ
KLV HWHUQDO ZLOO ZLWKRXW DQ\ PRWLRQ RU FKDQJH RQ KLV SDUW :H KRZHYHU
DUH VDLG WR EH FKDQJHG E\ RXU ODERXU EHFDXVH ZH DUH PRYHG IRU ZH GR QRW
GR DQ\WKLQJ ZLWKRXW PRYHPHQW²$QG VR *RG LV VDLG WR PDNH RU GR VRPH
WKLQJ EHFDXVH KH LV WKH FDXVH RI WKLQJV ZKLFK DUH QHZO\ H[LVWHQW ZKHQ
QHZ WKLQJV ZKLFK GLG QRW H[LVW EHIRUH EHJLQ WR EH E\ KLV ZLOO ZLWKRXW
PRWLRQ RQ KLV SDUW DQG VR LW FDQQRW SURSHUO\ EH FDOOHG DQ DFWLRQ VLQFH DQ\
DFWLRQ FRQVLVWV RI PRWLRQ EXW LQ *RG WKHUH LV QR PRWLRQ DW DOO
+( 6+2:6 ,7 %< $1$/2*< 7KHUHIRUH MXVW DV LW KDSSHQV WKDW VRPH
WKLQJV DUH PDGH E\ WKH KHDW RI WKH VXQ EXW ZLWKRXW DQ\ PRWLRQ RU FKDQJH
LQ WKH VXQ RU LQ LWV KHDW VR QHZ WKLQJV KDYH WKHLU EHLQJ IURP WKH ZLOO RI
*RG ZLWKRXW FKDQJH LQ WKHLU DXWKRU ZKR LV WKH RQH DQG RQO\ SULQFLSOH RI
DOO WKLQJV
$5,6727/( >$66(57('@ 7+5(( 35,1&,3/(6²675$%86 %XW $ULVWRWOH
DVVHUWHG WZR SULQFLSOHV QDPHO\ PDWWHU DQG IRUP DQG D WKLUG ZKLFK KH
FDOOHG µRSHUDWRU\¶ >RU HIILFLHQW@ DOVR WKDW WKH ZRUOG DOZD\V LV DQG ZDV
&I $XJXVWLQH 'H 7ULQLWDWH EN F QQ
6HH HJ *HQ DQG *HQ (FFOL
'LVWLQFWLRQ ,
+( 7($&+(6 :+$7 ,6 &$7+2/,&²%('( 7KH +RO\ 6SLULW WR SXUJH
WKH HUURUV RI WKHVH PHQ DQG RWKHUV OLNH WKHP DQG WHDFK WKH GLVFLSOLQH RI
WUXWK ³VLJQLILHV WKDW *RG FUHDWHG WKH ZRUOG DW WKH EHJLQQLQJ RI WKH DJHV
DQG WKDW KH H[LVWHG HWHUQDOO\ EHIRUH DOO DJHV +H FRPPHQGV WKH HWHUQLW\
DQG RPQLSRWHQFH RI WKH RQH IRU ZKRP WR KDYH ZLOOHG LV WR PDNH´ EH
FDXVH DV ZH KDYH VDLG QHZ WKLQJV H[LVW E\ KLV ZLOO DQG JRRGQHVV²
$8*867,1( ,1 7+( (1&+,5,',21 $QG VR OHW XV EHOLHYH ³WKDW WKH FDXVH RI
FUHDWHG WKLQJV ERWK FHOHVWLDO DQG HDUWKO\ YLVLEOH DQG LQYLVLEOH LV QRWKLQJ
EXW WKH JRRGQHVV RI WKH &UHDWRU ZKR LV WKH RQH DQG WUXH *RG´ 6R JUHDW LV
KLV JRRGQHVV WKDW KH DV WKH PRVW KLJKO\ JRRG ZDQWHG RWKHUV WR EH VKDUHUV
LQ KLV EOHVVHGQHVV E\ ZKLFK KH LV HWHUQDOO\ EOHVVHG KH VDZ WKDW WKLV FRXOG
EH VKDUHG DQG VXIIHU QR GLPLQXWLRQ DW DOO $QG VR E\ JRRGQHVV DORQH DQG
QRW E\ QHFHVVLW\ KH ZLOOHG WR VKDUH WKDW JRRG ZKLFK KH KLPVHOI ZDV DQG
E\ ZKLFK KH ZDV EOHVVHG ZLWK DQRWKHU EHFDXVH LW SHUWDLQHG WR WKH PRVW
KLJKO\ JRRG WR ZDQW WR GR JRRG DQG WR WKH PRVW RPQLSRWHQW QRW WR EH DEOH
WR EH KDUPHG
&KDSWHU
:+< 7+( 5$7,21$/ &5($785( :$6 0$'( %XW QR RQH FDQ EH D VKDUHU
LQ KLV EOHVVHGQHVV ZKLFK LV KDG VR PXFK PRUH IXOO\ WKH PRUH LW LV XQGHU
VWRRG H[FHSW WKURXJK LQWHOOLJHQFH $QG VR *RG PDGH WKH UDWLRQDO FUHDWXUH
ZKLFK PLJKW XQGHUVWDQG WKH KLJKHVW JRRG DQG ORYH LW E\ XQGHUVWDQGLQJ LW
DQG SRVVHVV LW E\ ORYLQJ LW DQG HQMR\ LW E\ SRVVHVVLQJ LW
+2: 7+( 5$7,21$/ &5($785( ,6 ',67,1*8,6+(' $QG KH GLVWLQ
JXLVKHG LW LQ WKH IROORZLQJ ZD\ VR WKDW SDUW ZRXOG UHPDLQ LQ LWV SXULW\ DQG
QRW EH XQLWHG WR D ERG\ QDPHO\ WKH DQJHOV SDUW ZRXOG EH MRLQHG WR WKH
ERG\ QDPHO\ VRXOV )RU WKH UDWLRQDO FUHDWXUH ZDV GLVWLQJXLVKHG LQWR WKH
LQFRUSRUHDO DQG WKH FRUSRUHDO DQG WKH LQFRUSRUHDO LV FDOOHG DQJHO EXW WKH
FRUSRUHDO LV FDOOHG PDQ ZKR FRQVLVWV RI D UDWLRQDO VRXO DQG IOHVK $QG VR
WKH FRQGLWLRQ RI WKH UDWLRQDO FUHDWXUH KDG *RG¶V JRRGQHVV DV LWV ILUVW FDXVH
:+< 0$1 25 $1*(/ ,6 &5($7(' $QG VR LI LW LV DVNHG ZK\ PDQ RU
DQJHO LV FUHDWHG LW FDQ EH EULHIO\ DQVZHUHG EHFDXVH RI *RG¶V JRRGQHVV
+HQFH $XJXVWLQH LQ WKH ERRN 2Q &KULVWLDQ 'RFWULQH ³%HFDXVH *RG LV
JRRG ZH DUH DQG LQVRIDU DV ZH DUH ZH DUH JRRG´
)25 :+$7 ,6 7+( 5$7,21$/ &5($785( &5($7(' $QG LI LW LV DVNHG
IRU ZKDW LV WKH UDWLRQDO FUHDWXUH FUHDWHG DQVZHU WR SUDLVH *RG WR VHUYH
KLP WR HQMR\ KLP %\ WKHVH WKLQJV WKH FUHDWXUH SURILWV QRW *RG )RU *RG
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
$ERYH %N GLVW F
$XJXVWLQH (QFKLULGLRQ F
$XJXVWLQH 'H GRFWULQD FKULVWLDQD EN F Q
7+( 6(17(1&(6 %22.
ZKR LV SHUIHFW DQG ILOOHG ZLWK WKH KLJKHVW JRRGQHVV FDQ EH QHLWKHU LQ
FUHDVHG QRU GLPLQLVKHG $QG VR *RG¶V PDNLQJ RI WKH UDWLRQDO FUHDWXUH LV WR
EH UHIHUUHG WR WKH &UHDWRU¶V JRRGQHVV DQG WR WKH FUHDWXUH¶V XWLOLW\
9(5< %5,() $16:(5 72 7+( 48(67,21 2) :+< 25 )25 :+$7 7+(
5$7,21$/ &5($785( +$6 %((1 0$'( $QG VR ZKHQ LW LV DVNHG ZK\ RU IRU
ZKDW WKH UDWLRQDO FUHDWXUH KDV EHHQ PDGH LW PD\ EH DQVZHUHG PRVW EULHIO\
EHFDXVH RI *RG¶V JRRGQHVV DQG IRU LWV RZQ XWLOLW\ )RU LW LV XVHIXO IRU LW WR
VHUYH *RG DQG HQMR\ KLP $QG VR WKH DQJHO RU PDQ LV VDLG WR KDYH EHHQ
PDGH IRU *RG QRW EHFDXVH WKH FUHDWRU *RG DQG PRVW KLJKO\ EOHVVHG
QHHGHG WKH VHUYLFH RI DQRWKHU VLQFH KH GRHV QRW QHHG RXU JRRGV EXW VR
WKDW WKH FUHDWXUH PLJKW VHUYH DQG HQMR\ KLP WR VHUYH ZKRP LV WR UHLJQ
)RU LQ WKLV LW LV WKH VHUYDQW ZKR EHQHILWV DQG QRW WKH RQH ZKR LV VHUYHG
$6 0$1 :$6 0$'( 72 6(59( *2' 62 7+( :25/' :$6 0$'( 72
6(59( 0$1 $QG MXVW DV PDQ ZDV PDGH IRU *RG WKDW LV WR VHUYH KLP VR
WKH ZRUOG ZDV PDGH IRU PDQ QDPHO\ WR VHUYH KLP $QG VR PDQ ZDV SODFHG
LQ WKH PLGGOH VR WKDW KH PLJKW VHUYH DQG EH VHUYHG WKDW KH PLJKW WDNH
IURP ERWK DQG DOO PLJKW UHGRXQG WR WKH JRRG RI PDQ ERWK WKH REHGLHQFH
ZKLFK KH UHFHLYHV DQG WKDW ZKLFK KH H[WHQGV )RU *RG ZLOOHG WR EH VHUYHG
E\ PDQ LQ VXFK D ZD\ WKDW LW ZRXOG QRW EH *RG EXW WKH VHUYDQW PDQ ZKR
ZRXOG EHQHILW E\ WKDW VHUYLFH DQG KH ZLOOHG WKDW WKH ZRUOG VHUYH PDQ DQG
E\ WKDW WRR PDQ PLJKW EHQHILW
+2: $// 7+,1*6 $5( 2856 $QG VR DOO ZDV D JRRG IRU PDQ ERWK
ZKDW ZDV PDGH IRU KLP DQG WKDW IRU ZKLFK KH ZDV PDGH²$8*867,1(
)RU DV WKH $SRVWOH VD\V DOO WKLQJV DUH RXUV QDPHO\ WKH KLJKHU WKH HTXDO
DQG WKH ORZHU RQHV 7KH WKLQJV VXSHULRU WR XV DUH RXUV WR EH HQMR\HG DV
*RG WKH 7ULQLW\ WKH HTXDO RQHV DUH IRU WKH VKDULQJ RI OLIH ZLWK WKHP
QDPHO\ WKH DQJHOV ZKR DOWKRXJK WKH\ DUH QRZ VXSHULRU WR XV LQ IXWXUH
ZLOO EH RXU HTXDOV (YHQ QRZ WKH\ DUH RXUV EHFDXVH WKH\ DUH RXUV WR XVH
MXVW DV WKH SRVVHVVLRQV RI ORUGV DUH VDLG WR EH WKHLU VHUYDQWV¶ QRW E\ ULJKW
RI RZQHUVKLS EXW EHFDXVH WKH\ DUH WKHLUV WR XVH $QG WKH DQJHOV WKHP
VHOYHV LQ VRPH SDVVDJHV RI 6FULSWXUH DUH VDLG WR VHUYH XV ZKHQ WKH\ DUH
VHQW WR PLQLVWHU IRU RXU VDNH
&KDSWHU +2: ,7 ,6 620(7,0(6 6$,' ,1 6&5,3785( 7+$7 0$1 :$6 0$'( ,1 5(3$
5$7,21 )25 7+( )$// 2) 7+( $1*(/6 &RQFHUQLQJ PDQ LW LV DOVR VRPH
WLPHV IRXQG LQ 6FULSWXUH WKDW KH ZDV PDGH LQ UHSDUDWLRQ IRU WKH IDOO RI WKH
&I 3V
*UHJRU\ /LEHU VDFUDPHQWRUXP FROOHFW RI PDVV IRU SHDFH
&RU
6HH +HEU 3V
&RO 'HXW
'LVWLQFWLRQ ,
DQJHOV 7KLV LV QRW WR EH XQGHUVWRRG DV LI PDQ ZRXOG QRW KDYH EHHQ PDGH LI
WKH DQJHO KDG QRW VLQQHG EXW WKDW DPRQJ WKH RWKHU SULQFLSDO FDXVHV WKHUH
LV HYHQ LQ VRPH VPDOO ZD\ WKLV RQH²$QG VR VXSHULRU DQG HTXDO WKLQJV DUH
RXUV EXW ORZHU WKLQJV DUH DOVR RXUV EHFDXVH WKH\ ZHUH PDGH WR VHUYH XV
&KDSWHU
:+< 7+( 628/ :$6 81,7(' 72 7+( %2'< ,W LV DOVR XVXDO WR DVN VLQFH
WKH VRXO ZRXOG DSSHDU WR EH RI JUHDWHU GLJQLW\ LI LW KDG UHPDLQHG ZLWKRXW D
ERG\ ZK\ LW KDV EHHQ XQLWHG WR WKH ERG\
),567 &$86( 7R WKLV LW PD\ ILUVW EH DQVZHUHG EHFDXVH *RG ZLOOHG LW
DQG WKH FDXVH RI KLV ZLOO LV QRW WR EH VRXJKW
6(&21' >&$86(@ 6HFRQGO\ LW PD\ EH VDLG WKDW *RG ZLOOHG LW WR EH
XQLWHG WR WKH ERG\ VR WKDW KH PLJKW VKRZ IRUWK LQ WKH KXPDQ FRQGLWLRQ D
QHZ H[DPSOH RI WKH EOHVVHG XQLRQ WKDW LV EHWZHHQ *RG DQG VSLULW LQ ZKLFK
KH LV ORYHG ZLWK WKH ZKROH KHDUW DQG LV VHHQ IDFH WR IDFH )RU WKH FUHDWXUH
PLJKW WKLQN WKDW LW FRXOG QRW EHFRPH XQLWHG ZLWK LWV &UHDWRU ZLWK VXFK
FORVHQHVV DV WR ORYH DQG NQRZ KLP ZLWK LWV ZKROH PLQG LI LW GLG QRW VHH
WKH VSLULW ZKLFK LV D PRVW H[FHOOHQW FUHDWXUH XQLWHG LQ VXFK ORYH WR VXFK D
EDVH FUHDWXUH DV LV WKH IOHVK WKDW LW FDQQRW EH SUHVVHG WR ZLVK WR OHDYH LW
EHKLQG 7KH $SRVWOH VKRZV WKLV E\ VD\LQJ :H GR QRW ZLVK WR EH VWULSSHG
RI WKH ERG\ EXW WR EH FORWKHG DQHZ E\ WKLV LW LV VKRZQ WKDW WKH FUHDWHG
VSLULW LV XQLWHG LQ LQHIIDEOH ORYH WR WKH XQFUHDWHG 6SLULW
$V DQ H[DPSOH RI WKH IXWXUH IHOORZVKLS ZKLFK ZDV WR EH DFKLHYHG
EHWZHHQ *RG DQG WKH UDWLRQDO VSLULW LQ LWV JORULILFDWLRQ *RG MRLQHG WKH
VRXO WR FRUSRUHDO IRUPV DQG HDUWKO\ UHVWLQJ SODFHV DQG KH FDXVHG PXGG\
PDWWHU WR FRPH WR OLIH VR WKDW PDQ ZRXOG NQRZ WKDW LI *RG ZDV DEOH WR
MRLQ WRJHWKHU VXFK GLVSDUDWH QDWXUHV DV WKDW RI ERG\ DQG VRXO LQWR RQH
XQLRQ DQG LQ VXFK JUHDW IULHQGVKLS WKHQ LW ZRXOG QRW DW DOO EH LPSRVVLEOH
IRU KLP WR UDLVH XS WKH ORZOLQHVV RI WKH UDWLRQDO FUHDWXUH DOWKRXJK IDU
LQIHULRU WR SDUWLFLSDWLRQ LQ KLV JORU\²$QG VR DV DQ H[DPSOH WKH UDWLRQDO
VSLULW ZDV LQ SDUW KXPEOHG HYHQ WR EHLQJ MRLQHG WR DQ HDUWKO\ ERG\ >EXW@
OHVW LW VHHP H[FHHGLQJO\ ORZHUHG E\ WKLV *RG¶V SURYLGHQFH DGGHG WKDW
DIWHUZDUGV LW ZRXOG EH UDLVHG ZLWK WKDW YHU\ VDPH JORULILHG ERG\ WR WKH
IHOORZVKLS RI WKRVH ZKR KDG UHPDLQHG LQ WKHLU SXULW\ ,Q WKLV ZD\ ZKDW
HYHU LW KDG UHFHLYHG E\ WKH GLVSHQVDWLRQ RI LWV &UHDWRU DV OHVV LQ LWV FUHD
WLRQ LW ZRXOG DIWHUZDUGV UHFHLYH LQ LWV JORULILFDWLRQ E\ WKH JUDFH RI WKH
VDPH $QG VR WKH FUHDWLQJ *RG DVVLJQHG UDWLRQDO VSLULWV WR GLIIHUHQW ORWV
DFFRUGLQJ WR WKH GLVFUHWLRQ RI KLV ZLOO +H HVWDEOLVKHG D KHDYHQO\ UHVWLQJ
&I DERYH %N GLVW F Q
0W &RU &RU
7+( 6(17(1&(6 %22.
SODFH IRU WKRVH ZKRP KH OHIW DERYH LQ WKHLU SXULW\ DQG DQ HDUWKO\ KDELWD
WLRQ IRU WKRVH ZKRP KH MRLQHG WR HDUWKO\ ERGLHV EHORZ +H VHW EHIRUH HDFK
WKH UXOH RI REHGLHQFH VR WKDW WKH IRUPHU VKRXOG QRW IDOO IURP WKH SODFH
ZKHUH WKH\ ZHUH DQG WKH ODWWHU VKRXOG EH DEOH WR DVFHQG IURP WKH SODFH
ZKHUH WKH\ ZHUH WR WKH RQH ZKHUH WKH\ ZHUH QRW $QG VR *RG PDGH PDQ
IURP D GRXEOH VXEVWDQFH VKDSLQJ WKH ERG\ IURP WKH HDUWK EXW PDNLQJ WKH
VRXO IURP QRWKLQJ
7+,5' >&$86(@ 6RXOV ZHUH DOVR XQLWHG WR ERGLHV VR WKDW E\ VHUYLQJ
*RG LQ WKHP WKH\ PLJKW GHVHUYH D JUHDWHU FURZQ
$)7(5 7+( 0<67(5< 2) 7+( 75,1,7< :( 0867 75($7 7+( 7+5(( )2/' &5($785( $1' ),567 7+( :257+,(5 21( 7+$7 ,6 7+( $1*(/,&
)URP WKH IRUHJRLQJ LW DSSHDUV WKDW WKH UDWLRQDO FUHDWXUH LV GLVWLQJXLVKHG
LQWR WKH DQJHOLF DQG WKH KXPDQ RI ZKRP WKH ILUVW WKDW LV WKH DQJHOLF RQH
LV ZKROO\ VSLULWXDO WKH VHFRQG WKDW LV WKH KXPDQ RQH LV LQ SDUW VSLULWXDO
DQG LQ SDUW FRUSRUHDO²$QG VLQFH ZH PXVW WUHDW WKHVH QDPHO\ WKH VSLULWX
DO DQG FRUSRUHDO FUHDWXUH DQG WKH UDWLRQDO DQG WKH QRQUDWLRQDO RQH LW
VHHPV WKDW ZH PXVW ILUVW WUHDW WKH UDWLRQDO DQG VSLULWXDO RQH WKDW LV WKH
DQJHOV VR WKDW RXU UHDVRQ PD\ PRYH IURP JD]LQJ XSRQ WKH &UHDWRU WR D
NQRZOHGJH RI WKH ZRUWKLHU FUHDWXUH $IWHUZDUGV LW ZLOO GHVFHQG WR D
FRQVLGHUDWLRQ RI WKH FRUSRUHDO FUHDWXUH ERWK WKH RQH ZKLFK LV UDWLRQDO
DQG WKH RQH ZKLFK LV QRW VR WKDW WKH WHDFKLQJ UHJDUGLQJ WKH WKUHHIROG
FUHDWXUH DQG ZKDWHYHU VKDSHV DQG WRXFKHV LW PD\ IROORZ WKH P\VWHU\ RI
WKH XQFUHDWHG 7ULQLW\
',67,1&7,21 ,, &KDSWHU :+$7 7+,1*6 $5( 72 %( &216,'(5(' &21&(51,1* 7+( $1*(/6
&RQFHUQLQJ WKH DQJHOLF QDWXUH WKHVH WKLQJV DUH WR EH FRQVLGHUHG ILUVW
ZKHQ LW ZDV FUHDWHG DQG ZKHUH DQG WKH TXDOLWLHV LW KDG ZKHQ LW ZDV ILUVW
PDGH WKHQ KRZ LW ZDV DIIHFWHG E\ WKH GHIHFWLRQ RI VRPH DQG WKH FRQYHU
VLRQ RI RWKHUV DOVR VRPH WKLQJV DUH WR EH VDLG DERXW WKHLU H[FHOOHQFH DQG
RUGHUV DQG WKH GLIIHUHQFH RI WKHLU JLIWV DQG WKHLU IXQFWLRQV DQG QDPHV DQG
VHYHUDO RWKHU PDWWHUV
),567 +( 6$<6 :+(1 7+( $1*(/6 :(5( 0$'( 21 :+,&+ 7+( $8
7+25,7,(6 6((0 72 &2175$',&7 ($&+ 27+(5 6RPH DXWKRULWLHV DSSHDU WR
LQGLFDWH WKDW DQJHOV ZHUH FUHDWHG EHIRUH DQ\ RWKHU FUHDWXUH +HQFH WKH
VWDWHPHQW :LVGRP ZDV FUHDWHG ILUVW RI DOO WKLQJV ZKLFK LV XQGHUVWRRG WR
UHIHU WR WKH DQJHOLF QDWXUH ZKLFK LQ 6FULSWXUH LV RIWHQ FDOOHG OLIH ZLVGRP
(FFOL
'LVWLQFWLRQ ,,
DQG OLJKW )RU WKDW ZLVGRP ZKLFK LV *RG LV QRW FUHDWHG WKH 6RQ LV WKH
ZLVGRP EHJRWWHQ RI WKH )DWKHU QHLWKHU PDGH QRU FUHDWHG DQG WKH HQWLUH
7ULQLW\ LV RQH ZLVGRP ZKLFK LV QHLWKHU PDGH QRU FUHDWHG QHLWKHU EHJRWWHQ
QRU SURFHHGLQJ $QG VR WKDW WH[W LV WR EH WDNHQ WR DSSO\ WR WKH OLIH RI
DQJHOV RI ZKLFK 6FULSWXUH VD\V ZKHQ LW ZDV PDGH QDPHO\ ILUVW RI DOO
WKLQJV²%XW DJDLQ DQRWKHU WH[W RI 6FULSWXUH VD\V ,Q WKH EHJLQQLQJ *RG
FUHDWHG KHDYHQ DQG HDUWK DQG LQ WKH 3URSKHW $W WKH EHJLQQLQJ \RX
/RUG HVWDEOLVKHG WKH HDUWK DQG WKH KHDYHQV DUH WKH ZRUN RI \RXU KDQGV
²6RPH FRQWUDGLFWLRQ VHHPV WR DULVH IURP WKHVH DVVHUWLRQV )RU LI ZLVGRP
ZDV FUHDWHG ILUVW RI DOO WKLQJV DOO WKLQJV DSSHDU WR KDYH EHHQ PDGH DIWHU LW
DQG VR KHDYHQ DQG HDUWK DSSHDU WR KDYH EHHQ PDGH DIWHU LW DQG LW VHHPV WR
KDYH EHHQ PDGH EHIRUH KHDYHQ DQG HDUWK $JDLQ LI LQ WKH EHJLQQLQJ *RG
FUHDWHG KHDYHQ DQG HDUWK QRWKLQJ ZDV PDGH EHIRUH KHDYHQ DQG HDUWK DQG
HYHQ ZLVGRP LWVHOI ZDV QRW PDGH EHIRUH KHDYHQ DQG HDUWK 7KHUHIRUH
VLQFH WKHVH SDVVDJHV DSSHDU WR EH FRQWUDGLFWRU\ DQG VLQFH LW LV QRW SURSHU
WR WKLQN WKDW WKHUH LV DQ\ FRQWUDGLFWLRQ LQ GLYLQH 6FULSWXUH OHW XV VHHN DQ
XQGHUVWDQGLQJ RI WKH WUXWK
+( 7($&+(6 :+$7 ,6 72 %( +(/' $1' '(7(50,1(6 7+( $87+25,7,(6
&,7(' $%29( $QG VR LW VHHPV WKDW LW PXVW EH KHOG WKDW WKH VSLULWXDO FUHD
WXUH WKDW LV WKH DQJHOLF RQH DQG WKH FRUSRUHDO RQH ZHUH FUHDWHG WRJHWKHU
LQ WKLV VHQVH ZH PD\ WDNH WKDW WH[W RI 6RORPRQ 7KH RQH ZKR OLYHV LQ HWHU
QLW\ FUHDWHG DOO WKLQJV WRJHWKHU WKDW LV VSLULWXDO DQG FRUSRUHDO QDWXUH
$QG VR WKH DQJHOV ZHUH QRW FUHDWHG HDUOLHU LQ WLPH WKDQ WKH FRUSRUHDO PDW
WHU RI WKH IRXU HOHPHQWV $QG \HW ZLVGRP ZDV FUHDWHG ILUVW RI DOO WKLQJV
EHFDXVH LI QRW LQ WLPH LW VWLOO KDV SUHFHGHQFH LQ GLJQLW\
+( &21),506 %< $87+25,7< 7+$7 &25325($/ $1' 63,5,78$/ &5($
785(6 :(5( &5($7(' 72*(7+(5 $XJXVWLQH 2Q *HQHVLV PDQLIHVWO\
VKRZV WKDW FRUSRUHDO DQG VSLULWXDO FUHDWXUHV ZHUH FUHDWHG WRJHWKHU VD\LQJ
WKDW E\ KHDYHQ DQG HDUWK DUH WR EH XQGHUVWRRG WKH VSLULWXDO DQG FRUSRUHDO
FUHDWXUHV DQG WKHVH ZHUH FUHDWHG LQ WKH EHJLQQLQJ QDPHO\ RI WLPH RU LQ
WKH EHJLQQLQJ EHFDXVH WKH\ ZHUH PDGH ILUVW
$FFRUGLQJ WR HJ $XJXVWLQH &RQIHVVLRQHV EN F Q
&I DERYH %N GLVW FF
&I RUGLQDU\ JORVV RQ *HQ IURP $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
Q *HQ 3V (FFO
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ DQG F Q
7+( 6(17(1&(6 %22.
&KDSWHU 7+$7 127+,1* :$6 0$'( %()25( +($9(1 $1' ($57+ 127 (9(1 7,0(
)25 7+(6( :(5( &5($7(' :,7+ 7,0( %87 127 )520 7,0( )RU EHIRUH
WKHP QRWKLQJ ZDV PDGH 1RW HYHQ WLPH ZDV PDGH EHIRUH WKH VSLULWXDO
QDWXUH QDPHO\ WKH DQJHOLF RQH DQG EHIRUH WKH FRUSRUHDO RQH QDPHO\ WKDW
PDWWHU FRPSRVHG RI WKH IRXU HOHPHQWV )RU WKH\ ZHUH FUHDWHG ZLWK WLPH
QRW IURP WLPH RU LQ WLPH MXVW DV WLPH LWVHOI ZDV QRW FUHDWHG LQ WLPH EH
FDXVH WLPH GLG QRW H[LVW EHIRUH KHDYHQ DQG HDUWK²+HQFH $XJXVWLQH 2Q
WKH 7ULQLW\ VD\V WKDW *RG ZDV ORUG EHIRUH WLPH H[LVWHG DQG KH GLG QRW
EHJLQ WR EH ORUG LQ WLPH EHFDXVH KH ZDV ORUG RI WLPH ZKHQ WLPH EHJDQ WR
EH DQG FHUWDLQO\ WLPH GLG QRW EHJLQ WR EH LQ WLPH EHFDXVH WLPH GLG QRW
H[LVW EHIRUH WLPH EHJDQ
&KDSWHU 7+$7 &25325($/ $1' 63,5,78$/ &5($785(6 %(*$1 72*(7+(5 :,7+
7,0( $1' 7+( :25/' $QG VR FRUSRUHDO DQG VSLULWXDO FUHDWXUHV ZHUH PDGH
WRJHWKHU ZLWK WLPH DQG WRJHWKHU ZLWK WKH ZRUOG WKH DQJHOLF FUHDWXUH GLG
QRW H[LVW EHIRUH WKH ZRUOG EHFDXVH DV $XJXVWLQH VD\V ³QR FUHDWXUH LV EH
IRUH WKH DJHV EXW IURP WKH DJHV´ ZLWK ZKLFK LW EHJDQ
-(520( 6((06 72 &2175$',&7 7+,6 $6 ,) $1*(/6 :(5( %()25(
7,0( $QG \HW -HURPH LQ 2Q WKH (SLVWOH WR 7LWXV VHHPV WR IHHO RWKHUZLVH
VD\LQJ ³1RW HYHQ VL[ WKRXVDQG \HDUV RI RXU WLPH KDYH SDVVHG EXW KRZ
PDQ\ HWHUQLWLHV KRZ PDQ\ DJHV KRZ PDQ\ RULJLQV RI DJHV VKDOO ZH DG
MXGJH WR KDYH SDVVHG GXULQJ ZKLFK $QJHOV 7KURQHV 'RPLQDWLRQV DQG WKH
RWKHU RUGHUV VHUYHG *RG ZLWKRXW FKDQJHV DQG PHDVXUHV RI WLPHV DQG
SHUGXUHG E\ *RG¶V FRPPDQG"´ 6RPH ZKR KDYH DJUHHG ZLWK WKHVH ZRUGV
KDYH VDLG WKDW ZRUOGO\ WLPH EHJDQ ZLWK WKH ZRUOG EXW WKDW WKHUH ZDV DQ
HWHUQDO DQG FKDQJHOHVV WLPH EHIRUH WKH ZRUOG 7KH\ VD\ WKDW LW ZDV LQ WKDW
RWKHU WLPH WKDW WKH DQJHOV ZLWKRXW FKDQJH DQG WLPH H[LVWHG DQG VHUYHG
*RG DW KLV FRPPDQG
%XW WR WKH EHVW RI RXU SRZHU RI FRPSUHKHQVLRQ ZH DSSURYH PRUH
ZKDW ZDV VDLG HDUOLHU \HW SUHVHUYLQJ RXU UHYHUHQFH IRU WKH P\VWHULHV DERXW
ZKLFK QRWKLQJ LV WR EH VDLG SUHVXPSWXRXVO\ DQG ZH DGMXGJH WKDW LQ WKDW
WH[W -HURPH ZDV QRW UHSRUWLQJ KLV RZQ YLHZ EXW WKH RSLQLRQ RI RWKHUV
$XJXVWLQH 'H 7ULQLWDWH EN F Q VHH %N GLVW F QQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
-HURPH ,Q 7LWXP
'LVWLQFWLRQ ,,
&KDSWHU :+(5( 7+( $1*(/6 :(5( $)7(5 7+(< :(5( &5($7(' 1$0(/< ,1 7+(
(03<5($1 :+,&+ $6 6221 $6 ,7 :$6 0$'( :$6 ),//(' :,7+ $1*(/6 ,W
KDV DOUHDG\ EHHQ VKRZQ ZKHQ WKH DQJHOLF QDWXUH ZDV FUHDWHG QRZ ZH
PXVW WXUQ RXU DWWHQWLRQ WR ZKHUH LW ZDV PDGH
%\ WKH WHVWLPRQLHV RI VRPH DXWKRULWLHV LW LV FOHDUO\ VKRZQ WKDW EHIRUH
WKHLU IDOO DQJHOV ZHUH LQ KHDYHQ DQG WKDW VRPH IHOO IURP WKHUH WR UXLQ EH
FDXVH RI SULGH EXW WKRVH ZKR GLG QRW VLQ UHPDLQHG WKHUH +HQFH WKH /RUG
VD\V LQ WKH *RVSHO , ZDWFKHG DV 6DWDQ IHOO IURP KHDYHQ OLNH D OLJKWQLQJ
EROW +HDYHQ KHUH GRHV QRW VWDQG IRU WKH ILUPDPHQW ZKLFK ZDV PDGH RQ
WKH VHFRQG GD\ EXW IRU WKDW VSOHQGLG KHDYHQ ZKLFK LV FDOOHG HPS\UHDQ
WKDW LV ILHU\ IURP LWV VSOHQGRXU QRW LWV KHDW ZKLFK ZDV ILOOHG ZLWK DQJHOV
DV VRRQ DV LW ZDV PDGH DQG ZKLFK LV DERYH WKH ILUPDPHQW
6RPH H[SRVLWRUV RI VDFUHG 6FULSWXUH ZLVK WR XQGHUVWDQG WKH HPS\UHDQ
E\ WKH QDPH µKHDYHQ¶ ZKHUH 6FULSWXUH VD\V ,Q WKH EHJLQQLQJ *RG FUHDWHG
KHDYHQ DQG HDUWK²675$%86 6WUDEXV VD\V ³,W GRHV QRW KHUH FDOO KHDYHQ
WKH YLVLEOH ILUPDPHQW EXW UDWKHU WKH HPS\UHDQ WKDW LV WKH ILHU\ RU LQWHO
OHFWXDO RQH ZKLFK LV VR FDOOHG QRW IURP LWV KHDW EXW IURP LWV VSOHQGRXU
DQG ZKLFK ZDV ILOOHG ZLWK DQJHOV DV VRRQ DV LW ZDV PDGH +HQFH :KHQ WKH
PRUQLQJ VWDUV SUDLVHG PH´ HWF²%('( &RQFHUQLQJ WKLV %HGH WRR
VSHDNV DV IROORZV ³7KLV KLJKHU KHDYHQ ZKLFK LV VHSDUDWH IURP WKH LQVWD
ELOLW\ RI WKH ZRUOG ZDV ILOOHG ZLWK KRO\ DQJHOV DV VRRQ DV LW ZDV FUHDWHG
WKH /RUG DWWHVWV WKDW WKHVH ZHUH HVWDEOLVKHG LQ WKH EHJLQQLQJ ZLWK KHDYHQ
DQG HDUWK VD\LQJ :KHUH ZHUH \RX ZKHQ WKH PRUQLQJ VWDUV SUDLVHG PH
DQG DOO WKH FKLOGUHQ RI *RG UHMRLFHG" +H FDOOV WKRVH VDPH DQJHOV PRUQLQJ
VWDUV DQG FKLOGUHQ RI *RG )RU WKH KHDYHQ LQ ZKLFK WKRVH ERGLHV WKDW JLYH
XV OLJKW ZHUH SODFHG´ ZDV QRW PDGH LQ WKH EHJLQQLQJ EXW RQ WKH VHFRQG
GD\²)URP WKHVH FRPPHQWV LW LV FOHDU WKDW DOO WKH DQJHOV ZHUH LQ WKH
HPS\UHDQ EHIRUH WKH IDOO RI VRPH RI WKHP DQG WKDW WKH DQJHOV ZHUH FUHDWHG
VLPXOWDQHRXVO\ ZLWK WKH HPS\UHDQ KHDYHQ DQG ZLWK WKH IRUPOHVV PDWWHU RI
DOO FRUSRUHDO FUHDWXUHV
/N &I *HQ *HQ -RE
2UGLQDU\ JORVV RQ *HQ
-RE
2UGLQDU\ JORVV RQ *HQ VXPPDUL]HG IURP %HGH /LEUL TXDWXRU LQ SULQFLSLXP
*HQHVLV
7+( 6(17(1&(6 %22.
&KDSWHU 7+$7 7+( 0$77(5 2) 9,6,%/( 7+,1*6 $1' 7+( 1$785( 2) ,19,6,%/( 7+,1*6 :(5( &5($7(' 72*(7+(5 $1' ($&+ 2) 7+(0 :$6 )250/(66 ,1
5(*$5' 72 620(7+,1* $1' )250(' ,1 5(*$5' 72 620(7+,1* (/6(
$QG VR WKH PDWWHU RI YLVLEOH WKLQJV DQG WKH QDWXUH RI LQYLVLEOH WKLQJV ZHUH
HVWDEOLVKHG WRJHWKHU DQG HDFK RI WKHP ZDV IRUPOHVV LQ UHJDUG WR VRPH
WKLQJ DQG IRUPHG LQ UHJDUG WR VRPHWKLQJ HOVH )RU WKH FRQIXVHG DQG LQ
GLVFULPLQDWHO\ PL[HG PDWWHU RI FRUSRUHDO WKLQJV ZKLFK LV FDOOHG FKDRV LQ
*UHHN LQ WKDW EHJLQQLQJ RI LWV RULJLQDO FRQGLWLRQ KDG WKH IRUP RI FRQIX
VLRQ DQG GLG QRW KDYH WKH IRUP RI GLIIHUHQWLDWLRQ DQG VHSDUDWLRQ LQWR SDUWV
XQWLO DIWHU LW ZDV IRUPHG DQG DVVXPHG GLIIHUHQW VSHFLHV 6LPLODUO\ WKH VSL
ULWXDO DQG DQJHOLF QDWXUH ZDV IRUPHG LQ LWV FRQGLWLRQ DFFRUGLQJ WR D VWDWH
RI QDWXUH DQG GLG QRW \HW KDYH WKDW IRUP ZKLFK LW ZRXOG DIWHUZDUGV WDNH
WKURXJK ORYH DQG FRQYHUVLRQ WRZDUG LWV &UHDWRU DQG ZDV IRUPOHVV ZLWKRXW
LW²+HQFH $XJXVWLQH H[SRXQGLQJ WKH DIRUHVDLG ZRUGV RI *HQHVLV LQ
PDQ\ GLIIHUHQW ZD\V VD\V WKDW E\ KHDYHQ LV XQGHUVWRRG ³WKH IRUPOHVV
QDWXUH RI WKH VSLULWXDO OLIH DV LW FDQ H[LVW LQ LWVHOI EHIRUH WXUQLQJ WR WKH
&UHDWRU LQ ZKRP LW LV IRUPHG DQG E\ HDUWK FRUSRUHDO PDWWHU ZLWKRXW DQ\
TXDOLW\ WKDW DSSHDUV LQ IRUPHG PDWWHU´
&KDSWHU ,1 :+$7 6(16( /8&,)(5 $&&25',1* 72 ,6$,$6 6$<6 , :,// $6&(1'
,172 +($9(1 (7& 6,1&( +( :$6 ,1 +($9(1 ,W LV XVXDO WR DVN KHUH LI WKH
DQJHOV ZHUH LQ WKH HPS\UHDQ KHDYHQ DV VRRQ DV WKH\ ZHUH PDGH KRZ /XFL
IHU DV ZH UHDG LQ ,VDLDV VD\V , ZLOO DVFHQG LQWR KHDYHQ , ZLOO H[DOW P\
WKURQH DQG , ZLOO EH OLNH WKH 0RVW +LJK²+( 5(62/9(6 ,7 %XW WKHUH
/XFLIHU FDOOV KHDYHQ *RG¶V KLJKQHVV WR ZKLFK KH ZDQWHG WR EH HTXDO DQG
VR LQ WKLV LQVWDQFH , ZLOO DVFHQG LQWR KHDYHQ WKDW LV WR HTXDOLW\ ZLWK *RG
',67,1&7,21 ,,, &KDSWHU :+$7 48$/,7,(6 7+( $1*(/6 >+$' :+(1 7+(<@ :(5( 0$'( )285
7+,1*6 :(5( $//277(' 72 7+(0 $7 7+( 9(5< %(*,11,1* 2) 7+(,5 (6
7$%/,6+0(17 6HH LW KDV EHHQ VKRZQ ZKHUH WKH DQJHOV ZHUH DV VRRQ DV
WKH\ ZHUH FUHDWHG QRZ LW IROORZV WKDW ZH LQYHVWLJDWH ZKDW TXDOLWLHV WKH\
>KDG ZKHQ WKH\@ ZHUH PDGH DW WKH YHU\ EHJLQQLQJ RI WKHLU HVWDEOLVKPHQW
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
'LVWLQFWLRQ ,,,
$QG IRXU WKLQJV VHHP FHUWDLQO\ WR KDYH EHHQ WKHLU DWWULEXWHV DW WKH EH
JLQQLQJ RI WKHLU H[LVWHQFH QDPHO\ D VLPSOH HVVHQFH WKDW LV DQ LQGLYLVLEOH
DQG LPPDWHULDO RQH D GLVWLQFW SHUVRQDO LGHQWLW\ DQG WKURXJK D QDWXUDO
O\ LQQDWH UHDVRQ LQWHOOLJHQFH PHPRU\ DQG ZLOO RU ORYH DOVR IUHH FKRLFH
WKDW LV WKH IUHH IDFXOW\ RI WXUQLQJ WKH ZLOO HLWKHU WR JRRG RU WR HYLO IRU
WKURXJK IUHH FKRLFH ZLWKRXW YLROHQFH DQG FRPSXOVLRQ WKH\ ZHUH DEOH WR
WXUQ WRZDUG HLWKHU E\ WKHLU RZQ ZLOO
&KDSWHU :+(7+(5 $// 7+( $1*(/6 :(5( (48$/ ,1 7+5(( 7+,1*6 1$0(/< ,1
(66(1&( :,6'20 $1' )5(('20 2) &+2,&( +HUH LW LV WR EH FRQVLGHUHG
ZKHWKHU DOO >WKH DQJHOV@ ZHUH HTXDO LQ VSLULWXDO VXEVWDQFH DQG UDWLRQDO
ZLVGRP DQG IUHHGRP RI ZLOO ZKLFK ZHUH SUHVHQW LQ DOO RI WKHP VR WKH
ILUVW FRQVLGHUDWLRQ ZLOO EH RI VXEVWDQFH WKH VHFRQG RI IRUP WKH WKLUG RI
SRZHU )RU SHUVRQ LV D VXEVWDQFH ZLVGRP LV D IRUP DQG IUHHGRP RI
FKRLFH LV D SRZHU DQG WR VXEVWDQFH VXUHO\ SHUWDLQV ILQHQHVV RI QDWXUH EXW
WR IRUP SHUVSLFDFLW\ RI WKH LQWHOOLJHQFH DQG WR SRZHU WKH DSWLWXGH RI WKH
UDWLRQDO ZLOO
+(5( +( 6$<6 7+$7 7+(< ',))(5(' ,1 7+(6( 7+,1*6 $QG VR WKRVH
UDWLRQDO HVVHQFHV ZKR ZHUH SHUVRQV DQG VSLULWV VLPSOH E\ QDWXUH DQG LP
PRUWDO LQ WKHLU OLIH DUH ULJKWO\ XQGHUVWRRG WR KDYH KDG D GLIIHUHQW ILQHQHVV
RI HVVHQFH DQG D GLIIHUHQW SHUVSLFDFLW\ RI ZLVGRP DQG D GLIIHUHQW DSWLWXGH
IRU FKRLFH
+( 6+2:6 7+$7 ,7 ,6 62 %< $1$/2*< 72 %2',(6 ,Q ERGLHV WKHUH LV
VRPH GLIIHUHQFH DFFRUGLQJ WR HVVHQFH DQG IRUP DQG ZHLJKW IRU VRPH KDYH
D EHWWHU DQG ZRUWKLHU HVVHQFH DQG IRUP WKDQ RWKHUV DQG VRPH DUH OLJKWHU
DQG PRUH DJLOH WKDQ RWKHUV 7KHUHIRUH LW LV WR EH EHOLHYHG WKDW LQ WKH VDPH
ZD\ WKRVH VSLULWXDO QDWXUHV DW WKH EHJLQQLQJ RI WKHLU HVWDEOLVKPHQW UH
FHLYHG GLIIHUHQFHV VXLWDEOH WR WKHLU SXULW\ DQG H[FHOOHQFH LQ WKHLU HVVHQFH
IRUP DQG SRZHU $V D UHVXOW RI WKHVH GLIIHUHQFHV VRPH ZHUH PDGH VXSHUL
RU DQG VRPH LQIHULRU WR RWKHUV E\ WKH ZLVGRP RI *RG ZKR FRQIHUV JUHDWHU
JLIWV RQ VRPH DQG OHVVHU RQHV RQ RWKHUV VR WKDW WKRVH ZKR DW WKDW WLPH
H[FHOOHG WKH UHVW WKURXJK WKHLU QDWXUDO JRRGV VKRXOG DIWHUZDUGV DOVR EH SUH
HPLQHQW RYHU WKHP WKURXJK WKH JLIWV RI JUDFH )RU WKRVH ZKR ZHUH FUHDWHG
ILQHU LQ WKHLU QDWXUH DQG PRUH IDUVHHLQJ LQ WKHLU ZLVGRP DOVR ZHUH HQ
GRZHG ZLWK JUHDWHU JLIWV RI JUDFH DQG ZHUH HVWDEOLVKHG DV PRUH H[FHOOHQW
WKDQ WKH RWKHUV LQ GLJQLW\ %XW WKRVH ZKR ZHUH HVWDEOLVKHG DV OHVV ILQH LQ
QDWXUH DQG OHVV IDUVHHLQJ LQ ZLVGRP UHFHLYHG OHVVHU JLIWV RI JUDFH DQG
ZHUH HVWDEOLVKHG DV OHVV H[FHOOHQW E\ WKH ZLVGRP RI *RG ZKR RUGHUV DOO
WKLQJV ZLWK HTXLWDEOH UXOH
,1 5(63(&7 72 :+$7 ,6 7+( ',))(5(1&( ,1 7+( 32:(5 2) &+2,&( 72
%( &216,'(5(' 7KH GLIIHUHQFH LQ WKH SRZHU RI FKRLFH LWVHOI LV WR EH SHU
7+( 6(17(1&(6 %22.
FHLYHG DFFRUGLQJ WR WKH GLIIHUHQW SRZHU RI QDWXUH DQG WKH GLIIHUHQW IRUFH
RI NQRZOHGJH DQG LQWHOOLJHQFH
7+$7 $ /(66(5 5(),1(0(17 2) (66(1&( $ /(66(5 &2035(+(16,21 2) :,6'20 $1' $ /(66(5 )5(('20 '2 127 5(63(&7,9(/< ,1'8&(
:($.1(66 ,*125$1&( 25 1(&(66,7< $QG MXVW DV D GLIIHUHQW YLJRXU DQG
UHILQHPHQW RI QDWXUH GRHV QRW OHDG WR ZHDNQHVV DQG D OHVVHU FRPSUHKHQ
VLRQ RI ZLVGRP GRHV QRW HQJHQGHU LJQRUDQFH VR D OHVVHU IUHHGRP GRHV QRW
LPSRVH DV QHFHVVDU\ DQ\ H[HUFLVH RI WKH ZLOO XSRQ WKH IDFXOW\ RI FKRLFH
&KDSWHU
:+$7 7+,1*6 7+( $1*(/6 +$' $6 &20021 $1' (48$/ $QG MXVW DV WKH
DQJHOV GLIIHUHG LQ WKH IRUHJRLQJ VR WKH\ DOVR KDG VRPH WKLQJV DV FRPPRQ
DQG HTXDO 7KDW WKH\ ZHUH VSLULWV DQG WKDW WKH\ ZHUH LQGHVWUXFWLEOH DQG
LPPRUWDO WKLV ZDV HTXDO DQG FRPPRQ WR DOO %XW LQ UHILQHPHQW RI HVVHQFH
DQG XQGHUVWDQGLQJ RI ZLVGRP DQG IUHHGRP RI ZLOO WKH\ ZHUH GLIIHUHQW
$V IRU WKHVH LQWHOOLJLEOH GLIIHUHQFHV RI WKHVH LQYLVLEOH QDWXUHV KH DORQH
ZDV DEOH WR XQGHUVWDQG DQG ZHLJK WKHP ZKR PDGH DOO WKLQJV LQ ZHLJKW
QXPEHU DQG PHDVXUH
&KDSWHU :+(7+(5 7+( $1*(/6 :(5( &5($7(' *22' 25 (9,/ -867 25 81-867 $1' :+(7+(5 7+(5( :$6 $1< '(/$< %(7:((1 7+(,5 &5($7,21 $1'
)$// 7KDW WRR VHHPV ZRUWK\ RI LQYHVWLJDWLRQ ZKLFK LV XVXDO IRU PDQ\ WR
DVN ZKHWKHU WKH DQJHOV ZHUH FUHDWHG JRRG RU HYLO MXVW RU XQMXVW DQG
ZKHWKHU WKHUH ZDV DQ\ GHOD\ EHWZHHQ WKHLU FUHDWLRQ DQG IDOO RU ZKHWKHU
WKH\ IHOO ZLWKRXW GHOD\ DW WKH YHU\ EHJLQQLQJ RI FUHDWLRQ
7+( 23,1,21 2) 620( :+2 6$< 7+$7 7+( $1*(/6 :(5( &5($7(' ,1 >$ 67$7( 2)@ :,&.('1(66 $1' 7+$7 7+(< )(// 72 58,1 :,7+287 $1<
'(/$< )RU VRPH KDYH KHOG WKDW WKH DQJHOV ZKR IHOO ZHUH FUHDWHG HYLO DQG
WKDW WKH\ GLG QRW WXUQ WR ZLFNHGQHVV E\ WKHLU IUHH ZLOO EXW WKDW WKH\ ZHUH
PDGH E\ *RG LQ WKHLU >VWDWH RI@ ZLFNHGQHVV DQG WKDW WKHUH ZDV QR GHOD\
EHWZHHQ WKHLU FUHDWLRQ DQG IDOO EXW WKDW WKH\ FRPPLWWHG DSRVWDV\ IURP WKH
EHJLQQLQJ RWKHUV KRZHYHU ZHUH FUHDWHG IXOO\ EOHVVHG
7KH\ VWUHQJWKHQ WKHLU RSLQLRQ E\ WKH DXWKRULW\ RI $XJXVWLQH LQ 2Q
*HQHVLV VSHDNLQJ DV IROORZV ³,W LV QRW SRLQWOHVV WR KROG WKDW WKH GHYLO IHOO
IURP WKH EHJLQQLQJ RI WLPH DQG WKDW KH GLG QRW OLYH DW DQ\ WLPH ZLWK WKH
KRO\ DQJHOV DV SHDFHIXO DQG EOHVVHG EXW FRPPLWWHG DSRVWDV\ LPPHGLDWHO\
+HQFH WKH /RUG VD\V +H ZDV D PXUGHUHU IURP WKH EHJLQQLQJ DQG GLG QRW
:LV
'LVWLQFWLRQ ,,,
VWDQG LQ WKH WUXWK VR ZH PD\ XQGHUVWDQG WKDW KH GLG QRW VWDQG LQ WKH WUXWK
IURP WKH PRPHQW RI KLV FUHDWLRQ ZKR FRXOG KDYH VWRRG LQ LW LI KH KDG
ZLVKHG WR GR VR´²7KH VDPH >$XJXVWLQH@ LQ WKH VDPH SODFH VD\V ³1RW
ZLWKRXW FDXVH PD\ LW EH KHOG WKDW WKH GHYLO IHOO IURP WKH YHU\ EHJLQQLQJ RI
WLPH RU RI KLV H[LVWHQFH DQG QHYHU VWRRG LQ WKH WUXWK )URP WKLV VRPH
WKLQN WKDW WKH GHYLO ZDV QRW GLVSRVHG WR ZLFNHGQHVV E\ KLV IUHH FKRLFH EXW
WKDW KH ZDV FUHDWHG LQ >D VWDWH RI@ ZLFNHGQHVV DOEHLW E\ *RG DFFRUGLQJ WR
WKDW WH[W RI EOHVVHG -RE ZKR VD\V +H LV WKH EHJLQQLQJ RI *RG¶V ZRUN
ZKLFK *RG PDGH VR WKDW KH PLJKW EH PRFNHG E\ KLV DQJHOV $QG WKH
3URSKHW VD\V 7KLV GUDJRQ ZKLFK \RX KDYH VKDSHG LQ RUGHU WR PRFN LW DV
LI KH ZDV LPPHGLDWHO\ PDGH HYLO HQYLRXV DQG D GHYLO DQG QRW GHSUDYHG
E\ KLV RZQ ZLOO´
7KRVH ZKR VD\ WKDW WKH DQJHOV ZKR IHOO ZHUH FUHDWHG HYLO DQG ZHQW WR
WKHLU UXLQ ZLWKRXW GHOD\ XVH WKHVH DQG RWKHU WHVWLPRQLHV²$V IRU WKRVH
ZKR UHPDLQHG VWHDGIDVW WKH\ PDLQWDLQ WKDW WKH\ ZHUH FUHDWHG SHUIHFW DQG
EOHVVHG DQG WKH\ VXSSRUW WKLV ZLWK WKH DXWKRULW\ RI $XJXVWLQH LQ 2Q *HQ
HVLV ZKR VD\V WKDW E\ KHDYHQ LV VLJQLILHG ³WKH VSLULWXDO FUHDWXUH ZKLFK LV
DOZD\V SHUIHFW DQG EOHVVHG IURP WKH PRPHQW WKDW LW LV PDGH´
7+( 3/$86,%/( 23,1,21 2) 27+(56 :+2 6$< 7+$7 $// $1*(/6 :(5( &5($7(' *22' $1' 7+$7 7+(5( :$6 620( /,77/( '(/$< %(7:((1
&5($7,21 $1' )$// %XW LW VHHPV WR RWKHUV WKDW DOO DQJHOV ZHUH FUHDWHG
JRRG DQG WKDW WKH\ ZHUH JRRG LQ WKH VHQVH RI ZLWKRXW YLFH DW WKH ILUVW
PRPHQW RI FUHDWLRQ DQG WKH\ ZHUH MXVW LQ WKH VHQVH RI LQQRFHQW EXW QRW
MXVW LQ WKH VHQVH RI KDYLQJ SUDFWLFH LQ WKH YLUWXHV )RU WKH\ ZHUH QRW \HW
HQGRZHG ZLWK WKH YLUWXHV ZKLFK ZHUH DGGHG LQ FRQILUPDWLRQ WKURXJK JUDFH
WR WKRVH ZKR UHPDLQHG VWHDGIDVW %XW WKH RWKHUV EHFDPH SURXG WKURXJK
WKHLU IUHH FKRLFH DQG VR WKH\ IHOO²7KH\ DOVR VD\ WKDW WKHUH ZDV VRPH
VPDOO GHOD\ EHWZHHQ WKHLU FUHDWLRQ DQG IDOO RU FRQILUPDWLRQ $QG LQ WKDW
EULHI VSDFH RI WLPH WKH\ ZHUH DOO JRRG QRW LQGHHG WKURXJK WKH XVH RI IUHH
FKRLFH EXW E\ WKH EHQHILW RI FUHDWLRQ $QG WKH\ ZHUH VXFK DV WR EH DEOH WR
VWDQG WKDW LV QRW WR IDOO WKURXJK WKH JRRGV RI FUHDWLRQ DQG WR IDOO WKURXJK
WKHLU IUHH FKRLFH )RU WKH\ ZHUH DEOH WR VLQ DQG QRW WR VLQ EXW WKH\ ZHUH
QRW DEOH WR PDNH SURJUHVV WRZDUG PHULW RI OLIH H[FHSW WKURXJK WKH VXSHU
DGGLWLRQ RI JUDFH ZKLFK ZDV DGGHG WR VRPH LQ FRQILUPDWLRQ
%< $87+25,7< 7+(< $)),50 7+,6 72 %( 7+( &$6(²$8*867,1(
$QG WR FRQILUP WKLV WKH\ PDNH XVH RI WKH WHVWLPRQ\ RI $XJXVWLQH ZKR LQ
2Q *HQHVLV VD\V WKDW WKH DQJHOLF QDWXUH ZDV ILUVW FUHDWHG XQIRUPHG DQG
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
-RE DFFRUGLQJ WR $XJXVWLQH¶V PRUH DQFLHQW YHUVLRQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ
,ELG EN F Q
7+( 6(17(1&(6 %22.
ZDV FDOOHG KHDYHQ DIWHUZDUGV ZKHQ LW KDG WXUQHG WR WKH &UHDWRU DQG DG
KHUHG WR KLP LQ SHUIHFW ORYH LW ZDV IRUPHG DQG ZDV FDOOHG OLJKW +HQFH LW
LV ILUVW VDLG ,Q WKH EHJLQQLQJ *RG FUHDWHG KHDYHQ DQG HDUWK DQG DIWHU
ZDUGV LW ZDV DGGHG *RG VDLG /HW WKHUH EH OLJKW DQG WKH OLJKW ZDV PDGH
EHFDXVH ZKDW LV ILUVW DW LVVXH LV WKH FUHDWLRQ RI WKH XQIRUPHG VSLULWXDO
FUHDWXUH DQG DIWHUZDUGV LWV IRUPDWLRQ
7+(< 5($&+ 7+( 6$0( &21&/86,21 %< 5($621 5HDVRQ LV DOVR DQ
REVWDFOH WR WKRVH ZKR VD\ WKDW WKH DQJHOV ZHUH FUHDWHG HYLO )RU WKH &UHD
WRU ZKR LV PRVW KLJKO\ JRRG FRXOG QRW EH WKH DXWKRU RI HYLO $QG VR DOO
WKDW FDPH WR WKHP IURP KLP ZDV JRRG DQG LW ZDV DOO JRRG EHFDXVH LW ZDV
DOO IURP KLP ,Q WKLV PDQQHU LW LV SURYHG WKDW DOO DQJHOV ZHUH JRRG ZKHQ
WKH\ ZHUH ILUVW PDGH EXW E\ WKDW JRRGQHVV ZKLFK WKHLU QDWXUH KDG UHFHLYHG
DW LWV EHJLQQLQJ
+( $''8&(6 $ 3522) 2) $8*867,1( $*$,167 7+26( :+2 6$< 7+$7 7+( $1*(/6 :(5( (9,/ :+(1 7+(< :(5( 0$'( +( '(7(50,1(6 7+(
:25'6 2) -2% :+,&+ 7+(< +$' $''8&(' 21 7+(,5 6,'( 7KHUHIRUH
$XJXVWLQH UHMHFWLQJ WKH RSLQLRQ RI WKRVH ZKR KROG WKDW WKH DQJHOV ZHUH
FUHDWHG HYLO SURYHV E\ DXWKRULW\ DQG UHDVRQ WKDW WKH\ ZHUH FUHDWHG JRRG
KH DOVR UHYHDOV KRZ ZH DUH WR XQGHUVWDQG WKH ZRUGV RI EOHVVHG -RE FLWHG
DERYH ZKLFK WKH\ DGGXFHG RQ WKHLU VLGH ,Q 2Q *HQHVLV KH VSHDNV DV IRO
ORZV ³*RG PDGH DOO WKLQJV YHU\ JRRG´ DQG VR KH PDGH WKH QDWXUH RI WKH
DQJHOV JRRG $QG ³EHFDXVH LW LV XQMXVW WKDW ZLWKRXW DQ\ GHPHULW *RG
GDPQ LQ DQ\RQH WKDW ZKLFK KH KDV KLPVHOI FUHDWHG ZH PXVW EHOLHYH WKDW LW
ZDV QRW QDWXUH ZKLFK UHTXLUHG SXQLVKPHQW EXW DQ HYLO ZLOO ,W LV QRW WKH
GHYLO¶V QDWXUH ZKLFK LV VLJQLILHG LQ WKH ZRUGV +H LV WKH EHJLQQLQJ RI
*RG¶V ZRUNV HWF EXW VRPH DHULDO ERG\ ZKLFK *RG IDVKLRQHG LQ D PDQ
QHU VXLWDEOH WR VXFK D ZLOO RU *RG¶V YHU\ SODQ E\ ZKLFK KH FUHDWHG KLP WR
EH XVHIXO DOWKRXJK XQZLOOLQJO\ VR WR WKH JRRG RU WKH IDVKLRQLQJ RI WKDW
DQJHO KLPVHOI EHFDXVH DOWKRXJK *RG IRUHNQHZ WKDW KH ZRXOG EHFRPH HYLO
E\ KLV RZQ ZLOO \HW KH PDGH KLP IRUHVHHLQJ KRZ PDQ\ JUHDW WKLQJV KH
ZRXOG GUDZ IURP KLP E\ KLV RZQ JRRGQHVV $QG VR KH LV FDOOHG *RG¶V
ZRUN EHFDXVH DOWKRXJK *RG NQHZ WKDW KH ZRXOG EHFRPH HYLO LQ KLV ZLOO WR
KDUP WKH JRRG \HW KH FUHDWHG KLP LQ RUGHU WR DLG WKH JRRG WKURXJK KLP
*RG KRZHYHU GLG WKLV VR WKDW KH PLJKW EH PRFNHG )RU WKH GHYLO LV
PRFNHG ZKHQ KLV WHPSWDWLRQ RI WKH VDLQWV LV WXUQHG WR WKHLU DGYDQWDJH ,Q
WKH VDPH ZD\ HYLO PHQ ZKRP *RG IRUHVDZ ZRXOG EHFRPH HYLO DQG \HW
KH FUHDWHG WKHP IRU WKH XWLOLW\ RI WKH VDLQWV DUH PRFNHG ZKHQ SURJUHVV LV
JUDQWHG WR WKH VDLQWV E\ WKHLU WHPSWDWLRQ %XW KH LV WKH EHJLQQLQJ EHFDXVH
*HQ *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
*HQ
-RE DFFRUGLQJ WR $XJXVWLQH¶V PRUH DQFLHQW YHUVLRQ
'LVWLQFWLRQ ,,,
KH JRHV ILUVW LQ DQFLHQWQHVV DQG DV WKH SULQFH RI PDOLFH +RZHYHU WKLV
PRFNHU\ RI HYLO DQJHOV DQG PHQ LV GRQH E\ WKH KRO\ DQJHOV EHFDXVH *RG
PDNHV VXEMHFW WR WKHP WKRVH HYLO DQJHOV DQG PHQ E\ SHUPLWWLQJ WR WKH ODWWHU
QRW DV PXFK SRZHU DV WKH\ ZRXOG OLNH EXW DV PXFK DV WKH\ DUH DOORZHG´
²6HH KH KDV VKRZQ SODLQO\ KRZ WKH DIRUHVDLG ZRUGV RI -RE DUH WR EH
XQGHUVWRRG DQG KH KDV DVVHUWHG WKDW WKH DQJHOLF QDWXUH ZDV FUHDWHG JRRG
+( ',6&866(6 +2: 7+( $)25(0(17,21(' :25'6 2) 7+( /25' $5( 72 %( 81'(56722' &/($5/< 7($&+,1* 7+$7 7+( $1*(/6 :(5( &5($7('
*22' $1' 7+$7 7+(< )(// $)7(5 7+(,5 &5($7,21 $XJXVWLQH QH[W UH
YHDOV KRZ WKH ZRUGV RI WKH /RUG ZKLFK KH VHW RXW DERYH DUH WR EH WDNHQ
+H DOVR GHWHUPLQHV KRZ KLV RZQ HDUOLHU ZRUGV DUH WR EH WDNHQ SODLQO\
WHDFKLQJ WKDW WKH DQJHOV ZHUH FUHDWHG JRRG DQG WKDW WKH\ IHOO DIWHU VRPH
VPDOO GHOD\ IURP WKHLU FUHDWLRQ +H VSHDNV DV IROORZV ³7KH RSLQLRQ WKDW
WKH GHYLO QHYHU VWRRG LQ WKH WUXWK DQG QHYHU OHG D OLIH RI EOHVVHGQHVV EXW
WKDW KH IHOO IURP WKH EHJLQQLQJ PXVW QRW EH XQGHUVWRRG LQ WKH VHQVH WKDW
KH EH KHOG WR KDYH EHHQ FUHDWHG HYLO E\ *RG ZKR LV JRRG 2WKHUZLVH KH
ZRXOG QRW EH VDLG WR KDYH IDOOHQ IURP WKH EHJLQQLQJ IRU LI KH KDG EHHQ
PDGH VXFK WKDW LV HYLO WKHQ KH GLG QRW IDOO )RU IURP ZKDW ZRXOG KH KDYH
IDOOHQ" $QG VR DV VRRQ DV KH ZDV PDGH KH WXUQHG DZD\ IURP WKH WUXWK
EHFDXVH RI KLV GHOLJKW LQ KLV RZQ SRZHU DQG KH GLG QRW WDVWH WKH VZHHWQHVV
RI WKH OLIH RI EOHVVHGQHVV ZKLFK KH GLG QRW GLVGDLQ DIWHU UHFHLYLQJ LW EXW
ZKLFK KH ORVW EHFDXVH KH GLG QRW ZLVK WR UHFHLYH LW 7KXV KH ZDV QRW DEOH
WR IRUHVHH KLV RZQ IDOO EHFDXVH ZLVGRP LV WKH IUXLW RI SLHW\ %XW DV VRRQ
DV KH ZDV PDGH KH IHOO QRW IURP WKDW ZKLFK KH KDG UHFHLYHG EXW IURP
ZKDW KH FRXOG KDYH UHFHLYHG LI KH KDG EHHQ ZLOOLQJ WR EH VXEMHFW WR
*RG´ 6HH KH GHFODUHV SODLQO\ WKDW WKH DQJHOV ZHUH FUHDWHG JRRG DQG IHOO
DIWHU WKHLU FUHDWLRQ
$QG WKHUH ZDV VPDOO OLWWOH GHOD\ WKHUH LI D YHU\ EULHI RQH 2ULJHQ
FRQILUPV WKLV LQ 2Q (]HFKLHO KH VD\V ³7KH HQHP\ VHUSHQW LV RSSRVHG WR
WUXWK EXW KH ZDV QRW VR IURP WKH EHJLQQLQJ QHLWKHU GLG KH IURP WKH ILUVW
ZDON XSRQ KLV EUHDVW DQG EHOO\ -XVW DV $GDP DQG (YH GLG QRW LPPHGL
DWHO\ VLQ VR DOVR WKH VHUSHQW ZDV IRU D ZKLOH QRW D VHUSHQW ZKHQ KH UH
PDLQHG LQ WKH SDUDGLVH RI GHOLJKWV )RU *RG GLG QRW PDNH ZLFNHGQHVV´
6HH KH SODLQO\ VD\V WKDW WKH GHYLO IHOO DIWHU FUHDWLRQ DQG WKH SDVVDJH RI
VRPH VPDOO GHOD\
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ
$ERYH DW WKH EHJLQQLQJ RI Q QDPHO\ -Q
&I (FFOL
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
&I *HQ
2ULJHQ ,Q (]HFKLHOHP KRP Q
7+( 6(17(1&(6 %22.
$QG VR LW DSSHDUV WKDW WKRVH ZRUGV DUH WR EH WDNHQ LQ WKH IROORZLQJ
PDQQHU +H ZDV D PXUGHUHU RU D OLDU IURP WKH EHJLQQLQJ WKDW LV IURP
LPPHGLDWHO\ DIWHU WKH EHJLQQLQJ ZKHQ KH SURPLVHG HTXDOLW\ ZLWK *RG WR
KLPVHOI DQG NLOOHG KLV RZQ VHOI ZKLFK LV FDOOHG PDQ LQ WKH *RVSHO $QG
KH GLG QRW VWDQG LQ WKH WUXWK EHFDXVH KH ZDV QHYHU LQ LW EXW KH FRPPLWWHG
DSRVWDV\ IURP WKH EHJLQQLQJ RI WLPH WKDW LV LPPHGLDWHO\ DIWHU WKH EHJLQ
QLQJ RI WLPH²7KDW WH[W FDQ DOVR EH WDNHQ LQ WKH IROORZLQJ ZD\ +H ZDV D
PXUGHUHU RU D OLDU IURP WKH EHJLQQLQJ WKDW LV IURP WKH PRPHQW RI WKH
PDNLQJ RI PDQ ZKRP WKURXJK HQY\ KH FDVW LQWR GHDWK DQG VHGXFHG E\
GHFHLW²$QG VR IURP WKH IRUHJRLQJ LW LV FOHDU WKDW DOO DQJHOV ZHUH
FUHDWHG JRRG DQG WKDW DIWHU WKHLU FUHDWLRQ VRPH IHOO DZD\ IURP WKH JRRG
ZKLFK WKH\ ZRXOG KDYH KDG LI WKH\ KDG UHPDLQHG VWHDGIDVW
&KDSWHU 7+$7 7+(5( :$6 $ 7+5(()2/' :,6'20 ,1 7+( $1*(/6 %()25( 7+(,5 )$// 25
&21),50$7,21 +HUH LW LV XVXDO WR DVN ZKDW ZLVGRP WKH\ KDG
EHIRUH WKHLU IDOO RU FRQILUPDWLRQ²7KHUH ZDV LQ WKHP D WKUHHIROG QDWXUDO
NQRZOHGJH E\ ZKLFK WKH\ NQHZ WKDW WKH\ KDG EHHQ PDGH DQG E\ ZKRP
WKH\ ZHUH PDGH DQG ZLWK ZKRP WKH\ KDG EHHQ PDGH $QG WKH\ KDG VRPH
NQRZOHGJH RI JRRG DQG HYLO XQGHUVWDQGLQJ ZKDW LW ZDV SURSHU IRU WKHP WR
GHVLUH DQG ZKDW WR UHMHFW
&KDSWHU
:+(7+(5 7+(< +$' $1< /29( 2) *2' 25 2) ($&+ 27+(5 ,W LV DOVR XVXDO
WR DVN ZKHWKHU WKH\ KDG DQ\ ORYH RI *RG RU RI HDFK RWKHU²7R WKLV LW FDQ
EH VDLG WKDW WKH\ KDG QDWXUDO ORYH DV DOVR PHPRU\ LQWHOOHFW DQG LQJHQX
LW\ E\ WKLV WKH\ ORYHG *RG DQG WKHPVHOYHV VRPHZKDW DQG \HW WKH\ GLG
QRW JDLQ PHULW E\ LW
',67,1&7,21 ,9 &KDSWHU :+(7+(5 *2' &5($7(' 7+( $1*(/6 3(5)(&7 $1' %/(66(' 25 0,6(5
$%/( $1' ,03(5)(&7 $IWHU WKHVH PDWWHUV LW LV WR EH VHHQ ZKHWKHU *RG
FUHDWHG WKH DQJHOV SHUIHFW DQG EOHVVHG RU PLVHUDEOH DQG LPSHUIHFW²7R
-Q &I ,V &I 0W
&I *HQ :LV )RU WKLV DQG WKH DERYH FI $XJXVWLQH 'H *HQHVL DG
OLWWHUDP EN F Q ,Q ,RDQQHP WU Q 'H FLYLWDWH 'HL EN F
'LVWLQFWLRQ ,9
WKLV LW FDQ EH VDLG WKDW WKH\ ZHUH FUHDWHG QHLWKHU LQ >D VWDWH RI@ EOHVVHGQHVV
QRU LQ PLVHU\ )RU WKH\ FRXOG QRW EH PLVHUDEOH EHIRUH VLQ EHFDXVH PLVHU\
LV IURP VLQ LQGHHG LI WKHUH KDG EHHQ QR VLQ WKHUH ZRXOG EH QR PLVHU\
%XW WKRVH ZKR IHOO ZHUH QHYHU EOHVVHG EHFDXVH WKH\ ZHUH XQDZDUH RI ZKDW
ZRXOG KDSSHQ WR WKHP WKDW LV RI WKHLU IXWXUH VLQ DQG SXQLVKPHQW )RU LI
WKH\ IRUHNQHZ WKHLU IDOO HLWKHU WKH\ ZLVKHG WR DYRLG LW EXW FRXOG QRW DQG
VR WKH\ ZHUH PLVHUDEOH RU WKH\ FRXOG KDYH EXW GLG QRW ZLVK WR DQG VR WKH\
ZHUH IRROLVK DQG PDOLJQ
7+$7 7+( (9,/ $1*(/6 ',' 127 )25(.12: 7+(,5 )$// %87 3(5
+$36 7+( *22' 21(6 )25(.1(: 7+(,5 )8785( *22' $QG VR ZH VD\ WKDW
WKH\ GLG QRW IRUHNQRZ ZKDW ZRXOG KDSSHQ WR WKHP DQG WKDW NQRZOHGJH
ZDV QRW JUDQWHG WR WKHP RI WKH WKLQJV WKDW ZRXOG EHIDOO WKHP LQ WKH IXWXUH
%XW SHUKDSV WKH JRRG RQHV ZKR UHPDLQHG VWHDGIDVW KDG IRUHNQRZOHGJH RI
WKHLU EOHVVHGQHVV²+HQFH $XJXVWLQH LQ 2Q *HQHVLV VD\V ³+RZ FRXOG
WKH GHYLO ZKR GLG QRW IRUHNQRZ KLV IXWXUH VLQ DQG SXQLVKPHQW KDYH EHHQ
EOHVVHG DPRQJ WKH DQJHOV" ,W LV DVNHG ZK\ KH GLG QRW IRUHNQRZ WKHP
3HUKDSV *RG GLG QRW ZLVK WR UHYHDO WR WKH GHYLO ZKDW WKH ODWWHU ZRXOG GR
DQG VXIIHU EXW *RG ZDV ZLOOLQJ WR UHYHDO WR WKH RWKHUV WKDW WKH\ ZRXOG
UHPDLQ LQ WKH WUXWK´²%\ WKHVH ZRUGV $XJXVWLQH DSSHDUV WR VLJQLI\ WKDW
WKH DQJHOV ZKR IHOO WR UXLQ GLG QRW IRUHNQRZ WKHLU IDOO DQG VR WKH\ ZHUH
QRW EOHVVHG %XW WKH DQJHOV ZKR UHPDLQHG VWHDGIDVW IRUHNQHZ WKHLU IXWXUH
EOHVVHGQHVV DQG UHPDLQHG FHUWDLQ RI LW LQ KRSH DQG VR WKH\ ZHUH LQ VRPH
IDVKLRQ DOUHDG\ EOHVVHG $QG LQGHHG LI LW ZDV VR LW FRXOG EH VDLG WKDW WKH\
ZHUH LQ VRPH IDVKLRQ EOHVVHG EXW QRW WKH RWKHUV ZKR GLG QRW NQRZ ZKDW
ZRXOG KDSSHQ WR WKHP
7+$7 +( 6$,' 7+,6 %< :$< 2) 23,1,21 127 2) $66(57,21 1$0(/< 7+$7 7+( $1*(/6 :+2 5(0$,1(' 67($')$67 )25(.1(: 7+(,5 *22'
%XW $XJXVWLQH VD\V WKHVH WKLQJV PRUH E\ ZD\ RI RSLQLQJ DQG VHDUFKLQJ
WKDQ DVVHUWLQJ 6R LW LV WKDW LQ RSSRVLWLRQ WR WKLV RSLQLRQ KH QH[W DGGV
³%XW ZK\ ZHUH WKH\ VHSDUDWHG IURP WKH RWKHUV VR WKDW *RG ZRXOG QRW UH
YHDO WR WKHP ZKDW SHUWDLQHG WR WKHP ZKLOH UHYHDOLQJ LW WR WKH RWKHUV VLQFH
*RG GRHV QRW SXQLVK EHIRUH VRPHRQH KDV VLQQHG" )RU *RG GRHV QRW FRQ
GHPQ WKH LQQRFHQW´ +HUH KH VHHPV WR LQGLFDWH WKDW *RG GLG QRW UHYHDO
WKHLU IXWXUH HYLO WR WKRVH ZKR ZRXOG VLQ QRU WKHLU IXWXUH JRRG WR WKRVH
ZKR ZRXOG UHPDLQ²$QG VR WKRVH ZKR IHOO ZHUH QHYHU EOHVVHG DQG WKRVH
ZKR UHPDLQHG VWHDGIDVW ZHUH QRW EOHVVHG XQWLO WKH FRQVXPPDWLRQ >RI WKHLU
FKRLFH@ EHFDXVH WKH\ FRXOG QRW EH EOHVVHG LI WKH\ ZHUH QRW FHUWDLQ RI WKHLU
EOHVVHGQHVV RU LI WKH\ ZHUH XQFHUWDLQ RI WKHLU GDPQDWLRQ +HQFH $XJXV
WLQH VD\V LQ WKH VDPH SODFH ³%XW LW LV H[FHHGLQJO\ SUHVXPSWXRXV WR VD\ RI
&I 3URY
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
,ELG
7+( 6(17(1&(6 %22.
WKH DQJHOV WKDW WKH\ FDQ EH EOHVVHG LQ WKHLU RZQ NLQG ZKLOH WKH\ DUH XQ
FHUWDLQ UHJDUGLQJ WKHLU GDPQDWLRQ RU VDOYDWLRQ DQG KDYH QR KRSH RI WKHLU
EHLQJ FKDQJHG IRU WKH EHWWHU´ ³)RU KRZ FDQ WKH\ EH EOHVVHG ZKRVH EOHV
VHGQHVV LV XQFHUWDLQ"´
+( 0$.(6 $ 6800$5< 2) 7+( )25(*2,1* &21),50,1* 7+$7 $// 7+( $1*(/6 :(5( 127 %/(66(' %()25( 7+(,5 &21),50$7,21 25 )$//
81/(66 %< %/(66('1(66 %( 81'(56722' 7+$7 67$7( 2) ,112&(1&( ,1
:+,&+ 7+(< :(5( %()25( 7+( )$// )URP WKH DERYH LW IROORZV WKDW WKH
DQJHOV ZKR IHOO WR UXLQ ZHUH QHYHU EOHVVHG XQOHVV RQH WDNH IRU EOHVVHGQHVV
WKDW VWDWH RI LQQRFHQFH LQ ZKLFK WKH\ ZHUH EHIRUH WKHLU VLQ $V IRU WKRVH
ZKR UHPDLQHG VWHDGIDVW KRZHYHU HLWKHU WKH\ IRUHNQHZ WKHLU IXWXUH EOHV
VHGQHVV E\ *RG¶V UHYHODWLRQ DQG VR WKH\ ZHUH LQ VRPH IDVKLRQ EOHVVHG LQ
WKH FHUWDLQW\ RI KRSH RU WKH\ ZHUH XQFHUWDLQ RI WKHLU EOHVVHGQHVV DQG VR
WKH\ ZHUH QR PRUH EOHVVHG WKDQ WKRVH ZKR IHOO 7KLV ODWWHU YLHZ LV WKH RQH
WKDW VHHPV PRUH SUREDEOH WR PH
5(63216( 72 7+$7 ($5/,(5 48(67,21 $6 72 :+(7+(5 7+( $1*(/6 :(5( &5($7(' 3(5)(&7 25 ,03(5)(&7 $1' +( $16:(56 7+$7 7+(<
:(5( 3(5)(&7 ,1 620( 5(63(&7 $1' ,03(5)(&7 5(63(&7 72 620(7+,1*
(/6( ,Q UHJDUG WR WKDW HDUOLHU TXHVWLRQ DV WR ZKHWKHU WKH\ ZHUH FUHDWHG
SHUIHFW RU LPSHUIHFW LW FDQ EH VDLG WKDW WKH\ ZHUH SHUIHFW LQ VRPH ZD\ DQG
LPSHUIHFW LQ DQRWKHU )RU VRPHWKLQJ LV QRW VDLG WR EH SHUIHFW LQ RQH ZD\
RQO\ EXW LQ VHYHUDO
7+$7 3(5)(&7 ,6 6$,' ,1 7+5(( :$<6 $&&25',1* 72 7,0( $&&25'
,1* 72 1$785( $1' 81,9(56$//< 3(5)(&7 ,QGHHG µSHUIHFW¶ LV VDLG LQ
WKUHH ZD\V IRU VRPHWKLQJ LV SHUIHFW DFFRUGLQJ WR WLPH RU SHUIHFW DFFRUG
LQJ WR QDWXUH RU XQLYHUVDOO\ SHUIHFW 7KDW LV SHUIHFW DFFRUGLQJ WR WLPH
ZKLFK KDV ZKDWHYHU WKH WLPH UHTXLUHV DQG LV VXLWDEOH WR EH KDG DFFRUGLQJ
WR WLPH DQG LQ WKLV ZD\ WKH DQJHOV ZHUH SHUIHFW EHIRUH WKHLU FRQILUPDWLRQ
RU IDOO 7KDW LV SHUIHFW DFFRUGLQJ WR QDWXUH ZKLFK KDV ZKDWHYHU LV GXH RU
XVHIXO WR LWV QDWXUH IRU JORULILFDWLRQ DQG LQ WKLV ZD\ WKH DQJHOV ZHUH SHU
IHFW DIWHU WKHLU FRQILUPDWLRQ DQG WKH VDLQWV ZLOO EH SHUIHFW DIWHU WKH UHVXU
UHFWLRQ 7KDW LV FRPSOHWHO\ DQG XQLYHUVDOO\ SHUIHFW WR ZKLFK QRWKLQJ LV
HYHU ODFNLQJ DQG IURP ZKLFK DOO JRRG WKLQJV FRPH ZKLFK SHUWDLQV RQO\ WR
*RG $QG VR WKH ILUVW SHUIHFWLRQ SHUWDLQV WR DQ HVWDEOLVKHG QDWXUH WKH
VHFRQG SHUWDLQV WR D JORULILHG QDWXUH WKH WKLUG WR DQ XQFUHDWHG QDWXUH
+( 728&+(6 %5,()/< 21 7+( $)25(6$,' $'',1* :+$7 7+( $1*(/6
:(5( /,.( ,1 7+(,5 &219(56,21 25 7851,1* $:$< ,W KDV EHHQ VKRZQ
ZKDW WKH DQJHOV ZHUH DW WKHLU FUHDWLRQ QDPHO\ >WKH\ ZHUH@ JRRG DQG QRW
HYLO DQG MXVW WKDW LV LQQRFHQW DQG LQ VRPH ZD\ SHUIHFW EXW LQ DQRWKHU
ZD\ LPSHUIHFW %XW WKH\ ZHUH QRW EOHVVHG XQWLO WKHLU FRQILUPDWLRQ XQOHVV
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG
'LVWLQFWLRQ 9
EOHVVHGQHVV EH WDNHQ DV KDV DOUHDG\ EHHQ VDLG DV WKDW VWDWH RI LQQRFHQFH
DQG JRRGQHVV LQ ZKLFK WKH\ ZHUH HVWDEOLVKHG
',67,1&7,21 9 &KDSWHU 21 7+( &219(56,21 $1' &21),50$7,21 2) 7+26( :+2 5(0$,1('
67($')$67 $1' 21 7+( 7851,1* $:$< $1' )$// 2) 7+26( :+2 )(//
$IWHU WKHVH PDWWHUV UHIOHFWLRQ UHTXLUHV WKDW ZH HQTXLUH ZKDW WKH\ ZHUH
OLNH DIWHU EHLQJ VHSDUDWHG E\ WKHLU GHIHFWLRQ DQG FRQYHUVLRQ ,QGHHG LP
PHGLDWHO\ DIWHU WKHLU FUHDWLRQ VRPH WXUQHG WRZDUG WKHLU &UHDWRU VRPH
WXUQHG DZD\ 7R WXUQ WRZDUG *RG PHDQW WR DGKHUH WR KLP LQ ORYH WR WXUQ
DZD\ PHDQW WR KROG *RG LQ KDWH RU WR HQY\ KLP DQG LQGHHG WKH PRWKHU RI
HQY\ LV SULGH E\ ZKLFK WKH\ ZDQWHG WR PDNH WKHPVHOYHV HTXDO WR *RG
,Q WKRVH ZKR FRQYHUWHG *RG¶V ZLVGRP E\ ZKLFK WKH\ ZHUH JLYHQ OLJKW
EHJDQ WR VKLQH DV LQ D PLUURU EXW WKRVH ZKR WXUQHG DZD\ ZHUH PDGH EOLQG
$QG WKH IRUPHU FRQYHUWHG DQG ZHUH HQOLJKWHQHG E\ *RG¶V JUDFH ZKLFK
ZDV EHVWRZHG XSRQ WKHP EXW WKH ODWWHU ZHUH EOLQGHG QRW E\ DQ LQIXVLRQ RI
PDOLFH EXW E\ WKH GHVHUWLRQ RI JUDFH WKH\ ZHUH QRW GHVHUWHG E\ JUDFH LQ
WKH VHQVH WKDW LW ZDV WDNHQ DZD\ DIWHU KDYLQJ EHHQ SUHYLRXVO\ JLYHQ WR
WKHP EXW LQ WKH VHQVH WKDW LW ZDV QHYHU JLYHQ WR WKHP VR WKDW WKH\ PLJKW
FRQYHUW $QG VR WKLV LV WKH FRQYHUVLRQ RU GHIHFWLRQ E\ ZKLFK WKH\ ZKR
ZHUH JRRG E\ QDWXUH ZHUH VHSDUDWHG VR WKDW VRPH DUH JRRG RYHU DQG
DERYH WKDW >LQLWLDO@ JRRG WKURXJK MXVWLFH RWKHUV DUH HYLO ZKHQ WKDW JRRG
ZDV FRUUXSWHG WKURXJK IDXOW &RQYHUVLRQ PDGH VRPH MXVW DQG GHIHFWLRQ
PDGH VRPH XQMXVW (DFK DFW SURFHHGHG IURP WKH ZLOO DQG WKH ZLOO RI HDFK
ZDV IUHH &KDSWHU
+( 728&+(6 %5,()/< 21 )5(( &+2,&( 7($&+,1* :+$7 ,7 ,6 )RU DOO KDG
IUHH FKRLFH ZKLFK LV D IUHH SRZHU DQG DSWLWXGH RI WKH UDWLRQDO ZLOO )RU
WKH\ ZHUH DEOH WR FKRRVH ZLOOLQJO\ ZKDW WKH\ SOHDVHG DQG WR PDNH UDWLRQDO
MXGJHPHQWV WKDW LV WR EH GLVFHUQLQJ DQG IUHH FKRLFH FRQVLVWV LQ WKHVH
WKLQJV $QG WKH\ ZHUH QRW FUHDWHG DOUHDG\ ZLOOLQJ WR WXUQ WRZDUG >*RG@ RU
WR WXUQ DZD\ EXW WKH\ ZHUH DEOH WR ZLOO WKH RQH RU WKH RWKHU DQG DIWHU WKHLU
FUHDWLRQ E\ WKHLU VSRQWDQHRXV ZLOO VRPH FKRVH HYLO DQG RWKHUV JRRG $QG
VR *RG VHSDUDWHG OLJKW IURP GDUNQHVV DV 6FULSWXUH VD\V WKDW LV WKH JRRG
$ERYH Q
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
6HH DERYH GLVW F
7+( 6(17(1&(6 %22.
DQJHOV IURP WKH HYLO RQHV DQG KH FDOOHG WKH OLJKW GD\ EXW WKH GDUNQHVV
QLJKW EHFDXVH KH HQOLJKWHQHG WKH JRRG DQJHOV E\ KLV JUDFH EXW KH EOLQGHG
WKH HYLO RQHV
&KDSWHU $)7(5 7+(,5 &5($7,21 620(7+,1* 1$0(/< &223(5$7,1* *5$&( :$6 *,9(1 :,7+287 $1< 0(5,7 2) 7+(,5 2:1 72 7+26( :+2 5(0$,1('
67($')$67 %< :+,&+ 7+(< 0,*+7 &219(57 %XW LI LW LV DVNHG ZKHWKHU
DIWHU WKHLU FUHDWLRQ VRPHWKLQJ ZDV FRQIHUUHG RQ WKRVH ZKR FRQYHUWHG E\
ZKLFK WKH\ PLJKW FRQYHUW WKDW LV ORYH *RG ZH VD\ WKDW FRRSHUDWLQJ JUDFH
ZDV FRQIHUUHG RQ WKHP :LWKRXW VXFK JUDFH WKH UDWLRQDO FUHDWXUH FDQQRW
PDNH SURJUHVV WRZDUG PHULWLQJ OLIH )RU LW FDQ IDOO E\ LWVHOI EXW LW FDQQRW
PDNH SURJUHVV ZLWKRXW WKH DVVLVWDQFH RI JUDFH
&KDSWHU
:+$7 *5$&( 7+( $1*(/ 1(('(' $1' :+$7 +( ',' 127 7KH DQJHO GLG
QRW QHHG WKH JUDFH E\ ZKLFK KH PLJKW EH MXVWLILHG EHFDXVH KH ZDV QRW
HYLO EXW WKH RQH E\ ZKLFK KH PLJKW EH KHOSHG WR ORYH DQG REH\ *RG SHU
IHFWO\²:+,&+ *5$&( ,6 µ23(5$7,1*¶ $1' :+,&+ µ&223(5$7,1*¶ 7KDW
JUDFH LV FDOOHG RSHUDWLQJ E\ ZKLFK DQ LPSLRXV SHUVRQ LV MXVWLILHG WKDW LV
IURP EHLQJ LPSLRXV KH LV PDGH SLRXV IURP HYLO JRRG EXW FRRSHUDWLQJ
JUDFH LV WKDW E\ ZKLFK KH LV DVVLVWHG WR ZLOO WKH JRRG ZLWK HIILFDF\ WR ORYH
*RG EHIRUH DOO WKLQJV WR GR JRRG ZRUNV WR SHUVHYHUH LQ WKH JRRG DQG
VXFKOLNH ZH ZLOO WUHDW WKLV PRUH IXOO\ EHORZ $QG VR FRRSHUDWLQJ JUDFH
ZDV JLYHQ WR WKH DQJHOV ZKR UHPDLQHG VWHDGIDVW E\ ZKLFK WKH\ FRQYHUWHG
VR WKDW WKH\ PLJKW ORYH *RG SHUIHFWO\ 7KXV WKH\ FRQYHUWHG IURP D JRRG
ZKLFK WKH\ KDG DQG KDG QRW ORVW WR D JUHDWHU JRRG ZKLFK WKH\ GLG QRW KDYH
DQG WKLV FRQYHUVLRQ ZDV GRQH WKURXJK JUDFH FRRSHUDWLQJ ZLWK WKHLU IUHH
FKRLFH WKLV JUDFH ZDV QRW JLYHQ WR WKH RWKHUV ZKR IHOO
&KDSWHU
:+(7+(5 7+(< $5( 72 %( %/$0(' )25 +$9,1* 7851(' $:$< $QG VR
LW LV FXVWRPDU\ IRU VRPH WR REMHFW WKDW WKRVH ZKR GHIHFWHG UDWKHU WKDQ
FRQYHUWHG DUH QRW WR EH EODPHG EHFDXVH WKH\ FRXOG QRW FRQYHUW ZLWKRXW
JUDFH *UDFH ZDV QRW JLYHQ WR WKHP KRZHYHU DQG LW ZDV QRW WKHLU IDXOW
WKDW JUDFH ZDV QRW JLYHQ EHFDXVH WKHUH ZDV QRW \HW DQ\ IDXOW LQ WKHP
'LVW DQG
'LVWLQFWLRQ 9
7R WKLV LW FDQ EH VDLG WKDW WKLV JUDFH ZDV QRW JLYHQ WR WKRVH ZKR UH
FHLYHG LW E\ UHDVRQ RI WKHLU PHULWV RWKHUZLVH LW ZRXOG QRW EH JUDFH LI LW
ZHUH JLYHQ EHFDXVH RI D PHULW ZKLFK SUHFHGHG JUDFH
%< :+$7 )$8/7 *5$&( :$6 127 *,9(1 72 7+26( :+2 )(// %XW
WKDW LW ZDV QRW JLYHQ WR WKH RWKHUV ZDV WKHLU RZQ IDXOW EHFDXVH DOWKRXJK
WKH\ ZHUH DEOH WR GR VR WKH\ GLG QRW ZLOO WR VWDQG ILUP XQWLO JUDFH VKRXOG
EH JLYHQ WR WKHP VR WKH RWKHUV UHPDLQHG VWHDGIDVW XQWLO JUDFH ZDV JLYHQ
WR WKHP ZKLOH WKH IRUPHU IHOO WKURXJK SULGH $QG VR WKH IDXOW RI WKRVH
ZKR IHOO PD\ EH FOHDUO\ WDNHQ WR EH WKLV WKDW DOWKRXJK WKH\ FRXOG QRW
PDNH SURJUHVV ZLWKRXW JUDFH ZKLFK WKH\ KDG QRW UHFHLYHG \HW WKH\ ZHUH
DEOH QRW WR IDOO WKDW LV WR VWDQG ILUP E\ WKDW ZKLFK KDG EHHQ JUDQWHG WR
WKHP DW WKHLU FUHDWLRQ EHFDXVH WKHUH ZDV QRWKLQJ ZKLFK FRPSHOOHG WKHP
WR IDOO 7KH\ IHOO E\ WKHLU RZQ VSRQWDQHRXV ZLOO ,I WKH\ KDG QRW GRQH WKLV
ZKDW ZDV JLYHQ WR WKH RWKHUV ZRXOG VXUHO\ DOVR KDYH EHHQ JLYHQ WR WKHP
&KDSWHU 7+$7 7+( $1*(/6 %(&$0( %/(66(' $7 7+(,5 &21),50$7,21 %87 :+(7+(5 7+(< '(6(59(' ,7 7+528*+ 7+( *5$&( 7+(1 *,9(1 72 7+(0
,6 $0%,*8286 )25 ',))(5(17 3(23/( +$9( )(/7 ',))(5(17/< &21&(51
,1* 7+,6 +HUH LW LV XVXDO WR DVN ZKHWKHU WKH DQJHOV EHFDPH EOHVVHG DW
WKHLU FRQILUPDWLRQ DQG ZKHWKHU LQ VRPH ZD\ WKH\ GHVHUYHG WKHLU EOHVVHG
QHVV²0DQ\ DXWKRULWLHV DVVHUW WKDW WKH\ EHFDPH EOHVVHG DW WKHLU FRQILU
PDWLRQ DQG VR LW LV WR EH KHOG DV FHUWDLQ
%XW ZKHWKHU WKH\ GHVHUYHG WKDW EOHVVHGQHVV WKURXJK WKH JUDFH WKHQ
JLYHQ WR WKHP LV DPELJXRXV )RU VRPH SUHIHU WKH YLHZ WKDW WKH\ GHVHUYHG
LW WKURXJK WKH JUDFH ZKLFK WKH\ UHFHLYHG DW WKHLU FRQILUPDWLRQ WKH\ VD\
WKDW PHULW DQG UHZDUG ZHUH LQ WKHP VLPXOWDQHRXVO\ DQG WKDW PHULW GLG QRW
SUHFHGH UHZDUG LQ WLPH EXW LQ FDXVH²%XW LW VHHPV WR RWKHUV WKDW WKH\ GLG
QRW PHULW WKH EOHVVHGQHVV ZKLFK WKH\ UHFHLYHG DW WKHLU FRQILUPDWLRQ
WKURXJK WKH JUDFH WKDW ZDV WKHQ JLYHQ WR WKHP 7KHVH VD\ WKDW JUDFH ZDV
QRW FRQIHUUHG RQ WKHP WKHQ VR WKDW WKH\ PLJKW JDLQ PHULW EXW VR WKDW WKH\
PLJKW OLYH EOHVVHGO\ WKH JRRG ZKLFK ZDV WKHQ JLYHQ WR WKHP ZDV QRW WKDW
E\ ZKLFK WKH\ PLJKW JDLQ PHULW EXW RQH ZKLFK WKH\ PLJKW KDSSLO\ HQMR\
7KH\ VD\ WKDW WKH DQJHOV PHULW ZKDW WKH\ UHFHLYHG DW WKDW WLPH DV D UHZDUG
IRU WKH VHUYLFHV ZKLFK WKH\ UHQGHU WR XV LQ REHGLHQFH DQG UHYHUHQFH WR
*RG DQG VR WKH UHZDUG SUHFHGHG WKH PHULWV $QG , FRQIHVV WKDW WKLV ODWWHU
YLHZ LV PRUH SOHDVLQJ WR PH
&I 5RP 6HH DOVR %N GLVW F Q
7+( 6(17(1&(6 %22.
',67,1&7,21 9, &KDSWHU 7+$7 620( )(// )520 $021* %27+ 7+( *5($7(5 $1' 7+( /(66(5
21(6 $1' 21( 2) 7+(0 :$6 $021* 7+( +,*+(67 1$0(/< /8&,)(5
0RUHRYHU LW LV ILWWLQJ WR NQRZ WKDW MXVW DV VRPH UHPDLQHG FRQVWDQW IURP
DPRQJ ERWK WKH JUHDWHU DQG WKH OHVVHU >DQJHOV@ VR VRPH IHOO WR WKHLU UXLQ
IURP ERWK $PRQJ WKH ODWWHU RQH ZDV KLJKHU WKDQ DOO WKH RWKHUV ZKR IHOO
DQG WKHUH ZDV QRQH ZRUWKLHU WKDQ KLP DPRQJ WKRVH ZKR VWRRG ILUP DV LV
VKRZQ E\ WKH WHVWLPRQLHV RI WKH DXWKRULWLHV
)RU -RE VD\V +H LV WKH EHJLQQLQJ RI *RG¶V ZD\V $QG ZH UHDG LQ
(]HFKLHO <RX ZHUH WKH VHDO RI >*RG¶V@ OLNHQHVV IXOO RI ZLVGRP DQG EHDX
WLIXO LQ SHUIHFWLRQ LQ WKH GHOLJKWV RI *RG¶V SDUDGLVH ([SRXQGLQJ WKLV
*UHJRU\ VD\V ³7KH PRUH UHILQHG KLV QDWXUH LV WKH PRUH LW LV LQGLFDWHG WKDW
WKH LPDJH DQG OLNHQHVV RI *RG LV LPSUHVVHG LQ KLP´²$OVR ZH UHDG LQ
(]HFKLHO (YHU\ SUHFLRXV VWRQH ZDV KLV FRYHULQJ WKDW LV HYHU\ DQJHO ZDV
DV LW ZHUH KLV FRYHULQJ EHFDXVH DV *UHJRU\ VD\V ³E\ FRPSDULVRQ ZLWK
WKH RWKHUV KH ZDV WKH PRVW LOOXVWULRXV´ 7KDW LV ZK\ KH ZDV FDOOHG /XFLIHU
>LH PRUQLQJ VWDU@ DV ,VDLDV DWWHVWV VD\LQJ +RZ \RX KDYH IDOOHQ /XFLIHU
ZKR XVHG WR ULVH LQ WKH PRUQLQJ HWF
/XFLIHU LV QRW WR EH WDNHQ DV DQ RUGHU >RI DQJHOV@ EXW DV RQH VSLULW
,VLGRUH VKRZV WKDW WKLV VSLULW DIWHU EHLQJ FUHDWHG FDUHIXOO\ DVVHVVHG WKH
HPLQHQFH RI KLV QDWXUH DQG WKH GHSWK RI KLV NQRZOHGJH DQG URVH XS LQ
SULGH DJDLQVW KLV &UHDWRU WR WKH SRLQW WKDW KH ZDQWHG WR PDNH KLPVHOI
*RG¶V HTXDO DV LV VDLG LQ ,VDLDV , ZLOO DVFHQG LQWR KHDYHQ , ZLOO H[DOW
P\ WKURQH DERYH WKH VWDUV RI KHDYHQ DQG , ZLOO EH OLNH WKH 0RVW +LJK
,Q IDFW KH ZDQWHG WR EH OLNH *RG QRW WKURXJK LPLWDWLRQ EXW WKURXJK
HTXDOLW\ RI SRZHU
&KDSWHU )520 :+$7 $1' 72 :+$7 +( :$6 &$67 '2:1 %< 5($621 2) +,6 35,'(
$QG EHFDXVH RI VXFK JUHDW SULGH KH ZDV FDVW GRZQ IURP KHDYHQ WKDW LV
IURP WKH HPS\UHDQ ZKHUH KH KDG EHHQ ZLWK WKH RWKHUV LQWR WKLV FORXG\
DWPRVSKHUH WRJHWKHU ZLWK DOO WKRVH ZKR VKDUHG LQ KLV GHSUDYLW\ ,QGHHG
-RE (]HF
*UHJRU\ ,Q (YDQJHOLD KRP Q 0RUDOLD EN F Q
(]HF
*UHJRU\ 0RUDOLD EN F Q
,V ,V
'LVWLQFWLRQ 9,
DV -RKQ VD\V LQ WKH $SRFDO\SVH D GUDJRQ IDOOLQJ IURP KHDYHQ GUDJJHG
GRZQ ZLWK KLP D WKLUG SDUW RI WKH VWDUV )RU WKDW /XFLIHU ZKR ZDV JUHDWHU
WKDQ WKH UHVW GLG QRW IDOO DORQH EXW PDQ\ RWKHUV IHOO ZLWK KLP ZKR DJUHHG
ZLWK KLP LQ ZLFNHGQHVV 7KLV FORXG\ DWPRVSKHUH EHFDPH WKH DERGH RI DOO
WKRVH ZKR IHOO
$QG WKLV ZDV GRQH WR WHVW XV WKDW LW VKRXOG EH IRU XV D VRXUFH RI
WUDLQLQJ +HQFH WKH $SRVWOH 2XU VWUXJJOH LV DJDLQVW WKH SULQFHV DQG
SRZHUV RI WKLV ZRUOG DQG DJDLQVW WKH UXOHUV RI GDUNQHVV DQG WKH VSLULWXDO
SRZHUV RI HYLO LQ RXU KHDYHQV )RU WKH GHPRQV ZKR DUH VSLULWXDO SRZHUV
DQG HYLO UHVLGH LQ WKH WXUEXOHQW DWPRVSKHUH QH[W WR XV ZKLFK LV FDOOHG
KHDYHQ KHQFH WKH GHYLO LV DOVR FDOOHG SULQFH RI WKH DLU
&KDSWHU
7+$7 ,7 ,6 127 *5$17(' 72 7+(0 72 /,9( ,1 +($9(1 25 21 ($57+ )RU LW
LV QRW JUDQWHG WR WKHP WR OLYH LQ KHDYHQ EHFDXVH LW LV D EULJKW DQG SOHDVDQW
SODFH QRU RQ HDUWK ZLWK XV OHVW WKH\ EH H[FHHGLQJO\ WURXEOHVRPH WR PHQ
$FFRUGLQJ WR WKH WHDFKLQJ RI WKH DSRVWOH 3HWHU KDQGHG GRZQ LQ WKH FDQRQL
FDO (SLVWOH WKH\ PXVW GZHOO LQ WKLV FORXG\ DWPRVSKHUH ZKLFK KDV EHHQ
DVVLJQHG WR WKHP DOPRVW DV D SULVRQ XQWLO WKH WLPH RI MXGJHPHQW 7KHQ
WKH\ VKDOO EH FDVW LQWR WKH GHSWKV RI KHOO DFFRUGLQJ WR WKH WH[W *R \RX
DFFXUVHG RQHV LQWR WKH HWHUQDO ILUH ZKLFK KDV EHHQ SUHSDUHG IRU WKH GHYLO
DQG KLV DQJHOV
&KDSWHU 7+$7 620( 2) 7+( '(0216 58/( 29(5 27+(56 2) 7+(0 $1' $/62 +$9(
27+(5 )2506 2) 35(&('(1&( $QG MXVW DV DPRQJ WKH JRRG DQJHOV VRPH
UXOH RYHU RWKHUV VR DOVR DPRQJ WKH HYLO RQHV VRPH KDYH EHHQ JLYHQ SUHFH
GHQFH RYHU RWKHUV DQG VRPH DUH VXEMHFW WR RWKHUV ,QGHHG IRU DV ORQJ DV
WKH ZRUOG ODVWV DQJHOV UXOH RYHU DQJHOV PHQ RYHU PHQ DQG GHPRQV RYHU
GHPRQV EXW LQ WKH IXWXUH HYHU\ IRUP RI SUHIHUPHQW ZLOO EH GRQH DZD\
ZLWK DV WKH $SRVWOH WHDFKHV²$OVR LQ DFFRUGDQFH ZLWK WKHLU JUHDWHU RU
OHVVHU NQRZOHGJH VRPH KDYH D UXOH RI JUHDWHU VFRSH RWKHUV RI OHVVHU )RU
VRPH UXOH RYHU RQH SURYLQFH RWKHUV RYHU RQH PDQ \HW RWKHUV RYHU RQH
$SRF (SK &I (SK 3W 0W &I &RU &I 'DQ
7+( 6(17(1&(6 %22.
YLFH $QG VR ZH VD\ WKH VSLULW RI SULGH WKH VSLULW RI OXVW DQG VXFKOLNH
EHFDXVH KH FDQ WHPSW PDQ PRVW RI DOO ZLWK UHJDUG WR WKDW YLFH IRU ZKLFK
KH LV QDPHG 7KDW LV ZK\ ULFKHV DUH FDOOHG E\ WKH QDPH RI D GHPRQ QDPH
O\ PDPPRQ )RU 0DPPRQ LV WKH QDPH RI D GHPRQ DQG ULFKHV DUH DOVR
FDOOHG E\ WKLV QDPH LQ WKH 6\ULDF ODQJXDJH $QG WKLV LV QRW VR EHFDXVH WKH
GHYLO KDV WKH SRZHU WR JLYH WR RU WDNH ULFKHV DZD\ IURP ZKRPHYHU KH
ZLOOV EXW EHFDXVH KH XVHV WKHP WR WHPSW DQG GHFHLYH PHQ
&KDSWHU :+(7+(5 $// '(0216 $5( ,1 7+,6 &/28'< $70263+(5( 25 :+(7+(5
620( 2) 7+(0 $5( ,1 +(// %XW LW LV XVXDO WR DVN ZKHWKHU WKH\ DUH DOO LQ
WKLV FORXG\ DWPRVSKHUH RU ZKHWKHU VRPH RI WKHP DUH DOUHDG\ LQ KHOO²,W
LV SUREDEOH WKDW VRPH RI WKH GHPRQV GHVFHQG LQWR KHOO HDFK GD\ DV WKH\
OHDG VRXOV WR WKHLU VXIIHULQJV WKHUH $QG LW LV QRW IDU IURP WKH WUXWK WKDW
WKHUH DUH DOZD\V VRPH RI WKHP WKHUH SHUKDSV WDNLQJ WXUQV WR KROG SULVRQHU
DQG WRUPHQW VRXOV WKHUH $QG WKDW WKH VRXOV RI HYLO SHRSOH GHVFHQG WR KHOO
DQG DUH SXQLVKHG WKHUH IROORZV IURP WKH IDFW WKDW &KULVW GHVFHQGHG LQWR
KHOO LQ RUGHU WR OHDG RXW RI LW WKH MXVW RQHV ZKR ZHUH KHOG WKHUH IRU LI WKH
MXVW GHVFHQGHG WKHUH PXFK PRUH GLG WKH XQMXVW DQG DV DXWKRULW\ KDV LW
ZKHQ KH OHG RXW WKH MXVW KH OHIW WKH XQMXVW WKHUH )RU KH ELW KHOO EXW GLG
QRW VZDOORZ LW
&KDSWHU 620( +2/' 7+$7 /8&,)(5 :+20 7+(< 6$< 7(037(' $1' 29(5&$0( 7+( ),567 0$1 :$6 %281' ,1 +(// )520 7+( 7,0( :+(1 +( 7(037('
&+5,67 $1' :$6 29(5&20( %XW DV WR /XFLIHU VRPH KROG WKH YLHZ WKDW KH
LV ERXQG WKHUH DQG LV QRW QRZ IUHH WR WHPSW XV EHFDXVH ZH UHDG LQ WKH
$SRFDO\SVH :KHQ D WKRXVDQG \HDUV ZLOO EH FRPSOHWHG 6DWDQ ZLOO EH IUHHG
IURP KLV SULVRQ DQG ZLOO JR RXW WR OHDG WKH QDWLRQV DVWUD\ 7KDW ZLOO EH LQ
WKH ILQDO WLPH RI $QWLFKULVW ZKHQ WKHUH VKDOO EH VXFK JUHDW WULEXODWLRQ WKDW
LI LW ZHUH SRVVLEOH HYHQ WKH HOHFW ZRXOG EH WURXEOHG 7KH\ VD\ WKDW KH KDV
EHHQ ERXQG WKHUH VLQFH WKDW WLPH ZKHQ KH WHPSWHG &KULVW LQ WKH GHVHUW RU
DW WKH SDVVLRQ DQG ZDV RYHUFRPH E\ KLP 7KH\ EHOLHYH WKDW KH WHPSWHG
DQG RYHUFDPH WKH ILUVW PDQ VHFRQGO\ >KH WHPSWHG@ *RG EXW ZDV RYHU
&I 2ULJHQ ,Q ,RVXH KRP Q
&I 0W /N
,QWHUOLQHDU JORVV RQ 2V
$SRF &I 0W 0N 0W &I *HQ
'LVWLQFWLRQ 9,,
FRPH E\ KLP DQG VR LV ERXQG LQ KHOO²27+(56 +2/' 7+$7 +( +$6 %((1
%85,(' 7+(5( 6,1&( +,6 )$// %XW RWKHUV KROG WKDW VLQFH WKH IDOO KH KDV
EHHQ EXULHG LQ KHOO EHFDXVH RI WKH PDJQLWXGH RI KLV VLQ
7+$7 /8&,)(5 '2(6 127 +$9( 7+( 32:(5 :+,&+ +( :,// +$9( ,1
7+( 7,0( 2) $17,&+5,67 %XW ZKHWKHU KH LV EXULHG LQ KHOO RU QRW LW LV
SODXVLEOH WKDW KH GRHV QRW KDYH WKH SRZHU RI JDLQLQJ DFFHVV WR XV ZKLFK KH
ZLOO KDYH LQ WKH WLPH RI $QWLFKULVW ZKHQ KH ZLOO ZRUN ZLWK IUDXG DQG
YLROHQFH $QG SHUKDSV WKDW LV ZK\ LW LV VDLG WKDW KH ZLOO EH IUHHG DW WKDW
WLPH EHFDXVH WKHQ *RG ZLOO JLYH KLP D SRZHU WR WHPSW PHQ ZKLFK KH GRHV
QRW KDYH QRZ
&KDSWHU 7+$7 7+26( '(0216 :+2 +$9( 21&( %((1 29(5&20( %< 7+( 6$,176
'2 127 $)7(5:$5'6 +$9( )857+(5 $&&(66 72 27+(5 0(1 ,W VHHPV WRR
WKDW WKH SRZHU WR WHPSW RWKHU PHQ LV WDNHQ DZD\ IURP WKRVH GHPRQV ZKR
DUH RYHUFRPH E\ WKH VDLQWV ZKR OLYH MXVWO\ DQG GHFHQWO\ +HQFH 2ULJHQ
VD\V ³,W VHHPV FHUWDLQ WR PH WKDW WKH VDLQWV ZKR ILJKW DJDLQVW WKHVH WHPS
WHUV DQG GHIHDW WKHP GLPLQLVK WKH DUP\ RI GHPRQV DV WKH\ GHVWUR\ PDQ\
RI WKHP DQG WKDW LW LV QR ORQJHU ODZIXO IRU WKDW VSLULW ZKLFK KDV EHHQ RYHU
FRPH E\ VRPH VDLQW ZKR OLYHV FKDVWHO\ DQG GHFHQWO\ WR DWWDFN VRPH RWKHU
PDQ DJDLQ´²%XW VRPH EHOLHYH WKDW WKLV LV WR EH XQGHUVWRRG RQO\ RI WKDW
YLFH LQ ZKLFK KH ZDV RYHUFRPH VR WKDW LI KH WHPSWV VRPH KRO\ PDQ ZLWK
SULGH DQG KH LV RYHUFRPH LW LV QR ORQJHU ODZIXO IRU KLP WR WHPSW WKDW PDQ
RU DQRWKHU ZLWK SULGH
',67,1&7,21 9,, &KDSWHU 7+$7 7+( *22' $1*(/6 +$9( %((1 62 &21),50(' 7+528*+ *5$&(
7+$7 7+(< &$1127 6,1 $1' 7+( (9,/ 21(6 $5( 62 2%'85$7( ,1 (9,/
7+$7 7+(< &$1127 /,9( :(// ,W ZDV VDLG DERYH WKDW WKH DQJHOV ZKR
UHPDLQHG VWHDGIDVW ZHUH FRQILUPHG WKURXJK JUDFH DQG WKRVH ZKR IHOO ZHUH
DEDQGRQHG E\ *RG¶V JUDFH $QG FHUWDLQO\ WKH JRRG RQHV KDYH EHHQ VR
FRQILUPHG WKURXJK JUDFH WKDW WKH\ FDQQRW VLQ EXW WKH HYLO RQHV DUH VR RE
VWLQDWH LQ ZLFNHGQHVV WKDW WKH\ FDQQRW KDYH D JRRG ZLOO DQG DUH XQDEOH WR
ZLOO ZHOO DOWKRXJK ZKDW WKH\ VRPHWLPHV ZLOO LV JRRG )RU WKH\ VRPHWLPHV
&I $SRF DQG
2ULJHQ ,Q ,RVXH KRP Q
'LVW F
7+( 6(17(1&(6 %22.
ZLOO VRPHWKLQJ WR EH GRQH ZKLFK *RG ZLOOV WR EH GRQH DQG LW LV HQWLUHO\
JRRG DQG MXVW WKDW VXFK D WKLQJ EH GRQH DQG \HW WKH\ GR QRW ZLOO LW E\ D
JRRG ZLOO QRU ZLOO LW ZHOO
&KDSWHU 7+$7 %27+ +$9( )5(( &+2,&( $1' <(7 7+(< &$1127 7851 72 %27+
%XW VLQFH WKH JRRG RQHV DUH QRW DEOH WR VLQ DQG WKH HYLO RQHV DUH QRW DEOH
WR ZLOO ZHOO RU WR ZRUN ZHOO LW VHHPV WKDW WKH\ QR ORQJHU KDYH IUHH FKRLFH
EHFDXVH WKH\ FDQQRW WXUQ WR ERWK >JRRG DQG HYLO@ DQG IUHH FKRLFH FDQ EHQG
LWVHOI WR HLWKHU RI WKHVH²+HQFH -HURPH VD\V LQ WKH WUHDWLVH 2Q WKH 3URGL
JDO 6RQ ³,W LV LQ *RG DORQH WKDW VLQ FDQQRW KDSSHQ DV IRU WKH UHVW VLQFH
WKH\ KDYH IUHH FKRLFH WKH\ FDQ GLUHFW WKHLU ZLOO WR HLWKHU VLGH´ +HUH KH
DSSHDUV WR VD\ WKDW HYHU\ FUHDWXUH ZKLFK KDV EHHQ HVWDEOLVKHG LQ IUHH
FKRLFH FDQ WXUQ WR JRRG DQG WR HYLO ,I LW LV VR WKHQ ERWK JRRG DQG HYLO
DQJHOV FDQ WXUQ WR HLWKHU RI WKHVH DQG VR WKH JRRG RQHV FDQ EHFRPH HYLO
DQG WKH HYLO RQHV JRRG
7R WKLV ZH VD\ WKDW WKH JRRG DQJHOV KDYH EHHQ FRQILUPHG E\ VXFK
JUDFH WKDW WKH\ FDQQRW EHFRPH HYLO DQG WKH HYLO RQHV DUH VR REGXUDWH LQ
WKHLU ZLFNHGQHVV WKDW WKH\ FDQQRW EHFRPH JRRG $QG \HW ERWK KDYH IUHH
FKRLFH EHFDXVH WKH JRRG DQJHOV FKRRVH WKH JRRG DQG UHMHFW HYLO ZLWKRXW
DQ\ FRPSHOOLQJ QHFHVVLW\ EXW E\ WKHLU RZQ VSRQWDQHRXV ZLOO DVVLVWHG E\
JUDFH 6LPLODUO\ WKH HYLO RQHV E\ WKHLU RZQ IUHH ZLOO DEDQGRQHG E\ JUDFH
DYRLG WKH JRRG DQG SXUVXH HYLO $QG WKH HYLO RQHV KDYH IUHH FKRLFH EXW LW
LV VR EDVH DQG FRUUXSWHG WKDW WKH\ DUH QRW DEOH WR ULVH WR WKH JRRG
&KDSWHU 7+$7 7+( *22' $1*(/6 $)7(5 7+(,5 &21),50$7,21 +$9( $ )5((5
&+2,&( 7+$1 %()25( %XW WKH JRRG DQJHOV KDYH D PXFK IUHHU FKRLFH DIWHU
WKHLU FRQILUPDWLRQ WKDQ EHIRUH )RU DV $XJXVWLQH VD\V LQ WKH (QFKLULGLRQ
³WKH\ GR QRW ODFN IUHH FKRLFH E\ UHDVRQ RI EHLQJ XQDEOH WR ZLOO HYLO WKLQJV
)RU WKH IDFXOW\ RI FKRLFH ZKLFK FDQQRW VHUYH VLQ LV PXFK IUHHU 1RU LV
WKHLU ZLOO WR EH EODPHG RU LV QRW D ZLOO RU LV VDLG QRW WR EH IUHH E\ ZKLFK
WKH\ VR ZLOO WR EH EOHVVHG WKDW QRW RQO\ GR WKH\ QRW ZLOO WR EH PLVHUDEOH EXW
DUH HQWLUHO\ XQDEOH WR ZLOO LW´
$QG VR WKH JRRG DQJHOV DUH QRW DEOH WR ZLOO HYLO RU WR ZLOO WR EH PLV
HUDEOH DQG WKH\ KDYH WKLV QRW IURP D EHQHILW RI QDWXUH EXW IURP RQH RI
JUDFH ,QGHHG EHIRUH WKH FRQILUPDWLRQ RI JUDFH DQJHOV ZHUH DEOH WR VLQ
DQG VRPH RI WKHP GLG VLQ DQG EHFDPH GHPRQV +HQFH $XJXVWLQH LQ WKH
-HURPH (SLVWROD DG 'DPDVXP Q
&I -Q
$XJXVWLQH (QFKLULGLRQ F
'LVWLQFWLRQ 9,,
ERRN $JDLQVW 0D[LPLQXV ³7KH QDWXUH RI FHOHVWLDO FUHDWXUHV ZDV DEOH WR GLH
EHFDXVH LW ZDV DEOH WR VLQ ,QGHHG HYHQ DQJHOV VLQQHG DQG WKH\ EHFDPH
GHPRQV ZKRVH SULQFH LV WKH GHYLO (YHQ WKRVH ZKR GLG QRW VLQ ZHUH DEOH
WR VLQ $Q\ UDWLRQDO FUHDWXUH WR ZKRP WKH LQDELOLW\ WR VLQ KDV EHHQ JUDQWHG
RZHV LW WR *RG¶V JUDFH DQG QRW WR LWV RZQ QDWXUH $QG VR WKH RQO\ RQH
ZKR ZDV QRW LV QRW ZLOO QRW EH DEOH WR VLQ E\ KLV RZQ QDWXUH DQG QRW E\
DQ\RQH¶V JUDFH LV *RG´ 6HH LW LV LPSOLHG KHUH WKDW DQJHOV ZHUH DEOH WR
VLQ EHIRUH WKHLU FRQILUPDWLRQ EXW DUH QRW DEOH WR GR VR DIWHU LW 7KDW WKH\
ZHUH DEOH WR VLQ ZDV WKHLUV IURP IUHH FKRLFH ZKLFK LV QDWXUDO WR WKHP
7KDW WKH\ DUH QRZ XQDEOH WR VLQ KRZHYHU LV WKHLUV QRW IURP WKHLU QDWXUH
WKDW LV IURP WKHLU IUHH FKRLFH EXW IURP JUDFH ,W LV DOVR IURP WKLV VDPH
JUDFH WKDW WKHLU IUHH FKRLFH LWVHOI LV QR ORQJHU DEOH WR VHUYH VLQ
&KDSWHU 7+$7 $)7(5 7+(,5 &21),50$7,21 $1*(/6 $5( 127 $%/( 72 6,1 )520 1$785( $6 %()25( 127 %(&$86( 7+(,5 &+2,&( :$6 :($.(1(' %87
%(&$86( ,7 :$6 &21),50(' $QG VR DIWHU WKHLU FRQILUPDWLRQ DQJHOV
ZHUH QRW DEOH WR VLQ IURP QDWXUH DV EHIRUH QRW WKDW WKHLU IUHH FKRLFH ZDV
ZHDNHQHG WKURXJK JUDFH EXW UDWKHU WKDW LW ZDV VR FRQILUPHG WKDW WKH JRRG
DQJHO LV QR ORQJHU DEOH WR VLQ WKURXJK LW $QG WKLV LV QRW DW DOO IURP IUHH
FKRLFH LWVHOI EXW IURP *RG¶V JUDFH
+( 5(9($/6 +2: 7+( :25'6 2) -(520( &,7(' $%29( $5( 72 %(
81'(56722' $QG VR ZKDW -HURPH VD\V ³$V IRU WKH UHVW VLQFH WKH\ KDYH
IUHH FKRLFH WKH\ FDQ EH GLUHFW WKHLU ZLOO WR HLWKHU VLGH´ RXJKW WR EH WDNHQ
LQ UHIHUHQFH WR WKH VWDWH LQ ZKLFK FUHDWXUHV ZHUH FUHDWHG )RU ERWK PDQ
DQG DQJHO ZHUH VR FUHDWHG WKDW WKH\ FRXOG WXUQ WR HLWKHU >JRRG RU HYLO@
%XW DIWHUZDUGV WKH JRRG DQJHOV DUH VR FRQILUPHG WKURXJK JUDFH WKDW WKH\
DUH XQDEOH WR VLQ DQG WKH HYLO RQHV DUH VR REGXUDWH LQ YLFH WKDW WKH\ FDQ
QRW OLYH ZHOO
$127+(5 7(;7 ,6 72 %( 81'(56722' ,1 7+( 6$0( :$< ,Q D VLPLODU
ZD\ LV DOVR WR EH XQGHUVWRRG WKDW VWDWHPHQW RI ,VLGRUH ³$QJHOV DUH
FKDQJHDEOH E\ QDWXUH LPPXWDEOH E\ JUDFH´ %\ QDWXUH DW WKH EHJLQQLQJ
RI WKHLU H[LVWHQFH WKH\ FRXOG EH FKDQJHG WR JRRG RU HYLO EXW DIWHUZDUGV
WKURXJK JUDFH WKH\ EHFDPH VR GHYRWHG WR WKH JRRG WKDW WKH\ FDQQRW EH
FKDQJHG IURP LW IRU LW LV JUDFH WKDW UHVLVWV WKLV FKDQJH QRW QDWXUH
$XJXVWLQH &RQWUD 0D[LPLQXP EN F Q
&I -Q
$ERYH F Q
,VLGRUH 6HQWHQWLDH EN F Q
7+( 6(17(1&(6 %22.
&KDSWHU 7+$7 7+( (9,/ $1*(/6 ',' 127 /26( 7+(,5 $&8,7< 2) 3(5&(37,21 $1'
,1 :+$7 :$<6 7+(< .12: $QG DOWKRXJK WKH HYLO DQJHOV DUH VR REVWLQDWH
WKURXJK ZLFNHGQHVV QHYHUWKHOHVV WKH\ DUH QRW ZKROO\ GHSULYHG RI WKHLU
DFXLW\ RI SHUFHSWLRQ ,QGHHG DV ,VLGRUH WHDFKHV ³GHPRQV DUH SRZHUIXO E\
D WKUHHIROG DFXWHQHVV RI NQRZOHGJH QDPHO\ E\ WKH ILQHQHVV RI WKHLU QDWXUH
WKHLU DJHROG H[SHULHQFH DQG WKH UHYHODWLRQ RI WKH KLJKHU VSLULWV´²
&RQFHUQLQJ WKLV $XJXVWLQH WRR VD\V ³(YLO VSLULWV DUH DOORZHG WR NQRZ
FHUWDLQ WKLQJV DERXW WHPSRUDO PDWWHUV LQ SDUW E\ WKH UHILQHPHQW RI WKHLU
VHQVH LQ SDUW EHFDXVH WKH\ DUH PDGH VKUHZGHU E\ WKHLU H[SHULHQFH RYHU
WKH DJHV ZKLFK LV GXH WR VXFK JUHDW OHQJWK RI OLIH LQ SDUW EHFDXVH WKH KRO\
DQJHOV DW *RG¶V FRPPDQG UHYHDO WR WKHP ZKDW WKH\ KDYH OHDUQHG IURP
*RG $W WLPHV WRR WKHVH VDPH HYLO VSLULWV IRUHWHOO ZKDW WKH\ WKHPVHOYHV
DUH DERXW WR GR DV WKRXJK SUHWHQGLQJ WR GLYLQH LW´
&KDSWHU 7+$7 7+( 0$*,&$/ $576 $5( ())(&7,9( %< 7+( 32:(5 $1' .12:/('*( 2) 7+( '(9,/ 7+,6 32:(5 $1' 7+,6 .12:/('*( +$9( %((1 *5$17('
72 +,0 %< *2' (,7+(5 72 /($' (9,/ 0(1 $675$< 25 72 $'021,6+ 25
75$,1 7+( *22' 21(6 ,W LV DOVR E\ WKH NQRZOHGJH DQG SRZHU RI WKHVH
HYLO VSLULWV WKDW WKH PDJLFDO DUWV DUH SUDFWLVHG $QG \HW ERWK WKH NQRZO
HGJH DQG WKH SRZHU KDYH EHHQ JLYHQ WR WKHP E\ *RG HLWKHU WR GHFHLYH
WKH GHFHLWIXO RU WR DGPRQLVK WKH IDLWKIXO RU WR WUDLQ DQG WHVW WKH SDWLHQFH
RI WKH MXVW²+HQFH $XJXVWLQH VD\V LQ 2Q WKH 7ULQLW\ ERRN ³, VHH
ZKDW PD\ RFFXU WR D ZHDN LQWHOOLJHQFH QDPHO\ ZK\ DUH PLUDFOHV GRQH
DOVR E\ WKH PDJLFDO DUWV IRU HYHQ WKH PDJLFLDQV RI 3KDUDRK PDGH VHUSHQWV
DQG RWKHU WKLQJV %XW ZKDW LV VWLOO PRUH ZRQGHUIXO LV KRZ WKH SRZHU RI
WKH PDJLFLDQV ZKLFK ZDV DEOH WR PDNH VHUSHQWV IDLOHG HQWLUHO\ ZKHQ LW
FDPH WR PDNLQJ YHU\ VPDOO IOLHV QDPHO\ JQDWV ZKLFK ZHUH WKH WKLUG
SODJXH WR DIIOLFW (J\SW $W WKDW SRLQW WKH PDJLFLDQV FHUWDLQO\ IDLOHG VD\
LQJ 7KH ILQJHU RI *RG LV KHUH )URP WKLV LW LV JLYHQ WR EH XQGHUVWRRG WKDW
QRW HYHQ WKH WUDQVJUHVVLQJ DQJHOV DQG WKH SRZHUV RI WKH DLU ZKR KDYH
EHHQ FDVW GRZQ IURP WKHLU GZHOOLQJ LQ WKH VXEOLPH SXULW\ RI WKH DHWKHU LQWR
WKLV ORZHVW GDUNQHVV DV LI LQWR D SULVRQ IRU WKHLU NLQG WKURXJK ZKRP WKH
PDJLFDO DUWV DUH DEOH WR GR ZKDWHYHU WKH\ FDQ GR ZRXOG EH DEOH WR GR DQ\
WKLQJ LI SRZHU KDG QRW EHHQ JLYHQ WR WKHP IURP DERYH $QG WKLV SRZHU LV
DW WLPHV JLYHQ WR GHFHLYH WKH GHFHLWIXO DV ZKHQ LW ZDV FRQIHUUHG RQ WKH
,VLGRUH 6HQWHQWLDH EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
&I (FFOL 5RP
&I ([RG ([RG
'LVWLQFWLRQ 9,,
(J\SWLDQV DQG WKRVH YHU\ PDJLFLDQV VR WKDW WKH\ VKRXOG VHHP DGPLUDEOH E\
WKH RSHUDWLRQ RI WKH YHU\ VSLULWV E\ ZKRP WKH\ ZHUH PDGH GDPQDEOH DW
WLPHV LW LV JLYHQ WR ZDUQ WKH IDLWKIXO DJDLQVW WKH GHVLUH WR GR DQ\ VXFK
WKLQJ DV LI LW ZHUH D JUHDW WKLQJ WR GR WKHP LW LV IRU WKLV VDPH UHDVRQ WKDW
WKH\ KDYH EHHQ UHSRUWHG WR XV LQ 6FULSWXUH RU WR WUDLQ WHVW DQG UHYHDO WKH
SDWLHQFH RI WKH MXVW´
&KDSWHU 7+( 0$77(5 2) 9,6,%/( 7+,1*6 '2(6 127 6(59( 7+( 75$16*5(66,1*
$1*(/6 $7 7+(,5 %,'',1* ³$QG LW LV QRW WR EH WKRXJKW WKDW WKH PDWWHU RI
YLVLEOH WKLQJV VHUYHV WKH WUDQVJUHVVLQJ DQJHOV DW WKHLU ELGGLQJ UDWKHU LW
VHUYHV *RG E\ ZKRP WKLV SRZHU LV JLYHQ WR WKH H[WHQW WKDW WKH XQFKDQJH
DEOH RQH GHWHUPLQHV´
&KDSWHU 7+$7 7+(< $5( 127 &5($7256 (9(1 7+28*+ 7+( 0$*,&,$16 0$'(
)52*6 $1' 27+(5 7+,1*6 7+528*+ 7+(0 *2' $/21( &5($7(6 ³$QG
WKRVH HYLO DQJHOV DUH E\ QR PHDQV WR EH FDOOHG FUHDWRUV EHFDXVH WKH
PDJLFLDQV PDGH IURJV DQG VHUSHQWV WKURXJK WKHP IRU WKH\ GLG QRW FUHDWH
WKHVH WKLQJV´
21 7+( 6(('6 2) $// %2',(6 :+26( &5($725 ,6 +( :+2 $/21( ,6
&5($725 ³,Q WUXWK VRPH KLGGHQ VHHGV RI DOO WKLQJV WKDW DUH ERUQ FRU
SRUHDOO\ DQG YLVLEO\ DUH FRQFHDOHG LQ WKH FRUSRUHDO HOHPHQWV RI WKLV ZRUOG
*RG RULJLQDOO\ SODFHG WKHVH VHHGV LQ WKHP $QG VR KH ZKR LV WKH FUHDWRU RI
WKH LQYLVLEOH VHHGV LV WKH FUHDWRU RI DOO WKLQJV )RU DOO WKLQJV WKDW FRPH
IRUWK WR RXU VLJKW E\ EHLQJ ERUQ UHFHLYH WKH EHJLQQLQJV RI WKHLU JURZWK
IURP WKHVH LQYLVLEOH VHHGV DQG E\ YLUWXH RI WKH UXOHV RI WKHLU RULJLQ VR WR
VSHDN WKH\ WDNH WKHLU SURSHU LQFUHDVH LQ VL]H DQG WKHLU GLVWLQFWLYH IRUPV´
-867 $6 3$5(176 $5( 127 &$//(' 7+( &5($7256 2) 7+(,5 &+,/ '5(1 125 )$50(56 2) 7+(,5 :+($7 62 1(,7+(5 $5( 7+( *22' 125
7+( (9,/ $1*(/6 (9(1 ,) &5($785(6 $5( 0$'( %< 7+(,5 6(59,&( ³$QG
MXVW DV ZH GR QRW FDOO SDUHQWV WKH FUHDWRUV RI PHQ QRU IDUPHUV WKH FUHDWRUV
RI ZKHDW DOWKRXJK LW LV E\ WKH H[WHUQDO DSSOLFDWLRQ RI WKHLU PRYHPHQWV
WKDW *RG¶V SRZHU RSHUDWHV LQWHUQDOO\ WR FUHDWH WKHVH WKLQJV VR DOVR LW LV
QRW ULJKW WR KROG WKDW QRW RQO\ WKH HYLO DQJHOV EXW HYHQ WKH JRRG RQHV DUH
FUHDWRUV 127( +(5( +( ,1',&$7(6 7+$7 7+(< +$9( $ %2'< %XW E\
WKH UHILQHPHQW RI WKHLU VHQVH DQG ERG\ WKH\ NQRZ WKH VHHGV RI WKLQJV
$XJXVWLQH 'H 7ULQLWDWH EN F Q
$XJXVWLQH 'H 7ULQLWDWH EN F Q
$XJXVWLQH 'H 7ULQLWDWH EN F Q
,ELG
7+( 6(17(1&(6 %22.
ZKLFK DUH PRUH KLGGHQ IURP XV DQG WKH\ VRZ WKHP VHFUHWO\ WKURXJK VXLWD
EOH FRPELQDWLRQV RI WKH HOHPHQWV DQG VR IXUQLVK RFFDVLRQV IRU WKH ELUWK
RI WKLQJV DQG IRU VSHHGLQJ WKHLU LQFUHDVH %XW WKH JRRG DQJHOV GR QRW GR
WKHVH WKLQJV H[FHSW LQVRIDU DV *RG FRPPDQGV QRU GR WKH HYLO RQHV XQ
MXVWO\ GR WKHP H[FHSW LQVRIDU DV KH MXVWO\ DOORZV´
7+( (9,/ 21( +$6 $1 (9,/ :,// )520 +,06(/) %87 +( 5(&(,9(6
7+( 32:(5 >72 :,//@ )520 *2' -867/< ³)RU WKH ZLFNHGQHVV RI WKH HYLO
RQH PDNHV KLV RZQ ZLOO XQMXVW \HW KH GRHV QRW UHFHLYH WKH SRZHU >WR ZLOO@
RWKHU WKDQ MXVWO\ HLWKHU IRU KLV RZQ SXQLVKPHQW RU LQ WKH FDVH RI RWKHUV
IRU WKH SXQLVKPHQW RI WKH ZLFNHG RU WKH SUDLVH RI WKH JRRG´
&KDSWHU -867 $6 *2' $/21( :25.6 7+( -867,),&$7,21 2) 285 0,1' 62 $/62 +( :25.6 7+( &5($7,21 2) 7+,1*6 $/7+28*+ 7+( &5($785( 6(59(6 $6 $
025( (;7(51$/ &$86( ³1RQH EXW *RG FDQ IRUP RXU PLQG E\ MXVWLI\LQJ
LW EXW PHQ WRR DUH DEOH WR SUHDFK WKH *RVSHO DV DQ H[WHUQDO FDXVH DQG QRW
RQO\ WKH JRRG RQHV LQ WUXWK EXW DOVR WKH EDG RQHV LQ SUHWHQFH ,Q WKH
VDPH ZD\ LW LV *RG ZKR LQWHULRUO\ ZRUNV WKH FUHDWLRQ RI YLVLEOH WKLQJV
EXW WKH H[WHULRU RSHUDWLRQV´ DQG PL[WXUHV RU RFFDVLRQV DUH IXUQLVKHG E\
JRRG DQG HYLO DQJHOV DQG HYHQ E\ PHQ²³%XW WKHVH WKLQJV DUH DSSOLHG E\
PHQ ZLWK VR PXFK PRUH GLIILFXOW\ LQVRIDU DV WKHLU VHQVHV DUH OHVV UHILQHG
DQG WKHLU HDUWK\ DQG VOXJJLVK ERGLHV DUH OHVV TXLFN LQ WKHLU PRYHPHQWV
$QG VR IRU ERWK NLQGV RI DQJHOV WKH HDVLHU LW LV WR JDWKHU WKH SUR[LPDWH
FDXVHV IURP WKH HOHPHQWV WKH PRUH ZRQGHUIXO LV WKHLU JUHDWHU VSHHG LQ
ZRUNV RI WKLV NLQG %XW WKHUH LV QR RWKHU FUHDWRU WKDQ WKH RQH ZKR RULJLQDO
O\ IRUPV WKHVH WKLQJV QRU FDQ DQ\RQH GR WKLV RWKHU WKDQ WKH RQH FUHDWRU
*RG´²³)RU LW LV RQH WKLQJ WR FUHDWH DQG DGPLQLVWHU WKH FUHDWXUH IURP WKH
GHHSHVW DQG KLJKHVW WXUQLQJSRLQW RI FDXVDWLRQ ZKLFK WKH FUHDWRU *RG
DORQH GRHV EXW LW LV DQRWKHU WKLQJ WR FRQGXFW VRPH RSHUDWLRQ E\ DQ H[WHU
QDO PHDQV LQ DFFRUGDQFH ZLWK WKH IRUFHV DQG SRZHUV WKDW FRPH IURP KLP
VR WKDW ZKDW LV FUHDWHG PD\ FRPH IRUWK DW WKLV RU WKDW WLPH DQG LQ WKLV RU
WKDW PDQQHU )RU DOO WKHVH WKLQJV RULJLQDOO\ DQG SULPRUGLDOO\ KDYH DOUHDG\
EHHQ FUHDWHG LQ VRPH IUDPHZRUN RI WKH HOHPHQWV EXW FRPH IRUWK ZKHQ
JLYHQ WKH RSSRUWXQLW\´
$XJXVWLQH 'H 7ULQLWDWH EN F Q
,ELG &I 3KLO
$XJXVWLQH 'H 7ULQLWDWH EN F Q
,ELG EN F QQ
,ELG EN F Q
'LVWLQFWLRQ 9,,,
&KDSWHU 7+$7 7+( (9,/ $1*(/6 +$9( 7+( 327(17,$/ 72 '2 0$1< 7+,1*6 %< 7+( 675(1*7+ 2) 7+(,5 1$785( :+,&+ 7+(< &$1127 '2 %(&$86( 2)
7+( 352+,%,7,21 2) *2' 25 2) 7+( *22' $1*(/6 7+$7 ,6 %(&$86(
7+(< $5( 127 $//2:(' ,W LV DOVR WR EH NQRZQ WKDW WKH HYLO DQJHOV KDYH
WKH SRWHQWLDO WR GR VRPH WKLQJV E\ WKH ILQHQHVV RI WKHLU QDWXUH ZKLFK WKH\
QHYHUWKHOHVV FDQQRW GR EHFDXVH RI WKH SURKLELWLRQ RI *RG RU RI WKH JRRG
DQJHOV WKDW LV EHFDXVH WKH\ DUH QRW DOORZHG WR GR WKHVH WKLQJV E\ *RG RU
E\ WKH JRRG DQJHOV WKH\ ZKR PDGH IURJV DQG VHUSHQWV ZHUH HQWLUHO\
FDSDEOH RI KDYLQJ PDGH WKH JQDWV %XW VRPH WKLQJV WKH\ DUH XQDEOH WR GR
HYHQ LI WKH\ DUH DOORZHG E\ WKH KLJKHU DQJHOV EHFDXVH *RG GRHV QRW DO
ORZ LW :+< 7+(< :+2 0$'( )52*6 $1' 6(53(176 :(5( 127 $%/( 72
352'8&( *1$76 +HQFH $XJXVWLQH LQ 2Q WKH 7ULQLW\ ERRN ³,W KDSSHQV
IURP WKH LQHIIDEOH SRZHU RI *RG WKDW ZKDW WKH HYLO DQJHOV FRXOG GR LI WKH\
ZHUH DOORZHG WKH\ DUH QRW DEOH WR GR EHFDXVH WKH\ DUH QRW DOORZHG )RU QR
RWKHU UHDVRQ H[SODLQV ZK\ WKH\ ZKR KDG PDGH IURJV DQG VHUSHQWV ZHUH QRW
DEOH WR PDNH JQDWV XQOHVV WKH JUHDWHU SRZHU RI *RG ZDV WKHUH IRUELGGLQJ
WKHP WKURXJK WKH +RO\ 6SLULW HYHQ WKH PDJLFLDQV WKHPVHOYHV DFNQRZO
HGJHG WKLV VD\LQJ 7KH ILQJHU RI *RG LV KHUH %XW ZKDW WKH\ FDQ GR E\
QDWXUH ZKDW WKH\ FDQQRW GR EHFDXVH RI SURKLELWLRQ DQG ZKDW WKH\ DUH QRW
DOORZHG WR GR E\ WKH FRQGLWLRQ RI WKHLU QDWXUH LW LV GLIILFXOW LQGHHG LP
SRVVLEOH IRU D PDQ WR DVFHUWDLQ +( 6+2:6 ,7 %< $1$/2*< :H NQRZ
WKDW D PDQ FDQ ZDON DQG WKDW KH FDQQRW GR HYHQ WKLV LI KH ZHUH QRW DO
ORZHG EXW KH FDQQRW IO\ HYHQ LI KH ZHUH DOORZHG ,Q WKH VDPH ZD\ WKRVH
DQJHOV FDQ GR VRPH WKLQJV LI WKH\ ZHUH DOORZHG E\ WKH PRUH SRZHUIXO
DQJHOV DW *RG¶V FRPPDQG EXW VRPH WKLQJV WKH\ FDQQRW GR HYHQ LI WKH\
ZHUH DOORZHG E\ WKRVH DQJHOV EHFDXVH KH GRHV QRW DOORZ LW IURP ZKRP
WKH\ KDYH WKH NLQG RI QDWXUH ZKLFK LV WKHLUV DQG RIWHQ WKURXJK KLV DQJHOV
KH GRHV QRW DOORZ HYHQ WKRVH WKLQJV >WR EH GRQH@ ZKLFK KH KDV JUDQWHG WKDW
WKH\ EH DEOH WR GR´
',67,1&7,21 9,,, &KDSWHU :+(7+(5 $// $1*(/6 $5( &25325($/ 7+,6 6((0(' 72 %( 7+( &$6(
72 620( $1' $8*867,1( $33($56 72 $*5(( :,7+ 7+(0 6$<,1* 7+$7 $// $1*(/6 %()25( 7+( )$// +$' ),1( $1' 63,5,78$/ %2',(6 %87 7+(
([RG
$XJXVWLQH 'H 7ULQLWDWH EN F Q
7+( 6(17(1&(6 %22.
%2',(6 2) 7+( (9,/ 21(6 :(5( &+$1*(' )25 7+( :256( ,1 7+(,5 )$//
62 7+$7 7+(< 0,*+7 68))(5 ,1 7+(0 ,W LV DOVR XVXDO DPRQJ WKH OHDUQHG
WR GLVFXVV WKH TXHVWLRQ RI ZKHWKHU DOO DQJHOV ERWK JRRG DQG HYLO DUH FRU
SRUHDO WKDW LV KDYH ERGLHV XQLWHG WR WKHP²6RPH KROG WKLV WR EH WKH FDVH
DQG WKH\ UHO\ RQ WKH ZRUGV RI $XJXVWLQH ZKR VHHPV WR VD\ WKDW DOO DQJHOV
EHIRUH WKHLU FRQILUPDWLRQ RU IDOO KDG DHULDO ERGLHV IRUPHG IURP WKH SXUHU
DQG KLJKHU SDUW RI WKH DLU DQG VXLWDEOH IRU DFWLQJ EXW QRW IRU VXIIHULQJ
$QG VXFK ERGLHV ZHUH SUHVHUYHG IRU WKH JRRG DQJHOV ZKR UHPDLQHG VWHDG
IDVW VR WKDW WKH\ FDQ DFW LQ VXFK ERGLHV EXW QRW VXIIHU 7KHVH ERGLHV DUH RI
VXFK ILQHQHVV WKDW WKH\ FDQQRW EH VHHQ E\ PRUWDOV XQOHVV WKH\ DUH FORWKHG
E\ VRPH JURVVHU IRUP 7KH\ DUH VHHQ ZKHQ WKH\ WDNH RQ VXFK IRUP DQG
DUH QR ORQJHU VHHQ ZKHQ WKH\ VHW LW DVLGH %XW WKH ERGLHV RI WKH HYLO DQJHOV
LQ WKHLU IDOO ZHUH FKDQJHG LQWR DQ LQIHULRU TXDOLW\ RI WKLFNHU DLU )RU MXVW DV
WKH\ ZHUH FDVW GRZQ IURP D ZRUWKLHU SODFH WR D ORZHU RQH WKDW LV LQWR WKLV
FORXG\ DWPRVSKHUH VR WKHLU UHILQHG ERGLHV ZHUH WUDQVIRUPHG LQWR LQIHULRU
DQG WKLFNHU RQHV LQ ZKLFK WKH\ FDQ VXIIHU IURP D VXSHULRU HOHPHQW WKDW
LV IURP ILUH
$QG WKLV VHHPV WR KDYH EHHQ $XJXVWLQH¶V WKRXJKW DV KH VD\V LQ 2Q
*HQHVLV ³7KH GHPRQV DUH FDOOHG DHULDO DQLPDWH EHLQJV EHFDXVH WKH\ DUH
HQGRZHG ZLWK ERGLHV RI DQ DHULDO QDWXUH DQG WKH\ DUH QRW GLVVROYHG E\
GHDWK EHFDXVH WKHUH SUHYDLOV LQ WKHP DQ HOHPHQW ZKLFK LV PRUH SURQH WR
EHLQJ DFWLYH WKDQ SDVVLYH :DWHU DQG HDUWK WHQG WR EH SDVVLYH DLU DQG
ILUH WHQG WR EH DFWLYH %XW LW LV QRW VXUSULVLQJ LI WKH WUDQVJUHVVLQJ DQJHOV
DQG WKHLU SULQFH QRZ D GHYLO WKHQ DQ DUFKDQJHO ZHUH FDVW LQWR WKLV GDUN
QHVV DIWHU WKHLU VLQ $QG QHLWKHU LV LW VXUSULVLQJ LI DV D SXQLVKPHQW WKH\
ZHUH FKDQJHG LQWR DQ DHULDO QDWXUH LQ ZKLFK WKH\ FDQ VXIIHU IURP ILUH
%XW WKH\ DUH DOORZHG WR NHHS RQO\ WR WKH GDUNQHVV RI WKH DLU ZKLFK LV OLNH
D SULVRQ IRU WKHP XQWLO WKH WLPH RI MXGJHPHQW´ 6HH ZLWK WKHVH ZRUGV
$XJXVWLQH DSSHDUV WR FRQYH\ WKH RSLQLRQ WKDW VRPH KROG UHJDUGLQJ WKH
ERGLHV RI DQJHOV
,7 6((06 72 620( 7+$7 $8*867,1( ',' 127 6$< 7+,6 $6 +,6 2:1
9,(: %87 $6 5(3257,1* $1 23,1,21 %XW VRPH VD\ WKDW KH GLG QRW VD\
WKLV DV KLV RZQ YLHZ EXW DV UHSRUWLQJ WKH RSLQLRQ RI RWKHUV 7KH\ ZLVK WR
FRQFOXGH WKLV IURP $XJXVWLQH¶V RZQ ZRUGV LQ ZKLFK KH VD\V µ7KH GHPRQV
DUH FDOOHG DHULDO DQLPDOV¶ DQG GRHV QRW VD\ DUH IRU WKHUH ZHUH VRPH
SHRSOH ZKR VDLG WKLV %XW DV WR WKHLU GZHOOLQJ LQ WKH FORXG\ DWPRVSKHUH
LQWR ZKLFK WKH\ ZHUH FDVW WKH\ VD\ WKDW $XJXVWLQH GLG QRW VD\ WKLV E\ ZD\
RI RSLQLRQ EXW DVVHUWLQJ WKH WUXWK RI WKH PDWWHU DV LV VKRZQ E\ WKH OLQJXLV
WLF GLVWLQFWLRQ ZKLFK KH PDNHV 7KH\ DOVR VD\ WKDW PDQ\ &DWKROLF ZULWHUV
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
&I $SXOHLXV 'H GHR 6RFUDWLV DV WR ZKLFK VHH $XJXVWLQH 'H FLYLWDWH 'HL EN
'LVWLQFWLRQ 9,,,
KDYH DJUHHG RQ WKLV DQG KDYH WDXJKW XQDQLPRXVO\ WKDW WKH DQJHOV DUH LQFRU
SRUHDO DQG GR QRW KDYH ERGLHV XQLWHG WR WKHP $W *RG¶V GLVSRVLWLRQ DW
WLPHV WKH\ WDNH RQ ERGLHV LQ RUGHU WR SHUIRUP D VHUYLFH FRPPDQGHG WR
WKHP E\ *RG DQG WKH\ VHW WKHP DVLGH ZKHQ WKHLU VHUYLFH LV FRPSOHWHG ,W
ZDV LQ VXFK ERGLHV WKDW WKH\ DSSHDUHG DQG VSRNH WR PHQ DQG DW WLPHV WKH\
VSRNH LQ WKH FKDUDFWHU RI *RG ZLWKRXW DQ\ GLVWLQFWLRQ RI SHUVRQ DQG DW
RWKHU WLPHV LQ WKH SHUVRQ RI WKH )DWKHU RU RI WKH 6RQ RU RI WKH +RO\ 6SLULW
&KDSWHU
7+$7 *2' $33($5(' ,1 7+26( $1&,(17 %2',/< )2506 1RU LV LW WR EH
GRXEWHG WKDW *RG DSSHDUHG LQ ERGLO\ IRUPV WR PHQ DV $XJXVWLQH VKRZV LQ
2Q WKH 7ULQLW\ ERRN UHSRUWLQJ YDULRXV WHVWLPRQLHV RI 6FULSWXUH IURP
ZKLFK KH SURYHV WKDW *RG DSSHDUHG WR PHQ LQ ERGLO\ VKDSHV DQG VRPH
WLPHV *RG¶V VSHHFK ZDV DGGUHVVHG WR PHQ LQ WKH FKDUDFWHU RI *RG ZLWKRXW
GLVWLQFWLRQ DQG DW RWKHU WLPHV ZLWK D GLVWLQFWLRQ RI SHUVRQV
21 7+( 3(53/(;,1* 48(67,21 326(' %< $8*867,1( :+2 $6.6
:+(7+(5 $ 1(: &5($785( :$6 )250(' 72 6+2: 7+(6( %2',/< $33$ 5,7,216 25 :+(7+(5 $1*(/6 :+2 $/5($'< (;,67(' :(5( 6(17 $1'
,) 68&+ $1*(/6 :(5( 6(17 ',' 7+(< 7$.( 21 620( &25325($/ 6+$3( )520 025( )/(6+/< 0$77(5 :+,/( 35(6(59,1* 7+( 48$/,7< 2) 7+(,5
63,5,78$/ %2'< 25 ',' 7+(< &+$1*( 7+(,5 2:1 %2'< ,172 $ 6+$3(
68,7$%/( )25 7+(,5 $&7,21 %XW LQ DVVHUWLQJ WKDW *RG DSSHDUHG WR PHQ LQ
ERGLO\ OLNHQHVVHV KH SRVHV D SHUSOH[LQJ TXHVWLRQ ZKLFK KH GRHV QRW UH
VROYH +H DVNV ³ZKHWKHU LQ WKRVH ERGLO\ DSSDULWLRQV VRPH FUHDWXUH ZDV
FUHDWHG IRU WKH VROH HQG WKDW *RG DSSHDU WR PHQ LQ LW RU ZKHWKHU DQJHOV
ZKR DOUHDG\ H[LVWHG ZHUH VR VHQW WKDW ZKLOH UHPDLQLQJ LQ WKHLU VSLULWXDO
ERGLHV WKH\ DVVXPHG IURP WKH IOHVKO\ PDWWHU RI WKH ORZHU HOHPHQWV D
ERGLO\ IRUP ZKLFK DV LQ WKH PDQQHU RI D JDUPHQW WKH\ FDQ FKDQJH LQWR
ZKDWHYHU ERGLO\ IRUPV WKH\ SOHDVH RU GLG WKH\ FKDQJH WKHLU RZQ ERG\ LQWR
IRUPV VXLWDEOH WR WKHLU DFWLRQV WKURXJK WKH SRZHU JLYHQ WR WKHP E\ *RG´
)RU $XJXVWLQH VSHDNV DV IROORZV LQ 2Q WKH 7ULQLW\ ERRN ,W LV WR EH
DVNHG ³UHJDUGLQJ WKRVH DQFLHQW ERGLO\ IRUPV DQG YLVLRQV´ ³ZKHWKHU D FUHD
WXUH ZDV IRUPHG WR WKH VROH HQG WKDW *RG DV KH WKHQ MXGJHG LW ILWWLQJ PLJKW
EH VKRZQ WR KXPDQ VLJKW RU ZHUH SUHH[LVWHQW DQJHOV VR VHQW WKDW WKH\
PLJKW VSHDN LQ WKH FKDUDFWHU RI *RG WDNLQJ RQ D ERGLO\ IRUP IURP D
FRUSRUHDO FUHDWXUH WR XVH LQ WKHLU PLQLVWU\ RU GLG WKH\ LQ DFFRUGDQFH
ZLWKWKH SRZHU JLYHQ WR WKHP E\ WKH &UHDWRU FKDQJH DQG WUDQVIRUP WKHLU
RZQERG\ WR ZKLFK WKH\ DUH QRW VXEMHFW EXW ZKLFK WKH\ UXOH RYHU VXEMHFW WR
$XJXVWLQH 'H 7ULQLWDWH EN FF
,ELG EN F Q
7+( 6(17(1&(6 %22.
WKHPVHOYHV LQWR WKH IRUPV WKH\ FKRVH ZKLFK ZHUH ILWWLQJ DQG VXLWDEOH IRU
WKHLU DFWLRQV´
+( *5$176 7+$7 $1*(/6 $5( 6(17 %87 +( ,6 127 $%/( 72 5(62/9(
7+( 5(67 ³%XW , FRQIHVV WKDW LW H[FHHGV WKH VWUHQJWK RI P\ LQVLJKW ZKHWKHU
WKH DQJHOV SUHVHUYLQJ WKH VSLULWXDO TXDOLW\ RI WKHLU ERG\ DQG ZRUNLQJ
WKURXJK LW LQ D KLGGHQ PDQQHU WDNH IURP WKH LQIHULRU DQG PRUH IOHVKO\
HOHPHQWV VRPHWKLQJ ZKLFK WKH\ DGDSW FRQYHUW DQG FKDQJH DV LQ WKH PDQ
QHU RI D JDUPHQW LQWR DQ\ ERGLO\ IRUP ZKDWVRHYHU HYHQ WKHLU WUXH RQHV DV
WUXH ZDWHU ZDV FKDQJHG LQWR WUXH ZLQH E\ WKH /RUG RU GR WKH\ WUDQVIRUP
WKHLU RZQ ERGLHV LQWR WKDW ZKLFK WKH\ ZLVK VXLWDEOH IRU ZKDW WKH\ GR
6LQFH , DP EXW D PDQ , FDQQRW FRPSUHKHQG ZKLFK RI WKHVH LV WUXH E\ P\
RZQ H[SHULHQFH DV WKH DQJHOV FDQ ZKR GR WKHVH WKLQJV´
1RWH UHDGHU WKDW KH GRHV QRW UHVROYH WKH TXHVWLRQ ZKLFK KH SRVHG
+H OHDYHV XQVHWWOHG ZKHWKHU WKH DQJHOV ZKR ZHUH VHQW ZKLOH NHHSLQJ WKHLU
RZQ VSLULWXDO ERGLHV ZHUH FORWKHG ZLWK VRPH PRUH IOHVKO\ IRUP LQ ZKLFK
WKH\ FRXOG EH VHHQ RU ZKHWKHU WKH\ FKDQJHG DQG WUDQVIRUPHG WKHLU RZQ
ERG\ LQWR ZKDWHYHU IRUP WKH\ FKRVH LQ ZKLFK WKH\ FRXOG EH VHHQ ,Q WKHVH
ZRUGV $XJXVWLQH VHHPV WR DWWHVW WKDW DQJHOV DUH FRUSRUHDO DQG KDYH WKHLU
RZQ VSLULWXDO ERGLHV
&KDSWHU 7+$7 *2' +$6 1(9(5 $33($5(' 72 0257$/6 ,1 7+( )250 %< :+,&+ +(
,6 *2' /HDYLQJ DVLGH WKHVH PDWWHUV DV WRR GHHS DQG REVFXUH OHW XV KROG
WKLV ZLWKRXW GRXEW WKDW *RG QHYHU DSSHDUHG WR PRUWDOV LQ WKH IRUP RI KLV
HVVHQFH $V KH VD\V WR KLV VHUYDQW 0RVHV 1R PDQ VKDOO VHH PH DQG OLYH
$QG ZH UHDG LQ WKH *RVSHO RI -RKQ 1R RQH KDV HYHU VHHQ *RG ³)RU
WKHUH LV QRWKLQJ YLVLEOH ZKLFK LV QRW FKDQJHDEOH´ $QG VR ³WKH VXEVWDQFH
RU HVVHQFH RI *RG EHFDXVH LW LV LQ QR ZD\ FKDQJHDEOH FDQ LQ QR ZD\ EH
YLVLEOH LQ LWV YHU\ VHOI $FFRUGLQJO\ LW LV PDQLIHVW WKDW DOO WKRVH DSSHDU
DQFHV WR WKH )DWKHUV ZHUH GRQH E\ PHDQV RI D FUHDWXUH DOWKRXJK *RG ZDV
SUHVHQW LQ WKHP $QG DOWKRXJK ZH GR QRW NQRZ KRZ *RG GLG WKHVH WKLQJV
WKURXJK WKH PLQLVWU\ RI WKH DQJHOV \HW ZH VD\ WKDW WKH\ ZHUH GRQH
WKURXJK DQJHOV´ ³7KHUHIRUH ZLWK FRQILGHQFH , GDUH WR VD\ WKDW QHLWKHU
*RG WKH )DWKHU QRU KLV :RUG QRU KLV 6SLULW ZKR LV RQH *RG LV LQ DQ\
$XJXVWLQH 'H 7ULQLWDWH EN SURO QQ
&I -Q
$XJXVWLQH 'H 7ULQLWDWH EN SURO Q
&I HVSHFLDOO\ 'H FLYLWDWH 'HL EN F
([RG -Q
$XJXVWLQH 'H 7ULQLWDWH EN FF Q
'LVWLQFWLRQ 9,,,
ZD\ FKDQJHDEOH WKURXJK WKDW ZKLFK KH LV DQG E\ ZKLFK KH LV DQG VR PXFK
OHVV LV KH YLVLEOH´
&KDSWHU :+(7+(5 '(0216 (17(5 7+( %2',(6 2) 0(1 68%67$17,$//< $1'
,16,18$7( 7+(06(/9(6 ,172 7+(,5 0,1'6 ,W DOVR VHHPV ZRUWK\ RI FRQ
VLGHUDWLRQ ZKHWKHU GHPRQV EH WKH\ FRUSRUHDO RU LQFRUSRUHDO HQWHU WKH
ERGLHV RI PHQ VXEVWDQWLDOO\ DQG LQVLQXDWH WKHPVHOYHV LQWR WKHLU VRXOV 2U
DUH WKH\ VDLG WR HQWHU VRXOV EHFDXVH WKH\ H[HUFLVH WKH HIIHFW RI WKHLU ZLFN
HGQHVV WKHUH RSSUHVVLQJ DQG YH[LQJ WKHP ZLWK *RG¶V SHUPLVVLRQ RU
GUDZLQJ WKHP LQWR VLQ DV WKH\ SOHDVH²7KH *RVSHO SODLQO\ GHFODUHV WKDW
WKH\ HQWHU LQWR PHQ DQG DUH H[SHOOHG IURP WKHP LW UHODWHV WKDW GHPRQV KDG
HQWHUHG VRPH SHRSOH DQG ZHUH FDVW RXW E\ &KULVW %XW LW LV QRW DW DOO FOHDU
ZKHWKHU WKH\ KDG HQWHUHG DFFRUGLQJ WR VXEVWDQFH RU ZKHWKHU WKH\ DUH VDLG
WR KDYH HQWHUHG EHFDXVH RI WKHLU HYLO HIIHFW
7+$7 '(0216 '2 127 ,16,18$7( 7+(06(/9(6 ,172 7+( 628/6 2) 0(1 68%67$17,$//< %87 7+(< $5( 6$,' 72 (17(5 %(&$86( 2) 7+( ()
)(&7 2) :,&.('1(66 &RQFHUQLQJ WKLV *HQQDGLXV VD\V LQ WKH 'HILQLWLRQV
RI (FFOHVLDVWLFDO 'RJPDV ³:H GR QRW EHOLHYH WKDW GHPRQV LQVLQXDWH
WKHPVHOYHV VXEVWDQWLDOO\ LQWR WKH VRXO E\ HQHUJ\ RSHUDWLRQ EXW WKDW WKH\
XQLWH WKHPVHOYHV WR LW E\ DWWDFKLQJ WKHPVHOYHV DQG RYHUSRZHULQJ LW 7R
EHFRPH LQVLQXDWHG LQWR WKH PLQG KRZHYHU LV SRVVLEOH IRU KLP DORQH ZKR
FUHDWHG LW DQG ZKR VXEVLVWLQJ LQFRUSRUHDOO\ E\ QDWXUH LV FDSDEOH >RI EHLQJ
UHFHLYHG@ E\ KLV FUHDWXUH´ 6HH KH DSSHDUV WR LQGLFDWH KHUH WKDW GHPRQV
GR QRW LQVLQXDWH WKHPVHOYHV RU HQWHU LQWR WKH KHDUWV RI PHQ VXEVWDQWLDOO\
%HGH WRR RQ WKDW SDVVDJH LQ WKH $FWV RI WKH $SRVWOHV ZKHUH 3HWHU
VD\V WR $QDQLDV :K\ GLG 6DWDQ WHPSW RU ILOO \RXU KHDUW VD\V ³,W LV WR EH
QRWHG WKDW QRWKLQJ RWKHU WKDQ WKH FUHDWLQJ 7ULQLW\ FDQ ILOO WKH PLQG RI PDQ
DFFRUGLQJ WR VXEVWDQFH EHFDXVH WKH VRXO LV ILOOHG ZLWK FUHDWHG WKLQJV RQO\
DFFRUGLQJ WR WKH RSHUDWLRQ DQG LQVWLJDWLRQ RI WKH ZLOO 6DWDQ ILOOV WKH KHDUW
RI VRPHRQH QRW E\ HQWHULQJ LQWR KLP DQG KLV FRQVFLRXVQHVV QRU E\ JRLQJ
LQWR WKH LQQHU VDQFWXP RI KLV KHDUW IRU WKLV SRZHU EHORQJV WR *RG DORQH
,QVWHDG KH HQWHUV E\ VKUHZG DQG IUDXGXOHQW GHFHSWLRQ GUDZLQJ WKH VRXO WR
D GLVSRVLWLRQ IRU ZLFNHGQHVV WKURXJK WKH SUHRFFXSDWLRQ ZLWK DQG WKH LQ
FHQWLYH RI WKH YLFHV ZLWK ZKLFK KH LV ILOOHG $QG VR 6DWDQ ILOOHG WKH KHDUW
RI $QDQLDV QRW E\ HQWHULQJ LW EXW E\ LQVHUWLQJ LQ LW WKH SRLVRQ RI KLV RZQ
ZLFNHGQHVV´²7KH VDPH ³7KH XQFOHDQ VSLULW H[SHOOHG IURP WKH KHDUWV
$XJXVWLQH 'H 7ULQLWDWH EN F Q
&I 0W 0N /N HWF
*HQQDGLXV /LEHU VHX GLIILQLWLR HFFOHVLDVWLFRUXP GRJPDWXP F
$FWV
%HGH ,Q $FWD
7+( 6(17(1&(6 %22.
RI WKH IDLWKIXO E\ WKH IODPH RI WKH YLUWXHV KXUOV WKH SRLVRQ RI SHUVHFXWLRQ
DJDLQVW WKH WHDFKHUV RI WUXWK´
%\ WKHVH DXWKRULWLHV LW LV VKRZQ WKDW GHPRQV GR QRW HQWHU LQWR WKH
KHDUWV RI PHQ VXEVWDQWLDOO\ EXW GR VR WKURXJK WKH HIIHFW RI WKHLU ZLFNHG
QHVV DQG WKH\ DUH VDLG WR EH H[SHOOHG IURP WKHP ZKHQ WKH\ DUH QRW DO
ORZHG WR GR KDUP
',67,1&7,21 ,; &KDSWHU 21 7+( ',67,1&7,21 2) 25'(56 >2) $1*(/6@ $1' +2: 0$1< 7+(5( $5(
$IWHU WKH DERYH PDWWHUV LW UHPDLQV WR NQRZ ZKDW 6FULSWXUH WHDFKHV FRQ
FHUQLQJ WKH RUGHUV RI DQJHOV LQ VHYHUDO SODFHV LW SURFODLPV WKDW WKHUH DUH
QLQH RUGHUV RI DQJHOV QDPHO\ $QJHOV $UFKDQJHOV 3ULQFLSDOLWLHV 3RZHUV
9LUWXHV 'RPLQDWLRQV 7KURQHV &KHUXELP DQG 6HUDSKLP²$QG WKUHH
JURXSV RI WKUHH DUH IRXQG WR EH LQ WKHVH RUGHUV DQG WKUHH RUGHUV LQ HDFK RI
WKH WKUHHV VR WKDW WKH OLNHQHVV RI WKH 7ULQLW\ LV VKRZQ WR EH LPSUHVVHG RQ
WKHP +HQFH 'LRQ\VLXV WHDFKHV WKDW WKHUH DUH WKUHH RUGHUV RI DQJHOV DQG
KH SRVLWV D WKUHHIROG GLVWLQFWLRQ LQ HDFK )RU WKHUH DUH WKUHH KLJKHU WKUHH
ORZHU DQG WKUHH PLGGOH WKH KLJKHU 6HUDSKLP &KHUXELP 7KURQHV WKH
PLGGOH 'RPLQDWLRQV 3ULQFLSDOLWLHV 3RZHUV WKH ORZHU 9LUWXHV $UFK
DQJHOV $QJHOV
&KDSWHU :+$7 $1 25'(5 ,6 $1' :+$7 7+( 5($621 ,6 )25 7+( 1$0( 2) ($&+
+HUH LW LV WR EH FRQVLGHUHG ZKDW DQ RUGHU LV DQG WKHQ ZKHWKHU WKH GLVWLQF
WLRQ RI WKRVH RUGHUV H[LVWHG IURP FUHDWLRQ LWVHOI
$Q RUGHU RI DQJHOV LV D PXOWLWXGH RI FHOHVWLDO VSLULWV ZKR UHVHPEOH
HDFK RWKHU E\ VRPH JLIW RI JUDFH MXVW DV WKH\ DOVR DJUHH LQ WKH JLIW RI QDWX
UDO HQGRZPHQWV )RU H[DPSOH WKRVH ZKR EXUQ ZLWK FKDULW\ PRUH WKDQ WKH
RWKHUV DUH FDOOHG 6HUDSKLP VHUDSKLP LV LQWHUSUHWHG DV DUGHQW RU DEOD]H
&KHUXELP DUH WKRVH ZKR DUH SUHHPLQHQW LQ NQRZOHGJH IRU FKHUXELP LV
LQWHUSUHWHG DV IXOOQHVV RI NQRZOHGJH $ WKURQH LV D VHDW DV EOHVVHG *UHJ
RU\ VD\V WKH\ ZKR DUH ILOOHG ZLWK WKH JUDFH RI GLYLQLW\ DUH FDOOHG 7KURQHV
VR WKDW *RG PD\ VLW RQ WKHP DQG GHFUHH DQG IRUP KLV MXGJHPHQWV WKURXJK
%HGH ,Q $FWD
&I ,V DQG 3V DQG 'DQ DQG 7RE (SK
&RO
3VHXGR'LRQ\VLXV 'H FDHOHVWL KLHUDUFKLD F
%HORZ F
'LVWLQFWLRQ ,;
WKHP 'RPLQDWLRQV DUH WKRVH ZKR VXUSDVV 3ULQFLSDOLWLHV DQG 3RZHUV 3ULQ
FLSDOLWLHV DUH VR FDOOHG EHFDXVH WKH\ GLVSRVH ZKDW LV WR EH GRQH E\ WKRVH
VXEMHFW WR WKHP DQG OHDG WKHP WR IXOILO WKH GLYLQH P\VWHULHV 3RZHUV DUH
WKRVH ZKR KDYH UHFHLYHG PRUH SRZHU LQ WKHLU RUGHU WKDQ WKH RWKHUV VR WKDW
E\ WKLV SRZHU WKH\ PD\ UHVWUDLQ WKH HYLO SRZHUV VXEMHFW WR WKHP OHVW WKHVH
EH DEOH WR WHPSW PHQ DV PXFK DV WKH\ GHVLUH 9LUWXHV DUH WKRVH WKURXJK
ZKRP VLJQV DQG PLUDFOHV DUH IUHTXHQWO\ GRQH $UFKDQJHOV DUH WKRVH ZKR
DQQRXQFH WKH JUHDWHU WKLQJV DQG $QJHOV DQQRXQFH WKH OHVVHU RQHV
&KDSWHU 7+$7 7+(6( 1$0(6 :(5( 127 *,9(1 72 7+(0 )25 7+(,5 2:1 6$.( %87 )25 2856 $1' 7+(< $5( 7$.(1 )520 *,)76 2) *5$&( :+,&+ 7+(<
'2 127 +$9( 6,1*/< %87 (;&(//(17/< $1' 7+(< $5( 1$0(' $)7(5
:+$7 ($&+ 3266(66(6 35((0,1(17/< 7KHVH QDPHV ZHUH QRW JLYHQ WR
WKHP IRU WKHLU RZQ VDNH EXW IRU RXUV )RU WKH\ DUH NQRZQ WR HDFK RWKHU
WKURXJK FRQWHPSODWLRQ EXW WKH\ EHFRPH NQRZQ WR XV E\ WKHLU QDPHV $QG
WKH VHYHUDO RUGHUV DUH QDPHG DIWHU WKH JLIWV RI JUDFH ZKLFK KDYH EHHQ
JLYHQ WR WKHP WR VKDUH QRW VLQJO\ EXW SUHHPLQHQWO\ )RU LQ WKDW KHDYHQO\
IDWKHUODQG ZKHUH WKH IXOOQHVV RI JRRG LV DOWKRXJK VRPH WKLQJV DUH JLYHQ
>PRUH@ H[FHOOHQWO\ \HW QRWKLQJ LV SRVVHVVHG VLQJO\ )RU DOO WKLQJV DUH LQ
DOO EXW QRW HTXDOO\ EHFDXVH VRPH SRVVHVV WKRVH WKLQJV²ZKLFK WKH\
QHYHUWKHOHVV DOO KDYH²LQ D PRUH VXEOLPH ZD\ $QG DOWKRXJK WKH VXSHULRU
RUGHUV UHFHLYHG DOO WKH JLIWV RI JUDFH PRUH VXEOLPHO\ DQG SHUIHFWO\ \HW
WKH\ KDYH WDNHQ WKHLU QDPHV IURP WKRVH WKDW DUH SUHHPLQHQW OHDYLQJ WKH
UHVW IRU WKH QDPLQJ RI WKH ORZHU RUGHUV $QG VR WKH 6HUDSKLP ZKLFK LV
KHOG WR EH WKH PRVW H[FHOOHQW RUGHU UHFHLYHG ERWK ORYH DQG NQRZOHGJH RI
WKH GLYLQLW\ DV ZHOO DV WKH RWKHU JLIWV RI WKH YLUWXHV LQ D PRUH VXEOLPH
PDQQHU WKDQ DOO WKH UHVW $QG \HW WKDW VXSHULRU RUGHU WRRN LWV QDPH IURP
WKH PRUH H[FHOOHQW JLIW QDPHO\ IURP FKDULW\ IRU FKDULW\ LV D JUHDWHU JLIW
WKDQ NQRZOHGJH $OVR WR NQRZ LV JUHDWHU WKDQ WR MXGJH IRU NQRZOHGJH
LQIRUPV MXGJHPHQW DQG VR WKH VHFRQG RUGHU QDPHO\ WKH &KHUXELP LV
QDPHG DIWHU WKH VHFRQG JLIW WKDW LV WKH NQRZOHGJH RI WUXWK 7KH VDPH LV WR
EH XQGHUVWRRG RI WKH RWKHU RUGHUV
$QG VR WKH H[FHOOHQFH RI WKH RUGHUV LV GHVLJQDWHG LQ DFFRUGDQFH ZLWK
WKH H[FHOOHQFH RI WKH JLIWV DQG \HW DV *UHJRU\ VD\V DOO WKH JLIWV DUH FRP
PRQ WR DOO )RU DOO EXUQ ZLWK FKDULW\ DQG DOO DUH ILOOHG ZLWK NQRZOHGJH
DQG VR DOVR ZLWK WKH RWKHU JLIWV %XW WKH KLJKHU RUGHUV DV ZDV DOUHDG\ VDLG
KDYH UHFHLYHG PRUH H[FHOOHQWO\ WKDQ WKH UHVW WKRVH JLIWV DIWHU ZKLFK WKH\
*UHJRU\ ,Q (YDQJHOLD KRP Q
&I &RU DQG
*UHJRU\ ,Q (YDQJHOLD KRP Q
7+( 6(17(1&(6 %22.
DUH QDPHG +HQFH *UHJRU\ ³,Q WKDW PRVW KLJK FLW\ HDFK RUGHU LV NQRZQ
E\ WKH QDPH RI WKDW WKLQJ ZKLFK LW KDV UHFHLYHG PRVW IXOO\ LQ JLIW´
48(67,21 $5,6,1* )520 7+( :25'6 2) *5(*25< %XW KHUH WKH
IROORZLQJ TXHVWLRQ DULVHV ,I HDFK RUGHU LV QDPHG DIWHU WKDW JLIW ZKLFK LW
SRVVHVVHV PRUH IXOO\ WKHQ WKH RUGHU RI &KHUXELP H[FHOV DOO RWKHUV LQ
NQRZOHGJH EHFDXVH LW LV QDPHG DIWHU NQRZOHGJH %XW KH ZKR ORYHV PRUH
NQRZV PRUH IRU DV DXWKRULW\ KDV LW WKHUH HDFK NQRZV DV PXFK DV KH
ORYHV DQG VR WKH 6HUDSKLP DUH SUHHPLQHQW QRW RQO\ LQ FKDULW\ EXW DOVR
LQ NQRZOHGJH
(;3/$1$7,21 2) 7+$7 $87+25,7< $QG VR LW VHHPV WKDW WKDW DXWKRU
LW\ LV WR EH XQGHUVWRRG LQ VXFK D ZD\ WKDW WKH FRPSDULVRQ LV QRW UHODWHG WR
DOO WKH RUGHUV EXW RQO\ WR VRPH QDPHO\ WKH ORZHU RQHV )RU WKDW RUGHU >RI
&KHUXELP@ GRHV QRW UHFHLYH NQRZOHGJH DV D JLIW PRUH IXOO\ WKDQ WKH 6HUD
SKLP EXW PRUH IXOO\ WKDQ WKH RWKHU RUGHUV ZKLFK DUH ORZHU 1RU LV HDFK
RUGHU QDPHG IRU DOO WKDW LW UHFHLYHG PRUH IXOO\ WKDQ WKH RWKHUV EXW IURP
VRPH RQH RI WKH WKLQJV ZKLFK LW VR UHFHLYHG
$127+(5 '(7(50,1$7,21 2) 7+( 6$0( 48(67,21 2U WKH FRPSDUL
VRQ FDQ EH UHIHUUHG QRW WR WKH RUGHUV WKHPVHOYHV EXW WR WKH RWKHU JLIWV DQG
QRW WR DOO WKH RWKHU JLIWV EXW WR VRPH )RU MXVW DV PHQ ZKHQ WKH\ KDYH
VHYHUDO JLIWV SRVVHVV VRPH RI WKHP PRUH H[FHOOHQWO\ WKDQ RWKHUV VR WRR
SHUKDSV WKH DQJHOV DUH PRUH SRZHUIXO LQ VRPH JLIWV DQG OHVV LQ RWKHUV
&KDSWHU :+(7+(5 7+( 25'(56 :(5( 62 ',67,1*8,6+(' )520 7+( %(*,11,1*
2) &5($7,21 ,W QRZ UHPDLQV WR HQTXLUH ZKHWKHU WKHVH RUGHUV ZHUH GLVWLQ
JXLVKHG LQ WKLV ZD\ IURP WKH EHJLQQLQJ RI FUHDWLRQ²7KDW WKH\ ZHUH VR
GLVWLQJXLVKHG IURP WKH EHJLQQLQJ RI WKHLU H[LVWHQFH DSSHDUV WR EH LQGL
FDWHG E\ WKH WHVWLPRQ\ RI DXWKRULW\ ZKLFK WHDFKHV WKDW VRPH IHOO IURP
HDFK RUGHU $QG LQGHHG /XFLIHU WKDQ ZKRP QRQH ZRUWKLHU ZDV HVWDE
OLVKHG ZDV IURP D KLJKHU RUGHU 7KH $SRVWOH WRR VSHDNV DERXW 3ULQFL
SDOLWLHV DQG 3RZHUV RI 'DUNQHVV VKRZLQJ WKDW WKH\ IHOO IURP WKRVH RUGHUV
DQG DOWKRXJK WKH\ H[HUFLVH WKHLU PLQLVWU\ RYHU WKH HYLO RQHV \HW WKH\ KDYH
QRW EHHQ HQWLUHO\ GHSULYHG RI WKH QDPHV RI WKHLU RUGHUV
%XW LW GRHV QRW VHHP WKDW WKLV FDQ VWDQG )RU WKH\ GLG QRW WKHQ >LH DV
VRRQ DV WKH\ ZHUH FUHDWHG@ EXUQ ZLWK FKDULW\ QRU ZHUH WKH\ SRZHUIXO LQ
ZLVGRP QRU GLG *RG XVH WKHP DV KLV WKURQH IRU LI WKH\ KDG KDG WKHVH
*UHJRU\ ,Q (YDQJHOLD KRP Q
7KHVH ZRUGV DUH QRW IRXQG LQ *UHJRU\¶V WH[W
*UHJRU\ ,Q (YDQJHOLD KRP Q
7KDW LV WKH WH[W RI 6FULSWXUH DGGXFHG KHUH DQG DERYH GLVW F
&I (] DQG DERYH GLVW F Q
(SK
'LVWLQFWLRQ ,;
WKLQJV WKH\ ZRXOG QRW KDYH IDOOHQ ,W IROORZV WKDW WKHUH ZHUH QRW 6HUDSKLP
RU &KHUXELP RU 7KURQHV DW WKDW WLPH
7+$7 7+(6( 25'(56 ',' 127 (;,67 %()25( 7+( )$// %(&$86( 7+(< ',' 127 +$9( $7 7+$7 7,0( 7+( *,)76 2) *5$&( :+,&+ $)7(5 7+( )$//
2) 620( :(5( *,9(1 72 7+( 27+(56 7R WKLV ZH VD\ WKDW WKHVH RUGHUV GLG
QRW H[LVW EHIRUH WKH IDOO RI VRPH EHFDXVH WKH\ GLG QRW \HW KDYH WKH JLIWV LQ
ZKLFK WKH\ VKDUH E\ SDUWLFLSDWLRQ DIWHU WKH IDOO RI VRPH RI WKHP WKHVH
JLIWV ZHUH JLYHQ WR WKH RWKHUV DQG WKHVH VDPH JLIWV ZRXOG KDYH EHHQ FRQ
IHUUHG RQ WKRVH ZKR IHOO LI WKH\ KDG UHPDLQHG VWHDGIDVW $QG VR 6FULSWXUH
VD\V WKDW VRPH IHOO IURP HDFK RUGHU QRW EHFDXVH WKH\ KDG EHHQ LQ WKRVH
RUGHUV DQG ODWHU IHOO WR UXLQ EXW EHFDXVH LI WKH\ KDG UHPDLQHG VWHDGIDVW
VRPH RI WKHP ZRXOG KDYH EHHQ LQ HDFK RI WKH RUGHUV VLQFH WKH\ OLNH WKH
RQHV ZKR UHPDLQHG VWHDGIDVW KDG GLIIHUHQW GHJUHHV RI ILQHQHVV RI QDWXUH
DQG GLVFHUQPHQW RI IRUP²)RU DV ZH VDLG HDUOLHU VRPH ZHUH HVWDEOLVKHG
DV VXSHULRU RWKHUV DV LQIHULRU 7KH VXSHULRU RQHV ZHUH WKRVH ZKR ZHUH
PDGH PRUH UHILQHG LQ QDWXUH DQG PRUH SHQHWUDWLQJ LQ ZLVGRP WKH ORZHU
RQHV ZHUH OHVV UHILQHG LQ QDWXUH DQG OHVV SHQHWUDWLQJ LQ LQWHOOLJHQFH %XW
KH DORQH FRXOG ZHLJK WKHVH LQYLVLEOH GLIIHUHQFHV RI LQYLVLEOH WKLQJV ZKR
GLVSRVHG DOO WKLQJV LQ QXPEHU PHDVXUH DQG ZHLJKW $8*867,1( 21
*(1(6,6 ³WKDW LV LQ KLPVHOI ZKR LV WKH PHDVXUH WKDW JLYHV LWV ERXQGDU\
WR HDFK WKLQJ DQG WKH QXPEHU WKDW JLYHV HDFK WKLQJ LWV IRUP DQG WKH
ZHLJKW WKDW GUDZV HDFK WKLQJ WR VWDELOLW\ WKDW LV ERXQGLQJ DQG IRUPLQJ
DQG RUGHULQJ DOO WKLQJV´
&KDSWHU
:+(7+(5 $// $1*(/6 2) 7+( 6$0( 25'(5 $5( (48$/ 0RUHRYHU LW LV
VXLWDEOH WR FRQVLGHU ZKHWKHU DOO DQJHOV RI WKH VDPH RUGHU DUH HTXDO²,W
SOHDVHG VRPH WKDW WKLV VKRXOG EH WKH FDVH EXW WKLV LV QHLWKHU SUREDEOH QRU
ZRUWK\ RI DVVHUWLRQ EHFDXVH /XFLIHU ZKR ZDV RI WKH IHOORZVKLS RI WKH
KLJKHU RQHV ZDV HYHQ ZRUWKLHU WKDQ WKRVH ZKR KDG EHHQ FUHDWHG PRUH
H[FHOOHQW WKDQ WKH UHVW )URP WKLV LW LV SHUFHLYHG WKDW LI KH KDG UHPDLQHG
VWHDGIDVW KH ZRXOG KDYH EHHQ LQ WKH VXSHULRU RUGHU DQG KH ZRXOG KDYH
EHHQ ZRUWKLHU WKDQ WKH RWKHUV RI WKH VDPH RUGHU
%< $1$/2*< +( 6+2:6 7+$7 127 $// 2) 7+( 6$0( 25'(5 $5(
(48$/ )RU MXVW DV WKH RUGHU RI $SRVWOHV LV RQH WKLQJ DQG WKDW RI 0DUW\UV
DQRWKHU DQG \HW VRPH RI WKH $SRVWOHV DUH PRUH ZRUWK\ DQG VLPLODUO\
VRPH RI WKH 0DUW\UV DUH VXSHULRU WR RWKHUV LW LV ULJKWO\ EHOLHYHG WKDW WKH
FDVH LV VLPLODU LQ WKH RUGHUV RI DQJHOV
'LVW FF :LV
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
&KDSWHU ,1 :+$7 :$< 6&5,3785( 6$<6 7+$7 $ 7(17+ 25'(5 ,6 &203/(7('
)520 0(1 6,1&( 7+(5( $5( 12 025( 7+$1 1,1( 25'(56 ,W LV DOVR WR EH
QRWHG WKDW ZH UHDG WKDW D WHQWK RUGHU LV WR EH UHVWRUHG IURP PHQ %XW VLQFH
WKHUH DUH QR PRUH WKDQ QLQH RUGHUV DQG WKHUH ZRXOG QRW KDYH EHHQ PRUH LI
WKRVH ZKR IHOO KDG UHPDLQHG VWHDGIDVW UHDGHUV DUH WURXEOHG E\ 6FULSWXUH¶V
VWDWHPHQW WKDW D WHQWK RUGHU LV WR EH FRPSOHWHG IURP PHQ
,QGHHG *UHJRU\ VD\V WKDW PHQ DUH WR EH WDNHQ XS LQ WKH RUGHU RI
DQJHOV VRPH RI WKHP DUH WR EH WDNHQ XS LQ WKH RUGHU RI WKH KLJKHU RQHV
QDPHO\ WKRVH ZKR EXUQ ZLWK JUHDWHU FKDULW\ RWKHUV LQ WKH RUGHU RI WKH
ORZHU RQHV QDPHO\ WKRVH ZKR DUH OHVV SHUIHFW )URP WKLV LW DSSHDUV WKDW D
WHQWK RUGHU LV QRW WR EH IRUPHG IURP PHQ DV LI WKHUH ZHUH QLQH RUGHUV RI
DQJHOV DQG D WHQWK RI PHQ EXW PHQ DUH WR EH DVVLJQHG WR WKH RUGHUV RI
DQJHOV DFFRUGLQJ WR WKH TXDOLW\ RI WKHLU PHULWV
$QG VR ZKHQ ZH UHDG WKDW D WHQWK RUGHU LV WR EH FRPSOHWHG IURP
PHQ SHUKDSV ZH FDQ WDNH LW LQ WKLV VHQVH WKDW ZKDW IHOO LQ WKH FDVH RI WKH
DQJHOV ZLOO EH UHVWRUHG IURP PHQ DQG WKDW VR PDQ\ IHOO IURP DPRQJ WKH
DQJHOV WKDW D WHQWK RUGHU FRXOG EH PDGH %HFDXVH RI WKLV WKH $SRVWOH VD\V
WKDW DOO WKLQJV ZLOO EH UHVWRUHG LQ &KULVW ERWK WKRVH ZKLFK DUH LQ KHDYHQ
DQG WKRVH ZKLFK DUH RQ HDUWK %HFDXVH KXPDQNLQG ZDV UHGHHPHG WKURXJK
&KULVW LW LV IURP PHQ WKDW UHSDUDWLRQ LV PDGH IRU WKH IDOO RI DQJHOV $QG
\HW PDQ ZRXOG QRW EH OHVV VDYHG HYHQ LI WKH DQJHO KDG QRW IDOOHQ
&KDSWHU 7+$7 0(1 $5( 7$.(1 83 ,1 3523257,21 72 7+( 180%(5 2) 7+(
$1*(/6 :+2 6722' ),50 127 2) 7+26( :+2 )(// )RU LW LV QRW LQ SURSRU
WLRQ WR WKH QXPEHU RI WKRVH ZKR IHOO EXW RI WKRVH ZKR UHPDLQHG WKDW PHQ
DUH DOORZHG LQWR EOHVVHGQHVV +HQFH *UHJRU\ ³7KDW VXSHUQDO FLW\ LV PDGH
XS RI DQJHOV DQG PHQ DQG ZH EHOLHYH WKDW VR PXFK RI KXPDQNLQG LV WR
DVFHQG WR LW DV ZHUH WKH DQJHOV ZKR UHPDLQHG WKHUH DV LW ZDV ZULWWHQ LQ
WKH &DQWLFOH RI 'HXWHURQRP\ +H HVWDEOLVKHG WKH ERXQGDULHV RI WKH SHRSOH
DFFRUGLQJ WR WKH QXPEHU RI WKH DQJHOV RI *RG´
620( 6$< 7+$7 0(1 $5( 72 %( 5(6725(' ,1 3523257,21 72 7+(
180%(5 2) 7+( $1*(/6 :+2 )(// $QG \HW LW LV KHOG E\ VRPH WKDW PHQ
VKDOO EH UHVWRUHG LQ SURSRUWLRQ WR WKH QXPEHU RI WKH DQJHOV ZKR IHOO VR
WKDW WKH KHDYHQO\ FLW\ PD\ QHLWKHU EH GHSULYHG RI WKH QXPEHU RI LWV FLWL
7KDW LV RUGLQDU\ JORVV RQ /N IURP *UHJRU\ ,Q (YDQJHOLD KRP Q
*UHJRU\ ,Q (YDQJHOLD KRP Q
(SK 'HXW
*UHJRU\ ,Q (YDQJHOLD KRP Q
'LVWLQFWLRQ ;
]HQV QRU UXOH RYHU D JUHDWHU DEXQGDQFH RI WKHP²7KLV DSSHDUV WR EH WKH
YLHZ RI $XJXVWLQH LQ WKH (QFKLULGLRQ ZKR GRHV QRW DVVHUW WKDW PRUH PHQ
ZLOO EH VDYHG WKDQ DQJHOV ZHUH UXLQHG EXW WKDW WKH\ ZLOO QRW EH IHZHU +H
VD\V ³7KH KHDYHQO\ -HUXVDOHP RXU PRWKHU WKH FLW\ RI *RG ZLOO QRW EH
GHIUDXGHG LQ WKH QXPEHU RI KHU FLWL]HQV DQG SHUKDSV VKDOO HYHQ UHLJQ RYHU
D JUHDWHU DEXQGDQFH )RU ZH GR QRW NQRZ WKH QXPEHU HLWKHU RI VDLQWO\
PHQ RU RI XQFOHDQ GHPRQV ,Q WKH ODWWHU¶V SODFH VKDOO VXFFHHG WKH FKLOGUHQ
RI WKH &DWKROLF PRWKHU ZKR VHHPHG VWHULOH RQ HDUWK DQG WKH\ ZLOO UHPDLQ
ZLWKRXW HQG RI WLPH LQ WKDW SHDFH IURP ZKLFK WKH RWKHUV IHOO %XW WKH QXP
EHU RI WKHVH FLWL]HQV DV LW QRZ LV RU DV LW ZDV RU DV LW ZLOO EH LV LQ WKH
FRQWHPSODWLRQ RI WKDW DUWLILFHU ZKR FDOOV >LQWR H[LVWHQFH@ WKH WKLQJV ZKLFK
DUH QRW DV PXFK DV WKRVH ZKLFK DUH´ 6HH KH SODLQO\ VD\V WKDW QR IHZHU
PHQ ZLOO EH VDYHG WKDQ DQJHOV ZHUH UXLQHG EXW KH GRHV QRW DVVHUW WKDW
PRUH ZLOO EH
',67,1&7,21 ; &KDSWHU :+(7+(5 $// &(/(67,$/ 63,5,76 $5( 6(17 $1' +( 6(76 287 7:2
23,1,216 $1' 7+( $87+25,7,(6 %< :+,&+ 7+(< $5( 6833257(' ,W LV DOVR
WR EH LQYHVWLJDWHG ZKHWKHU DOO WKRVH FHOHVWLDO VSLULWV DUH VHQW WR DQQRXQFH
H[WHUQDO WKLQJV²6RPH EHOLHYH WKDW WKHUH DUH VRPH DQJHOV LQ WKDW PXOWL
WXGH ZKR JR RXW WR VHUYH DQG RWKHUV ZKR DOZD\V WDNH XS WKHLU SRVLWLRQ
ZLWKLQ DV LV ZULWWHQ LQ 'DQLHO 7KRXVDQGV RI WKRXVDQGV PLQLVWHUHG WR KLP
DQG WHQ WKRXVDQG WLPHV D KXQGUHG WKRXVDQG VWRRG EHVLGH KLP $OVR
'LRQ\VLXV LQ WKH +LHUDUFK\ ZKLFK PHDQV WKH VDFUHG SULQFLSDWH VSHDNV RI
WKH RUGHU RI SUHFHGHQFH DPRQJ VSLULWV ³7KRVH VXSHULRU UDQNV QHYHU GHSDUW
IURP WKH LQPRVW GHSWKV EHFDXVH WKH KLJKHU RUGHUV GR QRW IXOILO DQ\ H[WHULRU
VHUYLFH´ 7KRVH ZKR GHQ\ WKDW DQJHOV RWKHU WKDQ WKH ORZHU RQHV DUH VHQW
ILQG VXSSRUW LQ WKHVH DXWKRULWLHV
2%-(&7,21 72 7+(0 7R WKHVH LV REMHFWHG ZKDW ,VDLDV VD\V 2QH RI
WKH 6HUDSKLP IOHZ WR PH ZKLFK LV D KLJKHU DQG PRUH H[FHOOHQW RUGHU
7KHUHIRUH LI WKH\ DUH VHQW IURP WKDW RUGHU LW LV QRW WR EH GRXEWHG WKDW WKH\
DUH VHQW DOVR IURP WKH RWKHUV 7KH $SRVWOH WRR VD\V $OO DUH PLQLVWHULQJ
&I +XJK RI 6W 9LFWRU 'H VDFUDPHQWLV EN F Q
&I *DO
&I *DO ,V
5RP
$XJXVWLQH (QFKLULGLRQ F
'DQ
3VHXGR'LRQ\VLXV 'H FDHOHVWL KLHUDUFKLD FF
7+( 6(17(1&(6 %22.
VSLULWV VHQW WR VHUYH 2Q WKHVH DXWKRULWLHV VRPH VD\ WKDW DOO DQJHOV DUH
VHQW $QG LW RXJKW QRW WR EH WKRXJKW XQZRUWK\ LI HYHQ WKH KLJKHU RQHV DUH
VHQW VLQFH HYHQ KH ZKR LV FUHDWRU RI DOO GHVFHQGHG WR WKHVH GHSWKV
48(67,21 ,) $// $5( 6(17 :+< '2(6 21/< 21( 25'(5 *2 %< 7+(
1$0( 2) $1*(/6 +HUH WKH TXHVWLRQ DULVHV LI DOO DUH VHQW DQG DUH PHVVHQ
JHUV RI *RG ZK\ GRHV RQO\ RQH RI WKH QLQH RUGHUV JR E\ WKH QDPH RI
DQJHOV"²6RPH VD\ WR WKLV WKDW DOO DUH LQGHHG VHQW EXW VRPH PRUH RIWHQ
DQG DV LW ZHUH IURP D GXW\ LPSRVHG RQ WKHP DQG WKHVH DUH SURSHUO\
FDOOHG $QJHOV RU $UFKDQJHOV %XW RWKHUV DUH VHQW PRUH UDUHO\ QDPHO\ WKH
JUHDWHU RQHV WKHVH DUH VHQW ZKHQ VRPH FDXVH EH\RQG WKH RUGLQDU\ GLVSHQ
VDWLRQ KDV DULVHQ DQG MXVW DV WKH\ WDNH XS WKH PLQLVWU\ RI $QJHOV WKH\ DOVR
WDNH WKHLU QDPH +HQFH LQ WKH 3VDOP :KR PDNHV WKH VSLULWV KLV DQJHOV
EHFDXVH WKRVH ZKR DUH VSLULWV E\ QDWXUH DUH VRPHWLPHV PDGH DQJHOV WKDW
LV PHVVHQJHUV
&KDSWHU 620( +2/' 7+$7 0,&+$(/ *$%5,(/ 5$3+$(/ :(5( )520 $ 683(
5,25 25'(5 $1' 7+(6( $5( 1$0(6 2) 63,5,76 127 2) 25'(56 $QG WKH\
KROG WKDW 0LFKDHO *DEULHO 5DSKDHO ZHUH IURP D VXSHULRU RUGHU ³0LFKDHO
PHDQV µZKR LV OLNH *RG¶ *DEULHO WKH IRUWLWXGH RI *RG 5DSKDHO WKH PHG
LFLQH RI *RG´ $QG WKHVH DUH QRW WKH QDPHV RI RUGHUV EXW RI VSLULWV²
$QG VRPH VD\ WKDW HYHU\ VLQJOH RQH RI WKHVH QDPHV LV SURSHUO\ DQG VLQJO\
WKH QDPH RI D VSLULW EXW RWKHUV KROG WKDW HDFK RI WKHVH LV QRW WKH QDPH
VLQJO\ DQG VSHFLILFDOO\ RI RQH VSLULW EXW WKDW LW LV WKH QDPH QRZ RI WKLV
QRZ RI WKDW VSLULW DFFRUGLQJ WR WKH TXDOLW\ RI WKH WKLQJV ZKLFK WKH\ DUH
VHQW WR DQQRXQFH RU GR 6LPLODUO\ WKHUH DUH VRPH QDPHV RI GHPRQV ZKLFK
VRPH KROG WR EH SURSHU WR RQH RI WKHP EXW RWKHUV KROG WKHP WR EH FRPPRQ
WR VHYHUDO 7KXV µGHYLO¶ ZKLFK LV VR FDOOHG IURP WKH *UHHN LV LQWHUSUHWHG
DV DFFXVHU RU DV WKH RQH ZKR IORZV GRZQZDUGV DQG LQ +HEUHZ KH LV
FDOOHG 6DWDQ WKDW LV DGYHUVDU\ +H LV DOVR FDOOHG %HOLDO WKDW LV DSRVWDWH
DQG ZLWKRXW \RNH +H LV DOVR FDOOHG /HYLDWKDQ WKDW LV VRPHWKLQJ DGGHG WR
WKHP $QG \RX ZLOO ILQG PDQ\ RWKHU QDPHV ZKLFK DUH HLWKHU SURSHU WR RQH
VSLULW RU FRPPRQ WR PDQ\
+2: 7+(< :+2 6$< 7+$7 $// $1*(/6 $5( 6(17 '(7(50,1( 7+(
$%29( $87+25,7,(6 :+,&+ 6((0 72 %( &2175$',&725< %XW WKRVH ZKR
+HEU
&I *UHJRU\ ,Q (YDQJHOLD KRP Q
*UHJRU\ ,Q (YDQJHOLD KRP Q
'HYLO $SRF DQG 6DWDQ =DFK %HOLDO &RU /HYLDWKDQ -RE
DQG ,V )RU WKH LQWHUSUHWDWLRQ RI WKH QDPHV VHH ,VLGRUH (W\PRORJLDH EN
F QQ
'LVWLQFWLRQ ;,
DVVHUW WKDW DOO DQJHOV DUH VHQW GHWHUPLQH WKH DERYH DXWKRULWLHV QDPHO\ RI
'DQLHO DQG 'LRQ\VLXV LQ WKH IROORZLQJ ZD\ WKH VXSHULRU UDQNV DUH VDLG
WR VWDQG EHVLGH *RG DQG QHYHU WR GHSDUW IURP WKH LQPRVW GHSWKV QRW EH
FDXVH WKH\ DUH QRW VRPHWLPHV VHQW EXW EHFDXVH WKH\ PRVW UDUHO\ SURFHHG
WR H[WHUQDO VHUYLFH DQG HYHQ WKHQ WKH\ GR QRW ZLWKGUDZ IURP WKH LQPRVW
GHSWKV EHFDXVH WKH\ DOZD\V VWDQG LQ *RG¶V SUHVHQFH DQG JD]H WKLV LV DOVR
WKH FDVH ZLWK WKRVH ZKR DUH VHQW IUHTXHQWO\
:+,&+ 21(6 27+(56 6$< $5( 6(17 $1' :+,&+ 21(6 $5( 127 6(17 :,7+ $ '(7(50,1$7,21 2) 7+( $87+25,7,(6 7+$7 $33($5 72 &2175$
',&7 ($&+ 27+(5 %XW VRPH VD\ WKDW WKH WKUHH KLJKHVW RUGHUV QDPHO\
6HUDSKLP &KHUXELP DQG 7KURQHV VWDQG EHVLGH WKH &UHDWRU LQ VXFK D ZD\
WKDW WKH\ QHYHU JR RXW WR H[WHUQDO VHUYLFH WKH WKUHH ORZHU RUGHUV DUH VHQW
WR H[WHUQDO VHUYLFH 7KH WKUHH PLGGOH RUGHUV KRZHYHU VWDQG EHWZHHQ WKH
RWKHU WZR JURXSV QRW RQO\ LQ GLJQLW\ DQG SODFH EXW DOVR LQ IXQFWLRQ EH
FDXVH WKH\ UHFHLYH WKH GLYLQH FRPPDQG IURP WKH KLJKHU RQHV DQG WUDQVPLW
LW WR WKH ORZHU RQHV $QG VR VLQFH WKH KLJKHVW DQJHOV DQQRXQFH *RG¶V
FRPPDQG WR WKH PLGGOH RQHV WKH PLGGOH RQHV WR WKH ORZHVW RQHV DQG
WKHVH WR PHQ WKH\ VD\ WKDW WKH\ DUH DOO GHVHUYHGO\ FDOOHG DQJHOV $QG LW
ZDV SHUKDSV IRU WKLV UHDVRQ WKDW WKH $SRVWOH VDLG WKDW DOO DUH PLQLVWHULQJ
VSLULWV RI WKH 6RQ DQG DUH VHQW WR VHUYH RU E\ DOO KH GLG QRW LQFOXGH LQGL
YLGXDO RUGHUV EXW RQO\ LQGLYLGXDO DQJHOV IURP WKH ORZHU RUGHUV $V IRU
WKDW ZKLFK ,VDLDV VD\V WKH\ GHWHUPLQH LW E\ WKH ZRUGV RI 'LRQ\VLXV ZKR
VD\V ³7KRVH VSLULWV ZKR DUH VHQW WDNH WKH QDPH RI WKRVH ZKRVH RIILFH WKH\
IXOILOO´ +HQFH WKH\ VD\ WKDW WKH DQJHO ZKR ZDV VHQW WR ,VDLDV WR FOHDQVH
DQG EXUQ WKH 3URSKHW¶V OLSV ZDV IURP D ORZHU RUGHU EXW KH ZDV VDLG WR EH
IURP WKH 6HUDSKLP EHFDXVH KH FDPH WR EXUQ DQG FRQVXPH ,VDLDV¶V VLQV
',67,1&7,21 ;, &KDSWHU 7+$7 ($&+ 628/ +$6 $ *22' $1*(/ 72 :$7&+ 29(5 ,7 $1' $1 (9,/
21( 72 75$,1 ,7 ,W LV DOVR WR EH NQRZQ WKDW WKH JRRG DQJHOV DUH DVVLJQHG
WR ZDWFK RYHU PHQ VR WKDW HDFK RI WKH HOHFW KDV DQ DQJHO HVSHFLDOO\ GHOH
JDWHG IRU KLV DGYDQFHPHQW DQG JXDUGLDQVKLS²+HQFH LQ WKH *RVSHO
7UXWK IRUELGGLQJ DQ\RQH WR FDXVH VFDQGDO WR WKH OLWWOH RQHV VD\V 7KHLU
$ERYH F Q
&I *UHJRU\ 0RUDOLD EN F Q ,Q (YDQJHOLD KRP QQ
&I +HEU
,V DERYH F Q
3VHXGR'LRQ\VLXV 'H FDHOHVWL KLHUDUFKLD F EXW WKH WH[W LV *UHJRU\¶V ,Q
(YDQJHOLD KRP Q
7+( 6(17(1&(6 %22.
DQJHOV DOZD\V EHKROG WKH IDFH RI WKH )DWKHU +H VD\V WKDW WKH\ DUH WKHLU
DQJHOV WR ZKRVH JXDUGLDQVKLS WKH\ DUH DVVLJQHG &RPPHQWLQJ RQ WKLV
-HURPH WHDFKHV WKDW HDFK VRXO KDV DQ DQJHO DVVLJQHG WR JXDUG LW IURP WKH
PRPHQW RI ELUWK +H VD\V DV IROORZV ³*UHDW LV WKH GLJQLW\ RI VRXOV VR
WKDW HDFK RI WKHP IURP WKH PRPHQW RI ELUWK KDV DQ DQJHO GHOHJDWHG WR
JXDUG LW´
*UHJRU\ WRR VD\V WKDW HDFK VRXO KDV D JRRG DQJHO DVVLJQHG WR ZDWFK
RYHU LW DQG DQ HYLO RQH WR WUDLQ LW )RU DOWKRXJK DOO JRRG DQJHOV ZLOO RXU
JRRG DQG MRLQWO\ VHHN WKH VDOYDWLRQ RI DOO QHYHUWKHOHVV WKH RQH ZKR LV DV
VLJQHG WR ZDWFK RYHU VRPHRQH HVSHFLDOO\ HQFRXUDJHV WKDW SHUVRQ WR WKH
JRRG DV ZH UHDG RI WKH DQJHO RI 7RELDV DQG WKH DQJHO RI 3HWHU LQ WKH
$FWV RI WKH $SRVWOHV 6LPLODUO\ DOWKRXJK DOO WKH HYLO DQJHOV GHVLUH HYLO
IRU PHQ \HW WKH RQH ZKR LV DVVLJQHG WR WHVW VRPHRQH LQFLWHV WKDW SHUVRQ
PRUH SHUVLVWHQWO\ WR HYLO DQG HQFRXUDJHV KLP PRUH VWURQJO\ WR GR KDUP
:+(7+(5 6,1*/( $1*(/6 $5( $66,*1(' 72 6,1*/( +80$16 25 21(
72 0$1< %XW LW LV XVXDO WR DVN ZKHWKHU VLQJOH DQJHOV DUH DVVLJQHG WR ZDWFK
RYHU RU WHVW VLQJOH KXPDQV RU RQH WR PDQ\ %XW VLQFH WKHUH DUH DV PDQ\
HOHFW DV JRRG DQJHOV LW LV FOHDU WKDW WKHUH DUH PRUH PHQ JRRG DQG HYLO
WRJHWKHU WKDQ WKHUH DUH JRRG DQJHOV $QG VLQFH WKHUH DUH DV PDQ\ HOHFW DV
WKHUH DUH JRRG DQJHOV DQG WKHUH DUH PRUH JRRG DQJHOV WKDQ HYLO RQHV DQG
WKHUH DUH PRUH HYLO PHQ WKDQ JRRG RQHV WKHUH LV QR GRXEW WKDW WKHUH DUH
PRUH JRRG PHQ WKDQ HYLO DQJHOV DQG PRUH HYLO PHQ WKDQ WKHUH DUH HYLO RU
JRRG DQJHOV
+( &21),506 7+$7 21( $1*(/ ,6 $66,*1(' 72 0$1< +80$1 %(
,1*6 :+(7+(5 &21&855(17/< 25 $7 ',))(5(17 7,0(6 $QG VR LW LV ILW
WLQJ WR VD\ WKDW RQH DQG WKH VDPH DQJHO JRRG RU HYLO LV DVVLJQHG WR ZDWFK
RYHU RU WHVW PDQ\ KXPDQ EHLQJV ZKHWKHU DW WKH VDPH WLPH RU DW GLIIHUHQW
RQHV $QG ZH VD\ µDW WKH VDPH WLPH RU DW GLIIHUHQW RQHV¶ EHFDXVH LW VHHPV
WR VRPH WKDW DOO KXPDQV ZKR H[LVW VLPXOWDQHRXVO\ DW RQH WLPH PD\ HDFK
KDYH DQ DQJHO JRRG RU HYLO 7KLV LV VR EHFDXVH DOWKRXJK WKH QXPEHU RI
KXPDQV LV JUHDWHU WKDQ WKDW RI DQJHOV LI ZH DGG WRJHWKHU DOO PHQ ZKR
ZHUH ZKR DUH DQG ZKR ZLOO EH QHYHUWKHOHVV LW LV SRVVLEOH WKDW DOO PHQ
ZKLOH WKH\ DUH LQ WKLV OLIH PD\ HDFK KDYH DQ DQJHO JRRG RU HYLO DVVLJQHG
WR ZDWFK RYHU RU WUDLQ KLP VLQFH PHQ VXFFHHG WR PHQ ZKR KDYH GLHG DQG
VR WKH\ DUH QRW DOO VLPXOWDQHRXVO\ LQ WKLV OLIH EXW WKH DQJHOV QHYHU GLH DQG
VR DOO H[LVW VLPXOWDQHRXVO\ 0RUHRYHU ZKHWKHU LQ WKLV PDQQHU RU QRW LW LV
QRW WR EH GRXEWHG WKDW HDFK SHUVRQ KDV DQ DQJHO DVVLJQHG WR KLPVHOI HLWKHU
-HURPH ,Q 0DWWKDHXP
*UHJRU\ RI 1\VVD 'H YLWD 0R\VL IROORZLQJ 2ULJHQ ,Q /XFDP KRP
&I 7RE $FWV
&I +XJK RI 6W 9LFWRU 'H VDFUDPHQWLV EN F Q
'LVWLQFWLRQ ;,
GHVLJQDWHG IRU VHYHUDO VLPXOWDQHRXVO\ RU IRU RQH VLQJO\ $QG LW LV QRW WR EH
ZRQGHUHG DW WKDW RQH DQJHO LV DVVLJQHG WR ZDWFK RYHU PDQ\ PHQ VLQFH WKH
JXDUGLDQVKLS RI PDQ\ PHQ LV DVVLJQHG WR RQH PDQ LQ VXFK D ZD\ WKDW HDFK
RI WKHP LV VDLG WR KDYH KLV RZQ ORUG RU ELVKRS RU DEERW
&KDSWHU :+(7+(5 $1*(/6 0$.( 352*5(66 ,1 0(5,7 25 ,1 5(:$5' 817,/
-8'*(0(17 0RUHRYHU LW LV ILWWLQJ WR FRQVLGHU ZKHWKHU WKH JRRG DQJHOV
PDNH SURJUHVV LQ PHULW RU LQ UHZDUG XQWLO MXGJHPHQW
,7 6((06 72 620( 7+$7 7+(< 0$.( 352*5(66 ,1 ($&+ 2) 7+(6(
,W VHHPV WR VRPH WKDW WKH\ SURJUHVV LQ PHULWV DQG DUH PRUH DQG PRUH
ZRUWK\ HDFK GD\ EHFDXVH HDFK GD\ WKH\ VHUYH PHQ¶V XWLOLW\ DQG GHYRWH
WKHPVHOYHV WR PHQ¶V SURJUHVV ,W VHHPV WR WKH VDPH WKDW DQJHOV DOVR SUR
JUHVV LQ UHZDUG QDPHO\ LQ WKH NQRZOHGJH DQG ORYH RI *RG )RU DOWKRXJK
DV WKH\ VD\ DQJHOV LQ WKHLU FRQILUPDWLRQ UHFHLYHG HWHUQDO DQG SHUIHFW EOHV
VHGQHVV \HW WKHLU EOHVVHGQHVV LV LQFUHDVHG HDFK GD\ DV WKH\ ORYH DQG NQRZ
*RG PRUH DQG PRUH²&+$5,7< ,6 12: 7+(,5 0(5,7 $1' 7+(,5 5(:$5'
$QG WKHLU FKDULW\ E\ ZKLFK WKH\ ORYH *RG DQG RXUVHOYHV LV ERWK WKHLU
PHULW DQG WKHLU UHZDUG PHULW EHFDXVH WKURXJK LW DQG WKH VHUYLFHV ZKLFK
WKH\ UHQGHU WR XV E\ LW WKH\ DFTXLUH PHULW DQG PDNH SURJUHVV LQ EOHVVHG
QHVV DQG LW LV DOVR WKHLU UHZDUG EHFDXVH WKH\ DUH EOHVVHG E\ LW
7+(< &21),50 :+$7 7+(< 6$< :,7+ $87+25,7,(6 $QG WKH\ FRQ
ILUP ZLWK WKH WHVWLPRQLHV RI WKH 6DLQWV WKDW WKH DQJHOV PDNH SURJUHVV LQ
NQRZOHGJH DQG WKURXJK WKLV LQ EOHVVHGQHVV )RU ,VDLDV VSHDNLQJ LQ WKH
SHUVRQ RI WKH DQJHOV DGPLULQJ WKH PDJQLILFHQFH RI &KULVW LQ KLV DVFHQVLRQ
VD\V :KR LV WKLV ZKR FRPHV IURP (GRP ZLWK G\HG JDUPHQWV IURP %RVUD"
$QG LQ WKH 3VDOP :KR LV WKLV NLQJ RI JORU\" )URP WKHVH ZRUGV LW DSSHDUV
WKDW WKH DQJHOV NQHZ WKH P\VWHU\ RI WKH :RUG PDGH IOHVK PRUH IXOO\ DIWHU
LWV FRPSOHWLRQ WKDQ EHIRUH $QG MXVW DV WKH\ PDGH SURJUHVV LQ WKHLU NQRZO
HGJH RI WKLV P\VWHU\ WKH\ VD\ WKDW WKH DQJHOV DOVR PDNH SURJUHVV LQ WKHLU
NQRZOHGJH RI WKH GLYLQLW\²$QG WKDW WKH\ PDGH SURJUHVV LQ WKHLU NQRZO
HGJH RI WKLV P\VWHU\ WKH $SRVWOH WHDFKHV FOHDUO\ VD\LQJ 7KLV LV WKH GLV
SHQVDWLRQ RI WKH P\VWHU\ KLGGHQ LQ *RG IURP WKH EHJLQQLQJ WKDW WKH PDQL
IROG ZLVGRP RI *RG VKRXOG EHFRPH NQRZQ WKURXJK WKH &KXUFK WR WKH
3ULQFHV DQG 3RZHUV LQ WKH KHDYHQV &RPPHQWLQJ RQ WKLV -HURPH VD\V
WKDW ³WKH DQJHOLF GLJQLWLHV GLG QRW XQGHUVWDQG WKH DERYHVDLG P\VWHU\ LQ
LWV SXULW\ XQWLO WKH SDVVLRQ RI &KULVW ZDV FRPSOHWH DQG WKH SUHDFKLQJ RI
WKH $SRVWOHV KDG VSUHDG DPRQJ WKH QDWLRQV´
,V 3V (SK
-HURPH RQ (SK
7+( 6(17(1&(6 %22.
7+$7 $8*867,1( 6((06 72 %( 23326(' 72 :+$7 -(520( 6$<6 ,1
7+,6 6(17(1&( %XW $XJXVWLQH DSSHDUV WR FRQWUDGLFW WKLV RQ WKH VDPH
WH[W RI WKH (SLVWOH KH VD\V ³7KDW P\VWHU\ RI WKH NLQJGRP RI KHDYHQ
ZKLFK ZDV UHYHDOHG DW DQ RSSRUWXQH WLPH IRU RXU VDOYDWLRQ ZDV QRW KLG
GHQ IURP WKH DQJHOV 7KH DERYHPHQWLRQHG P\VWHU\ ZDV NQRZQ WR WKHP
IURP WKH EHJLQQLQJ EHFDXVH QR FUHDWXUH LV IURP EHIRUH WKH EHJLQQLQJ EXW
>RQO\@ IURP WKH EHJLQQLQJ´
'(7(50,1$7,21 2) 7+( $%29( $87+25,7,(6²+$<02 1RWH ZHOO
UHDGHU WKDW LOOXVWULRXV GRFWRUV VHHP WR GLVDJUHH DV WR WKLV VHQWHQFH $QG
VR LQ RUGHU WKDW DOO FRQWUDGLFWLRQ PD\ EH UHPRYHG IURP RXU PLGVW OHW XV
GHWHUPLQH WKH DERYH E\ IROORZLQJ +D\PR LQ VD\LQJ WKDW ³>WKRVH P\VWHULHV@
ZHUH NQRZQ LQ SDUW IURP WKH EHJLQQLQJ WR WKRVH DQJHOV RI JUHDWHU GLJQLW\
E\ ZKRVH PLQLVWU\ WKH\ ZHUH DQQRXQFHG DQG DV WR KRXVHKROG VHUYDQWV DQG
PHVVHQJHUV EXW WKH\ UHPDLQHG XQNQRZQ WR DQJHOV RI OHVVHU GLJQLW\´ XQWLO
WKH\ ZHUH IXOILOOHG DQG SUHDFKHG WKURXJK WKH &KXUFK WKHQ WKH\ ZHUH
NQRZQ SHUIHFWO\ E\ DOO WKH DQJHOV
$QG VR LW LV FHUWDLQ WKDW DOO DQJHOV PDGH SURJUHVV LQ WKH NQRZOHGJH
RI GLYLQH P\VWHULHV ZLWK WKH SDVVDJH RI WLPH 7KXV QRW LQFRQJUXRXVO\
WKHVH VDPH SHRSOH VD\ WKDW WKH NQRZOHGJH DQG EOHVVHGQHVV RI WKH DQJHOV
DUH LQFUHDVHG XQWLO WKH FRQVXPPDWLRQ ZKLFK LV WR FRPH ZKHQ WKH\ VKDOO
EH PRVW SHUIHFW LQ NQRZOHGJH DQG EOHVVHGQHVV ZLWK QR IXUWKHU LQFUHDVH
RU GLPLQXWLRQ
7+( 23,1,21 2) 27+(56 :+2 6$< 7+$7 7+( $1*(/6 ',' 127 0$.(
352*5(66 ,1 620( 2) 7+( $)25(6$,' %XW RWKHUV VD\ WKDW WKH DQJHOV LQ
WKHLU FRQILUPDWLRQ ZHUH HQGRZHG ZLWK VXFK ORYH DQG NQRZOHGJH RI WKH
GLYLQLW\ WKDW WKH\ KDYH QRW PDGH DQG ZLOO QRW PDNH DQ\ IXUWKHU SURJUHVV LQ
WKHVH $QG \HW WKH\ GLG PDNH SURJUHVV LQ WKHLU NQRZOHGJH RI H[WHUQDO
WKLQJV DV LQ WKHLU NQRZOHGJH RI WKH P\VWHU\ RI WKH LQFDUQDWLRQ DQG VXFK
OLNH EXW WKH\ GLG QRW PDNH SURJUHVV LQ WKHLU FRQWHPSODWLRQ RI WKH GLYLQLW\
EHFDXVH WKH\ GR QRW DQG ZLOO QRW XQGHUVWDQG PRUH IXOO\ WKH WULQLW\ LQ XQLW\
DQG WKH XQLW\ LQ WULQLW\ WKDW WKH\ SHUFHLYHG IURP WKHLU FRQILUPDWLRQ ,Q WKH
VDPH ZD\ WKH\ DOVR VD\ WKDW WKH DQJHOV GLG QRW PDNH SURJUHVV LQ FKDULW\
DIWHU WKHLU FRQILUPDWLRQ EHFDXVH WKHLU FKDULW\ ZDV QRW DIWHUZDUGV LQ
FUHDVHG $QG VR WKH\ VD\ WKDW WKH\ GLG QRW PDNH SURJUHVV LQ PHULWV QDPHO\
ZLWK UHVSHFW WR WKH FDSDFLW\ IRU GHVHUYLQJ EXW WKH\ GLG PDNH SURJUHVV ZLWK
UHVSHFW WR WKH QXPEHU RI PHULWV )RU WKH\ GLG PDQ\ JRRG WKLQJV DIWHUZDUGV
ZKLFK WKH\ KDG QRW WKHQ GRQH EXW WKHLU FKDULW\ IURP ZKLFK WKRVH JRRGV
SURFHHGHG ZDV QRW LQFUHDVHG IURP WKLV FKDULW\ WKH\ GHVHUYHG DV PXFK
EHIRUH WKHVH JRRGV ZHUH DGGHG DV DIWHU WKHLU DGGLWLRQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
+DLPR RI $X[HUUH RQ (SK
'LVWLQFWLRQ ;,,
:+$7 ,6 025( 352%$%/( %XW ZKDW WKRVH RWKHUV VDLG DERYH VHHPV
PRUH SUREDEOH QDPHO\ WKDW DQJHOV PDNH SURJUHVV LQ NQRZOHGJH DQG LQ
RWKHU WKLQJV XQWLO MXGJHPHQW
620( $87+25,7,(6 $33($5 72 &2175$',&7 7+( 025( 352%$%/(
6(17(1&( %XW WKH ZRUGV RI VRPH DXWKRULWLHV DSSHDU WR FRQWUDGLFW ZKDW
ZDV VDLG )RU ,VLGRUH LQ WKH ERRN 2Q WKH +LJKHVW *RRG VD\V ³,Q WKH :RUG
RI *RG DQJHOV NQRZ DOO WKLQJV EHIRUH WKH\ DUH PDGH´²'(7(50,1$7,21
%XW KH GLG QRW VD\ WKDW DOO DQJHOV NQRZ DOO WKLQJV SHUIHFWO\ DQG VR KH GLG
QRW GLVSRVH RI >WKH TXHVWLRQ RI@ ZKHWKHU WKH\ PDNH SURJUHVV LQ NQRZOHGJH
$OVR *UHJRU\ LQ WKH ERRN RI 'LDORJXHV VD\V ³:KDW LV WKHUH ZKLFK
WKH\ GR QRW NQRZ VLQFH WKH\ NQRZ WKH RQH ZKR NQRZV DOO WKLQJV"´ +H
DSSHDUV WR VD\ WKDW WKH DQJHOV NQRZ DOO WKLQJV DQG WKDW WKHUH LV QRWKLQJ
ZKLFK WKH\ GR QRW NQRZ²$/62 $127+(5 '(7(50,1$7,21 %XW WKLV LV WR
EH WDNHQ RI WKRVH WKLQJV ZKRVH NQRZOHGJH PDNHV WKHLU NQRZHU EOHVVHG
VXFK DV WKRVH WKLQJV ZKLFK SHUWDLQ WR WKH P\VWHU\ RI 7ULQLW\ DQG XQLW\
',67,1&7,21 ;,, &KDSWHU $)7(5 7+( $&48,6,7,21 2) 620( .12:/('*( 2) 7+( $1*(/6 7+(
&5($7,21 2) 27+(5 7+,1*6 ,6 ',6&866(' $1' 3$57,&8/$5/< 7+( ',6
7,1&7,21 2) 7+( :25.6 2) 7+( 6,; '$<6 /HW ZKDW ZH KDYH VDLG RI WKH
FRQGLWLRQ RI WKH DQJHOLF QDWXUH VXIILFH 1RZ LW UHPDLQV WR VHW IRUWK VRPH
WKLQJ RQ WKH FUHDWLRQ RI RWKHU WKLQJV DQG SDUWLFXODUO\ RQ WKH GLVWLQFWLRQ
RI WKH ZRUNV RI WKH VL[ GD\V
:KHQ *RG LQ KLV ZLVGRP HVWDEOLVKHG WKH DQJHOLF VSLULWV KH DOVR
FUHDWHG RWKHU WKLQJV DV WKH DERYHPHQWLRQHG 6FULSWXUH RI *HQHVLV VKRZV
,W VD\V WKDW LQ WKH EHJLQQLQJ *RG FUHDWHG KHDYHQ WKDW LV WKH DQJHOV DQG
HDUWK QDPHO\ WKH PDWWHU RI WKH IRXU HOHPHQWV ZKLFK ZDV VWLOO FRQIXVHG
DQG IRUPOHVV ZKLFK LV FDOOHG FKDRV E\ WKH *UHHNV DQG WKLV KDSSHQHG EH
IRUH DQ\ GD\ $IWHUZDUGV KH GLVWLQJXLVKHG WKH HOHPHQWV DQG JDYH WKHLU
SURSHU DQG GLVWLQFW IRUPV WR LQGLYLGXDO WKLQJV DFFRUGLQJ WR WKHLU NLQG
$QG KH GLG QRW IRUP WKHP VLPXOWDQHRXVO\ DV LW SOHDVHG VRPH RI WKH
)DWKHUV >WR KROG@ EXW DW LQWHUYDOV RI WLPH DQG LQ WKH FRXUVH RI VL[ GD\V DV
LW KDV VHHPHG WR RWKHUV
,VLGRUH 6HQWHQWLDH EN F Q
*UHJRU\ 'LDORJL EN F
&I *HQ FI DERYH GLVW FF
&I $XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F Q
7+( 6(17(1&(6 %22.
&KDSWHU 7+$7 7+( 6$,176 :+2 +$9( 75($7(' 7+,6 $33($5 72 +$9( 7$8*+7 $/0267 23326,7( 9,(:6 620( 6$<,1* 7+$7 $// 7+,1*6 :(5( 0$'(
6,08/7$1(286/< ,1 0$77(5 $1' )250 27+(56 >7+$7 ,7 :$6 '21(@
$7 ,17(59$/6 2) 7,0( ,QGHHG VRPH RI WKH KRO\ )DWKHUV ZKR KDYH H[
FHOOHQWO\ H[DPLQHG WKH ZRUGV DQG VHFUHW WKLQJV RI *RG DSSHDU WR KDYH
ZULWWHQ DOPRVW RSSRVLWH WKLQJV UHJDUGLQJ WKLV²)RU VRPH WDXJKW WKDW DOO
WKLQJV ZHUH FUHDWHG VLPXOWDQHRXVO\ LQ PDWWHU DQG IRUP WKLV DSSHDUV WR
KDYH EHHQ $XJXVWLQH¶V RSLQLRQ²%XW RWKHUV KDYH GHHPHG WKH ODWWHU YLHZ
PRUH DFFHSWDEOH DQG DVVHUWHG WKDW D URXJK DQG IRUPOHVV PDWWHU FRQWDLQLQJ
D PL[WXUH DQG FRQIXVLRQ RI WKH IRXU HOHPHQWV ZDV FUHDWHG ILUVW EXW DIWHU
ZDUGV DW LQWHUYDOV RYHU VL[ GD\V WKH NLQGV RI GLIIHUHQW FRUSRUHDO WKLQJV
ZHUH IRUPHG IURP WKDW PDWWHU DFFRUGLQJ WR WKHLU SURSHU FODVVHV 7KLV LV
WKH YLHZ ZKLFK LV FRPPHQGHG DQG SUHIHUUHG E\ *UHJRU\ -HURPH %HGH
DQG PDQ\ RWKHUV LW LV DOVR WKH YLHZ ZKLFK VHHPV PRUH FRQJUXHQW ZLWK
WKH 6FULSWXUH RI *HQHVLV IURP ZKLFK WKH ILUVW NQRZOHGJH RI WKLV WRSLF
FDPH GRZQ WR XV
&KDSWHU +2: &25325($/ 7+,1*6 :(5( (67$%/,6+(' $7 ,17(59$/6 2) 7,0(
$QG VR OHW XV H[DPLQH WKH RUGHU DQG PRGH RI FUHDWLRQ DQG RI WKH IRUPD
WLRQ RI WKLQJV DFFRUGLQJ WR WKLV ODWWHU WUDGLWLRQ $V ZDV UHFRXQWHG DERYH
LQ WKH EHJLQQLQJ *RG FUHDWHG KHDYHQ WKDW LV WKH DQJHOLF QDWXUH EXW VWLOO
IRUPOHVV DV VRPH SUHIHU WR KROG DQG HDUWK WKDW LV WKDW FRQIXVHG PDWWHU
RI WKH IRXU HOHPHQWV
:+< 7+$7 &21)86(' 0$77(5 ,6 &$//(' ($57+ 7+( $%<66 25
:$7(5 $V $XJXVWLQH VD\V LQ $JDLQVW WKH 0DQLFKHHV 0RVHV FDOOHG WKLV
PDWWHU HDUWK ³EHFDXVH WKH HDUWK LV WKH OHDVW EHDXWLIXO RI DOO WKH HOHPHQWV´
DQG LW ZDV ZDVWH DQG GLVRUGHUHG ³EHFDXVH RI WKH PL[WXUH RI DOO WKH HOH
PHQWV´²+H DOVR FDOOV WKH VDPH PDWWHU WKH DE\VV VD\LQJ $QG GDUNQHVV
FDPH RYHU WKH IDFH RI WKH DE\VV EHFDXVH LW ZDV FRQIXVHG DQG PL[HG
ODFNLQJ GLVWLQFW IRUP²³$QG WKH VDPH IRUPOHVV PDWWHU LV DOVR FDOOHG
ZDWHU RYHU ZKLFK WKH VSLULW RI WKH /RUG KRYHUHG DV WKH ZLOO RI WKH DUWL
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q EN F QQ
*UHJRU\ 0RUDOLD EN F Q -HURPH +HEUDLFDH TXDHVWLRQHV LQ OLEUR *HQHVLV
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
$ERYH F Q
&I DERYH GLVW F
&I *HQ 7KH 9XOJDWH KDV µHPSW\¶ LQVWHDG RI µGLVRUGHUHG¶
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F Q
*HQ ,ELG
'LVWLQFWLRQ ;,,
ILFHU KRYHUV RYHU WKH WKLQJV ZKLFK DUH WR EH PDGH´ ³EHFDXVH ZKDW KH KDG
EHJXQ WR IRUP DQG SHUIHFW ZDV VXEMHFW WR WKH JRRG ZLOO RI WKH &UHDWRU´
ZKR ³DV ORUG DQG PDNHU SUHVLGHG RYHU WKH IORZLQJ DQG FRQIXVHG PDWWHU VR
WKDW KH PLJKW GLVWLQJXLVK LW WKURXJK GLIIHUHQW IRUPV ZKHQ KH ZLOOHG´ DQG
DV KH ZLOOHG ³$QG WKLV PDWWHU ZDV FDOOHG ZDWHU EHFDXVH DOO WKLQJV ZKLFK
DUH ERUQ RQ WKH HDUWK ZKHWKHU DQLPDOV RU YHJHWDWLRQ RU VLPLODU WKLQJV
EHJLQ WR EH IRUPHG DQG QRXULVKHG E\ PRLVWXUH´ 7KDW IRUPOHVV PDWWHU LV
FDOOHG E\ DOO WKHVH WHUPV ³VR WKDW DQ XQNQRZQ WKLQJ PLJKW EH LQGLFDWHG WR
WKRVH OHVV NQRZOHGJHDEOH E\ NQRZQ WHUPV DQG QRW E\ RQH WHUP DORQH
EHFDXVH LI LW KDG EHHQ VLJQLILHG E\ RQH WHUP DORQH LW PLJKW EH WKRXJKW WR
EH ZKDW SHRSOH DUH DFFXVWRPHG WR XQGHUVWDQG E\ WKDW WHUP $QG VR WKDW
XQVHHQ DQG IRUPOHVV PDWWHU ZKLFK FRXOG QRW EH VHHQ RU WRXFKHG LQ DQ\
IRUP LV VLJQLILHG E\ WKHVH WHUPV´ WKDW LV ³E\ WKH QDPHV RI WKRVH YLVLEOH
WKLQJV ZKLFK ZHUH JRLQJ WR EH PDGH IURP LW EHFDXVH RI WKH ZHDNQHVV RI
WKH OLWWOH RQHV ZKR DUH OHVV FDSDEOH RI XQGHUVWDQGLQJ LQYLVLEOH WKLQJV´
$QG WKHQ WKHUH ZDV GDUNQHVV WKDW LV WKH DEVHQFH RI OLJKW²
$8*867,1( ³)RU GDUNQHVV LV QRW DQ\WKLQJ EXW WKH YHU\ DEVHQFH RI OLJKW
$V VLOHQFH LV QRW DQ\ WKLQJ EXW ZH FDOO LW VLOHQFH ZKHQ WKHUH LV QR VRXQG
$QG QXGLW\ LV QRW DQ\ WKLQJ EXW ZH FDOO QXGLW\ WKH DEVHQFH RI FRYHULQJ
RYHU WKH ERG\ $V DOVR HPSWLQHVV LV QRW DQ\ WKLQJ EXW ZH FDOO WKDW SODFH
HPSW\ LQ ZKLFK WKHUH LV QR ERG\´ DQG WKH DEVHQFH RI D ERG\ HPSWLQHVV
&KDSWHU ,1 :+$7 6(16( '$5.1(66 ,6 6$,' 127 72 %( $1<7+,1* $1' ,1 :+$7
6(16( ,7 0$< %( 6$,' 72 %( 620(7+,1* 1RWH WKDW $XJXVWLQH VD\V KHUH
WKDW GDUNQHVV LV QRW DQ\WKLQJ EXW HOVHZKHUH GDUNQHVV LV SODFHG DPRQJ WKH
FUHDWXUHV ZKLFK EOHVV WKH /RUG DQG VR LW LV VDLG %OHVV WKH /RUG OLJKW DQG
GDUNQHVV²)RU WKDW UHDVRQ LW LV WR EH NQRZQ WKDW GDUNQHVV LV WDNHQ LQ
GLIIHUHQW ZD\V QDPHO\ HLWKHU DV WKH DEVHQFH RI OLJKW DV $XJXVWLQH WRRN LW
DERYH DQG DFFRUGLQJ WR WKLV XQGHUVWDQGLQJ LW LV QRW DQ\WKLQJ RU DV GDUN
HQHG DLU RU WKH GDUN TXDOLW\ RI WKH DLU DQG LQ WKLV VHQVH LW LV VRPH FUHDWHG
WKLQJ +HQFH KH VD\V WKDW GDUNQHVV WKHQ ZDV RYHU WKH IDFH RI WKH DE\VV
³EHFDXVH WKHUH ZDV QRW \HW OLJKW IRU LI WKHUH KDG EHHQ LW ZRXOG KDYH EHHQ
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
2UGLQDU\ JORVV RQ *HQ
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F Q
,ELG
,ELG EN F Q
,ELG EN F Q
'DQ FI DOVR ,V
*HQ
7+( 6(17(1&(6 %22.
DERYH DQG GLIIXVHG RYHU LW´ EXW *RG KDG QRW \HW DGRUQHG KLV ZRUN ZLWK
WKH JUDFH RI OLJKW ZKLFK ZDV IRUPHG DIWHUZDUGV RQ WKH ILUVW GD\
&KDSWHU 7:2 7+,1*6 $5( 72 %( &216,'(5(' +(5( :+< 7+$7 &21)86(' 0$7 7(5 ,6 &$//(' )250/(66 $1' :+(5( ,7 &$0( )257+ ,172 %(,1* $1'
+2: +,*+ 83 ,7 526( %XW EHIRUH ZH WUHDW WKDW WZR WKLQJV VHHP WR XV WR
UHTXLUH GLVFXVVLRQ ILUVW ZK\ WKDW FRQIXVHG PDWWHU LV FDOOHG IRUPOHVV
ZKHWKHU EHFDXVH LW ODFNHG DOO IRUP RU IRU VRPH RWKHU UHDVRQ VHFRQG
ZKHUH LW FDPH IRUWK LQWR EHLQJ DQG KRZ KLJK XS LW URVH
%5,() 5(63216( 72 7+( ),567 $QG VR EULHIO\ UHVSRQGLQJ WR ZKDW
ZDV SRVHG ILUVW ZH VD\ WKDW WKDW SULPDO PDWWHU LV QRW VDLG WR KDYH EHHQ
IRUPOHVV EHFDXVH LW KDG QR IRUP DW DOO VLQFH QR FRUSRUHDO WKLQJ FDQ H[LVW
ZKLFK KDV QR IRUP %XW ZH VD\ WKDW LW LV QRW DEVXUG WR FDOO LW IRUPOHVV
EHFDXVH VXEVLVWLQJ LQ VRPH FRQIXVLRQ DQG PL[WXUH LW KDG QRW \HW UHFHLYHG
DQ\ EHDXWLIXO FOHDU DQG GLVWLQFW IRUP VXFK DV ZH QRZ VHH 7KHUHIRUH WKDW
PDWWHU ZDV PDGH LQ D IRUP RI FRQIXVLRQ EHIRUH WKH IRUP RI DUUDQJHPHQW
$OO FRUSRUHDO WKLQJV ILUVW ZHUH FUHDWHG PDWHULDOO\ VLPXOWDQHRXVO\ DQG DW
RQFH LQ D IRUP RI FRQIXVLRQ DIWHUZDUGV WKH\ ZHUH VHW LQ RUGHU LQ VL[ GD\V
LQ D IRUP RI DUUDQJHPHQW²6HH ZKDW ZDV ILUVW SURSRVHG IRU GLVFXVVLRQ
KDV EHHQ UHVROYHG QDPHO\ ZK\ WKDW PDWWHU LV FDOOHG IRUPOHVV
+(5( +( 5(6321'6 72 :+$7 :$6 $6.(' ,1 7+( 6(&21' 3/$&(
1RZ LW UHPDLQV WR H[SODLQ ZKDW ZDV SURSRVHG LQ WKH VHFRQG SODFH QDPHO\
ZKHUH WKDW PDWWHU VXEVLVWHG DQG KRZ IDU XS LW H[WHQGHG²:LWKRXW PDNLQJ
DQ\ UDVK DVVHUWLRQV ZH VD\ WR WKLV WKDW WKDW ILUVW PDVV RI DOO WKLQJV ZKHQ LW
ZDV FUHDWHG DSSHDUV WR KDYH FRPH LQWR EHLQJ LQ WKH VDPH SODFH ZKHUH LW LV
QRZ DIWHU EHLQJ IRUPHG $QG WKLV HDUWKO\ HOHPHQW ZDV LQ WKH ORZHVW SODFH
VLQNLQJ GRZQ WR WKH VDPH PLGGOH SRVLWLRQ >ZKHUH LW QRZ LV@ ZKLOH WKH UHVW
>RI WKH HOHPHQWV@ ZHUH PL[HG LQ RQH FRQIXVLRQ 7KHVH VSUHDG DOO DURXQG LW
LQ WKH PDQQHU RI D FORXG DQG FRYHUHG LW VR PXFK WKDW ZKDW LW ZDV FRXOG QRW
EH VHHQ ,Q IDFW WKRVH WKUHH HOHPHQWV FRQIXVHG LQ RQH PL[WXUH DQG VXV
SHQGHG DOO DURXQG UHDFKHG DV IDU XS DV WKH KLJKHVW SRLQW RI FRUSRUHDO
FUHDWLRQ GRHV QRZ²$QG LW VHHPV WR VRPH WKDW WKDW PDVV H[WHQGHG EH\RQG
WKH ILUPDPHQW EHFDXVH LW ZDV WKLFNHU DQG JURVVHU LQ LWV ORZHU SDUW EXW
WKLQQHU OLJKWHU DQG ILQHU LQ WKH KLJKHU VRPH KROG WKDW WKH ZDWHUV ZKLFK
DUH VDLG WR EH DERYH WKH ILUPDPHQW ZHUH PDGH RI WKLV WKLQQHU VXEVWDQFH
²6XFK ZDV WKH IDFH RI WKH ZRUOG LQ WKH EHJLQQLQJ EHIRUH LW UHFHLYHG IRUP
RU VSDWLDO DUUDQJHPHQW
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
'LVWLQFWLRQ ;,,,
$)7(5 6+2:,1* :+$7 7+( 287:$5' $33($5$1&( 2) 7+( :25/'
:$6 $7 7+( 9(5< %(*,11,1* +( %(*,16 72 38568( 7+( ',67,1&7,21 2)
7+( :25.6 2) 7+( 6,; '$<6 1RZ LW UHPDLQV WR SXUVXH WKDW VSDWLDO DU
UDQJHPHQW LQ RUGHU DQG KRZ LW ZDV EURXJKW WR FRPSOHWLRQ $V WKH 6FULS
WXUH RI *HQHVLV WHDFKHV LQ VL[ GD\V *RG GLVWLQJXLVKHG DQG UHGXFHG WR
WKHLU SURSHU IRUPV DOO WKDW KH KDG PDGH PDWHULDOO\ DQG VLPXOWDQHRXVO\ +H
FRPSOHWHG KLV ZRUN RQ WKH VL[WK GD\ DQG VR DIWHUZDUGV RQ WKH VHYHQWK
GD\ KH UHVWHG IURP DOO ZRUN WKDW LV KH FHDVHG PDNLQJ QHZ FUHDWXUHV
)RU LQ WKH VL[ GD\V KH GLVWLQJXLVKHG WKH VL[ FODVVHV RI WKLQJV DQG DIWHU
ZDUGV KH PDGH QRWKLQJ ZKLFK LV QRW FRQWDLQHG LQ RQH RI WKHVH FODVVHV
1HYHUWKHOHVV KH GLG ZRUN DIWHUZDUGV DV 7UXWK VD\V LQ WKH *RVSHO 0\
)DWKHU ZRUNV HYHQ QRZ DQG , WRR ZRUN
&KDSWHU
21 7+( )285 0$11(56 2) ',9,1( $&7,9,7< )RU DV $OFXLQ VD\V LQ 2Q
*HQHVLV *RG ZRUNV LQ IRXU PDQQHUV ³)LUVW LQ WKH :RUG E\ GLVSRVLQJ DOO
WKLQJV VHFRQG LQ WKH IRUPOHVV PDWWHU RI WKH IRXU HOHPHQWV FUHDWLQJ LW
IURP QRWKLQJ DQG VR 7KH RQH ZKR OLYHV LQ HWHUQLW\ FUHDWHG DOO WKLQJV DW
WKH VDPH WLPH QDPHO\ KH FUHDWHG DOO WKH HOHPHQWV DQG DOO ERGLHV PDWHUL
DOO\ DQG VLPXOWDQHRXVO\ WKLUG KH GLVWLQJXLVKHG WKH YDULRXV FUHDWXUHV
WKURXJK WKH ZRUNV RI WKH VL[ GD\V IRXUWK XQNQRZQ QDWXUHV GR QRW DULVH
IURP WKH SULPRUGLDO VHHGV EXW WKH NQRZQ RQHV DUH IRUPHG DJDLQ PRUH
IUHTXHQWO\ VR WKDW WKH\ GR QRW SHULVK´
',67,1&7,21 ;,,, &KDSWHU
:+$7 7+( ),567 :25. 2) ',67,1&7,21 :$6 7KH ILUVW ZRUN RI GLVWLQFWLRQ
ZDV WKH PDNLQJ RI OLJKW DV 6FULSWXUH VKRZV ZKLFK DIWHU UHFDOOLQJ WKH
IRUPOHVVQHVV RI WKLQJV EHJDQ >WKH DFFRXQW RI@ WKHLU VSDWLDO DUUDQJHPHQW
ZLWK OLJKW DGGLQJ *RG VDLG /HW WKHUH EH OLJKW DQG WKH OLJKW ZDV PDGH
DQG KH GLYLGHG OLJKW IURP GDUNQHVV DQG KH FDOOHG WKH OLJKW GD\ DQG WKH
GDUNQHVV QLJKW $QG LW EHFDPH HYHQLQJ DQG PRUQLQJ WKH ILUVW GD\
&I *HQ
&I EHORZ GLVW F
-Q (FFOL
$OFXLQ ,QWHUURJDWLRQHV HW UHVSRQVLRQHV LQ *HQHVLP LQWHU
*HQ
7+( 6(17(1&(6 %22.
)LWWLQJO\ WKH EHDXWLIXO DUUDQJHPHQW RI WKH ZRUOG EHJDQ ZLWK OLJKW E\
ZKLFK DOO RWKHU WKLQJV WKDW ZHUH WR EH FUHDWHG PLJKW EH VHHQ
&KDSWHU
:+$7 7+$7 /,*+7 :$6 :+(7+(5 &25325($/ 25 63,5,78$/ ,I LW LV
DVNHG ZKDW WKDW OLJKW ZDV QDPHO\ ZKHWKHU FRUSRUHDO RU VSLULWXDO ZH UH
VSRQG ZLWK ZKDW ZH KDYH UHDG WKDW WKH 6DLQWV KDYH KDQGHG GRZQ )RU
$XJXVWLQH VD\V WKDW WKDW OLJKW FDQ EH XQGHUVWRRG DV HLWKHU FRUSRUHDO RU
VSLULWXDO
21 7+( 63,5,78$/ /,*+7 ,I LW LV WDNHQ DV VSLULWXDO WKH DQJHOLF QDWXUH
LV XQGHUVWRRG ZKLFK DW ILUVW ZDV IRUPOHVV EXW DIWHUZDUGV ZDV IRUPHG
ZKHQ LW WXUQHG WRZDUG WKH &UHDWRU DQG DGKHUHG WR KLP LQ FKDULW\ ,WV IRUP
OHVV FUHDWLRQ ZDV VLJQLILHG DERYH ZKHQ LW ZDV VDLG ,Q WKH EHJLQQLQJ *RG
FUHDWHG KHDYHQ DQG HDUWK +HUH KRZHYHU LWV IRUPDWLRQ LV VKRZQ ZKHQ
LW VD\V /HW WKHUH EH OLJKW DQG WKH OLJKW ZDV PDGH $QG VR WKLV DQJHOLF
QDWXUH ZDV ILUVW GDUNQHVV DQG DIWHUZDUGV OLJKW EHFDXVH ILUVW LW KDG IRUP
OHVVQHVV DQG LPSHUIHFWLRQ EXW DIWHUZDUGV WKH SHUIHFWLRQ RI IRUPDWLRQ DQG
WKXV *RG GLYLGHG OLJKW IURP GDUNQHVV )RU DV $XJXVWLQH VD\V LQ 2Q *HQH
VLV WKH IRUPOHVVQHVV DQG LPSHUIHFWLRQ RI WKLV FUHDWXUH H[LVWHG EHIRUH LW
ZDV IRUPHG LQ WKH ORYH RI WKH &UHDWRU LW ZDV IRUPHG KRZHYHU ZKHQ LW
WXUQHG WR WKH XQFKDQJHDEOH OLJKW RI WKH :RUG
+(5( 21 &25325($/ /,*+7 %XW LI WKDW OLJKW ZDV FRUSRUHDO ZKLFK LV
HQWLUHO\ SUREDEOH LW LV XQGHUVWRRG WR KDYH EHHQ D OXPLQRXV ERG\ DV IRU
H[DPSOH D OXPLQRXV FORXG WKLV ZDV PDGH QRW IRUPDOO\ IURP QRWKLQJ EXW
IURP SUHH[LVWLQJ PDWWHU VR WKDW LW VKRXOG EH OLJKW DQG KDYH WKH SRZHU RI
OLJKWLQJ :LWK LW WKH ILUVW GD\ DURVH EHFDXVH EHIRUH OLJKW WKHUH ZDV QR GD\
RU QLJKW DOWKRXJK WKHUH ZDV WLPH
&KDSWHU 7+$7 7+$7 /,*+7 :$6 0$'( :+(5( 7+( 681 12: 6+,1(6 $1' 7+$7 ,7 &28/' 6+,1( 7+528*+ 7+( :$7(56²$8*867,1( ,1 21 *(1(6,6
³%XW LI LW LV DVNHG ZKHUH WKDW OLJKW ZDV PDGH VLQFH WKH DE\VV FRYHUHG DOO
WKH KHLJKWV RI WKH HDUWK LW FDQ EH VDLG WKDW LW ZDV PDGH LQ WKRVH SDUWV RYHU
ZKLFK QRZ VKLQHV WKH GDLO\ OLJKW RI WKH VXQ $QG LW LV QRW VWUDQJH WKDW WKH
OLJKW FDQ VKLQH WKURXJK WKH ZDWHUV VLQFH WKHVH DUH RIWHQ OLW HYHQ E\ VDLORUV
GLYLQJ LQ WKH GHHS WKH\ PDNH OLJKW IRU WKHPVHOYHV LQ WKH ZDWHU E\ VSRXW
LQJ RLO IURP WKHLU PRXWKV $QG WKH ZDWHUV ZHUH PXFK OHVV GHHS LQ WKH
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF DQG F
*HQ *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ
'LVWLQFWLRQ ;,,,
EHJLQQLQJ WKDQ WKH\ DUH QRZ EHFDXVH WKH\ KDG QRW \HW EHHQ JDWKHUHG LQ
RQH SODFH´
$QG VR WKLV OLJKW WKDW ZDV PDGH KDG WKH IXQFWLRQ DQG SODFH RI WKH VXQ
SURSHOOHG LQ D FLUFXODU FRXUVH E\ LWV RZQ PRWLRQ LW GLVWLQJXLVKHG QLJKW
IURP GD\ 7KHUHIRUH LW VHHPV SUREDEOH WKDW WKLV OLJKW ILUVW DSSHDUHG ZKHUH
WKH VXQ DSSHDUV DIWHU FRPSOHWLQJ LWV GDLO\ FRXUVH VR WKDW WUDYHOOLQJ DURXQG
LQ WKH VDPH SDWK DQG GHVFHQGLQJ IRU WKH ILUVW WLPH WR WKH ZHVW LW PLJKW
PDNH WKH HYHQLQJ WKHQ FDOOHG EDFN WR WKH HDVW LW PLJKW PDNH WKH GDZQ
WKDW LV LOOXPLQH WKH PRUQLQJ²$QG VR *RG GLYLGHG OLJKW DQG GDUNQHVV
DQG KH FDOOHG WKH OLJKW GD\ DQG WKH GDUNQHVV QLJKW
&KDSWHU
7+$7 '$< ,6 7$.(1 ,1 ',))(5(17 :$<6 +HUH LW LV WR EH QRWHG WKDW GD\
LV WDNHQ LQ GLIIHUHQW ZD\V LQ 6FULSWXUH )RU WKDW OLJKW ZKLFK OLW WKH GDUNQHVV
RQ WKH ILUVW WKUHH GD\V LV FDOOHG GD\ 7KH YHU\ LOOXPLQDWLRQ RI WKH DLU LV DOVR
FDOOHG GD\ 'D\ LV DOVR FDOOHG WKH VSDFH RI WZHQW\IRXU KRXUV ZKLFK LV
KRZ LW LV WDNHQ ZKHQ 6FULSWXUH VD\V $QG LW EHFDPH HYHQLQJ DQG PRUQLQJ
WKH ILUVW GD\
+2: 7+$7 3+5$6( 28*+7 72 %( ',67,1*8,6+(' $1' ,7 %(&$0(
(9(1,1* $1' 0251,1* 7+( ),567 '$< 7KLV LV WR EH GLVWLQJXLVKHG DV IRO
ORZV HYHQLQJ ZDV PDGH ILUVW DQG DIWHUZDUGV WKH PRUQLQJ DQG VR ZDV
FRPSOHWHG RQH GD\ RI WZHQW\IRXU KRXUV QDPHO\ D QDWXUDO GD\ ZKLFK KDG
DQ HYHQLQJ EXW QRW D PRUQLQJ )RU WKH HQG RI WKH SUHFHGLQJ GD\ DQG WKH
EHJLQQLQJ RI WKH IROORZLQJ RQH LV FDOOHG PRUQLQJ EHFDXVH LW LV GDZQ
ZKLFK KDV QHLWKHU IXOO OLJKW QRU WRWDO GDUNQHVV²$QG VR WKH ILUVW GD\ GLG
QRW KDYH D PRUQLQJ EHFDXVH QR GD\ SUHFHGHG LW WKDW PLJKW HQG DW WKH EH
JLQQLQJ RI WKH QH[W GD\ DQG DOVR HVSHFLDOO\ EHFDXVH ZLWK WKH DSSHDUDQFH
RI OLJKW WKHUH ZDV LPPHGLDWHO\ D IXOO DQG PRVW FOHDU GD\ RYHU WKH HDUWK
7KLV GD\ EHJDQ QRW IURP GDZQ EXW IURP D IXOO OLJKW DQG ZDV FRPSOHWHG
RQ WKH PRUQLQJ RI WKH QH[W GD\²%('( +HQFH %HGH LQ 2Q *HQHVLV ³,W
ZDV ILWWLQJ WKDW GD\ EHJLQ IURP OLJKW DQG H[WHQG WR WKH PRUQLQJ RI WKH IRO
ORZLQJ GD\ VR WKDW WKH ZRUNV RI *RG EH VLJQLILHG WR KDYH VWDUWHG ZLWK WKH
OLJKW DQG WR EH FRPSOHWHG LQ WKH OLJKW´²%XW WKH RWKHU GD\V KDG D PRUQ
LQJ DQG HYHQLQJ DQG HDFK RI WKHP EHJDQ RQ LWV PRUQLQJ DQG H[WHQGHG
XQWLO WKH PRUQLQJ RI WKH IROORZLQJ GD\
0RUH FRUUHFWO\ %HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
*HQ *HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
7+( 6(17(1&(6 %22.
&KDSWHU 21 7+( 1$785$/ 25'(5 2) &20387$7,21 2) '$<6 $1' 21 7+( 21(
:+,&+ :$6 ,1752'8&(' )25 7+( 6$.( 2) 7+( 0<67(5< 7KLV LV WKH QDW
XUDO RUGHU RI GLVWLQFWLRQ RI GD\V WKDW GD\V EH GLVWLQJXLVKHG DQG FRPSXWHG
IURP PRUQLQJ WR PRUQLQJ %XW DIWHUZDUGV DV PDWWHU IRU DOOHJRU\ LW ZDV
GRQH WKDW GD\V EH FRPSXWHG IURP HYHQLQJ WR HYHQLQJ DQG WKDW WKH GD\ EH
DGGHG WR WKH SUHFHGLQJ QLJKW LQ WKH FRPSXWDWLRQ HYHQ WKRXJK DFFRUGLQJ
WR WKH QDWXUDO RUGHU WKH SUHFHGLQJ GD\ LV WR EH DGGHG WR WKH QLJKW WKDW
IROORZV LW +(5( ,6 7+( $//(*25< 7KLV ZDV GRQH EHFDXVH PDQ WKURXJK
VLQ IHOO IURP OLJKW LQWR WKH GDUNQHVV RI LJQRUDQFH DQG VLQV WKHQ WKURXJK
&KULVW KH UHWXUQHG IURP GDUNQHVV WR OLJKW +HQFH WKH $SRVWOH :H ZHUH
IRU D WLPH GDUNQHVV EXW QRZ ZH DUH OLJKW LQ WKH /RUG
$QG VR WKH ILUVW GD\ EHJDQ QRW DW GDZQ EXW IURP IXOO OLJKW DIWHU D
ZKLOH ZKHQ WKH OLJKW KDG VHW OLWWOH E\ OLWWOH LW EHFDPH HYHQLQJ DQG LW ZDV
FRPSOHWHG E\ WKH PRUQLQJ RI WKH IROORZLQJ GD\ +HQFH %HGH ³:LWK WKH
OLJKW VHWWLQJ OLWWOH E\ OLWWOH DQG DIWHU WKH VSDFH RI D GD\¶V GXUDWLRQ JRLQJ
XQGHU WKH ORZHU UHJLRQV LW ZDV HYHQLQJ DV DOVR KDSSHQV QRZ ZLWK WKH
XVXDO FRXUVH RI WKH VXQ $QG WKHQ ZLWK WKH OLJKW UHWXUQLQJ RYHU WKH HDUWK
DQG WKH EHJLQQLQJ RI DQRWKHU GD\ LW ZDV PRUQLQJ DQG RQH GD\ RI WZHQW\
IRXU KRXUV ZDV FRPSOHWH $QG RQ WKRVH >ILUVW@ WKUHH GD\V WKH QLJKW ZDV
HQWLUHO\ GDUN ZKLFK ZRXOG EH LOOXPLQDWHG ZLWK VRPH OLJKW DIWHU WKH FUHD
WLRQ RI WKH KHDYHQO\ ERGLHV´
:+< :$6 7+( 681 0$'( ,) 7+$7 /,*+7 :$6 68)),&,(17² $8*86
7,1( %XW LW LV XVXDO WR DVN ³ZK\ ZDV WKH VXQ PDGH LI WKDW OLJKW ZDV VXIIL
FLHQW WR PDNH WKH GD\´²7R WKLV LW PD\ EH VDLG WKDW SHUKDSV WKDW OLJKW
LOOXPLQDWHG WKH KLJKHU UHJLRQV DQG LW ZDV QHFHVVDU\ IRU WKH VXQ WR EH
PDGH WR LOOXPLQDWH WKH ORZHU RQHV RU SHUKDSV LW LV UDWKHU EHFDXVH ³ZLWK
WKH PDNLQJ RI WKH VXQ WKH EULJKWQHVV RI WKH GD\ ZDV LQFUHDVHG IRU WKH
GD\ VKRQH ZLWK PXFK JUHDWHU EULJKWQHVV DIWHUZDUGV WKDQ EHIRUH´
%XW LI LW LV DVNHG ZKDW KDV EHFRPH RI WKDW OLJKW VLQFH LW GRHV QRW DS
SHDU QRZ LW FDQ EH VDLG HLWKHU WKDW WKH ERG\ RI WKH VXQ ZDV IRUPHG IURP
LW RU WKDW ³LW LV LQ WKDW SDUW RI WKH VN\ ZKHUH WKH VXQ LV QRW WKDW LW LV LWVHOI
WKH VXQ EXW WKDW LW LV VR XQLWHG WR WKH VXQ WKDW LW FDQQRW EH GLVWLQJXLVKHG
IURP LW´ (SK
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG
,ELG EN F Q
'LVWLQFWLRQ ;,,,
&KDSWHU +2: 7+$7 67$7(0(17 µ*2' 6$,'¶ ,6 72 %( 7$.(1 :+(7+(5 *2' 6$,'
,7 %< 7+( 6281' 2) +,6 92,&( 25 ,1 $127+(5 :$< 0RUHRYHU RQH PXVW
LQTXLUH KRZ WKDW VWDWHPHQW VKRXOG EH WDNHQ *RG VDLG ZKHWKHU KH VDLG LW
LQ WLPH RU E\ WKH VRXQG RI KLV YRLFH RU LQ VRPH RWKHU ZD\²$XJXVWLQH
LQ 2Q *HQHVLV WHDFKHV WKDW *RG VSRNH QHLWKHU LQ WLPH QRU E\ WKH VRXQG
RI D YRLFH )RU LI *RG VSRNH LQ WLPH WKHQ KH VSRNH FKDQJHDEO\ DQG LI
WKH YRLFH RI *RG EH VDLG WR KDYH UHVRXQGHG LQ D ERGLO\ ZD\ WKHUH ZDV QR
ODQJXDJH E\ ZKLFK KH FRXOG VSHDN QRU ZDV WKHUH DQ\RQH ZKR FRXOG VXLWD
EO\ KHDU DQG XQGHUVWDQG $QG VR LW LV ZHOO WR UHIHU WKH YRLFH RI *RG WR WKH
QDWXUH RI WKH :RUG WKURXJK ZKRP DOO WKLQJV ZHUH PDGH $QG VR *RG VDLG
/HW WKHUH EH HWF QRW LQ WLPH QRW E\ WKH VRXQG RI D YRLFH EXW LQ WKH :RUG
FRHWHUQDO ZLWK KLPVHOI WKDW LV KH JHQHUDWHG WKH :RUG RXWVLGH WLPH LQ
ZKRP LW ZDV DQG KH GLVSRVHG IURP HWHUQLW\ WKDW ZKDW ZDV PDGH LQ WLPH
VKRXOG EH VR PDGH
&KDSWHU +2: 7+,6 67$7(0(17 6+28/' %( 7$.(1 7+( )$7+(5 :25.6 ,1 7+(
621 25 7+528*+ 7+( 621 25 ,1 7+( +2/< 63,5,7 +HUH LW LV XVXDO WR
DVN KRZ WKLV VWDWHPHQW VKRXOG EH WDNHQ WKH )DWKHU ZRUNV LQ WKH 6RQ RU
WKURXJK WKH 6RQ RU LQ WKH +RO\ 6SLULW )RU 6FULSWXUH IUHTXHQWO\ VHWV VXFK
WKLQJV EHIRUH XV DV /RUG \RX PDGH DOO WKLQJV LQ ZLVGRP WKDW LV LQ WKH
6RQ DQG ,Q WKH EHJLQQLQJ WKDW LV LQ WKH 6RQ *RG FUHDWHG KHDYHQ DQG
HDUWK DQG DOVR 7KURXJK ZKRP KH PDGH WKH ZRUOG RI WLPH $OVR RQ WKDW
SDVVDJH RI WKH 3VDOP 7KH KHDYHQV ZHUH PDGH ILUP E\ WKH ZRUG RI WKH
/RUG $XJXVWLQH VD\V WKDW ³WKH )DWKHU ZRUNV WKURXJK KLV :RUG DQG WKH
+RO\ 6SLULW´ $QG VR KRZ VKRXOG WKLV EH WDNHQ"
7DNLQJ IURP WKH DERYH ZRUGV DQ RFFDVLRQ WR HUU VRPH KHUHWLFV KHOG
WKDW WKH )DWKHU DV DXWKRU DQG DUWLILFHU XVHG WKH 6RQ DQG WKH +RO\ 6SLULW
DOPRVW OLNH DQ LQVWUXPHQW LQ WKH PDNLQJ RI WKLQJV 3LRXV IDLWK UHMHFWV VXFK
D QRWLRQ DV EODVSKHPRXV DQG FRQWUDU\ WR VRXQG GRFWULQH
+(5( +( 5(9($/6 ,1 :+$7 6(16( 7+( )$7+(5 ,6 6$,' 72 :25. ,1
7+( 621 25 7+528*+ 7+( 621 :H DUH QRW WR XQGHUVWDQG 6FULSWXUH¶V
IUHTXHQW UHFDOOLQJ RI WKH )DWKHU ZRUNLQJ LQ WKH 6RQ RU WKURXJK WKH 6RQ DV
LI WKH 6RQ FRXOG QRW GR DQ\WKLQJ ZLWKRXW WKH )DWKHU VWUHWFKLQJ RXW KLV ULJKW
*HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
3V *HQ +HEU 3V
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV H[S RQ 3V VHUPRQ Q
7+( 6(17(1&(6 %22.
KDQG WR KLP RU DV LI KH ZHUH VRPH LQVWUXPHQW RI WKH )DWKHU DW ZRUN ,Q
VWHDG E\ WKHVH ZRUGV 6FULSWXUH ZDQWHG LW WR EH XQGHUVWRRG WKDW WKH )DWKHU
ZRUNV ZLWK WKH 6RQ DQG WKH +RO\ 6SLULW DQG GRHV QRWKLQJ ZLWKRXW WKHP
7+( +(5(7,& 5,6(6 83 $*$,167 7+,6 (;3/$1$7,21 %XW WKH KHUHWLF
VD\V %\ WKLV UHDVRQLQJ LW PLJKW KDYH VDLG WKDW WKH 6RQ ZRUNV WKURXJK WKH
)DWKHU RU LQ WKH )DWKHU DQG WKH +RO\ 6SLULW ZLWK ERWK RU WKURXJK ERWK
EHFDXVH WKH 6RQ ZRUNV ZLWK WKH )DWKHU DQG WKH +RO\ 6SLULW ZLWK ERWK²
5(63216( 7KH EULHI DQVZHU WR WKLV LV WKDW WKH RQH H[SUHVVLRQ ZDV XVHG
DQG QRW WKH RWKHU WR VKRZ WKDW DXWKRULW\ LV LQ WKH )DWKHU )RU LW LV QRW WKH
)DWKHU ZKR ZRUNV IURP WKH 6RQ EXW WKH 6RQ IURP WKH )DWKHU DQG WKH +RO\
6SLULW IURP ERWK $QG VR ZH KDYH DOVR UHDG WKDW WKH 6RQ ZRUNV WKURXJK WKH
+RO\ 6SLULW EHFDXVH KH ZRUNV ZLWK WKH +RO\ 6SLULW ZKR KDV LW IURP WKH
6RQ WKDW KH ZRUN
$127+(5 (;326,7,21 2) 7+( $%29( ,W PD\ DOVR EH WDNHQ LQ DQRWKHU
ZD\ VR WKDW WKH )DWKHU LV VDLG WR ZRUN LQ WKH 6RQ RU WKURXJK WKH 6RQ EH
FDXVH KH EHJRW KLP DV WKH DUWLILFHU RI DOO WKLQJV LQ WKH VDPH ZD\ KH LV
VDLG WR MXGJH WKURXJK KLP EHFDXVH KH EHJRW KLP DV MXGJH 6R DOVR WKH
)DWKHU RU WKH 6RQ LV VDLG WR ZRUN WKURXJK WKH +RO\ 6SLULW EHFDXVH WKH +RO\
6SLULW SURFHHGV IURP ERWK DV PDNHU RI DOO WKLQJV²+HQFH -RKQ &KU\VRV
WRP LQ KLV ([SRVLWLRQ RI WKH (SLVWOH WR WKH +HEUHZV VD\V DV IROORZV ³,W LV
QRW WKH FDVH DV WKH KHUHWLF LQDQHO\ VXVSHFWV WKDW WKH 6RQ ZDV DV LW ZHUH
VRPH LQVWUXPHQW RI WKH )DWKHU 1RU LV WKH )DWKHU VDLG WR KDYH FUHDWHG
WKURXJK KLP DV LI KH KLPVHOI FRXOG QRW FUHDWH %XW MXVW DV WKH )DWKHU LV
VDLG WR MXGJH WKURXJK WKH 6RQ EHFDXVH KH EHJRW KLP DV MXGJH VR DOVR KH LV
VDLG WR ZRUN WKURXJK WKH 6RQ EHFDXVH LW LV FOHDU WKDW KH EHJRW KLP DV DUWL
ILFHU 127( +(5( 7+( )$7+(5 ,6 &$//(' &$86( 2) 7+( 621 )RU LI WKH
)DWKHU DFFRUGLQJ WR KLV EHLQJ )DWKHU LV WKH FDXVH RI WKH 6RQ PXFK PRUH
LV KH WKH FDXVH RI WKRVH WKLQJV ZKLFK ZHUH PDGH WKURXJK WKH 6RQ´²
7KHVH DUH WKH WKLQJV VDLG RI WKH ZRUN RI WKH ILUVW GD\
',67,1&7,21 ;,9 &KDSWHU 21 7+( :25. 2) 7+( 6(&21' '$< 21 :+,&+ 7+( ),50$0(17 :$6 0$'(
7KHQ *RG VDLG /HW WKHUH EH D ILUPDPHQW LQ WKH PLGGOH RI WKH ZDWHUV DQG
OHW LW GLYLGH ZDWHUV IURP ZDWHUV $QG KH GLYLGHG WKH ZDWHUV ZKLFK ZHUH
EHORZ WKH ILUPDPHQW IURP WKRVH ZKLFK ZHUH DERYH WKH ILUPDPHQW
&I DERYH %N GLVW F Q DOVR GLVW
&I -Q
-RKQ &KU\VRVWRP ([SRVLWLR HSLVWRODH DG +HEUDHRV KRP Q
*HQ
'LVWLQFWLRQ ;,9
&KDSWHU
7+$7 +($9(1 ,6 +(5( 6$,' 72 %( &5($7('²%('( ,W LV WR EH NQRZQ
WKDW DV %HGH VD\V RI WKDW SDVVDJH LQ 2Q *HQHVLV ³KHUH LV GHVFULEHG WKH
FUHDWLRQ RI WKH KHDYHQ LQ ZKLFK WKH VWDUV DUH IL[HG %HORZ LW ZHUH SODFHG
WKH ZDWHUV ZKLFK DUH LQ WKH DLU DQG RQ WKH HDUWK DQG DERYH LW ZHUH SODFHG
RWKHU ZDWHUV RI ZKLFK LW LV VDLG <RX FRYHU KLV KHLJKWV ZLWK ZDWHUV $QG
VR LQ WKH PLGGOH LV WKH ILUPDPHQW WKDW LV WKH VWDUU\ KHDYHQ´
&KDSWHU
2) :+$7 0$77(5 7+$7 +($9(1 ,6 0$'( ³7KLV FDQ EH EHOLHYHG WR EH
PDGH RI ZDWHUV )RU FU\VWDOOLQH VWRQH ZKLFK KDV JUHDW VWUHQJWK DQG FOD
ULW\ LV PDGH IURP ZDWHU´
&KDSWHU +2: 7+(5( &$1 %( :$7(56 $%29( +($9(1 $1' :+$7 7+26( :$7(56
$5( /,.( ³%XW LI DQ\RQH LV WURXEOHG DV WR KRZ ZDWHUV ZKLFK DUH E\ QDWXUH
IOXLG DQG WHQG GRZQZDUGV FDQ EH DERYH KHDYHQ OHW KLP UHPHPEHU WKDW LW
LV ZULWWHQ RI *RG :KR ELQGV XS ZDWHUV LQ KLV FORXGV )RU KH ZKR ELQGV
WKH ZDWHUV XQGHU KHDYHQ ZKLFK DUH UHWDLQHG IRU D WLPH LQ WKH YDSRXUV RI
WKH FORXGV FDQ DOVR VXVSHQG WKH ZDWHUV DERYH WKH VSKHUH RI KHDYHQ DQG
QRW E\ WKH WKLQQHVV RI YDSRXUV EXW ZLWK WKH KDUGQHVV RI LFH VR WKDW WKH\
VKRXOG QRW IDOO GRZQ $V WR KRZ DQG WR ZKDW HQG WKH\ ZHUH VR HVWDE
OLVKHG KH NQRZV LW ZKR HVWDEOLVKHG WKHP´²6HH ZLWK WKHVH ZRUGV LW LV
VKRZQ ZKLFK KHDYHQ ZDV PDGH QDPHO\ WKDW LQ ZKLFK WKH VWDUV DUH IL[HG
WKDW LV ZKLFK LV EH\RQG WKH HDUWK¶V DWPRVSKHUH DQG IURP ZKDW PDWWHU
QDPHO\ IURP ZDWHU DQG ZKDW WKHVH ZDWHUV ZKLFK DUH DERYH WKDW KHDYHQ
DUH OLNH QDPHO\ DV VROLG DV LFH
27+(56 +2/' 7+$7 7+$7 +($9(1 ,6 2) $ ),(5< 1$785( $1' $8
*867,1( $*5((6 :,7+ 7+(0 %XW VRPH VD\ WKDW WKH KHDYHQ ZKLFK LV EH
\RQG WKH H[SDQVH RI WKH HDUWK¶V DWPRVSKHUH LV RI D ILHU\ QDWXUH WKH\
PDLQWDLQ WKDW ³DERYH WKH DLU LV SXUH ILUH ZKLFK LV VDLG WR EH KHDYHQ DQG
WKH\ FRQMHFWXUH WKDW WKH VWDUV DQG KHDYHQO\ ERGLHV ZHUH PDGH IURP WKLV
ILUH´ $XJXVWLQH DSSHDUV WR DJUHH ZLWK WKHP²%XW ZKHWKHU E\ WKH QDPH
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
&I (FFOL
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
-RE
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF
7+( 6(17(1&(6 %22.
RI ILUPDPHQW ³LV KHUH XQGHUVWRRG WKH KHDYHQ ZKLFK LV EH\RQG WKH HDUWK¶V
DWPRVSKHUH RU WKH DWPRVSKHUH LWVHOI´ LV D TXHVWLRQ ZKLFK $XJXVWLQH
KLPVHOI UDLVHV EXW GRHV QRW UHVROYH $QG \HW KH VHHPV WR DSSURYH PRUH
WKH YLHZ WKDW KHDYHQ LV WR EH XQGHUVWRRG KHUH DV WKDW ZKLFK LV EH\RQG WKH
H[SDQVH RI WKH HDUWK¶V DWPRVSKHUH
:+$7 7+( :$7(56 :+,&+ $5( $%29( +($9(1 $5( /,.( $1' +2:
7+(< &$0( 72 %( 7+(5( $&&25',1* 72 $8*867,1( %XW KH VD\V WKDW WKH
ZDWHUV ZKLFK DUH DERYH WKDW KHDYHQ ³DUH GUDZQ XS LQ WKH IRUP RI YDSRXU
DQG DUH VXVSHQGHG DV YHU\ OLJKW GURSV MXVW DV WKDW FORXG\ DLU E\ H[KDOD
WLRQ RI WKH HDUWK GUDZV XS ZDWHUV LQ WKH IRUP RI YDSRXU VXVSHQGV WKHP LQ
YHU\ VPDOO SDUWLFOHV DQG DIWHU WKH\ FRPH WRJHWKHU LQ ODUJHU PDVVHV SRXUV
WKHP EDFN DJDLQ DV UDLQ $QG VR LI DV ZH VHH ZDWHU LV DEOH WR UHDFK VXFK D
VPDOO VL]H WKDW LW LV ERUQH XS DV YDSRXU DERYH WKH DLU ZKLFK LV QDWXUDOO\
OLJKWHU WKDQ ZDWHU ZK\ PD\ ZH QRW EHOLHYH WKDW LW FDQ DOVR ULVH DERYH WKDW
OLJKWHU KHDYHQ DQG UHVW WKHUH LQ WKH IRUP RI YHU\ VPDOO GURSV DQG YHU\
OLJKW YDSRXUV" %XW KRZHYHU WKH\ FRPH WR EH WKHUH ZH GR QRW GRXEW WKDW
WKH\ DUH WKHUH´
&KDSWHU :+$7 7+( 6+$3( 2) 7+( ),50$0(17 ,6²$8*867,1( ,1 21 *(1(6,6
³,W LV DOVR XVXDO WR DVN ZKDW WKH VKDSH RI KHDYHQ LV %XW DOWKRXJK RXU
>VDFUHG@ DXWKRUV NQHZ LW WKH +RO\ 6SLULW GLG QRW ZLVK WR VD\ PRUH WKURXJK
WKHP WKDQ LV SURILWDEOH IRU RXU VDOYDWLRQ´
:+(7+(5 +($9(1 ,6 ),;(' 25 029(6 $1' :+< ,7 ,6 &$//(' 7+(
),50$0(17 ³,W LV DOVR DVNHG ZKHWKHU KHDYHQ LV IL[HG RU PRYHV ,I LW
PRYHV WKH\ VD\ KRZ LV LW WKH ILUPDPHQW" ,I LW VWDQGV VWLOO KRZ GR WKH VWDUV
IL[HG LQ LW PRYH LQ D FLUFOH" ,W FDQ EH FDOOHG WKH ILUPDPHQW QRW EHFDXVH LW LV
DW UHVW EXW EHFDXVH LW LV D ILUP DQG LQWUDQVJUHVVLEOH ERXQGDU\ RI WKH ZDWHUV
%XW LI LW LV DW UHVW QRWKLQJ LPSHGHV WKH VWDUV IURP PRYLQJ DQG FLUFOLQJ´
&KDSWHU :+< 6&5,3785( ',' 127 6$< $%287 7+( :25. 2) 7+( 6(&21' '$<
:+$7 ,7 6$,' 2) 7+( 27+(56 $IWHU WKHVH PDWWHUV LW LV XVXDO WR DVN ZK\ LW
LV QRW VDLG KHUH DV LW ZDV IRU WKH ZRUNV RI WKH RWKHU GD\V *RG VDZ WKDW LW
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN FF QQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;,9
ZDV JRRG 6RPH VLJQ LV KHUH VHW IRUWK DQG SHUKDSV LW ZDV QRW VDLG KHUH
DV LW ZDV GRQH ZLWK UHJDUG WR WKH RWKHUV EHFDXVH WKH QXPEHU WZR LV WKH
SULQFLSOH RI RWKHUQHVV DQG D VLJQ RI GLYLVLRQ
&KDSWHU 21 7+( :25. 2) 7+( 7+,5' '$< :+(1 7+( :$7(56 :(5( *$7+(5(' ,1
21( 3/$&( 1H[W *RG VDLG /HW WKH ZDWHUV EH JDWKHUHG LQ RQH SODFH DQG
WKH GU\ ODQG DSSHDU 7KH ZRUN RI WKH WKLUG GD\ LV WKH JDWKHULQJ RI WKH
ZDWHUV LQ RQH SODFH²%('( ³)RU DOO WKH ZDWHUV WKDW ZHUH EHORZ KHDYHQ
ZHUH JDWKHUHG LQ RQH´ VRXUFH ³VR WKDW WKH OLJKW ZKLFK RQ WKH SUHYLRXV
WZR GD\V KDG LOOXPLQHG WKH ZDWHUV ZLWK D FOHDU OLJKW PLJKW VKLQH PRUH
IXOO\ LQ WKH SXUH DLU DQG WKDW WKH HDUWK ZKLFK KDG ODLQ KLGGHQ PLJKW DS
SHDU $QG VR WKH HDUWK ZKLFK ZDV PXGG\ ZLWK ZDWHU PLJKW EHFRPH GU\
DQG VXLWDEOH IRU VHHGOLQJV´ ,QGHHG RQ WKH VDPH GD\ WKH HDUWK EURXJKW
IRUWK VHHGEHDULQJ JUDVVHV DQG WUHHV WKDW EHDU IUXLW
&KDSWHU
%87 :+(5( :(5( 7+( :$7(56 *$7+(5('"²%('( ³%XW LI LW LV DVNHG
ZKHUH WKH ZDWHUV ZKLFK KDG FRYHUHG VSDFH XS WR KHDYHQ ZHUH JDWKHUHG
LW FRXOG EH WKDW WKH HDUWK VXEVLGHG DQG SURYLGHG FRQFDYH SDUWV LQ ZKLFK
WR UHFHLYH WKH IORZLQJ ZDWHUV ,W FDQ DOVR EH EHOLHYHG WKDW WKHVH SULPDO
ZDWHUV ZKLFK FRYHUHG WKH HDUWK OLNH D FORXG ZHUH OLJKW EXW ZHUH WKHQ
FRQGHQVHG E\ EHLQJ JDWKHUHG WRJHWKHU´ DQG VR WKH\ FRXOG HDVLO\ EH
JDWKHUHG LQ RQH SODFH
+2: $// 7+( :$7(56 :(5( *$7+(5(' ,1 21( 3/$&( 6,1&( 7+(5(
$5( 0$1< 6($6 $1' 5,9(56 ³$QG DOWKRXJK LW LV FOHDU WKDW WKHUH DUH PDQ\
VHDV DQG ULYHUV QHYHUWKHOHVV LW VD\V WKDW WKH ZDWHUV ZHUH JDWKHUHG LQ RQH
SODFH GXH WR WKH LQWHUFRQQHFWHGQHVV RI DOO WKH ZDWHUV ZKLFK DUH RQ WKH
HDUWK VLQFH DOO ULYHUV DQG VHDV DUH MRLQHG WR WKH JUHDW VHD 7KDW H[SODLQV
ZK\ DIWHU KDYLQJ VDLG WKDW DOO WKH ZDWHUV ZHUH JDWKHUHG LQ RQH SODFH LW
*HQ HWF
$FFRUGLQJ WR WKH YHUVLRQ RI *HQHVLV ZKLFK $XJXVWLQH IROORZHG LW ZDV VDLG KHUH WRR
FI 'H *HQHVL DG OLWWHUDP EN F Q
-HURPH $GYHUVXV -RYLQLDQXP EN Q
*HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
*HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
7+( 6(17(1&(6 %22.
WKHQ DGGV LQ WKH SOXUDO $QG WKH JDWKHULQJV RI WKH ZDWHUV EHFDXVH RI WKHLU
PDQ\EUDQFKHG FKDQQHOV EXW WKH RULJLQ RI DOO RI WKHP LV WKH JUHDW VHD´
&KDSWHU 21 7+( :25. 2) 7+( )2857+ '$< :+(1 7+( /,*+7*,9,1* %2',(6
:(5( 0$'( 1H[W *RG VDLG /HW WKHUH EH OLJKWV LQ WKH ILUPDPHQW RI
KHDYHQ DQG OHW WKHP VHSDUDWH GD\ IURP QLJKW
7+$7 21 7+( 35(&(',1* 7+5(( '$<6 7+( ',6326,7,21 $1' 63$7,$/ $55$1*(0(17 2) 7+( )285 (/(0(176 +$' %((1 $&+,(9(' 21 7+(
1(;7 7+5(( '$<6 7+( :25/' :$6 $'251(' 2Q WKH SUHFHGLQJ WKUHH
GD\V WKH ZKROH IDEULF RI WKLV ZRUOG ZDV GLVSRVHG DQG DUUDQJHG LQ LWV SDUWV
)RU DIWHU WKH IRUPDWLRQ RI OLJKW RQ WKH ILUVW GD\ VR WKDW LW PLJKW LOOXPLQH
DOO WKLQJV WKH QH[W WZR GD\V ZHUH JLYHQ WR WKH KLJKHVW DQG WKH ORZHVW SDUW
RI WKH ZRUOG QDPHO\ WR WKH ILUPDPHQW WKH DLU HDUWK DQG ZDWHU ,QGHHG
RQ WKH VHFRQG GD\ WKH ILUPDPHQW ZDV VSUHDG RXW DERYH RQ WKH WKLUG GD\
ZLWK WKH JDWKHULQJ RI WKH PDVVHV RI ZDWHU LQ WKHLU UHFHSWDFOHV WKH HDUWK
ZDV UHYHDOHG DQG WKH DLU ZDV PDGH FOHDU $QG VR RQ WKHVH GD\V WKH IRXU
HOHPHQWV RI WKH ZRUOG ZHUH GLIIHUHQWLDWHG DQG RUGHUHG LQ WKHLU SODFHV %XW
RQ WKH QH[W WKUHH GD\V WKHVH IRXU HOHPHQWV ZHUH DGRUQHG )RU RQ WKH
IRXUWK GD\ WKH ILUPDPHQW ZDV DGRUQHG ZLWK VXQ PRRQ DQG VWDUV 2Q WKH
ILIWK WKH DLU UHFHLYHG WKH DGRUQPHQW RI IO\LQJ FUHDWXUHV DQG WKH ZDWHUV RI
ILVKHV 2Q WKH VL[WK WKH HDUWK UHFHLYHG EHDVWV RI EXUGHQ DQG UHSWLOHV DQG
ZLOG DQLPDOV $IWHU DOO WKHVH WKLQJV PDQ ZDV PDGH IURP HDUWK DQG RQ
HDUWK DQG \HW QRW IRU HDUWK RU IRU HDUWK¶V VDNH EXW IRU KHDYHQ DQG IRU WKH
VDNH RI KHDYHQ
7+( $'2510(17 2) +($9(1 ,6 75($7(' %()25( 7+( 27+(56 %(
&$86( ,7 :$6 '21( ),567 $QG EHFDXVH KHDYHQ H[FHOV WKH RWKHU HOHPHQWV
LQ LWV EHDXW\ DQG ZDV PDGH EHIRUH WKH RWKHUV VR LW ZDV DOVR DGRUQHG EHIRUH
WKH RWKHUV RQ WKH IRXUWK GD\ ZKHQ WKH KHDYHQO\ ERGLHV ZHUH PDGH
&KDSWHU )25 :+$7 86( 7+( /,*+7*,9,1* %2',(6 :(5( 0$'(²$8*867,1( 21
*(1(6,6 $QG WKH\ ZHUH PDGH VR WKDW WKURXJK WKHP ³WKH ORZHU SDUW
VKRXOG EH LOOXPLQHG VR DV QRW WR EH GDUN WR LWV LQKDELWDQWV $QG SURYLVLRQ
ZDV PDGH IRU WKH ZHDNQHVV RI PHQ VR WKDW E\ WKH FLUFOLQJ RI WKH VXQ
WKH\ VKRXOG KDYH WKH VXFFHVVLRQ RI GD\ DQG QLJKW RQ DFFRXQW RI WKH QHHG
IRU VOHHS DQG ZDNHIXOQHVV $QG DOVR VR WKDW WKH QLJKW VKRXOG QRW UHPDLQ
&I *HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
*HQ
'LVWLQFWLRQ ;9
GHYRLG RI EHDXW\ DQG WKDW WKRVH PHQ ZKR ILQG LW QHHGIXO WR ZRUN DW QLJKW
VKRXOG EH FRQVROHG E\ WKH PRRQ DQG VWDUV PRUHRYHU WKHUH DUH VRPH
DQLPDOV ZKLFK FDQQRW EHDU WKH OLJKW´
&KDSWHU +2: 7+$7 67$7(0(17 ,6 72 %( 7$.(1 72 %( $6 6,*16 $1' )25 7+( ),;
,1* 2) 7,0(6²$8*867,1( ,1 7+( 6$0( 3/$&( %XW LW LV XVXDO WR DVN
KRZ WKH SKUDVH WKDW IROORZV LV WR EH WDNHQ WR EH DV VLJQV DQG IRU WKH IL[LQJ
RI WLPHV DQG GD\V DQG \HDUV )RU WKLV DSSHDUV WR EH VDLG DV LI WLPH EHJDQ
RQ WKH IRXUWK GD\ DV LI WKH SUHYLRXV WKUHH GD\V KDG EHHQ ZLWKRXW WLPH
$QG VR ZH PXVW WDNH WKH WLPHV PDUNHG E\ WKH VWDUV QRW DV XQLWV RI WLPH
PDUNHG E\ GXUDWLRQ EXW DV FOLPDWLF FKDQJHV EHFDXVH WKHVH RFFXU E\ WKH
PRYHPHQW RI WKH KHDYHQO\ ERGLHV DV GR WKH GD\V DQG WKH \HDUV WR ZKLFK
ZH DUH DFFXVWRPHG )RU WKH\ DUH DV VLJQV RI FDOP ZHDWKHU DQG RI VWRUPV
DQG IRU WKH IL[LQJ RI WLPHV EHFDXVH WKURXJK WKHP ZH GLVWLQJXLVK WKH IRXU
VHDVRQV RI WKH \HDU QDPHO\ VSULQJ VXPPHU IDOO DQG ZLQWHU²%('( 2U
WKH\ DUH DV VLJQV DQG IRU WKH IL[LQJ RI WKH WLPHV WKDW LV WR NHHS GLVWLQFW WKH
KRXUV RI WLPH ³EHFDXVH EHIRUH WKH\ ZHUH PDGH WKH RUGHU RI WLPH ZDV QRW
PDUNHG E\ DQ\ LQGLFDWRUV ZKHWKHU RI WKH QRRQ KRXU RU RI DQ\ RWKHU´²
7KHVH ZHUH PDGH RQ WKH IRXUWK GD\
',67,1&7,21 ;9 &KDSWHU 21 7+( :25. 2) 7+( ),)7+ '$< :+(1 )520 7+( :$7(56 *2' 0$'(
)/<,1* $1' 6:,00,1* &5($785(6 $QG *RG VDLG /HW WKH ZDWHUV EULQJ
IRUWK WKH FUDZOLQJ FUHDWXUH RI OLYLQJ VSLULW DQG WKH RQH WR IO\ RYHU WKH
HDUWK HWF 7KH ZRUN RI WKH ILIWK GD\ LV WKH IRUPDWLRQ RI ILVKHV DQG ELUGV
E\ ZKLFK WZR HOHPHQWV DUH DGRUQHG $QG KH FUHDWHG ILVKHV DQG ELUGV IURP
WKH VDPH PDWWHU WKDW LV IURP WKH ZDWHUV UDLVLQJ WKH IO\LQJ FUHDWXUHV LQWR
WKH DLU DQG VHQGLQJ WKH VZLPPLQJ RQHV EDFN LQWR WKH GHHS
&KDSWHU 21 7+( :25. 2) 7+( 6,;7+ '$< :+(1 7+( $1,0$/6 $1' 7+( &5$:/,1*
&5($785(6 2) 7+( ($57+ :(5( &5($7(' 1H[W *RG VDLG /HW WKH HDUWK
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
*HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
*HQ
7+( 6(17(1&(6 %22.
EULQJ IRUWK OLYLQJ FUHDWXUHV EHDVWV RI EXUGHQ DQG FUDZOLQJ FUHDWXUHV
DQG WKH ZLOG DQLPDOV RI WKH HDUWK DFFRUGLQJ WR WKHLU NLQGV HWF 7KH
ZRUN RI WKH VL[WK GD\ LV GHVFULEHG ZKHQ WKH HDUWK LV VDLG WR EH DGRUQHG
ZLWK LWV DQLPDOV
&KDSWHU :+(7+(5 +$50)8/ 32,621286 $1,0$/6 :(5( 0$'( $)7(5 6,1 25 :+(7+(5 7+(< :(5( 0$'( +$50/(66 ),567 $1' 7+(1 %(*$1 72 '2
+$50 $)7(5 6,1²$8*867,1( 21 *(1(6,6 ,W LV XVXDO WR DVN FRQFHUQ
LQJ SRLVRQRXV DQG GDQJHURXV DQLPDOV ZKHWKHU WKH\ ZHUH FUHDWHG DIWHU
PDQ¶V VLQ DV SXQLVKPHQW RU ZKHWKHU FUHDWXUHV ZKLFK KDG ILUVW EHHQ KDUP
OHVV EHJDQ WR EH KDUPIXO WR WKRVH ZKR KDG VLQQHG²62/87,21 ,W FDQ XQ
HTXLYRFDOO\ EH VDLG WKDW FUHDWHG WKLQJV ZRXOG KDYH GRQH QR KDUP WR PDQ
LI KH KDG QRW VLQQHG )RU WKH\ EHJDQ WR EH KDUPIXO LQ RUGHU WR SXQLVK
YLFHV DQG VFDUH WKHLU SUDFWLWLRQHUV RU WR WHVW DQG SHUIHFW YLUWXH $QG VR
WKH\ ZHUH FUHDWHG KDUPOHVV EXW ZHUH PDGH KDUPIXO EHFDXVH RI VLQ
&KDSWHU :+(7+(5 620( 9(5< 60$// $1,0$/6 :(5( &5($7(' $7 7+$7 7,0(²
$8*867,1( 7KHUH LV DOVR WKH TXHVWLRQ RI ZKHWKHU VRPH YHU\ VPDOO DQL
PDOV ZHUH FUHDWHG LQ WKHVH RULJLQDO FRQGLWLRQV RU ZKHWKHU WKH\ FDPH LQWR
H[LVWHQFH DIWHUZDUGV IURP FRUUXSWHG WKLQJV )RU PDQ\ VXFK DUH JHQHUDWHG
IURP WKH GHIHFWV RU H[KDODWLRQV RI KXPLG ERGLHV RU IURP FRUSVHV VRPH
DOVR IURP WKH URWWLQJ RI ZRRGV JUDVVHV DQG IUXLWV DQG *RG LV WKH DXWKRU
RI DOO²62/87,21²$8*867,1( %XW LW PD\ EH VDLG WKDW WKRVH ZKLFK DUH
ERUQ IURP WKH ERGLHV RI DQLPDOV SDUWLFXODUO\ RI GHDG RQHV ZHUH QRW FUHD
WHG ZLWK WKH DQLPDOV H[FHSW SRWHQWLDOO\ DQG PDWHULDOO\ KRZHYHU WKRVH
ZKLFK DUH ERUQ IURP WKH HDUWK RU IURP ZDWHUV RU IURP WKRVH WKLQJV ZKLFK
FRPH IURP WKH JHUPLQDWLQJ HDUWK PD\ QRW LQFRQJUXRXVO\ EH VDLG WR KDYH
EHHQ FUHDWHG DW WKDW WLPH
&KDSWHU
:+< 0$1 :$6 0$'( $)7(5 $// 7+,1*6 :KHQ DOO WKLQJV KDG EHHQ
FUHDWHG DQG SURSHUO\ RUGHUHG PDQ ZDV PDGH ODVW RI DOO DV WKHLU ORUG DQG
*HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;9
SRVVHVVRU ZKR ZDV WR EH VHW RYHU DOO RI WKHP +HQFH LW IROORZV *RG VDZ
WKDW LW ZDV JRRG DQG VDLG /HW XV PDNH PDQ HWF
%()25( +( 75($76 7+( 0$.,1* 2) 0$1 +( ',6&866(6 025( )8//< 7+( 0$11(5 2) 7+( ),567 &21',7,21 2) 7+,1*6 :+,&+ +( +$6 %5,()/<
728&+(' 8321 ($5/,(5 $6 72 7+,6 &$7+2/,&6 6((0 72 ',6$*5(( 620( 6$< 7+$7 7+( :25/' :$6 &5($7(' $// $7 21&( $6 ,7 ,6 ,1 0$7
7(5 $1' )250 %87 27+(56 7+$7 ,7 :$6 0$'( $7 ,17(59$/6 2) 7,0(6 $1' '$<6 7+( (;326,7,21 $%29( +$6 7+86 )$5 )2//2:(' 7+,6 /$77(5
9,(: %XW EHIRUH ZH WUHDW WKH FUHDWLRQ RI PDQ OHW XV PDNH FOHDUHU E\ D
IXOOHU H[DPLQDWLRQ ZKDW ZH EULHIO\ WRXFKHG XSRQ HDUOLHU )RU DV ZH VDLG
DERYH &DWKROLF ZULWHUV DUH VHHQ WR GLVDJUHH DV WR WKLV GLVWLQFWLRQ RI WKLQJV
6RPH VD\ WKDW WKLQJV ZHUH FUHDWHG DQG GLVWLQJXLVKHG DFFRUGLQJ WR WKHLU
NLQGV DW LQWHUYDOV LQ WKH FRXUVH RI VL[ GD\V %HFDXVH WKHLU YLHZ VHHPV WR
EH EHWWHU VXSSRUWHG E\ WKH OLWHUDO PHDQLQJ RI *HQHVLV DQG WKH &KXUFK
IDYRXUV LW ZH KDYH WKXV IDU VWXGLRXVO\ WDXJKW WKDW FRPPRQ DQG IRUPOHVV
PDWWHU ZDV PDGH ILUVW DQG DIWHUZDUGV WKH YDULRXV FODVVHV RI FRUSRUHDO
WKLQJV ZHUH IRUPHG GLVWLQFWO\ IURP LW RYHU WKH FRXUVH RI VL[ GD\V
&KDSWHU +(5( +( 38568(6 7+( 23,1,21 2) 7+26( :+2 &217(1' 7+$7 $//
7+,1*6 :(5( &5($7(' 6,08/7$1(286/< %XW LW VHHPV WR RWKHUV WKDW
WKLQJV ZHUH QRW PDGH DW LQWHUYDOV RI WLPH EXW FDPH IRUWK LQWR EHLQJ DO
UHDG\ IRUPHG DQG DOO DW RQFH $XJXVWLQH LQ 2Q *HQHVLV VWULYHV WR SURYH
WKLV LQ VHYHUDO ZD\V +H VD\V WKDW WKH IRXU HOHPHQWV H[LVWHG IURP WKH EH
JLQQLQJ LQ WKH IRUPV LQ ZKLFK WKH\ QRZ DSSHDU DQG KHDYHQ ZDV DGRUQHG
ZLWK LWV VWDUV VRPH WKLQJV KRZHYHU ZHUH WKHQ PDGH PDWHULDOO\ QRW IRU
PDOO\ DQG DIWHUZDUGV ZLWK WKH SDVVDJH RI WLPH WKH\ ZHUH GLVWLQJXLVKHG
LQ WKHLU IRUPV OLNH SODQWV WUHHV DQG SHUKDSV DQLPDOV $QG VR WKHVH VD\
WKDW DOO WKLQJV ZHUH PDGH DW WKH YHU\ EHJLQQLQJ RI WLPH EXW VRPH IRUPDOO\
DQG DFFRUGLQJ WR WKH IRUPV ZKLFK ZH VHH WKH\ KDYH OLNH WKH ODUJHU SDUWV RI
WKH ZRUOG VRPH KRZHYHU ZHUH RQO\ PDGH PDWHULDOO\
%XW 0RVHV WKH\ VD\ VSHDNLQJ WR D URXJK DQG FDUQDO SHRSOH WHP
SHUHG KLV PDQQHU RI VSHHFK VSHDNLQJ RI *RG E\ DQDORJ\ ZLWK PDQ ZKR
FRPSOHWHV KLV ZRUNV RYHU SHULRGV RI WLPH HYHQ WKRXJK KH KDG GRQH KLV
ZRUNV DOO DW RQFH +HQFH $XJXVWLQH VD\V ³$QG VR 0RVHV UHSRUWV WKDW
*RG GLG WKRVH ZRUNV VHSDUDWHO\ EHFDXVH ZKDW FRXOG EH GRQH E\ *RG VL
PXOWDQHRXVO\ FRXOG QRW EH VDLG E\ PDQ VLPXOWDQHRXVO\´ $OVR ³6FULSWXUH
*HQ
$ERYH GLVW F
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ EN FF QQ EN
F Q
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
ZDV DEOH WR VSOLW XS LQ WLPH LQ WKH WHOOLQJ RI LW ZKDW *RG KDG QRW VSOLW XS
LQ WKH GRLQJ´ 7KRVH ZKR DJUHH ZLWK WKHVH DQG VLPLODU DXWKRULWLHV VD\
WKDW WKH IRXU HOHPHQWV DQG KHDYHQ¶V OLJKWJLYLQJ ERGLHV FDPH LQWR EHLQJ
DW RQFH DOUHDG\ IRUPHG 7KH\ WHUP WKRVH VL[ GD\V ZKLFK 6FULSWXUH UHFDOOV
WKH VL[ FODVVHV RI WKLQJV RU GLVWLQFWLRQV ZKLFK ZHUH PDGH VLPXOWDQH
RXVO\ LQ SDUW IRUPDOO\ LQ SDUW FDXVDOO\
&KDSWHU
+2: ,7 ,6 72 %( 81'(56722' 7+$7 *2' 5(67(' )520 $// +,6 :25. ,W
LV QRZ VXLWDEOH WKDW ZH VD\ VRPHWKLQJ DERXW UHVWLQJ RQ WKH VHYHQWK GD\ ,W
LV ZULWWHQ WKDW RQ WKH VHYHQWK GD\ *RG FRPSOHWHG KLV ZRUN DQG KH UHVWHG
RQ WKH VHYHQWK GD\ IURP DOO WKH ZRUN ZKLFK KH KDG GRQH²%('( *RG LV
VDLG WR KDYH UHVWHG RQ WKH VHYHQWK GD\ ³QRW DV LI KH ZHUH WLUHG IURP KLV
ZRUN EXW KH UHVWHG IURP DOO WKH ZRUN EHFDXVH KH FHDVHG WR PDNH DQ\ QHZ
FUHDWXUH )RU WR UHVW PHDQV WR FHDVH KHQFH LQ WKH $SRFDO\SVH 7KH\ KDG
QR UHVW VD\LQJ +RO\ KRO\ KRO\ WKDW LV WKH\ GLG QRW FHDVH WR VD\ WKLV´
²$8*867,1( $QG VR *RG LV VDLG WR KDYH UHVWHG EHFDXVH ³KH FHDVHG
IURP PDNLQJ NLQGV RI FUHDWXUHV EHFDXVH KH GLG QRW PDNH DQ\ IXUWKHU QHZ
RQHV $QG \HW HYHQ WR WKLV YHU\ GD\ DV 7UXWK VD\V LQ WKH *RVSHO WKH
)DWKHU ZRUNV ZLWK WKH 6RQ QDPHO\ LQ JRYHUQLQJ DOO WKRVH NLQGV ZKLFK
ZHUH WKHQ HVWDEOLVKHG DW WKDW WLPH )RU WKH SRZHU RI WKH &UHDWRU LV WKH
FDXVH RI HYHU\ FUHDWXUH¶V H[LVWHQFH $QG VR WKH SKUDVH 0\ )DWKHU ZRUNV
HYHQ QRZ DQG , WRR ZRUN VKRZV KLV FRQWLQXLQJ JRYHUQDQFH RI HYHU\
FUHDWXUH $QG RQ WKH VHYHQWK GD\ KH UHVWHG VR WKDW KH PDGH QR PRUH
QHZ FUHDWXUHV ZKRVH PDWWHU RU IRUP KDG QRW DOUHDG\ H[LVWHG EXW KH
ZRUNV HYHQ QRZ VR DV QRW WR FHDVH KROGLQJ WRJHWKHU DQG JRYHUQLQJ ZKDW
KH HVWDEOLVKHG´
&KDSWHU +2: ,6 ,7 72 %( 7$.(1 7+$7 *2' ,6 6$,' 72 +$9( &203/(7(' +,6 :25. 21 7+( 6(9(17+ '$< :+(1 +( 7+(1 5(67(' )520 $// +,6 :25.
%XW LW LV DVNHG KRZ *RG LV VDLG WR KDYH FRPSOHWHG KLV ZRUN RQ WKH VHYHQWK
GD\ ZKHQ RQ WKDW GD\ KH UHVWHG IURP DOO KLV ZRUN DQG KH GLG KH QRW PDNH
DQ\ QHZ NLQG RI WKLQJ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
*HQ $SRF
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
&I -Q -Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
'LVWLQFWLRQ ;9
$&&25',1* 72 $127+(5 9(56,21 :+,&+ $8*867,1( )2//2:6 12
48(67,21 $5,6(6 +(5( $QRWKHU WUDQVODWLRQ KDV *RG FRPSOHWHG KLV ZRUN
RQ WKH VL[WK GD\ ZKLFK OHDYHV QR FDXVH IRU TXHVWLRQ EHFDXVH WKLQJV WKDW
ZHUH PDGH RQ WKDW GD\ ZHUH PDQLIHVW DQG WKH FRPSOHWLRQ RI DOO WKLQJV
ZDV EURXJKW WR SHUIHFWLRQ RQ WKDW GD\ DV 6FULSWXUH VKRZV E\ VD\LQJ *RG
VDZ DOO WKH WKLQJV WKDW KH KDG PDGH DQG WKH\ ZHUH YHU\ JRRG
&KDSWHU +2: $// 7+( 7+,1*6 :+,&+ *2' 0$'( $5( 6$,' 72 %( 9(5< *22'²
$8*867,1( ,1 7+( (1&+,5,',21 )RU DOO WKHVH WKLQJV ZHUH QDWXUDOO\ JRRG
DQG WKH\ KDG QRWKLQJ RI YLFH LQ WKHLU QDWXUH $QG WKH WKLQJV ZKLFK *RG
HVWDEOLVKHG DUH JRRG ³HYHQ VLQJO\ EXW LQ WKHLU WRWDOLW\ WKH\ DUH YHU\ JRRG
EHFDXVH WKH ZRQGHUIXO EHDXW\ RI WKH XQLYHUVH LV FRPSRVHG RI DOO RI WKHP
,Q WKLV XQLYHUVH HYHQ WKDW ZKLFK LV FDOOHG HYLO LV ZHOO RUGHUHG DQG KDV LWV
SODFH LW PDNHV WKH JRRG WKLQJV PRUH HPLQHQWO\ DWWUDFWLYH VR WKDW WKH\
VKRXOG SOHDVH PRUH DQG EH PRUH ZRUWK\ RI SUDLVH ZKHQ WKH\ DUH FRP
SDUHG WR HYLO WKLQJV´ $QG VR RQ WKH VL[WK GD\ WKH FRPSOHWLRQ RI DOO
WKLQJV ZDV DFKLHYHG
+(5( +( 5(78516 72 7+( 48(67,21 :+,&+ +( +$' 326(' 1$0(/< +2: ,7 ,6 758( 7+$7 *2' &203/(7(' +,6 :25. 21 7+( 6(9(17+ '$<²
%('( $QG VR WKH TXHVWLRQ SRVHG HDUOLHU DULVHV ³KRZ LV *RG VDLG WR KDYH
FRPSOHWHG KLV ZRUN RQ WKH VHYHQWK GD\ DV WKH +HEUHZ WH[W KDV LW RQ
ZKLFK GD\ KH QHYHUWKHOHVV LV VDLG QRW WR KDYH FUHDWHG DQ\WKLQJ QHZ 62
/87,21 3HUKDSV KH LV VDLG WR KDYH FRPSOHWHG KLV ZRUN RQ WKH VHYHQWK GD\
EHFDXVH KH EOHVVHG DQG VDQFWLILHG LW DV 6FULSWXUH LPPHGLDWHO\ DGGV +H
EOHVVHG WKH VHYHQWK GD\ DQG VDQFWLILHG LW )RU EOHVVLQJ DQG VDQFWLILFDWLRQ
LV ZRUN DV 6RORPRQ GLG VRPH ZRUN ZKHQ KH GHGLFDWHG WKH WHPSOH´
&KDSWHU :+$7 7+( 6$1&7,),&$7,21 $1' %/(66,1* 2) 7+( 6(9(17+ '$< ,6
%XW KH LV VDLG WR KDYH VDQFWLILHG DQG EOHVVHG WKDW GD\ EHFDXVH KH HQGRZHG
LW ZLWK D P\VWLFDO EOHVVLQJ DQG VDQFWLILFDWLRQ DERYH DQG EH\RQG WKH RWKHU
GD\V $QG VR WKH /DZ VD\V 5HPHPEHU WR VDQFWLI\ WKH 6DEEDWK GD\
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
*HQ
$XJXVWLQH (QFKLULGLRQ FF
*HQ &I .LQJV
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
([RG
7+( 6(17(1&(6 %22.
:+< :( 6723 $7 6(9(1 ,1 285 180%(5,1* 2) 7+( '$<6 $QG VR LW
LV WKDW LQ QXPEHULQJ WKH GD\V ZH VWRS DW VHYHQ DQG VD\ WKDW WKHUH DUH
VHYHQ GD\V E\ WKH UHSHWLWLRQ RI ZKLFK DOO WLPH LV PDUNHG ,W LV QRW WKDW
WKHUH LV QRW DQ HLJKWK GD\ DQG D QLQWK DQG VR RQ EXW WKDW WKH YDULRXV
NLQGV RI WKLQJV ZHUH GLVWLQJXLVKHG LQ VL[ GD\V DQG RQ WKH VHYHQWK DO
WKRXJK QR QHZ NLQG RI WKLQJ ZDV HVWDEOLVKHG \HW WKHUH ZDV LQ LW D QHZ
VWDWH DV LW ZHUH RI VDQFWLILFDWLRQ RI ZRUNV DQG UHVW IRU WKH ZRUNHU
$127+(5 62/87,21 %< :+,&+ 7+( /(77(5 ,6 (;3281'(' 7KDW WH[W
PD\ DOVR EH H[SRXQGHG DV IROORZV 2Q WKH VHYHQWK GD\ *RG FRPSOHWHG
KLV ZRUN WKDW LV KH VDZ WKDW LW ZDV FRPSOHWH DQG EURXJKW WR SHUIHFWLRQ
',67,1&7,21 ;9, &KDSWHU 21 7+( &5($7,21 2) 0$1 ,1 :+,&+ ,6 72 %( &216,'(5(' :+< 0$1 :$6
&5($7(' $1' +2: +( :$6 (67$%/,6+(' 7+(6( 7:2 :(5( 75($7('
$%29( $/62 :+$7 +( :$6 /,.( :+(1 +( :$6 0$'( $1' +2: +( )(// $1' ),1$//< +2: +( :$6 5(6725(' 7+(6( $5( 72 %( ',6&866('
$IWHU KDYLQJ JRQH RYHU WKHVH WKLQJV ZH QRZ WDNH XS ZKDW ZH SURPLVHG
DERYH WR IXOILO DQG H[SODLQ LQ RUGHU FRQFHUQLQJ WKH FUHDWLRQ RI PDQ ,Q
WKLV WKH IROORZLQJ VHHP ZRUWK\ RI FRQVLGHUDWLRQ QDPHO\ ZK\ PDQ ZDV
FUHDWHG DQG KRZ KH ZDV HVWDEOLVKHG DQG ZLWK ZKDW TXDOLWLHV DQG LQ ZKDW
PDQQHU KH ZDV PDGH WKHQ KRZ KH IHOO ILQDOO\ KRZ DQG E\ ZKDW PHDQV
KH ZDV UHVWRUHG %XW WKH ILUVW DQG VHFRQG RI WKHVH QDPHO\ WKH FDXVH RI
KXPDQ FUHDWLRQ DQG WKH PDQQHU RI HVWDEOLVKPHQW ZH KDYH WUHDWHG DERYH
WR WKH EHVW RI RXU VPDOO DELOLW\ $QG VR LW UHPDLQV IRU XV WR GLVFXVV ZLWK
ZKDW TXDOLWLHV DQG LQ ZKDW PDQQHU KH ZDV PDGH
&KDSWHU +2: µ/(7 86 0$.( 0$1 ,1 285 ,0$*( $1' /,.(1(66¶ ,6 72 %( 81'(5
6722' ,Q *HQHVLV ZH UHDG /HW XV PDNH PDQ LQ RXU LPDJH DQG OLNHQHVV
²%('( ³,Q VD\LQJ OHW XV PDNH WKH RQH RSHUDWLRQ RI WKH WKUHH SHUVRQV LV
VKRZQ EXW LQ VD\LQJ LQ RXU LPDJH DQG OLNHQHVV WKH RQH DQG HTXDO VXE
VWDQFH´ RI WKH WKUHH SHUVRQV LV GHPRQVWUDWHG )RU WKLV LV VDLG LQ WKH SHUVRQ
RI WKH )DWKHU WR WKH 6RQ DQG WKH +RO\ 6SLULW DQG QRW DV VRPH KROG WR WKH
*HQ
6HH DERYH GLVW F
$ERYH GLVW FF
*HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
'LVWLQFWLRQ ;9,
DQJHOV EHFDXVH WKH LPDJH RU OLNHQHVV RI *RG DQG WKH DQJHOV LV QRW RQH
DQG WKH VDPH
&KDSWHU 7+$7 µ,0$*(¶ $1' µ/,.(1(66¶ +(5( ,6 7$.(1 ',))(5(17/< %< ',))(5 (17 3(23/( %< 620( $6 81&5($7(' %< 27+(56 $6 &5($7(' $1' 7+(
81&5($7(' 21( (,7+(5 $6 7+( (66(1&( 2) 7+( 75,1,7< 25 $6 7+( 621
$1' +2/< 63,5,7 %XW LPDJH DQG OLNHQHVV LQ WKLV SDVVDJH LV XQGHUVWRRG
HLWKHU DV XQFUHDWHG WKDW LV WKH HVVHQFH RI WKH 7ULQLW\ DIWHU ZKLFK PDQ
ZDV PDGH RU FUHDWHG LQ ZKLFK PDQ ZDV PDGH DQG ZKLFK ZDV JLYHQ VKDSH
LQ PDQ %HGH DSSHDUV WR KDYH XQGHUVWRRG WKH LPDJH ZKLFK LV *RG WR EH
XQFUHDWHG ZKHQ KH VD\V WKDW LW LV QRW WKH LPDJH RI *RG DQG WKH DQJHOV WKDW
LV RQH DQG WKH VDPH EXW WKDW RI WKH WKUHH SHUVRQV DQG VR VSHHFK WKHUH LV
DGGUHVVHG WR WKH SHUVRQV DQG QRW WR WKH DQJHOV²%XW LPDJH LV LPSURSHUO\
VDLG EHFDXVH DQ LPDJH LV VR FDOOHG UHODWLYH WR VRPHWKLQJ ZKRVH OLNHQHVV LW
EHDUV DQG ZKLFK LW ZDV PDGH WR UHSUHVHQW 6R LW ZDV ZLWK WKH LPDJH RI
&DHVDU ZKLFK ERUH KLV OLNHQHVV DQG LQ VRPH ZD\ UHSUHVHQWHG KLP %XW LW
LV LPSURSHU WR FDOO WKDW LQ ZKRVH OLNHQHVV VRPHWKLQJ LV PDGH DQ LPDJH
MXVW DV LW LV SURSHU WR FDOO WKDW ZKLFK LV WDNHQ IURP VRPHWKLQJ HOVH D FRS\
DQG WKDW IURP ZKLFK VRPHWKLQJ LV WDNHQ DQ H[HPSODU $QG \HW LQ YLRODWLRQ
RI SURSHU XVDJH VRPHWLPHV WKH RQH LV SRVLWHG IRU WKH RWKHU DQG VR LW LV
OHVV WKDQ SURSHUO\ WKDW LPDJH LV WDNHQ DV µHVVHQFH RI WKH 7ULQLW\¶ LI LQGHHG
WKDW LV ZKDW LV PHDQW E\ WKH WHUP µLPDJH¶ LQ WKLV SDVVDJH
7+( 23,1,21 2) 7+26( :+2 +(/' 7+$7 7+( 621 ,6 72 %( 7$.(1
+(5( %< 7+( 7(506 ,0$*( $1' /,.(1(66 7KH 6RQ KRZHYHU LV SURSHUO\
FDOOHG WKH LPDJH RI WKH )DWKHU DV ZH VDLG DERYH LQ WKH WUHDWLVH RQ WKH
7ULQLW\²$8*867,1( ,1 21 7+( 75,1,7< %22. +HQFH WKHUH ZHUH D
IHZ ³ZKR PDGH D GLVWLQFWLRQ LQ VXFK D ZD\ WKDW WKH\ XQGHUVWRRG WKH 6RQ
WR EH WKH LPDJH LQ WKLV SDVVDJH PDQ KRZHYHU WKH\ VDLG ZDV QRW WKH
LPDJH EXW ZDV PDGH DIWHU WKH LPDJH 7KH $SRVWOH UHIXWHV WKHP VD\LQJ
)RU D PDQ LV WKH LPDJH DQG JORU\ RI *RG ,QGHHG WKLV LPDJH WKDW LV
PDQ ZKHQ KH LV VDLG WR EH PDGH LQ WKH LPDJH LV QRW VDLG WR EH PDGH DV LI
DIWHU WKH 6RQ RWKHUZLVH WKH )DWKHU ZRXOG QRW VD\ LQ RXU LPDJH )RU KRZ
FRXOG KH VD\ RXU VLQFH WKH 6RQ LV WKH LPDJH RI WKH )DWKHU DORQH"´
7+( 23,1,21 2) 27+(56 :+2 6$,' 7+$7 ,0$*( >5()(56 72@ 7+( 621
$1' /,.(1(66 72 7+( +2/< 63,5,7 %XW WKHUH ZHUH DOVR RWKHUV WUHDWLQJ
WKHVH PDWWHUV ZLWK JUHDWHU DFXLW\ ZKR E\ LPDJH XQGHUVWRRG WKH 6RQ DQG
E\ OLNHQHVV WKH +RO\ 6SLULW ZKR LV WKH OLNHQHVV RI )DWKHU DQG 6RQ $QG VR
$ERYH DW WKH HQG RI F
$ERYH %N GLVW F QQ
&RU
$XJXVWLQH 'H 7ULQLWDWH EN F Q
7+( 6(17(1&(6 %22.
WKH\ KHOG WKDW RXU ZDV VDLG LQ WKH SOXUDO E\ UHIHUHQFH WR OLNHQHVV DORQH
EXW LPDJH ZDV WR EH XQGHUVWRRG DV LI SUHFHGHG E\ P\ 0DQ KRZHYHU
WKH\ WDXJKW LV DOVR DQ LPDJH PDGH LQ WKH LPDJH DQG OLNHQHVV >RI *RG@
DQG WKDW KH LV DQ LPDJH RI WKH LPDJH DQG OLNHQHVV
+( '2(6 127 $33529( 7+( 9,(: 2) 7+(6( /$77(5 %87 +( 7($&+(6 7+$7 7+( ,0$*( $1' /,.(1(66 2) *2' ,6 72 %( 628*+7 $1' &216,'(5('
,1 0$1 $1' 7+$7 ,0$*( $1' /,.(1(66 ,6 81'(56722' 72 %( &5($7('
%XW DOWKRXJK WKLV GLVWLQFWLRQ GRHV QRW VHHP HQWLUHO\ ZRUWK\ RI UHMHFWLRQ
QHYHUWKHOHVV EHFDXVH LW GRHV QRW HPDQDWH IURP WKH PLGGOH RI WKH PRXQ
WDLQ WKDW LV IURP WKH DXWKRULWLHV RI WKH 6DLQWV WKH LPDJH DQG OLNHQHVV RI
*RG LV PRUH ILWWLQJO\ WR EH VRXJKW DQG FRQVLGHUHG LQ PDQ KLPVHOI
,1 :+$7 7+,1*6 ,6 7+( ,0$*( $1' /,.(1(66 &216,'(5(' $QG VR
PDQ ZDV PDGH LQ WKH LPDJH DQG OLNHQHVV RI *RG LQ UHVSHFW WR KLV PLQG E\
ZKLFK KH H[FHOV LUUDWLRQDO FUHDWXUHV LQ KLV LPDJH KRZHYHU DFFRUGLQJ WR
PHPRU\ LQWHOOLJHQFH DQG ORYH LQ KLV OLNHQHVV DFFRUGLQJ WR LQQRFHQFH
DQG MXVWLFH ZKLFK DUH QDWXUDOO\ LQ WKH UDWLRQDO PLQG²2U LPDJH LV FRQVLG
HUHG LQ WKH NQRZOHGJH RI WUXWK KLV OLNHQHVV LQ WKH ORYH RI YLUWXH RU LPDJH
LQ DOO RWKHU WKLQJV OLNHQHVV LQ WKH HVVHQFH EHFDXVH LW LV LPPRUWDO DQG LQ
GLYLVLEOH²+HQFH $XJXVWLQH LQ WKH ERRN 2Q WKH 4XDQWLW\ RI WKH 6RXO
³7KH VRXO ZDV PDGH OLNH *RG EHFDXVH *RG PDGH LW LPPRUWDO DQG LQ
GHVWUXFWLEOH´ $QG VR LPDJH SHUWDLQV WR IRUP OLNHQHVV WR QDWXUH +HQFH
PDQ ZDV PDGH LQ UHVSHFW WR KLV VRXO LQ WKH LPDJH DQG OLNHQHVV QRW RI
)DWKHU RU 6RQ RU +RO\ 6SLULW EXW RI WKH ZKROH 7ULQLW\
7+$7 %27+ 7+( ,0$*( ,76(/) $1' 7+$7 ,1 :+20 ,7 ,6 ,6 &$//('
7+( ,0$*( 2) *2'²$8*867,1( ,1 21 7+( 75,1,7< %22. $QG VR LQ
UHVSHFW WR KLV VRXO PDQ LV VDLG WR EH WKH LPDJH RI *RG EHFDXVH WKH LPDJH
RI *RG LV LQ KLP ³MXVW DV ERWK WKH FDQYDV DQG WKH SLFWXUH ZKLFK LV RQ LW DUH
FDOOHG LPDJHV %XW LW LV EHFDXVH RI WKH SLFWXUH ZKLFK LV RQ LW WKDW WKH FDQ
YDV WRR LV FDOOHG DQ LPDJH VLPLODUO\ EHFDXVH RI WKH LPDJH RI WKH 7ULQLW\
HYHQ WKDW ZKLFK FRQWDLQV WKLV LPDJH LV FDOOHG E\ WKH QDPH RI LPDJH´
&KDSWHU :+< ,6 0$1 6$,' 72 %( ,0$*( $1' ,1 7+( ,0$*( %87 7+( 621 ,6 6$,'
72 %( ,0$*( %87 127 ,1 7+( ,0$*( $QG VR PDQ LV VDLG WR EH ERWK LPDJH
DQG LQ WKH LPDJH WKH 6RQ KRZHYHU LV LPDJH EXW QRW LQ WKH LPDJH EH
FDXVH KH ZDV ERUQ QRW FUHDWHG HTXDO DQG LQ QR ZD\ XQOLNH 0DQ ZDV
FUHDWHG E\ *RG QRW EHJRWWHQ KH LV QRW HTXDO E\ SDULW\ EXW DSSURDFKHV
&I 3V
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
6HH DERYH %N GLVW F
$XJXVWLQH 'H TXDQWLWDWH DQLPDH F Q
$XJXVWLQH 'H 7ULQLWDWH EN F Q
'LVWLQFWLRQ ;9,,
*RG E\ VRPH OLNHQHVV +HQFH $XJXVWLQH LQ 2Q WKH 7ULQLW\ ERRN ³:H
UHDG LQ *HQHVLV /HW XV PDNH PDQ LQ RXU LPDJH DQG OLNHQHVV ,W VDLG OHW XV
PDNH DQG RXU LQ WKH SOXUDO DQG LW LV QRW ILWWLQJ IRU WKLV WR EH WDNHQ RWKHU
WKDQ RI UHODWLRQV VR WKDW )DWKHU 6RQ DQG +RO\ 6SLULW EH XQGHUVWRRG WR
PDNH PDQ LQ WKH LPDJH RI )DWKHU 6RQ DQG +RO\ 6SLULW WKDW PDQ PLJKW
VXEVLVW DV LPDJH RI *RG %XW EHFDXVH WKDW LPDJH ZDV QRW PDGH HQWLUHO\
HTXDO DV QRW EHLQJ ERUQ IURP KLP EXW FUHDWHG E\ KLP VR PDQ LV DQ LPDJH
LQ VXFK D ZD\ WKDW KH LV LQ WKH LPDJH EHFDXVH KH LV QRW PDGH HTXDO E\ SDU
LW\ EXW DSSURDFKHV E\ VRPH OLNHQHVV 7KH 6RQ KRZHYHU LV LPDJH EXW QRW
LQ WKH LPDJH EHFDXVH KH LV HTXDO WR WKH )DWKHU 7KHUHIRUH PDQ LV VDLG WR
EH LQ WKH LPDJH EHFDXVH RI WKH XQHTXDO OLNHQHVV DQG RXU VR WKDW PDQ EH
XQGHUVWRRG WR EH WKH LPDJH RI WKH 7ULQLW\ DQG QRW HTXDO WR WKH 7ULQLW\ DV
WKH 6RQ LV HTXDO WR WKH )DWKHU´ 6HH LW KDV EHHQ VKRZQ LQ ZKDW UHVSHFW
PDQ LV OLNH *RG QDPHO\ LQ UHVSHFW WR WKH VRXO
7+$7 +( 0$< %( 6$,' 72 +$9( %((1 0$'( ,1 7+( /,.(1(66 2) *2'
,1 5(63(&7 72 7+( %2'<²%('( %XW DOVR ³LQ WKH ERG\ KH KDV VRPH
SURSHUW\ ZKLFK LQGLFDWHV WKLV EHFDXVH KLV VWDWXUH LV HUHFW VR WKDW WKH ERG\
VXLWV WKH UDWLRQDO VRXO EHFDXVH LW LV HUHFW WRZDUG KHDYHQ´
',67,1&7,21 ;9,, &KDSWHU 21 7+( &5($7,21 2) 7+( 628/ :+(7+(5 ,7 :$6 0$'( )520 620(
7+,1* 25 127 $1' :+(1 ,7 :$6 0$'( $1' :+$7 *5$&( ,7 5(&(,9('
$7 ,76 &5($7,21 +HUH LW LV XVXDO WR DVN PDQ\ WKLQJV FRQFHUQLQJ WKH RULJLQ
RI WKH VRXO QDPHO\ IURP ZKDW LW ZDV FUHDWHG DQG ZKHQ DQG ZKDW JUDFH LW
UHFHLYHG LQ FUHDWLRQ
7KH IRUPDWLRQ RI PDQ LQ UHVSHFW WR WKH ERG\ LV GHVFULEHG LQ WKH VWDWH
PHQW *RG IRUPHG PDQ IURP WKH PXG RI WKH JURXQG VLPLODUO\ KLV PDNLQJ
LQ UHVSHFW WR WKH VRXO LV GHVFULEHG E\ ZKDW FRPHV QH[W $QG EUHDWKHG LQ
KLV IDFH WKH EUHDWK RI OLIH )RU *RG IRUPHG WKH ERG\ IURP WKH PXG RI WKH
HDUWK DQG EUHDWKHG WKH VRXO LQ LW RU DFFRUGLQJ WR DQRWKHU YHUVLRQ EOHZ RU
EOHZ IRUWK WKH VRXO ,W LV QRW WKDW KH EOHZ ZLWK KLV FKHHNV RU IRUPHG WKH
ERG\ ZLWK FRUSRUHDO KDQGV IRU *RG LV VSLULW DQG QRW FRPSRVHG RI WKH IHD
WXUHV RI OLPEV
*HQ
$XJXVWLQH 'H 7ULQLWDWH EN F Q
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
*HQ
$FFRUGLQJ WR WKH 6HSWXDJLQW
7+( 6(17(1&(6 %22.
7+$7 *2' ,6 127 72 %( 81'(56722' 72 +$9( )250(' 25 %/2:1
%< &25325($/ 0($16²%('( ³7KHUHIRUH OHW XV QRW FDUQDOO\ KROG WKDW
*RG IRUPHG WKH ERG\ ZLWK FRUSRUHDO KDQGV RU EUHDWKHG WKH VRXO ZLWK KLV
FKHHNV´ EXW UDWKHU WKDW LW ZDV ³E\ FRPPDQGLQJ DQG ZLOOLQJ´ WKDW KH
IRUPHG PDQ IURP WKH PXG RI WKH JURXQG LQ UHVSHFW WR WKH ERG\ WKDW LV KH
ZLOOHG LW DQG ³E\ KLV ZRUG FRPPDQGHG WKDW LW EH VR DQG KH EUHDWKHG LQ
KLV IDFH WKH EUHDWK RI OLIH WKDW LV KH FUHDWHG WKH VXEVWDQFH RI WKH VRXO LQ
ZKLFK KH PLJKW OLYH´ DQG QRW IURP DQ\ FRUSRUHDO RU VSLULWXDO PDWWHU EXW
IURP QRWKLQJ
7+( 23,1,21 2) 620( +(5(7,&6 :+2 +(/' 7+$7 7+( 628/ ,6 )520
7+( 68%67$1&( 2) *2' )RU VRPH KHUHWLFV KHOG WKDW *RG FUHDWHG WKH VRXO
IURP KLV RZQ VXEVWDQFH $GKHULQJ VWXEERUQO\ WR WKH ZRUGV RI 6FULSWXUH
ZKHUH LW VD\V KH EUHDWKHG RU KH EOHZ IRUWK HWF WKH\ VD\ WKDW ZKHQ D
PDQ EUHDWKHV RU EORZV IRUWK KH VHQGV RXW KLV EUHDWK IURP KLPVHOI VR DOVR
ZKHQ *RG LV VDLG WR KDYH EORZQ IRUWK RU EUHDWKHG KLV EUHDWK LQ WKH IDFH RI
PDQ KH LV XQGHUVWRRG WR KDYH VHQW RXW WKH VSLULW RI PDQ IURP KLPVHOI WKDW
LV IURP KLV RZQ VXEVWDQFH
5(63216( 2) $8*867,1( 7KRVH ZKR VD\ WKLV GR QRW XQGHUVWDQG WKDW
EUHDWKHG RU EOHZ ZDV VDLG PHWDSKRULFDOO\ WKDW LV *RG PDGH WKH EUHDWK RI
PDQ QDPHO\ WKH VRXO )RU WR EORZ LV WR PDNH D EUHDWK WR PDNH D EUHDWK LV
WR PDNH D VRXO KHQFH WKH /RUG VD\V WKURXJK ,VDLDV , PDGH HYHU\ EUHDWK
²³'R QRW OLVWHQ WR WKRVH ZKR KROG WKDW WKH VRXO LV SDUW RI *RG )RU LI WKLV
ZHUH VR LW FRXOG QRW EH GHFHLYHG E\ LWVHOI RU DQRWKHU QRU FRXOG LW EH FRP
SHOOHG WR GR RU VXIIHU HYLO QRU FRXOG LW EH FKDQJHG IRU EHWWHU RU ZRUVH
$QG VR WKH EUHDWK E\ ZKLFK KH DQLPDWHG PDQ ZDV PDGH E\ *RG QRW IURP
*RG QRU IURP DQ\ PDWWHU EXW IURP QRWKLQJ´
&KDSWHU +(5( >+( &216,'(56@ :+(1 7+( 628/ :$6 0$'( :+(7+(5 %()25(
7+( %2'< 25 ,1 7+( %2'< %XW ZKHWKHU >LW ZDV PDGH@ LQ WKH ERG\ RU RXW
VLGH WKH ERG\ LV DOVR D WDQJOHG TXHVWLRQ DPRQJ WKH OHDUQHG
23,1,21 2) $8*867,1( :+2 6$<6 7+$7 ,7 :$6 &5($7(' :,7+ 7+(
$1*(/6 $1' &$0( ,172 7+( %2'< %< ,76 2:1 :,// )RU $XJXVWLQH LQ
2Q *HQHVLV WHDFKHV WKDW WKH VRXO ZDV FUHDWHG ZLWK WKH DQJHOV DQG ZLWKRXW
D ERG\ LW FDPH LQWR WKH ERG\ DIWHUZDUGV $QG LW ZDV QRW FRPSHOOHG WR
FRPH LQWR WKH ERG\ EXW ³LW ZLOOHG WKLV QDWXUDOO\ WKDW LV LW ZDV FUHDWHG VR
*HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF
,V DFFRUGLQJ WR WKH 6HSWXDJLQW
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
'LVWLQFWLRQ ;9,,
DV WR ZLOO LW MXVW DV LW LV QDWXUDO IRU XV WR ZLOO WR OLYH %XW WR ZLOO WR OLYH
HYLOO\ GRHV QRW SHUWDLQ WR QDWXUH EXW WR D SHUYHUVH ZLOO´
7+( 9,(: 2) 27+(56 :+2 6$< 7+$7 7+( 628/ :$6 &5($7(' ,1 7+(
%2'< %XW RWKHUV VD\ WKDW WKH VRXO RI WKH ILUVW PDQ ZDV FUHDWHG LQ WKH
ERG\ DQG WKH\ H[SRXQG WKRVH ZRUGV $QG EUHDWKHG LQ KLV IDFH WKH EUHDWK
RI OLIH DV IROORZV WKDW LV KH FUHDWHG WKH VRXO LQ WKH ERG\ VR WKDW LW PLJKW
DQLPDWH WKH ZKROH ERG\ ,W HVSHFLDOO\ PHQWLRQHG WKH IDFH EHFDXVH WKLV
SDUW LV DGRUQHG ZLWK WKH VHQVHV IRU SRQGHULQJ KLJKHU WKLQJV
%XW ZKDWHYHU PD\ EH WKRXJKW DERXW WKH VRXO RI WKH ILUVW PDQ LW LV PRVW
FHUWDLQO\ WR EH KHOG DERXW WKH RWKHUV WKDW WKHLU VRXOV DUH FUHDWHG LQ WKH ERG\
IRU LQ FUHDWLQJ WKHP *RG LQIXVHV WKHP DQG FUHDWHV E\ LQIXVLQJ WKHP
7+$7 7+$7 628/ +$' 12 )25(.12:/('*( 2) )8785( '(('6²
$8*867,1( ,W LV WR EH VDLG ³WRR WKDW WKDW VRXO ZDV QRW FUHDWHG VR DV WR
KDYH IRUHNQRZOHGJH RI IXWXUH GHHGV MXVW RU XQMXVW´
&KDSWHU
$7 :+$7 $*( 2) /,)( :$6 0$1 :+(1 *2' 0$'( +,0 ,W LV DOVR XVXDO
WR DVN ZKHWKHU *RG PDGH PDQ LPPHGLDWHO\ RI D IXOO\ PDWXUH DJH RU
ZKHWKHU DV SURJUHVVLQJ DQG JURZLQJ LQ DJH DV QRZ KH IRUPV >XV@ LQ
>RXU@ PRWKHU¶V ZRPE
0$1 :$6 0$'( 2) $ )8//< 0$785( $*( $1' 7+,6 ,1 $&&25'$1&(
:,7+ +,*+(5 &$86(6 127 /2:(5 21(6 $XJXVWLQH LQ 2Q *HQHVLV VD\V
WKDW $GDP ZDV PDGH LPPHGLDWHO\ RI D IXOO\ PDWXUH DJH DQG WKLV LQ DF
FRUGDQFH ZLWK KLJKHU FDXVHV QRW ORZHU RQHV WKDW LV DFFRUGLQJ WR *RG¶V
ZLOO DQG SRZHU ZKLFK KH GLG QRW ELQG WR WKH NLQGV RI QDWXUH >ZKLFK KH
KDG FUHDWHG@ MXVW DV WKH VWDII RI 0RVHV ZDV WXUQHG LQWR D VQDNH ³6XFK
WKLQJV DUH QRW GRQH DJDLQVW QDWXUH H[FHSW IRU XV IRU ZKRP WKH FRXUVH RI
QDWXUH KDV EHHQ NQRZQ >LQ WKH SDVW@ WR EH RWKHUZLVH IRU *RG KRZHYHU
QDWXUH LV ZKDW KH GRHV´ ³$QG VR *RG GLG QRW GR WKLV DJDLQVW KLV RZQ
GLVSRVLWLRQ )RU LW ZDV LQ WKH ILUVW FRQGLWLRQ RI FDXVHV WKDW PDQ FRXOG EH
VR PDGH EXW LW ZDV QRW QHFHVVDU\ WKDW KH VKRXOG EH VR PDGH WKHUH )RU
WKLV ZDV QRW LQ WKH FRQGLWLRQ RI WKH FUHDWXUH EXW LQ WKH JRRG SOHDVXUH RI
WKH &UHDWRU ZKRVH ZLOO LV QHFHVVLW\´ ³)RU WKDW QHFHVVDULO\ ZLOO EH ZKLFK
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
*HQ
&I %HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
6HH EHORZ GLVW F
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
([RG
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F
7+( 6(17(1&(6 %22.
KH ZLOOV DQG IRUHNQRZV 0DQ\ WKLQJV KRZHYHU ZRXOG EH DFFRUGLQJ WR
ORZHU FDXVHV ZKLFK DUH QRW JRLQJ WR EH LQ *RG¶V IRUHNQRZOHGJH %XW LI
WKH\ DUH JRLQJ WR EH RWKHUZLVH LQ KLV IRUHNQRZOHGJH WKHQ WKH\ DUH JRLQJ
WR EH DV WKH\ DUH WKHUH ZKHUH KH ZKR FDQQRW EH GHFHLYHG IRUHNQRZV
WKHP´²$QG VR $GDP ZDV VR PDGH QRW DFFRUGLQJ WR ORZHU FDXVHV IRU LW
ZDV QRW LQ WKH VHPLQDO FDXVHV RI WKLQJV WKDW KH VKRXOG EH VR PDGH EXW
DFFRUGLQJ WR KLJKHU FDXVHV ZKLFK GR QRW ZRUN DJDLQVW QDWXUH EHFDXVH LW
ZDV LQ WKH QDWXUDO FDXVHV RI WKLQJV WKDW KH FRXOG EH VR PDGH
&KDSWHU 7+$7 0$1 :$6 &5($7(' 2876,'( 3$5$',6( $1' :$6 3/$&(' ,1 3$5$
',6( $1' :+< ,7 :$6 62 '21( $V 6FULSWXUH WHDFKHV *RG WRRN PDQ
ZKR KDG EHHQ VR IRUPHG DQG SODFHG KLP LQ WKH SDUDGLVH RI GHOLJKWV
ZKLFK KH KDG SODQWHG IURP WKH EHJLQQLQJ :LWK WKHVH ZRUGV 0RVHV
SODLQO\ LQGLFDWHV WKDW PDQ ZKR ZDV FUHDWHG RXWVLGH SDUDGLVH ZDV DIWHU
ZDUGV SODFHG LQ SDUDGLVH 7KLV LV VDLG WR KDYH EHHQ GRQH EHFDXVH KH ZDV
QRW JRLQJ WR UHPDLQ LQ LW RU VR WKDW WKLV PLJKW EH DVFULEHG QRW WR QDWXUH
EXW WR JUDFH
&KDSWHU
7+$7 7+$7 3$5$',6( :$6 ($57+/< $1' /2&$/ %XW WKH SDUDGLVH LQ
ZKLFK PDQ ZDV SODFHG LV XQGHUVWRRG WR EH ORFDO DQG HDUWKO\
7+(5( $5( 7+5(( 9,(:6 2) 3$5$',6( $1' :+$7 7+(< $5( )RU
WKHUH DUH WKUHH JHQHUDO YLHZV RI SDUDGLVH RQH LV WKDW RI WKRVH ZKR ZLVK LW
WR EH XQGHUVWRRG H[FOXVLYHO\ LQ D FRUSRUHDO VHQVH VHFRQG WKDW RI WKRVH ZKR
ZLVK LW WR EH XQGHUVWRRG RQO\ VSLULWXDOO\ WKLUG WKDW RI WKRVH ZKR WDNH
SDUDGLVH LQ ERWK VHQVHV , SURIHVV WKDW WKH WKLUG RQH SOHDVHV PH WKDW PDQ LV
SODFHG LQ D FRUSRUHDO SDUDGLVH
)520 :+$7 %(*,11,1* :$6 3$5$',6( 3/$17('²%('( ,W FDQ EH
WDNHQ WR KDYH EHHQ SODQWHG IURP WKDW EHJLQQLQJ DW ZKLFK *RG DIWHU WKH
UHPRYDO RI WKH ZDWHUV FRPPDQGHG WKH ZKROH HDUWK WR SURGXFH SODQWV
DQG WUHHV
:+$7 .,1' 2) 3/$&( 3$5$',6( ,6 $1' :+(5( ,7 ,6 +H KROGV WKDW
DOWKRXJK SDUDGLVH LV DV LW ZHUH WKH W\SH RI WKH SUHVHQW RU IXWXUH &KXUFK
\HW LW LV OLWHUDOO\ WR EH XQGHUVWRRG WR EH D ODUJH DQG PRVW SOHDVDQW SODFH
ZLWK IUXLWIXO WUHHV NHSW IHUWLOH E\ D JUHDW VSULQJ $QG ZKHUH ZH UHDG IURP
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
*HQ ,ELG *HQ
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV 6HH *HQ
'LVWLQFWLRQ ;9,,
WKH EHJLQQLQJ DQ DQFLHQW WUDQVODWLRQ VD\V WRZDUG WKH 2ULHQW $QG VR
VRPH ZDQW SDUDGLVH WR EH LQ WKH (DVWHUQ SDUWV KLGGHQ IURP WKH UHJLRQV
LQKDELWHG E\ PHQ E\ D ORQJ LQWHUYHQLQJ VWUHWFK RI VHD RU ODQG DQG LW LV
SODFHG RQ KLJK H[WHQGLQJ XS WR WKH PRRQ¶V RUELW 6R LW ZDV WKDW WKH
ZDWHUV RI WKH )ORRG GLG QRW UHDFK WKHUH
&KDSWHU 21 7+( 75((6 2) 3$5$',6( $021* :+,&+ :$6 7+( 75(( 2) /,)(
$1' 7+( 75(( 2) 7+( .12:/('*( 2) *22' $1' (9,/ $QG LQ WKLV SDUD
GLVH WKHUH ZHUH WUHHV RI GLIIHUHQW NLQGV DPRQJ ZKLFK WKHUH ZDV RQH WKDW
ZDV FDOOHG WKH WUHH RI OLIH DQG DQRWKHU WKH WUHH RI WKH NQRZOHGJH RI JRRG
DQG HYLO
:+< ,7 :$6 &$//(' 7+( 75(( 2) /,)( $V %HGH DQG 6WUDEXV WHDFK
LW ZDV FDOOHG WKH WUHH RI OLIH EHFDXVH LW ZDV GLYLQHO\ JLYHQ WKH SRZHU WKDW
LI RQH DWH RI LWV IUXLW RQH¶V ERG\ ZRXOG EH VWUHQJWKHQHG LQ FRQVWDQW
KHDOWK DQG SHUSHWXDO ILUPQHVV DQG LW ZRXOG QRW IDOO E\ DQ\ LOOQHVV RU LQ
ILUPLW\ RI DJH LQWR GHELOLW\ RU GHDWK
&KDSWHU :+< ,7 :$6 &$//(' 7+( 75(( 2) 7+( .12:/('*( 2) *22' $1' (9,/
%XW WKH WUHH RI WKH NQRZOHGJH RI JRRG DQG HYLO GLG QRW WDNH LWV QDPH IURP
QDWXUH EXW E\ UHDVRQ RI ZKDW KDSSHQHG DIWHUZDUGV²$XJXVWLQH LQ 2Q
*HQHVLV ³)RU WKDW WUHH ZDV QRW HYLO EXW LW ZDV FDOOHG RI WKH NQRZOHGJH RI
JRRG DQG HYLO EHFDXVH DIWHU *RG¶V SURKLELWLRQ D WUDQVJUHVVLRQ ZRXOG EH
GRQH UHJDUGLQJ LW E\ ZKLFK PDQ ZRXOG OHDUQ IURP KLV H[SHULHQFH WKH
GLIIHUHQFH EHWZHHQ WKH JRRG RI REHGLHQFH DQG WKH HYLO RI GLVREHGLHQFH
$QG VR WKH QDPH ZDV QRW XVHG LQ UHJDUG WR WKH IUXLW ZKLFK ZRXOG LVVXH
IURP WKDW WUHH EXW LQ UHJDUG WR WKH WKLQJ WKDW ZRXOG IROORZ WKH WUDQV
JUHVVLRQ´ )RU PDQ NQHZ JRRG DQG HYLO EHIRUH KH WRXFKHG WKLV WUHH KH
NQHZ WKH JRRG KRZHYHU WKURXJK ERWK SUXGHQFH DQG H[SHULHQFH EXW WKH
HYLO RQO\ WKURXJK SUXGHQFH +H NQHZ LW DOVR E\ H[SHULHQFH KRZHYHU
DIWHU KLV LOOLFLW XVH RI WKH WUHH ZKLFK KDG EHHQ IRUELGGHQ WR KLP EHFDXVH
E\ KLV H[SHULHQFH RI HYLO KH OHDUQHG WKH GLIIHUHQFH EHWZHHQ WKH JRRG RI
REHGLHQFH DQG WKH HYLO RI GLVREHGLHQFH
(9(1 ,) 7+( ),567 +80$16 +$' 127 6,11(' ,7 :28/' 121(7+(
/(66 %( &$//(' 7+( 75(( 2) 7+( .12:/('*( 2) *22' $1' (9,/ %XW LI
6HSWXDJLQW
&I *HQ
&I %HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV DQG RUGLQDU\ JORVV RQ *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
RXU ILUVW SDUHQWV KDG EHHQ REHGLHQW DQG KDG QRW VLQQHG DJDLQVW *RG¶V
FRPPDQG \HW LW ZRXOG QRQHWKHOHVV EH FDOOHG WKH WUHH RI WKH NQRZOHGJH RI
JRRG DQG HYLO EHFDXVH WKH VDPH ZRXOG KDYH KDSSHQHG IURP WRXFKLQJ LW
LI LW KDG EHHQ WDNHQ ZLWKRXW ULJKW² $8*867,1( ,1 21 *(1(6,6 ³$QG VR
PDQ ZDV IRUELGGHQ WKH WUHH ZKLFK ZDV QRW >LQ LWVHOI@ HYLO VR WKDW WKH YHU\
NHHSLQJ RI WKH FRPPDQG VKRXOG EH D JRRG WR KLP LWV WUDQVJUHVVLRQ DQ
HYLO 7KHUH LV QR EHWWHU ZD\ WR FRQVLGHU KRZ HYLO GLVREHGLHQFH LV WKDQ WKLV
QDPHO\ WKDW PDQ LV SHUFHLYHG WR KDYH EHHQ PDGH JXLOW\ E\ WRXFKLQJ D
WKLQJ DIWHU KDYLQJ EHHQ SURKLELWHG WR GR VR ZKHQ LI KH KDG WRXFKHG LW
ZLWKRXW KDYLQJ EHHQ VR SURKLELWHG KH ZRXOG QHLWKHU KDYH VLQQHG QRU LQ
FXUUHG SXQLVKPHQW )RU LI \RX WRXFK D SRLVRQRXV SODQW DIWHU EHLQJ IRUELG
GHQ WR GR VR D SXQLVKPHQW IROORZV HYHQ LI QR RQH KDG IRUELGGHQ LW WKH
SXQLVKPHQW ZRXOG VWLOO IROORZ ,I D WKLQJ LV IRUELGGHQ WR EH WRXFKHG ZKRVH
WRXFKLQJ ZRXOG EH KDUPIXO WR WKH RQH ZKR IRUELGV DQG QRW WR WKH RQH ZKR
WRXFKHV LW DV LQ WKH FDVH RI D SHUVRQ¶V PRQH\ WKHQ WKH WRXFKLQJ LV D VLQ WR
WKH RQH IRUELGGHQ EHFDXVH LW LV KDUPIXO WR WKH RQH IRUELGGLQJ %XW ZKHQ
VRPHWKLQJ LV WRXFKHG ZKLFK LI QRW IRUELGGHQ LV QRW KDUPIXO WR WKH WRXFK
HU QRU WR DQ\RQH HOVH LI LW ZHUH WRXFKHG WKHQ LW LV SURKLELWHG VR WKDW WKH
JRRG RI REHGLHQFH DQG WKH HYLO RI GLVREHGLHQFH PLJKW EH VKRZQ LQ WKHP
VHOYHV´ $QG VR WKH ILUVW PDQ IRUELGGHQ IURP D JRRG WKLQJ LQFXUV SXQLVK
PHQW VR WKDW WKH SHQDOW\ ZRXOG EH VKRZQ WR EH QRW IURP DQ HYLO WKLQJ EXW
IURP GLVREHGLHQFH MXVW DV WKH SDOP >RI YLFWRU\@ LV IURP REHGLHQFH
',67,1&7,21 ;9,,, &KDSWHU
21 7+( )250$7,21 2) :20$1 $QG LQ WKH VDPH SDUDGLVH *RG IRUPHG
D ZRPDQ IURP WKH VXEVWDQFH RI WKH PDQ $IWHU WKH SODQWLQJ RI SDUDGLVH
DQG WKH SODFLQJ RI PDQ LQ LW DQG DIWHU DOO WKH DQLPDOV KDG EHHQ EURXJKW
EHIRUH KLP DQG KDG EHHQ GHVLJQDWHG E\ WKHLU QDPHV 6FULSWXUH DGGV *RG
FDVW $GDP LQWR D GHHS VOHHS DQG DV KH VOHSW WRRN RQH RI KLV ULEV DQG
IRUPHG LW LQWR D ZRPDQ
:+< +( ),567 &5($7(' 0$1 $1' $)7(5:$5'6 7+( :20$1 )520
7+( 0$1 $1' 127 %27+ $7 21&( +HUH ZH PXVW DWWHQG WR ZK\ KH GLG QRW
FUHDWH PDQ DQG ZRPDQ DW WKH VDPH WLPH DV ZLWK WKH DQJHOV EXW ILUVW FUH
DWHG WKH PDQ DQG DIWHUZDUGV WKH ZRPDQ IURP WKH PDQ )RU WKLV UHDVRQ
QDPHO\ WKDW WKHUH VKRXOG EH RQH EHJLQQLQJ RI KXPDQNLQG VR WKDW WKH
GHYLO¶V SULGH VKRXOG EH FRQIRXQGHG LQ WKLV DQG WKH ORZOLQHVV RI KXPDQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F QQ
&I 3URY *HQ
'LVWLQFWLRQ ;9,,,
QDWXUH EH UDLVHG E\ LWV OLNHQHVV WR *RG )RU WKH GHYLO KDG GHVLUHG WR EH RQH
EHJLQQLQJ RWKHU WKDQ *RG LQ RUGHU WKDW WKH GHYLO¶V SULGH PLJKW EH EOXQWHG
PDQ UHFHLYHG LQ JLIW WKDW ZKLFK WKH GHYLO KDG SHUYHUVHO\ ZDQWHG WR VWHDO
EXW ZDV QRW DEOH WR REWDLQ $QG WKURXJK WKLV WKH LPDJH RI *RG DSSHDUHG
LQ WKH PDQ EHFDXVH DV *RG ZDV WKH EHJLQQLQJ RI FUHDWLRQ IRU DOO WKLQJV
VR WKH PDQ ZDV WKH EHJLQQLQJ RI JHQHUDWLRQ IRU DOO PHQ
$127+(5 5($621 :+< $// +80$1 %(,1*6 $5( )520 7+( 21( 0$1
*RG DOVR ZLOOHG DOO KXPDQ EHLQJV WR EH IURP WKH RQH PDQ VR WKDW UHFRJ
QL]LQJ WKDW WKH\ DUH DOO IURP RQH WKH\ PLJKW ORYH HDFK RWKHU DV LI RQH
&KDSWHU :+< :20$1 :$6 )250(' )520 7+( 0$1¶6 6,'( $1' 127 )520 620(
27+(5 3$57 2) +,6 %2'< %XW DOWKRXJK ZRPDQ ZDV PDGH IURP PDQ IRU
WKHVH UHDVRQV QHYHUWKHOHVV VKH ZDV IRUPHG QRW IURP MXVW DQ\ SDUW RI KLV
ERG\ EXW IURP KLV VLGH VR WKDW LW VKRXOG EH VKRZQ WKDW VKH ZDV FUHDWHG
IRU WKH SDUWQHUVKLS RI ORYH OHVW LI SHUKDSV VKH KDG EHHQ PDGH IURP KLV
KHDG VKH VKRXOG EH SHUFHLYHG DV VHW RYHU PDQ LQ GRPLQDWLRQ RU LI IURP
KLV IHHW DV LI VXEMHFW WR KLP LQ VHUYLWXGH 7KHUHIRUH VLQFH VKH ZDV PDGH
QHLWKHU WR GRPLQDWH QRU WR VHUYH WKH PDQ EXW DV KLV SDUWQHU VKH KDG WR
EH SURGXFHG QHLWKHU IURP KLV KHDG QRU IURP KLV IHHW EXW IURP KLV VLGH
VR WKDW KH ZRXOG NQRZ WKDW VKH ZDV WR EH SODFHG EHVLGH KLPVHOI ZKRP
KH KDG OHDUQHG KDG EHHQ WDNHQ IURP KLV VLGH
&KDSWHU :+< 7+( 5,% :$6 7$.(1 )520 7+( 0$1 :+,/( $6/((3 $1' 127
:+,/( $:$.( ,W ZDV DOVR QRW ZLWKRXW FDXVH WKDW WKH ULE ZDV WDNHQ IURP
WKH PDQ ZKLOH DVOHHS UDWKHU WKDQ ZKLOH DZDNH IURP ZKLFK WKH ZRPDQ ZDV
PDGH LQ RUGHU WR EH RI KHOS WR PDQ LQ JHQHUDWLRQ 7KLV ZDV GRQH VR WKDW LW
PLJKW EH GHPRQVWUDWHG WKDW KH ZDV XQGHUJRLQJ QR SXQLVKPHQW E\ WKLV
DQG DW WKH VDPH WLPH D ZRQGHUIXO ZRUN RI GLYLQH SRZHU ZDV VKRZQ D
SRZHU ZKLFK RSHQHG WKH VLGH RI WKH VOHHSLQJ PDQ DQG \HW GLG QRW DURXVH
KLP IURP WKH UHSRVH RI VOHHS
21 7+( 6$&5$0(17 2) 7+,6 :25. ,Q WKLV ZRUN WKH VDFUDPHQW RI
&KULVW DQG KLV &KXUFK LV DOVR SUHILJXUHG )RU MXVW DV WKH ZRPDQ ZDV
IRUPHG IURP WKH VLGH RI WKH VOHHSLQJ PDQ VR WKH &KXUFK ZDV IRUPHG
IURP WKH VDFUDPHQWV ZKLFK IORZHG IURP WKH VLGH RI &KULVW VOHHSLQJ RQ WKH
FURVV QDPHO\ EORRG DQG ZDWHU E\ ZKLFK ZH DUH UHGHHPHG IURP SXQLVK
PHQWV DQG ZDVKHG FOHDQ RI RXU IDXOWV
7+( 6(17(1&(6 %22.
&KDSWHU 7+$7 %< *2'¶6 32:(5 6+( :$6 0$'( )520 7+$7 5,% :,7+287 7+( $'',7,21 2) $1<7+,1* (;75,16,& -867 $6 7+( ),9( /2$9(6 2) %5($'
:(5( 08/7,3/,(' )520 7+(06(/9(6 ,W LV DOVR XVXDO WR DVN ZKHWKHU WKH
ZRPDQ ZDV PDGH IURP WKDW ULE ZLWKRXW WKH DGGLWLRQ RI DQ\WKLQJ H[WULQVLF
7KLV GLG QRW SOHDVH VRPH SHRSOH %XW LI *RG DGGHG DQ\WKLQJ H[WULQVLF LQ
PDNLQJ WKH ERG\ RI WKH ZRPDQ WKHQ WKH DGGLWLRQ ZRXOG EH JUHDWHU WKDQ
WKH ULE LWVHOI DQG VR WKH ZRPDQ VKRXOG UDWKHU EH VDLG WR KDYH EHHQ PDGH
IURP WKDW IURP ZKLFK VKH KDG UHFHLYHG WKH JUHDWHU SDUW RI KHU VXEVWDQFH
WKDQ IURP WKH ULE 6R LW UHPDLQV WKDW WKH ERG\ RI WKH ZRPDQ EH VDLG WR
KDYH EHHQ PDGH E\ GLYLQH SRZHU IURP WKH VXEVWDQFH RI WKDW ULE DORQH
ZLWKRXW DQ\ H[WULQVLF DGGLWLRQ E\ WKDW YHU\ VDPH PLUDFOH E\ ZKLFK -HVXV
ZRXOG ODWHU PXOWLSO\ WKH ILYH ORDYHV RI EUHDG ZLWK D KHDYHQO\ EOHVVLQJ
DQG ILYH WKRXVDQG PHQ ZHUH ILOOHG
7+$7 $/7+28*+ 7+$7 :25. :$6 &203/(7(' :,7+ 7+( 6(59,&( 2) $1*(/6 <(7 7+( $1*(/6 :(5( 127 &5($7256²$8*867,1( ,1 21
*(1(6,6 ,W LV DOVR ILWWLQJ WR NQRZ WKDW DOWKRXJK WKH IRUPDWLRQ RI ZRPDQ
ZDV GRQH ZLWK WKH VHUYLFH RI DQJHOV \HW WKH SRZHU RI FUHDWLRQ LV QRW WR EH
DWWULEXWHG WR WKHP ³)RU WKH DQJHOV FDQQRW FUHDWH DQ\ QDWXUH DQG VR WKH\
FRXOG QHLWKHU IRUP WKH ULE LQWR WKH ZRPDQ QRU PDNH XS IRU WKH GHILFLHQF\
RI IOHVK LQ WKH SODFH RI WKH ULE ,W LV QRW WKDW WKH\ GR QRW DFW VR WKDW VRPH
WKLQJ LV FUHDWHG EXW QRW LQ VXFK D ZD\ WKDW WKH\ DUH FUHDWRUV MXVW DV IDUP
HUV DUH QRW WKH FUHDWRUV RI FURSV DQG WUHHV´ *RG DORQH WKDW LV WKH 7ULQLW\
LV FUHDWRU ³$QG VR WKH ZRPDQ ZDV PDGH E\ *RG HYHQ LI WKH ULE ZDV PDGH
UHDG\ E\ DQJHOV´
&KDSWHU :+(7+(5 :20$1 :$6 62 0$'( $&&25',1* 72 +,*+(5 25 /2:(5 &$86(6 7+$7 ,6 :+(7+(5 6(0,1$/ 5($621 $55$1*(' ,7 7+$7 6+( %(
62 0$'( 25 21/< 7+$7 6+( %( $%/( 72 %( 62 0$'( %87 7+$7 7+( &$86( 7+$7 6+( %( 62 0$'( :$6 ,1 *2' $/21(²$8*867,1( ,1 21
*(1(6,6 %XW LW LV DVNHG ZKHWKHU WKH RUGHU ZKLFK *RG FUHDWHG ZLWK WKH
ILUVW ZRUNV DUUDQJHG LW WKDW LQ DFFRUGDQFH ZLWK LWVHOI WKH ZRPDQ PXVW
QHFHVVDULO\ EH PDGH IURP WKH VLGH RI WKH PDQ RU RQO\ WKDW LW ZDV SRVVLEOH
WKDW VKH EH VR PDGH
+( ',6&866(6 7+( &$86(6 2) 7+,1*6 025( %52$'/< 7+$7 7+( &$86(6 :+,&+ $5( ,1 *2' $5( 3523(5/< &$//(' 35,025',$/ $1' :+<
&I 0W
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
'LVWLQFWLRQ ;9,,,
7+(< $5( 632.(1 2) ,1 7+( 3/85$/ :LWK UHJDUG WR WKLV LW LV WR EH NQRZQ
WKDW WKH FDXVHV RI DOO WKLQJV DUH LQ *RG IURP HWHUQLW\ IRU LW KDV EHHQ LQ
*RG¶V SRZHU DQG GLVSRVLWLRQ IURP HWHUQLW\ WKDW PDQ RU D KRUVH DQG VXFK
OLNH VKRXOG EH VR PDGH $QG WKHVH DUH FDOOHG SULPRUGLDO FDXVHV EHFDXVH
WKH\ DUH QRW SUHFHGHG E\ RWKHU FDXVHV EXW WKH\ SUHFHGH WKH RWKHUV DQG
DUH WKH FDXVHV RI FDXVHV %XW DOWKRXJK GLYLQH SRZHU GLVSRVLWLRQ RU ZLOO
LV RQH WKLQJ DQG VR WKH SULQFLSDO FDXVH RI DOO WKLQJV LV RQH \HW EHFDXVH
RI LWV GLIIHUHQW HIIHFWV $XJXVWLQH VD\V LQ WKH SOXUDO WKDW WKH SULPRUGLDO
FDXVHV RI DOO WKLQJV DUH LQ *RG XVLQJ WKH PHWDSKRU RI WKH DUWLILFHU LQ
ZKRVH GLVSRVLWLRQ OLHV ZKDW NLQG RI ER[ LV WR EH PDGH 6R DOVR WKH FDXVH
RI HDFK IXWXUH WKLQJ SUHFHGHG LQ *RG
7+$7 127 $// 7+( 7+,1*6 :+,&+ $5( 0$'( +$9( 7+(,5 &$86(6 ,1
&5($785(6 7KH FDXVHV RI PDQ\ WKLQJV EXW QRW RI DOO RI WKHP DUH LQ FUHD
WXUHV EHFDXVH DV $XJXVWLQH VD\V *RG SODFHG VHPLQDO UHDVRQV LQ WKLQJV
%\ WKHVH UHDVRQV VRPH WKLQJV FRPH IURP RWKHUV DV VXFK D JUDLQ IURP WKLV
VHHG VXFK D IUXLW IURP WKLV WUHH DQG VXFKOLNH
7+$7 (9(1 7+( &$86(6 :+,&+ $5( ,1 &5($785(6 $5( 1(9(57+( /(66 &$//(' 35,025',$/ $/7+28*+ ,03523(5/< $1' :+< 7+(< $5(
62 &$//(' $QG WKHVH DUH DOVR FDOOHG SULPRUGLDO FDXVHV HYHQ WKRXJK
QRW SURSHUO\ VR VLQFH WKH\ KDYH DQ HWHUQDO FDXVH WKDW SUHFHGHV WKHP
ZKLFK SURSHUO\ DQG XQLYHUVDOO\ LV WKH ILUVW FDXVH %XW WKH\ DUH FDOOHG ILUVW
LQ UHVSHFW WR FHUWDLQ WKLQJV QDPHO\ WKH RQHV WKDW FRPH IURP WKHP²
$127+(5 5($621 :+< 7+(< $5( &$//(' 35,025',$/ 7KH\ DUH DOVR
FDOOHG SULPRUGLDO EHFDXVH WKH\ ZHUH SODFHG LQ WKLQJV E\ *RG DW WKH ILUVW
FUHDWLRQ RI WKLQJV $QG MXVW DV FUHDWXUHV DUH FKDQJHDEOH VR WKHVH FDXVHV
FDQ DOVR EH FKDQJHG EXW ZKDWHYHU LV D FDXVH LQ WKH XQFKDQJHDEOH *RG
FDQQRW EH FKDQJHG
&KDSWHU $ 0267 86()8/ ',67,1&7,21 %(7:((1 7+( &$86(6 2) 7+,1*6 1$0(
/< 7+$7 620( $5( ,1 *2' $1' ,1 &5($785(6 620( 21/< ,1 *2' $QG
VR WKH FDXVHV RI DOO WKLQJV DUH LQ *RG EXW WKH FDXVHV RI VRPH WKLQJV DUH
ERWK LQ *RG DQG LQ FUHDWXUHV WKH FDXVHV RI RWKHUV KRZHYHU DUH RQO\ LQ
*RG $QG WKH FDXVHV RI WKHVH ODWWHU WKLQJV DUH VDLG WR EH KLGGHQ LQ *RG
EHFDXVH LW LV LQ WKH GLYLQH GLVSRVLWLRQ WKDW WKLV RU WKDW WKLQJ VKRXOG EH
PDGH LQ VXFK D ZD\ WKLV LV QRW VR LQ WKH VHPLQDO UHDVRQ RI WKH FUHDWXUH
:+< 7+(< $5( 6$,' 72 %( 0$'( 1$785$//< 25 127 $QG WKRVH
WKLQJV ZKLFK DUH PDGH DFFRUGLQJ WR VHPLQDO FDXVH DUH VDLG WR EH PDGH
&I $XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T ,Q ,RDQQHP WU Q 'H 7ULQL
WDWH EN FF QQ 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF DQG EN F Q
7+( 6(17(1&(6 %22.
QDWXUDOO\ EHFDXVH WKH FRXUVH RI QDWXUH KDV EHFRPH NQRZQ WR PHQ WR EH
VXFK EXW RWKHU WKLQJV ZKRVH FDXVHV DUH RQO\ LQ *RG >DUH VDLG WR EH
PDGH@ DSDUW IURP QDWXUH²$8*867,1( ,1 21 *(1(6,6 $XJXVWLQH VD\V
WKDW WKHVH WKLQJV DUH WKH RQHV ZKLFK DUH PDGH WKURXJK JUDFH RU DUH PDGH
PLUDFXORXVO\ QRW QDWXUDOO\ LQ RUGHU WR VLJQLI\ WKRVH WKLQJV ZKLFK DUH
PDGH WKURXJK JUDFH $PRQJ WKHVH KH SODFHV WKH PDNLQJ RI ZRPDQ IURP
WKH PDQ¶V ULE VD\LQJ DV IROORZV ³7KDW LW ZRXOG EH QHFHVVDU\ IRU ZRPDQ
WR EH PDGH LQ WKLV ZD\ ZDV QRW HVWDEOLVKHG LQ WKLQJV EXW KLGGHQ LQ *RG
(DFK DQG HYHU\ FRXUVH RI QDWXUH KDV LWV QDWXUDO ODZV 2YHU WKLV QDWXUDO
FRXUVH WKH &UHDWRU KDV DW KLV GLVSRVDO WKH SRZHU RYHU DOO WKLQJV WR GR
VRPHWKLQJ RWKHU WKDQ WKHLU QDWXUDO RUGHU UHTXLUHV QDPHO\ WKDW D GU\ VWDII
VXGGHQO\ IORZHU DQG EHDU IUXLW DQG WKDW D ZRPDQ ZKR ZDV VWHULOH LQ KHU
\RXWK VKRXOG JLYH ELUWK LQ KHU ROG DJH WKDW D VKHGRQNH\ VSHDN DQG
VXFKOLNH %XW KH JUDQWHG WR QDWXUHV WKDW HYHQ VXFK WKLQJV FRXOG EH GRQH
IURP WKHP QRW WKDW WKH\ VKRXOG KDYH WKHVH LQ WKHLU QDWXUDO PRWLRQ´
21 7+( 7:2)2/' :25. 2) 3529,'(1&( ³7KHUHIRUH *RG KDV KLG
GHQ LQ KLPVHOI WKH FDXVHV RI VRPH IXWXUH WKLQJV ZKLFK KH GLG QRW SODFH
LQ FUHDWHG WKLQJV DQG KH GRHV QRW IXOILO WKHP E\ WKH VDPH ZRUN RI SURYL
GHQFH E\ ZKLFK QDWXUHV H[LVW VR WKDW WKH\ PLJKW EH EXW E\ WKDW E\ ZKLFK
KH JRYHUQV DV KH ZLOOHG WKH WKLQJV ZKLFK KH KDV PDGH DV KH KDV ZLOOHG
+HQFH WKH FDXVHV RI DOO WKLQJV ZKLFK ZHUH PDGH PLUDFXORXVO\ QRW E\ WKH
QDWXUDO PRWLRQ RI WKLQJV LQ RUGHU WR VLJQLI\ JUDFH KDYH EHHQ KLGGHQ LQ
*RG RQH RI WKHVH ZDV WKDW ZRPDQ ZDV PDGH IURP WKH VLGH RI WKH VOHHS
LQJ PDQ ,W ZDV QRW SDUW RI WKH ILUVW FRQGLWLRQ RI WKLQJV WKDW ZRPDQ
VKRXOG EH VR PDGH EXW >RQO\@ WKDW VKH FRXOG EH PDGH OHVW *RG EH KHOG
WR GR E\ D FKDQJHDEOH ZLOO VRPHWKLQJ DJDLQVW WKH FDXVHV ZKLFK KH KDG
ZLOOLQJO\ HVWDEOLVKHG´
&KDSWHU 21 7+( 628/ 2) 7+( :20$1 7+$7 ,7 ,6 127 )520 7+( 0$1¶6 628/
$6 620( +(/' :+2 6$< 7+$7 628/6 '(5,9( )520 21( $127+(5 $V WKH
ERG\ RI WKH ZRPDQ ZDV GHULYHG IURP WKH ERG\ RI WKH PDQ VR VRPH EH
OLHYHG WKDW KHU VRXO ZDV SURSDJDWHG IURP WKH PDQ¶V VRXO DQG WKDW DOO
VRXOV RWKHU WKDQ WKH ILUVW OLNH ERGLHV DUH GHULYHG IURP RQH DQRWKHU²
7+( 23,1,21 2) 27+(56 :+2 +(/' 7+$7 $// 628/6 :(5( &5($7('
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ
&I 1XP
&I *HQ /N
&I 1XP
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F QQ
'LVWLQFWLRQ ;,;
6,08/7$1(286/< )520 7+( %(*,11,1* %XW RWKHUV KHOG WKDW DOO VRXOV
ZHUH FUHDWHG VLPXOWDQHRXVO\ IURP WKH EHJLQQLQJ
7+( 6(17(1&( 2) 7+( &$7+2/,& &+85&+ %XW WKH &DWKROLF &KXUFK
WHDFKHV QHLWKHU WKDW VRXOV ZHUH PDGH VLPXOWDQHRXVO\ QRU IURP RQH
DQRWKHU EXW WKDW WKH\ DUH LQIXVHG LQWR ERGLHV ZKLFK KDYH EHHQ LQVHPL
QDWHG DQG IRUPHG WKURXJK FRLWLRQ DQG WKH\ DUH FUHDWHG DW WKH PRPHQW RI
WKHLU LQIXVLRQ
+(5( $5( 5(-(&7(' 7:2 )$/6( 23,1,216 $1' 7+( 6(17(1&( 2) 7+(
&+85&+ ,6 &21),50('²$87+25,7< 2) *(11$',86 +HQFH LQ 2Q (F
FOHVLDVWLFDO 'RJPDV ³:H GR QRW VD\ WKDW KXPDQ VRXOV H[LVWHG IURP WKH
EHJLQQLQJ DPRQJ WKH RWKHU LQWHOOHFWXDO QDWXUHV RU WKDW WKH\ ZHUH FUHDWHG DOO
DW RQFH DV 2ULJHQ IDOVHO\ VWDWHV 1HLWKHU DUH VRXOV LQVHPLQDWHG ZLWK WKH
ERGLHV WKURXJK FRLWLRQ DV WKH /XFLIHULDQV DQG &\ULO DQG VRPH SUHVXPS
WXRXV /DWLQV DIILUP :H VD\ WKDW WKH ERG\ DORQH LV LQVHPLQDWHG E\ WKH FRQ
MXJDO XQLRQ EXW WKDW WKH &UHDWRU DORQH NQRZV WKH FUHDWLRQ RI WKH VRXO ,W LV
E\ KLV MXGJHPHQW WKDW WKH ERG\ LV FRPSRVHG EURXJKW WRJHWKHU DQG IRUPHG
LQ WKH ZRPE RQFH WKH ERG\ LV IRUPHG WKH VRXO LV FUHDWHG DQG LQIXVHG VR
WKDW LQ WKH ZRPE OLYHV D KXPDQ EHLQJ FRPSRVHG RI ERG\ DQG VRXO DQG D
OLYLQJ SHUVRQ FRPHV IURP WKH ZRPE ILOOHG ZLWK KXPDQ VXEVWDQFH´
-HURPH DOVR FRQGHPQV XQGHU WKH ERQG RI DQDWKHPD WKRVH ZKR VD\
WKDW VRXOV DUH GHULYHG IURP RQH DQRWKHU KH DGGXFHV WKH DXWKRULW\ RI WKH
3URSKHW +H ZKR IDVKLRQHG WKH KHDUWV RI HDFK RI WKHP -HURPH VD\V WKDW
WKH 3URSKHW KHUH VXIILFLHQWO\ LQGLFDWHV WKDW *RG GRHV QRW PDNH VRXO IURP
VRXO EXW KH FUHDWHV VRXOV RQH E\ RQH IURP QRWKLQJ
',67,1&7,21 ;,; &KDSWHU 21 7+( ),567 67$7( 2) 0$1 %()25( 6,1 1$0(/< :+$7 +( :$6 /,.(
,1 5(63(&7 72 7+( %2'< $1' ,1 5(63(&7 72 7+( 628/ ,W LV XVXDO WR DVN
PDQ\ WKLQJV UHJDUGLQJ WKH ILUVW VWDWH RI PDQ EHIRUH VLQ QDPHO\ ZKDW PDQ
ZDV OLNH EHIRUH KH VLQQHG ERWK LQ UHVSHFW WR WKH ERG\ DQG WKH VRXO DQG
ZKHWKHU PRUWDO RU LPPRUWDO DQG ZKHWKHU FDSDEOH RU LQFDSDEOH RI VXIIHU
LQJ UHJDUGLQJ WKH HQG RI WKH ORZHU OLIH DQG WKH WUDQVLWLRQ WR WKH KLJKHU
RQH UHJDUGLQJ WKH PDQQHU RI SURSDJDWLQJ FKLOGUHQ DQG PDQ\ RWKHU WKLQJV
ZKLFK LW LV QRW XVHOHVV WR NQRZ DOWKRXJK WKH\ DUH VRPHWLPHV DVNHG RXW RI
>PHUH@ FXULRVLW\
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP ENV DQG
*HQQDGLXV /LEHU VHX GLIILQLWLR HFFOHVLDVWLFRUXP GRJPDWXP F
-HURPH &RQWUD ,RDQQHP +LHURVRO\PLWDQXP Q
7+( 6(17(1&(6 %22.
%()25( 75($7,1* 7+26( 7+,1*6 3(57$,1,1* 72 7+( 63,5,7 +( ',6 &866(6 :+$7 0$1 :$6 /,.( :,7+ 5(*$5' 72 7+( %2'< %()25( 6,11,1*
$1' 6(9(5$/ 27+(5 7+,1*6 $QG EHIRUH ZH SXUVXH WKRVH WKLQJV ZKLFK
SHUWDLQ WR WKH TXDOLW\ RI WKH VSLULW OHW XV H[DPLQH KLV TXDOLW\ ZLWK UHJDUG WR
WKH ERG\ DQG WKH PRGH RI SURSDJDWLQJ FKLOGUHQ DQG VHYHUDO RWKHU WKLQJV
7+$7 0$1 ,1 +,6 ),567 67$7( 1$0(/< %()25( 6,1 :$6 0257$/ $1' ,00257$/ ,1 5(63(&7 72 7+( %2'< ,1 +,6 6(&21' 67$7( 1$0(/<
$)7(5 6,1 +( :$6 0257$/ $1' '($' ,1 +,6 7+,5' 67$7( +( 6+$// %(
(17,5(/< ,00257$/ 7+$7 ,6 81$%/( 72 ',( $QG VR WKH ILUVW PDQ ZLWK
UHJDUG WR WKH QDWXUH RI KLV HDUWKO\ ERG\ ZDV LPPRUWDO LQ VRPH UHVSHFW
EHFDXVH KH ZDV DEOH QRW WR GLH EXW DOVR PRUWDO LQ VRPH ZD\ EHFDXVH KH
ZDV DEOH WR GLH $QG VR LQ WKDW ILUVW VWDWH KH KDG WKH SRZHU WR GLH DQG WKH
SRZHU QRW WR GLH DQG WKLV ZDV WKH ILUVW LPPRUWDOLW\ RI WKH KXPDQ ERG\
QDPHO\ WKH SRZHU QRW WR GLH %XW LQ KLV VHFRQG VWDWH DIWHU VLQ KH KDG WKH
SRZHU WR GLH DQG QR SRZHU QRW WR GLH EHFDXVH LQ WKLV VWDWH LW LV D QHFHVVLW\
WR GLH ,Q KLV WKLUG VWDWH KH VKDOO KDYH WKH SRZHU QRW WR GLH DQG QR SRZHU WR
GLH EHFDXVH WR WKDW VWDWH SHUWDLQV WKH LPSRVVLELOLW\ RI G\LQJ WKLV ZLOO EH
IURP JUDFH QRW IURP QDWXUH
&KDSWHU
+2: 0$1 ,6 6$,' 72 +$9( %((1 0$'( ,172 $ /,9,1* 628/ ,Q WKH ILUVW
VWDWH WKH KXPDQ ERG\ ZDV DQLPDO WKDW LV LW UHTXLUHG WKH VXSSRUW RI IRRG
KHQFH PDQ LV VDLG WR KDYH EHHQ PDGH LQWR D OLYLQJ VRXO QRW D VSLULWXDO
RQH WKDW LV D VRXO HQGRZLQJ ZLWK VHQVDWLRQ D ERG\ ZKLFK ZDV VWLOO DQLPDO
QRW VSLULWXDO DQG ZKLFK UHTXLUHG IRRG LQ RUGHU WR OLYH WKURXJK WKH VRXO
$QG VR KH ZDV PDGH LQWR D OLYLQJ VRXO WKDW LV D VRXO ZKLFK JDYH OLIH WR
WKH ERG\ \HW WKURXJK WKH VXVWHQDQFH RI IRRG $QG DW WKDW WLPH WKH ERG\
ZDV ERWK PRUWDO DQG LPPRUWDO EHFDXVH LW KDG WKH SRZHU WR GLH DQG QRW WR
GLH %XW DIWHU VLQ LW ZDV UHQGHUHG GHDG DV WKH $SRVWOH VD\V 7KH ERG\ LV
GHDG EHFDXVH RI VLQ WKDW LV LW KDV LQ LWVHOI WKH QHFHVVLW\ RI G\LQJ
%XW DW WKH UHVXUUHFWLRQ LW ZLOO EH VSLULWXDO WKDW LV DJLOH DQG QRW LQ
QHHG RI IRRG DQG LPPRUWDO QRW RQO\ DV LW ZDV LQ WKH ILUVW VWDWH QDPHO\
KDYLQJ WKH SRZHU QRW WR GLH EXW HYHQ QRW KDYLQJ WKH SRZHU WR GLH +HQFH
$XJXVWLQH LQ 2Q *HQHVLV ³7KH $SRVWOH VD\V 7KH ERG\ LV GHDG EHFDXVH
RI VLQ HWF )LUVW IURP WKH PXG RI WKH HDUWK ZDV IRUPHG DQ DQLPDO ERG\
QRW WKH VSLULWXDO RQH ZLWK ZKLFK ZH ZLOO ULVH DJDLQ )RU ZH VKDOO EH UH
QHZHG IURP RXU DQFLHQW VWDWH QRW LQWR WKH DQLPDO ERG\ DV LW ZDV EXW LQWR D
EHWWHU RQH WKDW LV D VSLULWXDO RQH ZKHQ WKLV PRUWDO RQH VKDOO SXW RQ LP
*HQ &RU 5RP ,ELG
'LVWLQFWLRQ ;,;
PRUWDOLW\ LQWR ZKLFK $GDP ZDV WR EH FKDQJHG LI KH KDG QRW GHVHUYHG
WKH GHDWK RI KLV DQLPDO ERG\ E\ VLQQLQJ 7KH $SRVWOH GRHV QRW VD\ 7KH
ERG\ LV PRUWDO EHFDXVH RI VLQ EXW GHDG´
&KDSWHU
7+( %2'< 2) 0$1 %()25( 6,1 :$6 0257$/ $1' ,00257$/ ³)RU EH
IRUH VLQ LW ZDV PRUWDO DQG LPPRUWDO EHFDXVH LW ZDV DEOH WR GLH DQG QRW WR
GLH %XW LW LV RQH WKLQJ QRW WR KDYH WKH SRZHU WR GLH DQG DQRWKHU WR KDYH
WKH SRZHU QRW WR GLH $QG VR WKURXJK VLQ LW ZDV PDGH QRW PRUWDO ZKLFK LW
DOUHDG\ ZDV EXW GHDG ZKLFK LW ZRXOG QRW KDYH EHFRPH ZLWKRXW VLQ )RU
RXU ERG\ LV QRW DQLPDO LQ WKH VDPH ZD\ DV WKDW RI WKH ILUVW PDQ EXW LW LV
QRZ ZRUVH VLQFH LW LV VXEMHFW WR WKH QHFHVVLW\ RI G\LQJ´ 6HH $XJXVWLQH
KHUH FOHDUO\ UHYHDOV WKDW WKH ERG\ RI PDQ EHIRUH VLQ ZDV PRUWDO DQG LP
PRUWDO EXW QRW DV LW VKDOO EHFRPH DW WKH UHVXUUHFWLRQ
,1 :+$7 6(16( 7+( %2'< ,6 &$//(' '($' 2Q WKLV VDPH VXEMHFW
%HGH LQ 2Q *HQHVLV VD\V ³,W LV QRW WR EH EHOLHYHG WKDW EHIRUH VLQ ERGLHV
ZHUH GHDG LQ WKH VDPH ZD\ DV WKH\ DUH QRZ )RU WKH $SRVWOH VD\V 7KH
ERG\ LV GHDG EHFDXVH RI VLQ %XW DOWKRXJK WKH\ ZHUH DQLPDO ERGLHV DQG
QRW \HW VSLULWXDO RQHV QHYHUWKHOHVV WKH\ ZHUH QRW GHDG QDPHO\ VXEMHFW WR
WKH QHFHVVLW\ RI G\LQJ´
&KDSWHU :+(7+(5 7+( ,00257$/,7< :+,&+ +( +$' %()25( 6,1 :$6 )520
7+( &21',7,21 2) 1$785( 25 )520 $ %(1(),7 2) *5$&( ,W LV XVXDO WR
DVN KHUH VLQFH WKH ILUVW PDQ KDG D PRUWDO DQG LPPRUWDO ERG\ ZKHWKHU KH
KDG ERWK IURP WKH FRQGLWLRQ RI WKH QDWXUH RI WKH ERG\ LWVHOI RU ZKHWKHU
WKH ODWWHU ZDV D EHQHILW RI JUDFH QDPHO\ LPPRUWDOLW\ WKDW LV WKH SRZHU
QRW WR GLH
5(63216( %< :+,&+ ,7 ,6 6$,' 7+$7 21( :$6 )520 &21',7,21 1$0(/< 7+( 32:(5 72 ',( 7+( 27+(5 )520 $ *,)7 2) *5$&( 1$0(/<
7+( 32:(5 127 72 ',( 7R WKLV LW PD\ EH VDLG WKDW KH KDG RQH IURP WKH
QDWXUH RI WKH ERG\ QDPHO\ WKH SRZHU WR GLH EXW WKH RWKHU QDPHO\ WKH
SRZHU QRW WR GLH FDPH WR KLP IURP WKH WUHH RI OLIH QDPHO\ IURP WKH JLIW
RI JUDFH +HQFH $XJXVWLQH LQ 2Q *HQHVLV ³,Q VRPH PDQQHU PDQ ZDV
FUHDWHG LPPRUWDO ZKLFK FDPH WR KLP IURP WKH WUHH RI OLIH QRW IURP WKH
FRQGLWLRQ RI QDWXUH +H ZDV PRUWDO E\ WKH FRQGLWLRQ RI KLV DQLPDO ERG\
&RU
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q FF QQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF
5RP
%HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
7+( 6(17(1&(6 %22.
LPPRUWDO E\ WKH EHQHIDFWLRQ RI WKH &UHDWRU )RU WKH ERG\ ZDV QRW LPPRU
WDO VR WKDW LW ZDV HQWLUHO\ XQDEOH WR GLH WKLV ZLOO QRW EH H[FHSW ZKHQ LW
ZLOO EH D VSLULWXDO ERG\´ +H SODLQO\ VD\V WKDW LW ZDV QRW IURP QDWXUH EXW
IURP WKH WUHH RI OLIH WKDW WKH ILUVW PDQ KDG WKH SRZHU QRW WR GLH
620( 6$< 7+$7 ,) $'$0 ',' 127 0$.( 86( 2) 7+( 75(( 2) /,)( +( :28/' 127 +$9( /,9(' )25(9(5 %(&$86( +( :28/' +$9( 6,11('
%HFDXVH RI WKLV VRPH VD\ WKDW XQOHVV KH PDGH XVH RI WKDW WUHH KH ZRXOG
QRW OLYH IRUHYHU EHFDXVH KH ZRXOG KDYH VLQQHG )RU KH ZRXOG KDYH VLQQHG
LI KH GLG QRW PDGH XVH RI WKDW WUHH EHFDXVH KH KDG EHHQ FRPPDQGHG WR
HDW RI HYHU\ WUHH RI SDUDGLVH H[FHSW IRU WKH WUHH RI NQRZOHGJH RI JRRG
DQG HYLO $QG VR MXVW DV KH VLQQHG E\ HDWLQJ ZKDW ZDV IRUELGGHQ KH
ZRXOG DOVR KDYH VLQQHG E\ QRW HDWLQJ ZKDW KDG EHHQ FRPPDQGHG
&KDSWHU ,) ,7 +$' 127 %((1 &200$1'(' 7+$7 +( ($7 2) 7+$7 75(( $1' +( +$' 0$'( 86( 2) 27+(5 75((6 $1' 127 2) 7+$7 21( :+(7+(5 +(
:28/' +$9( 7+( 32:(5 127 72 ',( %XW DW WKLV SRLQW LW LV DVNHG LI LW KDG
QRW EHHQ FRPPDQGHG WKDW KH HDW RI WKDW WUHH DQG KH KDG IHG RQ RWKHU WUHHV
DQG QRW RQ WKDW RQH ZRXOG KH KDYH WKH SRZHU QRW WR GLH" ,I KH OLYHG IRU
HYHU ZLWKRXW PDNLQJ XVH RI WKDW WUHH KLV SRZHU QRW WR GLH GLG QRW FRPH WR
KLP IURP WKDW WUHH EXW LI KH ZDV QRW DEOH WR OLYH IRUHYHU LW FDPH WR KLP
IURP WKDW WUHH
7+( 23,1,21 2) 620( :+2 6$< 7+$7 7+28*+ +( ',' 127 ($7 2) 7+$7 75(( +( +$' 7+( 32:(5 127 72 ',( 62 /21* $6 +( 0$'( 86( 2)
7+( 27+(56 6RPH VD\ WKDW LI KH KDG QRW EHHQ FRPPDQGHG WR QRXULVK
KLPVHOI IURP WKDW WUHH DQG KH IHG RQ WKH RWKHUV DQG QRW RQ WKDW RQH KH
ZRXOG OLYH IRUHYHU ,W LV LQ WKLV ZD\ WKDW WKH\ GHWHUPLQH ZKDW $XJXVWLQH
VDLG DERYH QDPHO\ ³:KLFK FDPH WR KLP IURP WKH WUHH RI OLIH QRW IURP
WKH FRQGLWLRQ RI QDWXUH´ WKDW LV DORQH DV LI WR VD\ LW GLG QRW FRPH WR
KLP IURP WKH FRQGLWLRQ RI QDWXUH DORQH EXW DOVR IURP WKDW WUHH
27+(56 $66(57 7+$7 7+( 32:(5 127 72 ',( $1' 72 /,9( )25(9(5
&$0( 72 +,0 )520 7+$7 75(( %XW LW VHHPV WR RWKHUV WKDW WKH SRZHU QRW
WR GLH FDPH WR KLP IURP WKH WUHH RI OLIH QRW IURP QDWXUH IRU WKDW LV ZK\
KH LV VDLG WR KDYH KDG WKH SRZHU QRW WR GLH EHFDXVH KH FRXOG KDYH PDGH
XVH RI WKDW WUHH DQG LI KH KDG HDWHQ RI LW KH ZRXOG QRW GLH
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
&I *HQ
$ERYH F Q
'LVWLQFWLRQ ;,;
&KDSWHU
48(67,21 2) $8*867,1( +2: :$6 0$1 0$'( ,00257$/ %XW FRQ
FHUQLQJ WKLV LPPRUWDOLW\ RI PDQ DQG ZKDW LW ZDV OLNH $XJXVWLQH LQ 2Q
*HQHVLV UDLVHV D TXHVWLRQ LQ WKH IROORZLQJ WHUPV ³,W LV DVNHG KRZ LQ FRQ
WUDVW ZLWK WKH RWKHU DQLPDOV PDQ ZDV PDGH LPPRUWDO DQG \HW KH VKDUHG
WKHLU FRPPRQ VXVWHQDQFH´
+( %(*,16 72 5(62/9( ,7 ³%XW WKH LPPRUWDOLW\ RI WKH IOHVK ZKLFK
ZH UHFHLYHG LQ $GDP LV RQH WKLQJ WKH RQH IRU ZKLFK ZH KRSH DW RXU UHVXU
UHFWLRQ WKURXJK &KULVW LV DQRWKHU 7KH IRUPHU ZDV PDGH DQ LPPRUWDO PDQ
LQ WKH VHQVH WKDW KH ZRXOG EH DEOH QRW WR GLH LI KH GLG QRW VLQ EXW ZRXOG
GLH LI KH VLQQHG WKH FKLOGUHQ RI WKH UHVXUUHFWLRQ KRZHYHU ZLOO QHLWKHU EH
DEOH WR VLQ DQ\ IXUWKHU QRU WR GLH 2XU IOHVK ZLOO QRW WKHQ QHHG WR EH UH
VWRUHG E\ IRRG EHFDXVH LW ZLOO EH LPSRVVLEOH IRU DQ\ GHILFLHQF\ WR RFFXU
$GDP¶V IOHVK ZDV FUHDWHG LPPRUWDO EHIRUH VLQ VR WKDW KHOSHG E\ QRXULVK
PHQW LW ZRXOG EH IUHH RI GHDWK DQG VXIIHULQJ 7KHUHIRUH PDQ¶V IOHVK ZDV
PDGH LPPRUWDO DQG LQFRUUXSWLEOH VR WKDW LW ZRXOG NHHS LWV LPPRUWDOLW\ DQG
LQFRUUXSWLELOLW\ E\ REVHUYLQJ RI *RG¶V PDQGDWHV 127( 7+$7 ,1 7+(
&200$1'6 *,9(1 %< *2' 72 7+( ),567 0$1 ,7 :$6 $/62 &217$,1('
7+$7 +( ($7 2) $// 7+( 75((6 27+(5 7+$1 7+( 75(( 2) 7+( .12:/
('*( 2) *22' $1' (9,/ ,Q WKHVH PDQGDWHV LW ZDV FRQWDLQHG WKDW KH HDW
RI WKH WUHHV ZKLFK ZHUH DOORZHG WR KLP DQG DEVWDLQ IURP WKH RQH WKDW ZDV
IRUELGGHQ %\ HDWLQJ RI WKHVH KH ZRXOG KDYH SUHVHUYHG WKH JLIWV RI LP
PRUWDOLW\ XQWLO E\ WKH SURFHVVHV RI FKDQJH SURSHU WR ERGLHV KH ZRXOG
KDYH UHDFKHG WKH DJH ZKLFK PLJKW KDYH SOHDVHG WKH &UHDWRU >DQG@ DIWHU
WKH JHQHUDWLRQ RI RIIVSULQJ DW *RG¶V FRPPDQG KH ZRXOG WKHQ KDYH HDWHQ
RI WKH WUHH RI OLIH DQG PDGH SHUIHFWO\ LPPRUWDO E\ LW KH ZRXOG QR ORQJHU
KDYH UHTXLUHG WKH QRXULVKPHQW RI IRRG´
+( %5,()/< 6800$5,=(6 7+( 0($1,1* 2) 7+( $%29( :25'6 6HH
E\ WKHVH ZRUGV $XJXVWLQH DSSHDUV WR WHDFK WKDW WKH IOHVK RI WKH ILUVW PDQ
KDG LPPRUWDOLW\ LQ LW ZKLFK E\ WKH QRXULVKPHQW RI IRRG ZRXOG KDYH EHHQ
SUHVHUYHG XQWLO WKH WLPH RI KLV WUDQVIHU WR D EHWWHU FRQGLWLRQ ZKHQ KH
ZRXOG KDYH HDWHQ RI WKH WUHH RI OLIH DQG ZRXOG KDYH EHHQ PDGH HQWLUHO\
LPPRUWDO VR WKDW KH ZRXOG QRW EH DEOH WR GLH
7+$7 )520 7+( )25(*2,1* ,7 6((06 72 )2//2: 7+$7 0$1 :$6 ,1 620( :$< ,00257$/ )520 7+( &21',7,21 2) +,6 1$785( %87 +(
:28/' 127 +$9( %(&20( (17,5(/< ,00257$/ (;&(37 %< 3$57$.,1*
2) 7+( 75(( 2) /,)( $QG VR VRPH VD\ WKDW KH KDG LPPRUWDOLW\ IURP
QDWXUH E\ ZKLFK KH ZDV DEOH QRW WR GLH DQG KH ZDV DEOH WR SUHVHUYH LW E\
HDWLQJ RI WKH RWKHU WUHHV EXW LW FRXOG QRW KDYH EHHQ SHUIHFWHG H[FHSW E\
WDNLQJ RI WKH WUHH RI OLIH²7KLV DSSHDUV WR EH $XJXVWLQH¶V VHQVH ZKR
5DWKHU %HGH /LEUL TXDWXRU LQ SULQFLSLXP *HQHVLV
,ELG
7+( 6(17(1&(6 %22.
VD\V LQ 2Q *HQHVLV ³, DOVR DGG WKLV WKDW WKDW WUHH IXUQLVKHG VXFK D IRRG
E\ ZKLFK WKH ERG\ RI PDQ ZRXOG KDYH EHHQ VWUHQJWKHQHG LQ XQZDYHULQJ
JRRG KHDOWK QRW DV IURP RWKHU IRRG EXW E\ VRPH KLGGHQ LQIXVLRQ RI
KHDOWKIXOQHVV´ +HUH KH VHHPV WR LQGLFDWH WKDW WKH ERG\ FRXOG KDYH EHHQ
VXVWDLQHG ZLWK RWKHU IRRGV EXW ZLWK WKLV IRRG LW ZRXOG KDYH EHHQ FRQ
ILUPHG LQ XQIDLOLQJ JRRG KHDOWK²)URP WKLV LW VHHPV WR IROORZ WKDW MXVW
DV KH KDG VRPH PRUWDOLW\ LQ KLV QDWXUH QDPHO\ WKH FDSDFLW\ WR GLH VR KH
KDG VRPH LPPRUWDOLW\ LQ KLV QDWXUH WKDW LV D FDSDFLW\ E\ ZKLFK KH ZDV
DEOH QRW WR GLH KHOSHG E\ IRRGV EXW LI KH KDG VWRRG ILUP WKH SHUIHFWLRQ
RI LPPRUWDOLW\ ZRXOG KDYH EHHQ JLYHQ WR KLP IURP WKH WUHH RI OLIH
%XW OHW WKRVH ZKR WHDFK WKLV LQTXLUH GLOLJHQWO\ KRZ $XJXVWLQH¶V
ZRUGV DERYH E\ ZKLFK KH VD\V WKDW PDQ ZDV LPPRUWDO IURP WKH WUHH RI
OLIH GR QRW LQ FRQWUDGLFW WKHLU YLHZ
',67,1&7,21 ;; &KDSWHU 21 7+( 0$11(5 2) 352&5($7,1* &+,/'5(1 ,) >285 ),567 3$5(176@
+$' 127 6,11(' $1' :+$7 .,1' 2) &+,/'5(1 :28/' +$9( %((1 %251
$IWHU WKHVH PDWWHUV LW LV WR EH VHHQ KRZ RXU ILUVW SDUHQWV LI WKH\ KDG QRW
VLQQHG ZRXOG KDYH SURFUHDWHG FKLOGUHQ DQG ZKDW NLQG RI FKLOGUHQ ZRXOG
KDYH EHHQ ERUQ
7+( 23,1,21 2) 620( :+2 6$< 7+$7 7+( ),567 +80$16 ,1 3$5$ ',6( :28/' 127 +$9( %((1 $%/( 72 -2,1 6(;8$//< %()25( 6,1² $8
*867,1( 21 *(1(6,6 6RPH KROG WKDW WKH ILUVW KXPDQV LQ SDUDGLVH ZRXOG
QRW KDYH EHHQ DEOH WR MRLQ VH[XDOO\ IRU WKH SURFUHDWLRQ RI FKLOGUHQ H[FHSW
DIWHU VLQ VLQFH WKH\ VD\ WKDW VH[XDO LQWHUFRXUVH FDQQRW RFFXU ZLWKRXW FRU
UXSWLRQ RU VWDLQ %XW WKHUH FRXOG EH QHLWKHU FRUUXSWLRQ QRU VWDLQ LQ KXPDQ
NLQG EHIRUH VLQ EHFDXVH WKHVH WKLQJV ZHUH WKH FRQVHTXHQFH RI VLQ
5(63216( $*$,167 7+(,5 23,1,21 :+(5( ,7 ,6 6$,' 7+$7 ,) 7+(< +$' 127 6,11(' 7+(< :28/' +$9( &20( 72*(7+(5 :,7+287 6,1 $1'
7+( %851,1* 2) /867 -867 $6 12: +$1' ,6 -2,1(' 72 +$1' :,7+287
3585,(1&( 7R WKLV LW LV WR EH VDLG WKDW LI WKH ILUVW KXPDQV KDG QRW VLQQHG
WKH\ ZRXOG KDYH FRPH WRJHWKHU LQ FDUQDO FRXSOLQJ LQ SDUDGLVH ZLWKRXW DQ\
VLQ DQG VWDLQ DQG WKHUH ZRXOG EH D PDUULDJH EHG ZLWKRXW VWDLQ WKHUH DQG
D FRPPLQJOLQJ ZLWKRXW FRQFXSLVFHQFH DQG WKH\ ZRXOG H[HUFLVH WKH VDPH
FRQWURO RYHU WKHLU JHQLWDOV DV RYHU WKHLU RWKHU PHPEHUV VR WKDW WKH\ ZRXOG
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$ERYH F Q
&I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF
&I +HEU
'LVWLQFWLRQ ;;
IHHO QR XQODZIXO PRWLRQ WKHUH $QG DV ZH PRYH VRPH PHPEHUV RI WKH
ERG\ WRZDUG VRPH RWKHUV DV WKH KDQG WR WKH PRXWK ZLWKRXW WKH EXUQLQJ
RI OXVW VR WKH\ ZRXOG XVH WKHLU JHQLWDO PHPEHUV ZLWKRXW DQ\ SUXULHQFH RI
WKH IOHVK )RU WKLV ³OHWKDO LOOQHVV´ LQKHUHG LQ KXPDQ PHPEHUV IURP VLQ
$QG VR WKH\ ZRXOG KDYH EHJRWWHQ FKLOGUHQ LQ SDUDGLVH WKURXJK D VSRWOHVV
MRLQLQJ IUHH RI FRUUXSWLRQ²+HQFH $XJXVWLQH LQ 2Q *HQHVLV ³:K\ PD\
ZH QRW EHOLHYH WKDW WKH ILUVW KXPDQV EHIRUH VLQ ZRXOG KDYH EHHQ DEOH WR
FRPPDQG WKHLU JHQLWDO PHPEHUV IRU SURFUHDWLRQ MXVW DV WKH\ GLG WKHLU
RWKHU PHPEHUV LQ DQ\ DFWLYLW\ ZLWKRXW WKH SUXULHQFH RI VHQVXDOLW\" )RU LW
LV QRW LQFUHGLEOH WKDW *RG PDGH WKRVH ERGLHV VXFK WKDW LI WKH\ KDG QRW
VLQQHG WKH\ ZRXOG KDYH FRPPDQGHG WKRVH PHPEHUV DV WKH\ GLG WKHLU IHHW
DQG WKH\ ZRXOG QHLWKHU KDYH VRZHG ZLWK DUGRU QRU JLYHQ ELUWK ZLWK SDLQ
%XW DIWHU VLQ WKH\ GHVHUYHG WKDW PRYHPHQW >RI WKH IOHVK@ ZKLFK PDUULDJH
UHJXODWHV DQG FRQWLQHQFH VXSSUHVVHV´ ³)RU WKH LQILUPLW\ ZKLFK WHQGV
WRZDUG D VKDPHIXO UXLQ LV UHOLHYHG E\ WKH GHFHQF\ RI PDUULDJH DQG ZKDW
ZRXOG KDYH EHHQ D SURSHU IXQFWLRQ WR WKH KHDOWK\ KDV EHFRPH D UHPHG\ WR
WKH VLFN´ ³$IWHU EHLQJ FDVW RXW RI SDUDGLVH WKH\ FDPH WRJHWKHU DQG EHJRW
RIIVSULQJ EXW LW ZDV SRVVLEOH IRU WKHP WR KDYH KRQRXUDEOH QXSWLDOV LQ
SDUDGLVH DQG D PDUULDJH EHG ZLWKRXW VWDLQ ZLWKRXW WKH EXUQLQJ RI OXVW
ZLWKRXW WKH ODERXU RI FKLOGELUWK´
&KDSWHU :+< 7+(< ',' 127 +$9( 6(;8$/ ,17(5&2856( ,1 3$5$',6(²+( 5(
62/9(6 ,7 ,1 7:2 :$<6²$8*867,1( ,1 21 *(1(6,6 ³$QG VR ZK\ GLG
WKH\ QRW KDYH VH[XDO LQWHUFRXUVH LQ SDUDGLVH" %HFDXVH WKHLU WUDQVJUHVVLRQ
RFFXUUHG LPPHGLDWHO\ DIWHU WKH FUHDWLRQ RI ZRPDQ DQG WKH\ ZHUH FDVW RXW
RI SDUDGLVH 2U EHFDXVH *RG KDG QRW \HW RUGHUHG WKHP WR KDYH LQWHUFRXUVH
DQG GLYLQH DXWKRUL]DWLRQ PLJKW ZHOO KDYH EHHQ DZDLWHG ZKHUH FRQFXSL
VFHQFH GLG QRW \HW FDXVH DQJXLVK %XW *RG KDG QRW \HW FRPPDQGHG WKHP
EHFDXVH KH IRUHNQHZ WKDW WKRVH IURP ZKRP WKH KXPDQ UDFH ZRXOG EH
SURSDJDWHG ZRXOG IDOO´ 6HH \RX KDYH KHUH H[SUHVVO\ WKH PDQQHU RI
SURSDJDWLQJ FKLOGUHQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
,ELG EN F Q
&I +HEU
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
&KDSWHU 21 7+( (1' 2) 7+$7 ,1)(5,25 /,)( :+(7+(5 7+(< :28/' +$9( %((1 75$16)(55(' ,1 68&&(66,21 $)7(5 7+( %(*(77,1* 2) &+,/'5(1 25 $//
$7 21&( %XW DV WR WKH HQG RI WLPH DW ZKLFK WKH\ ZRXOG KDYH EHHQ WUDQV
IHUUHG WR D VSLULWXDO DQG FHOHVWLDO OLIH 6FULSWXUH GRHV QRW WHDFK DQ\WKLQJ
FHUWDLQ $QG VR LW LV XQFHUWDLQ ZKHWKHU SDUHQWV DIWHU WKH EHJHWWLQJ RI
FKLOGUHQ DQG WKH IXOILOPHQW RI WKH MXVW UHTXLUHPHQWV RI WKHLU KXPDQ RIILFH
ZRXOG KDYH EHHQ WUDQVIHUUHG WR D EHWWHU VWDWH QRW E\ GHDWK EXW E\ VRPH
FKDQJH 2U ZRXOG IDWKHUV UHPDLQ LQ VRPH VWDWH RI OLIH PDNLQJ XVH RI WKH
WUHH RI OLIH XQWLO WKHLU FKLOGUHQ UHDFKHG WKH VDPH VWDWH DQG ZKHQ WKH QXP
EHU ZDV FRPSOHWH DOO ZRXOG KDYH EHHQ WUDQVIHUUHG WRJHWKHU WR EHWWHU
WKLQJV LQ RUGHU WR EH DV WKH DQJHOV RI *RG LQ WKH KHDYHQ
&RQFHUQLQJ WKLV $XJXVWLQH LQ 2Q *HQHVLV SURYLGHV DQ DPELJXRXV
GLVFXVVLRQ VWDWLQJ DV IROORZV ³7KH ILUVW KXPDQV ZHUH DEOH WR EHJHW FKLOG
UHQ LQ SDUDGLVH QRW VR WKDW WKH FKLOGUHQ VKRXOG VXFFHHG WR WKHLU G\LQJ
SDUHQWV EXW WKDW ZKLOH WKHVH UHPDLQHG LQ VRPH VWDWH RI PDWXULW\ DQG UH
FHLYHG YLJRXU IURP WKH WUHH RI OLIH WKHLU FKLOGUHQ VKRXOG DOVR UHDFK WKH
VDPH VWDWH XQWLO WKH QXPEHU >RI PHQ@ ZDV IXOILOOHG 7KHQ ZLWKRXW GHDWK
WKHLU DQLPDO ERGLHV ZRXOG KDYH SDVVHG LQWR DQRWKHU TXDOLW\ LQ ZKLFK WKH\
ZRXOG KDYH EHHQ HQWLUHO\ VXEMHFW WR WKH VSLULW UXOLQJ WKHP DQG WKH\ ZRXOG
KDYH EHHQ NHSW DOLYH E\ WKH VSLULW DORQH DQG ZRXOG KDYH OLYHG ZLWKRXW
ERGLO\ VXVWHQDQFH´ 2U ³WKH SDUHQWV ZHUH DEOH WR JLYH ZD\ WR WKHLU FKLOG
UHQ VR WKDW WKHLU QXPEHU VKRXOG EH ILOOHG E\ VXFFHVVLRQV $IWHU WKH EHJHW
WLQJ RI FKLOGUHQ DQG WKH IXOILOPHQW RI WKH MXVW UHTXLUHPHQWV RI WKHLU KXPDQ
GXW\ WKH\ ZRXOG KDYH EHHQ WUDQVIHUUHG WR D EHWWHU VWDWH QRW E\ GHDWK EXW
E\ VRPH FKDQJH´²6HH ZH KDYH KHUH D GLVFXVVLRQ RI WKH WUDQVLW RI PHQ
WR EHWWHU WKLQJV EXW ZH DUH OHIW XQFHUWDLQ DV WR ZKHWKHU WKH\ ZRXOG DOO EH
WUDQVIHUUHG DW RQFH RU WKURXJK VXFFHVVLRQV
&KDSWHU :+$7 .,1' 2) &+,/'5(1 7+(< :28/' +$9( 352&5($7(' :+(7+(5 $6 +$9,1* 7+(,5 )8// +(,*+7 $1' 7+( 86( 2) 7+(,5 0(0%(56 $6 7+(
),567 0$1 :$6 (67$%/,6+(' %XW LI LW LV DVNHG ZKDW NLQG RI FKLOGUHQ PDQ
ZRXOG KDYH EHJRWWHQ LI KH KDG QRW VLQQHG QDPHO\ ZKHWKHU MXVW DV WKH
ILUVW PDQ KLPVHOI DV VRRQ DV KH ZDV PDGH ZDV IXOO\ JURZQ ZLWK UHVSHFW
WR KLV KHLJKW DQG WKH XVH RI PHPEHUV VR DOVR KLV FKLOGUHQ ZRXOG KDYH
EHHQ IXOO\ JURZQ DW WKH YHU\ PRPHQW RI WKHLU ELUWK VR DV WR EH DEOH WR
ZDON DQG VSHDN DQG GR DOO RWKHU WKLQJV LW PD\ EH DQVZHUHG WKDW LW ZDV
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;;
UHTXLUHG WKDW WKH FKLOGUHQ EH ERUQ VPDOO EHFDXVH RI WKH QHHGV RI WKH PD
WHUQDO ZRPE
5(63216( ,1 :+,&+ $)7(5 326,7,1* 21( 7+,1* :,7+287 $0%,*8
,7< +( $''6 $ 7+5(()2/' ',67,1&7,21 %XW ZH GR QRW KDYH D GHILQLWLYH
DQVZHU IURP RXU DXWKRUV DV WR ZKHWKHU WKH\ ZRXOG KDYH KDG IXOOQHVV RI
JURZWK DQG WKH XVH RI WKHLU PHPEHUV DV VRRQ DV WKH\ ZHUH ERUQ RU
ZKHWKHU WKH\ ZRXOG KDYH EHHQ DEOH WR XVH WKH IXQFWLRQV RI WKHLU PHPEHUV
HYHQ ZKHQ VPDOO DQG DW D \RXQJHU DJH >WKDQ QRZ@ RU ZKHWKHU WKH\ ZRXOG
KDYH UHFHLYHG IXOOQHVV RI JURZWK DQG XVH RI WKHLU PHPEHUV RYHU LQWHUYDOV
RI WLPH LQ WKH VDPH ZD\ DV KDSSHQV QRZ
+( &,7(6 7+( $0%,*8286 :25'6 2) $8*867,1( :+(5( 7+( /$7 7(5 1(9(57+(/(66 $33($56 72 68**(67 7+$7 &+,/'5(1 $1' ,1)$176
:28/' +$9( %((1 $%/( 72 86( 7+( )81&7,216 2) 7+(,5 0(0%(56
$XJXVWLQH VSHDNV DPELJXRXVO\ FRQFHUQLQJ WKLV PDWWHU DV ZHOO VD\LQJ
³:H DUH WURXEOHG E\ WKH TXHVWLRQ RI ZKHWKHU LI WKH ILUVW KXPDQV KDG QRW
VLQQHG WKH\ ZRXOG KDYH KDG VXFK FKLOGUHQ DV ZRXOG QRW KDYH XVH RI HLWKHU
WRQJXH RU KDQGV ,QGHHG EHFDXVH RI WKH QHHG RI WKH ZRPE LW ZDV SHUKDSV
QHFHVVDU\ WKDW WKH\ EH ERUQ VPDOO %XW HYHQ WKRXJK D ULE LV D YHU\ VPDOO
SDUW RI D PDQ¶V ERG\ \HW LW GLG QRW IROORZ IURP WKLV WKDW *RG PDGH D
VPDOO VSRXVH IRU WKH PDQ DQG VR WKH RPQLSRWHQFH RI WKH &UHDWRU FRXOG
DOVR KDYH PDGH WKH PDQ¶V FKLOGUHQ WR JURZ XS DV VRRQ DV WKH\ ZHUH ERUQ
%XW VHWWLQJ WKLV DVLGH KH FRXOG VXUHO\ JUDQW WR WKHP ZKDW KH KDV JUDQWHG
WR PDQ\ DQLPDOV ZKRVH \RXQJ DOWKRXJK WKH\ DUH VPDOO \HW UXQ DQG IRO
ORZ WKHLU PRWKHUV DV VRRQ DV WKH\ DUH ERUQ 2Q WKH FRQWUDU\ D QHZO\ERUQ
KXPDQ DW ELUWK KDV QHLWKHU IHHW ILW IRU ZDONLQJ QRU HYHQ KDQGV DEOH WR
VFUDWFK DQG HYHQ LI WKH PRWKHU¶V EUHDVW LV SODFHG QHDU WKHP WKH QHZERUQ
DUH PRUH DEOH WR FU\ LQ WKHLU KXQJHU WKDQ WR VXFN 7KLV LQILUPLW\ RI WKH
IOHVK LV SURSHUO\ FRQJUXHQW ZLWK WKH ZHDNQHVV RI WKHLU PLQG´ %\ WKHVH
ZRUGV LW VHHPV WR EH LPSOLHG WKDW FKLOGUHQ HYHQ OLWWOH RQHV ZRXOG KDYH
EHHQ DEOH WR PDNH XVH RI WKHLU PHPEHUV
127 $%685'/< ,7 +$6 3/($6(' 620( >72 7+,1.@ 7+$7 &+,/'5(1 :28/' +$9( %((1 %251 60$// $1' 0$.( 352*5(66 $6 7+(< '2 12:
,1 67$785( $1' 27+(5 7+,1*6 :,7+ 7+( 3$66$*( 2) 7,0( $1' 7+$7
7+,6 0867 127 %( $&&2817(' $ '()(&7 %XW VLQFH $XJXVWLQH GRHV QRW
ILUPO\ DVVHUW DQ\WKLQJ FRQFHUQLQJ WKHVH PDWWHUV LW KDV QRW XQUHDVRQDEO\
SOHDVHG VRPH WKDW WKH FKLOGUHQ RI WKH ILUVW SDUHQWV ZRXOG KDYH EHHQ ERUQ
VPDOO $IWHUZDUGV DW LQWHUYDOV RI WLPH E\ WKH VDPH ODZ E\ ZKLFK ZH GLV
FHUQ KXPDQ ELUWK WR EH UHJXODWHG HYHQ QRZ WKH\ ZRXOG KDYH UHFHLYHG
JURZWK LQ VWDWXUH DQG WKH XVH RI WKHLU PHPEHUV DQG ZRXOG KDYH WR DZDLW
WKH DJH DW ZKLFK WKH\ FRXOG ZDON DQG VSHDN DV LV QRZ WKH FDVH ZLWK XV
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
7+( 6(17(1&(6 %22.
7KLV ZRXOG QRW DW DOO EH DWWULEXWHG WR D GHIHFW EXW WR WKH FRQGLWLRQ RI
QDWXUH LQ WKH VDPH ZD\ WKH\ ZHUH QRW DEOH WR DEVWDLQ HQWLUHO\ IURP IRRG
DQG \HW WKLV ZDV QRW IURP D GHIHFW EXW IURP WKHLU QDWXUDO FRQGLWLRQ
7+( 2%-(&7,21 2) 620( :+2 :,6+ 72 3529( 7+$7 7+(< &28/'
/,9( :,7+287 6867(1$1&( %XW WKH IROORZLQJ REMHFWLRQ LV PDGH WR WKLV
,I WKH\ GLG QRW VLQ WKH\ ZRXOG QRW GLH EXW WKH\ ZRXOG QRW VLQ LI WKH\ GLG
QRW HDW DQG VR WKH\ FRXOG OLYH ZLWKRXW VXVWHQDQFH²5(63216( %XW DV
ZH VDLG DERYH WKH\ ZRXOG KDYH VLQQHG QRW RQO\ LI WKH\ DWH RI WKH IRUELG
GHQ WUHH EXW DOVR LI WKH\ GLG QRW PDNH XVH RI ZKDW KDG EHHQ DOORZHG
WKHP IRU MXVW DV WKH\ KDG EHHQ FRPPDQGHG QRW WR IHHG RQ WKDW WUHH
WKH\ KDG DOVR EHHQ FRPPDQGHG WR IHHG RQ WKH RWKHUV²7+( 5($621
:+< 7+(< :28/' 6,1 ,) 7+(< ',' 127 0$.( 86( 2) 7+( 75((6 7+$7
:(5( $//2:(' 0RUHRYHU WKH\ ZRXOG EH DFWLQJ DJDLQVW QDWXUDO UHDVRQ
E\ ZKLFK WKH\ XQGHUVWRRG WKDW WKH\ ZHUH WR HDW RI WKRVH WUHHV DQG WKH\
DOVR GHVLUHG WKLV QDWXUDOO\
$127+(5 2%-(&7,21 &21&(51,1* 7+( 6$0( $Q REMHFWLRQ LV DOVR
PDGH DV IROORZV 6LQFH KXQJHU LV D SXQLVKPHQW RI VLQ LI WKH\ ZHUH QRW WR
VLQ WKH\ ZRXOG QRW IHHO KXQJHU EXW ZLWKRXW KXQJHU LW VHHPV VXSHUIOXRXV
WR HDW KHQFH VRPH KROG WKDW WKH\ ZRXOG QRW KDYH QHHGHG IRRG EHIRUH VLQ
EHFDXVH WKH\ FRXOG QRW EH KXQJU\ LI WKH\ KDG QRW VLQQHG²5(63216( 7R
WKLV LW PD\ EH VDLG WKDW KXQJHU WUXO\ LV D GHIHFW DQG D SXQLVKPHQW RI VLQ
IRU LW LV DQ LPPRGHUDWH DSSHWLWH IRU HDWLQJ WR ZKLFK PDQ ZRXOG QRW KDYH
EHHQ VXEMHFW LI KH KDG QRW VLQQHG %XW ZLWKRXW D GRXEW KH ZRXOG VLQ LI KH
GLG QRW IRUHVWDOO WKLV GHIHFW ZLWK IRRG )RU KH KDG D QDWXUDO DQG PRGHUDWH
DSSHWLWH ZKLFK KH ZDV WR VDWLVI\ VR DV QRW WR IHHO WKH GHIHFW RI KXQJHU
-867 $6 ,7 :$6 127 7+( 5(68/7 2) $ '()(&7 7+$7 +( 1(('(' )22'
%()25( 6,1 62 ,7 :28/' 127 %( 7+( 5(68/7 2) $ '()(&7 ,) +,6 &+,/'
5(1 :(5( 72 %( %251 127 <(7 )8//< *52:1 $1' :(5( 7+(1 72 0$.(
352*5(66 ,1 7+$7 $1' ,1 27+(5 7+,1*6 $QG VR LW ZDV QRW WKH UHVXOW RI
D GHIHFW EXW IURP WKH FRQGLWLRQ RI QDWXUH WKDW PDQ QHHGHG IRRG EHIRUH
VLQ 6LPLODUO\ LW ZRXOG QRW EH IURP D GHIHFW EXW IURP QDWXUH LI WKH FRQ
GLWLRQ RI PDQ DIWHU KDYLQJ VWDUWHG RXW IXOO\ JURZQ DW LWV EHJLQQLQJ WKDW
LV LQ WKH ILUVW SDUHQW VKRXOG LQ VXEVHTXHQW SURSDJDWLRQ PDNH SURJUHVV
IURP OHVVHU WR JUHDWHU WKLQJV QDPHO\ WKDW LW VKRXOG UHFHLYH LQFUHDVH RI
ERGLO\ VWDWXUH DQG WKH XVH RI PHPEHUV DW LQWHUYDOV RI WLPH
&KDSWHU :+(7+(5 $6 ,1 %2',/< 67$785( 62 7+(< :28/' %( %251 60$// $/62 ,1 6(16( 2) 0,1' $1' :,7+ 7+( 3$66$*( 2) 7,0( :28/' 352*
5(66 ,1 6(16( $1' .12:/('*( 2) 7587+ 25 :28/' 7+(< %( )8//< 'LVW F Q
'LVWLQFWLRQ ;;
'(9(/23(' ,1 7+(6( 7+,1*6 $6 6221 $6 7+(< :(5( %251 $QG VLQFH LW
LV QRW DEVXUG RU XQVXLWDEOH WR KROG WKLV YLHZ FRQFHUQLQJ WKH KXPDQ ERG\
LW LV XVXDO WR DVN ZKHWKHU WKH VDPH LV WR EH WKRXJKW FRQFHUQLQJ WKH VHQVH
RI WKH VRXO DQG WKH NQRZOHGJH RI WUXWK 1DPHO\ ZRXOG WKRVH ZKR ZRXOG
KDYH EHHQ ERUQ ZLWKRXW VLQ EH LPSHUIHFW LQ VHQVH DQG LQWHOOLJHQFH RI
PLQG DQG ZLWK WKH SDVVDJH RI WLPH SURJUHVV WR SHUIHFWLRQ LQ WKHVH WKLQJV
RU ZRXOG WKH\ UHFHLYH SHUIHFWLRQ RI VHQVH DQG NQRZOHGJH DV VRRQ DV WKH\
ZHUH HVWDEOLVKHG
5(63216( :+(5( +( 6$<6 7+$7 ,7 6((06 62 72 620( 1$0(/<
7+$7 7+(< :28/' 352*5(66 ,1 7+(6( $6 ,1 27+(5 7+,1*6 7KRVH ZKR
WKLQN WKDW DIWHU EHLQJ ERUQ VPDOO LQ ERGLO\ VWDWXUH DQG LQ WKH XVH RI WKHLU
PHPEHUV WKH\ ZRXOG SURJUHVV ZLWK WKH SDVVDJH RI WLPH GR QRW GHQ\ WKDW
WKH\ ZRXOG DOVR EH LPSHUIHFW LQ VHQVH DW WKH PRPHQW RI WKHLU ELUWK DQG
RYHU WLPH WKH\ ZRXOG PDNH SURJUHVV LQ VHQVH DQG NQRZOHGJH XQWLO WKH\
UHDFKHG SHUIHFWLRQ
620( 0$.( 2%-(&7,21 72 7+(,5 9,(: 6RPH PDNH REMHFWLRQ WR WKLV
VD\LQJ ,I WKH\ GLG QRW KDYH SHUIHFWLRQ RI VHQVH DQG LQWHOOLJHQFH DV VRRQ DV
WKH\ ZHUH ERUQ WKHUH ZRXOG EH LJQRUDQFH LQ WKHP EXW LJQRUDQFH LV D
SXQLVKPHQW RI VLQ²%XW WKRVH ZKR VD\ WKLV GR QRW VXIILFLHQWO\ FRQVLGHU
WKDW QRW HYHU\RQH ZKR GRHV QRW NQRZ VRPHWKLQJ RU ZKR NQRZV VRPH
WKLQJ OHVV WKDQ SHUIHFWO\ LV LPPHGLDWHO\ WR EH VDLG WR KDYH LJQRUDQFH RU WR
EH LQ LJQRUDQFH
+2: ,*125$1&( ,6 6$,' 72 %( ,1 620(21( %HFDXVH LW LV QRW FDOOHG
LJQRUDQFH XQOHVV ZKHQ ZKDW LV QRW NQRZQ LV WKDW ZKLFK PXVW EH NQRZQ
DQG ZKLFK RQH RXJKW QRW WR EH LJQRUDQW RI $QG VXFK DQ LJQRUDQFH LV D
SXQLVKPHQW RI VLQ VLQFH WKH PLQG LV GDUNHQHG E\ YLFH VR WKDW LW LV QRW DEOH
WR NQRZ WKH WKLQJV ZKLFK LW RXJKW WR NQRZ
&KDSWHU 21 7+( 75$16)(5 2) +80$1.,1' 72 $ %(77(5 67$7( $1' 21 7+(
7:2 *22'6 7+( 21( *,9(1 +(5( $1' 7+( 27+(5 3520,6(' 6XFK ZDV
PDQ¶V HVWDEOLVKPHQW EHIRUH VLQ DFFRUGLQJ WR WKH FRQGLWLRQ RI KLV ERG\
%XW IURP WKLV VWDWH KH ZDV WR EH WUDQVIHUUHG ZLWK KLV HQWLUH SRVWHULW\ WR D
EHWWHU DQG ZRUWKLHU VWDWH ZKHUH KH ZRXOG HQMR\ WKH KHDYHQO\ DQG HWHUQDO
JRRG ZKLFK KDG EHHQ SUHSDUHG IRU KLP LQ WKH KHDYHQV²)RU MXVW DV PDQ
LV FRPSRVHG RI D GRXEOH QDWXUH VR WKH &UHDWRU SUHSDUHG IRU KLP WZR
JRRGV IURP WKH EHJLQQLQJ RQH WHPSRUDO WKH RWKHU HWHUQDO RQH YLVLEOH
WKH RWKHU LQYLVLEOH RQH IRU WKH IOHVK WKH RWKHU IRU WKH VSLULW $QG EHFDXVH
WKDW ZKLFK LV DQLPDO LV ILUVW DQG DIWHUZDUGV WKDW ZKLFK LV VSLULWXDO KH
&RU
7+( 6(17(1&(6 %22.
JDYH WKH WHPSRUDO DQG YLVLEOH JRRG ILUVW EXW KH SURPLVHG WKH LQYLVLEOH
DQG HWHUQDO RQH DQG PDGH LW NQRZQ WKDW LW ZDV WR EH VRXJKW E\ PHULWV
7+$7 *2' *$9( 72 0$1 1$785$/ 5($621 $1' $ &200$1' 62
7+$7 +( 0,*+7 35(6(59( 7+( *22' :+,&+ +( +$' 5(&(,9(' $1' %(
&20( :257+< 2) 7+$7 :+,&+ +( +$' %((1 3520,6(' 7R SUHVHUYH ZKDW
KH KDG JLYHQ DQG IRU WKH GHVHUYLQJ RI ZKDW KH KDG SURPLVHG *RG DGGHG
WKH FRPPDQG RI REHGLHQFH WR WKH QDWXUDO UHDVRQ WKDW KDG EHHQ SODFHG LQ
WKH VRXO RI PDQ DW FUHDWLRQ E\ ZKLFK KH ZDV DEOH WR GLVFHUQ EHWZHHQ
JRRG DQG HYLO %\ REVHUYLQJ WKLV FRPPDQG PDQ ZRXOG QRW ORVH ZKDW KH
KDG EHHQ JLYHQ DQG ZRXOG REWDLQ ZKDW KDG EHHQ SURPLVHG VR WKDW KH
PLJKW FRPH WR KLV UHZDUG WKURXJK PHULW
',67,1&7,21 ;;, &KDSWHU 21 7+( '(9,/¶6 (19< %< :+,&+ +( &$0( 72 7(037 +80$1.,1'
$QG VR WKH GHYLO VHHLQJ WKDW KXPDQ EHLQJV ZHUH DEOH WR DVFHQG E\ WKH
KXPLOLW\ RI REHGLHQFH WR WKDW IURP ZKLFK KH KDG IDOOHQ WKURXJK SULGH HQ
YLHG WKHP +H ZKR WKURXJK SULGH KDG SUHYLRXVO\ EHFRPH WKH GHYLO WKDW
LV WKH RQH ZKR KDV IDOOHQ EHORZ E\ WKH MHDORXV\ RI HQY\ ZDV PDGH VDWDQ
WKDW LV WKH DGYHUVDU\
:+< +( &$0( 72 7+( :20$1 ),567 $QG VR KH WHPSWHG WKH ZRPDQ
LQ ZKRP KH NQHZ WKDW UHDVRQ ZDV OHVV YLJRURXV WKDQ LQ WKH PDQ )RU KLV
ZLFNHGQHVV IHDUIXO RI WHPSWLQJ YLUWXH DWWDFNHG KXPDQ QDWXUH LQ WKDW SDUW
ZKHUH LW VHHPHG ZHDNHU VR WKDW LI KH VKRXOG SUHYDLO WKHUH WR VRPH H[WHQW
KH PLJKW DIWHUZDUGV SURFHHG ZLWK JUHDWHU FRQILGHQFH WR DWWDFN RU UDWKHU
WR VXEYHUW WKH RWKHU DQG VWURQJHU RQH $QG VR KH ILUVW VRXJKW RXW WKH
ZRPDQ DORQH VR WKDW KH PLJKW ILUVW H[HUFLVH WKH IXOO SRZHU RI KLV WHPS
WDWLRQ XSRQ KHU
&KDSWHU
:+< +( &$0( ,1 $ )250 27+(5 7+$1 +,6 2:1 %XW EHFDXVH KH FRXOG
QRW KDUP KHU E\ YLROHQFH KH WXUQHG WR GHFHLW VR WKDW KH PLJKW RYHUWKURZ
KHU E\ IUDXG ZKRP KH FRXOG QRW RYHUFRPH E\ SRZHU %XW OHVW KLV GHFHS
WLRQ VKRXOG EHFRPH WRR DSSDUHQW KH GLG QRW FRPH LQ KLV RZQ IRUP OHVW
KH VKRXOG EH FOHDUO\ UHFRJQL]HG DQG VR UHMHFWHG 2Q WKH RWKHU KDQG OHVW
KLV GHFHLW EH VR H[FHVVLYHO\ KLGGHQ WKDW LW ZRXOG EH LPSRVVLEOH WR JXDUG
DJDLQVW DQG KXPDQNLQG ZRXOG DOVR VHHP WR VXIIHU D ZURQJ LI *RG DOORZHG
LW WR EH WULFNHG LQ VXFK D ZD\ WKDW LW ZRXOG QRW EH DEOH WR WDNH DQ\ SUHFDX
6HH DERYH GLVW F Q
'LVWLQFWLRQ ;;,
WLRQV WKH GHYLO ZDV DOORZHG WR FRPH LQ DQRWKHU¶V IRUP EXW LQ RQH LQ
ZKLFK KLV ZLFNHGQHVV FRXOG HDVLO\ EH GHWHFWHG $QG VR WKDW KH QRW FRPH
LQ KLV RZQ IRUP ZDV GRQH E\ KLV RZQ ZLOO EXW WKDW KH FRPH LQ D IRUP
VXLWDEOH WR KLV ZLFNHGQHVV ZDV GRQH E\ *RG
:+< +( &$0( ,1 12 27+(5 )250 7+$1 $ 6(53(17¶6 $QG VR KH
FDPH WR WKH KXPDQV DV D VHUSHQW ZKR SHUKDSV LI KH KDG EHHQ DOORZHG
ZRXOG KDYH SUHIHUUHG WR FRPH LQ WKH VKDSH RI D GRYH %XW LW ZDV QRW VXLWD
EOH WKDW WKH PDOLJQ VSLULW VKRXOG PDNH KDWHIXO WR KXPDQNLQG WKDW IRUP LQ
ZKLFK WKH +RO\ 6SLULW ZDV WR DSSHDU $QG VR WKH GHYLO ZDV DOORZHG WR
WHPSW RQO\ LQ WKH IRUP RI WKH VHUSHQW VR WKDW WKH ZRPDQ VKRXOG EH DEOH WR
GHWHFW WKH ZLOLQHVV RI WKH WHPSWHU E\ WKDW ZKLFK LW ZDV RXWZDUGO\ )RU WKH
GHYLO WHPSWHG WKURXJK WKH VHUSHQW LQ ZKRP KH VSRNH
&KDSWHU :+< 7+( 6(53(17 ,6 6$,' 72 %( 025( &811,1* 7+$1 $// 7+( 27+(5
/,9,1* %(,1*6²$8*867,1( ,1 21 *(1(6,6 $QG VR WKH VHUSHQW LV VDLG
WR EH PRUH FXQQLQJ WKDQ DOO WKH RWKHU DQLPDOV RI WKH HDUWK EHFDXVH DV
$XJXVWLQH VD\V ³WKH HYLO DQJHOV DOWKRXJK FDVW GRZQ E\ SULGH QHYHUWKH
OHVV DUH PRUH H[FHOOHQW E\ QDWXUH WKDQ DOO WKH EHDVWV EHFDXVH RI WKH HPL
QHQFH RI WKHLU UHDVRQ WKH VHUSHQW KRZHYHU PLJKW EH FDOOHG PRVW ZLVH
QRW EHFDXVH RI LWV UDWLRQDO VRXO EXW GXH WR LWV GLDEROLFDO VSLULW +HQFH LW LV
QRW VWUDQJH LI WKH GHYLO ILOOLQJ WKH VHUSHQW ZLWK KLV VSLULW DV KH ILOOHG WKH
GLYLQHUV UHQGHUHG LW WKH ZLVHVW RI DOO WKH EHDVWV´
&KDSWHU 7+$7 +( ',' 127 &+226( 7+( 6(53(17 ,1 25'(5 72 7(037 7+528*+
,7 $QG VR WKH GHYLO GLG QRW FKRRVH WKH VHUSHQW IRU KLV WHPSWDWLRQ EXW
KH WHPSWHG WKURXJK ZKDWHYHU DQLPDO KH ZDV DOORZHG +HQFH $XJXVWLQH
LQ 2Q *HQHVLV ³,W LV QRW WR EH EHOLHYHG WKDW WKH GHYLO FKRVH WKH VHUSHQW
WKURXJK ZKRP KH WHPSWV EXW VLQFH KH GHVLUHG WR GHFHLYH KH ZDV QRW
DEOH WR GR VR H[FHSW WKURXJK WKDW DQLPDO WKURXJK ZKLFK KH ZDV DOORZHG
WR GR LW )RU WKH ZLOO WR KDUP H[LVWV LQ HDFK IURP KLPVHOI EXW WKH SRZHU LV
IURP *RG´
675$%86 ³%XW WKH GHYLO VSRNH WKURXJK WKH XQDZDUH VHUSHQW LQ WKH
VDPH ZD\ LQ ZKLFK KH VSHDNV WKURXJK WKH SRVVHVVHG DQG WKH LQVDQH´
$8*867,1( ,1 21 *(1(6,6 ³)RU KH XVHG WKH VHUSHQW DV DQ LQVWUX
PHQW FDXVLQJ LWV QDWXUH WR H[SUHVV WKH VRXQGV RI ZRUGV DQG WKH VLJQV E\
&I *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
6WUDER ,Q *HQHVLP
7+( 6(17(1&(6 %22.
ZKLFK KH PLJKW H[SUHVV KLV ZLOO $QG VR WKH VHUSHQW QHLWKHU XQGHUVWRRG
WKH ZRUGV QRU ZDV PDGH UDWLRQDO $QG \HW LW LV FDOOHG PRVW FXQQLQJ EH
FDXVH RI WKH GHYLO¶V ZLOLQHVV %XW LW VSRNH OLNH %DODDP¶V VKHDVV KRZ
HYHU WKH RQH ZDV GRQH E\ D GHYLO WKH RWKHU E\ DQ DQJHO )RU WKH JRRG DQG
HYLO DQJHOV ZRUN LQ VLPLODU ZD\V´
+HUH LW LV XVXDO WR DVN ZK\ WKH ZRPDQ GLG QRW GUDZ EDFN LQ KRUURU
IURP WKH VHUSHQW²%HFDXVH DV VKH NQHZ LW WR KDYH EHHQ FUHDWHG VKH
WKRXJKW WKDW LW KDG DOVR UHFHLYHG WKH SRZHU RI VSHHFK IURP *RG
&KDSWHU 21 7+( 0$11(5 2) 7(037$7,21²:+< +( %(*$1 %< 48(67,21,1*
$QG WKH WHPSWDWLRQ ZDV GRQH LQ WKLV ZD\ 6WDQGLQJ EHIRUH WKH ZRPDQ WKH
SURXG HQHP\ GRHV QRW GDUH WR FRPH RXW ZLWK ZRUGV RI SHUVXDVLRQ IHDULQJ
WR EH GLVFRYHUHG ,QVWHDG KH DSSURDFKHV KHU XQGHU WKH JXLVH RI TXHVWLRQLQJ
VR WKDW IURP KHU DQVZHU KH PLJKW JDWKHU KRZ WR SURFHHG LQ KLV ZLFNHGQHVV
7+( 6(53(17¶6 :25'6 $1' 7+( :20$1¶6 5(63216( :K\ KH VDLG
GLG *RG FRPPDQG \RX QRW WR HDW RI HYHU\ WUHH LQ SDUDGLVH" 7KH ZRPDQ
DQVZHUHG KLP :H HDW RI WKH IUXLW RI WKH WUHHV ZKLFK DUH LQ SDUDGLVH EXW
RI WKH IUXLW RI WKH WUHH ZKLFK LV LQ WKH PLGGOH RI SDUDGLVH *RG KDV FRP
PDQGHG XV QRW WR HDW RI LW DQG QRW WR WRXFK LW OHVW SHUKDSV ZH GLH
*$,1,1* &21),'(1&( )520 7+( :20$1¶6 :25'6 7+( 6(53(17
$''6 $ )$/6( 3520,6( ,Q WKLV VSHHFK VKH JDYH URRP WR WKH WHPSWHU
ZKHQ VKH VDLG OHVW SHUKDSV ZH GLH $QG VR WKH GHYLO LPPHGLDWHO\ VDLG WR
WKH ZRPDQ <RX ZLOO QRW GLH DW DOO IRU *RG NQRZV WKDW RQ ZKDWHYHU GD\
\RX HDW RI LW \RXU H\HV ZLOO EH RSHQHG DQG \RX ZLOO EH OLNH JRGV NQRZLQJ
JRRG DQG HYLO
1RWH ZHOO WKH RUGHU DQG SURJUHVV RI KXPDQ SHUGLWLRQ )LUVW *RG KDG
VDLG 2Q ZKDWHYHU GD\ \RX HDW RI LW \RX ZLOO GLH WKH GHDWK DIWHUZDUGV
WKH ZRPDQ VDLG /HVW SHUKDSV ZH GLH ODVWO\ WKH VHUSHQW VDLG <RX ZLOO
QRW GLH DW DOO *RG DIILUPHG LW WKH ZRPDQ VDLG LW DV LI LQ GRXEW DQG WKH
GHYLO GHQLHG LW 7KXV VKH ZKR GRXEWHG GLVWDQFHG KHUVHOI IURP WKH RQH
ZKR DIILUPHG DQG GUHZ QHDU WR WKH RQH ZKR GHQLHG
21 7+( 6/<1(66 2) 7+( '(9,/ :+2 ,1 25'(5 72 3(568$'( 025( ($6,/< 5(029(' 7+( (9,/ $1' '28%/(' 7+( *22' :+,&+ +( 3520,6('
,Q RUGHU WR VXSSRUW KLV LQGXFHPHQWV PRUH IXOO\ WKDW LV VR DV WR IUHHO\
&I *HQ &I 1XP
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF QQ
*HQ *HQ *HQ *HQ
'LVWLQFWLRQ ;;,
SHUVXDGH KHU >WR GR@ WKH HYLO ZKLFK KH LQWHQGHG WKH GHYLO UHPRYHG WKH
HYLO ZKLFK WKH ZRPDQ IHDUHG E\ GHQ\LQJ LW DQG DGGHG D SURPLVH $QG KH
GRXEOHG KLV SURPLVH VR WKDW KLV SHUVXDVLRQ EH UHFHLYHG PRUH TXLFNO\ 3HU
VXDGLQJ KHU WR WDNH RQH ELWH KH VHW IRUWK WZR WKLQJV DV D UHZDUG SURPLV
LQJ OLNHQHVV WR *RG DQG NQRZOHGJH RI JRRG DQG HYLO
7+$7 +80$1.,1' :$6 7(037(' ,1 7+5(( :$<6 1$0(/< %< */87
721< 9$,1*/25< $1' $9$5,&(²$8*867,1( ,Q WKLV KH WHPSWHG
KXPDQNLQG LQ WKUHH ZD\V QDPHO\ E\ JOXWWRQ\ LQ SHUVXDGLQJ >WKH ZRPDQ@
WR HDW ZKHQ KH VDLG 2Q ZKDWHYHU GD\ \RX HDW RI LW E\ YDLQJORU\ SURPLV
LQJ GLYLQLW\ ZKHQ KH VDLG <RX ZLOO EH OLNH JRGV E\ DYDULFH SURPLVLQJ
NQRZOHGJH ZKHQ KH VDLG .QRZLQJ JRRG DQG HYLO *OXWWRQ\ LV WKH LP
PRGHUDWH FUDYLQJ IRU IRRG YDLQJORU\ LV WKH ORYH RI RQH¶V RZQ H[FHOOHQFH
DYDULFH LV WKH LPPRGHUDWH GHVLUH RI KDYLQJ ZKLFK DSSOLHV QRW RQO\ WR
PRQH\ EXW DOVR WR KLJK SRVLWLRQ DQG NQRZOHGJH DV ZKHQ RQH KDV H[FHV
VLYH DPELWLRQ IRU SURPLQHQFH
&KDSWHU
21 7+( '28%/( .,1' 2) 7(037$7,21 )XUWKHUPRUH LW LV WR EH NQRZQ
WKDW WKHUH DUH WZR NLQGV RI WHPSWDWLRQ RQH H[WHULRU DQG DQRWKHU LQWHULRU
:+$7 $1 (;7(5,25 7(037$7,21 ,6 $1' %< :+20 ,7 ,6 '21( $Q
H[WHULRU WHPSWDWLRQ RFFXUV ZKHQ DQ HYLO H[WULQVLF WR XV LV YLVLEO\ VXJ
JHVWHG WR XV E\ VRPH ZRUG RU VLJQ VR WKDW WKH RQH WR ZKRP WKH VXJJHV
WLRQ LV PDGH PD\ EHQG WR FRQVHQW WR VLQ $QG VXFK D WHPSWDWLRQ LV GRQH
RQO\ E\ WKH DGYHUVDU\
:+$7 $1 ,17(5,25 7(037$7,21 ,6 $1' %< :+20 ,7 ,6 '21( %XW
DQ LQWHULRU WHPSWDWLRQ RFFXUV ZKHQ DQ HYLO LQWULQVLF WR XV LV VXJJHVWHG
LQYLVLEO\ $QG WKLV WHPSWDWLRQ LV VRPHWLPHV GRQH E\ WKH HQHP\ VRPH
WLPHV E\ WKH IOHVK ,QGHHG ERWK WKH GHYLO LQYLVLEO\ VXJJHVWV HYLO DQG DQ
XQODZIXO PRWLRQ DQG GHSUDYHG WLWLOODWLRQ DULVHV IURP WKH FRUUXSWLRQ RI WKH
IOHVK $QG IRU WKDW UHDVRQ WKH WHPSWDWLRQ ZKLFK LV IURP WKH IOHVK GRHV QRW
RFFXU ZLWKRXW VLQ KRZHYHU WKH RQH ZKLFK LV IURP WKH HQHP\ GRHV QRW
FDXVH VLQ XQOHVV FRQVHQW LV H[WHQGHG WR LW EXW LV PDWWHU IRU WKH SUDFWLFH RI
YLUWXH $Q LQWHULRU WHPSWDWLRQ RI WKH IOHVK LV RYHUFRPH ZLWK JUHDWHU GLIIL
FXOW\ KRZHYHU EHFDXVH LQ ILJKWLQJ IURP ZLWKLQ LW LV IRUWLILHG DJDLQVW XV
E\ RXU RZQ >LQFOLQDWLRQV@
&KDSWHU :+< +80$1.,1' :$6 $%/( 5,6( 7+528*+ $127+(5 $1' 7+( '(9,/ :$6 127 $1' +80$1 6,1 :$6 5(0(',$%/( %87 7+( '(9,/¶6 :$6 127
$QG VR KXPDQNLQG ZKLFK IHOO ZKHQ SUHVVHG E\ H[WHULRU WHPSWDWLRQ DORQH
5DWKHU *UHJRU\ ,Q (YDQJHOLD KRP Q
7+( 6(17(1&(6 %22.
GHVHUYHG WR EH SXQLVKHG WKH PRUH VHYHUHO\ DV WKH SUHVVXUH E\ ZKLFK LW KDG
EHHQ FDVW GRZQ ZDV WKH OLJKWHU $QG \HW EHFDXVH LW KDG VRPH H[FXVH IRU
IDOOLQJ KRZHYHU VPDOO WKHUHIRUH LW FRXOG EH KHOSHG WR IRUJLYHQHVV WKURXJK
*RG¶V JUDFH VR WKDW KDYLQJ IDOOHQ WKURXJK VRPHRQH HOVH LW PLJKW EH
UDLVHG XS WKURXJK VRPHRQH HOVH $QG VR WKH RQH ZKR KDG DQ LQFLWHU WR HYLO
QRW XQMXVWO\ KDG D UHVWRUHU WR WKH JRRG %XW EHFDXVH WKH GHYLO VLQQHG ZLWK
RXW EHLQJ WHPSWHG E\ DQ\RQH HOVH KH ZDV ERXQG QRW WR EH DLGHG E\
DQRWKHU WR ULVH KH ZDV QRW DEOH WR ULVH E\ KLPVHOI KRZHYHU DQG VR KLV VLQ
ZDV LUUHPHGLDEOH %XW WKH VLQ RI KXPDQNLQG DV LW KDG LWV EHJLQQLQJ
WKURXJK VRPHRQH HOVH VR LW QRW XQVXLWDEO\ KDG LWV UHPHG\ WKURXJK VRPH
RQH HOVH
:+< +80$1.,1' $1' 127 7+( $1*(/ :$6 5('((0(' 0RUHRYHU
EHFDXVH WKH DQJHOLF QDWXUH GLG QRW HQWLUHO\ SHULVK EXW LQ SDUW UHPDLQHG LW
ZDV QRW UHGHHPHG %XW DOO RI KXPDQ QDWXUH SHULVKHG DQG VR WKDW LW VKRXOG
QRW EH HQWLUHO\ ORVW LW ZDV LQ SDUW UHGHHPHG VR WKDW >WKH QXPEHUV ORVW
WKURXJK@ WKH IDOO RI WKH DQJHOV VKRXOG EH PDGH XS IURP LW²+HQFH $XJXV
WLQH LQ WKH (QFKLULGLRQ ³,W SOHDVHG WKH FUHDWRU DQG UXOHU RI WKH XQLYHUVH
WKDW VLQFH WKH HQWLUH PXOWLWXGH RI DQJHOV KDG QRW SHULVKHG E\ GHVHUWLQJ
*RG WKH SDUW ZKLFK KDG SHULVKHG VKRXOG UHPDLQ LQ SHUSHWXDO SHUGLWLRQ
%XW WKH SDUW ZKLFK UHPDLQHG ZLWK *RG ZKHQ WKH RWKHUV GHVHUWHG VKRXOG
UHMRLFH LQ WKHLU PRVW VXUHO\ DQG IRUHYHU NQRZQ KDSSLQHVV %XW DV IRU WKH
UDWLRQDO FUHDWXUH ZKLFK ZDV LQ KXPDQ EHLQJV EHFDXVH LW SHULVKHG LQ LWV
HQWLUHW\ E\ VLQV DQG SXQLVKPHQWV LW VKRXOG EH LQ SDUW UHVWRUHG VR WKDW LW
VKRXOG LQ VRPH SDUW PDNH XS IRU WKH UHGXFWLRQ LQ QXPEHUV ZKLFK WKDW IDOO
KDG FDXVHG WR WKH DQJHOLF IHOORZVKLS )RU WKLV ZDV SURPLVHG WR WKH VDLQWV
WKDW WKH\ VKDOO EH HTXDO WR WKH DQJHOV RI *RG´
&KDSWHU
7+$7 7+( &200$1' :$6 127 *,9(1 72 7+( 0$1 $/21( ,W LV DOVR WR
EH QRWHG WKDW WKH FRPPDQG GRHV QRW DSSHDU WR KDYH EHHQ JLYHQ WR WKH PDQ
DORQH VLQFH WKH ZRPDQ KHUVHOI DWWHVWV WKDW LW ZDV DOVR JLYHQ WR KHU VD\LQJ
*RG KDV FRPPDQGHG XV HWF²<HW RQH UHDGV HDUOLHU WKDW EHIRUH PDNLQJ
WKH ZRPDQ *RG KDG VDLG WR WKH PDQ 2I WKH WUHH RI WKH NQRZOHGJH RI JRRG
DQG HYLO \RX ZLOO QRW HDW KH GLG QRW VD\ 7KH WZR RI \RX ZLOO QRW HDW²
$8*867,1( ,1 21 *(1(6,6 3HUKDSV EHFDXVH KH ZDV JRLQJ WR PDNH WKH
ZRPDQ KH JDYH WKH FRPPDQG LQ VXFK D ZD\ WKDW WKH PDQGDWH ZRXOG FRPH
WR WKH ZRPDQ WKURXJK WKH PDQ IRU WKH ZRPDQ ZKR ZDV VXEMHFW WR WKH
PDQ ZDV ERXQG WR UHFHLYH WKH GLYLQH PDQGDWH QRW RWKHUZLVH WKDQ WKURXJK
&I /N 0W
$XJXVWLQH (QFKLULGLRQ F
*HQ *HQ
'LVWLQFWLRQ ;;,,
WKH PDQ +HQFH WKH $SRVWOH ,I ZRPHQ ZLVK WR OHDUQ DQ\WKLQJ OHW WKHP
DVN WKHLU KXVEDQGV DW KRPH
+2: 7+(< :(5( $%/( 72 63($. 25 72 81'(567$1' 63((&+²
$8*867,1( 21 *(1(6,6 ,I LW LV DVNHG KRZ WKH\ ZHUH DEOH WR VSHDN RU WR
XQGHUVWDQG VSHHFK VLQFH WKH\ QHYHU OHDUQHG E\ JURZLQJ XS DPRQJ WKRVH
ZKR VSRNH RU E\ EHLQJ WDXJKW ZH VD\ WKDW *RG PDGH WKHP VXFK WKDW WKH\
ZHUH DEOH WR VSHDN DQG WR OHDUQ IURP RWKHUV LI WKHVH ZHUH WR H[LVW
',67,1&7,21 ;;,, &KDSWHU
21 7+( 25,*,1 2) 7+$7 6,1 +HUH LW VHHPV WKDW LW LV WR EH GLOLJHQWO\
LQYHVWLJDWHG ZKDW WKH RULJLQ DQG URRW RI WKDW VLQ ZDV
7+( 23,1,21 2) 620( :+2 6$< 7+$7 7+(5( :$6 $/5($'< 620(
35,'( ,1 7+( +80$1 63,5,7 6RPH KROG WKDW WKHUH ZDV DOUHDG\ VRPH SULGH
LQ WKH KXPDQ VSLULW IURP ZKLFK LW FRQVHQWHG WR WKH VXJJHVWLRQ RI WKH GHYLO
$1 $87+25,7< 2) $8*867,1( :+,&+ 6((06 72 6833257 7+(0
$XJXVWLQH DOVR DSSHDUV WR LQGLFDWH WKLV LQ 2Q *HQHVLV VSHDNLQJ DV IRO
ORZV ³,W LV QRW WR EH EHOLHYHG WKDW PDQ ZRXOG KDYH EHHQ FDVW GRZQ LI
VRPH SULGH ZKLFK QHHGHG WR EH VXSSUHVVHG KDG QRW SUHFHGHG VR WKDW KH
PLJKW OHDUQ WKURXJK WKH KXPLOLDWLRQ RI VLQ KRZ IDOVHO\ SUHVXPSWXRXV KH
KDG EHHQ DQG WKDW D QDWXUH GRHV QRW FRQGXFW LWVHOI ZHOO LI LW KDV ZLWK
GUDZQ IURP LWV PDNHU´²$OVR LQ WKH VDPH ³+RZ FRXOG WKH ZRPDQ KDYH
EHOLHYHG WKH WHPSWHU¶V ZRUGV WKDW *RG KDG IRUELGGHQ KHU >WKH HQMR\PHQW
RI@ D JRRG DQG XVHIXO WKLQJ LI WKHUH ZHUH QRW LQ KHU PLQG WKDW ORYH RI KHU
RZQ SRZHU DQG WKDW SURXG SUHVXPSWLRQ FRQFHUQLQJ KHUVHOI ZKLFK ZDV WR
EH FRQYLFWHG RU GHVWUR\HG E\ WHPSWDWLRQ" $QG VR QRW VDWLVILHG ZLWK WKH
VHUSHQW¶V SHUVXDVLRQ VKH VDZ WKH WUHH ZDV JRRG WR HDW DQG EHDXWLIXO WR
VHH GLVEHOLHYLQJ WKDW VKH FRXOG VXIIHU GHDWK IURP VXFK D WKLQJ VKH SHU
KDSV EHOLHYHG WKDW *RG KDG VDLG WKRVH ZRUGV DV D ILJXUH RI VSHHFK $QG
VR VKH DWH DQG JDYH LW WR KHU KXVEDQG SHUKDSV ZLWK VRPH ZRUGV RI SHU
VXDVLRQ ZKLFK 6FULSWXUH KDV OHIW DV XQGHUVWRRG RU SHUKDSV LW ZDV QRW
QHFHVVDU\ WR SHUVXDGH KLP EHFDXVH WKH PDQ FRXOG VHH WKDW VKH KDG QRW
GLHG IURP WKDW IRRG´
$8*867,1( 21 *(1(6,6 7+$7 7+( '(9,/ 632.( ',))(5(17/< ,1
7+( :20$1 7+$1 ,1 7+( 6(53(17 ³7KHUHIRUH MXVW DV WKH GHYLO ZDV QRW
&RU &I $XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F
&I LELG EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
&I *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
DOORZHG WR WHPSW WKH ZRPDQ RWKHU WKDQ WKURXJK WKH VHUSHQW VR KH ZDV QRW
DOORZHG WR WHPSW WKH PDQ RWKHU WKDQ WKURXJK WKH ZRPDQ´ ³VR WKDW DV
*RG¶V FRPPDQG FDPH WR WKH ZRPDQ WKURXJK WKH PDQ VR WKH GHYLO¶V WHPS
WDWLRQ SDVVHG WR WKH PDQ WKURXJK WKH ZRPDQ´ ³%XW LQ WKH ZRPDQ ZKR
ZDV D UDWLRQDO EHLQJ KH GLG QRW KLPVHOI VSHDN DV KH GLG LQ WKH VHUSHQW
EXW KLV SHUVXDVLRQ GLG VR KH DVVLVWHG LQWHULRUO\ KRZHYHU E\ LQVWLJDWLRQ
ZKDW KH KDG GRQH H[WHUQDOO\ WKURXJK WKH VHUSHQW´
:+$7 0($1,1* 620( 3(23/( '5$: )520 7+( $%29( :25'6 7KH
PDQQHU DQG SURJUHVV RI WHPSWDWLRQ LV LQWLPDWHG E\ WKHVH ZRUGV DQG DOVR
ZKDW ZH VDLG HDUOLHU DSSHDUV WR EH LPSOLHG QDPHO\ WKDW VRPH SULGH DQG
SUHVXPSWLRQ H[LVWHG LQ WKH KXPDQ PLQG EHIRUH WKH WHPSWDWLRQ
2%-(&7,21 $*$,167 7+26( :+2 6$< 7+$7 35,'( 35(&('(' ,1 7+(
0,1' %XW LI LW ZDV VR WKHQ KXPDQNLQG GLG QRW ILUVW VLQ DW DQRWKHU¶V VXJ
JHVWLRQ $XWKRULW\ WHDFKHV KRZHYHU WKDW WKH GHYLO¶V VLQ LV LQFXUDEOH
EHFDXVH KH IHOO QRW DW DQRWKHU¶V VXJJHVWLRQ EXW E\ KLV RZQ SULGH KXPDQ
NLQG¶V VLQ RQ WKH RWKHU KDQG LV FXUDEOH EHFDXVH LW IHOO QRW E\ LWVHOI EXW
WKURXJK DQRWKHU DQG VR LW FRXOG ULVH DJDLQ WKURXJK DQRWKHU
+( +(5( '(),1(6 +2: 7+26( :25'6 $5( 72 %( 81'(56722' $QG
VR WKH DIRUHVDLG ZRUGV RI $XJXVWLQH SUHVVLQJO\ UHTXLUH D SLRXV DQG GLOL
JHQW UHDGHU :H PD\ ULJKWO\ XQGHUVWDQG WKHP LQ WKLV ZD\ µ+XPDQNLQG
ZRXOG KDYH QRW EHHQ FDVW GRZQ¶ QDPHO\ LQWR WKH DFW RI WKDW VLQ WKDW LV
WR HDW RI WKH IRUELGGHQ WUHH DQG LQWR WKHVH PLVHULHV WKURXJK WKH WHPSWD
WLRQ RI WKH GHYLO µLI VRPH SULGH ZKLFK QHHGHG WR EH VXSSUHVVHG KDG QRW
SUHFHGHG¶ QRW WHPSWDWLRQ EXW WKH ZRUN RI VLQ
127( 7+( 25'(5 2) 7(037$7,21 )RU WKLV ZDV WKH RUGHU RI GHYHORS
PHQW WKH GHYLO WHPSWLQJO\ VDLG LI \RX HDW RI LW \RX ZLOO EH OLNH JRGV
NQRZLQJ JRRG DQG HYLO $IWHU KHDULQJ WKLV VRPH SULGH DQG ORYH RI KHU
RZQ SRZHU LPPHGLDWHO\ FUHSW LQWR WKH ZRPDQ¶V PLQG IURP ZKLFK LW
SOHDVHG KHU WR GR ZKDW WKH GHYLO VXJJHVWHG DQG VKH FHUWDLQO\ GLG LW $QG
VR VKH VLQQHG E\ VXJJHVWLRQ EHFDXVH WHPSWDWLRQ SUHFHGHG IURP ZKLFK
SULGH DURVH LQ KHU PLQG DQG WKH VLQIXO GHHG DQG WKH SXQLVKPHQW RI WKH VLQ
IROORZHG LW
&KDSWHU
:+$7 :$6 7+( :20$1¶6 35,'( $QG LQGHHG WKHUH ZDV VXFK SULGH LQ WKH
ZRPDQ¶V PLQG E\ ZKLFK VKH EHOLHYHG DQG ZLOOHG WR KDYH OLNHQHVV WR *RG
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
,ELG EN F Q
*HQ
'LVWLQFWLRQ ;;,,
ZLWK VRPH HTXDOLW\ WKLQNLQJ WKDW ZKDW WKH GHYLO VDLG ZDV WUXH $QG VR
$XJXVWLQH PHQWLRQV WKH ZRPDQ LQ SDUWLFXODU VD\LQJ µ+RZ FRXOG WKH
ZRPDQ KDYH EHOLHYHG WKH GHYLO XQOHVV WKHUH ZHUH LQ KHU PLQG D SURXG
SUHVXPSWLRQ FRQFHUQLQJ KHUVHOI"¶ $QG ZKDW IROORZV QDPHO\ µZKLFK ZDV
WR EH FRQYLFWHG RU GHVWUR\HG E\ WHPSWDWLRQ¶ LV WR EH UHIHUUHG WR WKH
ZRPDQ LQ WKHVH WHUPV µZKLFK¶ WKH ZRPDQ QRW WKH SULGH µZDV FRQYLF
WHG RU GHVWUR\HG E\ WHPSWDWLRQ¶ HWF
&KDSWHU :+$7 :$6 7+( 0$1¶6 35,'( :+(7+(5 +( %(/,(9(' $1' :,//(' 7+(
6$0( $6 7+( :20$1 ,W LV XVXDO WR DVN ZKHWKHU WKHUH ZDV WKH VDPH SULGH
DQG ORYH RI RQH¶V SRZHU LQ WKH PDQ DV LQ WKH ZRPDQ
7+$7 $'$0 :$6 127 /(' $675$< /,.( 7+( :20$1 1$0(/< 62 $6 72 %(/,(9( 7+$7 :+$7 7+( '(9,/ 6$,' :$6 758( $1' <(7 +( :$6 /('
$675$< ,1 620( 5(*$5' 1$0(/< 62 $6 72 %(/,(9( 7+$7 7+( 6,1 :$6
9(1,$/ 7R WKLV ZH VD\ WKDW $GDP ZDV QRW OHG DVWUD\ LQ WKH VDPH ZD\ DV
WKH ZRPDQ IRU KH GLG QRW EHOLHYH WKDW ZKDW WKH GHYLO VDLG ZDV WUXH $QG
\HW LW PD\ EH EHOLHYHG WKDW KH ZDV OHG DVWUD\ EHFDXVH KH WKRXJKW WKDW WKH
RIIHQVH ZDV YHQLDO UDWKHU WKDQ GHDGO\ %XW KH ZDV QRW OHG DVWUD\ ILUVW QRU
LQ UHJDUG WR WKH VDPH WKLQJ DV WKH ZRPDQ VR DV WR EHOLHYH WKDW *RG KDG
IRUELGGHQ WKH WRXFKLQJ RI WKDW WUHH EHFDXVH LI WKH\ ZHUH WR WRXFK LW WKH\
ZRXOG EHFRPH OLNH JRGV $QG \HW $GDP ZDV D WUDQVJUHVVRU DV WKH $SRV
WOH DWWHVWV 7KHUHIRUH WKHUH PLJKW KDYH EHHQ VRPH SULGH LQ KLV PLQG LP
PHGLDWHO\ DIWHU WHPSWDWLRQ E\ ZKLFK KH ZLOOHG WR WU\ WKH IRUELGGHQ WUHH
VLQFH KH VDZ WKDW WKH ZRPDQ KDG QRW GLHG IRU KDYLQJ HDWHQ RI LW
+( &21),506 :+$7 +( +$6 6$,' %< $87+25,7< +HQFH $XJXVWLQH
2Q *HQHVLV ³7KH $SRVWOH VKRZV WKDW $GDP ZDV D WUDQVJUHVVRU VD\LQJ
,Q LPLWDWLRQ RI $GDP¶V WUDQVJUHVVLRQ DQG \HW GHQLHV WKDW KH ZDV VHGXFHG
ZKHUH KH VD\V $GDP ZDV QRW GHFHLYHG EXW WKH ZRPDQ $QG VR ZKHQ
TXHVWLRQHG KH GRHV QRW VD\ 7KH ZRPDQ GHFHLYHG PH EXW VKH JDYH LW WR
PH DQG , DWH EXW WKH ZRPDQ VWDWHV 7KH VHUSHQW GHFHLYHG PH´
7+( $3267/( &$//(' '(&(37,21 7+$7 %< :+,&+ 7+( :20$1 127
7+( 0$1 :$6 /(' $675$<²$8*867,1( ³7KH $SRVWOH SURSHUO\ FDOOHG
&I *HQ
&I DERYH F Q
&I *HQ 5RP ,ELG 7LP *HQ *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
WKLV D GHFHSWLRQ EHFDXVH WKURXJK LW WKDW ZKLFK ZDV VXJJHVWHG ZDV EH
OLHYHG WR EH WUXH HYHQ WKRXJK LW ZDV IDOVH QDPHO\ WKDW *RG KDG IRUELGGHQ
WKHP WR WRXFK WKDW WUHH EHFDXVH KH NQHZ WKDW LI WKH\ KDG WRXFKHG LW WKH\
ZRXOG EHFRPH OLNH JRGV DV LI WKH RQH ZKR KDG PDGH WKHP KXPDQ KDG
EHJUXGJHG WKHP GLYLQLW\ %XW DOWKRXJK EHFDXVH RI VRPH SULGH LQ WKH
PLQG ZKLFK FRXOG QRW EH KLGGHQ IURP *RG D GHVLUH WR WU\ LW LQIOXHQFHG
WKH PDQ ZKHQ KH VDZ WKDW WKH ZRPDQ KDG QRW GLHG IURP HDWLQJ RI WKH IUXLW
\HW , GR QRW WKLQN WKDW LI KH KDG DOUHDG\ EHHQ HQGRZHG ZLWK D VSLULWXDO
PLQG KH ZRXOG LQ DQ\ ZD\ KDYH EHOLHYHG ZKDW WKH GHYLO VXJJHVWHG´
&KDSWHU
:+2 6,11(' 025( $'$0 25 (9( )URP WKLV LW PD\ EH FOHDUO\ GH
GXFHG ZKR VLQQHG PRUH QDPHO\ $GDP RU (YH 7KH ZRPDQ DSSHDUV WR
KDYH VLQQHG PRUH ZKR ZLOOHG WR VHL]H HTXDOLW\ ZLWK WKH GLYLQLW\ DQG
SXIIHG XS ZLWK H[FHVVLYH SUHVXPSWLRQ EHOLHYHG WKDW WKLV ZRXOG KDSSHQ
%XW $GDP GLG QRW EHOLHYH WKDW ,QVWHDG HYHQ DV KH KXPRXUHG WKH ZRPDQ
DQG FRQVHQWHG WR KHU SHUVXDVLRQ QRW ZLVKLQJ WR VDGGHQ KHU DQG OHDYH KHU
DOLHQDWHG IURP KLPVHOI OHVW VKH VKRXOG SHULVK KH UHIOHFWHG RQ SHQDQFH
DQG *RG¶V PHUF\ DQG MXGJHG WKDW LW ZDV D YHQLDO QRW D PRUWDO VLQ
+HQFH $XJXVWLQH ³7KH $SRVWOH VD\V $GDP ZDV QRW GHFHLYHG 7KLV
PD\ FHUWDLQO\ EH WDNHQ LQ WKH VHQVH WKDW KH ZDV QRW GHFHLYHG QDPHO\ ILUVW
RU QRW GHFHLYHG LQWR WKH VDPH WKLQJ DV WKH ZRPDQ QDPHO\ VR DV WR EHOLHYH
WKDW LW ZDV WUXH WKDW <RX ZLOO EHFRPH OLNH JRGV %XW KH EHOLHYHG WKDW ERWK
WKLQJV FRXOG EH WKDW KH LQGXOJH KLV ZLIH DQG WKDW KH REWDLQ IRUJLYHQHVV
WKURXJK SHQDQFH $QG VR KH VLQQHG OHVV ZKR WKRXJKW RI SHQDQFH DQG
*RG¶V PHUF\´
$8*867,1( 21 *(1(6,6 ³)RU DIWHU WKH ZRPDQ KDG EHHQ GHFHLYHG
DQG KDG HDWHQ DQG JDYH LW WR KLP WKDW WKH\ PLJKW HDW RI LW WRJHWKHU KH GLG
QRW ZLVK WR VDGGHQ KHU ZKRP KH EHOLHYHG ZRXOG ZDVWH DZD\ ZLWKRXW KLV
VRODFH DQG HQWLUHO\ GLH LI DOLHQDWHG IURP KLP $QG VR KH ZDV QRW YDQ
TXLVKHG E\ WKH FRQFXSLVFHQFH RI WKH IOHVK ZKLFK KH KDG QRW \HW IHOW EXW
E\ VRPH IULHQGO\ EHQHYROHQFH E\ ZKLFK LW RIWHQ KDSSHQV WKDW ZH RIIHQG
*RG VR DV QRW WR RIIHQG D IULHQG %XW KH RXJKW QRW WR KDYH DFWHG LQ WKLV
ZD\ DV WKH MXVW RXWFRPH RI WKH GLYLQH VHQWHQFH LQGLFDWHG´
,1 :+$7 :$6 $'$0 '(&(,9(' $1' ,1 :+$7 127 ³$QG VR KH WRR
ZDV GHFHLYHG LQ VRPH RWKHU ZD\´ ³)RU KH KDG QR H[SHULHQFH RI GLYLQH
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7LP *HQ
2UGLQDU\ JORVV RQ 7LP
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;;,,
VHYHULW\ DQG VR KH FRXOG EH GHFHLYHG LQWR EHOLHYLQJ WKDW WKH RIIHQVH ZDV
YHQLDO´ ³%XW , GR QRW DW DOO EHOLHYH WKDW KH FRXOG KDYH EHHQ GHFHLYHG E\
WKH VDPH JXLOH RI WKH VHUSHQW DV WKH ZRPDQ´
)URP WKHVH WKLQJV LW LV JLYHQ WR EH XQGHUVWRRG WKDW WKH ZRPDQ VLQQHG
PRUH LQ ZKRP ZDV WKH SUHVXPSWLRQ RI JUHDWHU SULGH ,W ZDV DOVR EHFDXVH
RI WKLV WKDW VKH VLQQHG DJDLQVW KHUVHOI KHU QHLJKERXU DQG *RG EXW WKH
PDQ VLQQHG RQO\ DJDLQVW KLPVHOI DQG *RG²7+( :20$1 ,6 3529(1 72
+$9( 6,11(' 025( $/62 )520 7+( 381,6+0(17 7KDW WKH ZRPDQ VLQQHG
PRUH PD\ DOVR EH JDWKHUHG IURP KHU EHLQJ SXQLVKHG PRUH VHYHUHO\ WR
ZKRP LW ZDV VDLG ,Q SDLQ VKDOO \RX EULQJ IRUWK FKLOGUHQ HWF
$1 $33$5(17 2%-(&7,21 72 7+( $%29( 9,(: %XW ZKDW $XJXVWLQH
LQ 2Q *HQHVLV VD\V RI WKH PDQ DQG ZRPDQ H[FXVLQJ WKHLU VLQ DSSHDUV WR
EH FRQWUDU\ WR WKLV ³$GDP VDLG 7KH ZRPDQ ZKRP \RX JDYH WR PH JDYH LW
WR PH DQG , DWH +H GRHV QRW VD\ , VLQQHG )RU SULGH KDV WKH XJOLQHVV RI
VKDPH QRW WKH KXPLOLW\ RI FRQIHVVLRQ´ ³$QG WKH ZRPDQ GRHV QRW FRQ
IHVV KHU VLQ HLWKHU EXW DWWULEXWHV LW WR DQRWKHU VD\LQJ 7KH VHUSHQW GH
FHLYHG PH DQG , DWH XQHTXDO LQ VH[ EXW HTXDO LQ SULGH´ 6HH $XJXV
WLQH KHUH VD\V WKDW WKH ZRPDQ KDG HTXDO SULGH ZLWK WKH PDQ WKHUHIRUH
ERWK HTXDOO\ URVH XS LQ SULGH DQG HTXDOO\ VLQQHG
'(7(50,1$7,21 2) 7+( $%29( $87+25,7< %XW WKLV FDQ EH VR GHWHU
PLQHG WKDW ZH VD\ WKHLU SULGH ZDV HTXDO LQ PDNLQJ H[FXVHV IRU WKHLU VLQ
DQG DOVR LQ HDWLQJ IURP WKH IRUELGGHQ WUHH EXW LW ZDV XQHTXDO DQG PXFK
JUHDWHU LQ WKH ZRPDQ LQ WKDW VKH EHOLHYHG DQG ZLOOHG WR EH OLNH *RG
ZKLFK WKH PDQ GLG QRW GR
%87 2) 7+( 0$1 722 :( 5($' 7+$7 +( :$17(' 72 %( /,.( *2'
%XW HYHQ VR ZH UHDG RI WKH PDQ DOVR WKDW KH ZDQWHG WR EH OLNH *RG )RU
$XJXVWLQH VD\V RQ WKDW SDVVDJH RI WKH 3VDOP , ZLOO WKHQ UHVWRUH ZKDW , GLG
QRW VWHDO ³$GDP VWROH DQG (YH >WRR@ SUHVXPLQJ DV WKH GHYLO KDG GRQH
FRQFHUQLQJ GLYLQLW\ WKH\ ZDQWHG WR VWHDO GLYLQLW\ DQG ORVW KDSSLQHVV´
$OVR RQ WKDW SDVVDJH *RG ZKR LV OLNH \RX" ³2QH ZKR E\ KLV RZQ HI
IRUWV ZDQWV WR EH OLNH *RG ZDQWV LW SHUYHUVHO\ OLNH WKH GHYLO ZKR ZDV
QRW ZLOOLQJ WR EH VXEMHFW WR *RG DQG DOVR OLNH PDQ ZKR ZDV QRW ZLOOLQJ
WR EH ERXQG DV D VHUYDQW E\ *RG¶V FRPPDQG EXW ZDQWHG WR EH DV LI *RG
ZLWK QRQH UXOLQJ RYHU KLP´²$OVR RQ WKDW SDVVDJH RI WKH (SLVWOH +H
$XJXVWLQH 'H FLYLWDWH 'HL EN F Q
,ELG EN F Q
*HQ *HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
*HQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ Q
,ELG RQ 3V VHUPRQ Q
7+( 6(17(1&(6 %22.
>LH -HVXV@ GLG QRW WKLQN LW UREEHU\ WR EH HTXDO WR *RG ³%HFDXVH KH
GLG QRW XVXUS ZKDW ZDV QRW KLV DV WKH GHYLO DQG WKH ILUVW PDQ GLG´
7+( 9,(: 2) 620( 7+$7 $'$0 +$' 7+( $0%,7,21 72 %( /,.( *2'
%87 ',' 127 %(/,(9( ,7 3266,%/( )RU WKDW UHDVRQ LW VHHPV WR VRPH WKDW
$GDP DOVR KDG WKH DPELWLRQ WR EH OLNH *RG EXW GLG QRW EHOLHYH LW WR EH
SRVVLEOH DQG VR KH NQHZ WKDW ZKDW WKH GHYLO SURPLVHG ZDV IDOVH $QG
DOWKRXJK KH GHHSO\ GHVLUHG HTXDOLW\ ZLWK WKH GLYLQLW\ \HW KH GLG QRW EXUQ
VR PXFK QRU ZDV KH DIIHFWHG E\ VXFK JUHDW DPELWLRQ DV WKH ZRPDQ ZKR
EHOLHYHG WKDW LW FRXOG EH GRQH DQG VR URVH XS LQ JUHDWHU SULGH LQ KHU DP
ELWLRQ IRU LW 3HUKDSV VRPH VWLUULQJ RI DPELWLRQ PRYHG WKH PDQ EXW QRW WR
VXFK DQ H[WHQW WKDW KH EHOLHYHG LW WUXH RU SRVVLEOH
7+( 9,(: 2) 27+(56 :+2 %(/,(9( 7+$7 7+,6 :$6 6$,' %(&$86( (9( +$' %((1 '(5,9(' )520 7+( 0$1²7+(< 6+2: ,7 %< $1$/2*<
%XW LW VHHPV WR RWKHUV WKDW LW LV VDLG WKDW $GDP ZLOOHG LW EHFDXVH WKH
ZRPDQ ZKR ZDV GHULYHG IURP KLP ZLOOHG LW LQ WKH VDPH ZD\ WKH\ VD\
VLQ LV VDLG WR KDYH HQWHUHG LQWR WKH ZRUOG WKDW LV LQWR KXPDQ QDWXUH
WKURXJK RQH PDQ HYHQ WKRXJK WKH ZRPDQ VLQQHG EHIRUH WKH PDQ EH
FDXVH LW HQWHUHG WKURXJK WKH ZRPDQ ZKR ZDV PDGH IURP PDQ 2U UDWKHU LW
LV VDLG WR KDYH HQWHUHG WKURXJK RQH PDQ EHFDXVH HYHQ LI WKH ZRPDQ KDG
VLQQHG LI WKH PDQ KDG QRW DOVR GRQH VR KXPDQNLQG ZRXOG QRW DW DOO KDYH
SHULVKHG FRUUXSWHG E\ VLQV $QG VR WKH PDQ VLQQHG OHVV WKDQ WKH ZRPDQ
2%-(&7,21 $*$,167 :+$7 +$6 %((1 6$,' 7+$7 7+( 0$1 6,11('
/(66 ,W LV FXVWRPDU\ WR REMHFW WR WKLV LQ WKH IROORZLQJ ZD\ $V ,VLGRUH
VD\V ³VLQ LV FRPPLWWHG LQ WKUHH ZD\V QDPHO\ E\ LJQRUDQFH LQILUPLW\ RU
LQWHQWLRQ ,W LV JUDYHU WR VLQ E\ LQILUPLW\ WKDQ E\ LJQRUDQFH DQG JUDYHU
VWLOO WR VLQ LQWHQWLRQDOO\ WKDQ E\ LQILUPLW\ $QG (YH DSSHDUV WR KDYH VLQQHG
IURP LJQRUDQFH EHFDXVH VKH ZDV GHFHLYHG EXW $GDP ZLWK LQWHQWLRQ EH
FDXVH KH ZDV QRW GHFHLYHG´ DV WKH $SRVWOH VD\V
5(63216( ,1 :+,&+ (9(¶6 ,*125$1&( ,6 ',67,1*8,6+(' 1$0(/<
,1 :+$7 ',' 6+( 6,1 ,1 ,*125$1&( $1' ,1 :+$7 127 7R WKLV ZH VD\ WKDW
DOWKRXJK (YH HUUHG WKURXJK LJQRUDQFH LQ WKLV UHVSHFW WKDW VKH EHOLHYHG WR
EH WUXH ZKDW WKH GHYLO VXJJHVWHG DQG \HW QRW LQ WKLV WKDW VKH GLG QRW IDLO
WR NQRZ WKDW LW ZDV *RG¶V PDQGDWH DQG LW ZDV D VLQ WR DFW DJDLQVW LW $QG
VR VKH FRXOG QRW EH H[FXVHG IURP VLQ WKURXJK LJQRUDQFH
3KLO
&I $XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ Q
&I 5RP
,VLGRUH 6HQWHQWLDH EN F QQ
&I 7LP
'LVWLQFWLRQ ;;,,
&KDSWHU
7+$7 21( ,*125$1&( (;&86(6 $127+(5 '2(6 127 )RU WKHUH LV DQ LJ
QRUDQFH ZKLFK H[FXVHV D VLQQHU DQG WKHUH LV DQ LJQRUDQFH RI VXFK D NLQG
WKDW LW GRHV QRW H[FXVH )RU WKHUH LV DQ LQYLQFLEOH LJQRUDQFH DQG D YLQFL
EOH LJQRUDQFH $OO H[FXVH LV UHPRYHG ZKHUH WKH FRPPDQG LV QRW XQNQRZQ
21 7+( 7+5(()2/' ,*125$1&( :+,&+ (;&86(6 $1' :+,&+ 127
,JQRUDQFH LV WKUHHIROG QDPHO\ WKDW RI WKRVH ZKR GR QRW ZLVK WR NQRZ
HYHQ WKRXJKW WKH\ DUH DEOH WKLV GRHV QRW H[FXVH EHFDXVH LW LV LWVHOI D VLQ
WKDW RI WKRVH ZKR ZLVK WR NQRZ EXW FDQQRW WKLV H[FXVHV DQG LV WKH SXQ
LVKPHQW RI VLQ DQG QRW LWVHOI D VLQ DQG WKDW RI WKRVH ZKR DV LW ZHUH VLPS
O\ GR QRW NQRZ QHLWKHU UHIXVLQJ QRU SURSRVLQJ WR OHDUQ WKLV GRHV QRW
H[FXVH DQ\RQH IXOO\ H[FHSW SHUKDSV LQ WKH VHQVH WKDW RQH LV SXQLVKHG OHVV
²$8*867,1( :+(5( 7+(5( ,6 12 (;&86( +HQFH $XJXVWLQH LQ 7R
9DOHQWLQXV ³7KH H[FXVH IURP LJQRUDQFH ZKLFK PHQ DUH DFFXVWRPHG WR
FODLP LV WDNHQ DZD\ IURP WKRVH ZKR NQRZ *RG¶V PDQGDWHV $QG DOWKRXJK
LW LV JUDYHU WR VLQ NQRZLQJO\ WKDQ LJQRUDQWO\ \HW RQH RXJKW QRW WR WDNH
UHIXJH LQ WKH GDUNQHVV RI LJQRUDQFH VR WKDW DQ\ERG\ PD\ ILQG DQ H[FXVH
LQ LW )RU LW LV RQH WKLQJ QRW WR KDYH NQRZQ DQRWKHU QRW WR KDYH ZDQWHG WR
NQRZ´ ³%HFDXVH LQ WKRVH ZKR GLG QRW ZLVK WR XQGHUVWDQG LJQRUDQFH LW
VHOI LV D VLQ LQ WKRVH ZKR ZHUH QRW DEOH WR GR VR KRZHYHU LW LV D SXQLVK
PHQW RI VLQ´ ³%XW WKH LJQRUDQFH ZKLFK LV QRW RI WKRVH ZKR GR QRW ZLVK
WR NQRZ EXW RI WKRVH ZKR DV LW ZHUH VLPSO\ GR QRW NQRZ GRHV QRW H[
FXVH DQ\RQH IURP EXUQLQJ LQ WKH HWHUQDO ILUH EXW SHUKDSV WKDW KH EXUQ
PRUH PLOGO\´²$QG VR WKH ZRPDQ GLG QRW KDYH DQ H[FXVH IURP LJQR
UDQFH VLQFH VKH NQHZ WKH PDQGDWH DQG VKH ZDV QRW XQDZDUH WKDW LW ZRXOG
EH D VLQ WR DFW RWKHUZLVH
)520 :+(5( ',' 7+( &216(17 72 7+$7 6,1 &20( 6,1&( +80$1
1$785( :$6 67,// 81&255837(' ,W LV DOVR XVXDO WR DVN VLQFH KXPDQ
QDWXUH ZDV ZLWKRXW GHIHFW IURP ZKHUH GLG WKH FRQVHQW WR WKDW HYLO FRPH²
5(63216( 7R WKLV LW FDQ EH DQVZHUHG WKDW LW ZDV IURP WKH IUHH FKRLFH RI
WKH ZLOO )RU WKH FDXVH RI EHFRPLQJ ZRUVH H[LVWHG ERWK LQ KXPDQNLQG LW
VHOI DQG LQ DQRWKHU ,Q DQRWKHU EHFDXVH LW ZDV LQ WKH GHYLO ZKR SHUVXDGHG
LQ KXPDQNLQG LWVHOI EHFDXVH LW FRQVHQWHG E\ WKH ZLOO RI IUHH FKRLFH $QG
VLQFH IUHH FKRLFH LV D JRRG WKDW HYLO FRQVHQW SURFHHGHG IURP DQ HQWLUHO\
JRRG WKLQJ DQG VR HYLO HPDQDWHG IURP JRRG %XW ZH VKDOO WUHDW WKLV PRUH
IXOO\ EHORZ LQ WKH LQYHVWLJDWLRQ RI WKH RULJLQ RI HYLO DQG LQ ZKDW WKLQJ LW
PLJKW JURZ
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
$XJXVWLQH (SLVWROD DG 6L[WXP F Q
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
6HH GLVW
7+( 6(17(1&(6 %22.
&KDSWHU
:+(7+(5 7+( :,// 35(&('(' 7+$7 6,1 %XW LI LW LV DVNHG ZKHWKHU WKH
ZLOO SUHFHGHG WKDW VLQ ZH VD\ WKDW WKDW VLQ FRQVLVWHG LQ ERWK WKH ZLOO DQG
WKH DFW DQG WKDW WKH ZLOO SUHFHGHG WKH DFW %XW QR RWKHU HYLO KXPDQ ZLOO
SUHFHGHG WKDW ZLOO LWVHOI DQG WKDW HYLO ZLOO LVVXHG IRUWK IURP WKH GHYLO¶V
SHUVXDVLRQ DQG IURP KXPDQ FKRLFH E\ ZKLFK KXPDQNLQG GHVHUWHG MXVWLFH
DQG LQWURGXFHG LQLTXLW\ DQG WKDW ZLOO LWVHOI ZDV LQLTXLW\
',67,1&7,21 ;;,,, &KDSWHU :+< *2' $//2:(' +80$16 72 %( 7(037(' .12:,1* 7+$7 7+(<
:28/' )$// $8*867,1( ,1 21 *(1(6,6 0RUHRYHU LW LV XVXDO WR DVN
³ZK\ *RG DOORZHG KXPDQV WR EH WHPSWHG ZKRP KH IRUHNQHZ ZRXOG EH
OHG DVWUD\²%XW LW ZRXOG QRW EH SUDLVHZRUWK\ IRU KXPDQ EHLQJV LI WKH\
FRXOG OLYH ZHOO RQO\ EHFDXVH QRQH ZRXOG SHUVXDGH WKHP WR OLYH HYLOO\
VLQFH LQ WKHLU QDWXUH WKH\ KDG WKH SRZHU DQG LQ WKHLU SRZHU WKH ZLOO
ZLWK WKH KHOS RI *RG QRW WR FRQVHQW WR WKH SHUVXDGHU´ ³DQG LW LV PRUH
JORULRXV QRW WR FRQVHQW WKDQ WR EH XQDEOH WR EH WHPSWHG´
:+< *2' &5($7(' 7+26( :+2 +( )25(.1(: :28/' %( (9,/
³6RPH DUH DOVR WURXEOHG DQG VD\ :K\ GLG *RG FUHDWH WKRVH ZKR KH IRUH
NQHZ ZRXOG EH HYLO"²%HFDXVH KH IRUHVDZ WKDW KH ZRXOG GUDZ VRPH JRRG
IURP WKHLU HYLOV )RU KH VR PDGH WKHP DV WR OHDYH WKHP WKH PHDQV WR GR
VRPHWKLQJ DQG LI WKH\ GLG VRPHWKLQJ FXOSDEO\ QHYHUWKHOHVV WKH\ ZRXOG
ILQG KLP ZRUNLQJ LQ D SUDLVHZRUWK\ PDQQHU LQ WKHLU UHJDUG )URP WKHP
VHOYHV WKH\ KDYH DQ HYLO ZLOO EXW IURP KLP D JRRG QDWXUH DQG D MXVW SXQ
LVKPHQW´ ³$QG VR LW LV YDLQ WR VD\ µ*RG RXJKW QRW WR KDYH FUHDWHG WKRVH
ZKR KH IRUHNQHZ ZRXOG EH HYLO¶ IRU KH NQHZ WKDW WKH\ ZRXOG EH RI XVH WR
JRRG SHUVRQV DQG ZRXOG EH MXVWO\ SXQLVKHG IRU WKHLU HYLO ZLOO´
7KH\ DOVR DGG ³+H RXJKW WR KDYH PDGH PDQ VXFK WKDW KH ZRXOG QRW
KDYH EHHQ ZLOOLQJ WR VLQ DW DOO²:H JUDQW WKDW D QDWXUH ZKLFK ZRXOG QRW
DW DOO EH ZLOOLQJ WR VLQ ZRXOG LQGHHG EH EHWWHU %XW OHW WKHP DOVR JUDQW WKDW
D QDWXUH LV QRW HYLO ZKLFK LV VR PDGH WKDW LW LV DEOH QRW WR VLQ LI LW ZLOOV
DQG LW LV MXVWO\ SXQLVKHG LI LW VLQQHG YROXQWDULO\ DQG QRW E\ QHFHVVLW\ $QG
VLQFH WKH ODWWHU LV JRRG DQG WKH IRUPHU LV EHWWHU ZK\ ZRXOG *RG QRW PDNH
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
,ELG EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;;,,,
ERWK VR DV WR EH SUDLVHG PRUH DEXQGDQWO\ IURP HDFK" )RU WKH IRUPHU LV WKDW
RI WKH KRO\ DQJHOV WKH ODWWHU RI PHQ´
7KH\ DOVR VD\ ³,I *RG ZLOOHG LW WKHVH WRR ZRXOG EH JRRG²:H
JUDQW WKLV WRR EXW KH EHWWHU ZLOOHG WKDW WKH\ VKRXOG EH ZKDW WKH\ ZLOOHG
DQG WKDW WKH JRRG RQHV VKRXOG QRW EH ZLWKRXW IUXLW EXW WKH HYLO RQHV QRW
ZLWKRXW SXQLVKPHQW´
7KH\ DOVR VD\ ³*RG FRXOG FKDQJH WKHLU ZLOO WR WKH JRRG EHFDXVH KH
LV RPQLSRWHQW²,QGHHG KH FRXOG :K\ GLG KH QRW" %HFDXVH KH GLG QRW
ZLOO LW :K\ GLG KH QRW ZLOO LW" +H DORQH NQRZV :H PXVW QRW NQRZ PRUH
WKDQ LV VXLWDEOH´
&KDSWHU +(5( :+$7 >0$1 :$6@ /,.( ,1 5(63(&7 72 7+( 63,5,7 $1' +( 75($76
0$1¶6 .12:/('*( %()25( 6,1 $QG LQ UHVSHFW WR WKH VSLULW PDQ ZDV
UDWLRQDO KDYLQJ WKH DELOLW\ WR GLVFHUQ EHWZHHQ JRRG DQG HYLO ,W LV KHOG
WKDW DV VRRQ DV KH ZDV FUHDWHG KH QRW XQVXLWDEO\ UHFHLYHG WKH NQRZOHGJH
RI FUHDWHG WKLQJV DQG WKH NQRZOHGJH RI WUXWK ZKLFK ZDV VXLWDEOH WR KLV
ILUVW SHUIHFWLRQ DQG KH GLG QRW SURJUHVV WR WKLV E\ VWXG\ RU DQ\ DSSOLFDWLRQ
RYHU WKH SDVVDJH RI WLPH EXW UHFHLYHG LW E\ *RG¶V JLIW IURP WKH EHJLQQLQJ
RI KLV H[LVWHQFH
&KDSWHU 7+$7 0$1 %()25( 7+( )$// +$' $ 7+5(()2/' .12:/('*( 1$0(/< 2) 7+( 7+,1*6 0$'( )25 +,6 6$.( 2) 7+( &5($725 $1' 2) +,06(/)
$QG WKH ILUVW PDQ EHIRUH WKH IDOO ZDV HQGRZHG ZLWK D WKUHHIROG NQRZOHGJH
QDPHO\ RI WKH WKLQJV PDGH IRU KLV VDNH RI WKH &UHDWRU DQG RI KLPVHOI
21 7+( .12:/('*( 2) &5($7(' 7+,1*6 ,W LV YHU\ FOHDU WKDW PDQ
UHFHLYHG NQRZOHGJH RI FUHDWHG WKLQJV VLQFH LW ZDV QRW WKH &UHDWRU KLPVHOI
RU VRPH DQJHO EXW PDQ KLPVHOI ZKR FRQIHUUHG QDPHV RQ DOO OLYLQJ WKLQJV
VR WKDW LW PLJKW EH VKRZQ WKDW PDQ KLPVHOI KDG NQRZOHGJH RI HDFK RI
WKHP )RU WKH WKLQJV ZKLFK KDG EHHQ FUHDWHG IRU KLV VDNH ZHUH WR EH UXOHG
DQG GLVSRVHG E\ KLP DQG VR *RG JDYH WR KLP WKH NQRZOHGJH RI DOO RI
WKHP DQG OHIW WKHLU SURYLVLRQ DQG FDUH WR KLP EHFDXVH DV WKH $SRVWOH VD\V
*RG LV QRW FRQFHUQHG ZLWK R[HQ *RG OHIW WR PDQ WKH FDUH DQG SURYLVLRQ
RI WKHVH DQG RWKHU DQLPDOV VR WKDW WKH\ PLJKW EH VXEMHFW WR KLV GRPLQLRQ
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
,ELG EN F Q
5RP
,ELG EN F Q
&I *HQ &RU
7+( 6(17(1&(6 %22.
DQG JRYHUQHG E\ KLV UHDVRQ DQG WKDW KH PLJKW NQRZ KRZ WR SURYLGH IRU
WKH QHHGV RI WKRVH IURP ZKLFK KH ZDV ERXQG WR UHFHLYH EHQHILW
6&5,3785( ',' 127 ,16758&7 0$1 ,1 7+( .12:/('*( 2) ',6326,1* 2) $1' 3529,',1* )25 7+,1*6 125 ,1 7+( .12:/('*( 2) 3529,',1*
7+( 1(&(66,7,(6 2) 7+( )/(6+ %87 21/< ,1 7+( .12:/('*( 2) 7+(
628/ $1' :+< 0DQ GLG QRW ORVH WKLV NQRZOHGJH E\ VLQQLQJ QRU WKDW E\
ZKLFK WKH QHFHVVLWLHV RI WKH IOHVK DUH SURYLGHG $QG VR PDQ LV QRW LQVWUXF
WHG LQ 6FULSWXUH DERXW WKHVH VRUWV RI WKLQJV EXW DERXW WKH NQRZOHGJH RI
WKH VRXO ZKLFK KH ORVW E\ VLQQLQJ
21 .12:/('*( 2) 7+( &5($725 ,W LV EHOLHYHG WKDW WKH ILUVW PDQ
DOVR KDG NQRZOHGJH RI WKH &UHDWRU )RU KH NQHZ E\ ZKRP KH KDG EHHQ
FUHDWHG QRW MXVW E\ WKDW PRGH RI NQRZOHGJH LQ ZKLFK WKLV LV SHUFHLYHG
RQO\ IURP KHDULQJ E\ ZKLFK PRGH WKH DEVHQW *RG LV QRZ VRXJKW E\ EH
OLHYHUV EXW E\ VRPH LQWHULRU LQVSLUDWLRQ LQ ZKLFK KH FRQWHPSODWHG *RG¶V
SUHVHQFH 1HYHUWKHOHVV KH GLG QRW VHH HLWKHU VR H[FHOOHQWO\ DV WKH VDLQWV
ZLOO VHH DIWHU WKLV OLIH RU DV GDUNO\ DV ZH GR LQ WKLV OLIH
21 .12:/('*( 2) +,06(/) 0RUHRYHU WKH VDPH PDQ DSSHDUV WR
KDYH UHFHLYHG VXFK NQRZOHGJH RI KLPVHOI WKDW KH ZDV QRW LJQRUDQW RI
ZKDW KH RZHG WR KLV VXSHULRU DQG ZKDW WR KLV HTXDO DQG WR KLV LQIHULRU +H
DOVR XQGHUVWRRG KLV RZQ FRQGLWLRQ DQG RUGHU QDPHO\ ZKDW KH ZDV OLNH DW
KLV FUHDWLRQ DQG KRZ KH RXJKW WR SURFHHG ZKDW KH RXJKW WR GR ZKDW WR
DYRLG ,I KH KDG QRW KDG NQRZOHGJH RI WKHVH WKLQJV KH ZRXOG QRW EH
JXLOW\ RI WUDQVJUHVVLRQ QRU ZRXOG KH KDYH NQRZQ KLPVHOI
&KDSWHU :+(7+(5 0$1 +$' )25(.12:/('*( 2) 7+( 7+,1*6 7+$7 :(5( 72 +$3 3(1 72 +,0²5(63216( ,1 :+,&+ ,7 ,6 6$,' 7+$7 +( ',' 127 +$9(
)25(.12:/('*( 2) )8785( (9(176 %XW LI LW LV DVNHG ZKHWKHU PDQ KDG
NQRZOHGJH RI WKH WKLQJV WKDW ZHUH WR KDSSHQ WR KLP WKDW LV ZKHWKHU KH
IRUHNQHZ KLV RZQ UXLQ DQG VLPLODUO\ ZKHWKHU KH IRUHNQHZ WKH JRRGV
ZKLFK KH ZRXOG KDYH KDG LI KH KDG UHPDLQHG LQ REHGLHQFH LW FDQ EH DQ
VZHUHG WKDW WKH WKLQJV ZKLFK KH RXJKW WR GR ZHUH GHFUHHG WR KLP UDWKHU
WKDQ IXWXUH WKLQJV UHYHDOHG )RU KH UHFHLYHG NQRZOHGJH DQG FRPPDQG
UHJDUGLQJ WKH WKLQJV WKDW RXJKW WR EH GRQH EXW KH GLG QRW KDYH IRUH
NQRZOHGJH RI IXWXUH WKLQJV $QG VR PDQ GLG QRW IRUHNQRZ KLV RZQ IDOO DV
ZH DOVR VDLG RI WKH DQJHO $XJXVWLQH DVVHUWV WKH VDPH LQ 2Q *HQHVLV
XVLQJ WKH UHDVRQLQJ ZKLFK ZH KDYH VHW RXW DERYH²/HW LW VXIILFH WKDW ZH
&I 5RP &I &RU
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN FF
'LVW QQ
'LVWLQFWLRQ ;;,9
KDYH VDLG WKHVH WKLQJV FRQFHUQLQJ WKH NQRZOHGJH RI PDQ LQVRIDU DV LW
SHUWDLQV WR KLV SULPDO VWDWH
',67,1&7,21 ;;,9 &KDSWHU
21 0$1¶6 *5$&( $1' 32:(5 %()25( 7+( )$// 1RZ LW LV QHFHVVDU\ WR
LQYHVWLJDWH ZLWK GLOLJHQFH ZKDW JUDFH RU SRZHU PDQ KDG EHIRUH WKH IDOO
DQG ZKHWKHU RU QRW KH ZDV DEOH WR VWDQG ILUP WKURXJK LW
7+$7 +( :$6 &5($7(' ,1 *5$&( 7+528*+ :+,&+ +( :$6 $%/( 72
67$1' ),50 %87 127 72 0$.( 352*5(66 /,.( 7+( $1*(/6 $QG VR LW LV
WR EH NQRZQ WKDW DV ZH VDLG RI WKH DQJHOV WKURXJK JUDFH KHOS ZDV JLYHQ
WR PDQ DW FUHDWLRQ DQG D SRZHU ZDV JUDQWHG E\ ZKLFK KH ZDV DEOH WR VWDQG
ILUP WKDW LV QRW WR IDOO IURP ZKDW KH KDG UHFHLYHG EXW KH FRXOG QRW PDNH
SURJUHVV VR WKDW KH FRXOG GHVHUYH VDOYDWLRQ E\ WKH JUDFH RI FUHDWLRQ >DORQH@
ZLWKRXW DQ\ RWKHU +H ZDV FHUWDLQO\ DEOH WKURXJK WKDW KHOS RI WKH JUDFH RI
FUHDWLRQ WR UHVLVW HYLO EXW QRW WR DFKLHYH WKH JRRG²7+$7 7+528*+
7+$7 *5$&( 2) &5($7,21 +( &28/' ,1 620( :$< /,9( :(// $QG \HW KH
ZDV DEOH LQ VRPH ZD\ WR OLYH ZHOO WKURXJK WKDW KHOS EHFDXVH KH ZDV DEOH
WR OLYH ZLWKRXW VLQ EXW ZLWKRXW WKH DGGLWLRQDO KHOS RI JUDFH KH ZDV QRW
DEOH WR OLYH VSLULWXDOO\ VR DV WR GHVHUYH HWHUQDO OLIH
+HQFH $XJXVWLQH LQ WKH (QFKLULGLRQ ³0DQ ZDV PDGH XSULJKW VR WKDW
KH ZDV DEOH ERWK WR UHPDLQ LQ WKDW XSULJKWQHVV DOWKRXJK QRW ZLWKRXW GLYLQH
KHOS DQG WR EHFRPH HYLO E\ KLV RZQ FKRLFH ZKLFKHYHU RI WKHVH KH PLJKW
KDYH FKRVHQ *RG¶V ZLOO ZRXOG KDYH EHHQ GRQH HLWKHU E\ KLP RU FRQFHUQ
LQJ KLP $QG EHFDXVH KH SUHIHUUHG WR GR KLV RZQ ZLOO UDWKHU WKDQ *RG¶V
*RG¶V ZLOO FRQFHUQLQJ KLP ZDV GRQH´²$OVR LQ WKH VDPH ³,W ZDV VXLWD
EOH WKDW KXPDQNLQG DW ILUVW EH PDGH LQ VXFK D ZD\ WKDW LW ZRXOG EH DEOH WR
ZLOO HLWKHU ZHOO RU HYLOO\ QRW WR QR HQG LI LW ZLOOHG ZHOO DQG QRW ZLWK LP
SXQLW\ LI LW ZLOOHG HYLOO\´
$8*867,1( 7KH VDPH DOVR VD\V LQ WKH ERRN 2Q &RUUHFWLRQ DQG
*UDFH ³,I WKLV KHOS KDG EHHQ ODFNLQJ HLWKHU WR WKH DQJHO RU WR PDQ ZKHQ
WKH\ ZHUH ILUVW PDGH EHFDXVH WKHLU QDWXUH ZDV QRW PDGH VXFK DV WR EH DEOH
WR UHPDLQ VWHDGIDVW LI HDFK VR ZLOOHG ZLWKRXW GLYLQH KHOS HDFK ZRXOG
FHUWDLQO\ QRW KDYH IDOOHQ E\ KLV RZQ IDXOW LQGHHG WKH KHOS ZRXOG KDYH
EHHQ ODFNLQJ ZLWKRXW ZKLFK HDFK FRXOG QRW UHPDLQ VWHDGIDVW´²7KH
VDPH ³*RG JDYH D JRRG ZLOO WR PDQ LQGHHG KH PDGH KLP XSULJKW LQ LW
&I (FFO
$XJXVWLQH (QFKLULGLRQ F
,ELG F
$XJXVWLQH 'H FRUUHSWLRQH HW JUDWLD F Q
7+( 6(17(1&(6 %22.
KH JDYH KLP WKH KHOS ZLWKRXW ZKLFK KH FRXOG QRW UHPDLQ VWHDGIDVW LQ WKDW
ZLOO LI KH VR ZLOOHG DQG WKURXJK ZKLFK KH FRXOG EXW KH OHIW LW WR PDQ¶V
FKRLFH WR ZLOO WKLV LI KH VR ZLOOHG´²,Q WKH VDPH ³+H UHFHLYHG WKH
SRZHU WR ZLOO EXW KH GLG QRW KDYH WKH ZLOO E\ ZKLFK WR H[HUFLVH WKDW
SRZHU IRU LI KH KDG KDG VXFK D ZLOO KH ZRXOG KDYH SHUVHYHUHG´ %\
WKHVH WHVWLPRQLHV LW LV FOHDUO\ VKRZQ WKDW PDQ UHFHLYHG XSULJKWQHVV DQG D
JRRG ZLOO DW KLV FUHDWLRQ DQG WKH KHOS E\ ZKLFK KH ZDV DEOH WR VWDQG ILUP
RWKHUZLVH LW ZRXOG DSSHDU WKDW KH GLG QRW IDOO E\ KLV RZQ IDXOW
:+$7 7+$7 835,*+71(66 $1' *22'1(66 2) :,// ,1 :+,&+ +( :$6
&5($7(' :$6 /,.( %XW KRZ GLG PDQ KDYH DQ XSULJKW DQG JRRG ZLOO LI
WKURXJK LW KH ZDV QHLWKHU DEOH WR GHVHUYH OLIH QRU GLG KH ZLOO WR VWDQG ILUP
E\ LW"²%HFDXVH KH GLG QRW WKHQ ZLOO DQ\ HYLO E\ WKDW ZLOO DQG IRU D ZKLOH
ZLOOHG WR VWDQG ILUP EXW QRW ZLWK SHUVHYHUDQFH DQG VR DW WKDW WLPH PDQ¶V
ZLOO ZDV XSULJKW DQG JRRG
2%-(&7,21 $*$,167 :+$7 :$6 6$,' ($5/,(5 7+$7 0$1 :28/'
127 +$9( %((1 $%/( 72 0$.( 352*5(66 %XW LW LV XVXDO WR PDNH WKH IRO
ORZLQJ REMHFWLRQ DJDLQVW ZKDW ZH VDLG WKDW PDQ ZRXOG QRW KDYH EHHQ DEOH
WR PDNH SURJUHVV RU WR KDYH PHULW WKURXJK WKH JUDFH RI FUHDWLRQ 7KURXJK
WKDW KHOS RI WKH JUDFH RI FUHDWLRQ KH ZDV DEOH WR VWDQG ILUP LQ WKH JRRG
ZKLFK KH KDG UHFHLYHG DQG VR KH ZDV DEOH WR UHVLVW WHPSWDWLRQ EXW WR UH
VLVW WHPSWDWLRQV DQG HYLO VXJJHVWLRQV LV D PHULW DQG D JRRG ZRUWK\ RI UH
ZDUG HYHU\ JRRG PHULW LV D SURJUHVV KRZHYHU DQG VR KH ZDV DEOH WR
PDNH SURJUHVV WKURXJK WKH JUDFH RI FUHDWLRQ ZLWKRXW WKH DGGLWLRQ RI
DQRWKHU JUDFH
5(63216( 7R WKLV ZH VD\ WKDW WR UHVLVW HYLO DQG QRW FRQVHQW WR WHPS
WDWLRQ ZRXOG QRW KDYH JDLQHG KLP DQ\ PHULW HYHQ LI KH KDG QRW FRQVHQWHG
EHFDXVH WKHUH ZDV QRWKLQJ LQ KLP ZKLFK PLJKW LPSHO KLP WR HYLO 6LPLODU
O\ IRU WKH DQJHOV ZKR GLG QRW IDOO LW ZDV QRW D PHULW WKDW WKH\ VWRRG ILUP
WKDW LV WKDW WKH\ GLG QRW IDOO WR WKHLU UXLQ
7+$7 72 5(6,67 (9,/ ,6 620(7,0(6 $ 0(5,7 $1' 620(7,0(6 127
)RU LW LV VRPHWLPHV D PHULW IRU XV LI ZH GR QRW GR HYLO EXW UHVLVW LW EXW
RQO\ ZKHUH D FDXVH LV SUHVHQW ZKLFK PRYHV XV WR FRPPLW LW EHFDXVH RXU
VWHSV DUH SURQH WR IDOO GXH WR WKH FRUUXSWLRQ RI VLQ %XW ZKHUH QR FDXVH
LQWHUYHQHV WR LPSHO XV WR HYLO ZH JDLQ QR PHULW LI ZH IRUEHDU IURP LW )RU
WR UHVLVW HYLO DOZD\V DYRLGV SXQLVKPHQW EXW GRHV QRW DOZD\V GHVHUYH WKH
SDOP >RI YLFWRU\@
$XJXVWLQH 'H FRUUHSWLRQH HW JUDWLD F Q
,ELG &I *HQ
'LVWLQFWLRQ ;;,9
&KDSWHU 21 7+( +(/3 *,9(1 72 0$1 $7 &5($7,21 %< :+,&+ +( :$6 $%/( 72
67$1' ),50 +HUH LV WR EH FRQVLGHUHG ZKDW WKDW KHOS JLYHQ WR PDQ DW FUHD
WLRQ ZDV E\ ZKLFK KH ZDV DEOH WR UHPDLQ VWHDGIDVW LI KH VR ZLOOHG²7KDW
ZDV DVVXUHGO\ D IUHHGRP RI FKRLFH IUHH IURP DOO VWDLQ DQG FRUUXSWLRQ DQG
DQ XSULJKWQHVV RI ZLOO DQG D ZKROHQHVV DQG OLYHOLQHVV RI DOO WKH QDWXUDO
SRZHUV RI WKH VRXO
&KDSWHU
21 )5(( &+2,&( )UHH FKRLFH KRZHYHU LV D IDFXOW\ RI UHDVRQ DQG ZLOO
E\ ZKLFK WKH JRRG LV FKRVHQ ZLWK WKH DVVLVWDQFH RI JUDFH RU HYLO ZLWKRXW
LWV DVVLVWDQFH $QG LW LV FDOOHG µIUHH¶ LQ UHJDUG WR WKH ZLOO ZKLFK PD\ WXUQ
LWVHOI WR HLWKHU RI WKHP EXW µFKRLFH¶ LQ UHJDUG WR UHDVRQ ZKRVH IDFXOW\ RU
SRZHU LW LV DQG WR ZKLFK LW DOVR EHORQJV WR GLVFHUQ EHWZHHQ JRRG DQG HYLO
$QG VRPHWLPHV VRPHRQH ZKR KDV WKH SRZHU WR GLVFHUQ EHWZHHQ JRRG DQG
HYLO FKRRVHV ZKDW LV HYLO VRPHWLPHV WKDW ZKLFK LV JRRG %XW KH GRHV QRW
FKRRVH WKDW ZKLFK LV JRRG H[FHSW ZLWK WKH KHOS RI JUDFH KH FKRRVHV HYLO
KRZHYHU E\ KLPVHOI )RU WKHUH LV LQ WKH UDWLRQDO VRXO D QDWXUDO ZLOO E\
ZKLFK LW QDWXUDOO\ ZLOOV ZKDW LV JRRG DOWKRXJK ZHDNO\ DQG IHHEO\ XQOHVV
JUDFH DVVLVWV DW LWV FRPLQJ JUDFH DVVLVWV WKDW ZLOO DQG EXLOGV LW XS VR WKDW
LW ZLOOV WKH JRRG HIILFDFLRXVO\ LW LV DEOH WR ZLOO HYLO HIILFDFLRXVO\ E\ LWVHOI
$QG VR WKDW SRZHU RI WKH UDWLRQDO VRXO E\ ZKLFK LW LV DEOH WR ZLOO JRRG RU
HYLO GLVFHUQLQJ WKH RQH IURP WKH RWKHU LV FDOOHG IUHH FKRLFH
7+$7 %587( $1,0$/6 '2 127 +$9( )5(( &+2,&( %87 $ 6(168$/
$33(7,7( %UXWH DQLPDOV GR QRW KDYH WKLV EHFDXVH WKH\ ODFN UHDVRQ EXW
WKH\ KDYH VHQVH DQG D VHQVXDO DSSHWLWH
&KDSWHU
21 6(168$/,7< )RU VHQVXDOLW\ LV VRPH ORZHU SRZHU RI WKH VRXO IURP
ZKLFK FRPHV D PRWLRQ ZKLFK LV GLUHFWHG WR WKH VHQVHV RI WKH ERG\ DQG WR
WKH DSSHWLWHV IRU WKLQJV WKDW SHUWDLQ WR WKH ERG\
&KDSWHU 21 5($621 :+,&+ +$6 7:2 3$576 ,1 5(63(&7 72 ,76 )81&7,216
5HDVRQ KRZHYHU LV D KLJKHU SRZHU RI WKH VRXO ZKLFK VR WR VSHDN KDV
WZR SDUWV RU GLVWLQJXLVKLQJ DWWULEXWHV D ORZHU RQH DQG D KLJKHU $FFRUGLQJ
WR WKH VXSHULRU RQH LW DWWHQGV WR WKH FRQWHPSODWLRQ DQG REVHUYDQFH RI WKH
KLJKHVW WKLQJV DFFRUGLQJ WR WKH ORZHU RQH LW ORRNV DIWHU WKH GLVSRVLWLRQ RI
WHPSRUDO WKLQJV
:+$7 3(57$,16 72 5($621 $QG VR ZKDWHYHU RFFXUV WR XV LQ RXU
VRXO ZKHQ ZH UHIOHFW ZKLFK ZH GR QRW KDYH LQ FRPPRQ ZLWK EHDVWV SHU
7+( 6(17(1&(6 %22.
WDLQV WR UHDVRQ EXW ZKDWHYHU \RX ILQG LQ LW ZKLFK LV FRPPRQ ZLWK ZLOG
EHDVWV WKDW SHUWDLQV WR VHQVXDOLW\
:+(5( 5($621 %(*,16 ,1 7+( 628/ $QG ZKHQ ZH SURFHHG WR
FRQVLGHU VWHS E\ VWHS DOO WKH SDUWV RI WKH VRXO DQG ZH ILQG WKH ILUVW WKLQJ
ZKLFK LV QRW FRPPRQ ZLWK WKH EHDVWV WKHUH UHDVRQ EHJLQV
$XJXVWLQH WHDFKHV WKHVH WKLQJV LQ 2Q WKH 7ULQLW\ ERRN ZKHUH KH
VD\V DV IROORZV ³/HW XV VHH ZKHUH DV LW ZHUH VRPH ERXQGDU\ H[LVWV EH
WZHHQ WKH H[WHULRU DQG WKH LQWHULRU PDQ )RU ZKDWHYHU ZH KDYH LQ RXU VSL
ULW LQ FRPPRQ ZLWK D EHDVW WKDW LV ULJKWO\ VDLG WR SHUWDLQ WR WKH H[WHULRU
PDQ ,W LV QRW WKH ERG\ DORQH ZKLFK LV WR EH FRQVLGHUHG WKH H[WHULRU PDQ
EXW DOVR ZKHQ VRPH OLIH LV DGGHG E\ ZKLFK WKH IUDPH RI WKH ERG\ DQG DOO
WKH VHQVHV KDYH WKHLU IRUFH KH LV PDGH ILW E\ WKHVH WR SHUFHLYH H[WHULRU
WKLQJV´ ³$QG VR DV ZH DVFHQG ZLWKLQ RXUVHOYHV JUDGXDOO\ WR FRQVLGHU
WKH SDUWV RI WKH VRXO ZKHUH VRPHWKLQJ EHJLQV WR RFFXU ZKLFK LV QRW FRP
PRQ WR XV DQG WKH EHDVWV WKHUH UHDVRQ EHJLQV DQG WKH LQWHULRU PDQ FDQ
QRZ EH UHFRJQL]HG´
21 7+( 3$576 2) 5($621²$8*867,1( ³%XW WKH KLJKHU SDUW RI UHD
VRQ FOHDYHV WR WKH FRQWHPSODWLRQ RU REVHUYDQFH RI WKH HWHUQDO UHDVRQV WKH
ORZHU SDUW LV WXUQHG WR WKH JRYHUQDQFH RI WHPSRUDO WKLQJV´ $QG ³WKDW
JD]H RI UHDVRQ E\ ZKLFK ZH FRQWHPSODWH HWHUQDO WKLQJV LV FRQVLGHUHG ZLV
GRP EXW WKH RQH E\ ZKLFK ZH PDNH JRRG XVH RI WHPSRUDO WKLQJV LV FRQ
VLGHUHG NQRZOHGJH´ ³%XW ZKHQ ZH GLVFXVV WKH QDWXUH RI WKH KXPDQ
PLQG ZH GLVFXVV RQH WKLQJ RQO\ ZH GR QRW VHSDUDWH LW LQWR WKH WZR WKLQJV
ZKLFK , KDYH PHQWLRQHG H[FHSW LQ UHVSHFW WR LWV IXQFWLRQV´²³7KH FDUQDO
RU VHQVXDO PRWLRQ RI WKH VRXO ZKLFK LV GLUHFWHG WR WKH VHQVHV RI WKH ERG\ LV
FRPPRQ WR XV DQG WR WKH EHDVWV LW LV UHPRWH IURP WKH UHDVRQ RI ZLVGRP
EXW FORVH WR WKH UHDVRQ RI NQRZOHGJH´
&KDSWHU 7+$7 7+( 25'(5 2) 6,11,1* 25 )$//,1* ,6 7+( 6$0( ,1 86 $6 ,1 7+(
),567 +80$16 ,W LV DOVR QRW WR EH SDVVHG RYHU WKDW WKH RUGHU DQG SUR
JUHVVLRQ RI WHPSWDWLRQ LV WKH VDPH QRZ LQ D VLQJOH KXPDQ SHUVRQ DV LW
ZDV WKHQ LQ RXU ILUVW SDUHQWV
$XJXVWLQH 'H 7ULQLWDWH EN F Q
,ELG EN F Q
,ELG EN F Q
,ELG EN F Q
,ELG EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;;,9
&KDSWHU 7+$7 7+( :20$1 7+( 0$1 $1' 7+( 6(53(17 $5( ,1 86 $1' +2:
)RU DW WKDW WLPH WKH VHUSHQW SHUVXDGHG WKH ZRPDQ WR >HDW RI@ WKH IUXLW
DQG VKH FRQVHQWHG WKHQ VKH JDYH LW WR KHU KXVEDQG DQG VR WKH VLQ ZDV
FRQVXPPDWHG ,Q WKH VDPH ZD\ QRZ LQ XV WKH VHQVXDO PRWLRQ RI WKH VRXO
LV OLNH WKH VHUSHQW WKH ORZHU SRUWLRQ RI UHDVRQ LV OLNH WKH ZRPDQ DQG
WKH KLJKHU RQH OLNH WKH PDQ $QG WKH ODWWHU LV WKH PDQ ZKR DFFRUGLQJ
WR WKH $SRVWOH LV FDOOHG WKH LPDJH DQG JORU\ RI *RG DQG WKH IRUPHU LV
WKH ZRPDQ ZKR DFFRUGLQJ WR WKH VDPH LV FDOOHG WKH JORU\ RI PDQ
&KDSWHU 21 7+( 63,5,78$/ 0$55,$*( 2) 7+( 0$1 $1' 7+( :20$1 ,1 86
$QG EHWZHHQ WKLV PDQ DQG WKLV ZRPDQ WKHUH LV DV LW ZHUH D VSLULWXDO
PDUULDJH DQG D QDWXUDO FRQWUDFW E\ ZKLFK WKH KLJKHU SRUWLRQ RI UHDVRQ
WKH PDQ DV LW ZHUH LV WR JR ILUVW DQG GRPLQDWH EXW WKH ORZHU RQH WKH
ZRPDQ DV LW ZHUH LV WR EH VXEMHFW DQG REH\ $QG VR WKH PDQ DFFRUGLQJ
WR WKH $SRVWOH LV QRW WR ZHDU D YHLO EXW WKH ZRPDQ PXVW
21 $ +(/3(5 /,.( +,06(/) $QG MXVW DV DPRQJ DOO WKH DQLPDOV WKHUH
ZDV QRW IRXQG IRU PDQ D KHOSHU OLNH KLPVHOI EXW RQH WDNHQ IURP KLP
ZKR PLJKW EH MRLQHG WR KLP LQ PDUULDJH VLPLODUO\ DPRQJ WKH SDUWV RI WKH
VRXO ZKLFK ZH KDYH LQ FRPPRQ ZLWK WKH EHDVWV WKHUH LV QR OLNH KHOSHU
IRU RXU PLQG
+( 6+2:6 7+,6 72 %( 7+( &$6( %< 7+( 7(67,021< 2) $8*867,1(
+HQFH $XJXVWLQH LQ WKH VDPH ³7KDW >IDFXOW\@ RI RXUV ZKLFK LV HQJDJHG LQ
WKH PDQDJHPHQW RI WHPSRUDO WKLQJV LQ VXFK D ZD\ WKDW LW LV QRW FRPPRQ WR
XV ZLWK WKH EHDVWV LV LQGHHG UDWLRQDO %XW LW LV GUDZQ DV LW ZHUH IURP WKDW
UDWLRQDO PLQG E\ZKLFK ZH FOHDYH WR WKH LQWHOOLJLEOH DQG XQFKDQJHDEOH WUXWK
DQG LW LV GHSXWHG WR GHDO ZLWK DQG JRYHUQ WKH ORZHU WKLQJV )RU MXVW DV
DPRQJ DOO WKH DQLPDOV WKHUH ZDV QRW IRXQG IRU WKH PDQ D KHOSHU OLNH KLP
VHOI EXW RQO\ RQH WDNHQ IURP KLP ZKR PLJKW EH MRLQHG WR KLP LQ PDUULDJH
VLPLODUO\ IURP DPRQJ WKH SDUWV RI WKH VRXO ZKLFK ZH KDYH LQ FRPPRQ ZLWK
WKH EHDVWV WKHUH LV QR OLNH KHOSHU IRU RXU PLQG E\ ZKLFK ZH REVHUYH VXSHU
QDO WUXWK ZKLFK PLJKW KHOS LQ PDNLQJ XVH RI WHPSRUDO WKLQJV LQ D PDQQHU
VXIILFLHQW IRU WKH QDWXUH RI PDQ $QG VR RXU UDWLRQDOLW\ QRW VHSDUDWHG VR DV
WR EUHDFK LWV XQLW\ EXW EUDQFKHG RII DV LW ZHUH WR DLG WKH SDUWQHUVKLS LV
GLYLGHG XS WR IXOILO LWV IXQFWLRQ $QG MXVW DV WKH IOHVK RI WKH WZR LV RQH LQ
WKH PDOH DQG IHPDOH VR WKH RQH QDWXUH RI RXU PLQG HPEUDFHV RXU LQWHOOHFW
&I &RU $XJXVWLQH 'H 7ULQLWDWH EN F Q
&I &RU &I *HQ &I ,ELG
7+( 6(17(1&(6 %22.
DQG DFWLRQ RU UHDVRQ DQG WKH UDWLRQDO DSSHWLWH RU ZKDWHYHU RWKHU ZD\ WKHUH
LV LQ ZKLFK WKLV PD\ EH VWDWHG PRUH PHDQLQJIXOO\ -XVW DV LW ZDV VDLG RI
WKHP 7KH\ VKDOO EH WZR LQ RQH IOHVK VR RI WKHVH LW FDQ EH VDLG WZR LQ RQH
PLQG´²6HH E\ WKHVH ZRUGV LW FDQ EH XQGHUVWRRG KRZ WKHUH LV DQ LPDJH
RI WKDW PDUULDJH LQ WKH KXPDQ VRXO DQG KRZ LQ HDFK RI XV WKRVH WKUHH DUH
SUHVHQW VSLULWXDOO\ QDPHO\ WKH PDQ WKH ZRPDQ DQG WKH VHUSHQW
&KDSWHU +2: 7(037$7,21 ,6 &216800$7(' ,1 86 7+528*+ 7+26( 7+5((
1RZ LW UHPDLQV WR VKRZ KRZ VLQ LV FRQVXPPDWHG LQ XV WKURXJK WKHVH
WKUHH ZKHUHE\ LW FRXOG EH UHFRJQL]HG LI ZH DWWHQG ZLWK GLOLJHQFH ZKDW
D PRUWDO RU D YHQLDO VLQ LV LQ WKH VRXO
)RU MXVW DV WKHUH WKH VHUSHQW SHUVXDGHG WKH ZRPDQ DQG WKH ZRPDQ
WKH PDQ VLPLODUO\ LQ XV ZKHQ WKH VHQVXDO PRWLRQ KDV SHUFHLYHG WKH DW
WUDFWLRQ RI VLQ LW VXJJHVWV LW OLNH WKH VHUSHQW WR WKH ZRPDQ QDPHO\ WR WKH
ORZHU SDUW RI RXU UHDVRQ WKDW LV WR WKH UHDVRQ RI NQRZOHGJH LI WKH ODWWHU
FRQVHQWV WR WKH DWWUDFWLRQ WKH ZRPDQ HDWV WKH IRUELGGHQ IUXLW $IWHUZDUGV
VKH JLYHV RI WKH VDPH WR WKH PDQ ZKHQ >WKH ORZHU SDUW@ VXJJHVWV WKH VDPH
DWWUDFWLRQ WR WKH KLJKHU SDUW RI RXU UHDVRQ WKDW LV WR WKH UHDVRQ RI ZLVGRP
LI WKH ODWWHU FRQVHQWV WKHQ WKH PDQ DOVR WDVWHV WKH IRUELGGHQ IUXLW WRJHWKHU
ZLWK WKH ZRPDQ
:+(1 6,1 ,6 9(1,$/ 7KHUHIRUH LI WKH DWWUDFWLRQ RI VLQ LV FRQILQHG
RQO\ WR WKH VHQVXDO PRWLRQ WKHQ WKH VLQ LV YHQLDO DQG YHU\ OLJKW
&KDSWHU
:+(1 7+( :20$1 $/21( ($76 2) 7+( )25%,''(1 )58,7 %XW LI WKH
ORZHU SDUW RI RXU UHDVRQ KDV FRQVHQWHG VR WKDW LW LV FRQILQHG RQO\ WR WKH
SOHDVXUH RI WKRXJKW ZLWKRXW WKH ZLOO RI IXOILOOLQJ >WKH GHVLUH@ WKH ZRPDQ
DORQH HDWV QRW WKH PDQ E\ ZKRVH DXWKRULW\ WKH ZLOO LV UHVWUDLQHG IURP
DFKLHYLQJ WKH GHHG LWVHOI
&KDSWHU
:+(1 7+( 0$1 $/62 ($76 7+(1 ,7 ,6 $ 0257$/ 6,1 %XW LI WKHUH LV
SUHVHQW D IXOO ZLOO WR IXOILO >WKH GHVLUH@ VR WKDW LI WKH RFFDVLRQ DULVHV WKH
GHHG LV GRQH WKHQ WKH PDQ DOVR HDWV EHFDXVH WKH KLJKHU SDUW RI RXU UHDVRQ
FRQVHQWHG WR WKH DWWUDFWLRQ DQG WKHQ LW LV D JUDYH DQG GDPQDEOH VLQ
*HQ
$XJXVWLQH 'H 7ULQLWDWH EN F Q
'LVWLQFWLRQ ;;,9
&KDSWHU ,1 7+( :20$1¶6 7$67,1* ',67,1*8,6+ 620(7,0(6 ,7 ,6 0257$/
620(7,0(6 9(1,$/ %XW ZKHQ WKH ZRPDQ WDVWHV ZLWKRXW WKH PDQ VRPH
WLPHV LW LV D PRUWDO VLQ VRPHWLPHV YHQLDO )RU DV ZH VDLG WKHQ WKH ZRPDQ
WDVWHV ZLWKRXW WKH PDQ ZKHQ WKH VLQ LV FRQILQHG WR WKH SOHDVXUH RI WKRXJKW
LQ VXFK D ZD\ WKDW LW LV QRW GHFUHHG WR EH GRQH RU ZKHQ VRPH OLPLW DQG
PHDVXUH LV SODFHG E\ WKH PDQ RQ WKH VLQ VR WKDW WKH ZRPDQ LV QRW DOORZHG
WR JR IXUWKHU LQWR VLQ E\ DQ XQEULGOHG IUHHGRP²+( 5(3($76 $%287 7+(
:20$1 7$67,1* :,7+287 7+( 0$1 :+(5( +( 6+2:6 :+(1 ,7 ,6 9(1,$/
$1' :+(1 0257$/ $QG VR LI WKH VLQ LV QRW NHSW ORQJ LQ WKH SOHDVXUH RI
WKRXJKW EXW LV UHSHOOHG E\ WKH PDQ¶V DXWKRULW\ DV VRRQ DV LW KDV WRXFKHG
WKH ZRPDQ LW LW LV YHQLDO %XW LI LW LV NHSW IRU D ORQJ WLPH LQ WKH SOHDVXUH
RI WKRXJKW HYHQ WKRXJK WKHUH LV QR ZLOO WR FRPSOHWH LW LW LV PRUWDO DQG
EHFDXVH RI LW WKH PDQ DQG WKH ZRPDQ ZLOO EH GDPQHG WRJHWKHU WKDW LV WKH
ZKROH PDQ EHFDXVH WKHQ WKH PDQ GLG QRW UHVWUDLQ WKH ZRPDQ DV KH RXJKW
WR KDYH GRQH DQG VR KH PD\ EH VDLG WR KDYH FRQVHQWHG
5(3(7,7,21 $1' 6800$5< $QG VR WR SUHVHQW D EULHI VXPPDU\ RI
WKH DERYH ZKHQ VLQ LV FRQFHLYHG LQ WKH VRXO VR WKDW LW GHFLGHV WR FRPPLW
LW RU GRHV FRPPLW LW ZKHWKHU IUHTXHQWO\ RU RQO\ RQFH RU HYHQ ZKHQ LW LV
NHSW IRU D ORQJ WLPH LQ WKH SOHDVXUH RI WKRXJKW LW LV PRUWDO %XW ZKHQ LW LV
RQO\ LQ WKH VHQVXDO PRWLRQ DV ZH VDLG HDUOLHU WKHQ LW LV YHU\ OLJKW EH
FDXVH WKH UHDVRQ GRHV QRW WKHQ GHOLJKW LQ LW
:+< +( 6$,' µ)5(48(17/<¶ 25 µ21&(¶ $QG DERYH , VDLG µZKHWKHU
IUHTXHQWO\ RU RQO\ RQFH¶ EHFDXVH WKHUH DUH VRPH WKLQJV ZKLFK GDPQ HYHQ
LI WKH\ DUH GRQH RU SURSRVHG WR EH GRQH RQO\ RQFH EXW WKHUH DUH VRPH
WKLQJV ZKLFK GR QRW GR VR XQOHVV WKH\ DUH GRQH RU GHWHUPLQHG WR EH GRQH
PRUH IUHTXHQWO\ DV LQ WKH FDVH RI QHHGOHVV VSHHFK DQG VXFKOLNH
$8*867,1( &21),506 ,7 72 %( 62 ,1 +,6 $87+25,7< $XJXVWLQH
WHDFKHV WKHVH WKLQJV LQ 2Q WKH 7ULQLW\ ERRN LQ WKH IROORZLQJ WHUPV
³-XVW DV LQ WKDW PDUULDJH RI WKH ILUVW KXPDQV WKH VHUSHQW SHUVXDGHG WR HDW
DQG WKH ZRPDQ GLG QRW HDW DORQH EXW JDYH LW WR KHU KXVEDQG DQG WKH\ DWH
WRJHWKHU VLPLODUO\ LQ WKH VHFUHW PDUULDJH ZKLFK LV PDGH DQG GLVFHUQHG LQ
HYHU\ PDQ ZKHQ WKH DQLPDO VHQVH LQWURGXFHV WKH DWWUDFWLRQ >RI VLQ@ WR WKH
UHDVRQ RI NQRZOHGJH ZKLFK LV HQJDJHG LQ WKH PDQDJHPHQW RI WHPSRUDO
WKLQJV E\ WKH OLYHOLQHVV RI UDWLRFLQDWLRQ WKHQ LW LV OLNH WKH VHUSHQW VSHDN
LQJ WR WKH ZRPDQ 7R FRQVHQW WR WKLV SOHDVXUH LV WR HDW RI WKH IRUELGGHQ
WUHH´²:+(1 7+( :20$1 $/21( 7$67(6 ³%XW LI WKLV FRQVHQW LV FRQWDLQHG
RQO\ ZLWKLQ WKH SOHDVXUH RI WKRXJKW DQG WKH PHPEHUV DUH UHVWUDLQHG E\
KLJKHU DXWKRULW\ VR DV QRW WR EHFRPH ZHDSRQV RI LQLTXLW\ LQ VLQ WKHQ ,
8QGHU F ,Q F Q &I 5RP
7+( 6(17(1&(6 %22.
MXGJH WKLV WR EH DV LI WKH ZRPDQ DORQH KDG HDWHQ WKH IRUELGGHQ IUXLW´²
:+(1 7+( :20$1 7$67(6 :,7+ 7+( 0$1 ³%XW LI LQ WKDW FRQVHQW LW LV GH
FUHHG WKDW DQ\ VLQ LI WKHUH EH WKH SRZHU ZLOO EH FRPSOHWHG DOVR LQ GHHG
WKHQ LW LV WR EH XQGHUVWRRG WKDW WKH ZRPDQ JDYH WKH XQODZIXO IRRG WR KHU
KXVEDQG IRU WKHP WR HDW RI LW WRJHWKHU )RU LW LV QRW SRVVLEOH IRU VLQ WR EH
GHFUHHG E\ WKH PLQG QRW RQO\ WR EH FRQVLGHUHG ZLWK SOHDVXUH EXW DOVR
FRPPLWWHG HIIHFWLYHO\ XQOHVV WKDW LQWHQWLRQ RI WKH PLQG ZKLFK KDV WKH
VXSUHPH SRZHU WR PRYH LWV PHPEHUV WR WKH GHHG RU WR UHVWUDLQ WKHP IURP
LW DOVR JLYHV LQ WR WKH HYLO DFWLRQ´²:+(7+(5 7+$7 :+,&+ ,6 &21),1('
21/< 72 7+( 3/($685( 2) 7+28*+7 ,6 0257$/ ³,W LV FHUWDLQO\ QRW WR EH
GHQLHG WKDW LW LV D VLQ ZKHQ WKH PLQG WDNHV SOHDVXUH LQ XQODZIXO WKLQJV LQ
WKRXJKW DORQH ZKLOH QRW GHFUHHLQJ WKDW WKH\ DUH WR EH GRQH DQG \HW KROG
LQJ RQ WR WKHP DQG JODGO\ FRQVLGHULQJ WKLQJV ZKLFK RXJKW WR KDYH EHHQ
VSDW RXW DV VRRQ DV WKH\ WRXFKHG WKH VSLULW EXW PXFK OHVV VR WKDQ LI LW
ZHUH DOVR GHFLGHG WR FRPSOHWH LW LQ GHHG $QG VR IRUJLYHQHVV LV DOVR WR EH
VRXJKW IRU VXFK WKRXJKWV DQG WKH EUHDVW LV WR EH VWUXFN ZKLOH VD\LQJ
)RUJLYH XV RXU GHEWV DV ZH DOVR IRUJLYH RXU GHEWRUV )RU LW LV QRW DV ZLWK
WKRVH ILUVW WZR KXPDQV ZKHUH HDFK ZDV UHVSRQVLEOH RQO\ IRU RQH¶V RZQ
SHUVRQ DQG VR LI WKH ZRPDQ DORQH KDG HDWHQ RI WKH IRUELGGHQ IUXLW VKH
DORQH ZRXOG FHUWDLQO\ KDYH EHHQ SXQLVKHG ZLWK WKH SHQDOW\ RI GHDWK ,Q
WKH FDVH RI WKH VLQJOH KXPDQ EHLQJ KRZHYHU LW FDQQRW EH VDLG WKDW LI
WKRXJKW DORQH IUHHO\ IHHGV XSRQ XQODZIXO GHOLJKWV IURP ZKLFK LW RXJKW WR
WXUQ DZD\ LPPHGLDWHO\ DQG HYLOV DUH QRW GHFUHHG WR EH GRQH EXW DUH RQO\
NHSW SOHDVXUDEO\ LQ WKH PHPRU\ WKH ZRPDQ FDQ DV LW ZHUH EH GDPQHG
ZLWKRXW WKH PDQ )DU EH LW IURP XV WR EHOLHYH WKLV )RU WKLV LV D VLQJOH SHU
VRQ D VLQJOH KXPDQ EHLQJ ZKR ZLOO EH HQWLUHO\ GDPQHG XQOHVV WKRVH
WKLQJV ZKLFK DUH IHOW WR EH RQO\ VLQV RI WKRXJKW ZLWKRXW WKH ZLOO WR GR
WKHP \HW ZLWK WKH ZLOO WR JLYH SOHDVXUH WR WKH VSLULW E\ WKHP DUH UHPLWWHG
E\ WKH JUDFH RI WKH 0HGLDWRU´
$8*867,1( 7KH VDPH DOVR VSHDNV RI WKLV LQ $JDLQVW WKH 0DQLFKHHV
ERRN VD\LQJ ³7KH $SRVWOH VD\V $FFRUGLQJ WR WKH SULQFH RI SRZHU RI
WKLV DLU WKH VSLULW ZKR QRZ ZRUNV LQ WKH FKLOGUHQ RI IDLWKOHVVQHVV 'RHV
KH WKHQ DSSHDU YLVLEO\ WR WKHP RU HQWHU DV LW ZHUH WKH SK\VLFDO SODFHV LQ
ZKLFK WKH\ DUH DQG GR KLV ZRUN" >1RW DW DOO@ EXW KH VXJJHVWV ZKDWHYHU KH
FDQ E\ WKRXJKW LQ UHPDUNDEOH ZD\V :H PXVW UHVLVW WKHVH VXJJHVWLRQV
)RU ZH DUH QRW XQDZDUH RI KLV GHYLRXVQHVV +RZ GLG KH DSSURDFK -XGDV
ZKHQ KH SHUVXDGHG KLP WR EHWUD\ WKH /RUG" 'LG KH DSSHDU WR KLP LQ
>SK\VLFDO@ SODFHV RU DV YLVLEOH WR KLV H\HV" 1R KH PHUHO\ DV LW LV VDLG
$XJXVWLQH 'H 7ULQLWDWH EN F QQ
(SK &RU
'LVWLQFWLRQ ;;,9
HQWHUHG LQWR KLV KHDUW %XW PDQ UHSXOVHV KLP LI KH ZRXOG SUHVHUYH SDUD
GLVH )RU *RG SODFHG PDQ LQ SDUDGLVH WR ZRUN DQG NHHS LW EHFDXVH DV LW
LV VDLG RI WKH &KXUFK LQ WKH 6RQJ RI 6RQJV DQ HQFORVHG JDUGHQ D PDUNHG
IRXQWDLQ ZKHUH WKDW SHUVXDGHU RI SHUYHUVLW\ LV QRW DW DOO DOORZHG %XW KH
GHFHLYHG WKURXJK WKH ZRPDQ QHYHUWKHOHVV )RU RXU UHDVRQ FDQQRW EH
EURXJKW WR FRQVHQW WR VLQ H[FHSW ZKHQ SOHDVXUH LV PRYHG LQ WKDW SDUW RI
RXU VSLULW ZKLFK RXJKW WR EH VXEMHFW WR UHDVRQ DV >ZRPDQ@ WR WKH UXOH RI
WKH PDQ²$OVR LQ HDFK RI XV QRWKLQJ HOVH KDSSHQV ZKHQ HDFK IDOOV LQWR
VLQ WKDQ ZKDW ZDV WKHQ GRQH LQ WKRVH WKUHH WKH VHUSHQW WKH ZRPDQ DQG
WKH PDQ )RU ILUVW FRPHV VXJJHVWLRQ HLWKHU E\ WKRXJKW RU E\ WKH VHQVHV RI
WKH ERG\ VHHLQJ RU WRXFKLQJ RU KHDULQJ RU WDVWLQJ RU VPHOOLQJ :KHQ
WKLV VXJJHVWLRQ KDV RFFXUUHG LI RXU FXSLGLW\ LV QRW PRYHG WR VLQ WKH VHU
SHQW¶V ZLOLQHVV LV NHSW RXW %XW LI LW LV PRYHG WKHQ LW LV DV LI WKH ZRPDQ
KDG DOUHDG\ EHHQ SHUVXDGHG 6RPHWLPHV KRZHYHU WKH UHDVRQ PDQIXOO\
KROGV EDFN DQG UHVWUDLQV FXSLGLW\ ZKHQ WKLV KDSSHQV ZH GR QRW IDOO LQWR
VLQ EXW DUH FURZQHG ZLWK VRPH VWUXJJOH %XW LI RXU UHDVRQ FRQVHQWV DQG
GHFUHHV WKDW ZKDW GHVLUH PRYHG LV WR EH GRQH PDQ LV H[SHOOHG IURP DOO
EOHVVHG OLIH DV LI IURP SDUDGLVH )RU LW LV DOUHDG\ LPSXWHG D VLQ HYHQ LI WKH
GHHG GRHV QRW IROORZ ZKHQ FRQVFLHQFH LV IRXQG JXLOW\ RI FRQVHQW´
:+< +( +$6 6$,' 7+(6( 7+,1*6 $%287 7+( 3$576 2) 7+( 628/ :H
KDYH LQVHUWHG WKHVH WKLQJV DERXW WKH SDUWV RI WKH VRXO VR WKDW WKH QDWXUH RI
WKH VRXO LWVHOI PD\ EH NQRZQ PRUH IXOO\ DQG IUHH FKRLFH EH XQGHUVWRRG LQ
UHVSHFW WR WKDW SDUW RI WKH VRXO LW UHVLGHV LQ QDPHO\ LQ UHVSHFW WR UHDVRQ
)RU LW LV E\ IUHH FKRLFH WKDW HYHU\ PRUWDO VLQ LV GRQH EXW QRW HYHU\ YHQLDO
RQH QDPHO\ WKDW ZKLFK FRQVLVWV LQ WKH PRYHPHQW RI VHQVXDOLW\ DORQH
&KDSWHU 7+$7 ,1 6&5,3785( 6(168$/,7< ,6 2)7(1 7$.(1 27+(5:,6( 7+$1 $%29( 1$0(/< 7+$7 7+( /2:(5 3257,21 2) 5($621 ,6 $/62 81'(5
6722' %< 7+$7 7(50 %XW LW LV QRW WR EH SDVVHG RYHU LQ VLOHQFH WKDW LQ
6FULSWXUH E\ WKH WHUP VHQVXDOLW\ LV RIWHQ XQGHUVWRRG QRW RQO\ WKDW LQ RXU
VRXO ZKLFK LV FRPPRQ WR XV DQG WKH EHDVWV EXW DOVR WKH ORZHU SRUWLRQ RI
UHDVRQ ZKLFK RYHUVHHV WKH GLVSRVLWLRQ RI WHPSRUDO WKLQJV /HW WKH UHDGHU
YLJLODQWO\ QRWH WKLV LQ WKH SDVVDJHV RI 6FULSWXUH ZKHUH LW LV PHQWLRQHG
&I /N -Q *HQ 6RQJ
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F QQ
&I $XJXVWLQH 'H 7ULQLWDWH EN F Q
6HH DERYH FF
7+( 6(17(1&(6 %22.
',67,1&7,21 ;;9 &KDSWHU
+( 5(78516 72 7+( &216,'(5$7,21 2) )5(( &+2,&( %XW OHW XV QRZ
UHWXUQ WR RXU VXEMHFW QDPHO\ WR WUHDWLQJ IUHH FKRLFH
'(),1,7,21 2) )5(( &+2,&( $&&25',1* 72 7+( 3+,/2623+(56
:+,&+ $*5((6 :,7+ :+$7 :$6 6(7 287 ($5/,(5 ,Q GHILQLQJ LW WKH SKL
ORVRSKHUV FDOOHG LW ³D IUHH MXGJHPHQW FRQFHUQLQJ WKH ZLOO´ EHFDXVH WKH
YHU\ SRZHU DQG DELOLW\ RI ZLOO DQG UHDVRQ ZKLFK ZH VDLG DERYH IUHH
FKRLFH WR EH LV IUHH WRZDUG HLWKHU >JRRG RU HYLO@ VLQFH LW FDQ EH IUHHO\
PRYHG WR WKH RQH RU WR WKH RWKHU $QG VR FKRLFH LV FDOOHG IUHH LQ UHJDUG WR
WKH ZLOO EHFDXVH LW FDQ EH PRYHG YROXQWDULO\ DQG LW FDQ EH OHG E\ D VSRQ
WDQHRXV DSSHWLWH WR WKRVH WKLQJV ZKLFK WKH ZLOO MXGJHV RU FDQ MXGJH WR EH
JRRG RU HYLO
7+$7 )5(( &+2,&( 3(57$,16 21/< 72 7+( )8785( %87 127 72 $//
7+$7 ,6 )8785( $QG WKLV LV WR EH NQRZQ WKDW IUHH FKRLFH GRHV QRW UHIHU
WR WKH SUHVHQW RU SDVW EXW WR IXWXUH FRQWLQJHQFLHV )RU ZKDW LV LQ WKH
SUHVHQW LV DOUHDG\ GHWHUPLQHG DQG LW LV QRW LQ RXU SRZHU WKDW LW VKRXOG
WKHQ EH RU QRW EH ZKHQ LW DOUHDG\ LV )RU LW FDQ DIWHUZDUGV QRW EH RU EH
RWKHUZLVH EXW LW FDQQRW QRW EH ZKLOH LW LV RU EH RWKHUZLVH ZKLOH LW LV ZKDW
LW LV %XW ZKHWKHU LW ZLOO EH WKLV RU VRPHWKLQJ HOVH LQ WKH IXWXUH SHUWDLQV WR
WKH SRZHU RI IUHH FKRLFH²$QG \HW QRW DOO IXWXUH WKLQJV FRPH XQGHU WKH
SRZHU RI IUHH FKRLFH EXW RQO\ WKRVH WKLQJV ZKLFK FDQ EH GRQH RU QRW GRQH
WKURXJK IUHH FKRLFH )RU LI RQH ZLOOV RU GLVSRVHV WR GR VXFK D WKLQJ WKDW LV
QRW DW DOO LQ RQH¶V SRZHU RU WKDW ZRXOG HTXDOO\ KDSSHQ ZLWKRXW RQH¶V
GLVSRVLWLRQ WKHQ RQH GRHV QRW KDYH IUHH FKRLFH LQ WKLV
7+$7 7+( '(6&5,37,21 2) )5(( &+2,&( 326,7(' $%29( '2(6 127
$33/< 72 *2' 25 72 7+26( :+2 $5( $/5($'< ,1 */25< $FFRUGLQJ WR
WKH DERYH GHVFULSWLRQ IUHH FKRLFH DSSHDUV WR EH RQO\ LQ WKRVH ZKR FDQ
FKDQJH WKHLU ZLOO DQG EHQG LW WR FRQWUDU\ WKLQJV WKDW LV LQ WKRVH ZKRVH
SRZHU LW LV WR HOHFW JRRG RU HYLO DQG WR GR RU OHDYH XQGRQH HLWKHU RI WKHVH
DFFRUGLQJ WR WKHLU HOHFWLRQ $FFRUGLQJ WR WKLV WKHUH FDQQRW EH IUHH FKRLFH
HLWKHU LQ *RG RU LQ DOO WKRVH ZKR DUH VWUHQJWKHQHG E\ VXFK JUDFH RI EOHV
VHGQHVV WKDW WKH\ DUH DOUHDG\ XQDEOH WR VLQ
7+$7 7+(5( ,6 )5(( &+2,&( ,1 *2' %XW $XJXVWLQH WHDFKHV WKDW
*RG KDV IUHH FKRLFH LQ 2Q WKH &LW\ RI *RG ERRN KH VSHDNV DV IRO
ORZV ³,V *RG UHDOO\ WR EH VDLG QRW WR KDYH IUHH FKRLFH VLPSO\ EHFDXVH
6HH GLVW F
%RHWKLXV ,Q OLEUR $ULVWRWHOLV GH LQWHUSUHWDWLRQH HGLWLR VHFXQGD VHX PDLRUD FRP
PHQWDULD 'LVW F
'LVWLQFWLRQ ;;9
KH FDQQRW VLQ"´²$PEURVH WRR LQ WKH ERRN 2Q WKH 7ULQLW\ DVVHUWV
³3DXO VD\V WKDW RQH DQG WKH VDPH 6SLULW ZRUNV DOO WKLQJV ZKR GLVWULEXWHV
WKHP WR HDFK DV KH ZLOOV WKDW LV DFFRUGLQJ WR WKH FKRLFH RI IUHH ZLOO QRW
LQ VXEMHFWLRQ WR QHFHVVLW\´
&KDSWHU
+2: )5(( &+2,&( ,6 81'(56722' ,1 *2' %XW IUHH FKRLFH LV XQGHUVWRRG
RWKHUZLVH LQ WKH &UHDWRU WKDQ LQ WKH FUHDWXUH )RU *RG¶V PRVW ZLVH DQG
RPQLSRWHQW ZLOO ZKLFK GRHV DOO WKLQJV DV LW ZLOOV DQG QRW E\ QHFHVVLW\ EXW
E\ IUHH JRRGQHVV LV FDOOHG IUHH FKRLFH²$QG VR -HURPH QRWLQJ WKDW IUHH
FKRLFH LV QRW LQ *RG LQ WKH VDPH ZD\ DV LW LV LQ FUHDWXUHV DSSHDUV WR GHQ\
WKDW WKHUH LV IUHH FKRLFH LQ *RG LQ D KRPLO\ 2Q WKH 3URGLJDO 6RQ KH VD\V
³*RG LV WKH RQO\ RQH LQ ZKRP QR VLQ KDSSHQV RU FDQ KDSSHQ DOO RWKHUV
VLQFH WKH\ KDYH IUHH FKRLFH FDQ EHQG WR HLWKHU VLGH´ :KHQ KH VD\V µDOO
RWKHUV¶ KH LPSOLHV WKDW IUHH FKRLFH LV QRW LQ *RG DV LW LV LQ DOO RWKHUV
&KDSWHU 7+$7 7+( $1*(/6 $1' 6$,176 :+2 $5( $/5($'< %/(66(' +$9( )5((
&+2,&( 7KH DQJHOV DQG VDLQWV KRZHYHU ZKR DOUHDG\ OLYH KDSSLO\ ZLWK
WKH /RUG DQG DUH DOUHDG\ VR FRQILUPHG LQ WKH JUDFH RI EOHVVHGQHVV WKDW
WKH\ QHLWKHU FDQ QRU ZLVK WR EHQG WR HYLO GR QRW ODFN IUHH FKRLFH²+HQFH
$XJXVWLQH LQ 2Q WKH &LW\ RI *RG ERRN VD\V ³-XVW DV WKH ILUVW LPPRU
WDOLW\ ZKLFK $GDP ORVW E\ VLQQLQJ FRQVLVWHG LQ EHLQJ DEOH QRW WR GLH VR
WKH ILUVW IUHH FKRLFH FRQVLVWHG LQ EHLQJ DEOH QRW WR VLQ EXW WKH ODVW ZLOO
FRQVLVW LQ QRW EHLQJ DEOH WR VLQ´²7KH VDPH LQ WKH (QFKLULGLRQ ³,W ZDV
VXLWDEOH WKDW PDQ ILUVW EH PDGH VR WKDW KH FRXOG ZLOO ERWK JRRG DQG HYLO
EXW DIWHUZDUGV KH VKDOO EH VXFK WKDW KH ZLOO QRW EH DEOH WR ZLOO HYLO QRU
ZLOO KH ODFN IUHH FKRLFH WKHUHE\´
&KDSWHU 7+$7 7+( &+2,&( 6+$// %( )5((5 :+(1 +( :,// 127 %( $%/( 72 6,1
²$8*867,1( ³,Q IDFW WKH FKRLFH VKDOO EH PXFK IUHHU IRU KLV EHLQJ HQ
WLUHO\ XQDEOH WR EH VXEMHFW WR VLQ 1RU LV LW QRW D ZLOO RU VDLG QRW WR EH D
IUHH ZLOO E\ ZKLFK ZH VR ZLOO WR EH EOHVVHG WKDW QRW RQO\ GR ZH QRW ZLOO WR
$XJXVWLQH 'H FLYLWDWH 'HL EN F Q
&RU
$PEURVH 'H ILGH EN F Q
-HURPH (SLVWROD DG 'DPDVXP Q
$XJXVWLQH 'H FLYLWDWH 'HL EN F Q
$XJXVWLQH (QFKLULGLRQ F
7+( 6(17(1&(6 %22.
EH PLVHUDEOH EXW DUH HQWLUHO\ XQDEOH WR GR VR 7KHUHIRUH MXVW DV HYHQ QRZ
RXU VRXO KDV WKH LQDELOLW\ WR ZLOO XQKDSSLQHVV VR >LQ WKH IXWXUH@ LW ZLOO
DOZD\V KDYH WKH LQDELOLW\ WR ZLOO LQLTXLW\ %XW DQ RUGHU KDG WR EH SUHVHUYHG
E\ ZKLFK *RG ZLOOHG WR VKRZ KRZ JRRG D UDWLRQDO DQLPDO LV WKDW LV HYHQ
DEOH WR VLQ DOWKRXJK LW ZRXOG EH EHWWHU QRW WR EH DEOH WR VLQ´²6HH E\
WKHVH ZRUGV LW LV FOHDUO\ DIILUPHG WKDW DIWHU WKH FRQILUPDWLRQ RI EOHVVHG
QHVV WKHUH ZLOO EH LQ PDQ D IUHH FKRLFH E\ ZKLFK KH ZLOO EH XQDEOH WR VLQ
DV LW DOUHDG\ QRZ LV LQ WKH DQJHOV DQG VDLQWV ZKR DUH ZLWK WKH /RUG DQG
FHUWDLQO\ WKH FKRLFH ZLOO EH VR PXFK WKH IUHHU WKH PRUH LPPXQH LW LV IURP
VLQ DQG WKH PRUH SURQH WR JRRG )RU WKH IXUWKHU UHPRYHG RQH LV NHSW E\
VXFK FKRLFH IURP WKDW VODYHU\ WR VLQ RI ZKLFK LW LV VDLG +H ZKR FRPPLWV
VLQ LV D VODYH WR VLQ WKH IUHHU WKH MXGJHPHQW RQH KDV LQ HOHFWLQJ WKH JRRG
&/($5 $1' 68)),&,(17 5($621 :+< ,7 ,6 6$,' 72 %( $ )5(( &+2,&(
$QG VR LI WKH PDWWHU LV GLOLJHQWO\ H[DPLQHG FKRLFH LV VHHQ WR EH FDOOHG
µIUHH¶ EHFDXVH ZLWKRXW FRPSXOVLRQ RU QHFHVVLW\ LW LV DEOH WR GHVLUH RU
HOHFW ZKDW LW KDV GHFUHHG E\ UHDVRQ
&KDSWHU
21 7+( ',))(5(1&( ,1 )5(('20 2) &+2,&( $7 ',))(5(17 7,0(6 )URP
ZKDW KDV EHHQ VDLG LW KDV EHFRPH YHU\ FOHDU WKDW WKH ILUVW IUHHGRP RI FKRLFH
ZDV JUHDWHU WKDQ WKH VHFRQG DQG WKH WKLUG ZLOO EH PXFK JUHDWHU WKDQ WKH
VHFRQG RU WKH ILUVW )RU WKH ILUVW IUHHGRP RI FKRLFH ZDV WKDW LQ ZKLFK WKHUH
ZDV WKH SRZHU WR VLQ DQG QRW WR VLQ EXW WKH ODVW ZLOO EH WKDW LQ ZKLFK WKHUH
EH WKH SRZHU QRW WR VLQ DQG QR SRZHU WR VLQ DQG WKH PLGGOH RQH LV WKDW LQ
ZKLFK WKHUH LV WKH SRZHU WR VLQ DQG QR SRZHU QRW WR VLQ EHIRUH UHVWRUDWLRQ
>RI JUDFH@ HYHQ PRUWDOO\ DIWHU UHVWRUDWLRQ QRW HYHQ YHQLDOO\
&KDSWHU
21 7+( )285 67$7(6 2) )5(( &+2,&( $QG IRXU VWDWHV RI IUHH FKRLFH FDQ
EH QRWHG LQ PDQ )RU EHIRUH VLQ QRWKLQJ LPSHGHG PDQ IURP WKH JRRG
QRWKLQJ LPSHOOHG KLP WR HYLO KH GLG QRW KDYH D ZHDNQHVV WRZDUG HYLO DQG
KDG D KHOS WRZDUG WKH JRRG 7KHQ UHDVRQ ZDV DEOH WR MXGJH ZLWKRXW HUURU
DQG WKH ZLOO ZDV DEOH WR GHVLUH WKH JRRG ZLWKRXW GLIILFXOW\²%XW DIWHU VLQ
EHIRUH WKH UHVWRUDWLRQ RI JUDFH KH LV SUHVVHG GRZQ DQG RYHUFRPH E\ FRQ
FXSLVFHQFH KH KDV ZHDNQHVV WRZDUG HYLO EXW GRHV QRW KDYH JUDFH WRZDUG
JRRG DQG VR KH FDQ VLQ DQG FDQQRW QRW VLQ HYHQ GDPQDEO\²$IWHU WKH
UHVWRUDWLRQ DQG EHIRUH FRQILUPDWLRQ KRZHYHU KH LV SUHVVHG GRZQ E\ FRQ
FXSLVFHQFH EXW QRW RYHUFRPH DQG KH DOVR KDV ZHDNQHVV WRZDUG HYLO EXW
$XJXVWLQH (QFKLULGLRQ F
2Q WKLV FKDSWHU DQG WKH QH[W VHH $XJXVWLQH 'H FRUUHSWLRQH HW JUDWLD F Q
'LVWLQFWLRQ ;;9
JUDFH WRZDUG JRRG VR WKDW KH LV DEOH WR VLQ EHFDXVH RI KLV IUHHGRP DQG
ZHDNQHVV DQG KH LV DEOH QRW WR VLQ XQWR GHDWK EHFDXVH RI KLV IUHHGRP DQG
WKH KHOS RI JUDFH 1HYHUWKHOHVV KH GRHV QRW \HW KDYH WKH SRZHU QRW WR VLQ
HQWLUHO\ RU WKH LQDELOLW\ WR VLQ EHFDXVH KLV ZHDNQHVV KDV QRW \HW EHHQ
HQWLUHO\ UHPRYHG DQG JUDFH KDV QRW \HW EHHQ HQWLUHO\ SHUIHFWHG²%XW DIWHU
WKH FRQILUPDWLRQ ZKHQ WKH ZHDNQHVV ZLOO KDYH EHHQ HQWLUHO\ GHVWUR\HG
DQG JUDFH DFKLHYHG KH ZLOO KDYH WKH SRZHU WR EH QHLWKHU RYHUFRPH QRU
SUHVVHG GRZQ DQG WKHQ KH VKDOO KDYH WKH LQDELOLW\ WR VLQ
&KDSWHU
21 7+( &255837,21 2) )5(( &+2,&( 7+528*+ 6,1 $QG VR LW LV PDQL
IHVW WKDW LQ DGGLWLRQ WR RWKHU SHQDOWLHV EHFDXVH RI WKDW VLQ PDQ LQFXUUHG D
SXQLVKPHQW LQ WKH FRUUXSWLRQ DQG VXSSUHVVLRQ RI IUHH FKRLFH )RU E\ WKDW
VLQ QDWXUDO JRRGV EHFDPH FRUUXSW LQ PDQ DQG WKH JRRGV RI JUDFH ZHUH
WDNHQ DZD\ ,QGHHG KH LV WKH RQH ZKR ZDV ZRXQGHG DQG GHVSRLOHG E\
UREEHUV ZRXQGHG LQ KLV QDWXUDO JRRGV RI ZKLFK KH ZDV QRW GHSULYHG
RWKHUZLVH UHSDUDWLRQ FRXOG QRW RFFXU EXW GHVSRLOHG RI WKH JRRGV RI JUDFH
ZKLFK KDG EHHQ DGGHG WR WKH QDWXUDO RQHV WKURXJK JUDFH 7KHVH DUH WKH
YHU\ EHVW JUDQWV DQG WKH SHUIHFW JLIWV VRPH RI ZKLFK ZHUH FRUUXSWHG E\
VLQ WKDW LV WKH QDWXUDO RQHV VXFK DV LQJHQXLW\ PHPRU\ LQWHOOHFW RWKHUV
ZHUH WDNHQ DZD\ WKDW LV WKH JRRGV RI JUDFH $OWKRXJK WKH QDWXUDO JLIWV
DUH DOVR IURP JUDFH IRU WKH\ SHUWDLQ WR WKH JHQHUDO JUDFH RI *RG \HW WKLV
NLQG RI GLVWLQFWLRQ LV RIWHQ PDGH ZKHQ WKH WHUP JUDFH LV WDNHQ VSHFLIL
FDOO\ QRW JHQHULFDOO\
$QG VR IUHHGRP RI FKRLFH ZDV FRUUXSWHG WKURXJK VLQ DQG ZDV LQ SDUW
ORVW +HQFH $XJXVWLQH LQ WKH (QFKLULGLRQ ³%\ PDNLQJ DQ HYLO XVH RI KLV
IUHH FKRLFH PDQ ORVW ERWK KLPVHOI DQG WKDW FKRLFH )RU ZKHQ KH VLQQHG E\
IUHH FKRLFH DQG VLQ KDG RYHUFRPH KLP IUHH FKRLFH ZDV DOVR ORVW )RU D
PDQ EHFRPHV WKH ERQG VHUYDQW RI WKH RQH E\ ZKRP KH LV RYHUFRPH´
6HH KH VD\V WKDW PDQ ORVW IUHH FKRLFH QRW EHFDXVH KH GLG QRW KDYH IUHH
FKRLFH DIWHU VLQ EXW EHFDXVH KH ORVW WKH IUHHGRP RI FKRLFH QRW LQGHHG DOO
RI LW EXW RQO\ WKH IUHHGRP IURP PLVHU\ DQG VLQ
&KDSWHU
21 7+( 7+5(( 02'(6 2) )5(('20 2) &+2,&( ,QGHHG IUHHGRP LV
WKUHHIROG QDPHO\ IURP QHFHVVLW\ IURP VLQ IURP PLVHU\
&I /N &I -DPHV 3HW
$XJXVWLQH (QFKLULGLRQ F
7+( 6(17(1&(6 %22.
21 )5(('20 )520 1(&(66,7< &KRLFH LV HTXDOO\ IUHH IURP QHFHVVLW\
ERWK EHIRUH DQG DIWHU VLQ )RU MXVW DV LW FRXOG QRW EH FRPSHOOHG WKHQ VR LW
FDQQRW EH QRZ $QG VR LW LV ULJKWO\ FRQFOXGHG WKDW WKHUH LV D ZLOO LQ *RG
ZKLFK LV DOZD\V IUHH IURP QHFHVVLW\ DQG FDQ QHYHU EH FRPSHOOHG :KHUH
WKHUH LV QHFHVVLW\ WKHUH LV QR IUHHGRP ZKHUH WKHUH LV QR IUHHGRP WKHUH LV
QR ZLOO DQG VR WKHUH LV QR PHULW 7KLV IUHHGRP LV LQ DOO ERWK JRRG DQG HYLO
21 )5(('20 )520 6,1 7KHUH LV DOVR DQRWKHU IUHHGRP QDPHO\ IURP
VLQ RI ZKLFK WKH $SRVWOH VD\V :KHUH WKH 6SLULW RI WKH /RUG LV WKHUH LV
IUHHGRP DQG 7UXWK VD\V LQ WKH *RVSHO ,I WKH 6RQ KDV IUHHG \RX \RX ZLOO
EH WUXO\ IUHH²7KLV IUHHGRP IUHHV XV IURP WKH VHUYLWXGH RI VLQ DQG UHQ
GHUV XV VHUYDQWV RI MXVWLFH MXVW DV FRQYHUVHO\ WKH VHUYLWXGH RI VLQ IUHHV XV
IURP MXVWLFH +HQFH WKH $SRVWOH )UHHG IURP VLQ \RX KDYH EHFRPH VHU
YDQWV RI MXVWLFH DQG DOVR :KHQ \RX ZHUH VODYHV RI VLQ \RX ZHUH IUHH
IURP MXVWLFH²0DQ ORVW WKLV IUHHGRP E\ VLQQLQJ DQG VR $XJXVWLQH VD\V
WKDW ³E\ PDNLQJ DQ HYLO XVH RI KLV IUHH FKRLFH PDQ ORVW ERWK KLPVHOI DQG
WKDW FKRLFH´ EHFDXVH WKH IUHHGRP >WKDW@ ZDV ORVW WKURXJK VLQ ZDV QRW
IUHHGRP IURP QHFHVVLW\ EXW IURP VLQ )RU RQH ZKR FRPPLWV D VLQ LV D
VODYH RI VLQ
:+2 +$9( 7+,6 )5(('20 1$0(/< )520 6,1 $1' 7+528*+ :+$7
7KRVH DORQH ZKRP WKH 6RQ IUHHV DQG UHVWRUHV WKURXJK JUDFH QRZ KDYH
WKLV IUHHGRP ZKLFK LV IURP VLQ QRW LQ VXFK D ZD\ WKDW WKH\ DUH HQWLUHO\
ZLWKRXW VLQ LQ WKLV PRUWDO IOHVK EXW WKDW VLQ ZLOO QHLWKHU GRPLQDWH QRU
UXOH LQ WKHP²$QG WKLV LV WKH WUXH DQG JRRG IUHHGRP ZKLFK JLYHV ELUWK
WR WKH JRRG VHUYLWXGH QDPHO\ RI MXVWLFH +HQFH $XJXVWLQH LQ WKH (QFKL
ULGLRQ ³1R RQH VKDOO EH IUHH WR GR MXVWLFH XQOHVV IUHHG IURP VLQ KH ZLOO
KDYH EHJXQ WR EH D VHUYDQW RI MXVWLFH DQG WKDW LV WKH WUXH OLEHUW\ EHFDXVH
RI MR\ LQ WKH ULJKWHRXV GHHG DQG DOVR SLRXV VHUYLWXGH EHFDXVH RI REHGL
HQFH WR *RG¶V FRPPDQG´
7KHUH LV DQRWKHU IUHHGRP WKDW LV QRW WUXH DWWDFKHG WR WKH HYLO VHUYL
WXGH ZKLFK LV WKDW RI GRLQJ HYLO ZKHUH UHDVRQ GLVVHQWV IURP WKH ZLOO
MXGJLQJ WKDW ZKDW WKH ZLOO GHVLUHV LV QRW WR EH GRQH %XW LQ GRLQJ JRRG
UHDVRQ DJUHHV ZLWK WKH ZLOO DQG VR WKHUH LV D WUXH DQG SLRXV IUHHGRP²
$QG FRQFHUQLQJ WKH IUHHGRP WR GR HYLO DQG WKH HYLO VHUYLWXGH $XJXVWLQH
VD\V LQ WKH (QFKLULGLRQ ³:KDW FDQ WKH IUHHGRP RI D ERQG VHUYDQW EH H[
&RU -Q 5RP 5RP
$ERYH F Q
$XJXVWLQH (QFKLULGLRQ F
'LVWLQFWLRQ ;;9
FHSW ZKHQ LW SOHDVHV KLP WR VLQ" )RU KH IUHHO\ VHUYHV ZKR GRHV KLV ORUG¶V
ZLOO ZLWK SOHDVXUH $QG VR KH LV IUHH WR VLQ ZKR LV WKH VHUYDQW RI VLQ´
48(67,21 5(*$5',1* 7+( )5(('20 72 '2 (9,/ :+(7+(5 7+,6 ,6
7+( )5(('20 2) $ )5(( &+2,&( 25 620(7+,1* (/6( +HUH LW FDQ EH
DVNHG ZKHWKHU WKLV IUHHGRP E\ ZKLFK RQH LV IUHH WR GR HYLO LV IUHHGRP RI
FKRLFH )RU LI LW LV IUHHGRP RI FKRLFH WKHQ LW LV D JRRG EHFDXVH IUHHGRP
RI FKRLFH LV D QDWXUDO JRRG²5(63216( $&&25',1* 72 620( ,W VHHPV WR
VRPH WKDW WKLV LV IUHHGRP RI FKRLFH ZKLFK LV DOZD\V JRRG EXW EHFDXVH RI
WKH VHUYLWXGH RI VLQ LW EHFRPHV IUHHU DQG PRUH SURQH WR VLQ DQG VR LW LV
VDLG QRW WR EH WUXH IUHHGRP EHFDXVH LW LV IRU HYLO²$&&25',1* 72
27+(56 %XW LW VHHPV WR RWKHUV WKDW WKLV IUHHGRP WR GR HYLO ZKLFK $XJXV
WLQH KDV UHFDOOHG DERYH LV QRW IUHHGRP RI FKRLFH LWVHOI EXW LV VRPH SURQH
QHVV DQG EHQW WRZDUG VLQQLQJ ZKLFK LV IURP VLQ DQG LV HYLO
$127+(5 48(67,21 21 7+( )5(('20 72 '2 *22' :+(7+(5 ,7 ,6
)5(('20 2) &+2,&( 25 127 6LPLODUO\ LW LV DOVR XVXDO WR DVN ZKHWKHU WKDW
WUXH OLEHUW\ ZKLFK LV WKH RQH WR GR MXVWLFH LV IUHHGRP RI FKRLFH LWVHOI²
5(63216( $&&25',1* 72 620(²$8*867,1( 6RPH VD\ WKDW LW LV WKH
YHU\ VDPH EXW UHVWRUHG WKURXJK JUDFH ZLWK ZKRVH KHOS LW LV IUHH WRZDUG
WKH JRRG EXW ZLWKRXW JUDFH LW LV QRW IUHH WRZDUG WKH JRRG +HQFH $XJXV
WLQH LQ WKH (QFKLULGLRQ ³:KHQFH ZLOO FRPH WKLV IUHHGRP WR GR JRRG WR WKH
PDQ ZKR LV ERXQG DQG VROG XQOHVV KH LV UHGHHPHG E\ WKH RQH ZKR VD\V ,I
WKH 6RQ KDV IUHHG \RX \RX ZLOO EH WUXO\ IUHH" $QG EHIRUH WKLV EHJLQV WR
EH GRQH LQ D PDQ KRZ ZLOO DQ\RQH ERDVW RI IUHH FKRLFH ZKR LV QRW \HW
IUHH WR GR ZKDW LV JRRG"´ 6HH KH SODLQO\ VKRZV WKDW IUHH FKRLFH LV IUHHG
WKURXJK JUDFH VR WKDW RQH PD\ GR ZKDW LV JRRG WKURXJK LW $QG VR WKH\
VD\ WKDW WKDW WUXH IUHHGRP ZKLFK LV IRU GRLQJ JRRG DQG ZKLFK $XJXVWLQH
KDV UHFDOOHG DERYH LV IUHHGRP RI FKRLFH LWVHOI IUHHG DQG KHOSHG E\
*RG¶V JUDFH²$&&25',1* 72 27+(56 %XW RWKHUV KROG WKDW LW LV QRW IUHH
GRP RI FKRLFH LWVHOI EXW VRPHWKLQJ HOVH ZKLFK IURP JUDFH DQG IUHH FKRLFH
EHJLQV WR EH LQ WKH PLQG RI PDQ ZKHQ LW LV UHVWRUHG E\ WKH ZRUNLQJ RI *RG
$ &(57$,1 '(7(50,1$7,21 2) %27+ 48(67,216 ,1 :+,&+ ,7 ,6 6$,'
7+$7 )5(('20 2) &+2,&( ,6 )5(('20 72:$5' *22' $1' 72:$5' (9,/
%XW LW SOHDVHV XV PRUH WKDW IUHHGRP RI FKRLFH LWVHOI EH ERWK WKDW E\ ZKLFK
RQH LV IUHH WR GR HYLO DQG WKDW E\ ZKLFK RQH LV IUHH WR GR WKH JRRG )RU LW
LV FDOOHG GLIIHUHQW WKLQJV EHFDXVH RI GLIIHUHQW FDXVHV ,W LV FDOOHG IUHHGRP
WR GR HYLO EHIRUH LW LV UHVWRUHG WKURXJK JUDFH EXW RQFH LW KDV EHHQ UHVWRUHG
WKURXJK JUDFH LW LV FDOOHG IUHHGRP WR GR JRRG EHFDXVH EHIRUH JUDFH WKH
ZLOO LV IUHH WRZDUG HYLO EXW WKURXJK JUDFH LW LV PDGH IUHH WRZDUG WKH JRRG
$XJXVWLQH (QFKLULGLRQ F
$ERYH Q -Q
$XJXVWLQH (QFKLULGLRQ F
,Q Q
7+( 6(17(1&(6 %22.
$QG VR WKH ZLOO RI PDQ LV DOZD\V LQ VRPH PDQQHU IUHH EXW LW LV QRW DOZD\V
JRRG IRU LW LV QRW JRRG XQOHVV LW LV IUHHG IURP VLQ DQG \HW LW LV IUHH IURP
QHFHVVLW\ +HQFH $XJXVWLQH LQ WKH ERRN 2Q *UDFH DQG )UHH &KRLFH ³7KH
ZLOO LV DOZD\V IUHH LQ XV EXW LW LV QRW DOZD\V JRRG )RU HLWKHU LW LV IUHH
IURP MXVWLFH ZKHQ LW VHUYHV VLQ DQG WKHQ LW LV HYLO RU LW LV IUHH IURP VLQ
ZKHQ LW VHUYHV MXVWLFH DQG WKHQ LW LV JRRG´
21 )5(('20 )520 0,6(5< 7KHUH LV OLNHZLVH D IUHHGRP IURP PLVHU\
RI ZKLFK WKH $SRVWOH VD\V $QG WKH FUHDWXUH LWVHOI ZLOO EH IUHHG IURP WKH
VHUYLWXGH RI FRUUXSWLRQ LQWR WKH OLEHUW\ RI WKH JORU\ RI WKH FKLOGUHQ RI
*RG 0DQ KDG WKLV IUHHGRP EHIRUH VLQ EHFDXVH KH ODFNHG DOO PLVHU\ DQG
ZDV WRXFKHG E\ QR WURXEOH DQG KH VKDOO KDYH LW PRUH IXOO\ LQ KLV IXWXUH
EOHVVHGQHVV ZKHUH KH ZLOO QRW EH DEOH WR EH PLVHUDEOH %XW LQ WKLV OLIH
ZKLFK LV EHWZHHQ WKH ILUVW VLQ DQG WKH ILQDO FRQILUPDWLRQ QR RQH LV IUHH
IURP PLVHU\ EHFDXVH QR RQH ODFNV WKH SXQLVKPHQW RI VLQ
+( $*$,1 $''5(66(6 7+( &255837,21 2) )5(( &+2,&( ,1 25'(5
72 $'' 620( 7+,1*6 )URP WKH DERYH LW LV DOUHDG\ DSSDUHQW >ZKDW LW ZDV@
LQ ZKLFK IUHH FKRLFH ZDV GLPLQLVKHG RU FRUUXSWHG WKURXJK VLQ EHFDXVH
EHIRUH VLQ WKHUH ZDV QR GLIILFXOW\ DQG QR LPSHGLPHQW LQ PDQ WRZDUG WKH
JRRG UHJDUGLQJ WKH ODZ RI WKH PHPEHUV QR LPSXOVLRQ RU LQVWLJDWLRQ
WRZDUG HYLO %XW QRZ KH LV LPSHGHG IURP WKH JRRG E\ WKH ODZ RI WKH IOHVK
DQG KH LV LQVWLJDWHG WRZDUG HYLO VR WKDW KH FDQQRW ZLOO DQG DFKLHYH WKH
JRRG XQOHVV KH LV IUHHG DQG DVVLVWHG WKURXJK JUDFH EHFDXVH DV WKH
$SRVWOH VD\V VLQ OLYHV LQ WKH IOHVK
7+$7 &+2,&( ,6 127 (48$//< )5(( ,1 *22' $1' (9,/ 3(56216
125 72:$5' *22' $1' (9,/ 7+,1*6 $QG VR IUHH FKRLFH DOWKRXJK LW LV
DOZD\V IUHH LQ HYHU\ SHUVRQ \HW LV QRW HTXDOO\ IUHH LQ ERWK WKH JRRG DQG
HYLO RQHV QRU WRZDUG JRRG DQG HYLO WKLQJV )RU LW LV IUHHU LQ JRRG SHRSOH
LQ ZKRP LW KDV EHHQ IUHHG WKDQ LQ HYLO RQHV LQ ZKRP LW KDV QRW EHHQ
IUHHG DQG LW LV IUHHU WRZDUG WKH HYLO ZKLFK LW FDQ GR E\ LWVHOI WKDQ WRZDUG
WKH JRRG ZKLFK XQOHVV LW LV IUHHG DQG KHOSHG E\ JUDFH LW FDQQRW GR
&KDSWHU
21 )5(('20 :+,&+ ,6 )520 *5$&( $1' :+,&+ )520 1$785( $QG
VR IUHHGRP IURP VLQ DQG IURP PLVHU\ LV WKURXJK JUDFH EXW IUHHGRP IURP
QHFHVVLW\ LV WKURXJK QDWXUH 7KH $SRVWOH VLJQLILHV ERWK IUHHGRPV QDPHO\
RI QDWXUH DQG RI JUDFH ZKHQ KH VSHDNV LQ WKH SHUVRQ RI WKH PDQ ZKR LV
QRW UHGHHPHG 7R ZLOO LV LQ PH EXW , FDQQRW ILQG KRZ WR DFKLHYH LW DV LI
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
5RP 5RP 5RP
'LVWLQFWLRQ ;;9,
WR VD\ , KDYH WKH IUHHGRP RI QDWXUH EXW , GR QRW KDYH WKH IUHHGRP RI JUDFH
DQG VR WKH DFKLHYHPHQW RI WKH JRRG LV QRW LQ PH
:+$7 7+( :,// 2) 0$1 ,6 81$%/( 72 '2 %< ,76(/) $1' :+$7 ,7
&$1 '2 7+528*+ *5$&( ,QGHHG WKH ZLOO RI PDQ ZKLFK KH KDV QDWXUDOO\
LV QRW DEOH WR UDLVH LWVHOI WR ZLOO WKH JRRG HIILFDFLRXVO\ RU WR IXOILO LW LQ
GHHG XQOHVV LW LV IUHHG DQG DLGHG E\ JUDFH IUHHG LQ RUGHU WR ZLOO DQG DLGHG
LQ RUGHU WR DFKLHYH EHFDXVH DV WKH $SRVWOH VD\V WR ZLOO LV QRW RI WKH RQH
ZKR ZLOOV QRU WR UXQ WKDW LV WR ZRUN RI WKH RQH ZKR UXQV EXW RI WKH
PHUFLIXO *RG ZKR ZRUNV LQ XV WR ZLOO DQG ZRUN WKH JRRG ,W LV QRW WKH
ZLOO RU ZRUN RI PDQ ZKLFK FDOOV XSRQ *RG¶V JUDFH EXW JUDFH LWVHOI ILUVW
FRPHV WR WKH ZLOO SUHSDULQJ LW WR ZLOO WKH JRRG DQG WKHQ DLGV WKH SUHSDUHG
ZLOO WR DFKLHYH LW
',67,1&7,21 ;;9, &KDSWHU
21 23(5$7,1* $1' &223(5$7,1* *5$&( 7KLV LV RSHUDWLQJ DQG FR
RSHUDWLQJ JUDFH )RU RSHUDWLQJ JUDFH SUHSDUHV WKH ZLOO RI PDQ WR ZLOO WKH
JRRG FRRSHUDWLQJ JUDFH KHOSV LW QRW WR ZLOO LQ YDLQ +HQFH $XJXVWLQH LQ
WKH ERRN 2Q *UDFH DQG )UHH &KRLFH ³%\ FRRSHUDWLQJ *RG DFKLHYHV LQ
XV ZKDW KH KDG EHJXQ E\ RSHUDWLQJ EHFDXVH KH EHJLQV E\ ZRUNLQJ WKDW ZH
ZLOO DQG KH DFKLHYHV E\ FRRSHUDWLQJ ZLWK WKRVH ZKR GR ZLOO $QG VR KH
ZRUNV WKDW ZH ZLOO RQFH ZH GR ZLOO DQG VR ZLOO WKDW ZH SURFHHG WR GRLQJ
KH FRRSHUDWHV ZLWK XV <HW ZLWKRXW KLP HLWKHU RSHUDWLQJ WKDW ZH ZLOO RU
FRRSHUDWLQJ ZKHQ ZH GR ZLOO ZH FDQ GR QRWKLQJ WRZDUG WKH JRRG ZRUNV
RI SLHW\´
:+,&+ ,6 7+( 23(5$7,1* *5$&( $1' :+,&+ 7+( &223(5$7,1*
21( 6HH E\ WKHVH ZRUGV LW LV VXIILFLHQWO\ UHYHDOHG ZKLFK LV WKH RSHUDWLQJ
JUDFH DQG ZKLFK WKH FRRSHUDWLQJ RQH 7KH RSHUDWLQJ RQH LV WKDW ZKLFK
JRHV DKHDG RI WKH JRRG ZLOO IRU LW LV E\ LW WKDW PDQ¶V ZLOO LV IUHHG DQG SUH
SDUHG LQ RUGHU WR EH JRRG DQG WR ZLOO WKH JRRG HIILFDFLRXVO\ DQG FRRSHUD
WLQJ JUDFH DFFRPSDQLHV WKH ZLOO ZKLFK LV DOUHDG\ JRRG LQ RUGHU WR DLG LW
$8*867,1( +HQFH $JDLQVW -XOLDQ WKH +HUHWLF ZKR VDLG WKDW D JRRG
ZLOO ZDV IURP IUHH FKRLFH DORQH DQG ZKR DVVHUWHG WKDW PDQ FDQ ZLOO WKH
JRRG WKURXJK IUHH FKRLFH DQG ZRUN LW ZLWKRXW JUDFH $XJXVWLQH VD\V
³7KH $SRVWOH RIIHUHG D FOHDU VWDWHPHQW LQ FRPPHQGDWLRQ RI JUDFH ZKHQ
KH VDLG ,W LV QRW RI WKH RQH ZKR ZLOOV RU RI WKH RQH ZKR UXQV EXW RI WKH
5RP 3KLO
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
7+( 6(17(1&(6 %22.
PHUFLIXO *RG ,I \RX ZHUH WR DWWHQG WR WKLV 2 -XOLDQ \RX ZRXOG QRW H[
WHQG WKH PHULWV RI WKH KXPDQ ZLOO DJDLQVW JUDFH )RU *RG GRHV QRW KDYH
PHUF\ RQ VRPHRQH EHFDXVH WKDW SHUVRQ KDV ZLOOHG DQG UXQ EXW KH ZLOOHG
DQG UDQ EHFDXVH *RG KDV KDG PHUF\ RQ KLP )RU WKH KXPDQ ZLOO LV SUH
SDUHG E\ WKH *RG DQG WKH VWHSV RI PDQ DUH GLUHFWHG E\ WKH /RUG DQG VR
ILWWLQJO\ GRHV KH VD\ ,W LV QRW RI WKH RQH ZKR ZLOOV RU RI WKH RQH ZKR UXQV
EXW RI WKH PHUFLIXO *RG´²$8*867,1( 21 7+( 3(5)(&7,21 2) 5,*+
7(2861(66 ³,W LV QRW WKDW WKLV LV GRQH ZLWKRXW RXU ZLOO EXW WKDW RXU ZLOO
FDQ GR QRWKLQJ JRRG ZLWKRXW GLYLQH DVVLVWDQFH´²$8*867,1( 72 3$8/,
186 +HQFH WKH $SRVWOH VD\V HOVHZKHUH ³$QG QRW , EXW WKH JUDFH RI *RG
LQ PH +H GRHV QRW VD\ WKLV EHFDXVH KH ZDV GRLQJ QRWKLQJ JRRG EXW
EHFDXVH KH ZRXOG KDYH GRQH QRWKLQJ JRRG LI WKDW JUDFH ZHUH QRW DLGLQJ
KLP´²%\ WKHVH WHVWLPRQLHV LW LV SODLQO\ LQGLFDWHG WKDW WKH ZLOO RI PDQ
LV ILUVW YLVLWHG DQG SUHSDUHG E\ WKH JUDFH RI *RG VR WKDW LW PD\ EH PDGH
JRRG QRW VR WKDW LW PD\ EH PDGH D ZLOO EHFDXVH LW ZDV D ZLOO HYHQ EHIRUH
JUDFH EXW LW ZDV QRW D JRRG DQG ULJKWHRXV ZLOO
&KDSWHU
:+$7 7+( :,// ,6 ,Q WKH ERRN 2Q WKH 7ZR 6RXOV $XJXVWLQH GHILQHV
WKH ZLOO LWVHOI LQ WKH IROORZLQJ WHUPV ³7KH ZLOO LV D PRYHPHQW RI WKH VSL
ULW ZLWKRXW WKH FRPSXOVLRQ RI DQ\RQH WRZDUG QRW FRPPLWWLQJ VRPHWKLQJ
RU WRZDUG JDLQLQJ LW´
+( &217,18(6 +,6 75($70(17 2) 23(5$7,1* $1' &223(5$7,1*
*5$&( $1' 2) 7+( :,// 2) 0$1 %XW WKLV >ZLOO@ LV ILUVW YLVLWHG DQG SUH
SDUHG E\ *RG¶V JUDFH VR WKDW LW PD\ QRW FRPPLW HYLO DQG PD\ JDLQ WKH
JRRG²$8*867,1( ,1 7+( (1&+,5,',21 +HQFH WKH $SRVWOH RIIHULQJ D
FRPPHQGDWLRQ RI SUHYHQLHQW DQG VXEVHTXHQW JUDFH WKDW LV RI RSHUDWLQJ
DQG FRRSHUDWLQJ JUDFH YLJLODQWO\ VDLG ,W LV QRW RI WKH RQH ZKR ZLOOV RU RI
WKH RQH ZKR UXQV EXW RI WKH PHUFLIXO *RG DQG QRW WKH FRQYHUVH ,W LV QRW
RI WKH PHUFLIXO *RG EXW RI WKH RQH ZKR ZLOOV DQG RI WKH RQH ZKR UXQV
,QGHHG ³LI DV LW KDV SOHDVHG VRPH ZKHQ LW LV VDLG ,W LV QRW RI WKH RQH ZKR
ZLOOV RU RI WKH RQH ZKR UXQV EXW RI WKH PHUFLIXO *RG LW VKRXOG EH WDNHQ
DV LI LW VDLG 7KH ZLOO RI PDQ DORQH GRHV QRW VXIILFH LI WKH PHUF\ RI *RG LV
5RP
3URY 6HSWXDJLQW
&I 3V
$XJXVWLQH &RQWUD -XOLDQXP RSXV LPSHUIHFWXP EN F
$XJXVWLQH 'H SHUIHFWLRQH LXVWLWLDH KRPLQLV F Q
&RU
$XJXVWLQH UDWKHU $O\SLXV (SLVWROD DG 3DXOLQXP F Q
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
5RP ,ELG
'LVWLQFWLRQ ;;9,
QRW DOVR SUHVHQW ZH ZRXOG VD\ RQ WKH FRQWUDU\ WKDW HYHQ WKH PHUF\ RI
*RG LV QRW VXIILFLHQW LI WKH ZLOO RI PDQ LV QRW DOVR SUHVHQW $QG VR LI WKH
ILUVW LV ULJKWO\ VDLG EHFDXVH WKH ZLOO RI PDQ DORQH FDQQRW IXOILO LW WKHQ
ZK\ LV WKH FRQYHUVH QRW ULJKWO\ VDLG ,W LV QRW RI WKH PHUFLIXO *RG EXW RI
WKH PDQ ZKR ZLOOV EHFDXVH *RG¶V PHUF\ DORQH GRHV QRW IXOILO LW" )RU PDQ
ZRXOG QRW EH DEOH WR EHOLHYH RU KRSH XQOHVV KH ZLOOV WR GR VR QRU WR JDLQ
WKH SDOP >RI YLFWRU\@ XQOHVV KH UXQV ZLOOLQJO\ $QG VR LW UHPDLQV WKDW ZKDW
ZDV VDLG EH ULJKWO\ XQGHUVWRRG VR DV WR DVFULEH HYHU\WKLQJ WR *RG ZKR
ILUVW FRPHV DQG SUHSDUHV WKH JRRG ZLOO RI PDQ WR UHFHLYH DLG DQG DLGV LW
ZKHQ LW LV SUHSDUHG *RG ILUVW FRPHV WR WKH XQZLOOLQJ WR PDNH KLP ZLOOLQJ
WKHQ IROORZV WKH ZLOOLQJ VR WKDW KH VKRXOG QRW ZLOO LQ YDLQ´²6HH E\
WKHVH ZRUGV DQG WKH HDUOLHU RQHV LW LV FOHDUO\ WDXJKW WKDW WKH ZLOO RI PDQ LV
ILUVW YLVLWHG DQG SUHSDUHG E\ *RG¶V JUDFH LQ RUGHU WR ZLOO WKH JRRG WKHQ LW
LV KHOSHG VR DV QRW WR ZLOO LW LQ YDLQ
7+$7 *22' :,// *2(6 :,7+ *5$&( $QG VR JRRG ZLOO JRHV ZLWK
JUDFH QRW JUDFH ZLWK WKH ZLOO +HQFH $XJXVWLQH LQ 7R 3RSH %RQLIDFH
ZULWLQJ DJDLQVW WKH 3HODJLDQV VD\V ³:KHQ IDLWK REWDLQV MXVWLILFDWLRQ
DFFRUGLQJ WR WKH PHDVXUH RI IDLWK ZKLFK *RG KDV VKDUHG RXW WR HDFK LW LV
QRW WKDW VRPHWKLQJ RI KXPDQ PHULW SUHFHGHV *RG¶V JUDFH EXW WKDW JUDFH
LWVHOI GHVHUYHV WR EH LQFUHDVHG VR WKDW RQFH LQFUHDVHG LW PD\ GHVHUYH WR EH
SHUIHFWHG ZKLOH WKH ZLOO JRHV ZLWK LW DQG GRHV QRW OHDG JRLQJ DIWHU LW DQG
QRW EHIRUH´ 6HH KHUH \RX H[SUHVVO\ KDYH LW WKDW JUDFH JRHV EHIRUH WKH
PHULW RI JRRG ZLOO DQG JRRG ZLOO LWVHOI JRHV DIWHU QRW EHIRUH JUDFH
&KDSWHU :+$7 7+( *5$&( 7+$7 *2(6 %()25( 7+( :,// ,6 1$0(/< )$,7+
:,7+ /29( $QG LI \RX FRQWHPSODWH LW ZLWK GLOLJHQFH LW ZLOO OLNHZLVH EH
VKRZQ WR \RX ZKDW WKH JUDFH WKDW JRHV EHIRUH DQG SUHSDUHV WKH ZLOO LV
QDPHO\ IDLWK ZLWK ORYH²$QG VR $XJXVWLQH LQ WKH VDPH WUHDWLVH GLVFXVV
LQJ KRZ ZH DUH MXVWLILHG E\ IDLWK DQG \HW IUHHO\ IRU WKH $SRVWOH DVVHUWV
ERWK VD\V ³7KH $SRVWOH ZKR VD\V -XVWLILHG E\ IDLWK VD\V HOVHZKHUH
)UHHO\ MXVWLILHG WKURXJK JUDFH )RU KH VDLG WKLV VR WKDW IDLWK LWVHOI VKRXOG
QRW EHFRPH SURXG OHVW LW VKRXOG VD\ WR LWVHOI ,I MXVWLILHG IURP IDLWK WKHQ
KRZ IUHHO\" )RU LI IDLWK GHVHUYHV VRPHWKLQJ ZK\ >VKRXOG LW QRW EH VDLG@
WR EH UHSDLG UDWKHU WKDQ JLYHQ" 3$< $77(17,21 'R QRW OHW WKH IDLWKIXO
PDQ VD\ VXFK WKLQJV IRU ZKHQ KH VD\V , KDYH IDLWK VR , GHVHUYH MXVWLILFD
$XJXVWLQH (QFKLULGLRQ F
&I 5RP
0RUH FRUUHFWO\ $O\SLXV LQ $XJXVWLQH (SLVWROD DG 3DXOLQXP F Q
&I *DO 5RP 5RP
7+( 6(17(1&(6 %22.
WLRQ LW LV DQVZHUHG WR KLP :KDW GR \RX KDYH ZKLFK \RX KDYH QRW UH
FHLYHG" )RU WKH IDLWK E\ ZKLFK \RX DUH MXVWLILHG KDV EHHQ IUHHO\ JLYHQ WR
\RX´ +HUH LW LV SODLQO\ VKRZQ WKDW IDLWK LV WKH FDXVH RI MXVWLILFDWLRQ
21 7+( %(1(),7 %< :+,&+ 7+( :,// ,6 )5((' $QG JUDFH LWVHOI LV
DOVR WKH EHQHILW E\ ZKLFK WKH ZLOO RI PDQ LV ILUVW YLVLWHG DQG SUHSDUHG
+HQFH $XJXVWLQH LQ WKH 5HWUDFWDWLRQV ERRN ³7KH ZLOO LV WKDW E\ ZKLFK
ZH ERWK VLQ DQG OLYH ULJKWHRXVO\ %XW XQOHVV WKH ZLOO LWVHOI LV IUHHG E\
*RG¶V JUDFH IURP VHUYLWXGH E\ ZKLFK LW LV PDGH D VHUYDQW WR VLQ DQG LV
KHOSHG WR RYHUFRPH WKH YLFHV LW LV LPSRVVLEOH IRU PRUWDOV WR OLYH ULJK
WHRXVO\ DQG SLRXVO\ $QG XQOHVV WKLV EHQHILW E\ ZKLFK WKH ZLOO LV IUHHG
ZHUH JLYHQ EHIRUH WKH ZLOO EHFRPHV JRRG WKHQ LW ZRXOG EH JLYHQ EHFDXVH
RI PHULWV DQG ZRXOG QRW EH JUDFH ZKLFK LV JLYHQ HQWLUHO\ IUHHO\´ $QG VR
WKH JRRG ZLOO RI PDQ LV ILUVW YLVLWHG E\ WKDW EHQHILW RI JUDFH E\ ZKLFK LW LV
IUHHG DQG SUHSDUHG
$QG WKDW EHQHILW LV ULJKWO\ XQGHUVWRRG DV WKH IDLWK RI &KULVW DV $X
JXVWLQH FOHDUO\ VKRZV LQ WKH (QFKLULGLRQ VD\LQJ ³$IWHU WKDW IDOO WKH IDF
XOW\ RI FKRLFH UHTXLUHG OLEHUDWLRQ IURP VHUYLWXGH WR VLQ $QG LW LV QRW DW DOO
IUHHG E\ LWVHOI EXW H[FOXVLYHO\ WKURXJK *RG¶V JUDFH ZKLFK UHVWV LQ WKH
IDLWK RI &KULVW VR WKDW WKH ZLOO LWVHOI PD\ EH SUHSDUHG´ 6HH KH SODLQO\
VD\V WKDW WKH JUDFH E\ ZKLFK FKRLFH LV IUHHG DQG WKH ZLOO LV SUHSDUHG UHVWV
LQ WKH IDLWK RI &KULVW $V KH VD\V LQ WKH VDPH ³)RU WKH IDLWK RI &KULVW
REWDLQV ZKDW WKH ODZ FRPPDQGV´
&KDSWHU 7+$7 7+( *22' :,// :+,&+ ,6 35(&('(' %< *5$&( 35(&('(6 620(
*,)76 2) *2' $QG \HW LW LWVHOI SUHFHGHV VRPH JLIWV RI JUDFH +HQFH $X
JXVWLQH LQ WKH (QFKLULGLRQ ³7KH JRRG ZLOO RI PDQ SUHFHGHV PDQ\ RI
*RG¶V JLIWV EXW QRW DOO ,QGHHG WKH JRRG ZLOO LWVHOI PXVW EH FRXQWHG
DPRQJ WKH JLIWV LW GRHV QRW SUHFHGH DQG ZKLFK LW DLGV $QG VR LQ KRO\
6FULSWXUH ZH UHDG ERWK KLV PHUF\ VKDOO SUHFHGH PH DQG KLV PHUF\ VKDOO
IROORZ PH ,W JRHV DKHDG RI WKH XQZLOOLQJ WR PDNH KLP ZLOOLQJ LW IROORZV
WKH ZLOOLQJ VR WKDW KH QRW ZLOO LQ YDLQ )RU ZK\ DUH ZH XUJHG WR SUD\ IRU
RXU HQHPLHV ZKR GR QRW ZLOO WR OLYH SLRXVO\ XQOHVV VR WKDW *RG VKRXOG
ZRUN ZLOOLQJQHVV LQ WKHP" $QG DOVR ZK\ DUH ZH XUJHG WR DVN WKDW ZH
&RU
$XJXVWLQH (SLVWROD DG 3DXOLQXP F QQ
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH (QFKLULGLRQ F
,ELG F 3V 3V &I 0W
'LVWLQFWLRQ ;;9,
PD\ UHFHLYH XQOHVV VR WKDW ZKDW ZH ZLOO PD\ FRPH IURP KLP IURP ZKRP
KDV FRPH WKDW ZH ZLOO"´ $QG VR WKH $SRVWOH VD\V ,W LV QRW RI WKH RQH ZKR
ZLOOV RU RI WKH RQH ZKR UXQV EXW RI WKH PHUFLIXO *RG²)URP WKHVH
ZRUGV LW DSSHDUV WKDW WKH JRRG ZLOO RI PDQ SUHFHGHV VRPH RI *RG¶V JLIWV
EHFDXVH KHOSLQJ JUDFH JRHV ZLWK LW DQG LW LV SUHFHGHG E\ VRPH RWKHUV
EHFDXVH RSHUDWLQJ JUDFH WKDW LV IDLWK ZLWK ORYH SUHFHGHV LW
620( $33$5(17 &2175$',&7,216 72 7+( )25(*2,1* 1$0(/< 7+$7
)$,7+ 6((06 72 %( 6$,' 72 %( )520 7+( :,// $QG \HW ZH PXVW QRW LJQRUH
WKDW HOVHZKHUH $XJXVWLQH DSSHDUV WR VLJQLI\ WKDW IDLWK LV IURP WKH ZLOO
QDPHO\ LQ 2Q -RKQ GLVFXVVLQJ WKDW SKUDVH RI WKH $SRVWOH %HOLHI LQ WKH
KHDUW LV IRU MXVWLILFDWLRQ KH VD\V ³$QG VR WKH $SRVWOH GRHV QRW VLPSO\ VD\
EHOLHI EXW EHOLHI LQ WKH KHDUW EHFDXVH PDQ FDQ GR RWKHU WKLQJV XQZLOOLQJO\
EXW KH FDQQRW EHOLHYH XQZLOOLQJO\ KH FDQ HQWHU D FKXUFK DQG DSSURDFK WKH
DOWDU XQZLOOLQJO\ EXW QRW EHOLHYH´²$OVR RQ WKH SDVVDJH LQ *HQHVLV
ZKHUH /DEDQ DQG %DWKXHO VDLG /HW XV FDOO WKH JLUO DQG VHHN KHU ZLOO WKH
H[SRVLWRU VD\V ³%HFDXVH IDLWK SHUWDLQV WR WKH ZLOO QRW WR QHFHVVLW\´
5(63216( :,7+ '(7(50,1$7,21 ,Q UHVSRQVH WR WKHVH FRQWUDGLFWLRQV
ZH VD\ WKDW WKH\ DUH QRW WR EH WDNHQ LQ VXFK D ZD\ WKDW IDLWK LV XQGHUVWRRG
WR FRPH IURP WKH ZLOO RI PDQ VLQFH DV WKH $SRVWOH VD\V IDLWK SURSHUO\ LV
WKH JLIW RI *RG DQG LQ LW WKH JRRG PHULWV RI PDQ KDYH WKHLU EHJLQQLQJ
$V $XJXVWLQH VD\V RQ 3VDOP ³)RU LW LV WKURXJK IDLWK WKDW WKH LPSLRXV LV
MXVWLILHG WKDW LV KH LV PDGH SLRXV IURP EHLQJ LPSLRXV VR WKDW DIWHUZDUGV
IDLWK LWVHOI EHJLQV WR ZRUN WKURXJK ORYH´ DQG VR DOO JRRG PHULWV EHJLQ
IURP LW²%XW UDWKHU WKHVH WKLQJV KDYH EHHQ VR VDLG LQ WKH VHQVH WKDW IDLWK
GRHV QRW UHVLGH LQ DQ\RQH H[FHSW KLP ZKR ZLOOV WR EHOLHYH ZKRVH JRRG
ZLOO IDLWK SUHFHGHV QRW LQ WLPH EXW DFFRUGLQJ WR FDXVH DQG QDWXUH +HQFH
$XJXVWLQH ILWWLQJO\ VDLG DERYH WKDW µWKH JRRG ZLOO LWVHOI PXVW EH FRXQWHG
DPRQJ WKH JLIWV LW GRHV QRW SUHFHGH DQG ZKLFK LW DLGV¶ EHFDXVH LW DLGV
WKH WKLQJV E\ ZKLFK LW LV SUHFHGHG ZKHQ LW FRQVHQWV ZLWK WKHP WR DFKLHYH
WKH JRRG DQG LW LV DPRQJ WKHP EHFDXVH LW LV QRW SUHFHGHG E\ WKHP LQ WLPH
+( $''6 620( 27+(5 7+,1*6 :+,&+ 0$.( 7+( 48(67,21 025( ',)
),&8/7 1$0(/< 7+$7 7+28*+7 2) 7+( *22' 35(&('(6 )$,7+ 0RUHRYHU
WKH ZRUGV RI $XJXVWLQH PDNH WKLV TXHVWLRQ PRUH SUHVVLQJ DQG SRLQWHG LQ
WKH ERRN 2Q WKH 3UHGHVWLQDWLRQ RI WKH 6DLQWV GLVFXVVLQJ WKDW SKUDVH RI WKH
&I 0W /N
$XJXVWLQH (QFKLULGLRQ F
5RP 5RP
$XJXVWLQH ,Q ,RDQQHP WU Q
*HQ
,QWHUOLQHDU JORVV RQ *HQ IURP $PEURVLDVWHU RQ &RU
&I (SK
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
$ERYH DW WKH EHJLQQLQJ RI Q
7+( 6(17(1&(6 %22.
$SRVWOH 1RW WKDW ZH DUH VXIILFLHQW WR WKLQN DQ\WKLQJ DV FRPLQJ IURP RXU
VHOYHV KH VD\V ³$V IRU WKRVH ZKR KROG WKDW WKH EHJLQQLQJ RI IDLWK FRPHV
IURP RXUVHOYHV DQG WKDW WKH VWUHQJWKHQLQJ RI IDLWK FRPHV IURP *RG OHW
WKHP SD\ DWWHQWLRQ DQG ZHLJK WKHVH ZRUGV )RU LQ KLV FRPPHQGDWLRQ RI
WKLV JUDFH ZKLFK LV QRW JUDQWHG DFFRUGLQJ WR DQ\ PHULWV EXW UHQGHUV DOO
JRRG WKLQJV PHULWRULRXV WKH $SRVWOH VD\V 1RW WKDW ZH DUH VXIILFLHQW WR
WKLQN DQ\WKLQJ´ JRRG WKDW LV ³DV FRPLQJ IURP RXUVHOYHV %XW ZKR GRHV
QRW VHH WKDW WKLQNLQJ FRPHV EHIRUH EHOLHYLQJ" )RU QR RQH EHOLHYHV DQ\
WKLQJ ZLWKRXW ILUVW WKLQNLQJ WKDW LW RXJKW WR EH EHOLHYHG :+$7 ,7 ,6 72
%(/,(9( $QG VR LI WR WKLQN DERXW WKH JRRG LV QRW IURP RXUVHOYHV DV WKH
$SRVWOH WHDFKHV KHUH WKHQ WR EHOLHYH LV QRW HLWKHU VLQFH WR EHOLHYH LWVHOI LV
QRWKLQJ RWKHU WKDQ WR WKLQN ZLWK WKH DVVHQW RI WKH PLQG´²+HUH KH VHHPV
WR LPSO\ WKDW JRRG WKRXJKW SUHFHGHV IDLWK DQG VR JRRG ZLOO SUHFHGHV IDLWK
DQG LV QRW SUHFHGHG E\ LW WKLV DSSHDUV WR FRQWUDGLFW ZKDW ZDV VDLG DERYH
'(7(50,1$7,21 $QG WR WKLV ZH VD\ WKDW VRPHWLPHV JRRG WKRXJKW RU
ZLOO SUHFHGHV IDLWK EXW LW LV QRW WKDW JRRG WKRXJKW RU ZLOO E\ ZKLFK ZH OLYH
ULJKWHRXVO\ )RU WKDW RQH GRHV QRW H[LVW ZLWKRXW IDLWK DQG FKDULW\ ,QGHHG
DV $XJXVWLQH VD\V LQ 7R $QDVWDVLXV ³WKH ZLOO RI PDQ LV QRW IUHH ZLWKRXW
WKH 6SLULW EHFDXVH LW LV RYHUFRPH E\ GHVLUHV´ ,W LV QRW IUHH WR WKH JRRG
XQOHVV LW KDV EHHQ IUHHG EXW LW LV QRW IUHHG XQOHVV FKDULW\ LV SRXUHG LQWR
RXU KHDUWV WKURXJK WKH 6SLULW²$8*867,1( ,1 21 7+( %$37,60 2)
&+,/'5(1 7KH ZLOO LV QRW IUHH ³XQOHVV JUDFH IUHHV LW WKURXJK WKH ODZ RI
IDLWK´ WKDW LV LW LV QRW IUHH ZLWKRXW IDLWK ZRUNLQJ LQ ORYH DQG >RQO\@
WKDW ZLOO LV VXIILFLHQWO\ DQG WUXO\ JRRG ³)RU WKHUH LV QR JRRG IUXLW ZKLFK
GRHV QRW JURZ IURP WKH URRW RI FKDULW\ EXW LI WKHUH LV DOVR IDLWK ZRUNLQJ
WKURXJK ORYH WKHQ WKHUH LV GHOLJKW LQ WKH JRRG´
&KDSWHU +( ',6&866(6 )8//< 7+$7 7+28*+7 2) 7+( *22' :+,&+ 35(&('(6
)$,7+ %XW WKDW WKRXJKW RU ZLOO ZKLFK SUHFHGHV IDLWK DQG FKDULW\ DQG WKH
RWKHU VRXUFHV RI MXVWLILFDWLRQ GRHV QRW VXIILFH IRU VDOYDWLRQ QRU GRHV RQH
OLYH ULJKWHRXVO\ E\ LW 7KH JRRG ZLOO ZKLFK LV D JUHDW JRRG LV GHVLUHG E\
WKLV >SUHFHGLQJ@ ZLOO EXW QRW WKLV E\ WKDW RQH DQG VR WKLV ZLOO RU WKRXJKW
LV RQH WKLQJ DQG WKDW ZLOO DQRWKHU
&RU
$XJXVWLQH 'H SUDHGHVWLQDWLRQH VDQFWRUXP F Q
$XJXVWLQH (SLVWROD QQ
&I 5RP 5RP &I *DO
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
'LVWLQFWLRQ ;;9,
&KDSWHU 7+$7 81'(567$1',1* 35(&('(6 %27+ 7+28*+7 2) 7+( *22' $1'
*22' :,// $QG DV WKH RQH ZLOO SUHFHGHV WKH RWKHU VR XQGHUVWDQGLQJ SUH
FHGHV WKH ILUVW ZLOO +HQFH $XJXVWLQH RQ WKH SODFH RI WKH 3VDOP 0\ VRXO
EXUQHG WR GHVLUH \RXU MXGJHPHQWV GUDZV D GLVWLQFWLRQ LQ WKHVH WHUPV ³+H
VD\V EXUQHG WR GHVLUH QRW , GHVLUHG )RU ZH RIWHQ VHH ZLWK RXU UHDVRQ KRZ
XVHIXO DUH *RG¶V MXGJHPHQWV DQG \HW LPSHGHG E\ ZHDNQHVV ZH VRPH
WLPHV GR QRW GHVLUH WKHP 7KHUHIRUH RXU XQGHUVWDQGLQJ IOLHV DKHDG EXW
RXU DIIHFWLRQ IROORZV ODWH RU QRW DW DOO :H NQRZ WKH JRRG EXW KDYH QR
GHOLJKW LQ GRLQJ LW DQG ZH GHVLUH WKDW LW GHOLJKW XV 7KXV WKH SVDOPLVW RQFH
EXUQHG WR GHVLUH WKRVH WKLQJV ZKLFK KH VDZ WR EH JRRG GHVLULQJ WR ILQG
SOHDVXUH LQ WKH WKLQJV WKH UHDVRQ IRU ZKLFK KH ZDV DEOH WR VHH $QG VR KH
VKRZV WKH GHJUHHV DV LW ZHUH E\ ZKLFK ZH FRPH WR WKHP IRU ILUVW ZH
PXVW VHH WKDW WKH\ DUH XVHIXO DQG ZRUWK\ DIWHUZDUGV WKDW ZH GHVLUH D
GHVLUH IRU WKHP ILQDOO\ WKDW ZLWK WKH DVVLVWDQFH RI JUDFH GRLQJ WKRVH
WKLQJV VKRXOG GHOLJKW XV ZKRVH UHDVRQ DORQH KDG DOUHDG\ GHOLJKWHG XV´
+( (;3281'6 7+( 25'(5 2) *5$&(6 $&&25',1* 72 7+( :25'6 2)
$8*867,1( 1RWH WKH RUGHU RI JUDFHV ZKLFK $XJXVWLQH KHUH GLVWLQFWO\ VHWV
RXW QDPHO\ KRZ DQ XQGHUVWDQGLQJ RI JRRG WKLQJV SUHFHGHV GHVLUH IRU
WKHP DQG GHVLUH LWVHOI SUHFHGHV GHOLJKW ZKLFK FRPHV DERXW WKURXJK IDLWK
DQG FKDULW\ 2QFH GHOLJKW LV KDG WKH ZLOO LV WUXO\ WKH JRRG RQH E\ ZKLFK ZH
OLYH ULJKWHRXVO\ DQG VXFK D ZLOO JRHV ZLWK IDLWK EXW GRHV QRW SUHFHGH LW
&KDSWHU 7+$7 0$1< 27+(5 *22'6 35(&('( 7+( *5$&( 2) -867,),&$7,21 ,1 0$1 620( &20( )520 *5$&( $1' )5(('20 2) &+2,&( 27+(56 21/<
)520 )5(('20 2) &+2,&( 2QH ZKR FRQVLGHUV WKH DERYH ZRUGV RI $X
JXVWLQH LQ WKH OLJKW RI WKLV GLVWLQFWLRQ ZLOO FRQFOXGH WKDW WKHUH LV QR FRQ
WUDGLFWLRQ $QG KH ZLOO QRW EH XQDZDUH WKDW HYHQ EHIRUH SUHFHGLQJ DQG
RSHUDWLQJ JUDFH E\ ZKLFK D JRRG ZLOO LV SUHSDUHG LQ PDQ VRPH JRRGV
SUHFHGH IURP *RG¶V JUDFH DQG IURP IUHHGRP RI FKRLFH VRPH RWKHUV RQO\
IURP IUHHGRP RI FKRLFH DQG \HW E\ WKHVH KH GRHV QRW PHULW OLIH QRU WKH
JUDFH E\ ZKLFK KH LV MXVWLILHG²$8*867,1( ,1 21 7+( 63,5,7 $1' 7+(
/(77(5 72 6,;786 ³1R PHULWV SUHFHGH WKH UHFHSWLRQ RI WKDW JUDFH ZKLFK
KHDOV WKH ZLOO RI PDQ VR WKDW LQ LWV KHDOHG VWDWH LW PD\ IXOILO WKH ODZ )RU
WKDW LV WKH JUDFH E\ ZKLFK WKH LPSLRXV LV MXVWLILHG WKDW LV WKH RQH ZKR
XVHG WR EH LPSLRXV LV PDGH SLRXV %XW ZKDW WKH LPSLRXV GXO\ GHVHUYHV LV
SXQLVKPHQW QRW JUDFH DQG LW ZRXOG QRW EH JUDFH LI LW ZHUH QRW JLYHQ
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ QQ
$ERYH LQ F Q
7+( 6(17(1&(6 %22.
IUHHO\´ $QG LW LV JLYHQ IUHHO\ EHFDXVH ZH KDG GRQH QR JRRG EHIRUHKDQG
E\ ZKLFK ZH GHVHUYHG WKLV
7+$7 7+(5( $5( 620( *22' 7+,1*6 :+,&+ $5( '21( %< 0$1 (9(1
7+528*+ )5(( &+2,&( $/21( $QG \HW ZH GR QRW GHQ\ WKDW WKHUH DUH
PDQ\ JRRG WKLQJV ZKLFK DUH GRQH E\ PDQ WKURXJK IUHH FKRLFH EHIRUH WKLV
JUDFH DQG DSDUW IURP WKLV JUDFH $XJXVWLQH VWDWHV WKH VDPH LQ WKH 5H
VSRQVHV DJDLQVW WKH 3HODJLDQV ZKHUH KH VD\V WKDW PHQ WKURXJK IUHH
FKRLFH FXOWLYDWH ILHOGV EXLOG KRXVHV DQG GR PDQ\ RWKHU JRRG WKLQJV
ZLWKRXW FRRSHUDWLQJ JUDFH
&KDSWHU :+(7+(5 7+( *5$&( :+,&+ ,6 &$//(' 23(5$7,1* $1' &223(5$7,1*
,6 21( $1' 7+( 6$0( ,W KDV EHHQ VDLG DERYH WKDW WKURXJK RSHUDWLQJ DQG
SUHYHQLHQW JUDFH WKH ZLOO RI PDQ LV IUHHG DQG SUHSDUHG WR ZLOO WKH JRRG
DQG WKURXJK FRRSHUDWLQJ DQG VXEVHTXHQW JUDFH LW LV DLGHG VR DV QRW WR ZLOO
LQ YDLQ $QG VR ZH PXVW FRQVLGHU KHUH ZKHWKHU LW LV RQH DQG WKH VDPH
JUDFH WKDW LV RQH IUHHO\ JLYHQ JLIW ZKLFK RSHUDWHV DQG FRRSHUDWHV RU
ZKHWKHU WKH\ DUH GLIIHUHQW RQH RSHUDWLQJ DQG WKH RWKHU FRRSHUDWLQJ
+(5( +( 6$<6 7+$7 ,7 ,6 21( %87 7+$7 ,7 7$.(6 ',))(5(17 1$0(6
%(&$86( 2) ,76 ',))(5(17 ())(&76 ,W VHHPV QRW XQUHDVRQDEO\ WR VRPH
WKDW WKH JUDFH LV RQH DQG WKH VDPH WKH VDPH JLIW WKH VDPH YLUWXH ZKLFK
RSHUDWHV DQG FRRSHUDWHV EXW EHFDXVH RI LWV GLIIHUHQW HIIHFWV LW LV FDOOHG
RSHUDWLQJ DQG FRRSHUDWLQJ )RU LW LV FDOOHG RSHUDWLQJ LQVRIDU DV ³LW IUHHV
DQG SUHSDUHV WKH ZLOO RI PDQ WR ZLOO WKH JRRG´ DQG FRRSHUDWLQJ LQVRIDU DV
LW ³DLGV KLP OHVW KH ZLOO LQ YDLQ´ QDPHO\ WR GR D JRRG ZRUN )RU WKLV JUDFH
LV QRW IUXLWOHVV ³EXW GHVHUYHV WR EH LQFUHDVHG VR WKDW RQFH LQFUHDVHG LW
PD\ DOVR GHVHUYH WR EH SHUIHFWHG´
&KDSWHU ,7 ,6 $6.(' :+$7 7+,6 *5$&( ,6 $1' +2: ,7 0$< '(6(59( 72 %( ,1
&5($6(' %XW LI LW LV DVNHG KRZ WKLV SUHYHQLHQW JUDFH PD\ GHVHUYH WR EH
LQFUHDVHG VLQFH WKHUH LV QR PHULW ZLWKRXW IUHH FKRLFH DQG ZKDW WKLV JUDFH
LV ZKHWKHU D YLUWXH RU QRW DQG LI D YLUWXH ZKHWKHU DQ DFW RU QRW LQ RUGHU
WKDW DOO WKLV PD\ EH LQGLFDWHG FOHDUO\ ZH PXVW ILUVW VHW IRUWK WKDW WKHUH DUH
WKUHH NLQGV RI JRRGV
$XJXVWLQH SDUWLDOO\ IURP (SLVWROD DG 6L[WXP F Q SDUWLDOO\ IURP 'H VSLULWX
HW OLWWHUD F Q
+\SRJQRVWLFRQ EN F Q DPRQJ WKH ZRUNV DWWULEXWHG WR $XJXVWLQH
'LVW F DQG GLVW FF
6HH $XJXVWLQH¶V VWDWHPHQWV DERYH FF RI WKLV 'LVWLQFWLRQ
'LVWLQFWLRQ ;;9,
&KDSWHU %()25( 5(62/9,1* 7+( 48(67,21 +( 6(76 )257+ 7+( 7+5(( .,1'6
2) *22'6 )RU VRPH JRRGV DUH JUHDW VRPH YHU\ VPDOO VRPH PLGGOLQJ DV
$XJXVWLQH VD\V LQ ERRN RI KLV 5HWUDFWDWLRQV ZKHUH KH VWDWHV ³7KH
YLUWXHV E\ ZKLFK ZH OLYH ULJKWHRXVO\ DUH JUHDW JRRGV WKH IRUPV RI ERGLHV
ZLWKRXW ZKLFK LW LV SRVVLEOH WR OLYH ULJKWHRXVO\ DUH YHU\ VPDOO JRRGV DQG
WKH SRZHUV RI WKH VRXO ZLWKRXW ZKLFK LW LV QRW SRVVLEOH WR OLYH ULJKWHRXVO\
DUH PLGGOLQJ JRRGV´²$OVR ³1R RQH PDNHV DQ HYLO XVH RI WKH YLUWXHV
EXW DV IRU WKH RWKHU JRRGV WKDW LV WKH PLGGOLQJ DQG YHU\ VPDOO RQHV HYHU\
RQH FDQ XVH WKHP QRW RQO\ ZHOO EXW DOVR HYLOO\ $QG WKH UHDVRQ ZK\ QR
RQH XVHV YLUWXH HYLOO\ LV WKDW WKH ZRUN RI YLUWXH LV WKH JRRG XVH RI WKHVH
RWKHU JRRGV ZKLFK ZH FDQ DOVR XVH QRW ZHOO EXW QR RQH LQ XVLQJ WKHP
ZHOO XVHV WKHP HYLOO\ $QG LW LV WKH JRRGQHVV RI *RG ZKLFK DUUDQJHG WKDW
QRW RQO\ WKH JUHDW RQHV EXW DOVR WKH PLGGOLQJ DQG YHU\ VPDOO JRRGV VKRXOG
H[LVW´ 6HH \RX KDYH WKH WKUHH NLQGV RI JRRGV GLVWLQJXLVKHG
&KDSWHU
$021* :+,&+ *22'6 ,6 )5(( &+2,&( %XW LW LV DVNHG DPRQJ ZKLFK
JRRGV IUHH FKRLFH LV IRXQG²&RQFHUQLQJ WKLV $XJXVWLQH LQ ERRN RI KLV
5HWUDFWDWLRQV VD\V DV IROORZV ³7KH IUHH FKRLFH RI WKH ZLOO LV IRXQG
DPRQJ WKH PLGGOLQJ JRRGV EHFDXVH ZH FDQ DOVR XVH LW HYLOO\ DQG \HW LW LV
VXFK WKDW ZH FDQQRW OLYH ULJKWHRXVO\ ZLWKRXW LW )RU LWV JRRG XVH LV DOUHDG\
D YLUWXH ZKLFK LV IRXQG DPRQJ WKH JUHDW JRRGV ZKLFK QR RQH FDQ XVH HYLO
O\ $QG EHFDXVH JRRGV ZKHWKHU JUHDW PLGGOLQJ RU YHU\ VPDOO DUH IURP
*RG LW IROORZV WKDW WKH JRRG XVH RI IUHH ZLOO ZKLFK LV D YLUWXH DQG LV
FRXQWHG DPRQJ WKH JUHDW JRRGV LV DOVR IURP *RG´
+( 7(//6 >7+( 5($'(5@ 72 &216,'(5 $1' &203$5( 7+( $%29( $87+25,7,(6 ,1 25'(5 72 5(62/9( 7+( 48(67,21 7+$7 :$6 5$,6('
($5/,(5 1RWH GLOLJHQWO\ WKH WKLQJV ZKLFK KDYH EHHQ VDLG DQG FRPSDUH
WKHP WR HDFK RWKHU IRU LQ WKLV ZD\ ZKDW ZDV DVNHG DERYH ZLOO EHFRPH
FOHDU )RU KH GLG LQGHHG VD\ WKDW WKH JRRG XVH RI WKRVH JRRGV ZKLFK ZH
FDQ DOVR XVH QRW ZHOO WKDW LV RI WKH PLGGOLQJ JRRGV LV D ZRUN RI YLUWXH
DPRQJ WKHVH KH SODFHG IUHH FKRLFH JRRG XVH RI ZKLFK KH DOVR VDLG LV D
YLUWXH ,I LW LV VR WKHQ LW LV QRW WKH ZRUN RI YLUWXH ZKLFK KH VSRNH RI DERYH
EHFDXVH YLUWXH LV RQH WKLQJ DQG LWV ZRUN DQRWKHU
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
,ELG
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
6HH F
7+( 6(17(1&(6 %22.
',67,1&7,21 ;;9,, &KDSWHU
21 9,578( :+$7 ,7 ,6 $1' :+$7 ,76 $&7 ,6 +HUH ZH PXVW H[DPLQH
ZKDW YLUWXH LV DQG ZKDW DQ DFW RU ZRUN RI YLUWXH LV $V $XJXVWLQH VD\V
³YLUWXH LV D JRRG TXDOLW\ RI WKH PLQG E\ ZKLFK ZH OLYH ULJKWHRXVO\ DQG RI
ZKLFK QR RQH PDNHV DQ HYLO XVH *RG DORQH ZRUNV YLUWXH LQ PDQ´
+( &,7(6 7+( (;$03/( 2) -867,&( :+,&+ ,6 72 %( 81'(56722'
(48$//< 2) 7+( 27+(5 9,578(6 7KDW YLUWXH LV WKH ZRUN RI *RG DORQH
$XJXVWLQH WHDFKHV ZLWK UHJDUG WR WKH YLUWXH RI MXVWLFH +H WHDFKHV WKLV RQ
WKDW SDVVDJH RI WKH 3VDOP , KDYH GRQH MXGJHPHQW DQG MXVWLFH VD\LQJ DV
IROORZV ³-XVWLFH LV D JUHDW YLUWXH RI WKH VSLULW ZKLFK QR RQH EXW *RG FDQ
EULQJ DERXW LQ PDQ $QG VR ZKHQ WKH 3URSKHW VD\V LQ WKH SHUVRQ RI WKH
&KXUFK , KDYH GRQH MXVWLFH KH GLG QRW ZLVK WKH YLUWXH LWVHOI WR EH XQGHU
VWRRG ZKLFK PDQ GRHV QRW GR EXW LWV ZRUN´ 6HH LW LV SODLQO\ LQGLFDWHG
KHUH WKDW MXVWLFH LQ PDQ LV QRW WKH ZRUN RI PDQ EXW RI *RG 7KLV LV WR EH
XQGHUVWRRG HTXDOO\ RI WKH RWKHU YLUWXHV
+( 63($.6 6,0,/$5/< &21&(51,1* )$,7+ 7+$7 ,7 ,6 127 )520
0$1 %87 )520 *2' $/21( ,QGHHG ZULWLQJ WR WKH (SKHVLDQV RQ WKH
JUDFH RI IDLWK WKH $SRVWOH VLPLODUO\ DVVHUWV WKDW IDLWK LV QRW IURP PDQ EXW
IURP *RG DORQH KH VD\V %\ JUDFH \RX ZHUH VDYHG WKURXJK IDLWK DQG
WKLV QRW IURP \RXUVHOYHV IRU LW LV D JLIW RI *RG 7KLV LV H[SRXQGHG DV IRO
ORZV E\ WKH 6DLQWV ³7KLV WKDW LV IDLWK LV QRW IURP \RXUVHOYHV WKDW LV
IURP WKH SRZHU RI \RXU QDWXUH EHFDXVH LW LV SXUHO\ D JLIW RI *RG´ 6HH
KHUH WRR LW LV FOHDUO\ WDXJKW WKDW IDLWK LV QRW IURP IUHHGRP RI FKRLFH RU
IURP WKH FKRLFH RI WKH ZLOO²7KLV LV LQ NHHSLQJ ZLWK ZKDW ZDV VHW RXW
DERYH ZKHUH LW ZDV VDLG WKDW SUHYHQLHQW RU RSHUDWLQJ JUDFH LV WKH YLUWXH
ZKLFK IUHHV DQG KHDOV WKH ZLOO RI PDQ +HQFH $XJXVWLQH LQ WKH ERRN 2Q
WKH 6SLULW DQG WKH /HWWHU VD\V ³:H DUH MXVWLILHG QRW WKURXJK IUHH ZLOO EXW
WKURXJK WKH JUDFH RI &KULVW QRW WKDW WKLV KDSSHQV ZLWKRXW RXU ZLOO EXW
WKURXJK WKH ODZ >RI WKH 2OG 7HVWDPHQW@ RXU ZLOO LV VKRZQ WR EH LQILUP VR
WKDW JUDFH PD\ KHDO WKH ZLOO DQG WKH KHDOHG ZLOO PD\ IXOILO WKH ODZ´
6HH DERYH GLVW F
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ Q
(SK
,QWHUOLQHDU JORVV RQ (SK
'LVW F
$XJXVWLQH 'H VSLULWX HW OLWWHUD F Q
'LVWLQFWLRQ ;;9,,
&KDSWHU 21 7+( *5$&( :+,&+ )5((6 7+( :,// $1' 7+$7 ,) ,7 ,6 $ 9,578( 7+(1 9,578( ,6 127 )520 )5(( &+2,&( $1' 62 ,7 ,6 127 $ 027,21 2) 7+(
0,1' $QG VR LI WKH JUDFH ZKLFK KHDOV DQG IUHHV WKH ZLOO RI PDQ LV D
YLUWXH ZKHWKHU RQH RU VHYHUDO VLQFH JUDFH LWVHOI LV QRW IURP D FKRLFH RI
WKH ZLOO EXW UDWKHU KHDOV DQG SUHSDUHV WKH ZLOO VR WKDW LW PD\ EH JRRG LW
IROORZV WKDW YLUWXH LV QRW IURP IUHH FKRLFH DQG VR LW LV QRW D PRWLRQ RU GLV
SRVLWLRQ RI WKH PLQG VLQFH DQ\ PRWLRQ RU GLVSRVLWLRQ RI WKH PLQG LV IURP
IUHH FKRLFH EXW D JRRG RQH LV IURP JUDFH DQG IUHH FKRLFH DQG DQ HYLO RQH
IURP IUHH FKRLFH DORQH²)RU DV $XJXVWLQH VD\V LQ ERRN RI WKH 5HWUDFWD
WLRQV ³PDQ ZDV DEOH WR IDOO IUHHO\ DQG IURP IUHH FKRLFH EXW QRW WR ULVH
DJDLQ´ $OVR LQ WKH ERRN 2Q WKH 7ZR 6RXOV ³,I VRXOV ODFN D IUHH PRYH
PHQW RI WKH VSLULW WRZDUG GRLQJ DQG QRW GRLQJ LI LQ VKRUW WKH\ DUH QRW
JUDQWHG DQ\ SRZHU WR DEVWDLQ IURP WKHLU ZRUN ZH FDQQRW KROG WKHP JXLOW\
RI WKHLU VLQ´²+HUH LW LV SODLQO\ VKRZQ WKDW WKH PRWLRQ RI WKH VSLULW
ZKHWKHU WRZDUG JRRG RU HYLO LV IURP IUHH FKRLFH DQG VR LI JUDFH RU YLUWXH
LV D PRYHPHQW RI WKH PLQG LW LV IURP IUHH FKRLFH EXW LI LW LV ZKROO\ RU LQ
SDUW IURP IUHH FKRLFH WKHQ LW LV QRW *RG DORQH ZKR ZRUNV LW ZLWKRXW PDQ
+(5( +( 5(9($/6 72 :+$7 7+( )25(*2,1* :(5( 32,17,1* 1$0( /< 7+$7 ,7 6+28/' %(&20( &/($5 :+(7+(5 9,578( ,6 $ 029(0(17 2)
7+( 0,1' 25 127 0RUHRYHU QRW XQOHDUQHGO\ VRPH WHDFK WKDW YLUWXH LV D
JRRG TXDOLW\ RU IRUP RI WKH PLQG ZKLFK LQIRUPV WKH VRXO $QG LW LV QRW D
PRYHPHQW RU GLVSRVLWLRQ RI WKH PLQG EXW IUHH FKRLFH LV DLGHG E\ LW LQ
RUGHU WR PRYH DQG UDLVH LWVHOI XS WRZDUG WKH JRRG $QG VR IURP YLUWXH DQG
IUHH FKRLFH LV ERUQ D JRRG PRYHPHQW RU GLVSRVLWLRQ RI WKH PLQG DQG IURP
WKLV D JRRG ZRUN SURFHHGV RXWZDUG
+( 6+2:6 ,7 %< $1$/2*< $1' +(5( 7+(5( ,6 $ 0$1,)(67 &20
3$5,621 %(7:((1 7:2 7+5((6 7KH HDUWK LV EDWKHG E\ WKH UDLQ LQ RUGHU WR
JHUPLQDWH DQG SURGXFH IUXLW EXW WKH UDLQ LV QHLWKHU WKH HDUWK QRU WKH VHHG
QRU WKH IUXLW WKH HDUWK LV QHLWKHU WKH VHHG QRU WKH IUXLW WKH VHHG LV QRW WKH
IUXLW $33/,&$7,21 2) 7+( &203$5,621 ,Q WKH VDPH ZD\ WKH UDLQ RI
GLYLQH EOHVVLQJ LV IUHHO\ SRXUHG LQWR WKH HDUWK RI RXU PLQG WKDW LV WKH
FKRLFH RI RXU ZLOO WKDW LV LW LV LQVSLUHG E\ JUDFH²ZKLFK *RG DORQH GRHV
DQG QRW PDQ ZLWK KLP %\ WKLV JUDFH WKH ZLOO RI PDQ LV EDWKHG VR DV WR
JHUPLQDWH DQG SURGXFH IUXLW WKDW LV LW LV KHDOHG DQG SUHSDUHG WR ZLOO WKH
JRRG DFFRUGLQJ WR ZKLFK WKH JUDFH LV FDOOHG RSHUDWLQJ DQG LW LV DVVLVWHG
WR GR WKH JRRG DFFRUGLQJ WR ZKLFK WKH JUDFH LV FDOOHG FRRSHUDWLQJ $QG
WKDW JUDFH LV QRW XQVXLWDEO\ WHUPHG µYLUWXH¶ EHFDXVH LW KHDOV DQG DLGV WKH
LQILUP ZLOO RI PDQ
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
7+( 6(17(1&(6 %22.
&KDSWHU ,1 :+$7 6(16( *22' 0(5,76 $5( 6$,' 72 %(*,1 )520 *5$&( $1' 2)
:+,&+ *5$&( 7+,6 ,6 81'(56722' $QG VR ZKHQ JRRG PHULWV DUH VDLG WR
EH DQG EHJLQ IURP JUDFH HLWKHU WKH JUDFH WKDW IUHHO\ JLYHV WKDW LV *RG LV
PHDQW RU EHWWHU WKH JUDFH WKDW LV IUHHO\ JLYHQ ZKLFK SUHFHGHV WKH ZLOO RI
PDQ IRU LW ZRXOG QRW EH D JUHDW WKLQJ LI WKHVH WKLQJV ZHUH WR EH VDLG WR EH
IURP *RG IURP ZKRP DUH DOO WKLQJV ,W LV UDWKHU KLV IUHHO\ JLYHQ JUDFH
IURP ZKLFK JRRG PHULWV KDYH WKHLU EHJLQQLQJ WKDW LV PHDQW
+2: µ6,1&( 7+(< $5( 6$,' 72 %( )520 *5$&( $/21(¶ ,6 81'(5
6722' %XW ZKHQ WKH\ DUH VDLG WR EH IURP JUDFH DORQH IUHH FKRLFH LV QRW
H[FOXGHG EHFDXVH WKHUH LV QR PHULW LQ PDQ ZKLFK LV QRW WKURXJK IUHH
FKRLFH %XW LQ GHVHUYLQJ JRRGV SULQFLSDOLW\ RI FDXVH LV DWWULEXWHG WR
JUDFH EHFDXVH WKH SULQFLSDO FDXVH RI JRRG PHULWV LV JUDFH LWVHOI E\ ZKLFK
IUHH FKRLFH LV URXVHG DQG WKH ZLOO RI PDQ LV KHDOHG DQG DLGHG VR WKDW LW
PD\ EH JRRG
&KDSWHU 7+$7 *22' :,// ,6 35,1&,3$//< 2) *5$&( $1' (9(1 ,6 *5$&( -867
/,.( $// *22' 0(5,7 7KLV >JRRG ZLOO@ LWVHOI LV DOVR D JLIW RI *RG DQG
D PHULW RI PDQ RU UDWKHU RI JUDFH EHFDXVH LW LV SULQFLSDOO\ IURP JUDFH
DQG LV JUDFH +HQFH $XJXVWLQH LQ 7R WKH 3ULHVW 6L[WXV ³:KDW LV WKH PHULW
RI PDQ EHIRUH JUDFH VLQFH QRWKLQJ EXW JUDFH PDNHV IRU DQ\ JRRG PHULW
LQ XV"´ +( ,1 3$57 6+2:6 +2: 7+( *22' ,6 (67$%/,6+(' ,1 0$1 7+528*+
*22' 0(5,7 $1' :+$7 7+( ),567 *22' 0(5,7 ,6 $V KDV EHHQ VDLG
IURP WKH JUDFH ZKLFK SUHFHGHV DQG KHDOV WKH FKRLFH RI PDQ DQG IURP IUHH
FKRLFH LWVHOI D JRRG GLVSRVLWLRQ RU D JRRG PRYHPHQW RI WKH PLQG LV HQ
JHQGHUHG LQ WKH VRXO DQG WKLV LV WKH ILUVW JRRG PHULW RI PDQ -XVW DV IRU
H[DPSOH IURP WKH YLUWXH RI IDLWK DQG WKH FKRLFH RI PDQ VRPH JRRG DQG
UHZDUGDEOH PRYHPHQW LV JHQHUDWHG LQ WKH PLQG QDPHO\ EHOLHI LWVHOI VR
WRR IURP FKDULW\ DQG IUHH FKRLFH FRPHV DQRWKHU PRYHPHQW QDPHO\ WR
ORYH ZKLFK LV YHU\ JRRG 7KH VDPH LV WR EH XQGHUVWRRG RI WKH RWKHU YLU
WXHV $QG WKHVH JRRG PRYHPHQWV RU GLVSRVLWLRQV DUH PHULWV DQG JLIWV RI
*RG E\ ZKLFK ZH GHVHUYH ERWK WKHLU LQFUHDVH DQG WKH RWKHU WKLQJV ZKLFK
DUH FRQIHUUHG RQ XV DV D FRQVHTXHQFH KHUH DQG LQ WKH IXWXUH
6HH DERYH GLVW F Q
$XJXVWLQH (SLVWROD F Q
$ERYH F QQ
'LVWLQFWLRQ ;;9,,
&KDSWHU %< :+$7 5($621 )$,7+ ,6 6$,' 72 '(6(59( -867,),&$7,21 $1' 27+(5
7+,1*6 $QG VR ZKHQ IDLWK LV VDLG WR GHVHUYH MXVWLILFDWLRQ DQG HWHUQDO
OLIH LW LV WDNHQ WR EH VDLG IRU WKLV UHDVRQ EHFDXVH WKRVH WKLQJV DUH GHVHUYHG
E\ WKH DFW RI IDLWK ,W LV WDNHQ VLPLODUO\ LQ UHJDUG WR FKDULW\ MXVWLFH DQG WKH
RWKHU YLUWXHV )RU LI IDLWK WKH SUHYHQLHQW YLUWXH LWVHOI ZHUH WR EH VDLG WR EH
DQ DFW RI WKH PLQG ZKLFK LV D PHULW WKHQ LW ZRXOG KDYH LWV RULJLQ LQ IUHH
FKRLFH EHFDXVH LW LV QRW LW LV VDLG WR EH D PHULW EHFDXVH DQ DFW RI YLUWXH LV
D PHULW VR ORQJ DV FKDULW\ LV SUHVHQW ZLWKRXW ZKLFK QHLWKHU WR EHOLHYH QRU
WR KRSH LV GHVHUYLQJ RI OLIH +HQFH LW WUXO\ VHHPV WKDW FKDULW\ LV WKH +RO\
6SLULW &KDULW\ LQIRUPV DQG VDQFWLILHV WKH TXDOLWLHV RI WKH VRXO VR WKDW WKH
VRXO PD\ EH LQIRUPHG DQG VDQFWLILHG LQ WKHP ZLWKRXW FKDULW\ D TXDOLW\ RI
WKH VRXO LV QRW FDOOHG D YLUWXH EHFDXVH LW LV QRW DEOH WR KHDO WKH VRXO
&KDSWHU 21 7+( *,)76 2) 7+( 9,578(6 $1' 21 *5$&( :+,&+ ,6 127 ,76(/)
0(5,7 %87 352'8&(6 ,7 $QG VR LW LV IURP WKH JLIWV RI WKH YLUWXHV WKDW ZH
DUH JRRG DQG OLYH MXVWO\ $QG IURP JUDFH ZKLFK LV QRW LWVHOI PHULW EXW SUR
GXFHV LW DQG \HW QRW ZLWKRXW IUHH FKRLFH FRPH RXU PHULWV QDPHO\ RXU
JRRG GLVSRVLWLRQV DQG WKHLU GHYHORSPHQW DQG JRRG ZRUNV ZKLFK *RG UH
ZDUGV LQ XV²$QG WKHVH WKLQJV WRR DUH JLIWV RI *RG +HQFH $XJXVWLQH LQ
7R WKH 3ULHVW 6L[WXV ³:KHQ KH FURZQV RXU PHULWV KH FURZQV QRWKLQJ RWKHU
WKDQ KLV RZQ JLIWV 6R LW LV WKDW HWHUQDO OLIH LWVHOI ZKLFK LV UHVWRUHG DW WKH
HQG E\ *RG IRU WKRVH PHULWV WKDW ZHQW EHIRUH LV FDOOHG µJUDFH¶ EHFDXVH LW
LV JLYHQ JUDWLV ,W LV ULJKWO\ VR FDOOHG EHFDXVH WKH YHU\ PHULWV IRU ZKLFK LW LV
JLYHQ DUH QRW IURP RXUVHOYHV EXW DUH GRQH LQ XV WKURXJK JUDFH $QG LW LV
JLYHQ IUHHO\ QRW EHFDXVH LW LV JLYHQ ZLWKRXW UHIHUHQFH WR PHULWV EXW EH
FDXVH WKH YHU\ PHULWV IRU ZKLFK LW LV JLYHQ DUH DOVR JLYHQ WKURXJK JUDFH´
(3,/2*8( :+(5( +( $''6 620( 27+(5 7+,1*6 )URP WKH IRUH
JRLQJ LW FDQ DOUHDG\ EH VRPHZKDW FOHDU WR XV KRZ SUHYHQLHQW JUDFH GH
VHUYHV WR EH LQFUHDVHG DQG RWKHU WKLQJV DQG ZKDW LW LV ZKHWKHU D YLUWXH RU
VRPHWKLQJ HOVH DQG LI D YLUWXH ZKHWKHU LW LV DQ DFW RU QRW )RU LW KDV EHHQ
VKRZQ DERYH RQ WKH SDUW RI VRPH WKDW LW LV D YLUWXH DQG WKDW D YLUWXH LV
QRW DQ DFW EXW LWV FDXVH DQG \HW QRW ZLWKRXW IUHH FKRLFH
$ERYH GLVW F Q DQG F Q
$V ZDV VKRZQ DERYH %N GLVW
$XJXVWLQH (SLVWROD F Q
$OO WKLV ZDV DVNHG DERYH GLVW F
6HH F Q
7+( 6(17(1&(6 %22.
+( (;3281'6 +2: 7+( 67$7(0(17 µ9,578( ,6 7+( *22' 86( 2)
)5(( &+2,&(¶ ,6 72 %( 81'(56722' $QG VR ZKDW $XJXVWLQH VDLG DERYH
WKDW YLUWXH LV WKH JRRG XVH RI IUHH FKRLFH PD\ EH WDNHQ DV IROORZV WKDW LV
LW LV DQ DFW RI YLUWXH 2WKHUZLVH KH ZRXOG VHHP WR FRQWUDGLFW KLPVHOI VLQFH
KH DOVR VDLG DERYH WKDW WKH ZRUN RI YLUWXH LV WKH JRRG XVH RI WKRVH WKLQJV
ZKLFK ZH FDQ XVH QRW ZHOO DPRQJ WKHVH KH LQFOXGHG IUHH FKRLFH %XW LI
WKH JRRG XVH RI IUHH FKRLFH LV D ZRUN RI YLUWXH WKHQ LW LV FHUWDLQO\ QRW D
YLUWXH $QG VR ZKHQ KH VDLG WKDW LWV JRRG XVH LV D YLUWXH E\ WKH WHUP
YLUWXH KH PHDQW LWV XVH
&KDSWHU 7+$7 7+( 86( 2) 9,578( $1' 2) )5(( &+2,&( ,6 7+( 6$0( %87 ,7 ,6
35,1&,3$//< 2) 9,578( 7R EH VXUH JRRG XVH IURP YLUWXH DQG IURP IUHH
FKRLFH LV WKH VDPH EXW LW LV SULQFLSDOO\ IURP YLUWXH DQG WKDW JRRG XVH LV
WR EH QXPEHUHG DPRQJ WKH JUHDW JRRGV
7+$7 35(9(1,(17 *5$&( :+,&+ ,6 81'(56722' 72 %( $ 9,578( ,6 127 7+( 86( 2) )5(( &+2,&( %87 7+( *22' 86( 2) )5(( &+2,&( $1' $//
*22' 0(5,76 &20( )520 ,7 $QG WKDW SUHYHQLHQW JUDFH ZKLFK LV DOVR D
YLUWXH LV QRW WKH XVH RI IUHH FKRLFH EXW UDWKHU WKH JRRG XVH RI IUHH FKRLFH
FRPHV IURP LW ,W LV RXUV IURP *RG QRW IURP RXUVHOYHV %XW WKH JRRG XVH
RI FKRLFH LV IURP ERWK *RG DQG RXUVHOYHV DQG VR LW LV D JRRG PHULW ,Q WKH
RQH FDVH *RG DORQH ZRUNV LQ WKH RWKHU *RG DQG PDQ >ZRUN WRJHWKHU@
²7KLV PHULW KDV LWV SURYHQDQFH LQ WKDW PRVW SXUH JUDFH 7KH $SRVWOH QRWHG
WKLV VD\LQJ %\ WKH JUDFH RI *RG , DP ZKDW , DP DQG KLV JUDFH ZDV QRW
HPSW\ LQ PH²$8*867,1( ,1 21 *5$&( $1' )5(( &+2,&( &RPPHQWLQJ
RQ WKDW SDVVDJH $XJXVWLQH VSHDNV DV IROORZV ³5LJKWO\ GRHV KH FDOO LW
JUDFH )RU DW ILUVW *RG JLYHV E\ JUDFH DORQH DQG KH JLYHV QRWKLQJ EXW
JUDFH VLQFH RQO\ EDG PHULWV KDYH JRQH EHIRUH EXW DIWHUZDUGV WKURXJK
JUDFH EHJLQ WKH JRRG PHULWV $QG LQ RUGHU WR LQGLFDWH IUHH FKRLFH DV ZHOO
KH DGGV $QG KLV JUDFH ZDV QRW HPSW\ LQ PH´²7+( 6$0( ³$QG OHVW WKH
ZLOO LWVHOI EH WKRXJKW DEOH WR GR DQ\WKLQJ JRRG ZLWKRXW *RG¶V JUDFH KH
LPPHGLDWHO\ DGGV %XW LW ZDV QRW , DORQH QDPHO\ ZLWKRXW JUDFH EXW *RG¶V
JUDFH LQ PH WKDW LV ZLWK IUHH FKRLFH 3ODLQO\ ZKHQ JUDFH KDV EHHQ JLYHQ
'LVW F Q 'LVW F 'LVW F Q 'LVW F Q &RU
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
&I &RU
'LVWLQFWLRQ ;;9,,
RXU PHULWV EHJLQ WR EH JRRG DQG \HW WKURXJK WKDW JUDFH EHFDXVH LI LW LV
ODFNLQJ PDQ IDOOV´
&KDSWHU +(5( ,6 6+2:1 7+( 9,(: 2) 27+(56 :+2 6$< 7+$7 7+( 9,578(6 $5(
*22' 86(6 2) )5(( &+2,&( 7+$7 ,6 $&76 2) 7+( 0,1' %XW RWKHUV VD\
WKDW WKH YLUWXHV DUH JRRG XVHV RI QDWXUDO SRZHUV DQG \HW QRW DOO VXFK XVHV
EXW RQO\ WKH LQWHULRU RQHV ZKLFK DUH LQ WKH PLQG ([WHULRU DFWV ZKLFK DUH
GRQH E\ WKH ERG\ DUH QRW VDLG WR EH YLUWXHV EXW ZRUNV RI WKH YLUWXHV
+2: 7+( :25'6 2) $8*867,1( $%29( $*5(( :,7+ 7+,6 9,(: $QG
VR ZKHQ $XJXVWLQH VD\V WKDW µWKH ZRUN RI YLUWXH LV WKH JRRG XVH RI QDWXUDO
SRZHUV¶ WKH\ WDNH LW DV UHIHUULQJ WR H[WHULRU XVH EXW ZKHQ KH VD\V WKDW
µWKH JRRG XVH RI IUHH FKRLFH LV D YLUWXH DQG LV WR EH QXPEHUHG DPRQJ WKH
JUHDW JRRGV¶ WKH\ XQGHUVWDQG LW DV UHIHUULQJ WR LQWHULRU XVH $QG WKH\ DV
VHUW WKDW WKH YLUWXHV DUH QRWKLQJ RWKHU WKDQ JRRG GLVSRVLWLRQV RU PRYH
PHQWV RI WKH PLQG ,W LV *RG QRW PDQ ZKR PDNHV WKHVH LQ PDQ EHFDXVH
DOWKRXJK WKRVH PRYHPHQWV SHUWDLQ WR WKH IUHH FKRLFH \HW WKH\ FDQQRW FRPH
WR EH XQOHVV *RG IUHHV DQG DLGV WKH FKRLFH ZLWK KLV RSHUDWLQJ DQG FR
RSHUDWLQJ JUDFH 7KH\ WDNH WKLV JUDFH WR EH WKH IUHH ZLOO RI *RG EHFDXVH
LW LV *RG ZKR ZRUNV LQ XV WR ZLOO DQG ZRUN WKH JRRG
:,7+ :+$7 $87+25,7,(6 7+(< 6833257 :+$7 7+(< 6$< $QG WKH\
VXSSRUW ZLWK WKH WHVWLPRQLHV RI WKH 6DLQWV WKH YLHZ WKDW WKH YLUWXHV DUH
PRYHPHQWV RI WKH PLQG )RU $XJXVWLQH VD\V LQ 2Q -RKQ ³:KDW LV IDLWK"
7R EHOLHYH ZKDW \RX GR QRW VHH´ DQG VR WR EHOLHYH LV D PRYHPHQW RI WKH
PLQG²7KH VDPH LQ 2Q WKH 7ULQLW\ ERRN ³$QG , FDOO FKDULW\ D PRYH
PHQW RI WKH VSLULW´ %XW LI FKDULW\ DQG IDLWK DUH PRYHPHQWV RI WKH VSLULW
WKHQ WKH YLUWXHV DUH PRYHPHQWV RI WKH VSLULW
+2: 27+(56 5(6321' 72 7+(6( >$87+25,7,(6@ :,7+ $ '(7(50,
1$7,21 2) 7+( )25(*2,1* 6RPH RWKHUV UHVSRQGLQJ WR WKHVH >DXWKRUL
WLHV@ VD\ WKDW WKH IRUHJRLQJ ZRUGV RI $XJXVWLQH DUH WR EH XQGHUVWRRG DV
IROORZV µ)DLWK LV WR EHOLHYH ZKDW \RX GR QRW VHH¶ WKDW LV IDLWK LV D YLUWXH
E\ ZKLFK ZKDW LV QRW VHHQ LV EHOLHYHG $OVR µFKDULW\ LV D PRYHPHQW RI WKH
VSLULW¶ WKDW LV D JUDFH E\ ZKLFK WKH VSLULW LV PRYHG WR ORYH
7+(< &21),50 7+(,5 '(7(50,1$7,21 :,7+ $87+25,7,(6²$8*86
7,1( $QG WKDW WKHVH DQG VLPLODU VWDWHPHQWV DUH WR EH WDNHQ DV WKH\ VD\ LV
VXJJHVWHG E\ ZKDW $XJXVWLQH VD\V HOVHZKHUH )RU LQ ERRN RI 4XHVWLRQV
$XJXVWLQH 'H JUDWLD HW OLEHUR DUELWULR F Q
$ERYH GLVW F
'LVW F &I 3KLO
$XJXVWLQH ,Q ,RDQQHP WU Q
$XJXVWLQH 'H GRFWULQD FKULVWLDQD EN F Q
7+( 6(17(1&(6 %22.
RQ WKH *RVSHO KH VD\V ³7KHUH LV D IDLWK E\ ZKLFK WKLQJV DUH EHOLHYHG
ZKLFK DUH QRW VHHQ DQG WKLV LV SURSHUO\ FDOOHG IDLWK´²$OVR LQ 2Q WKH
7ULQLW\ ERRN ³7KH WKLQJV ZKLFK DUH EHOLHYHG DUH RQH WKLQJ WKH IDLWK
E\ ZKLFK WKH\ DUH EHOLHYHG LV DQRWKHU WKLQJ´
$UJXLQJ IURP WKH DERYH ZRUGV WKH\ SURFHHG DV IROORZV 7R EHOLHYH
LV RQH WKLQJ WKDW E\ ZKLFK RQH EHOLHYHV LV DQRWKHU EXW LW ZDV VDLG HDUOLHU
WKDW IDLWK LV WKDW E\ ZKLFK RQH EHOLHYHV DQG VR WR EHOLHYH LV QRW IDLWK EH
FDXVH WR EHOLHYH LV QRW WKDW E\ ZKLFK RQH EHOLHYHV²7KH\ DOVR DGG 9LUWXH
LV WKH ZRUN RI *RG DORQH ZKLFK KH DORQH GRHV LQ XV WKHUHIRUH LW LV QRW
WKH XVH RU DFW RI IUHH FKRLFH %XW WR EHOLHYH LV DQ DFW RI WKH IUHH FKRLFH
DQG VR LW LV QRW D YLUWXH
+( /($9(6 7+( -8'*(0(17 2) 7+(6( 9,(:6 72 7+( 5($'(5 %RWK
WKH DERYH YLHZV DUH VXSSRUWHG E\ WKH IRUHJRLQJ DQG E\ RWKHU UHDVRQV DQG
DXWKRULWLHV %XW , OHDYH WKH MXGJHPHQW RI WKHVH WR WKH H[DPLQDWLRQ RI WKH
GLOLJHQW UHDGHU , PRYH RQ WR RWKHU WKLQJV
',67,1&7,21 ;;9,,, &KDSWHU +( 5(3($76 :+$7 :$6 $/5($'< 6$,' ,1 25'(5 72 $'' 27+(5
7+,1*6 6(77,1* 287 $ '(),1,7( '(6&5,37,21 2) *5$&( $1' )5((
&+2,&( $*$,167 7+( 3(/$*,$16 %XW OHW XV KROG ILUPO\ DQG XQKHVLWDWLQJ
O\ WKDW IUHH FKRLFH ZLWKRXW SUHYHQLHQW DQG DLGLQJ JUDFH GRHV QRW VXIILFH
IRU WKH REWDLQLQJ RI MXVWLFH DQG VDOYDWLRQ DQG WKDW *RG¶V JUDFH LV QRW VRXJKW
E\ RXU SUHFHGLQJ PHULWV DV WKH 3HODJLDQ KHUHV\ KDV WDXJKW ,QGHHG DV $X
JXVWLQH VD\V LQ KLV 5HWUDFWDWLRQV ERRN ³WKH QHZ 3HODJLDQ KHUHWLFV PDNH
VXFK DVVHUWLRQV RQ EHKDOI RI WKH IUHH FKRLFH RI WKH ZLOO DV QRW WR OHDYH DQ\
URRP IRU *RG¶V JUDFH ZKLFK WKH\ FODLP LV JLYHQ DFFRUGLQJ WR RXU PHULWV´
:+$7 7+( +(5(6< 2) 7+( 3(/$*,$16 ,6 &21&(51,1* *5$&( $1'
)5(( &+2,&(²$8*867,1( ,1 +,6 %22. 21 +(5(6,(6 ³7KH KHUHV\ RI WKH
3HODJLDQV ZKLFK LV WKH PRVW UHFHQW RI DOO KDV DULVHQ IURP WKH PRQN 3HOD
JLXV 7KHVH DUH VXFK HQHPLHV RI *RG¶V JUDFH E\ ZKLFK ZH DUH SUHGHVWLQHG
DQG E\ ZKLFK ZH KDYH GHVHUYHG WR EH VQDWFKHG IURP WKH SRZHU RI GDUN
QHVV WKDW WKH\ EHOLHYH PDQ WR EH DEOH WR IXOILO DOO GLYLQH PDQGDWHV ZLWK
RXW JUDFH 0RUHRYHU 3HODJLXV XSRQ EHLQJ UHSURYHG E\ KLV EUHWKUHQ IRU
DWWULEXWLQJ QRWKLQJ WR WKH DLG RI *RG¶V JUDFH LQ IXOILOOLQJ KLV PDQGDWHV
GLG QRW SODFH JUDFH DKHDG RI IUHH FKRLFH EXW ZLWK IDLWKOHVV VO\QHVV PDGH
$XJXVWLQH 4XDHVWLRQHV (YDQJHOLRUXP EN T RQ /N
$XJXVWLQH 'H 7ULQLWDWH EN F Q
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
&I &RO
'LVWLQFWLRQ ;;9,,,
LW VXEMHFW >WR LW@ +H VDLG WKDW JUDFH ZDV JLYHQ WR PHQ VR WKDW WKH\ PD\
PRUH HDVLO\ IXOILO WKURXJK JUDFH WKRVH WKLQJV ZKLFK WKH\ DUH FRPPDQGHG
WR GR WKURXJK IUHH FKRLFH $W DQ\ UDWH E\ VD\LQJ µWKH\ PD\ PRUH HDVLO\¶
KH ZDQWHG LW WR EH EHOLHYHG WKDW DOWKRXJK ZLWK JUHDWHU GLIILFXOW\ PHQ FDQ
QHYHUWKHOHVV GR ZKDW LV GLYLQHO\ FRPPDQGHG ZLWKRXW JUDFH $V IRU WKH
JUDFH RI *RG ZLWKRXW ZKLFK ZH FDQQRW GR DQ\WKLQJ JRRG WKH\ VD\ WKDW LW
GRHV QRW H[LVW DSDUW IURP WKH IUHH FKRLFH ZKLFK RXU QDWXUH ZLWKRXW DQ\
SUHFHGLQJ PHULWV RI LWV RZQ UHFHLYHG IURP *RG $QG *RG RQO\ KHOSV XV
WKURXJK KLV ODZ DQG GRFWULQH VR WKDW ZH PD\ NQRZ WKH WKLQJV ZKLFK ZH
PXVW GR DQG IRU ZKLFK ZH PXVW KRSH EXW KH GRHV QRW KHOS XV WKURXJK WKH
JLIW RI WKH +RO\ 6SLULW WR GR WKH WKLQJV ZKLFK ZH KDYH OHDUQHG WKDW ZH PXVW
GR $QG E\ WKLV WKH\ FRQIHVV WKDW ZH KDYH EHHQ GLYLQHO\ JLYHQ NQRZOHGJH
E\ ZKLFK LJQRUDQFH LV UHSHOOHG EXW WKH\ GHQ\ WKDW ZH DUH GLYLQHO\ JLYHQ
WKH FKDULW\ E\ ZKLFK WR OLYH SLRXVO\ LQ RWKHU ZRUGV WKDW NQRZOHGJH ZKLFK
ZLWKRXW FKDULW\ SXIIV XS LV D JLIW RI *RG EXW WKDW FKDULW\ LWVHOI ZKLFK
EXLOGV XS VR WKDW NQRZOHGJH PD\ QRW SXII XS LV QRW D JLIW RI *RG 7KH\
DOVR GHVWUR\ WKH SUD\HUV ZKLFK WKH &KXUFK RIIHUV ZKHWKHU IRU WKH LQILGHOV
DQG WKRVH ZKR UHVLVW WKH *RG¶V WHDFKLQJ WKDW WKH\ PD\ EH FRQYHUWHG WR
*RG RU IRU WKH IDLWKIXO WKDW WKHLU IDLWK PD\ LQFUHDVH DQG WKH\ PD\ SHU
VHYHUH LQ LW ,QGHHG WKH\ FRQWHQG WKDW WKHVH WKLQJV DUH QRW UHFHLYHG IURP
*RG EXW WKDW PHQ KDYH WKHP IURP WKHPVHOYHV VLQFH WKH\ VD\ WKDW WKH
JUDFH RI *RG E\ ZKLFK ZH DUH IUHHG IURP LPSLHW\ LV JLYHQ DFFRUGLQJ WR
RXU PHULWV 7KH\ DOVR DVVHUW WKDW OLWWOH FKLOGUHQ DUH ERUQ ZLWKRXW DQ\ ERQG
RI RULJLQDO VLQ´
&KDSWHU +(5( +( 6(76 287 7+( 7+,1*6 %< :+,&+ 7+(< &21),50 7+(,5 2:1
(5525 $6 7+(< 86( $8*867,1(¶6 :25'6 $*$,167 +,0 $V IRU WKHLU
VD\LQJ WKDW PDQ FDQ IXOILO DOO PDQGDWHV WKURXJK IUHH FKRLFH DQG ZLWKRXW
JUDFH WKH\ VXSSRUW LW E\ LQGXFWLYH UHDVRQLQJV OLNH WKH IROORZLQJ
7(67,021< 2) $8*867,1( :+,&+ 3(/$*,86 $''8&(6 ,1 +,6 2:1
6833257 ,I PDQ FDQQRW GR WKH WKLQJV ZKLFK DUH FRPPDQGHG WKH\ VD\ LW
LV QRW WR EH LPSXWHG D FDSLWDO RIIHQVH IRU KLP DV \RX \RXUVHOI DVVHUW
$XJXVWLQH LQ WKH ERRN 2Q )UHH &KRLFH ZKHUH \RX VD\ ³:KR VLQV LQ WKDW
ZKLFK FRXOG LQ QR ZD\ EH DYRLGHG" %XW WKHUH LV VLQ WKHUHIRUH LW FDQ EH
DYRLGHG´²$8*867,1(¶6 5(75$&7$7,21 3HODJLXV PDGH XVH RI WKLV WHV
WLPRQ\ RI $XJXVWLQH LQ GLVSXWLQJ DJDLQVW KLP RU UDWKHU DJDLQVW JUDFH DV
$XJXVWLQH KLPVHOI UHFDOOV LQ WKH ERRN RI 5HWUDFWDWLRQV ZKHUH KH UHH[DP
LQHV WKH WH[W DERYH DQG RWKHUV OLNH LW VD\LQJ ³,Q WKHVH DQG RWKHU ZRUGV RI
&I &RU
$XJXVWLQH 'H KDHUHVLEXV Q
$XJXVWLQH 'H OLEHUR DUELWULR EN F Q
7+( 6(17(1&(6 %22.
PLQH OLNH WKHP EHFDXVH *RG¶V JUDFH ZKLFK ZDV QRW WKHQ DW LVVXH LV QRW
PHQWLRQHG LQ WKHP WKH 3HODJLDQV EHOLHYH WKDW ZH KHOG WKHLU YLHZ %XW WKH\
EHOLHYH WKLV LQ YDLQ 7KH ZLOO LV LQGHHG WKDW E\ ZKLFK ZH VLQ DQG OLYH ULJK
WHRXVO\ DQG WKLV LV ZKDW ZH KDG LQ PLQG LQ WKHVH ZRUGV %XW XQOHVV WKH
ZLOO LV IUHHG E\ *RG¶V JUDFH DQG LV DLGHG WR RYHUFRPH WKH YLFHV LW LV QRW
SRVVLEOH IRU PRUWDOV WR OLYH ULJKWHRXVO\´ 6HH KH RSHQO\ GHWHUPLQHV LQ
ZKDW VHQVH KH VDLG WKRVH ZRUGV UHIXWLQJ WKH HQHPLHV RI JUDFH
+( 6(76 287 $127+(5 7(67,021< 2) $8*867,1( :+,&+ 3(/$*,86
+$' $/62 86(' ,1 +,6 2:1 6833257 6LPLODUO\ 3HODJLXV DOVR IRXQG VXS
SRUW DJDLQVW JUDFH LQ WKH ZRUGV ZKLFK $XJXVWLQH VSHDNV LQ WKH ERRN 2Q
WKH 7ZR 6RXOV VWDWLQJ ³7R KROG DQ\RQH JXLOW\ RI VLQ EHFDXVH KH GLG QRW
GR ZKDW KH ZDV QRW DEOH WR GR LV WKH KHLJKW RI LQLTXLW\ DQG VHQVHOHVVQHVV´
²3(/$*,86¶ 48(67,21 +HDULQJ WKLV 3HODJLXV MXPSHG XS VD\LQJ :K\
WKHQ DUH OLWWOH FKLOGUHQ DQG WKRVH ZKR GR QRW KDYH JUDFH ZLWKRXW ZKLFK
WKH\ FDQQRW GR WKH GLYLQH PDQGDWHV KHOG WR EH JXLOW\"
&KDSWHU
'(7(50,1$7,21 2) $8*867,1( ,Q WKH ERRN RI 5HWUDFWDWLRQV UHVSRQG
LQJ WR 3HODJLXV $XJXVWLQH UHYHDOV WKH FLUFXPVWDQFHV LQ ZKLFK KH KDG VDLG
WKH DERYH )RU KH VDLG LW DJDLQVW WKH 0DQLFKHHV ZKR FRQWHQG WKDW WKHUH
DUH WZR QDWXUHV LQ PDQ D JRRG RQH IURP *RG DQG DQ HYLO RQH IURP WKH
QDWLRQ RI GDUNQHVV ZKLFK ZDV QHYHU JRRG DQG LV QRW DEOH WR ZLOO WKH JRRG
LI LW ZHUH VR LW ZRXOG VHHP WKDW PDQ RXJKW QRW WR EH KHOG JXLOW\ LI KH GRHV
QRW GR WKH JRRG
+( $''6 620(7+,1* (/6( :+,&+ $33($56 72 &2175$',&7 *2'¶6
*5$&( (OVHZKHUH WRR $XJXVWLQH VD\V WKLQJV ZKLFK DSSHDU WR FRQWUDGLFW
WKLV JUDFH E\ ZKLFK ZH DUH MXVWLILHG )RU KH VD\V LQ WKH ERRN $JDLQVW
$GDPDQWXV D GLVFLSOH RI WKH 0DQLFKHDQV ³8QOHVV HDFK RI XV FKDQJHG KLV
ZLOO KH FDQQRW ZRUN WKH JRRG *RG WHDFKHV WKDW WKLV LV SODFHG LQ RXU
SRZHU ZKHUH KH VD\V (LWKHU PDNH WKH WUHH JRRG >DQG LWV IUXLW ZLOO EH
JRRG@´ HWF²$8*867,1(¶6 '(7(50,1$7,21 ,1 +,6 5(75$&7$7,21 ,Q
KLV 5HWUDFWDWLRQV $XJXVWLQH VKRZV WKDW ³WKLV VWDWHPHQW LV QRW DJDLQVW WKH
JUDFH RI *RG ZKLFK ZH SUHDFK ,W LV LQGHHG LQ PDQ¶V SRZHU WR FKDQJH KLV
ZLOO IRU WKH EHWWHU EXW WKDW SRZHU LV QRWKLQJ XQOHVV LW LV JLYHQ E\ *RG RI
ZKRP LW LV VDLG +H JDYH WKHP WKH SRZHU WR EHFRPH FKLOGUHQ RI *RG )RU
VLQFH LW LV LQ RXU SRZHU WKDW ZKHQ ZH ZLOO ZH GR QRWKLQJ LV PRUH LQ RXU
$XJXVWLQH 5HWUDFWDWLRQHV EN F QQ
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
$XJXVWLQH 5HWUDFWDWLRQHV EN F QQ DQG
$XJXVWLQH &RQWUD $GLPDQWXP F
'LVWLQFWLRQ ;;9,,,
SRZHU WKDQ WKH ZLOO LWVHOI EXW WKH ZLOO LV SUHSDUHG E\ WKH /RUG $QG VR
LQ WKDW ZD\ KH JLYHV WKH SRZHU´
$127+(5 7(67,021< 2) 7+( 6$0( :+,&+ 6((06 &2175$',&725< ²$8*867,1( ,1 7+( %22. 21 7+( 7:2 628/6 ,1 7+( 5(75$&7$7,216
³$OVR LW VLPLODUO\ LV WR EH XQGHUVWRRG´ ZKDW KH VD\V LQ WKH VDPH SODFH
QDPHO\ ³WKDW LW LV LQ RXU SRZHU WKDW ZH GHVHUYH HLWKHU WR EH JUDIWHG LQWR
*RG¶V JRRGQHVV RU WR EH FDVW RXW E\ KLV VHYHULW\ %HFDXVH WKHUH LV QRWKLQJ
LQ RXU SRZHU RWKHU WKDQ WKDW ZKLFK IROORZV RXU ZLOO ZKHQ WKLV ZLOO LV SUH
SDUHG E\ WKH /RUG WKH ZRUN RI SLHW\ HYHQ WKDW ZKLFK KDG EHHQ LPSRVVLEOH
DQG GLIILFXOW EHFRPHV HDV\´
$127+(5 7(67,021< $OVR LQ KLV ([SRVLWLRQ RI 6RPH 3URSRVLWLRQV
LQ WKH (SLVWOH WR WKH 5RPDQV $XJXVWLQH LQWHUVSHUVHG VRPH WKLQJV ZKLFK
VHHP WR RSSRVH WKLV WHDFKLQJ RI JUDFH )RU KH VD\V ³7KDW ZH EHOLHYH LV
RXUV EXW WKDW ZH GR JRRG EHORQJV WR KLP ZKR JLYHV WKH +RO\ 6SLULW WR EH
OLHYHUV´ $QG D OLWWOH ODWHU ³,W SHUWDLQV WR XV WR EHOLHYH DQG WR ZLOO EXW LW
SHUWDLQV WR KLP WR JLYH WR WKRVH ZKR EHOLHYH DQG ZLOO WKH IDFXOW\ RI GRLQJ
WKH JRRG WKURXJK WKH +RO\ 6SLULW´²5(75$&7$7,21 $6 72 +2: 7+(6(
>:25'6@ $5( 72 %( 7$.(1 $XJXVWLQH PDNHV FOHDU KRZ WKHVH >ZRUGV@ DUH
WR EH XQGHUVWRRG LQ WKH ERRN RI 5HWUDFWDWLRQV VD\LQJ ³,W LV LQGHHG WUXH
WKDW LW LV IURP *RG WKDW ZH GR WKH JRRG EXW WKH VDPH UXOH SHUWDLQV WR ERWK
QDPHO\ WR ZLOOLQJ DQG GRLQJ $QG ERWK DUH *RG¶V EHFDXVH KH SUHSDUHV WKH
ZLOO DQG ERWK DUH RXUV EHFDXVH QHLWKHU KDSSHQV ZLWKRXW RXU ZLOOLQJQHVV
8QGRXEWHGO\ , ZRXOG QRW KDYH VDLG WKRVH WKLQJV LI , KDG DOUHDG\ NQRZQ
WKDW IDLWK LWVHOI LV DOVR LQFOXGHG DPRQJ WKH JLIWV RI WKH +RO\ 6SLULW´
+( $''6 <(7 $127+(5 7(;7 :+,&+ $33($56 &2175$',&725< 7KDW
LV DOVR WR EH H[DPLQHG ZLWK GLOLJHQFH ZKLFK $XJXVWLQH VD\V LQ WKH ERRN RI
7KH 6HQWHQFHV RI 3URVSHU QDPHO\ WKDW ³WKH SRZHU WR KDYH IDLWK OLNH WKH
SRZHU WR KDYH FKDULW\ EHORQJV WR PHQ E\ QDWXUH EXW WR KDYH IDLWK DV WR
KDYH FKDULW\ EHORQJV WR WKH IDLWKIXO E\ JUDFH´²'(7(50,1$7,21 %XW
WKLV ZDV QRW VDLG DV LI IDLWK RU FKDULW\ FDQ EH KDG E\ IUHH FKRLFH EXW EH
FDXVH WKH KXPDQ PLQG KDV D QDWXUDO DSWLWXGH IRU EHOLHYLQJ DQG ORYLQJ
:LWK WKH SUHYHQLHQW JUDFH RI *RG WKH PLQG EHOLHYHV DQG ORYHV LW LV QRW
DEOH WR GR WKLV ZLWKRXW JUDFH
3URY 6HSWXDJLQW
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH &RQWUD $GLPDQWXP F
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH ,Q (SLVWRODP DG 5RPDQRV TXDHGDP SURSRVLWLRQHV Q
,ELG Q
$XJXVWLQH 5HWUDFWDWLRQHV EN F QQ
3URVSHU RI $TXLWDLQH 6HQWHQWLDH H[ $XJXVWLQR GHOLEDWDH Q
7+( 6(17(1&(6 %22.
&KDSWHU +( 6(76 )257+ $ 7(67,021< 2) -(520( $'',1* :+$7 ,6 72 %( +(/'
&21&(51,1* *5$&( $1' )5(( :,// :+(5( $ 7+5(()2/' +(5(6< ,6 5(
9($/(' 1$0(/< 2) -29,1,$1 0$1,&+$(86 $1' 3(/$*,86 $QG VR
FRQFHUQLQJ JUDFH DQG IUHH ZLOO OHW XV KROG ZLWKRXW GRXEW WKDW ZKLFK
-HURPH WHDFKHV LQ KLV ([SODQDWLRQ RI WKH &DWKROLF )DLWK WR 3RSH 'DPD
VXV ZKHUH KH VWULNHV DW WKH HUURUV RI -RYLQLDQ 0DQLFKDHXV DQG 3HODJLXV
VD\LQJ ³:H DFNQRZOHGJH WKDW FKRLFH LV IUHH VR DV WR VD\ WKDW ZH DUH
DOZD\V LQ QHHG RI *RG¶V DLG DQG WKDW ERWK WKRVH DUH LQ HUURU ZKR VD\ ZLWK
0DQLFKDHXV WKDW PDQ FDQQRW DYRLG VLQ DQG WKRVH ZKR DVVHUW ZLWK -RYLQLDQ
WKDW PDQ FDQQRW VLQ (DFK RI WKHP WDNHV DZD\ IUHHGRP RI FKRLFH %XW ZH
VD\ WKDW PDQ LV DOZD\V DEOH WR VLQ DQG QRW WR VLQ VR WKDW ZH FRQIHVV RXU
VHOYHV WR EH HYHU IUHH LQ RXU FKRLFH 7KLV LV WKH IDLWK ZKLFK ZH OHDUQHG LQ
WKH &DWKROLF &KXUFK DQG ZKLFK ZH KDYH DOZD\V KHOG´
',67,1&7,21 ;;,; &KDSWHU :+(7+(5 0$1 %()25( 6,1 :$6 ,1 1((' 2) 23(5$7,1* $1' &2
23(5$7,1* *5$&( $IWHU WKHVH PDWWHUV LW LV WR EH FRQVLGHUHG ZKHWKHU
PDQ EHIRUH VLQ ZDV LQ QHHG RI RSHUDWLQJ DQG FRRSHUDWLQJ JUDFH
7+$7 +( :$6 ,1 1((' 2) 23(5$7,1* $1' &223(5$7,1* *5$&( %87 +( ',' 127 1((' 7+( 23(5$7,1* 21( ,1 (9(5< :$< ,1 :+,&+ ,7
23(5$7(6 12: 7R WKLV ZH EULHIO\ VD\ WKDW KH ZDV LQ QHHG QRW RQO\ RI FR
RSHUDWLQJ EXW DOVR RI RSHUDWLQJ JUDFH EXW QRW LQ HYHU\ ZD\ LQ ZKLFK
RSHUDWLQJ JUDFH RSHUDWHV QRZ IRU LW RSHUDWHV E\ IUHHLQJ DQG SUHSDULQJ WKH
ZLOO RI PDQ WR WKH JRRG $QG VR PDQ >EHIRUH VLQ@ QHHGHG LW QRW LQ RUGHU WR
IUHH KLV ZLOO ZKLFK ZDV QRW D VODYH WR VLQ EXW LQ RUGHU WR SUHSDUH LW WR ZLOO
WKH JRRG HIILFDFLRXVO\ ZKLFK KH ZDV QRW DEOH WR GR E\ KLPVHOI²)RU KH
ZDV QRW DEOH WR GHVHUYH WKH JRRG ZLWKRXW JUDFH DV $XJXVWLQH FOHDUO\
WHDFKHV LQ WKH (QFKLULGLRQ VD\LQJ ³+XPDQ QDWXUH WKURXJK IUHH FKRLFH
ORVW WKDW LPPRUWDOLW\ E\ ZKLFK LW ZDV DEOH QRW WR GLH DV IRU LWV >IXWXUH@
LPPRUWDOLW\ E\ ZKLFK LW ZLOO EH XQDEOH WR GLH LW ZLOO UHFHLYH WKDW WKURXJK
JUDFH ZKLFK LW ZRXOG KDYH UHFHLYHG WKURXJK PHULW LI LW KDG QRW VLQQHG
$QG \HW HYHQ WKHQ WKHUH FRXOG QRW KDYH EHHQ DQ\ PHULW ZLWKRXW JUDFH EH
FDXVH DOWKRXJK VLQ FRXOG RQO\ KDYH EHHQ EURXJKW DERXW E\ IUHH FKRLFH \HW
WKH VDPH IUHH FKRLFH ZDV QRW VXIILFLHQW WR KDYH RU UHWDLQ ULJKWHRXVQHVV
$FWXDOO\ 3HODJLXV /LEHOOXV ILGHL DG ,QQRFHQWLXP 3DSDP QQ
6HH DERYH GLVW F
'LVWLFQWLRQ ;;,;
ZLWKRXW WKH LPSDUWLQJ RI GLYLQH DLG´²6HH E\ WKHVH ZRUGV LW LV VXIILFLHQW
O\ VKRZQ WKDW PDQ EHIRUH VLQ ZDV LQ QHHG RI RSHUDWLQJ DQG FRRSHUDWLQJ
JUDFH )RU KH ZDV QRW DEOH WR WDNH D VWHS ZLWKRXW WKH DLG RI RSHUDWLQJ DQG
FRRSHUDWLQJ JUDFH \HW KH ZDV DEOH WR VWDQG VWUDLJKW
&KDSWHU
7+$7 0$1 +$' 9,578(6 %()25( 7+( )$// 0RUHRYHU LW LV XVXDO WR DVN
ZKHWKHU PDQ KDG YLUWXH EHIRUH WKH IDOO²,W VHHPV WR VRPH WKDW KH GLG QRW
KDYH LW DQG WKH\ VWULYH WR SURYH LW E\ VD\LQJ DV IROORZV +H GLG QRW KDYH
ULJKWHRXVQHVV EHFDXVH KH KHOG *RG¶V FRPPDQG LQ FRQWHPSW QRU SUX
GHQFH EHFDXVH KH PDGH QR SURYLVLRQ IRU KLPVHOI QRU WHPSHUDQFH EHFDXVH
KH GHVLUHG ZKDW EHORQJHG WR DQRWKHU QRU IRUWLWXGH EHFDXVH KH VXUUHQGHUHG
WR D GHSUDYHG VXJJHVWLRQ²,Q UHVSRQVH WR WKHVH ZH VD\ WKDW KH FHUWDLQO\
GLG QRW KDYH WKHVH YLUWXHV ZKHQ KH VLQQHG EXW WKDW KH KDG WKHP EHIRUH
DQG WKHQ KH ORVW WKHP
%< 7+( 7(67,021,(6 2) 7+( 6$,176 +( 6+2:6 7+$7 7+( ),567 0$1
+$' 9,578(6 7KLV LV SURYHG E\ PDQ\ WHVWLPRQLHV RI WKH 6DLQWV )RU $X
JXVWLQH VD\V LQ RQH RI KLV KRPLOLHV ³$GDP DIWHU ORVLQJ KLV FKDULW\ ZDV
IRXQG WR EH HYLO´ $OVR ³,Q RYHUFRPLQJ $GDP ZKR KDG EHHQ PDGH LQ
*RG¶V LPDJH IURP WKH PXG RI WKH HDUWK DUPHG ZLWK FKDVWLW\ DGRUQHG
ZLWK WHPSHUDQFH UHVSOHQGHQW LQ FKDULW\ WKH SULQFH RI YLFHV GHVWUR\HG RXU
ILUVW SDUHQWV DQG GHVSRLOHG WKHP RI WKRVH JLIWV DQG RI VXFK JUHDW JRRGV´
²2Q WKLV VDPH PDWWHU $PEURVH LQ 7R 6DELQXV VD\V ³:KHQ $GDP ZDV
DORQH KH GLG QRW WUDQVJUHVV EHFDXVH KLV PLQG DGKHUHG WR *RG´ 7KH
VDPH FRPPHQWLQJ RQ WKH 3VDOP DOVR VD\V WKDW ³PDQ ZDV PRVW EOHVVHG
EHIRUH VLQ DQG WDVWHG WKH HWKHUHDO DLU´ EXW KRZ FRXOG KH EH PRVW EOHVVHG
ZLWKRXW YLUWXH"²$XJXVWLQH WRR LQ 2Q *HQHVLV VD\V WKDW $GDP EHIRUH
VLQ ³ZDV HQGRZHG ZLWK D VSLULWXDO PLQG´ $QG VR LW LV QRW WR EH GRXEWHG
WKDW PDQ EHIRUH VLQ VKRQH ZLWK WKH YLUWXHV EXW KH ZDV GHVSRLOHG RI WKHP
WKURXJK VLQ
&KDSWHU
21 7+( (-(&7,21 2) 0$1 )520 3$5$',6( $QG DOVR DV D SXQLVKPHQW IRU
WKDW VLQ KH ZDV HMHFWHG IURP SDUDGLVH LQWR WKLV SODFH RI PLVHULHV DV ZH
$XJXVWLQH (QFKLULGLRQ FF
6HH DERYH GLVW FF
5DWKHU 4XRGYXOWGHXV 6HUPR &RQWUD ,XGDHRV SDJDQRV HW $ULDQRV F
,ELG
$PEURVH (SLVWROD DG 6DELQXP Q
$PEURVH ,Q 3VDOPXP VHUPRQ Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
7+( 6(17(1&(6 %22.
UHDG LQ *HQHVLV $QG VR QRZ OHVW KH VWUHWFK RXW KLV KDQG DQG WDNH DQG HDW
RI WKH WUHH RI OLIH DQG OLYH IRUHYHU *RG FDVW KLP RXW RI WKH JDUGHQ RI GH
OLJKW %\ WKHVH ZRUGV LW VHHPV WR EH LPSOLHG WKDW KH ZRXOG QHYHU KDYH
GLHG LI KH KDG DIWHUZDUGV WDNHQ IURP WKDW WUHH
&KDSWHU +2: µ/(67 +( 675(7&+ 287 +,6 +$1' $1' 7$.( $1' ($7 2) 7+( 75(( 2)
/,)( $1' /,9( )25(9(5¶ ,6 72 %( 81'(56722' %XW EHFDXVH WKURXJK VLQ
KH DOUHDG\ KDG D GHDG ERG\ WKRVH ZRUGV PD\ EH WDNHQ LQ WKH IROORZLQJ
VHQVH *RG VSHDNLQJ LQ WKH PDQQHU RI RQH ZKR KDV EHHQ DQJHUHG VD\V RI
WKH SURXG PDQ %HZDUH OHVW KH VWUHWFK RXW KLV KDQG HWF WKDW LV EHZDUH
\RX DQJHOV OHVW KH HDW RI WKH WUHH RI OLIH RI ZKLFK KH LV XQZRUWK\ LI KH
KDG UHPDLQHG IDLWKIXO KH ZRXOG KDYH HDWHQ RI LW DQG ZRXOG KDYH OLYHG
IRUHYHU EXW QRZ EHFDXVH RI KLV GLVREHGLHQFH KH LV QRW ZRUWK\ WR HDW LW
$QG DV *RG KDG VDLG E\ KLV ZRUG KH DOVR VKRZHG E\ KLV GHHG IRU *RG
FDVW KLP RXW RI WKH JDUGHQ RI GHOLJKW ³LQWR D SODFH VXLWDEOH IRU KLP
VLPLODUO\ ZKHQ D PDQ ZKR LV PRVWO\ HYLO KDV EHJXQ WR OLYH DPRQJ JRRG
SHRSOH LI KH GRHV QRW ZLOO WR FKDQJH IRU WKH EHWWHU KH LV H[SHOOHG IURP WKH
DVVHPEO\ RI WKH JRRG´ ZHLJKWHG GRZQ ³E\ WKH ZHLJKW RI DQ HYLO FXVWRP´
&KDSWHU
21 7+( )/$0,1* 6:25' 3/$&(' ,1 )5217 2) 3$5$',6( %XW VR WKDW PDQ
VKRXOG QRW EH DEOH WR HQWHU LW *RG SODFHG WKH &KHUXELP EHIRUH SDUDGLVH
DQG D IODPLQJ VZRUG ZKLFK WXUQHG HYHU\ ZD\ WR JXDUG WKH ZD\ RI WKH WUHH
RI OLIH²675$%86 $FFRUGLQJ WR WKH OHWWHU WKLV PD\ EH WDNHQ LQ WKLV ZD\
WKDW ³WKURXJK WKH PLQLVWU\ RI DQJHOV D ILHU\ JXDUG ZDV HVWDEOLVKHG WKHUH´
²$8*867,1( 21 *(1(6,6 ³)RU WKLV LV WR EH EHOLHYHG WR KDYH EHHQ GRQH
LQ WKH YLVLEOH SDUDGLVH WKURXJK WKH FHOHVWLDO SRZHUV WKDW VRPH ILHU\ JXDUG
ZDV WKHUH WKURXJK WKH PLQLVWU\ RI DQJHOV ZH PXVW QRW WKLQN WKDW WKLV ZDV
LQ YDLQ VLQFH LW VLJQLILHV VRPHWKLQJ UHJDUGLQJ WKH VSLULWXDO SDUDGLVH´²
³)RU &KHUXELP LV LQWHUSUHWHG DV WKH IXOOQHVV RI NQRZOHGJH WKLV LV FKDULW\
EHFDXVH ORYH LV WKH IXOOQHVV RI WKH ODZ $QG WKH IODPLQJ VZRUG DUH WKH WHP
SRUDO SXQLVKPHQWV ZKLFK WXUQ HYHU\ZKHUH EHFDXVH WKH WLPHV DUH FKDQJH
*HQ &I 5RP &I *HQ *HQ
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV F Q
*HQ
6WUDER ,Q *HQHVLP
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
5RP
'LVWLQFWLRQ ;;;
DEOH´ $QG VR WKH\ ZHUH SODFHG EHIRUH SDUDGLVH WR JXDUG WKH WUHH RI OLIH
EHFDXVH ³WKHUH LV QR UHWXUQ WR OLIH RWKHU WKDQ WKURXJK WKH &KHUXELP QDPH
O\ WKH IXOOQHVV RI NQRZOHGJH WKDW LV FKDULW\ DQG WKURXJK WKH VZRUG WKDW
WXUQV LQ HYHU\ GLUHFWLRQ WKDW LV WKH EHDULQJ RI WHPSRUDO VXIIHULQJV´
&KDSWHU
:+(7+(5 0$1 %()25( 6,1 +$' ($7(1 2) 7+( 75(( 2) /,)( ,W PD\ EH
DVNHG ZKHWKHU PDQ EHIRUH VLQ KDG HDWHQ RI WKH WUHH RI OLIH ,Q WKH ERRN 2Q
WKH %DSWLVP RI &KLOGUHQ $XJXVWLQH VSHDNV DV IROORZV FRQFHUQLQJ WKLV
³6XUHO\ WKH ILUVW KXPDQV DUH ULJKWO\ XQGHUVWRRG WR KDYH DEVWDLQHG IURP
WKH IRUELGGHQ IUXLW EHIRUH WKH PDOLJQ SHUVXDVLRQ RI WKH GHYLO DQG WR KDYH
PDGH XVH RI ZKDW ZDV DOORZHG WR WKHP´ %\ WKHVH ZRUGV LW LV VKRZQ WKDW
WKH\ WRRN RI WKH WUHH RI OLIH EHIRUH VLQ VLQFH WKH\ KDG EHHQ FRPPDQGHG WR
HDW RI HYHU\ WUHH RI SDUDGLVH RWKHU WKDQ WKH WUHH RI WKH NQRZOHGJH RI JRRG
DQG HYLO :+< 7+(< :(5( 127 0$'( ,00257$/ ,) 7+(< $7( 2) 7+( 75(( 2)
/,)( %XW ZK\ WKHQ ZHUH WKH\ QRW FORWKHG LQ SHUSHWXDO VRXQGQHVV DQG
EOHVVHG LPPRUWDOLW\ VR WKDW WKH\ VKRXOG QRW EH FKDQJHG IRU WKH ZRUVH E\
DQ\ LQILUPLW\ RU DJH" )RU WKDW WUHH LV VDLG WR KDYH KDG WKLV QDWXUDO SRZHU
²62/87,21 %XW SHUKDSV LW GLG QRW FRQIHU WKLV XQOHVV WKHUH ZHUH UHSHDWHG
HDWLQJV IURP LW $QG VR LW PD\ KDYH EHHQ WKDW KH DWH RI WKDW WUHH RQO\ RQFH
DQG QRW PRUH RIWHQ DOWKRXJK KH LV XQGHUVWRRG WR KDYH UHPDLQHG LQ SDUD
GLVH IRU VRPH WLPH VLQFH 6FULSWXUH VD\V WKDW KH ZDV DVOHHS WKHUH ZKHQ D
ULE ZDV WDNHQ IURP KLV VLGH DQG WKH ZRPDQ ZDV IRUPHG IURP LW DQG WKH
DQLPDOV ZHUH EURXJKW EHIRUH KLP DQG KH FRQIHUUHG QDPHV RQ WKHP
',67,1&7,21 ;;; &KDSWHU
7+$7 7+528*+ $'$0 6,1 $1' 381,6+0(17 &$0( 72 +,6 3267(5,7< ,W
KDV EHHQ LQGLFDWHG LQ WKH DERYH²LI RQO\ SDUWLDOO\ EHFDXVH ZH DUH QRW
,VLGRUH 4XDHVWLRQHV GH YHWHUL HW QRYR 7HVWDPHQWR RQ *HQ F Q UHPRWHO\ IURP
$XJXVWLQH 'H *HQHVL FRQWUD 0DQLFKDHRV EN F QQ
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
F Q
&I *HQ FI DERYH GLVW F Q
$ERYH GLVW F
&I *HQ &I *HQ ,Q GLVW
7+( 6(17(1&(6 %22.
IXOO\ VXIILFLHQW >WR WKH WDVN@²KRZ WKH ILUVW PDQ VLQQHG DQG ZKDW SXQLVK
PHQW KH VXIIHUHG IRU KLV VLQ 7R WKHVH PDWWHUV LW LV WR EH DGGHG WKDW VLQ
DQG SXQLVKPHQW ERWK FDPH WR KLV SRVWHULW\ WKURXJK KLP DV WKH $SRVWOH
VKRZV E\ VD\LQJ -XVW DV VLQ HQWHUHG LQWR WKLV ZRUOG WKURXJK RQH PDQ VR
GHDWK DOVR SDVVHG LQWR DOO PHQ
&KDSWHU
:+(7+(5 7+$7 6,1 :$6 25,*,1$/ 25 $&78$/ +HUH LW LV ILUVW WR EH VHHQ
ZKDW WKDW VLQ ZDV QDPHO\ ZKHWKHU RULJLQDO RU DFWXDO DQG LI LW LV XQGHUVWRRG
WR EH RULJLQDO WKHQ LW LV QH[W WR EH GLOLJHQWO\ LQYHVWLJDWHG ZKDW RULJLQDO VLQ
LV DQG ZK\ LW LV FDOOHG RULJLQDO DQG KRZ LW SDVVHG RU SDVVHV LQWR DOO
&KDSWHU
620( 81'(567$1' ,7 72 %( $&78$/ ,W KDV SOHDVHG VRPH WR XQGHUVWDQG
WKDW WH[W WR UHIHU WR WKH DFWXDO VLQ RI $GDP WKH\ VD\ WKLV LV ZKDW WKH $SRVWOH
PHDQW VLQFH KH VD\V ODWHU -XVW DV WKURXJK WKH GLVREHGLHQFH RI RQH PDQ
PDQ\ ZHUH PDGH VLQQHUV VR DOVR HWF 7KH\ VD\ WKDW WKH $SRVWOH FOHDUO\
H[SUHVVHV HYHQ E\ WKH WHUP LWVHOI WKH VLQ ZKLFK WKURXJK RQH PDQ HQWHUHG
LQWR WKH ZRUOG QDPHO\ GLVREHGLHQFH EXW GLVREHGLHQFH LV DQ DFWXDO VLQ
&KDSWHU
+2: 7+(< 6$< 7+$7 ,7 (17(5(' ,172 7+( :25/' $QG WKH\ VD\ WKDW LW
HQWHUHG LQWR WKH ZRUOG QRW E\ WKH WUDQVPLVVLRQ RI RULJLQ EXW E\ VLPLODULW\
RI WUDQVJUHVVLRQ DQG WKH\ VD\ WKDW DOO VLQQHG LQ WKDW RQH PDQ EHFDXVH KH
ZDV DQ H[DPSOH RI VLQQLQJ WR DOO
7+( 3(/$*,$16 6$< 7+,6 6RPH KHUHWLFV ZURQJO\ UHDFKHG WKLV FRQ
FOXVLRQ DQG WKH\ DUH FDOOHG 3HODJLDQV ZKRP $XJXVWLQH PHQWLRQV LQ WKH
ERRN 2Q WKH %DSWLVP RI &KLOGUHQ VD\LQJ ³,W LV WR EH NQRZQ WKDW VRPH
KHUHWLFV ZKR DUH FDOOHG 3HODJLDQV VDLG WKDW WKH VLQ RI WKH ILUVW WUDQVJUHV
VLRQ SDVVHG LQWR RWKHU PHQ QRW E\ SURSDJDWLRQ EXW E\ LPLWDWLRQ +HQFH
WKH\ DOVR UHIXVH WR EHOLHYH WKDW RULJLQDO VLQ LV DEVROYHG LQ FKLOGUHQ WKURXJK
EDSWLVP EHFDXVH WKH\ FRQWHQG QR VXFK VLQ H[LVWV LQ LQIDQWV %XW ZH VD\ WR
WKHP WKDW LI WKH $SRVWOH KDG ZDQWHG WKLV VLQ WR EH XQGHUVWRRG WR EH RQH RI
LPLWDWLRQ DQG QRW RI SURSDJDWLRQ KH ZRXOG KDYH QDPHG DV LWV RULJLQDWRU
QRW $GDP EXW WKH GHYLO RI ZKRP LW LV VDLG LQ WKH ERRN RI :LVGRP %\ WKH
GHYLO¶V HQY\ GHDWK HQWHUHG LQWR WKH ZRUOG $QG EHFDXVH 6FULSWXUH GRHV
5RP 5RP 5RP &I 5RP :LV
'LVWLQFWLRQ ;;;
QRW ZLVK WKLV WR EH XQGHUVWRRG WR KDYH EHHQ GRQH E\ SURSDJDWLRQ EXW E\
LPLWDWLRQ LW LPPHGLDWHO\ DGGHG $QG WKH\ WKDW DUH RQ KLV VLGH LPLWDWH KLP
>LH WKH GHYLO@ &HUWDLQO\ WKH\ LPLWDWH $GDP DV RIWHQ DV WKH\ WUDQVJUHVV
*RG¶V PDQGDWH WKURXJK GLVREHGLHQFH EXW LW LV RQH WKLQJ WKDW KH LV DQ H[
DPSOH WR WKRVH ZKR VLQ ZLOOLQJO\ DQG DQRWKHU WKDW KH LV WKH SURJHQLWRU
WKRVH ZKR DUH ERUQ ZLWK VLQ´ $QG VR WKH VLQ RI $GDP LV QRW WR EH WDNHQ
WR KDYH SDVVHG LQWR DOO RQO\ E\ WKH H[DPSOH RI LPLWDWLRQ EXW DOVR E\ WKH
YLFH RI SURSDJDWLRQ DQG RULJLQ
&KDSWHU +(5( +( 0$.(6 (;3/,&,7 7+$7 7+( 6,1 :+,&+ 3$66(6 72 3267(5,7< ,6
25,*,1$/ 6,1 $V $XJXVWLQH SODLQO\ DWWHVWV WKH RULJLQDO VLQ LV WKDW ZKLFK
WKURXJK $GDP SDVVHG LQWR DOO WKRVH ZKR ZHUH EHJRWWHQ ZLWK FRQFXSLV
FHQFH WKURXJK KLV YLWLDWHG IOHVK
&KDSWHU
+(5( ,7 ,6 $6.(' :+$7 25,*,1$/ 6,1 ,6 $QG LW LV WR EH GLOLJHQWO\ LQ
YHVWLJDWHG ZKDW LW LV )RU WKH KRO\ GRFWRUV KDYH VSRNHQ RI WKLV YHU\ RE
VFXUHO\ DQG WKH GRFWRUV RI WKH VFKRROV KDYH UHDFKHG GLIIHUHQW FRQFOXVLRQV
7+( 23,1,21 2) 620( &21&(51,1* 25,*,1$/ 6,1 )RU VRPH KROG WKDW
RULJLQDO VLQ LV D OLDELOLW\ WR SXQLVKPHQW IRU WKH VLQ RI WKH ILUVW PDQ WKDW LV
WKH GHEW RU VXEMHFWLRQ WR SXQLVKPHQW E\ ZKLFK ZH DUH PDGH OLDEOH DQG
ERXQG WR WHPSRUDO DQG HWHUQDO SXQLVKPHQW IRU WKH DFWXDO VLQ RI WKH ILUVW
PDQ EHFDXVH WKH\ VD\ HWHUQDO SXQLVKPHQW LV GXH WR DOO IRU WKDW VLQ XQOHVV
WKH\ DUH IUHHG WKURXJK JUDFH²$FFRUGLQJ WR WKHLU YLHZ LW LV ILWWLQJ WR VD\
WKDW RULJLQDO VLQ LV QHLWKHU IDXOW QRU SXQLVKPHQW 7KH\ SURIHVV WKDW LW LV
QRW IDXOW $QG DFFRUGLQJ WR WKHP LW FDQQRW EH D SXQLVKPHQW HLWKHU EH
FDXVH LI RULJLQDO VLQ LV D GHEW RI SXQLVKPHQW VLQFH D GHEW RI SXQLVKPHQW
LV QRW D SXQLVKPHQW RULJLQDO VLQ LV QRW D SXQLVKPHQW HLWKHU²6RPH RI
WKHP HYHQ DGPLW WKLV VD\LQJ WKDW LQ 6FULSWXUH RULJLQDO VLQ LV IUHTXHQWO\
FDOOHG D OLDELOLW\ DQG WKH\ WKHUH XQGHUVWDQG E\ µOLDELOLW\¶ DV KDV EHHQ VDLG
VXEMHFWLRQ WR SXQLVKPHQW $QG IRU WKLV UHDVRQ WKH\ DVVHUW WKDW RULJLQDO VLQ
LV VDLG WR EH LQ FKLOGUHQ EHFDXVH FKLOGUHQ DUH OLDEOH WR SXQLVKPHQW IRU WKDW
ILUVW VLQ MXVW DV DFFRUGLQJ WR WKH MXVWLFH RI WKH FRXUWV FKLOGUHQ DUH VRPH
WLPHV H[LOHG IRU WKH VLQ RI DQ HYLO SDUHQW
:LV
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN F
$XJXVWLQH DV FLWHG LQ WKH SUHFHGLQJ FKDSWHU DQG EHORZ F QQ
7+( 6(17(1&(6 %22.
&KDSWHU
+( 3529(6 %< $87+25,7,(6 7+$7 25,*,1$/ 6,1 ,6 $ )$8/7 %XW WKDW
RULJLQDO VLQ LV D IDXOW LV WDXJKW E\ VHYHUDO WHVWLPRQLHV RI WKH 6DLQWV²
*5(*25< 2Q ([RGXV ZKHUH LW VD\V 7KH ILUVWERUQ RI DQ DVV \RX VKDOO
UHGHHP ZLWK D VKHHS *UHJRU\ VD\V ³:H KDYH DOO EHHQ ERUQ LQ VLQ DQG
FRQFHLYHG IURP WKH SOHDVXUH RI WKH IOHVK ZH KDYH DOO FRQWUDFWHG WKH RUL
JLQDO IDXOW LQ RXUVHOYHV VR LW LV WKDW ZH HPEURLO RXUVHOYHV LQ VLQ DOVR E\
RXU RZQ ZLOO´ 6HH KH VD\V WKDW ZH FRQWUDFW WKH RULJLQDO IDXOW DQG VR LW LV
FOHDU WKDW RULJLQDO VLQ LV D IDXOW
$8*867,1( $XJXVWLQH WRR LQ WKH ERRN 2Q 1DWXUH DQG *UDFH VSHDN
LQJ RI WKLV VDPH VXEMHFW VD\V ³$V WKH $SRVWOH VD\V DOO VLQQHG FHUWDLQO\
HLWKHU LQ WKHPVHOYHV RU LQ $GDP EHFDXVH WKH\ DUH QRW ZLWKRXW VLQ HLWKHU
WKH RQH ZKLFK WKH\ RULJLQDOO\ FRQWUDFWHG RU WKH RQH ZKLFK WKH\ DGGHG E\
WKHLU RZQ HYLO SUDFWLFHV´ ³)RU WKH VLQ RI WKH ILUVW PDQ KDUPHG QRW RQO\
KLP EXW WKH ZKROH KXPDQ UDFH EHFDXVH IURP LW ZH UHFHLYHG FRQGHPQD
WLRQ DQG IDXOW WRJHWKHU´
$8*867,1( 7KH VDPH RQ 3VDOP ³:KDW LV VRZQ IURP D GHDG
ERG\ LV ERUQ ZLWK WKH ERQG RI RULJLQDO VLQ DQG RI GHDWK $QG WKDW LV ZK\
'DYLG GHVFULEHV KLPVHOI DV FRQFHLYHG DPRQJ LQLTXLWLHV EHFDXVH DOO FRQ
WUDFW IURP $GDP LQLTXLW\ DQG WKH ERQG RI GHDWK IRU QR RQH LV ERUQ ZLWKRXW
FRQWUDFWLQJ SXQLVKPHQW DQG WKH GHVHUYLQJ RI SXQLVKPHQW´ 1RZ ZKDW
GHVHUYHV SXQLVKPHQW LV VLQ DQG VR DQ\RQH ZKR LV ERUQ WKURXJK WKH FRQFX
SLVFHQFH RI WKH IOHVK FRQWUDFWV VLQ
7KHUHIRUH RULJLQDO VLQ LV WKH IDXOW ZKLFK DOO FRQWUDFW ZKR DUH FRQ
FHLYHG WKURXJK FRQFXSLVFHQFH +HQFH LQ 2Q (FFOHVLDVWLFDO 'RJPDV LW LV
ZULWWHQ ³+ROG PRVW ILUPO\ DQG GR QRW DW DOO GRXEW WKDW DQ\ PDQ ZKR LV
FRQFHLYHG E\ WKH VH[XDO MRLQLQJ RI D PDQ DQG D ZRPDQ LV ERUQ ZLWK RUL
JLQDO VLQ VXEMHFW WR LPSLHW\ DQG OLDEOH WR GHDWK DQG EHFDXVH RI WKLV LV
ERUQ E\ QDWXUH D VRQ RI ZUDWK IURP WKLV QR RQH LV IUHHG H[FHSW WKURXJK
WKH IDLWK RI WKH PHGLDWRU RI *RG DQG PHQ´²%\ WKHVH DQG RWKHU DXWKRUL
WLHV LW LV FOHDUO\ VKRZQ WKDW RULJLQDO VLQ LV D IDXOW DQG WKDW LW LV FRQWUDFWHG
E\ DOO ZKR DUH ERUQ IURP WKHLU SDUHQWV WKURXJK FRQFXSLVFHQFH
([RG
5DWKHU 3DWHULXV /LEHU WHVWLPRQLRUXP 9HWHULV 7HVWDPHQWL H[ RSXVFXOLV 6 *UHJRULL
RQ ([RG 5RP
$XJXVWLQH 'H QDWXUD HW JUDWLD F Q
3VHXGR$XJXVWLQH +\SRJQRVWLFRQ EN F Q
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
&I (SK 7LP
5DWKHU )XOJHQWLXV 'H ILGH DG 3HWUXP F Q
'LVWLQFWLRQ ;;;
&KDSWHU :+$7 ,7 ,6 7+$7 ,6 &$//(' 25,*,1$/ 6,1 1$0(/< 7+( ,1&(17,9( 72
6,1 7+$7 ,6 &21&83,6&(1&( 1RZ LW UHPDLQV WR VHH ZKDW LV RULJLQDO VLQ
LWVHOI $QG VLQFH LW LV QRW DFWXDO VLQ LW LV QRW DQ DFW RU PRYHPHQW RI WKH
VRXO RU RI WKH ERG\ )RU LI LW LV DQ DFW RI WKH VRXO RU RI WKH ERG\ LW LV FHU
WDLQO\ DQ DFWXDO VLQ %XW LW LV QRW DFWXDO DQG VR LW LV QRW DQ DFW RU PRYH
PHQW :KDW WKHQ LV LW"
2ULJLQDO VLQ LV FDOOHG WKH LQFHQWLYH WR VLQ QDPHO\ FRQFXSLVFHQFH RU
WKH DWWUDFWLRQ WR SOHDVXUH ZKLFK LV FDOOHG WKH ODZ RI WKH PHPEHUV RU WKH
ZHDNQHVV RI QDWXUH RU WKH W\UDQW ZKR LV LQ RXU PHPEHUV RU WKH ODZ RI
WKH IOHVK²+HQFH $XJXVWLQH LQ WKH ERRN 2Q WKH %DSWLVP RI &KLOGUHQ
³&RQFXSLVFHQFH LV LQ XV ZKLFK PXVW QRW EH DOORZHG WR UHLJQ 7KHUH DUH
DOVR LWV GHVLUHV ZKLFK DUH DFWXDO FRQFXSLVFHQFHV WKHVH DUH WKH ZHDSRQV
RI WKH GHYLO DQG FRPH IURP WKH ZHDNQHVV RI QDWXUH´ ³7KLV ZHDNQHVV LV D
W\UDQW ZKLFK FDXVHV RXU HYLO GHVLUHV $QG VR LI \RX ZLVK WR RYHUFRPH WKH
W\UDQW´ DQG WR ILQG WKH HQHP\ GHIHQVHOHVV GR QRW REH\ HYLO FRQFXSLV
FHQFH²%\ WKHVH ZRUGV LW LV VXIILFLHQWO\ VKRZQ WKDW WKH LQFHQWLYH WR VLQ
LV FRQFXSLVFHQFH
&KDSWHU 7+$7 %< 7+( 7(50 &21&83,6&(1&( ,6 81'(56722' $1 ,1&(17,9(
:+,&+ ,6 &$//(' 7+( ,1&(17,9( 72 6,1 %XW E\ WKH WHUP FRQFXSLVFHQFH
>$XJXVWLQH@ VLJQLILHG QRW WKH DFW RI GHVLULQJ EXW WKH ILUVW YLFH ZKHQ KH
FDOOHG LW µWKH ODZ RI WKH IOHVK¶ +HQFH WKH VDPH LQ KLV WUHDWLVH 2Q WKH
:RUGV RI WKH $SRVWOH VD\V ³7KHUH LV DOZD\V D EDWWOH LQ WKH ERG\ RI WKLV
GHDWK EHFDXVH WKH YHU\ FRQFXSLVFHQFH ZLWK ZKLFK ZH DUH ERUQ FDQQRW EH
HQGHG IRU VR ORQJ DV ZH OLYH LW FDQ EH GLPLQLVKHG HDFK GD\ EXW LW FDQQRW
EH HQGHG´ :KDW LV WKH FRQFXSLVFHQFH ZLWK ZKLFK ZH DUH ERUQ" 6XUHO\ LW
LV WKH YLFH ZKLFK PDNHV WKH FKLOG DEOH WR EHFRPH FRQFXSLVFHQW DQG ZKLFK
UHQGHUV WKH DGXOW >DFWXDOO\@ FRQFXSLVFHQW
+( 6+2:6 ,7 %< $1$/2*< $W QLJKW WKHUH LV EOLQGQHVV LQ WKH H\H RI
D EOLQG SHUVRQ EXW LW LV QRW UHDGLO\ DSSDUHQW DQG RQH FDQQRW GLVFHUQ EH
WZHHQ RQH ZKR VHHV DQG RQH ZKR LV EOLQG XQWLO WKH DUULYDO RI WKH OLJKW ,Q
5DWKHU $XJXVWLQH 'H FRQWLQHQWLD F Q
5DWKHU $XJXVWLQH 6HUPR F Q
$PEURVLDVWHU RQ 5RP
1DPHO\ $XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYX
ORUXP EN F Q
5RP
$XJXVWLQH 6HUPR F Q
7+( 6(17(1&(6 %22.
WKH VDPH ZD\ WKLV YLFH LV QRW DSSDUHQW LQ D FKLOG XQWLO WKH DUULYDO RI D
PRUH DGYDQFHG DJH
&KDSWHU 7+$7 7+528*+ $'$0 25,*,1$/ 6,1 7+$7 ,6 &21&83,6&(1&( (1
7(5(' ,172 $// )URP WKHVH VWDWHPHQWV LW LV JLYHQ WR EH XQGHUVWRRG ZKDW
RULJLQDO VLQ LV QDPHO\ WKH YLFH RI FRQFXSLVFHQFH ZKLFK HQWHUHG LQWR DOO
ZKR ZHUH ERUQ IURP $GDP WKURXJK FRQFXSLVFHQFH DQG PDGH WKHP DOO
VKDUHUV LQ LWV VWDLQ²+HQFH $XJXVWLQH LQ WKH ERRN 2Q WKH %DSWLVP RI
&KLOGUHQ ³$SDUW IURP WKH H[DPSOH RI LPLWDWLRQ $GDP DOVR FRUUXSWHG LQ
KLPVHOI E\ WKH KLGGHQ GLVHDVH RI FDUQDO FRQFXSLVFHQFH DOO WKRVH ZKR
ZHUH WR FRPH IURP KLV VWRFN +HQFH WKH $SRVWOH ULJKWO\ VD\V ,Q ZKLFK
DOO VLQQHG´
+2: µ,1 :+,&+ $// 6,11('¶ ,6 72 %( 81'(56722' ³7KH $SRVWOH
VDLG WKLV ZLWK FLUFXPVSHFWLRQ DQG ZLWKRXW DPELJXLW\ IRU ZKHWKHU LQ ZKLFK
LV XQGHUVWRRG WR UHIHU WR WKH PDQ RU WR WKH VLQ LW LV HTXDOO\ ZHOO VDLG´
³)RU LQ $GDP DOO VLQQHG LQ WKH YHU\ PDWWHU RI ZKLFK WKH\ DUH FRPSRVHG
QRW RQO\ E\ KLV H[DPSOH DV WKH 3HODJLDQV VD\ )RU DOO ZHUH WKDW RQH
PDQ´ WKDW LV WKH\ ZHUH LQ KLP PDWHULDOO\²$0%526( ³$QG VR LW LV PDQ
LIHVW WKDW DOO VLQQHG LQ $GDP DV LI >IRUPLQJ@ D PDVV )RU RQFH KH KDG EHHQ
FRUUXSWHG E\ VLQ DOO WKRVH ZKRP KH EHJRW ZHUH ERUQ XQGHU VLQ DQG VR
IURP KLP DOO DUH VLQQHUV´²$8*867,1( 5(3/<,1* 72 +,/$5<¶6 48(6
7,216 7KHUHIRUH LQ WKDW RQH VLQ ZKLFK HQWHUHG LQWR WKH ZRUOG DOO DUH
ULJKWO\ VDLG WR KDYH VLQQHG EHFDXVH ³MXVW DV IURP WKDW RQH PDQ VR IURP
WKDW RQH VLQ WKH\ FDQQRW EH IUHH XQOHVV WKH\ DUH UHOHDVHG IURP WKDW OLDELOLW\
WKURXJK WKH EDSWLVP RI &KULVW´²$8*867,1( 21 7+( %$37,60 2) &+,/'
5(1 ³$QG VR RXU RZQ VLQV LQ ZKLFK HDFK LV UHVSRQVLEOH RQO\ IRU WKH VLQV
ZKLFK KH FRPPLWV DUH RQH WKLQJ EXW WKLV RQH VLQ LQ ZKLFK DOO VLQQHG´
WKDW LV IURP ZKLFK DOO KDYH EHHQ PDGH VLQQHUV ³LV DQRWKHU WKLQJ´
5RP
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN F
,ELG EN F Q
6HH DERYH F
2UGLQDU\ JORVV RQ 5RP SDUWLDOO\ IURP $XJXVWLQH ORF FLW
$PEURVLDVWHU RQ 5RP
&I 5RP
$XJXVWLQH (SLVWROD DG +LODULXP F Q
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
F Q &I 5RP
'LVWLQFWLRQ ;;;
&KDSWHU 7+$7 7+,6 ,6 7+( 6,1 ,1 :+,&+ $// 6,11(' 1$0(/< 7+( 25,*,1$/ 21(
:+,&+ 352&(('(' )520 ',62%(',(1&( 7KLV LV WKH RULJLQDO VLQ E\ ZKLFK
DOO DUH ERUQ VLQQHUV ZKR DUH FRQFHLYHG LQ FRQFXSLVFHQFH DQG LW LVVXHG
IURP $GDP RU IURP KLV GLVREHGLHQFH DQG SDVVHG RQ WR KLV SRVWHULW\²
+HQFH WKH $SRVWOH VXLWDEO\ VD\V WKDW WKURXJK WKH GLVREHGLHQFH RI RQH
PDQ PDQ\ ZHUH PDGH VLQQHUV WKLV >GLVREHGLHQFH@ LV DFWXDO VLQ ZKHQ
HDUOLHU KH VDLG WKDW WKURXJK RQH PDQ VLQ HQWHUHG LQWR WKH ZRUOG DQG LQ
KLP DOO VLQQHG WKLV PXVW EH WDNHQ DV UHIHUULQJ WR RULJLQDO VLQ
&KDSWHU ,1 :+$7 6(16( ,7 ,6 6$,' µ7+528*+ 7+( ',62%(',(1&( 2) 21( 0$1<
:(5( 0$'( 6,11(56¶ $QG VR WKH VWDWHPHQW WKURXJK WKH GLVREHGLHQFH RI
RQH PDQ\ ZHUH PDGH VLQQHUV LV WR EH XQGHUVWRRG WR KDYH EHHQ VDLG LQ
WKLV VHQVH WKDW IURP $GDP¶V GLVREHGLHQFH QDPHO\ IURP $GDP¶V DFWXDO
VLQ SURFHHGHG WKH RULJLQDO VLQ E\ ZKLFK DOO DUH ERUQ VLQQHUV VR WKDW LW
ZDV LQ KLP DQG SDVVHG LQWR DOO
&KDSWHU
7+$7 25,*,1$/ 6,1 :$6 ,1 $'$0 $1' ,6 ,1 86 -XOLDQ WKH KHUHWLF FRQ
WHQGHG WKDW WKHUH LV QR VLQ LQ OLWWOH FKLOGUHQ ,Q UHSO\ $XJXVWLQH SODLQO\
VWDWHV WKDW RULJLQDO VLQ SURFHHGHG IURP $GDP¶V ZLOO DQG HQWHUHG LQWR WKH
ZRUOG WKURXJK KLV GLVREHGLHQFH
-8/,$1¶6 48(67,21 )RU -XOLDQ DVNV WKURXJK ZKDW LV VLQ IRXQG LQ D
FKLOG VD\LQJ DV IROORZV ³7KH LQIDQW GRHV QRW VLQ WKH RQH ZKR EHJRW GRHV
QRW VLQ WKH RQH ZKR FUHDWHG GRHV QRW VLQ $PRQJ VR PDQ\ JXDUDQWHHV
RI LQQRFHQFH WKURXJK ZKDW VHFUHW RSHQLQJV GR \RX LPDJLQH WKDW VLQ KDV
HQWHUHG"´²$8*867,1(¶6 5(63216( ³7KH VDFUHG SDJH DQVZHUV KLP
7KURXJK RQH PDQ VLQ HQWHUHG LQWR WKH ZRUOG WKURXJK RQH PDQ¶V GLVREHGL
HQFH VD\V WKH $SRVWOH :KDW PRUH GRHV KH VHHN" :KDW JUHDWHU FODULW\"´
$127+(5 48(67,21 2) -8/,$1 -XOLDQ DOVR VD\V ³,I VLQ HQWHUHG LQWR
WKH ZRUOG WKURXJK D PDQ VLQ LV HLWKHU IURP WKH ZLOO RU IURP QDWXUH ,I LW LV
IURP WKH ZLOO WKH ZLOO WKDW FRPPLWV VLQ LV HYLO EXW LI LW LV IURP QDWXUH
5RP 5RP 5RP
6HH EHORZ DW WKH HQG RI F
$XJXVWLQH 'H QXSWLLV HW FRQFXSLVFHQWLD EN FF QQ IURP ZKLFK FRPH
DOVR FF EHORZ
5RP
7+( 6(17(1&(6 %22.
QDWXUH LV HYLO´²5(63216( 2) $8*867,1( 7R KLP ³, UHVSRQG 6LQ LV IURP
WKH ZLOO 3HUKDSV KH DVNV ZKHWKHU RULJLQDO VLQ LV IURP WKH ZLOO , VD\ WKDW
HYHQ RULJLQDO VLQ LV IURP WKH ZLOO EHFDXVH LW ZDV VRZQ IURP WKH ZLOO RI WKH
ILUVW PDQ VR WKDW LW ZDV LQ KLP DQG SDVVHG LQWR DOO´
&KDSWHU 7+( 2%-(&7,21 2) 620( $*$,167 :+$7 :$6 6$,' $%29( 7+$7 $//
0(1 :(5( ,1 $'$0 $V WR ZKDW ZH VDLG HDUOLHU DERXW DOO PHQ KDYLQJ EHHQ
LQ $GDP VRPH OLWHUDOLVWV PDNH DQ REMHFWLRQ VD\LQJ DV IROORZV $OO WKH
IOHVK ZKLFK KDV FRPH GRZQ IURP $GDP FRXOG QRW KDYH H[LVWHG LQ KLP
VLPXOWDQHRXVO\ EHFDXVH LW LV D PXFK JUHDWHU TXDQWLW\ WKDQ ZDV $GDP¶V
ERG\ WKHUH ZHUH QRW HYHQ DV PDQ\ DWRPV LQ LW DV WKHUH DUH PHQ GHVFHQGHG
IURP KLP %\ WKLV WKH\ DVVHUW WKDW LW LV QRW WUXH WKDW WKH VXEVWDQFH RI HDFK
KDG EHHQ LQ WKH ILUVW SDUHQW
5(63216( :+(5( ,7 ,6 5(9($/(' +2: 7+(< :(5( ,1 $'$0 $& &25',1* 72 6(0,1$/ 5($621 $1' +2: 7+(< '(6&(1'(' )520 +,0
1$0(/< %< 7+( /$: 2) 3523$*$7,21 7R WKLV LW FDQ EH DQVZHUHG WKDW DOO
ZKLFK QDWXUDOO\ H[LVWV LQ KXPDQ ERGLHV LV VDLG WR KDYH EHHQ LQ WKH ILUVW
PDQ PDWHULDOO\ DQG FDXVDOO\ QRW IRUPDOO\ $QG LW GHVFHQGHG IURP WKH ILUVW
SDUHQW E\ WKH ODZ RI SURSDJDWLRQ DQG LW ZDV LQFUHDVHG DQG PXOWLSOLHG LQ
LWVHOI ZLWKRXW WKH LQWURGXFWLRQ RI DQ\ H[WHULRU VXEVWDQFH LQWR LW DQG LW ZLOO
ULVH DJDLQ LQ WKH IXWXUH ,W ILQGV QRXULVKPHQW LQ IRRGV EXW IRRGV DUH QRW
FRQYHUWHG LQWR KXPDQ VXEVWDQFH DQG LW LV WKDW ZKLFK GHVFHQGV IURP $GDP
E\ SURSDJDWLRQ
+2: ,7 '(6&(1'6 %< 3523$*$7,21 )RU $GDP WUDQVPLWWHG VRPH
OLWWOH SRUWLRQ RI KLV RZQ VXEVWDQFH WR WKH ERGLHV RI KLV FKLOGUHQ ZKHQ KH
SURFUHDWHG WKHP WKDW LV VRPH OLWWOH SRUWLRQ RI WKH PDVV RI KLV VXEVWDQFH
ZDV GLYLGHG DQG IURP LW ZDV IRUPHG WKH ERG\ RI WKH FKLOG DQG LW ZDV LQ
FUHDVHG E\ LWV RZQ PXOWLSOLFDWLRQ ZLWKRXW WKH DGGLWLRQ RI DQ\WKLQJ H[WULQ
VLF $QG IURP WKDW ERG\ VR LQFUHDVHG VRPH OLWWOH SRUWLRQ LV VHSDUDWHG LQ
WKH VDPH ZD\ IURP ZKLFK DUH IRUPHG WKH ERGLHV RI SRVWHULW\ $QG VR WKH
RUGHU RI SURFUHDWLRQ SURFHHGV LQ WKLV PDQQHU E\ WKH ODZ RI SURSDJDWLRQ
XQWLO WKH HQG RI KXPDQNLQG ,Q WKLV ZD\ LW LV HYLGHQW WR WKRVH ZKR XQGHU
VWDQG LW GLOLJHQWO\ DQG FOHDUO\ WKDW DOO ZHUH LQ $GDP LQ UHVSHFW WR WKHLU
ERGLHV WKURXJK VHPLQDO UHDVRQ DQG WKH\ GHVFHQGHG IURP KLP E\ WKH ODZ
RI SURSDJDWLRQ
&I DERYH DW WKH HQG RI F
&I DERYH F Q
'LVWLQFWLRQ ;;;,
&KDSWHU ,7 ,6 3529(1 %< $87+25,7< $1' 5($621 7+$7 127+,1* (;75,16,& ,6 &219(57(' ,172 7+( +80$1 68%67$1&( :+,&+ &20(6 )520 $'$0²
$87+25,7< $QG WKDW QRWKLQJ H[WULQVLF SDVVHV LQWR WKH QDWXUH RI WKH
KXPDQ ERG\ LV LQGLFDWHG E\ 7UXWK ZKR VD\V LQ WKH *RVSHO $OO WKDW HQWHUV
LQWR WKH PRXWK JRHV LQWR WKH EHOO\ DQG LV FDVW LQWR WKH VHZHU²5($621
7KLV PD\ DOVR EH VKRZQ E\ UHDVRQ LQ WKLV ZD\ $ FKLOG ZKR GLHV VRRQ
DIWHU ELUWK ZLOO ULVH DJDLQ LQ WKDW VWDWXUH ZKLFK LW ZRXOG KDYH KDG LI LW KDG
OLYHG XQWLO WKH DJH RI WKLUW\ DQG KDG QRW VXIIHUHG DQ\ GHIHFW RI ERG\ )URP
ZKHUH FRPHV WKDW VXEVWDQFH ZKLFK ZDV VR VPDOO DW ELUWK DQG ZLOO EH VR
JUHDW DW WKH UHVXUUHFWLRQ LI QRW IURP LWVHOI E\ LWV RZQ PXOWLSOLFDWLRQ" )URP
WKLV LW LV FOHDU WKDW HYHQ LI WKH FKLOG KDG OLYHG WKDW VXEVWDQFH ZRXOG KDYH
LQFUHDVHG IURP LWVHOI DQG QRW IURP DQ\WKLQJ HOVH OLNH WKH ULE IURP ZKLFK
WKH ZRPDQ ZDV PDGH DQG OLNH WKH ORDYHV LQ WKH *RVSHO
7+$7 )22'6 3$66 ,172 7+( )/(6+ %87 127 ,172 7+$7 :+,&+ '(
6&(1'6 )520 $'$0 $QG \HW ZH GR QRW GHQ\ WKDW IRRGV DQG OLTXLGV SDVV
LQWR WKH IOHVK DQG EORRG EXW QRW LQWR WKDW WUXWK RI WKH KXPDQ QDWXUH ZKLFK
GHVFHQGV IURP WKH ILUVW SDUHQWV WKLV DORQH ZLOO H[LVW DW WKH UHVXUUHFWLRQ
%XW WKH UHVW RI WKH IOHVK LQWR ZKLFK IRRGV SDVV ZLOO EH ODLG DVLGH DW WKH
UHVXUUHFWLRQ DV VXSHUIOXRXV QHYHUWKHOHVV LW JURZV ZLWK WKH QRXULVKPHQW
RI IRRGV DQG RWKHU WKLQJV
',67,1&7,21 ;;;, &KDSWHU +2: 25,*,1$/ 6,1 3$66(6 )520 )$7+(56 72 &+,/'5(1 :+(7+(5 $&
&25',1* 72 7+( 628/ 25 $&&25',1* 72 7+( )/(6+ 1RZ LW UHPDLQV WR
LQYHVWLJDWH KRZ WKDW VLQ LV SDVVHG IURP IDWKHUV WR FKLOGUHQ QDPHO\ ZKHWKHU
DFFRUGLQJ WR WKH VRXO DORQH RU DFFRUGLQJ WR WKH IOHVK RU DFFRUGLQJ WR ERWK
&KDSWHU 7+( 23,1,21 2) 620( :+2 :521*/< %(/,(9( 7+$7 7+( 628/ ,6 75$16
0,77(' 6RPH KDYH KHOG WKDW RULJLQDO VLQ LV FRQWUDFWHG DFFRUGLQJ WR WKH
VRXO DQG QRW RQO\ DFFRUGLQJ WR WKH IOHVK EHFDXVH WKH\ FRQFOXGHG WKDW QRW
&I $XJXVWLQH 'H FLYLWDWH 'HL EN FF DQG VHH DOVR EHORZ %N GLVW FF
*HQ 0N -Q
7+( 6(17(1&(6 %22.
WKH IOHVK DORQH EXW DOVR WKH VRXO LV WUDQVPLWWHG )RU MXVW DV LQ WKH JHQHUD
WLRQ RI RIIVSULQJ IOHVK LV WDNHQ VXEVWDQWLDOO\ IURP WKH SDWHUQDO IOHVK VR
DOVR WKH\ MXGJH WKDW WKH VRXO RI WKH EHJRWWHQ LV WDNHQ HVVHQWLDOO\ IURP WKH
VRXO RI WKH EHJHWWHU $QG VR WKH\ VD\ WKDW MXVW DV FRUUXSW IOHVK LV VRZQ
IURP FRUUXSW IOHVK VR DOVR D VLQIXO VRXO LV GHULYHG IURP D VLQIXO VRXO LQ
IHFWHG E\ WKH RULJLQDO FRUUXSWLRQ
&KDSWHU +( &21'(016 7+( $%29( 23,1,21 $1' 6$<6 7+$7 6,1 ,6 75$16
0,77(' 7+528*+ 7+( )/(6+ $1' +( 6+2:6 +2: %XW WKH &DWKROLF IDLWK
XWWHUO\ UHMHFWV WKLV DQG FRQGHPQV LW DV RSSRVHG WR WUXWK VLQFH DV ZH VDLG
DERYH WKDW IDLWK DGPLWV WKDW WKH IOHVK DORQH DQG QRW VRXOV LV WUDQVPLWWHG
$QG VR LW LV QRW DFFRUGLQJ WR WKH VRXO EXW RQO\ DFFRUGLQJ WR WKH IOHVK WKDW
RULJLQDO VLQ LV GHULYHG IURP SDUHQWV
:+< &21&83,6&(1&( ,6 6$,' 72 %( ,1 7+( )/(6+ )RU RULJLQDO VLQ DV
ZH VDLG DERYH LV FRQFXSLVFHQFH QRW WKH DFW EXW WKH YLFH +HQFH $XJXV
WLQH LQ 7R 9DOHULXV ³&RQFXSLVFHQFH LWVHOI LV WKH ODZ RI WKH PHPEHUV RU RI
WKH IOHVK ZKLFK LV VRPH PRUELG GLVSRVLWLRQ RU ZHDNQHVV WKDW DURXVHV XQ
ODZIXO GHVLUH WKDW LV FDUQDO FRQFXSLVFHQFH ZKLFK LV FDOOHG WKH ODZ RI
VLQ´ 7KLV LV VDLG WR UHPDLQ LQ WKH IOHVK QRW EHFDXVH LW LV QRW LQ WKH VRXO
EXW EHFDXVH LW RFFXUV LQ WKH VRXO WKURXJK WKH FRUUXSWLRQ RI WKH IOHVK
&KDSWHU +( 6+2:6 7+( &$86( 2) 7+( &255837,21 2) 7+( )/(6+ )520 :+,&+
6,1 2&&856 ,1 7+( 628/ )RU WKH IOHVK EHFDPH FRUUXSW LQ $GDP WKURXJK
VLQ %HIRUH VLQ D PDQ DQG D ZRPDQ FRXOG MRLQ WRJHWKHU ZLWKRXW WKH LQFHQ
WLYH RI OXVW DQG WKH EXUQLQJ RI FRQFXSLVFHQFH DQG WKHUH ZDV D PDUULDJH
EHG ZLWKRXW VWDLQ EXW DIWHU VLQ WKHUH FDQQRW EH FDUQDO MRLQLQJ ZLWKRXW
OXVWIXO FRQFXSLVFHQFH ZKLFK LV DOZD\V D IODZ DQG HYHQ D IDXOW XQOHVV LW LV
H[FXVHG E\ WKH JRRGV RI PDUULDJH $QG VR LW LV LQ FRQFXSLVFHQFH DQG OXVW
WKDW WKH IOHVK LV FRQFHLYHG ZKLFK LV WR EH IRUPHG LQWR WKH ERG\ RI WKH RII
VSULQJ $QG VR WKH IOHVK LWVHOI ZKLFK LV FRQFHLYHG LQ YLFLRXV FRQFXSLV
FHQFH LV SROOXWHG DQG FRUUXSWHG )URP FRQWDFW ZLWK VXFK IOHVK WKH VRXO
DV LW LV LQIXVHG GHULYHV WKH VWDLQ E\ ZKLFK LW LV SROOXWHG DQG EHFRPHV
JXLOW\ WKDW LV WKH YLFH RI FRQFXSLVFHQFH ZKLFK LV RULJLQDO VLQ
'LVW F 'LVW FF &I 5RP
$XJXVWLQH 'H QXSWLLV HW FRQVXSLVFHQWLD EN FF QQ
&I +HEU
'LVWLQFWLRQ ;;;,
&KDSWHU 7+$7 %(&$86( 2) 7+( &255837,21 2) 7+( )/(6+ :+,&+ ,6 7+( &$86(
2) 6,1 6,1 ,6 6$,' 72 %( ,1 7+( )/(6+ $QG WKDW LV ZK\ VLQ LV VDLG WR EH LQ
WKH IOHVK $QG VR WKH IOHVK ZKLFK LV VRZQ LQ WKH FRQFXSLVFHQFH RI OXVW KDV
QHLWKHU JXLOW QRU WKH DFWLRQ RI JXLOW EXW LWV FDXVH 7KHUHIRUH LQ WKDW ZKLFK
LV VRZQ WKHUH LV FRUUXSWLRQ LQ WKDW ZKLFK LV ERUQ E\ FRQFXSLVFHQFH WKHUH
LV YLFH
+HQFH $PEURVH RQ WKH ZRUGV RI WKH $SRVWOH VD\V DV IROORZV ³+RZ
GRHV VLQ OLYH LQ WKH IOHVK VLQFH LW LV QRW D VXEVWDQFH EXW D SULYDWLRQ RI WKH
JRRG" ,Q WKLV ZD\ WKH ERG\ RI WKH ILUVW PDQ ZDV FRUUXSWHG WKURXJK VLQ
DQG WKDW FRUUXSWLRQ UHPDLQV LQ WKH ERG\ WKURXJK WKH QDWXUH RI WKH RIIHQVH
SUHVHUYLQJ WKH IRUFH RI WKH GLYLQH VHQWHQFH SURPXOJDWHG DJDLQVW $GDP E\
DVVRFLDWLRQ ZLWK ZKRP WKH VRXO LV VWDLQHG E\ VLQ $QG VR LW LV EHFDXVH WKH
FDXVH RI WKH GHHG UHPDLQV WKDW VLQ LV VDLG WR OLYH LQ WKH IOHVK´ 7KLV LV WKH
ODZ RI WKH IOHVK²7KH VDPH ³6LQ GRHV QRW OLYH LQ WKH VSLULW EXW LQ WKH
IOHVK EHFDXVH WKH FDXVH RI VLQ LV IURP WKH IOHVK QRW IURP WKH VRXO EH
FDXVH WKH IOHVK LV IURP LWV RULJLQ RI WKH IOHVK RI VLQ DQG WKURXJK LWV WUDQV
PLVVLRQ DOO IOHVK EHFRPHV >IOHVK@ RI VLQ´ %XW WKH VRXO LV QRW WUDQVPLWWHG
DQG VR LW GRHV QRW KDYH WKH FDXVH RI VLQ LQ LW
$XJXVWLQH WRR LQ D VHUPRQ 2Q WKH :RUGV RI WKH $SRVWOH VKRZV WKDW
WKH VRXO FRQWUDFWV VLQ IURP WKH IOHVK KH VD\V ³7KH YLFH RI FRQFXSLVFHQFH
LV ZKDW WKH VRXO FRQWUDFWHG EXW IURP WKH IOHVK )RU KXPDQ QDWXUH ZDV QRW
ILUVW HVWDEOLVKHG ZLWK YLFH E\ *RG¶V ZRUN EXW LW ZDV ZRXQGHG E\ YLFH
FRPLQJ IURP WKH FKRLFH RI WKH ZLOO RI WKH ILUVW KXPDQV´ VR WKDW WKHUH LV
QRW JRRG LQ WKH IOHVK EXW YLFH E\ ZKLFK WKH VRXO LV FRUUXSWHG
&KDSWHU 21 7+( &$86( 2) 25,*,1$/ 6,1 :+,&+ ,6 ,1 7+( )/(6+ :+(7+(5 ,7 ,6
$ )$8/7 25 $ 381,6+0(17 +HUH LW LV XVXDO WR DVN ZKHWKHU WKH FDXVH RI
RULJLQDO VLQ ZKLFK LV VDLG WR EH LQ WKH IOHVK LV D IDXOW RU D SXQLVKPHQW RU
VRPHWKLQJ HOVH²,W FDQQRW EH D IDXOW EHFDXVH WKHUH LV QR IDXOW LQ DQ LUUD
WLRQDO WKLQJ )RU LI WKHUH ZHUH D IDXOW LQ WKH IOHVK EHIRUH WKH LQIXVLRQ RI WKH
VRXO LW ZRXOG EH HLWKHU DFWXDO RU RULJLQDO %XW WKHUH LV QR DFWXDO IDXOW
WKHUH QRU LV LW WKH RULJLQDO IDXOW EHFDXVH LW LV WKH FDXVH RI RULJLQDO VLQ²
%XW LI LW LV D SXQLVKPHQW ZKDW LV LW" 3DVVLELOLW\ RU PRUWDOLW\ RU VRPH
RWKHU FRUUXSWLRQ" )RU LW LV FOHDU WKDW WKHVH GHIHFWV DUH LQ WKH IOHVK
$PEURVLDVWHU RQ 5RP
,ELG RQ 5RP
5DWKHU $XJXVWLQH 'H FRQWLQHQWLD F Q
5RP
7+( 6(17(1&(6 %22.
+(5( ,6 5(9($/(' :+$7 ,7 ,6 1$0(/< $1 81&/($11(66 '(5,9('
)520 7+( /867 2) 7+26( :+2 -2,1(' 72*(7+(5 :+,&+ &$1 %( &$//('
$ 9,&( 25 &255837,21 7R WKLV LW FDQ EH VDLG WKDW WKH FDXVH RI RULJLQDO VLQ
LV D PDQLIROG GHIHFW RI WKH IOHVK DQG HVSHFLDOO\ VRPH SROOXWLRQ ZKLFK WKH
IOHVK FRQWUDFWV LQ LWV FRQFHSWLRQ IURP WKH EXUQLQJ RI WKH SDUHQWV¶ MRLQLQJ
DQG WKHLU OXVWIXO FRQFXSLVFHQFH DQG LW FDQ ULJKWO\ EH FDOOHG D YLFH RU FRU
UXSWLRQ RI WKH IOHVK 7KLV XQFOHDQQHVV DSSHDUV WR EH JUHDWHU LQ WKH IOHVK
ZKLFK KDV EHHQ EHJRWWHQ LQ FRQFXSLVFHQFH WKDQ LQ WKDW IURP ZKLFK LW LV
EHJRWWHQ $QG WKDW D YLFH RU FRUUXSWLRQ H[LVWV LQ WKH IOHVK EHIRUH WKH MRLQ
LQJ RI WKH VRXO WR LW LV SURYHQ E\ WKH HIIHFW DW WKH LQIXVLRQ RI WKH VRXO LW LV
VWDLQHG IURP WKH FRUUXSWLRQ RI WKH IOHVK MXVW DV D GHIHFW LV UHFRJQL]HG WR
EH LQ WKH YHVVHO ZKHQ WKH ZLQH SODFHG LQ LW WXUQV WR YLQHJDU
%< 7+( '5$:,1* 2) $1$/2*,(6 +( 6+2:6 7+$7 ,7 ,6 127 $%685'
72 6$< 7+$7 &+,/'5(1 '(5,9( 25,*,1$/ 6,1 )520 3$5(176 :+2 +$9(
%((1 &/($16(' )520 ,7 %XW OHVW ZH ZRQGHU DQG EH WURXEOHG LQ RXU PLQG
LQ KHDULQJ WKDW FKLOGUHQ GHULYH RULJLQDO VLQ IURP SDUHQWV ZKR KDYH DOUHDG\
EHHQ FOHDQVHG RI WKDW VLQ WKURXJK EDSWLVP $XJXVWLQH LQGLFDWHV E\ WKH
GUDZLQJ RI D QXPEHU RI DQDORJLHV WKDW WKLV FDQ EH VR ,Q KLV ERRN 2Q WKH
%DSWLVP RI &KLOGUHQ KH VD\V DV IROORZV ³+RZ LV LW WKDW WKH IRUHVNLQ
ZKLFK LV UHPRYHG E\ FLUFXPFLVLRQ QHYHUWKHOHVV UHPDLQV LQ WKH VRQ RI D
FLUFXPFLVHG PDQ" +RZ LV LW WKDW WKH FKDII ZKLFK KXPDQ ODERXU UHPRYHG
ZLWK VXFK GLOLJHQFH QHYHUWKHOHVV UHPDLQV LQ WKH JUDLQ ZKLFK LVVXHV IURP
WKH ZLQQRZHG ZKHDW" ,Q WKH VDPH ZD\ WKH VLQ ZKLFK LV FOHDQVHG LQ WKH
SDUHQWV WKURXJK EDSWLVP UHPDLQV LQ WKRVH ZKRP WKH\ KDYH EHJRWWHQ´²
³)RU WKH\ EHJHW LQVRIDU DV WKH\ VWLOO UHWDLQ WKHLU DQFLHQW QDWXUH QRW IURP
WKDW ZKLFK KDV SURPRWHG WKHP LQ QHZQHVV DPRQJ WKH FKLOGUHQ RI *RG´
)RU SDUHQWV GR QRW EHJHW FKLOGUHQ DFFRUGLQJ WR WKDW JHQHUDWLRQ E\ ZKLFK
WKH\ KDYH EHHQ ERUQ DQHZ EXW UDWKHU DFFRUGLQJ WR WKDW E\ ZKLFK WKH\
WKHPVHOYHV ZHUH ILUVW EHJRWWHQ FDUQDOO\
&KDSWHU
+(5( ,7 ,6 67$7(' :+< ,7 ,6 &$//(' 25,*,1$/ :,7+ $1 (3,/2*8( ,W
KDV DOUHDG\ EHHQ VKRZQ ZKDW RULJLQDO VLQ LV DQG KRZ LW SDVVHV IURP
SDUHQWV WR FKLOGUHQ DQG LQWR WKH VRXO WKURXJK WKH IOHVK )URP WKHVH FRP
PHQWV LW DOVR EHFRPHV FOHDU ZK\ LW LV FDOOHG RULJLQDO VLQ QDPHO\ EHFDXVH
LW LV WUDQVPLWWHG E\ WKH YLFLRXV ODZ RI RXU RULJLQ LQ ZKLFK ZH DUH FRQ
FHLYHG QDPHO\ E\ WKH OXVWIXO FRQFXSLVFHQFH RI WKH IOHVK DV ZDV VDLG
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN F
,ELG EN F Q
&I -Q
'LVWLQFWLRQ ;;;,,
DERYH )RU LW LV QRW EHFDXVH ZH DUH FRQFHLYHG IURP WKH IOHVK GUDZQ IURP
$GDP WKDW ZH GHULYH WKLV VLQ 7KH ERG\ RI &KULVW ZDV DOVR IRUPHG IURP
WKH VDPH IOHVK ZKLFK GHVFHQGV IURP $GDP EXW KLV FRQFHSWLRQ GLG QRW
RFFXU E\ WKH ODZ RI VLQ WKDW LV E\ WKH FRQFXSLVFHQFH RI WKH IOHVK EXW E\
WKH RSHUDWLRQ RI WKH +RO\ 6SLULW DQG VR KLV IOHVK ZDV QRW VLQIXO %XW RXU
RZQ FRQFHSWLRQ GRHV QRW RFFXU ZLWKRXW OXVW DQG VR LW LV QRW ZLWKRXW VLQ
$8*867,1( $XJXVWLQH FOHDUO\ VKRZV WKLV LQ WKH ERRN 2Q )DLWK WR
3HWHU KH VD\V DV IROORZV ³:KHQ KXVEDQG DQG ZLIH FRPH WRJHWKHU LQ WKLV
PDQQHU WKH LQWHUFRXUVH RI SDUHQWV LV QRW ZLWKRXW OXVW DQG EHFDXVH RI WKLV
WKH FRQFHSWLRQ RI WKHLU FKLOGUHQ ERUQ IURP WKHLU IOHVK FDQQRW EH ZLWKRXW
VLQ $QG KHUH LW LV QRW SURSDJDWLRQ ZKLFK WUDQVPLWV VLQ WR WKHLU FKLOGUHQ
EXW OXVW 1RU LV LW WKH IHFXQGLW\ RI KXPDQ QDWXUH ZKLFK FDXVHV PHQ WR EH
ERUQ ZLWK VLQ EXW WKH XQFOHDQQHVV RI OXVW ZKLFK PHQ KDYH IURP WKH PRVW
MXVW FRQGHPQDWLRQ RI WKDW VLQ 7KHUHIRUH EOHVVHG 'DYLG EHFDXVH RI WKH
RULJLQDO VLQ E\ ZKLFK WKH FKLOGUHQ RI ZUDWK DUH QDWXUDOO\ ERXQG VD\V ,
ZDV FRQFHLYHG DPLG LQLTXLWLHV DQG P\ PRWKHU FRQFHLYHG PH DPRQJ
VLQV´ $QG VR IURP WKLV LW LV FOHDU WKDW RULJLQDO VLQ LV WUDQVPLWWHG E\ WKH
ODZ RI FRQFHSWLRQ EHFDXVH XQOHVV FRQFHSWLRQ RFFXUUHG LQ WKLV PDQQHU LQ
WKH IOHVK WKH VRXO ZRXOG QRW FRQWUDFW WKH YLFH RI FRQFXSLVFHQFH IURP LWV
EHFRPLQJ MRLQHG ZLWK WKH IOHVK
7+( 2%-(&7,21 2) 620( :+2 675,9( 72 3529( 7+$7 6,1 ,6 127 '(
5,9(' )520 7+( /$: 2) &2,7,21 %XW DQ REMHFWLRQ WR WKLV LV PDGH LQ WKH
IROORZLQJ ZD\ 7KH IOHVK LV SURSDJDWHG LQ WKH >DFW RI@ FRQFHSWLRQ LWVHOI
LQ ZKLFK WKH VLQ LV VDLG WR EH WUDQVPLWWHG EXW WKH VRXO LV QRW LQIXVHG WKHQ
DFFRUGLQJ WR WKH QDWXUDO SKLORVRSKHUV EXW LQ DQ DOUHDG\ IRUPHG ERG\
0RVHV WRR VLJQLILHV WKLV FOHDUO\ LQ ([RGXV ZKHQ KH VSHDNV RI WKH VWULNLQJ
RI D SUHJQDQW ZRPDQ VD\LQJ ,I DQ\RQH VWULNHV D SUHJQDQW ZRPDQ DQG
FDXVHV D PLVFDUULDJH LI WKH FKLOG ZDV VWLOO XQIRUPHG KH VKDOO SD\ D PRQH\
ILQH EXW LI WKH FKLOG ZDV IRUPHG OHW KLP UHQGHU D VRXO IRU D VRXO %XW
IRUPHG LV XQGHUVWRRG WR PHDQ DQLPDWHG E\ LWV RZQ VRXO DQG XQIRUPHG DV
QRW \HW KDYLQJ D VRXO $QG VR LQ WKH >DFW RI@ FRQFHSWLRQ LWVHOI ZKHQ WKH
IOHVK LV SURSDJDWHG WKH VRXO LV QRW \HW LQIXVHG +RZ WKHQ FDQ VLQ EH WUDQV
PLWWHG WKHUH VLQFH WKHUH FDQQRW EH D VLQ ZKHUH WKHUH LV QRW D VRXO"
5(63216( :,7+ 62/87,21 7R WKLV LW FDQ EH VDLG WKDW VLQ LV VDLG WR EH
WUDQVPLWWHG LQ WKDW FRQFHSWLRQ QRW EHFDXVH RULJLQDO VLQ LV WKHUH EXW EH
FDXVH WKH IOHVK WKHUH GUDZV WKDW IURP ZKLFK WKH VLQ FRPHV WR EH LQ WKH VRXO
,Q F &I (SK 3V
5DWKHU )XOJHQWLXV 'H ILGH DG 3HWUXP F Q
([RG LQ SDUW DFFRUGLQJ WR WKH 9XOJDWH LQ SDUW DFFRUGLQJ WR WKH 2OG /DWLQ
YHUVLRQ
&I RUGLQDU\ JORVV RQ ([RG
7+( 6(17(1&(6 %22.
ZKHQ LW LV LQIXVHG $QG HDFK RI WKHVH LV FDOOHG FRQFHSWLRQ QDPHO\ ZKHQ
WKH IOHVK LV SURSDJDWHG DQG UHFHLYHV WKH IRUP RI WKH KXPDQ ERG\ DQG ZKHQ
WKH VRXO LV LQIXVHG 7KLV LV DOVR VRPHWLPHV FDOOHG ELUWK KHQFH :KDW LV
ERUQ LQ \RX EXW WKH EULQJLQJ IRUWK LQWR WKH OLJKW LV SURSHUO\ FDOOHG ELUWK
',67,1&7,21 ;;;,, &KDSWHU +2: 25,*,1$/ 6,1 ,6 5(0,77(' ,1 %$37,60 6,1&( 7+$7 &21&8
3,6&(1&( :+,&+ ,6 &$//(' 25,*,1$/ 6,1 5(0$,16 (9(1 $)7(5:$5'6
%HFDXVH LW KDV EHHQ VDLG DERYH WKDW RULJLQDO VLQ LV WKH YLFH RI FRQFXSLV
FHQFH DQG LW KDV EHHQ GHVFULEHG KRZ LW LV GHULYHG IURP SDUHQWV DQG LV
FDOOHG RULJLQDO LW UHPDLQV WR LQYHVWLJDWH KRZ LW LV UHPLWWHG LQ EDSWLVP
VLQFH HYHQ DIWHU EDSWLVP WKDW FRQFXSLVFHQFH UHPDLQV ZKLFK KDG EHHQ
WKHUH EHIRUH 6R LW VHHPV WKDW HLWKHU WKH RULJLQDO VLQ LV QRW FRQFXSLVFHQFH
RU WKDW LW LV QRW UHPLWWHG LQ EDSWLVP
$8*867,1( ,1 7+( %22. 21 0$55,$*( $1' &21&83,6&(1&( $V
$XJXVWLQH VD\V ³)RU LQ IDFW WKHUH UHPDLQV LQ WKH ERG\ RI WKLV GHDWK D FDU
QDO FRQFXSLVFHQFH ZKRVH YLFLRXV GHVLUHV ZH DUH FRPPDQGHG QRW WR REH\
DQG \HW WKLV FRQFXSLVFHQFH LV GLPLQLVKHG HDFK GD\ LQ WKRVH ZKR PDNH
SURJUHVV DQG UHPDLQ FRQWLQHQW´ %XW DOWKRXJK FRQFXSLVFHQFH UHPDLQV
DIWHU EDSWLVP \HW LW GRHV QRW GRPLQDWH DQG UHLJQ DV EHIRUH LQGHHG E\ WKH
JUDFH RI EDSWLVP LW LV PLWLJDWHG DQG GLPLQLVKHG VR WKDW LW LV QRW DEOH WR
GRPLQDWH DIWHUZDUGV XQOHVV RQH UHVWRUHV YLJRXU WR WKH HQHP\ E\ JRLQJ
DIWHU FRQFXSLVFHQFHV 1RU GRHV LW UHPDLQ DIWHU EDSWLVP LQ UHJDUG WR JXLOW
EHFDXVH LW LV QRW LPSXWHG DV D VLQ EXW LV RQO\ D SXQLVKPHQW RI VLQ EXW EH
IRUH EDSWLVP LW LV SXQLVKPHQW DQG IDXOW
7+$7 25,*,1$/ 6,1 ,6 5(0,77(' ,1 7:2 :$<6 1$0(/< %< ,76 $7
7(18$7,21 $1' %< $%62/87,21 )520 *8,/7 $QG VR RULJLQDO VLQ LV VDLG
WR EH UHPLWWHG LQ EDSWLVP E\ D GRXEOH UHDVRQ EHFDXVH WKURXJK WKH JUDFH RI
EDSWLVP WKH YLFH RI FRQFXSLVFHQFH LV ZHDNHQHG DQG DWWHQXDWHG VR WKDW LW
ZLOO QR ORQJHU UHLJQ XQOHVV LWV YLJRXU LV UHVWRUHG E\ RXU FRQVHQW DQG
EHFDXVH WKH JXLOW IRU LW LV DEVROYHG
$87+25,7< 5(*$5',1* 21( 0$11(5 2) 5(0,66,21 +HQFH $XJXV
WLQH LQ WKH ERRN 2Q WKH %DSWLVP RI &KLOGUHQ ³%\ JUDFH WKURXJK EDSWLVP
LW LV EURXJKW DERXW WKDW WKH ROG PDQ LV FUXFLILHG DQG WKH ERG\ RI VLQ LV GH
&I 0W 'LVW F Q &I 5RP
$XJXVWLQH 'H QXSWLLV HW FRQFXSLVFHQWLD EN F Q
&I (FFOL 5RP
'LVWLQFWLRQ ;;;,,
VWUR\HG QRW LQ VXFK D ZD\ WKDW WKH FRQFXSLVFHQFH ZKLFK LV GLIIXVHG DQG
LQQDWH LQ WKH OLYLQJ IOHVK LV VXGGHQO\ WDNHQ DZD\ DQG QR ORQJHU H[LVWV EXW
VR WKDW ZKDW ZDV LQ KLP ZKHQ KH ZDV ERUQ VKRXOG QRW EH DQ REVWDFOH WR WKH
RQH ZKR KDV GLHG >WR VLQ LQ EDSWLVP@ )RU LI KH OLYHV DIWHU EDSWLVP KH KDV
D FRQFXSLVFHQFH LQ KLV IOHVK ZLWK ZKLFK KH FDQ VWUXJJOH DQG ZKLFK ZLWK
*RG¶V DLG KH RYHUFRPHV VR ORQJ DV KH KDV UHFHLYHG *RG¶V JUDFH QRW LQ
YDLQ $QG VR LW LV QRW JUDQWHG LQ EDSWLVP DSDUW SHUKDSV IURP DQ LQHIIDEOH
PLUDFOH RI WKH &UHDWRU WKDW WKH ODZ RI VLQ ZKLFK LV LQ RXU PHPEHUV LV HQ
WLUHO\ H[WLQJXLVKHG DQG QR ORQJHU H[LVWV EXW WKDW ZKDWHYHU HYLO KDV EHHQ
GRQH VDLG DQG WKRXJKW E\ PDQ LV HQWLUHO\ DEROLVKHG DQG LV UHJDUGHG DV LI
LW KDG QRW EHHQ GRQH %XW FRQFXSLVFHQFH LWVHOI UHPDLQV LQ WKH EDWWOH HYHQ
WKRXJK WKH ERQG RI WKH JXLOW E\ ZKLFK WKH GHYLO KHOG WKH VRXO DQG VHSDUD
WHG LW IURP LWV &UHDWRU KDV EHHQ ORRVHQHG´²6HH KHUH KH VKRZV SODLQO\
WKDW LW LV UHPLWWHG LQ EDSWLVP IRU WKLV UHDVRQ QRW EHFDXVH LW GRHV QRW UH
PDLQ DIWHU EDSWLVP EXW EHFDXVH WKH JXLOW LV DEROLVKHG LQ EDSWLVP
$87+25,7< 5(*$5',1* 7+( 27+(5 >0$11(5@ 7KHQ KH VKRZV WKDW LW
LV DOVR UHPLWWHG LQ WKH VHQVH WKDW E\ WKH JUDFH RI EDSWLVP FRQFXSLVFHQFH
LWVHOI LV PLWLJDWHG DQG GLPLQLVKHG LQ WKH VDPH ERRN KH VSHDNV DV IROORZV
³7KH ODZ RI WKH IOHVK ZKLFK WKH $SRVWOH FDOOV VLQ ZKHQ KH VD\V 'R QRW OHW
VLQ UHLJQ LQ \RXU PRUWDO ERG\ GRHV QRW VR UHPDLQ LQ WKH PHPEHUV RI WKRVH
ZKR DUH UHERUQ IURP ZDWHU DQG WKH 6SLULW DV LI LWV UHPLVVLRQ KDG QRW KDS
SHQHG LQGHHG WKHUH LV DQ HQWLUHO\ IXOO UHPLVVLRQ RI VLQV >LQ EDSWLVP@ %XW
LW GRHV UHPDLQ LQ RXU ROG IOHVK DV VRPHWKLQJ RYHUFRPH DQG GHVWUR\HG XQ
OHVV LW LV LQ VRPH ZD\ UHYLYLILHG E\ RXU XQODZIXO FRQVHQW DQG UHFDOOHG WR
LWV RZQ UHLJQ DQG GRPLQDWLRQ´ +HUH KH SODLQO\ LQGLFDWHV WKDW FRQFXSLV
FHQFH LV ZHDNHQHG LQ EDSWLVP RQ DFFRXQW RI WKLV WRR LW LV VDLG WR EH UH
PLWWHG DQG QRW RQO\ EHFDXVH JXLOW LV DEVROYHG WKHUH
6FULSWXUH WHDFKHV WKLV ODWWHU PDQQHU RI UHPLVVLRQ LQ PDQ\ RWKHU WHVWL
PRQLHV )RU $XJXVWLQH VD\V LQ $JDLQVW -XOLDQ ³7KH ODZ ZKLFK LV LQ RXU
PHPEHUV LV D YLFH RI WKH IOHVK ZKLFK FRPHV IURP WKH SXQLVKPHQW RI VLQ
DQG WKH WUDQVPLVVLRQ RI GHDWK´ ³%XW WKLV ODZ ZKLFK LV LQ RXU PHPEHUV
LV UHPLWWHG E\ VSLULWXDO UHJHQHUDWLRQ DQG >\HW@ UHPDLQV LQ RXU PRUWDO IOHVK
,W LV UHPLWWHG EHFDXVH WKH JXLOW LV DEVROYHG E\ WKH VDFUDPHQW LQ ZKLFK WKH
&I 5RP &I &RU &I 5RP
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
F Q 5RP &I -Q
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
F Q
&I $XJXVWLQH ,Q ,RDQQHP WU Q
&I 5RP
7+( 6(17(1&(6 %22.
IDLWKIXO DUH UHERUQ EXW LW UHPDLQV EHFDXVH LW FDXVHV WKH GHVLUHV DJDLQVW
ZKLFK HYHQ WKH IDLWKIXO VWUXJJOH´²7KH VDPH LQ D VHUPRQ 2Q WKH &RQ
FXSLVFHQFH RI WKH )OHVK ³7KURXJK WKH JUDFH RI EDSWLVP DQG WKH ZDVKLQJ RI
UHJHQHUDWLRQ WKH JXLOW RI FRQFXSLVFHQFH ZLWK ZKLFK \RX ZHUH ERUQ LV DE
VROYHG DV LV DOVR ZKDWHYHU FRQVHQW \RX JDYH EHIRUH WR HYLO FRQFXSLVFHQFH
ZKHWKHU LQ WKRXJKW VSHHFK RU DFWLRQ´²7KH VDPH LQ WKH ERRN 2Q 0DU
ULDJH DQG &RQFXSLVFHQFH ³$OWKRXJK WKH FRQFXSLVFHQFH RI WKH IOHVK LV QR
ORQJHU KHOG WR EH D VLQ LQ WKRVH ZKR KDYH EHHQ ERUQ DJDLQ QHYHUWKHOHVV
HYHU\ RIIVSULQJ WKDW LV ERUQ LV ERXQG E\ RULJLQDO VLQ´²$OVR ³7KH FRQ
FXSLVFHQFH RI WKH IOHVK LV UHPLWWHG LQ EDSWLVP QRW VR WKDW LW QR ORQJHU H[
LVWV EXW VR WKDW LW LV QRW DFFRXQWHG D VLQ´ ³1RW WR KDYH VLQ PHDQV QRW WR
EH JXLOW\ RI VLQ 7KHUHIRUH MXVW DV RWKHU VLQV SDVV DZD\ LQ DFW DQG UHPDLQ
LQ JXLOW VXFK DV KRPLFLGH DQG VXFKOLNH VR LW FDQ FRQYHUVHO\ KDSSHQ WKDW
FRQFXSLVFHQFH SDVVHV DZD\ LQ JXLOW DQG UHPDLQV LQ DFW´ )URP WKH DERYH
LW LV SODLQO\ VKRZQ KRZ RULJLQDO VLQ LV UHPLWWHG LQ EDSWLVP
&KDSWHU 21 7+( 81&/($11(66 :+,&+ 7+( )/(6+ &2175$&76 )520 7+( /867 2)
,17(5&2856( :+(7+(5 ,7 ,6 :$6+(' $:$< ,1 %$37,60 %XW LW LV XVXDO WR
DVN KHUH ZKHWKHU HYHQ WKH IOHVK LWVHOI LV SXUJHG LQ EDSWLVP RI WKDW XQFOHDQ
QHVV ZKLFK LW FRQWUDFWHG DW LWV FRQFHSWLRQ IURP OXVWIXO FRQFXSLVFHQFH
620( 6$< 7+$7 7+( )/(6+ ,6 &/($16(' 7+(5( )520 7+$7 32//8
7,21 ,W VHHPV WR VRPH WKDW MXVW DV WKH VRXO LV SXULILHG IURP JXLOW VR DOVR
WKH IOHVK LV SXUJHG RI WKDW SROOXWLRQ ,Q WKLV YLHZ MXVW DV WKH P\VWHU\ RI
EDSWLVP LV DFFRPSOLVKHG E\ WZR WKLQJV QDPHO\ ZDWHU DQG WKH 6SLULW VR
DOVR WZR WKLQJV DUH SXUJHG WKHUH QDPHO\ WKH VRXO RI JXLOW DQG WKH IOHVK RI
WKDW FRQWDJLRQ 7KLV YLHZ LV YHU\ SUREDEOH²27+(56 6$< 127 %XW RWKHUV
KROG WKDW WKH VRXO DORQH LV FOHDQVHG WKHUH EXW WKH IOHVK LV QRW SXUJHG RI
WKDW XQFOHDQQHVV
+( 6+2:6 7+( 8168,7$%/(1(66 2) 7+( 9,(: 2) 7+26( :+2 '(1<
,7 %XW LI WKDW XQFOHDQQHVV UHPDLQV XQWLO WKH SURFUHDWLRQ RI FKLOGUHQ ZKLFK
LV GRQH LQ WKH FRQFXSLVFHQFH RI WKH IOHVK LW VHHPV WKDW WKH QDWXUH RI WKH
IOHVK EHFRPHV PRUH DQG PRUH FRUUXSW DQG WKH IOHVK RI WKH RIIVSULQJ
VHHPV WR EH PRUH FRUUXSW WKDQ WKDW RI WKH SDUHQWV )RU WKH IOHVK RI WKH RII
VSULQJ LV GHULYHG LQ D SROOXWHG VWDWH IURP IOHVK WKDW UHWDLQV WKH SROOXWLRQ
WKDW LW KDG IURP LWV FRQFHSWLRQ DQG LW LV FRQFHLYHG LQ FRQFXSLVFHQFH IURP
ZKLFK LW LV DOVR SROOXWHG DQG VR LW LV FRQWDPLQDWHG IURP D GRXEOH FDXVH
$XJXVWLQH &RQWUD ,XOLDQXP EN F Q
$XJXVWLQH 6HUPR Q
$XJXVWLQH 'H QXSWLLV HW FRQFXSLVFHQWLD EN F Q
,ELG EN F Q
,ELG
'LVWLQFWLRQ ;;;,,
+HQFH LW VHHPV WKDW WKH SROOXWLRQ RI WKH IOHVK LV JUHDWHU LQ WKH RIIVSULQJ
WKDQ LW ZDV LQ WKH SDUHQW
7+(,5 $16:(5 7R WKLV WKH\ VD\ WKDW DOWKRXJK WKH IOHVK RI WKH RII
VSULQJ LV LQVHPLQDWHG IURP XQFOHDQ IOHVK DQG LV FRQFHLYHG LQ FRQFXSLV
FHQFH \HW LW GRHV QRW GHULYH D JUHDWHU XQFOHDQQHVV WKDQ ZDV KDG E\ WKH
IOHVK IURP ZKLFK LW LV LQVHPLQDWHG $QG WKH\ DGG WKDW HYHQ LI WKH IOHVK RI
WKH RIIVSULQJ ZHUH PRUH IHWLG DQG XQFOHDQ DQG VR PRUH FRUUXSW WKDQ WKH
IOHVK RI WKH SDUHQW QR SUHMXGLFH WR WUXWK IROORZV IURP WKLV )RU LW LV QRW
DEVXUG WKH\ VD\ LI WKH QDWXUH RI WKH IOHVK GHULYHG E\ SRVWHULW\ ZHUH
PRUH FRUUXSW DQG \HW WKH VRXO LV QRW PRUH FRUUXSWHG E\ VXFK D PRUH FRU
UXSW QDWXUH
&KDSWHU )520 :+,&+ $87+25 7+$7 &21&83,6&(1&( ,6 :+(7+(5 )520 *2' 25
$127+(5 0RUHRYHU LW LV XVXDO WR DVN ZKHWKHU WKH FRQFXSLVFHQFH ZKLFK
UHPDLQV DIWHU EDSWLVP DQG LV D SXQLVKPHQW RQO\ EXW ZKLFK ZDV SXQLVK
PHQW DQG IDXOW EHIRUH EDSWLVP KDV *RG DV LWV DXWKRU RU DQRWKHU²5(
63216( 5HSO\LQJ EULHIO\ WR WKLV ZH VD\ WKDW LQVRIDU DV LW LV D SXQLVKPHQW
LW KDV *RG DV LWV DXWKRU EXW LQVRIDU DV LW LV D IDXOW LW KDV WKH GHYLO RU PDQ
DV LWV DXWKRU
&KDSWHU %< :+$7 -867,&( 7+$7 6,1 ,6 ,0387(' 72 $ 628/ &/($1 )520 &5($
7,21 6,1&( ,7 &$1127 $92,' ,7 ,W LV DOVR XVXDO WR DVN E\ ZKDW MXVWLFH D
VRXO FUHDWHG LQQRFHQW E\ *RG LV ERXQG E\ WKDW VLQ VLQFH LW LV QRW LQ LWV
SRZHU WR DYRLG LW IRU LW LV QRW FRPPLWWHG WKURXJK IUHH FKRLFH EHFDXVH QR
VRRQHU GRHV WKH VRXO H[LVW WKDQ LW LV VXEMHFW WR WKDW VLQ
7+( )$/6( $16:(5 2) 620( 5HJDUGLQJ WKLV VRPH VD\ WKDW WKH VRXO
LV JXLOW\ RI WKDW VLQ EHFDXVH DOWKRXJK LW LV FUHDWHG FOHDQ E\ *RG \HW LW
VKDUHV SOHDVXUH ZLWK WKH IOHVK ZKHQ LW LV LQIXVHG LQ WKH ERG\ DQG LW FRQ
WUDFWV WKH VLQ IURP WKLV²%XW LI LW ZHUH VR WKHQ LW ZRXOG QRW EH FDOOHG RUL
JLQDO VLQ EXW DFWXDO VLQ
$ 68,7$%/( $1' 758( $16:(5 7KHUHIRUH LW LV UDWKHU WR EH ULJKWO\
VDLG WKDW WKDW VLQ ZKLFK LW XQDYRLGDEO\ GHULYHV IURP WKH FRUUXSWLRQ RI WKH
ERG\ LV LPSXWHG WR WKDW VRXO EHFDXVH DV $XJXVWLQH VD\V LQ WKH ERRN 2Q
WKH &LW\ RI *RG ³WKH FRUUXSWLRQ RI WKH ERG\ ZKLFK ZHLJKV GRZQ WKH
VRXO ZDV QRW WKH FDXVH RI WKH ILUVW VLQ EXW LWV SXQLVKPHQW QRU ZDV LW WKH
&I :LV
7+( 6(17(1&(6 %22.
FRUUXSWLEOH IOHVK ZKLFK PDGH WKH VRXO VLQIXO EXW D VLQIXO VRXO ZKLFK PDGH
WKH IOHVK FRUUXSWLEOH´
&KDSWHU
:+(7+(5 7+$7 6,1 ,6 92/817$5< 25 1(&(66$5< ,W PD\ DOVR QRW XQ
GHVHUYHGO\ EH DVNHG ZKHWKHU RULJLQDO VLQ RXJKW WR EH FDOOHG YROXQWDU\ RU
QHFHVVDU\
7+$7 ,7 &$1 %( &$//(' 92/817$5< $1' 1(&(66$5< 2Q WKH RQH
KDQG LW FDQ EH FDOOHG QHFHVVDU\ EHFDXVH LW FDQQRW EH DYRLGHG DQG VR WKH
3URSKHW VD\V 5HVFXH PH IURP P\ QHFHVVLWLHV 2Q WKH RWKHU KDQG LW LV QRW
LQFRQJUXRXVO\ FDOOHG YROXQWDU\ EHFDXVH LW SURFHHGHG IURP WKH ZLOO RI WKH
ILUVW PDQ DV $XJXVWLQH VKRZV LQ ERRN RI WKH 5HWUDFWDWLRQV VD\LQJ
³7KDW ZKLFK LQ FKLOGUHQ LV FDOOHG RULJLQDO VLQ DOWKRXJK WKH\ GR QRW \HW
XVH WKH IUHH FKRLFH RI WKH ZLOO PD\ ZLWKRXW DEVXUGLW\ EH FDOOHG YROXQWDU\
EHFDXVH LW LV FRQWUDFWHG IURP WKH ILUVW HYLO ZLOO RI PDQ DQG ZDV PDGH LQ
VRPH ZD\ KHUHGLWDU\´
&KDSWHU :+< *2' -2,16 7+( 628/ 72 7+( %2'< .12:,1* 7+$7 ,7 :,// %(
67$,1(' 7+(5(%< $1' 62 '$01(' %XW LI LW LV DVNHG ZK\ *RG MRLQV WKH
VRXO WR WKH ERG\ VLQFH KH PDGH WKH VRXO LWVHOI ZLWKRXW VWDLQ DQG NQRZV
WKDW LW GUDZV WKH VWDLQ RI VLQ IURP EHLQJ MRLQHG WR WKH ERG\ DQG WKDW VRPH
WLPHV LW LV VHSDUDWHG IURP WKDW ERG\ EHIRUH EDSWLVP DQG VR LV GDPQHG ZH
DQVZHU WKDW WKLV SURFHHGV IURP WKH ORIWLQHVV RI *RG¶V MXGJHPHQWV DQG LW LV
QRW GRQH XQMXVWO\ E\ *RG )RU LW LV QRW LQFRQJUXRXV WKDW KH FRQWLQXRXVO\
SUHVHUYHV ZLWKRXW FKDQJH WKH PRGH RI KXPDQ JHQHUDWLRQ ZKLFK KH HVWDE
OLVKHG LQ WKH EHJLQQLQJ HYHQ WKRXJK KXPDQ VLQV KDYH VLQFH LQWHUYHQHG
$QG VR *RG IRUPV ERGLHV IURP WKH PDWWHU ZKLFK ZDV PDGH ZLWKRXW GHIHFW
IURP WKH EHJLQQLQJ DQG KH FUHDWHV VRXOV IURP QRWKLQJ DQG KH FRPSOHWHV
PDQ E\ WKH MRLQLQJ RI WKH WZR 7KHUHIRUH VLQFH HDFK QDWXUH RI PDQ ZDV
HVWDEOLVKHG E\ *RG ZLWKRXW GHIHFW DOWKRXJK LW ZDV DIWHUZDUGV YLWLDWHG E\
PDQ¶V RZQ VLQ WKH XQFKDQJHDEOH *RG ZDV QRW IRU WKDW UHDVRQ ERXQG WR
FKDQJH WKH ILUVW ODZ RI KXPDQ JHQHUDWLRQ RU WR GHVLVW IURP WKH PXOWLSOLFD
WLRQ RI KXPDQV
$XJXVWLQH 'H FLYLWDWH 'HL EN F Q
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
'LVWLQFWLRQ ;;;,,
&KDSWHU :+(7+(5 7+( 628/ ,6 $6 ,7 ,6 &5($7(' %< *2'²+2: 620( 3529(
7+$7 ,7 ,6 127 +HUH LW LV XVXDO IRU VRPH WR DVN ZKHWKHU WKH VRXO EHIRUH
EDSWLVP LV DV LW LV FUHDWHG E\ *RG 7KH\ VWULYH WR SURYH WKDW WKLV LV QRW WKH
FDVH LQ WKH IROORZLQJ ZD\ 7KH VRXO LV FUHDWHG LQ WKH ERG\ LQ EHLQJ MRLQHG
WR ZKLFK LW LV VWDLQHG E\ VLQ $QG VR DV VRRQ DV LW H[LVWV LW KDV VLQ DQG QR
VRRQHU GLG LW H[LVW WKDQ LW KDG VLQ 7KHUHIRUH LW LV QRW DV LW LV FUHDWHG E\
*RG IRU LW LV FUHDWHG E\ *RG LQQRFHQW DQG ZLWKRXW YLFH DQG LW QHYHU LV
OLNH WKDW
62/87,21 7R WKLV LW FDQ EH VDLG WKDW LW LV QRW HQWLUHO\ DV *RG PDGH LW
IRU *RG PDGH LW JRRG DQG JDYH WR LW JRRGQHVV ZLWKRXW FRUUXSWLRQ $QG
WKDW ZKLFK LW UHFHLYHG IURP WKH &UHDWRU DW FUHDWLRQ LV FDOOHG D QDWXUDO
JRRGQHVV DQG LW GLG QRW HQWLUHO\ ORVH WKDW JRRGQHVV WKURXJK VLQ EXW KDG LW
LQ D YLWLDWHG IRUP DQG \HW *RG KDG PDGH LW ZLWKRXW YLFH )RU LI WKH VRXO
ZHUH QRW D JRRG WKLQJ HYLO FRXOG QRW EH LQ LW VLQFH WKHUH FDQQRW EH HYLO
H[FHSW LQ WKH JRRG DV ZLOO EH GLVFXVVHG EHORZ $QG VR WKH VRXO LV QRW
HQWLUHO\ DV LW ZDV FUHDWHG E\ *RG MXVW DV D SHUVRQ ZLWK GLUW\ KDQGV GRHV
QRW UHFHLYH D IUXLW DV , JDYH LW WR KLP ZLWK P\ FOHDQ KDQGV EXW LW ZDV
FOHDQ ZKHQ , JDYH LW
&KDSWHU
:+(7+(5 628/6 )520 &5($7,21 $5( (48$/ ,1 7+(,5 1$785$/ *,)76 ,W
LV DOVR XVXDO WR DVN QRW XQVXLWDEO\ ZKHWKHU DOO VRXOV DUH HTXDO IURP FUHD
WLRQ RU ZKHWKHU VRPH DUH PRUH H[FHOOHQW WKDQ RWKHUV²1RW XQUHDVRQDEO\
LW VHHPV WR PDQ\ WKDW IURP FUHDWLRQ LWVHOI VRPH VRXOV H[FHO RWKHUV LQ
QDWXUDO JLIWV DV LQ WKHLU HVVHQFH RQH LV PRUH DFXWH WKDQ DQRWKHU DQG EHWWHU
DEOH WR XQGHUVWDQG DQG UHPHPEHU LQ DV PXFK DV LW LV HQGRZHG ZLWK D
VKDUSHU PLQG DQG D PRUH IDUVHHLQJ LQWHOOHFW²7KLV LV VDLG QRW LPSUREDEO\
DV LW LV FOHDU WKDW VXFK ZDV WKH FDVH ZLWK WKH DQJHOV $QG DOWKRXJK VRPH
KDYH JUHDWHU QDWXUDO JLIWV WKDQ RWKHUV \HW LQ GHSDUWLQJ IURP WKH ERG\ LI
EHIRUH EDSWLVP WKH\ UHFHLYH DQ HTXDO SXQLVKPHQW DQG LI DIWHU EDSWLVP
WKH\ DUH LPPHGLDWHO\ DOORWWHG DQ HTXDO FURZQ EHFDXVH VKDUSQHVV RU GXOO
QHVV RI LQWHOOHFW GRHV QRW GHWHUPLQH WKH UHZDUG RU SXQLVKPHQW LQ IXWXUH
'LVW F
$V ZDV VKRZQ DERYH GLVW F
7+( 6(17(1&(6 %22.
',67,1&7,21 ;;;,,, &KDSWHU :+(7+(5 &+,/'5(1 25,*,1$//< &2175$&7 7+( 6,16 2) $// 7+(,5
)25()$7+(56 $6 7+(< '2 7+( 6,1 2) $'$0 ,W VHHPV WKDW ZH PXVW DGG WR
WKH DERYH ZKHWKHU WKH VLQV RI IRUHIDWKHUV SDVV GRZQ WR FKLOGUHQ DV ZH
KDYH VDLG WKDW WKDW FULPH RI WKH ILUVW PDQ UHGRXQGHG DJDLQVW DOO ZKR ZHUH
FDUQDOO\ SURFUHDWHG DQG LI WKH VLQV RI SDUHQWV SDVV WR WKHLU FKLOGUHQ
ZKHWKHU WKRVH RI DOO WKRVH ZKR H[LVWHG IURP $GDP DOO WKH ZD\ GRZQ WR
WKHP RU WKRVH RI VRPH EXW QRW RI RWKHUV
:+$7 $8*867,1( 6((06 72 6$< &21&(51,1* 7+,6 ,1 7+( (1&+,5,
',21 $XJXVWLQH VSHDNV DERXW WKLV DPELJXRXVO\ LQ WKH (QFKLULGLRQ )RU
KH VHHPV WR DSSURYH >WKH YLHZ@ WKDW WKH VLQV RI WKHLU DQFHVWRUV DUH LPSXWHG
WR FKLOGUHQ \HW QRW RI DOO WKRVH ZKR ZHUH IURP $GDP OHVW FKLOGUHQ EH EXU
GHQHG E\ DQ XQEHDUDEOH DQG H[FHVVLYH EXUGHQ XQWR HWHUQDO SXQLVKPHQW
EXW RQO\ WKRVH RI WKHLU DQFHVWRUV IURP WKH IRXUWK JHQHUDWLRQ $QG KH FRQ
ILUPV WKLV E\ WKH ZRUGV ZKLFK WKH /RUG VSHDNV LQ ([RGXV , DP *RG
YLVLWLQJ WKH LQLTXLWLHV RI WKH IDWKHUV XQWR WKH WKLUG DQG IRXUWK JHQHUDWLRQ
DV LI RQO\ WKH VLQV RI WKHLU QHDUHVW DQFHVWRUV ZHUH LPSXWHG WR FKLOGUHQ
EXW QRW RWKHU VLQV WKLV KDSSHQV E\ WKH PRGHUDWLRQ RI GLYLQH PHUF\
+( 6(76 )257+ 7+( (9,'(1&( 2) 7+26( :+2 6$< 7+$7 7+( &5,0(6
2) 3$5(176 3$66 '2:1 72 7+(,5 &+,/'5(1 $V IRU WKH YLHZ WKDW LW LV
QRW WKH FULPH RI WKH ILUVW PDQ DORQH ZKLFK ELQGV FKLOGUHQ EXW DOVR RWKHU
FULPHV WKRVH ZKR KROG WKLV YLHZ FRQILUP LW E\ WKH IDFW WKDW FKLOGUHQ WRR
DQG QRW RQO\ ROGHU SHRSOH DUH VDLG WR EH EDSWL]HG µIRU WKH UHPLVVLRQ RI
VLQV¶ LQ WKH SOXUDO DQG QRW LQ WKH VLQJXODU µIRU WKH UHPLVVLRQ RI VLQ¶ $QG
'DYLG ZKR ZDV WKH LVVXH RI D OHJLWLPDWH PDUULDJH VD\V , ZDV FRQFHLYHG
DPLG LQLTXLWLHV DQG P\ PRWKHU FRQFHLYHG PH DPRQJ VLQV KH GRHV QRW
VD\ LQ LQLTXLW\ RU VLQ $QG VR WKH\ KROG WKDW QRW RQO\ WKDW RQH RULJLQDO VLQ
LV LPSXWHG WR FKLOGUHQ EXW DOVR PDQ\ RWKHUV ZKLFK FDQ EH IRXQG LQ
$GDP¶V VLQ DV ZHOO DV WKH RWKHU VLQV RI WKHLU SDUHQWV
&KDSWHU
7+$7 ,1 7+$7 21( ),567 6,1 0$1< 27+(56 $5( )281' %XW $XJXVWLQH
LQ WKH (QFKLULGLRQ LQGLFDWHV WKDW PDQ\ VLQV FDQ EH LGHQWLILHG LQ WKH DFWXDO
VLQ RI $GDP VD\LQJ ³0DQ\ VLQV FDQ EH QRWHG LQ WKH RQH WUDQVJUHVVLRQ
RI $GDP LI LW LV GLYLGHG DV LW ZHUH LQWR LWV PHPEHUV )RU WKHUH ZDV SULGH
LQ LW EHFDXVH PDQ ORYHG PRUH WR EH LQ KLV RZQ SRZHU WKDQ LQ *RG¶V
$XJXVWLQH (QFKLULGLRQ F
([RG 3V
'LVWLQFWLRQ ;;;,,,
DQG VDFULOHJH EHFDXVH KH GLG QRW EHOLHYH *RG DQG KRPLFLGH EHFDXVH KH
KXUOHG KLPVHOI LQWR GHDWK DQG VSLULWXDO IRUQLFDWLRQ EHFDXVH WKH LQWHJULW\
RI WKH KXPDQ PLQG ZDV FRUUXSWHG E\ WKH SHUVXDVLRQ RI WKH VHUSHQW DQG
WKHIW EHFDXVH KH XVXUSHG WKH IRUELGGHQ IRRG DQG DYDULFH EHFDXVH KH
GHVLUHG PRUH WKDQ RXJKW WR KDYH VXIILFHG IRU KLP DQG ZKDWHYHU RWKHU VLQ
FDQ EH IRXQG LQ WKLV RQH VLQ´
21 7+( 6,16 2) 3$5(176 :+(7+(5 7+(< %,1' &+,/'5(1²$8*86
7,1( +H QH[W GLVFXVVHV WKH VLQV RI WKH DQFHVWRUV ZKR KDYH JRQH EHIRUH
DQG ZKHWKHU WKH\ DUH LPSXWHG WR FKLOGUHQ KH GRHV VR PRUH E\ ZD\ RI RI
IHULQJ DQ RSLQLRQ WKDQ E\ DVVHUWLRQ VD\LQJ DV IROORZV ³,W LV QRW LPSURED
EO\ VDLG WKDW FKLOGUHQ DUH ERXQG E\ WKH VLQV QRW RQO\ RI WKH ILUVW KXPDQV
EXW DOVR RI WKRVH RI WKHLU RZQ SDUHQWV IURP ZKRP WKH\ WKHPVHOYHV ZHUH
ERUQ ,QGHHG WKDW GLYLQH VHQWHQFH , VKDOO YLVLW WKH VLQV RI WKH IDWKHUV XSRQ
WKHLU FKLOGUHQ ELQGV WKHP EHIRUH WKHLU UHJHQHUDWLRQ VR WKDW HYHQ RQH ZKR
ZDV ERUQ RI D ODZIXO PDUULDJH VD\V , ZDV FRQFHLYHG DPLG LQLTXLWLHV DQG
P\ PRWKHU FRQFHLYHG PH DPRQJ VLQV +H GLG QRW VD\ LQ LQLTXLW\ RU LQ VLQ
DOWKRXJK KH FRXOG ULJKWO\ KDYH VDLG VR EXW SUHIHUUHG WR VD\ LQLTXLWLHV DQG
VLQV EHFDXVH DV , GLVFXVVHG DERYH PDQ\ VLQV DUH IRXQG LQ WKDW RQH VLQ
ZKLFK SDVVHG LQWR DOO PHQ DQG LV VR JUHDW WKDW KXPDQ QDWXUH ZDV FKDQJHG
E\ LW $QG WKH RWKHU VLQV RI SDUHQWV ZKLFK FDQQRW FKDQJH QDWXUH LQ VXFK D
ZD\ ELQG WKHLU FKLOGUHQ E\ JXLOW XQOHVV *RG¶V JUDFH FRPHV WR WKHLU KHOS´
6(( 7+( ',))(5(17 23,1,216 ³%XW UHJDUGLQJ WKH VLQV RI RWKHU SDU
HQWV WKURXJK ZKRP HDFK >RI XV@ GHVFHQGV IURP $GDP KLPVHOI WR RXU RZQ
IDWKHU DFFRUGLQJ WR WKHLU JHQHUDWLRQV LW LV QRW SRLQWOHVV WR UDLVH WKH TXHV
WLRQ ZKHWKHU HDFK SHUVRQ ZKR LV ERUQ LV ERXQG E\ WKH HYLO DFWLRQV DQG WKH
PXOWLSOLHG RULJLQDO IDXOWV RI DOO RI WKHP VR WKDW WKH ODWHU HDFK LV ERUQ WKH
ZRUVH RQH LV 2U GRHV *RG WKUHDWHQ WR YLVLW WKH VLQV RI SDUHQWV RQ WKHLU SRV
WHULW\ XQWLO WKH WKLUG DQG IRXUWK JHQHUDWLRQ EHFDXVH E\ D PHUFLIXO PRGHU
DWLRQ KH GRHV QRW H[WHQG KLV DQJHU DQ\ IXUWKHU LQ UHJDUG WR WKH IDXOWV RI
WKHLU DQFHVWRUV OHVW WKRVH RQ ZKRP WKH JUDFH RI UHJHQHUDWLRQ LV QRW FRQ
IHUUHG EH FUXVKHG XQWR HWHUQDO GDPQDWLRQ E\ VXFK DQ H[FHVVLYH EXUGHQ LI
WKH\ ZHUH FRPSHOOHG WR GHULYH DV RULJLQDO VLQV WKH VLQV RI DOO WKHLU IRUH
IDWKHUV IURP WKH YHU\ EHJLQQLQJ RI KXPDQNLQG DQG WR VDWLVI\ WKH SHQDOWLHV
GXH IRU WKHP :KHWKHU WKLV RU VRPHWKLQJ HOVH PD\ RU PD\ QRW EH IRXQG
FRQFHUQLQJ VXFK D JUHDW PDWWHU E\ D PRUH GLOLJHQW H[DPLQDWLRQ DQG LQWHU
SUHWDWLRQ RI WKH KRO\ 6FULSWXUHV , GR QRW GDUH EROGO\ WR DVVHUW´ 6HH LW LV
$XJXVWLQH (QFKLULGLRQ F
1XP 'HXW 3V ,Q F
$XJXVWLQH (QFKLULGLRQ F
([RG
$XJXVWLQH (QFKLULGLRQ F
7+( 6(17(1&(6 %22.
PDGH YHU\ FOHDU WR WKH UHDGHU WKDW $XJXVWLQH VDLG WKH DERYH WKLQJV QRW E\
ZD\ RI DVVHUWLRQ EXW E\ UHSRUWLQJ WKH RSLQLRQV RI GLIIHUHQW SHRSOH
+( 6+2:6 7+$7 $8*867,1( :28/' %( &2175$',&7,1* +,06(/)
,) +( +(/' 7+( $%29( 23,1,21 2WKHUZLVH KH ZRXOG EH VKRZQ WR EH FRQ
WUDGLFWLQJ KLPVHOI VLQFH LQ WKH VDPH ERRN KH VD\V LQ WKHVH ZRUGV WKDW WKH
SXQLVKPHQW RI FKLOGUHQ ZKR DUH ERXQG E\ RULJLQDO VLQ DORQH LV WKH PLOGHVW
RI DOO ³,QGHHG WKHLU SXQLVKPHQW ZLOO EH PLOGHVW IRU WKRVH ZKR DSDUW IURP
WKH RULJLQDO VLQ ZKLFK WKH\ GHULYHG DGGHG QRQH RWKHU RQ WRS RI LW DQG DV
IRU WKH UHVW ZKR GLG DGG VLQV HDFK ZLOO KDYH D PRUH EHDUDEOH GDPQDWLRQ
WKHUH LQVRIDU DV KLV LQLTXLW\ ZDV OHVVHU KHUH´ 6HH KH KHUH VD\V SODLQO\
WKDW WKH SXQLVKPHQW RI FKLOGUHQ LV WKH OLJKWHVW RI DOO RWKHU SXQLVKPHQWV
,I WKLV LV VR WKHQ WKH\ DUH QRW ERXQG E\ WKH VLQV RI WKHLU IRUHIDWKHUV
RWKHU WKDQ $GDP )RU LI WKH\ ZHUH SXQLVKHG HWHUQDOO\ IRU WKH DFWXDO VLQV RI
WKHLU SDUHQWV DV ZHOO DV IRU WKHLU RZQ RULJLQDO RQH WKH\ ZRXOG QRW EH SXQ
LVKHG DQ\ OHVV EXW SHUKDSV PRUH WKDQ WKHLU RZQ SDUHQWV $QG VR FKLOGUHQ
ZLOO QRW EH GDPQHG IRU WKH DFWXDO VLQV RI WKHLU SDUHQWV QRU HYHQ IRU WKH
DFWXDO VLQV RI WKH ILUVW SDUHQW EXW IRU WKH RULJLQDO RQH ZKLFK LV GHULYHG
IURP SDUHQWV IRU LW WKH\ ZLOO QRW IHHO DQ\ RWKHU SXQLVKPHQW RI PDWHULDO ILUH
RU RI WKH ZRUP RI FRQVFLHQFH H[FHSW WKDW WKH\ ZLOO SHUSHWXDOO\ ODFN WKH
YLVLRQ RI *RG $QG VR FKLOGUHQ DUH ERXQG E\ RQH VLQ DQG QRW E\ PDQ\
'(7(50,1$7,21 2) 7+( $5*80(176 :+,&+ 7+(< $'9$1&(' 72
%2/67(5 7+(,5 2:1 23,1,21 $QG VR HYHQ WKRVH WKLQJV E\ ZKLFK WKHLU
RSLQLRQ VHHPV WR EH VXSSRUWHG QDPHO\ WKH IDFW WKDW 6FULSWXUH DW WLPHV
VLJQLILHV WKDW WKHUH DUH VLQV DQG LQLTXLWLHV LQ FKLOGUHQ XVLQJ WKH SOXUDO
$XJXVWLQH GHWHUPLQHV LQ WKLV ZD\ LQ WKH VDPH ERRN EHFDXVH LQ 6FULSWXUH
³WKH SOXUDO QXPEHU LV RIWHQ VLJQLILHG WKURXJK WKH VLQJXODU DV WKHUH $QG
VR SUD\ WR *RG WKDW KH WDNH DZD\ WKH VHUSHQW IURP XV LW GRHV QRW VD\ VHU
SHQWV ZKLFK WKH SHRSOH ZHUH DIIOLFWHG $QG FRQYHUVHO\ WKH VLQJXODU QXP
EHU LV VLJQLILHG E\ WKH SOXUDO DV LQ WKH *RVSHO )RU WKH\ DUH GHDG ZKR
VRXJKW WKH OLIH RI WKH FKLOG LW GRHV QRW VD\ KH LV GHDG DOWKRXJK +HURG LV
WKH RQH ZKR LV EHLQJ VSRNHQ DERXW $QG LQ ([RGXV 7KH\ PDGH JRGV RI
JROG DOWKRXJK WKH\ PDGH RQH FDOI RI ZKLFK WKH\ VDLG 7KHVH DUH \RXU
JRGV ,VUDHO $QG VR WKDW RQH RULJLQDO VLQ LV VLJQLILHG E\ WKH SOXUDO QXP
EHU ZKHQ ZH VD\ WKDW FKLOGUHQ DUH EDSWL]HG IRU WKH UHPLVVLRQ RI VLQV DQG
DUH FRQFHLYHG DPLG VLQV DQG LQLTXLWLHV´
$XJXVWLQH (QFKLULGLRQ F
1XP DFFRUGLQJ WR WKH 6HSWXDJLQW
0W ([RG ([RG
$XJXVWLQH (QFKLULGLRQ F
'LVWLQFWLRQ ;;;,,,
&KDSWHU
:+(7+(5 7+( $&78$/ 6,1 2) $'$0 ,6 *5$9(5 7+$1 7+( 5(67 +HUH
LW LV XVXDO WR DVN ZKHWKHU WKH VLQ RI $GDP¶V WUDQVJUHVVLRQ IURP ZKLFK
SURFHHGHG RULJLQDO VLQ DQG LQ ZKLFK PDQ\ VLQV ZHUH LGHQWLILHG DERYH
ZDV JUDYHU WKDQ RWKHU VLQV
:+< ,7 6((06 72 620( 72 %( *5($7(5 7+$1 7+( 5(67 6XFK VHHPV
WR EH WKH FDVH WR VRPH EHFDXVH WKDW VLQ FKDQJHG DOO RI KXPDQ QDWXUH DV
$XJXVWLQH VD\V LQ WKH (QFKLULGLRQ ³7KDW RQH VLQ FRPPLWWHG LQ D SODFH
DQG VWDWH RI OLIH RI VXFK IHOLFLW\ LV VR JUHDW WKDW LQ RQH PDQ DV DW LWV RULJLQ
DQG DV LW ZHUH DW LWV URRW DOO RI KXPDQNLQG ZDV GDPQHG´²7KH VDPH LQ
WKH ERRN 2Q WKH &LW\ RI *RG ³7KH LQMXVWLFH E\ ZKLFK WKDW PDQGDWH ZDV
YLRODWHG ZDV VR PXFK WKH JUHDWHU LQMXVWLFH WKH HDVLHU ZDV WKH REVHUYDQFH
E\ ZKLFK LW FRXOG EH NHSW )RU GHVLUH GLG QRW \HW VWDQG LQ WKH ZD\ RI WKH
ZLOO WKLV IROORZHG DIWHUZDUGV IURP WKH SXQLVKPHQW RI WKH WUDQVJUHVVLRQ´
7KRVH ZKR VD\ WKDW WKDW VLQ ZDV JUDYHU WKDQ WKH UHVW RI WKH VLQV RI RWKHU
PHQ VXSSRUW WKHLU YLHZ ZLWK WKHVH DQG RWKHU DXWKRULWLHV
$)7(5 7+( $87+25,7,(6 +( 6(76 287 7+(,5 5($621,1* 7KH\ OD
ERXU WR VKRZ WKLV DOVR E\ UHDVRQ LQ WKLV ZD\ 7KDW VLQ ZDV PRUH KDUPIXO
WKDQ DQ\ VLQ RI RWKHU SHRSOH EHFDXVH LW YLWLDWHG DOO RI KXPDQNLQG DQG
PDGH LW VXEMHFW WR ERWK NLQGV RI GHDWK WKLV ZDV GRQH E\ QR RWKHU VLQ $QG
VR WKDW VLQ KDG D JUHDWHU HYLO HIIHFW WKDQ DQ\ RWKHU
5(63216( $*$,167 7+(0 :+(5( 27+(5 6,16 $5( 6+2:1 72 %(
*5($7(5 7+$1 ,7 7R WKLV LW FDQ EH VDLG WKDW DOWKRXJK WKDW VLQ FKDQJHG
KXPDQ QDWXUH LQ UHJDUG WR WKH QHFHVVLW\ IRU GHDWK DQG GLIIXVHG JXLOW
WKURXJKRXW DOO RI KXPDQNLQG \HW LW LV QRW WR EH KHOG WR KDYH EHHQ JUDYHU
WKDQ WKH VLQ DJDLQVW WKH +RO\ 6SLULW ZKLFK LV UHPLWWHG QHLWKHU KHUH QRU LQ
WKH IXWXUH DV 7UXWK VD\V²$QG WKDW LW FRUUXSWHG DOO RI KXPDQ QDWXUH LV
QRW EHFDXVH LW ZDV JUDYHU WKDQ DOO RWKHU VLQV EXW EHFDXVH LW ZDV FRPPLWWHG
E\ PDQ ZKHQ WKH ZKROH RI KXPDQ QDWXUH UHVLGHG LQ RQH PDQ DQG VR DOO RI
LW ZDV FRUUXSWHG LQ KLP
,1 :+$7 5(*$5' ',' ,7 +$9( $ *5($7(5 (9,/ ())(&7 7+$1 27+(56
$1' ,1 :+$7 5(*$5' ,7 ',' 127 %87 >5$7+(5@ $ /(66(5 21( $QG
LW EURXJKW DERXW D JUHDWHU HYLO HIIHFW LQ UHJDUG WR WKH PDQLIROG GHIHFWV
WKDW HPDQDWHG IURP LW EXW QRW LQ UHJDUG WR HWHUQDO SXQLVKPHQW IRU KH GLG
QRW GHVHUYH D JUDYHU SXQLVKPHQW WKDQ PDQ\ DIWHUZDUGV GHVHUYHG WKURXJK
RWKHU VLQV LQGHHG ZH EHOLHYH WKDW RWKHUV GHVHUYHG D JUDYHU ZUDWK WKDQ
$GDP GLG ,Q F Q
$XJXVWLQH (QFKLULGLRQ F
$XJXVWLQH 'H FLYLWDWH 'HL EN F
7+( 6(17(1&(6 %22.
&KDSWHU
:+(7+(5 7+$7 6,1 :$6 5(0,77(' 72 7+( ),567 3$5(176 %XW LI LW LV
DVNHG ZKHWKHU WKDW VLQ ZDV UHPLWWHG WR WKH ILUVW SDUHQWV ZH VD\ WKDW WKH\
UHFHLYHG IRUJLYHQHVV WKURXJK SHQDQFH +HQFH $XJXVWLQH LQ WKH ERRN 2Q
WKH %DSWLVP RI &KLOGUHQ ³-XVW DV WKRVH ILUVW SDUHQWV E\ OLYLQJ MXVWO\ DIWHU
ZDUGV DUH EHOLHYHG WR KDYH EHHQ IUHHG IURP WKH ILQDO SXQLVKPHQW WKURXJK
WKH EORRG RI WKH /RUG DQG \HW GLG QRW GHVHUYH WR EH UHVWRUHG WR SDUDGLVH
GXULQJ WKHLU OLIH RQ HDUWK VR WRR VLQIXO IOHVK HYHQ LI PDQ OLYH MXVWO\ LQ LW
DIWHU WKH UHPLVVLRQ RI VLQV GRHV QRW QHFHVVDULO\ GHVHUYH QRW WR VXIIHU WKDW
GHDWK ZKLFK LW KDV GHULYHG IURP WKH SURSDJDWLRQ RI VLQ´
&KDSWHU 7+$7 7+( 6,16 2) 3$5(176 $5( 9,6,7(' 21 7+(,5 &+,/'5(1 $1' 7+$7 7+(5( ,6 12 &2175$',&7,21 %(7:((1 :+$7 *2' 6$<6 ,1 (;2'86 $1'
,1 (=(&+,(/ $QG DOWKRXJK FKLOGUHQ DUH QRW ERXQG E\ WKH VLQV RI SDUHQWV
RWKHU WKDQ $GDP¶V QHYHUWKHOHVV LW LV QRW WR EH GHQLHG WKDW WKH VLQV RI SDU
HQWV UHGRXQG XSRQ WKHLU FKLOGUHQ DV WKH /RUG VD\V WR 0RVHV LQ ([RGXV
)RU , DP *RG VWURQJ DQG MHDORXV YLVLWLQJ WKH LQLTXLWLHV RI WKH IDWKHUV
XSRQ WKH FKLOGUHQ XQWR WKH WKLUG DQG IRXUWK JHQHUDWLRQ RI WKRVH ZKR KDWH
PH %\ WKHVH ZRUGV LW LV SODLQO\ LQGLFDWHG WKDW *RG LQIOLFWV SXQLVKPHQW
IRU WKH VLQV RI WKH IDWKHUV XSRQ WKHLU GHVFHQGDQWV LQ WKH WKLUG DQG IRXUWK
JHQHUDWLRQ
$87+25,7< 2) (=(&+,(/ :+,&+ 6((06 72 &2175$',&7 7+( /$:
%XW DJDLQVW WKLV VHHPV WR VWDQG ZKDW WKH /RUG VD\V LQ (]HFKLHO :KDW GRHV
LW PHDQ WKDW DPRQJ \RXUVHOYHV \RX WXUQ WKH IROORZLQJ SKUDVH LQWR D
SURYHUE VD\LQJ µ7KH IDWKHUV DWH VRXU JUDSHV DQG WKH WHHWK RI WKHLU
FKLOGUHQ DUH VHW RQ HGJH"¶ $V , OLYH VD\V WKH /RUG WKLV SDUDEOH ZLOO QR
ORQJHU EH DV D SURYHUE DPRQJ \RX $OO VRXOV DUH PLQH DV WKH IDWKHU¶V
VRXO LV PLQH VR DOVR WKH VRQ¶V VRXO LV PLQH $QG WKH VRXO WKDW VLQV LW
VKDOO GLH 7KH VRQ VKDOO QRW EHDU WKH LQLTXLW\ RI WKH IDWKHU DQG WKH IDWKHU
VKDOO QRW EHDU WKH LQLTXLW\ RI WKH VRQ 7KH MXVWLFH RI WKH MXVW PDQ VKDOO EH
KLV DQG WKH LPSLHW\ RI WKH LPSLRXV RQH VKDOO EH KLV²-(520( %\ WKHVH
ZRUGV LW VHHPV WKDW ³*RG FRUUHFWV WKURXJK WKH 3URSKHW ZKDW KH KDG VDLG
EDGO\´ LQ WKH /DZ ³)RU LI KH LQIOLFWV SXQLVKPHQW IRU WKH VLQV RI WKH
IDWKHUV XQWR WKH WKLUG DQG IRXUWK JHQHUDWLRQ WKHUH VHHPV WR EH LQMXVWLFH LQ
$XJXVWLQH 'H SHFFDWRUXP PHULWLV HW UHPLVVLRQH HW GH EDSWLVPR SDUYXORUXP EN
F Q ([RG (]HFK (]HFK
-HURPH ,Q (]HFKLHOHP
'LVWLQFWLRQ ;;;,,,
*RG LQ WKDW RQH VLQV DQG DQRWKHU LV SXQLVKHG )RU KRZ LV LW MXVW WKDW RQH
VLQV DQG DQRWKHU EHPRDQV WKH VLQV"´
'(7(50,1$7,21 6+2:,1* 7+( &21621$1&( 2) 7+( $%29( $8
7+25,7,(6 %XW DV -HURPH VD\V OHVW ³LW VHHP WKDW WKH /DZ DQG WKH 3URSK
HWV WKDW LV ([RGXV DQG (]HFKLHO RU UDWKHU *RG KLPVHOI ZKR VSRNH LQ
ERWK SODFHV VSHDN GLVFUHSDQWO\´ OHW XV QRWH WKH HQG RI WKDW DXWKRULW\ IURP
([RGXV )RU DIWHU VD\LQJ , YLVLW WKH LQLTXLWLHV RI WKH IDWKHUV XSRQ WKH
FKLOGUHQ KH DGGV RI WKRVH ZKR KDWH PH %\ WKLV KH VKRZV FOHDUO\ ³WKDW
WKH FKLOGUHQ DUH QRW SXQLVKHG EHFDXVH WKHLU IDWKHUV VLQQHG EXW EHFDXVH
OLNH WKHLU IDWKHUV E\ VRPH KHUHGLWDU\ HYLO WKH\ KDWHG *RG´²$QG VR DV
-HURPH WHDFKHV ZKDW WKH /RUG VD\V LQ ([RGXV GRHV QRW PHDQ ZKDW PDQ\
EHOLHYH QRU LV LW OLNH WKH SURYHUE 7KH IDWKHUV DWH VRXU JUDSHV HWF )RU
ERWK -HURPH LQ 2Q (]HFKLHO DQG $XJXVWLQH RQ WKH 3VDOP *RG GR QRW
SDVV RYHU P\ SUDLVH LQ VLOHQFH KROG WKDW WKH WH[W RI ([RGXV LV WR EH WDNHQ
ZLWK UHJDUG WR FKLOGUHQ ZKR LPLWDWH WKHLU IDWKHUV¶ VLQV *RG LV VDLG WR YLVLW
WKH VLQV RI WKHLU IDWKHUV XSRQ WKHP EHFDXVH KH SXQLVKHV WKHP IRU LPLWDWLQJ
WKHLU IDWKHUV¶ VLQV QRW EHFDXVH WKHLU IDWKHUV VLQQHG $QG VR WKH /RUG GRHV
QRW FRUUHFW LQ WKH 3URSKHW ZKDW KH KDG VDLG EHIRUH LQ WKH /DZ EXW KH UH
YHDOV KRZ LW LV WR EH XQGHUVWRRG $QG VR KH UHSURYHV WKRVH ZKR XQGHU
VWRRG LW ZURQJO\ ZKR VDLG 7KH IDWKHUV DWH HWF
:+< +( 6$,' 8172 7+( 7+,5' $1' )2857+ *(1(5$7,21 $1' :+<
)$7+(56 $/21( :(5( 0(17,21(' $QG \HW LI WKDW VWDWHPHQW LV WR EH
WDNHQ RI WKH LPLWDWRUV RI HYLO SHRSOH ZK\ GLG KH PHQWLRQ RQO\ WKH WKLUG
DQG IRXUWK JHQHUDWLRQ VLQFH WKRVH ZKR LPLWDWH WKHLU IDWKHUV¶ VLQV DUH KHOG
JXLOW\ LQ HYHU\ JHQHUDWLRQ" $QG ZK\ GLG KH PHQWLRQ IDWKHUV DORQH VLQFH
DOO ZKR LPLWDWH WKH VLQV RI DQ\ HYLO SHRSOH DUH HYLO"²+( 5(62/9(6 ,7 %XW
KH QDPHG IDWKHUV HVSHFLDOO\ EHFDXVH VRQV PRVWO\ LPLWDWH WKHLU IDWKHUV
ZKRP WKH\ SDUWLFXODUO\ ORYH $QG KH PHQWLRQHG WKH WKLUG DQG IRXUWK JHQ
HUDWLRQ EHFDXVH IDWKHUV VRPHWLPHV OLYH VR ORQJ WKDW WKH\ KDYH GHVFHQGDQWV
WR WKH WKLUG DQG IRXUWK JHQHUDWLRQ WKHVH VHHLQJ WKH LQLTXLWLHV RI WKHLU
IDWKHUV DUH PDGH WKH KHLUV RI WKHLU LPSLHW\ WKURXJK LPLWDWLRQ ,Q WKLV ZD\
ZKDW LV VDLG LQ ([RGXV LV ULJKWO\ XQGHUVWRRG DFFRUGLQJ WR LWV OHWWHU
+2: 7+$7 7(;7 2) (;2'86 ,6 72 %( 81'(56722' $&&25',1* 72
7+( 0<67(5<²-(520( ,W LV FOHDU WKDW LW LV DOVR WR EH XQGHUVWRRG P\VWL
FDOO\ IURP WKH IDFW WKDW LW LV FDOOHG D SDUDEOH ³)RU´ DV -HURPH VD\V ³LI LW LV
D SDUDEOH LW VD\V RQH WKLQJ OLWHUDOO\ EXW FRQWDLQV DQRWKHU PHDQLQJ´ $QG
-HURPH ,Q (]HFKLHOHP
,ELG ([RG
-HURPH ,Q (]HFKLHOHP
,ELG $XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
&I (]HFK DERYH LQ Q
-HURPH ,Q (]HFKLHOHP
7+( 6(17(1&(6 %22.
VR VRPH RWKHUV ³FDUHIXOO\ H[SODLQHG LW DV IROORZV 7KH\ VD\ WKDW WKH IDWKHU
LQ XV LV WKH OLJKW SULFNLQJ RI WKH VHQVHV´ QDPHO\ WKH ILUVW PRYHPHQW RI
VXJJHVWLRQ RU WKRXJKW ³WKH VRQ KRZHYHU LV LI WKRXJKW FRQFHLYHG WKH VLQ´
LQ WKLV LV VLJQLILHG WKH FRQVHQW DQG GHOLJKW RI WKH ZRPDQ ³WKH JUDQGFKLOG
LV LI ZKDW \RX KDYH WKRXJKW DQG FRQFHLYHG \RX KDYH DFFRPSOLVKHG LQ
GHHG´ RU KDYH GHFLGHG WR DFFRPSOLVK LQ GHHG LQ WKLV LV VLJQLILHG WKH PDQ¶V
FRQVHQW RU WKH H[HFXWLRQ RI WKH VLQ ³EXW WKH JUHDWJUDQGFKLOG LV LI \RX
KDYH QRW RQO\ GRQH LW EXW JORULHG LQ LW DQG WKLV LV WKH IRXUWK JHQHUDWLRQ´
QRW EHFDXVH WKUHH SUHFHGHG LW EXW LW LV FDOOHG WKH IRXUWK EHFDXVH LW LV QXP
EHUHG IRXUWK IURP WKH ILUVW PRYHPHQW ZKLFK LV DV LW ZHUH WKH IDWKHU
³$QG VR *RG ZLOO QRW SXQLVK HWHUQDOO\ WKH ILUVW DQG VHFRQG JRDGV RI
WKRXJKWV ZKLFK WKH *UHHNV FDOO µSURSDWKHLDV¶ DQG ZLWKRXW ZKLFK QR PDQ
FDQ H[LVW EXW RQO\ LI RQH KDV GHFUHHG WR GR ZKDW KH KDV WKRXJKW DQG KDV
QRW ZLOOHG WR FRUUHFW ZKDW KH KDV GRQH´ WKHVH DUH PRUWDO VLQV DQG WKH
WKLUG DQG IRXUWK JHQHUDWLRQ
%< :+$7 0$< ,7 %( 3529(' 7+$7 7+( ),567 029(0(17 ,6 127 381
,6+(' (7(51$//< $V -HURPH VD\V ³7R SURYH WKDW WKH ILUVW LPSXOVH RI
WKRXJKW LV QRW SXQLVKHG HWHUQDOO\ E\ *RG WKDW WH[W RI *HQHVLV LV WR EH DG
GXFHG )RU &KDP VLQQHG E\ ULGLFXOLQJ KLV IDWKHU¶V QDNHGQHVV DQG QRW
KH EXW KLV VRQ &KDQDDQ UHFHLYHG WKH SXQLVKPHQW &XUVHG EH &KDQDDQ
KH VKDOO EH D VODYH RI KLV EURWKHUV )RU ZKDW LV WKH MXVWLFH WKDW WKH IDWKHU
VLQQHG DQG WKH VRQ ZDV SXQLVKHG"´ %XW WKDW ZDV VDLG DFFRUGLQJ WR WKH
P\VWHU\ >DOOHJRULFDOO\@
',67,1&7,21 ;;;,9 &KDSWHU
:+$7 7+,1*6 $5( 72 %( ,19(67,*$7(' 5(*$5',1* 6,1 $IWHU ZKDW KDV
EHHQ VDLG DERYH VRPH WKLQJV DUH WR EH FRQVLGHUHG E\ GLOLJHQW LQYHVWLJD
WLRQ UHJDUGLQJ DFWXDO VLQ QDPHO\ ZKDW WKH RULJLQ DQG ILUVW FDXVH RI VLQ
ZDV ZKHWKHU D JRRG RU DQ HYLO WKLQJ DIWHUZDUGV LQ ZKDW WKLQJ GRHV VLQ
H[LVW WKHQ ZKDW VLQ LV DQG LQ KRZ PDQ\ ZD\V LW LV GRQH DQG RI WKH GLI
IHUHQFH DPRQJ VSHFLILF VLQV
-HURPH ,Q (]HFKLHOHP
&I *HQ *HQ
-HURPH ,Q (]HFKLHOHP
'LVWLQFWLRQ ;;;,9
&KDSWHU
:+$7 :$6 7+( 25,*,1 $1' ),567 &$86( 2) 6,1 7KH FDXVH DQG ILUVW RUL
JLQ RI VLQ ZDV D JRRG WKLQJ EHFDXVH EHIRUH WKH ILUVW VLQ WKHUH ZDV QRWKLQJ
HYLO IURP ZKLFK LW PLJKW DULVH )RU VLQFH LW KDG DQ RULJLQ DQG FDXVH HLWKHU
LW KDG LW IURP JRRG RU IURP HYLO %XW WKHUH ZDV QR HYLO EHIRUH DQG VR LW
DURVH IURP JRRG )RU VLQ ILUVW DURVH LQ WKH DQJHO DQG DIWHUZDUGV LQ PDQ
DQG ZKDW ZDV WKH DQJHO RWKHU WKDQ D JRRG QDWXUH RI *RG" ,W ZDV QRW IURP
*RG WKDW WKH HYLO ZKLFK ZDV LQ WKH DQJHO DURVH LW ZDV QRW IURP DQ\RQH
RWKHU WKDQ WKH DQJHO DQG VR LW DURVH IURP JRRG
+HQFH LQ KLV UHVSRQVHV DJDLQVW -XOLDQ WKH KHUHWLF ZKR KDG VDLG ³,I
VLQ LV IURP QDWXUH WKHQ WKH QDWXUH LV HYLO´ $XJXVWLQH VD\V ³, DVN WKDW KH
DQVZHU PH LI KH FDQ ,W LV PDQLIHVW WKDW DOO HYLO GHHGV DULVH IURP DQ HYLO
ZLOO OLNH HYLO IUXLWV IURP DQ HYLO WUHH %XW IURP ZKHUH GRHV KH VD\ WKDW WKH
HYLO ZLOO LWVHOI KDV DULVHQ RWKHU WKDQ IURP JRRG" )RU LI IURP DQ DQJHO
ZKDW LV DQ DQJHO RWKHU WKDQ D JRRG ZRUN RI *RG" ,I IURP PDQ ZKDW ZDV
PDQ KLPVHOI RWKHU WKDQ D JRRG ZRUN RI *RG" ,QGHHG ZKDW ZHUH WKHVH WZR
EHIRUH DQ HYLO ZLOO DURVH LQ WKHP RWKHU WKDQ D JRRG ZRUN RI *RG DQG D
JRRG DQG SUDLVHZRUWK\ QDWXUH" $QG VR HYLO DULVHV IURP JRRG DQG LW FRXOG
QRW DULVH IURP DQ\WKLQJ RWKHU WKDQ JRRG 7KHUHIRUH , VD\ WKDW QR HYLO SUH
FHGHG WKH HYLO ZLOO´ EXW WKDW LW KDG LWV RULJLQ IURP JRRG²+HUH LW LV SODLQ
O\ VDLG WKDW D JRRG QDWXUH ZDV WKH ILUVW FDXVH DQG RULJLQ RI HYLO DQG LW LV
DOVR VKRZQ WR ZKDW WKH FDXVH RI VLQ EHORQJHG QDPHO\ WR DQ HYLO ZLOO
&KDSWHU
7+$7 $1 (9,/ :,// :$6 7+( 6(&21'$5< &$86( 2) (9,/6 $QG WKDW HYLO
ZLOO RI WKH DQJHO DQG RI PDQ LV DOVR WKH FDXVH RI VXEVHTXHQW HYLOV QDPHO\
RI HYLO GHHGV DQG HYLO ZLOOV²+HQFH $XJXVWLQH LQ WKH (QFKLULGLRQ ³:H
PXVW QRW DW DOO GRXEW WKDW WKH FDXVH RI WKH JRRG WKLQJV WKDW SHUWDLQ WR XV LV
QRWKLQJ HOVH WKDQ WKH JRRGQHVV RI *RG EXW WKH FDXVH RI HYLO WKLQJV LV WKH
IDOOLQJ DZD\ IURP WKH XQFKDQJHDEOH JRRG RI WKH ZLOO RI D FKDQJHDEOH JRRG
ILUVW RI WKH DQJHO DQG WKHQ RI PDQ´ ³7KLV LV WKH ILUVW HYLO RI WKH UDWLRQDO
FUHDWXUH QDPHO\ WKH ILUVW SULYDWLRQ RI JRRG´²6HH \RX KDYH KHUH WKDW
WKH ILUVW ZLOO RI D FKDQJHDEOH JRRG WKDW LV RI WKH DQJHO RU RI PDQ IDOOLQJ
DZD\ IURP WKH XQFKDQJHDEOH JRRG WKDW LV IURP *RG LV WKH FDXVH RI WKH
HYLO WKLQJV ZKLFK SHUWDLQ WR XV EHFDXVH LW LV WKH FDXVH RI ERWK WKH VLQV DQG
WKH SXQLVKPHQWV E\ ZKLFK KXPDQ QDWXUH LV RSSUHVVHG $QG VR WKH ILUVW
RULJLQ DQG FDXVH RI VLQ ZDV D JRRG DQG WKH VHFRQG DQ HYLO ZKLFK KDG
DULVHQ IURP WKH JRRG
&I 0W
$XJXVWLQH 'H QXSWLLV HW FRQFXSLVFHQWLD EN F Q
$XJXVWLQH (QFKLULGLRQ FF
7+( 6(17(1&(6 %22.
&KDSWHU ,1 :+$7 7+,1* (9,/ (;,676 :+(7+(5 ,1 $ *22' 7+,1* 25 ,1 $1 (9,/
21( $1' ,7 ,6 6$,' 7+$7 ,7 21/< (;,676 ,1 $ *22' 7+,1* $IWHU WKH RUL
JLQ RI HYLO KDV EHHQ VKRZQ LW UHPDLQV WR VHH LQ ZKDW WKLQJ HYLO H[LVWV
ZKHWKHU LQ D JRRG WKLQJ RU LQ DQ HYLO WKLQJ
2QH ZKR NQRZV ULJKWO\ DQG DFXWHO\ XQGHUVWDQGV HYLO WR EH LQ QRWKLQJ
RWKHU WKDQ D JRRG WKDW LV LQ D JRRG QDWXUH )RU HYLO LV WKH FRUUXSWLRQ RU
SULYDWLRQ RI WKH JRRG DQG ZKHUH WKHUH LV QRW D JRRG WKHUH FDQQRW EH D
FRUUXSWLRQ RU SULYDWLRQ RI WKH JRRG DQG VR VLQ FDQQRW H[LVW LQ DQ\WKLQJ
RWKHU WKDQ D JRRG WKLQJ²$8*867,1( $V $XJXVWLQH VD\V LQ WKH (QFKL
ULGLRQ ³-XVW DV ERGLHV DUH ZHDNHQHG E\ LOOQHVVHV DQG ZRXQGV ZKLFK DUH
SULYDWLRQV RI WKDW JRRG ZKLFK LV FDOOHG KHDOWK VR DOVR ZKDWHYHU YLFHV RI
VSLULWV WKHUH DUH DUH SULYDWLRQV RI QDWXUDO JRRGV :KDW LQGHHG LV LW WKDW LV
FDOOHG DQ HYLO RWKHU WKDQ D SULYDWLRQ RI JRRG"´²³)RU JRRG WR EH GLPLQ
LVKHG LV DQ HYLO DOWKRXJK KRZHYHU PXFK LW LV GLPLQLVKHG LW LV QHFHVVDU\
WKDW VRPHWKLQJ RI LW UHPDLQ LI LWV >*RGFUHDWHG@ QDWXUH LV VWLOO WKHUH )RU
WKH JRRG ZKLFK LV D QDWXUH FDQQRW EH FRQVXPHG XQOHVV LWV QDWXUH LWVHOI LV
FRQVXPHG %XW ZKHQ LW LV FRUUXSWHG LWV FRUUXSWLRQ LV DQ HYLO EHFDXVH LW
GHSULYHV WKDW QDWXUH RI VRPH JRRG (;3/,&$7,21 2) 7+( $5*80(17
,QGHHG LI LW GRHV QRW GHSULYH LW RI DQ\ JRRG LW GRHV QRW KDUP LW EXW LW
GRHV KDUP LW DQG VR LW WDNHV DZD\ WKH JRRG 7KHUHIRUH IRU VR ORQJ DV D
QDWXUH LV EHLQJ FRUUXSWHG WKHUH LV LQ LW WKH JRRG RI ZKLFK LW LV EHLQJ GH
SULYHG´² ³$QG VR LW LV WKDW WKHUH LV QRWKLQJ ZKLFK LV FDOOHG HYLO LI WKHUH
LV QRWKLQJ JRRG $ JRRG ZKLFK HQWLUHO\ ODFNV HYLO LV DQ XQFRUUXSWHG JRRG
EXW ZKHQ WKHUH LV VRPH HYLO LQ LW LW LV D YLWLDWHG RU GHIHFWLYH JRRG 7KHUH
FDQQRW EH DQ\ HYLO ZKHUH WKHUH LV QR JRRG +HQFH ZH KDYH D FXULRXV
FRQFOXVLRQ WKDW VLQFH HYHU\ QDWXUH LQVRIDU DV LW LV D QDWXUH LV D JRRG
QRWKLQJ HOVH VHHPV WR EH VDLG ZKHQ ZH VD\ WKDW µD QDWXUH LV GHIHFWLYH¶ RU
µHYLO¶ WKDQ WKDW ZKDW LV JRRG LV HYLO DQG WKDW HYLO LV QRWKLQJ RWKHU WKDQ
ZKDW LV JRRG´²%\ WKH ZHDYLQJ RI DOO WKLV LW LV FOHDUO\ LQGLFDWHG WKDW
HYLO FDQQRW H[LVW LQ DQ\WKLQJ RWKHU WKDQ D JRRG WKLQJ DQG DOWKRXJK LW
VHHPV DEVXUG LW LV DOVR PDQLIHVWO\ VDLG WKDW ZKDW LV JRRG LV HYLO´
:+$7 )2//2:6 )520 7+( )25(*2,1* 1$0(/< 7+$7 :+(1 0$1 ,6
&$//(' (9,/ +( ,6 &$//(' $1 (9,/ *22' )URP WKLV LW LV JDWKHUHG WKDW
ZKHQ PDQ LV FDOOHG HYLO QRWKLQJ HOVH LV PHDQW WKDQ DQ HYLO JRRG +HQFH
$XJXVWLQH DGGV LQ WKH VDPH SODFH ³:KDW LV DQ HYLO PDQ LI QRW DQ HYLO
QDWXUH EHFDXVH PDQ LV D QDWXUH" 1RZ LI PDQ LV D JRRG WKLQJ EHFDXVH KH
LV D QDWXUH ZKDW HOVH LV DQ HYLO PDQ LI QRW DQ HYLO JRRG" <HW ZKHQ ZH
$XJXVWLQH (QFKLULGLRQ F
,ELG F ,ELG &I ,ELG
'LVWLQFWLRQ ;;;,9
GLVWLQJXLVK EHWZHHQ WKHVH WZR WKLQJV ZH ILQG WKDW KH LV QRW HYLO EHFDXVH
KH LV D PDQ QRU LV KH JRRG EHFDXVH KH LV LQLTXLWRXV EXW KH LV FDOOHG JRRG
EHFDXVH KH LV D PDQ HYLO EHFDXVH LQLTXLWRXV $QG VR HDFK QDWXUH HYHQ LI
LW LV GHIHFWLYH LQVRIDU DV LW LV D QDWXUH LV JRRG LQVRIDU DV LW LV GHIHFWLYH
LW LV HYLO´
&KDSWHU 7+$7 7+( 58/( 2) 7+( ',$/(&7,&,$16 5(*$5',1* 23326,7(6 )$,/6
,1 7+(6( 1$0(/< ,1 5(*$5' 72 *22' $1' (9,/²$8*867,1( $QG VR
³LQ WKHVH RSSRVLWHV ZKLFK DUH FDOOHG JRRG DQG HYLO WKDW UXOH RI WKH GLDOHF
WLFLDQV IDLOV E\ ZKLFK WKH\ VD\ WKDW WZR RSSRVLWHV FDQQRW EH LQ WKH VDPH
WKLQJ DW WKH VDPH WLPH )RU QR GULQN RU IRRG LV DW WKH VDPH WLPH VZHHW
DQG ELWWHU QRWKLQJ LV DW WKH VDPH WLPH DQG SODFH EODFN DQG ZKLWH $QG
WKLV LV IRXQG LQ PDQ\ WKLQJV DQG LQ DOPRVW DOO FRQWUDULHV WKDW WKH\ FDQQRW
EH DW WKH VDPH WLPH LQ WKH VDPH WKLQJ %XW DOWKRXJK QR RQH GRXEWV WKDW
JRRGV DQG HYLOV DUH RSSRVLWHV QRW RQO\ FDQ WKH\ H[LVW DW WKH VDPH WLPH
EXW HYLOV DUH HQWLUHO\ XQDEOH WR H[LVW ZLWKRXW JRRGV RU LQ DQ\WKLQJ RWKHU
WKDQ JRRGV´
7+$7 (9,/ $5,6(6 )520 *22' $1' (;,676 ,1 127+,1* 27+(5 7+$1
7+( *22' ³$QG WKHVH WZR RSSRVLWHV H[LVW DW WKH VDPH WLPH LQ VXFK D ZD\
WKDW LI WKH JRRG GLG QRW H[LVW LQ ZKLFK HYLO PLJKW H[LVW HYLO FRXOG QRW H[LVW
DW DOO EHFDXVH QRW RQO\ ZRXOG FRUUXSWLRQ QRW KDYH D SODFH WR VWD\ EXW LW
ZRXOG KDYH QR VRXUFH IURP ZKLFK WR DULVH XQOHVV WKHUH ZHUH VRPHWKLQJ
WKDW FRXOG EH FRUUXSWHG EHFDXVH FRUUXSWLRQ LV QRWKLQJ RWKHU WKDQ WKH H[
WHUPLQDWLRQ RI WKH JRRG $QG VR HYLOV KDYH DULVHQ IURP JRRGV DQG FDQQRW
H[LVW LQ DQ\WKLQJ RWKHU WKDQ JRRG WKLQJV´ ³7KHUHIRUH WKHUH ZDV QR
VRXUFH DW DOO IURP ZKLFK DQ HYLO QDWXUH FRXOG DULVH H[FHSW IURP WKH JRRG
QDWXUH RI DQJHO DQG PDQ IURP ZKLFK WKH HYLO ZLOO ILUVW DURVH´
+( &20326(6 $1 (3,/2*8( ,1 25'(5 72 029( 21 72 27+(5 7+,1*6
)URP WKHVH DUJXPHQWV LV UHYHDOHG ZKDW ZH VDLG DERYH ZDV WR EH LQYHV
WLJDWHG ILUVW DQG VHFRQG QDPHO\ ZKDW WKH RULJLQ RI HYLO ZDV DQG LQ ZKDW
WKLQJ LW H[LVWV %\ WKH WHVWLPRQLHV FLWHG DERYH LW LV SURYHQ WKDW LW DURVH
IURP D JRRG WKLQJ DQG H[LVWV LQ D JRRG WKLQJ
23326(' 72 7+$7 6(17(1&( ,1 :+,&+ ,7 :$6 6$,' 7+$7 (9,/ ,6 *22' ,6 7+( 21( )520 7+( 3523+(&< :+,&+ 6$<6 :2( 72 7+26( :+2
6$< 7+$7 (9,/ ,6 *22' %XW VRPH PDNH WKH IROORZLQJ REMHFWLRQ WR WKH
VWDWHPHQW µHYLO LV WKDW ZKLFK LV JRRG¶ ,I ZH VD\ WKDW HYLO LV JRRG ZH IDOO
$XJXVWLQH (QFKLULGLRQ F
,ELG ,ELG F $ERYH F
&I $XJXVWLQH (QFKLULGLRQ F
7+( 6(17(1&(6 %22.
XQGHU WKDW VHQWHQFH RI WKH 3URSKHW ZKHUH ZH UHDG :RH WR WKRVH ZKR VD\
WKDW HYLO LV JRRG DQG JRRG LV HYLO $QG VR LI ZH ZLVK WR DYRLG WKLV FXUVH
ZH PXVW QRW DW DOO VD\ WKDW JRRG LV HYLO DQG YLFH YHUVD²'(7(50,1$7,21
$&&25',1* 72 $8*867,1( %XW $XJXVWLQH GHWHUPLQHV WKLV LQ WKH VDPH
ERRN VD\LQJ WKDW ZKDW LV VDLG LQ WKH SURSKHF\ ³LV WR EH XQGHUVWRRG RI
WKRVH YHU\ WKLQJV E\ ZKLFK PHQ DUH HYLO QRW RI PHQ WKHPVHOYHV $QG VR LW
LV WKH RQH ZKR FDOOV DGXOWHU\ JRRG XSRQ ZKRP WKH SURSKHW¶V GHWHVWDWLRQ
IDOOV´ DV ZHOO DV XSRQ KLP ZKR ³VD\V WKDW PDQ LV HYLO RU WKDW WKH JRRG LV
LQLTXLWRXV´ )RU KH ZKR VD\V WKDW PDQ DV PDQ LV HYLO DQG WKDW LQLTXLW\ LV
JRRGQHVV ³IDXOWV *RG¶V ZRUN ZKLFK LV PDQ DQG SUDLVHV D YLFH RI PDQ
ZKLFK LV LQLTXLW\´
',67,1&7,21 ;;;9 &KDSWHU
:+$7 6,1 ,6 $IWHU WKHVH WKLQJV ZH PXVW VHH ZKDW VLQ LV²$8*867,1(
72 )$86786 $V $XJXVWLQH VD\V ³VLQ LV HYHU\ ZRUG RU GHHG RU GHVLUH
ZKLFK KDSSHQV DJDLQVW WKH ODZ RI *RG´²$8*867,1( $127+(5 '(
6&5,37,21 7KH VDPH LQ WKH ERRN 2Q WKH 7ZR 6RXOV ³6LQ LV WKH ZLOO WR
REWDLQ RU UHWDLQ ZKDW MXVWLFH IRUELGV´²,Q HLWKHU GHVFULSWLRQ ZKDW LV GLV
FXVVHG LV DFWXDO DQG PRUWDO VLQ QRW YHQLDO VLQ %\ WKH ILUVW GHVFULSWLRQ LW LV
VKRZQ WKDW VLQ LV DQ HYLO ZLOO RU GHSUDYHG VSHHFK DQG GHHG WKDW LV DQ HYLO
DFWLRQ ZKHWKHU LQWHULRU RU H[WHULRU %\ WKH VHFRQG LW LV VKRZQ WR EH RQO\
DQ LQWHULRU DFWLRQ IRU WKH ZLOO DV ZDV VDLG DERYH LV D PRYHPHQW RI WKH
VSLULW DQG VR WKH DFWLRQ LV LQWHULRU
$PEURVH WRR LQ WKH ERRN 2Q 3DUDGLVH VD\V ³:KDW LV VLQ H[FHSW D
WUDQVJUHVVLRQ RI WKH GLYLQH ODZ DQG GLVREHGLHQFH RI KHDYHQO\ FRPPDQGV"
$QG VR WKHUH LV VLQ LQ WKH WUDQVJUHVVRU EXW WKHUH LV QR IDXOW LQ WKH RQH ZKR
PDQGDWHG WKH FRPPDQGV )RU WKHUH ZRXOG EH QR VLQ LI WKHUH KDG EHHQ QR
SURKLELWLRQ %XW LI WKHUH ZHUH QR VLQ QRW RQO\ ZLFNHGQHVV EXW SHUKDSV QRW
HYHQ YLUWXH ZRXOG H[LVW ZKLFK LI WKHUH KDG QRW EHHQ VRPH VHHGV RI ZLFN
HGQHVV PLJKW HLWKHU QRW H[LVW RU QRW ULVH LQ H[FHOOHQFH DERYH LW´ 6HH
$PEURVH GHILQHV VLQ WR EH WUDQVJUHVVLRQ RI WKH ODZ DQG D GLVREHGLHQFH
$XJXVWLQH (QFKLULGLRQ F
,ELG F ,ELG
$XJXVWLQH &RQWUD )DXVWXP EN F
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
'LVW F Q
$PEURVH 'H SDUDGLVR F Q
'LVWLQFWLRQ ;;;9
-RKQ VD\V 7KH RQH ZKR VLQV FRPPLWV LQLTXLW\ DQG VLQ LV LQLTXLW\
2Q WKLV SDVVDJH $XJXVWLQH VD\V ³/DZ LV OH[ LQ /DWLQ DQG QRPRV LQ
*UHHN LQLTXLW\ LV DQRPLD ZKLFK LV DJDLQVW WKH ODZ RU LV ODZOHVV $QG VR
KH VD\V 6LQ LV LQLTXLW\ ZKDWHYHU VLQ ZH FRPPLW ZH DFW DJDLQVW *RG¶V
ODZ +HQFH , FRXQWHG DOO VLQQHUV RI WKH HDUWK WR EH WUDQVJUHVVRUV QRW
RQO\ WKRVH ZKR KROG WKH ZULWWHQ ODZ LQ FRQWHPSW EXW DOVR WKRVH ZKR FRU
UXSW WKH LQQRFHQFH RI WKH QDWXUDO ODZ´
&KDSWHU
+( &,7(6 7+( 6(17(1&(6 2) ',))(5(17 $87+256 21 6,1 %\ UHDVRQ RI
WKH GLYHUVLW\ RI WKHVH VWDWHPHQWV PDQ\ KDYH WKRXJKW GLIIHUHQW WKLQJV FRQ
FHUQLQJ VLQ²7+5(()2/' 23,1,21 21 6,1 )RU VRPH VDLG WKDW DQ HYLO ZLOO
DORQH LV VLQ DQG QRW H[WHULRU DFWLRQV RWKHUV WKDW LW LV WKH ZLOO DQG WKH DFWV
RWKHUV WKDW LW LV QHLWKHU VD\LQJ WKDW DOO DFWLRQV DUH JRRG DQG E\ *RG DQG
IURP *RG DV WKHLU VRXUFH ZKLOH HYLO LV QRWKLQJ DV $XJXVWLQH VD\V LQ 2Q
-RKQ ³$OO WKLQJV ZHUH PDGH WKURXJK KLP DQG ZLWKRXW KLP ZDV PDGH
QRWKLQJ WKDW LV VLQ ZKLFK LV QRWKLQJ DQG PHQ DUH PDGH LQWR QRWKLQJ
ZKHQ WKH\ VLQ´
$ERYH $XJXVWLQH DOVR VDLG WKDW ³HYLO LV WKH SULYDWLRQ RU FRUUXSWLRQ
RI WKH JRRG´ +H VD\V WKLV DOVR LQ KLV ERRN 2Q 4XHVWLRQV ³3HUIHFW HYLO
KDV QR IRUP IRU LW ODFNV DOO JRRG EXW D IRUP LV VRPHWKLQJ JRRG $QG VR
HYLO GRHV QRW H[LVW EHFDXVH LW LV FRQWDLQHG LQ QR VSHFLHV DQG WKH ZKROH
PHDQLQJ RI HYLO LV IRXQG LQ WKH SULYDWLRQ RI VSHFLHV´²$OVR LQ 2Q (FFOH
VLDVWLFDO 'RJPDV LW LV VDLG WKDW ³HYLO RU ZLFNHGQHVV ZDV QRW FUHDWHG E\
*RG EXW ZDV GLVFRYHUHG E\ WKH GHYLO ZKR ZDV FUHDWHG JRRG KLPVHOI´²
7KH VDPH >$XJXVWLQH@ LQ WKH ERRN $JDLQVW WKH 0DQLFKHHV DOVR VKRZV
ZKDW LW LV WR VLQ VD\LQJ ³:KDW LV LW WR VLQ RWKHU WKDQ WR HUU DJDLQVW WKH
FRPPDQGV RI WUXWK RU DJDLQVW WUXWK LWVHOI" $QG LI WKH\ GR QRW GR WKLV ZLOO
LQJO\ WKH\ DUH XQMXVWO\ FDOOHG VLQQHUV´ :KDW WKHQ LV WR EH KHOG DPLG
VXFK JUHDW YDULHW\" :KDW LV WR EH VDLG"
$ 758( 9,(: 21 6,1 ,6 352326(' ,W FDQ ZHOO EH VDLG DQG LW PXVW
EH IUHHO\ WDXJKW WKDW VLQ LV DQ HYLO DFWLRQ LQWHULRU DQG H[WHULRU QDPHO\ DQ
-Q 3V
5DWKHU %HGH ,Q , ,RDQQHP
,Q F QQ -Q
$XJXVWLQH ,Q ,RDQQHP WU Q
'LVW F Q
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
*HQQDGLXV /LEHU VHX GLIILQLWLR HFFOHVLDVWLFRUXP GRJPDWXP F
7KDW LV (YRGLXV 'H ILGH FRQWUD 0DQLFKDHRV F
7+( 6(17(1&(6 %22.
HYLO WKRXJKW VSHHFK DQG GHHG <HW VLQ H[LVWV SULPDULO\ LQ WKH ZLOO IURP
ZKLFK OLNH HYLO IUXLWV IURP DQ HYLO WUHH SURFHHG HYLO GHHGV
7+( 5(&(,9(' 23,1,21 2) 620( :+2 6$< 7+$7 $1 (9,/ :,// $1'
$&7,21 ,162)$5 $6 7+(< $5( $5( 1$785(6 $1' 62 7+(< $5( *22'
%87 ,162)$5 $6 7+(< $5( (9,/6 7+(< $5( 6,16 $QG VRPH GLOLJHQWO\
QRWLQJ WKH ZRUGV RI $XJXVWLQH ZKLFK KH XVHV DERYH DQG RQ RWKHU SODFHV
RI 6FULSWXUH QRW XQOHDUQHGO\ WHDFK WKDW DQ HYLO ZLOO DQG HYLO DFWLRQV LQVR
IDU DV WKH\ DUH RU LQVRIDU DV WKH\ DUH DFWLRQV DUH JRRGV EXW LQVRIDU DV
WKH\ DUH HYLOV WKH\ DUH VLQV 7KH\ VD\ WKDW HYHU\ ZLOO DQG HYHU\ DFWLRQ LV D
JRRG QDWXUH RI *RG LQVRIDU DV LW LV DQ DFWLRQ RU D ZLOO DQG LW LV IURP *RG
DV DXWKRU %XW LQVRIDU DV LW LV GRQH LQ D GLVRUGHUO\ PDQQHU DQG DJDLQVW WKH
ODZ DQG ODFNV D GXH HQG LW LV D VLQ $QG VR LQVRIDU DV LW LV D VLQ LW LV
QRWKLQJ IRU LW LV QR VXEVWDQFH DQG QR QDWXUH
7+(< 3529( %< $87+25,7,(6 7+$7 $// :,//6 $1' $&7,216 $5(
*22'6 ,162)$5 $6 7+(< $5( $QG WKH\ SURYH WKDW DQ\ ZLOO DQG DFWLRQ LV
D JRRG LQVRIDU DV LW LV IURP ZKDW $XJXVWLQH VD\V LQ WKH ERRN 2Q
4XHVWLRQV ³*RG LV WKH FDXVH RQO\ RI JRRG DQG VR KH LV QRW WKH DXWKRU RI
HYLO EHFDXVH KH LV WKH DXWKRU RI DOO WKLQJV WKDW DUH DQG WKHVH LQVRIDU DV
WKH\ DUH DUH JRRG´²7KH VDPH SURYLQJ WKDW QRWKLQJ KDSSHQV E\ FKDQFH
LQ WKH ZRUOG VD\V LQ WKH VDPH ³:KDWHYHU KDSSHQV E\ FKDQFH KDSSHQV
ZLWKRXW GHVLJQ ZKDWHYHU KDSSHQV ZLWKRXW GHVLJQ GRHV QRW KDSSHQ E\
SURYLGHQFH $QG VR LI VRPH WKLQJV LQ WKH ZRUOG KDSSHQ E\ FKDQFH WKH
ZKROH ZRUOG LV QRW DGPLQLVWHUHG E\ SURYLGHQFH LI WKH ZKROH ZRUOG LV QRW
DGPLQLVWHUHG E\ SURYLGHQFH WKHUH LV VRPH QDWXUH RU VXEVWDQFH ZKLFK
GRHV QRW SHUWDLQ WR WKH ZRUN RI SURYLGHQFH %XW DOO WKDW LV LQVRIDU DV LW LV
LV JRRG )RU WKDW LV WKH KLJKHVW JRRG E\ SDUWLFLSDWLRQ LQ ZKLFK DOO RWKHU
JRRGV DUH DQG DOO WKDW LV FKDQJHDEOH LQVRIDU DV LW LV LV QRW JRRG LQ LWVHOI
EXW E\ SDUWLFLSDWLRQ LQ WKDW JRRG ZKLFK ZH DOVR FDOO GLYLQH SURYLGHQFH
$QG VR QRWKLQJ KDSSHQV E\ FKDQFH LQ WKH ZRUOG´²%\ WKHVH WHVWLPRQLHV
WKH\ VWULYH WR VKRZ WKDW DOO WKDW LV LQVRIDU DV LW LV LV JRRG +HQFH WKH VDPH
$XJXVWLQH LQ 2Q &KULVWLDQ 'RFWULQH ERRN VD\V ³+H PRVW KLJKO\ DQG
SULPRUGLDOO\ LV ZKR LV HQWLUHO\ XQFKDQJHDEOH DQG DOO RWKHU WKLQJV WKDW DUH
FDQQRW H[LVW DSDUW IURP KLP DQG WKH\ DUH JRRG LQVRIDU DV WKH\ KDYH UH
FHLYHG WKDW WKH\ EH >IURP KLP@´
:+$7 )2//2:6 )520 7+( $)25(6$,' )URP WKH DIRUHVDLG LW LV
JDWKHUHG DQG LQIHUUHG WKDW LI WKHUH LV DQ HYLO ZLOO DQG DQ HYLO DFWLRQ LQVR
IDU DV LW LV LW LV JRRG %XW GRHV DQ\RQH GHQ\ WKDW DQ HYLO ZLOO DQG DQ HYLO
DFWLRQ H[LVW" $QG VR DQ HYLO ZLOO RU DFWLRQ LQVRIDU DV LW LV LV D JRRG $QG
&I 0W GLVW F Q DERYH
+HUH DERYH WKURXJKRXW GLVW
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
,ELG T
$XJXVWLQH 'H GRFWULQD FKULVWLDQD EN F Q
'LVWLQFWLRQ ;;;9
LQVRIDU DV LW LV D ZLOO RU DQ DFWLRQ LW LV VLPLODUO\ D JRRG EXW LW LV HYLO IURP
WKLV YLFH WKLV YLFH LV QRW IURP *RG QRU LV LW DQ\WKLQJ
21 7+( 9,&( 2) 7+( :,// $XJXVWLQH DSSHDUV WR KDYH QRWHG WKLV LQ
WKH ERRN 2Q 4XHVWLRQV VD\LQJ ³,W LV E\ D YLFH RI WKH ZLOO WKDW PDQ LV
PDGH ZRUVH WKLV YLFH LV IDU IURP *RG¶V ZLOO DV UHDVRQ WHDFKHV´ )URP
WKLV WH[W WKH\ SURYH WKDW WKH ZLOO LQVRIDU DV LW LV YLFLRXV LV QRW IURP *RG
$QG LQVRIDU DV LW LV YLFLRXV LW LV D VLQ $QG LW LV D VLQ WKH\ VD\ LQVRIDU DV
LW KDV QHLWKHU RUGHU QRU D GXH HQG ,Q WKH VDPH ZD\ DQ DFWLRQ LQVRIDU DV
LW SURFHHGV IURP HYLO GRHV QRW KDYH RUGHU DQG WHQGV WRZDUG HYLO
$127+(5 3522) 7+$7 ($&+ $&7 ,162)$5 $6 ,7 ,6 ,6 *22' $OVR
WKH\ SURYH LQ DQRWKHU ZD\ WKDW HYHU\ DFW LQWHULRU RU H[WHULRU LQVRIDU DV LW
LV LV JRRG IRU WKHUH ZRXOG QRW EH DQ HYLO DFW XQOHVV WKHUH ZHUH D JRRG
WKLQJ IRU WKHUH LV QRWKLQJ ZKLFK LV HYLO XQOHVV WKH VDPH WKLQJ LV JRRG²
+HQFH $XJXVWLQH LQ WKH (QFKLULGLRQ ³(YHU\ QDWXUH LV D JRRG QRU ZRXOG
DQ\WKLQJ EH HYLO LI WKH WKLQJ LWVHOI ZKLFK LV HYLO ZHUH QRW D QDWXUH VR
WKHUH FDQQRW EH DQ HYLO XQOHVV WKHUH LV VRPHWKLQJ JRRG $QG DOWKRXJK WKLV
VHHPV DEVXUG LQ WKH WHOOLQJ \HW WKH LQHVFDSDEOH FRQFOXVLRQ RI WKH DUJX
PHQW FRPSHOV XV WR VD\ LW´
+( 6800$5,=(6 :+$7 +$6 %((1 6$,' )URP WKH DERYH WHVWLPRQLHV
WKH\ DVVHUW WKDW DOO DFWLRQV LQVRIDU DV WKH\ DUH DUH JRRG WKLQJV QRU LV DQ\
WKLQJ HYLO WKDW LV D VLQ XQOHVV WKH VDPH WKLQJ LV DOVR LQ VRPH UHVSHFW D
JRRG $QG WKH\ GHFODUH WKDW *RG LV WKH DXWKRU RI DOO WKLQJV WKDW DUH LQVR
IDU DV WKH\ DUH DQG WKDW E\ KLV ZLOO DUH DOO WKLQJV WKDW DUH DQG WKDW WKHVH
LQVRIDU DV WKH\ DUH DUH QDWXUHV
2%-(&7,21 $*$,167 7+26( :+2 6$< 7+$7 $// $&7,216 ,162)$5
$6 7+(< $5( $5( *22' 7KLV REMHFWLRQ LV PDGH WR WKHP ,I DOO WKLQJV WKDW
DUH LQVRIDU DV WKH\ DUH DUH JRRG DQG DUH QDWXUHV WKHQ DGXOWHU\ KRPLFLGH
DQG VXFKOLNH LQVRIDU DV WKH\ DUH DUH JRRG DQG DUH QDWXUHV DQG KDSSHQ
ZLWK *RG¶V ZLOO ,I WKLV LV VR WKHQ WKRVH ZKR GR VXFK WKLQJV GR JRRG
WKLQJV ZKLFK LV HQWLUHO\ DEVXUG²7+(,5 5(63216( 7R WKHVH KRZHYHU
WKH\ DQVZHU DV IROORZV WKH\ VD\ WKDW DGXOWHU\ KRPLFLGH DQG VXFKOLNH GR
QRW GHQRWH VLPSO\ DFWLRQV EXW WKH YLFHV RI DFWLRQV DQG WKH YHU\ DFWLRQV RI
DGXOWHU\ DQG KRPLFLGH LQVRIDU DV WKH\ DUH RU LQVRIDU DV WKH\ DUH DFWLRQV
DUH IURP *RG DQG DUH JRRG QDWXUHV EXW QRW LQVRIDU DV WKH\ DUH DGXOWHU\
DQG KRPLFLGH $QG VR WKH\ VD\ WKDW LW GRHV QRW IROORZ WKDW LI WKH DFWLRQV
ZKLFK DUH KRPLFLGHV DQG DGXOWHULHV DUH IURP *RG WKHQ KRPLFLGHV DQG
DGXOWHULHV DUH IURP *RG
$127+(5 2%-(&7,21 2) 7+( 27+(56 $*$,167 7+(6( $OVR DQRWKHU
REMHFWLRQ LV PDGH WR WKHP ,I VRPHWKLQJ ZKLFK LV QRW D QDWXUH RU D JRRG
WKLQJ LV QRW HYLO KRZ WKHQ DUH QRW WR EHOLHYH LQ *RG QRW WR JR WR FKXUFK
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
$XJXVWLQH (QFKLULGLRQ F
7+( 6(17(1&(6 %22.
DQG VXFKOLNH VLQV VLQFH WKHVH DUH QRW QDWXUHV LQGHHG DUH HQWLUHO\ ZLWKRXW
EHLQJ" )RU LW LV QRW VRPHWKLQJ RU DQ\ WKLQJ QRW WR JR WR FKXUFK RU QRW WR
EHOLHYH DQG VXFKOLNH²5(63216( :+(5( 7+(< 7($&+ 7+$7 :+$7 ,6
6$,' 7+528*+ 1(*$7,21 $6 127 72 %(/,(9( ,1 *2' $1' 68&+/,.(
326,76 620(7+,1* 7R WKLV WKH\ VD\ WKDW VRPH WKLQJV DUH LQ IDFW SRVLWHG
E\ WKHVH DQG VLPLODU H[SUHVVLRQV ZKLFK VHHP VLPSO\ WR GHQRWH SULYDWLRQV
DQG QRW WR SRVLW DQ\WKLQJ EHFDXVH WKH\ DUH VDLG WKURXJK QHJDWLRQ DQG WKDW
DFWLRQV DUH VLJQLILHG WKURXJK WKHP )RU WKH\ VD\ WKDW QRW WR EHOLHYH LQ
&KULVW LV XQEHOLHI DQG WKDW E\ WKH WHUP XQEHOLHI DQ HYLO DFWLRQ RI WKH PLQG
LV VLJQLILHG ,Q WKH VDPH ZD\ LQ WKH VWDWHPHQW µQRW WR JR WR FKXUFK LV DQ
HYLO¶ WKH FRQWHPSW RI WKH RQH ZKR GRHV QRW JR LV VLJQLILHG WKDW LV KLV HYLO
ZLOO RU LQWHQWLRQ )RU WKLV LV WR IDOO DZD\ IURP D JRRG DQG VR LW LV HYLO
VLPLODUO\ DQG FRQYHUVHO\ WR IDOO DZD\ IURP HYLO LV D JRRG $QG VR MXVW DV
WKH IDOOLQJ DZD\ IURP HYLO SRVLWV VRPHWKLQJ QDPHO\ WKH ZLOO DQG LQWHQWLRQ
RI DYRLGLQJ HYLO IRU WKDW ZKLFK LV QRWKLQJ DW DOO FDQQRW EH D JRRG VR DOVR
WKH IDOOLQJ DZD\ IURP WKH JRRG µWKDW LV¶ VLJQLILHV >VRPHWKLQJ@ QDPHO\ WKH
ZLOO DQG LQWHQWLRQ WR >GR@ HYLO $QG DFFRUGLQJ WR WKLV WKDW GHILQLWLRQ RI
PRUWDO VLQ ZKLFK $XJXVWLQH VHW RXW DERYH LV WUXH DQG JHQHUDO
&KDSWHU :+(7+(5 $1 (9,/ $&7,21 ,162)$5 $6 ,7 ,6 $ 6,1 ,6 $ 35,9$7,21 25
&255837,21 2) 7+( *22' ,W FDQ DOVR EH DVNHG E\ WKHP VLQFH VLQ DV KDV
EHHQ VDLG DERYH LV D SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG DQG HYHU\ HYLO
DFWLRQ LV D VLQ ZKHWKHU RU QRW LW LV DOVR D SULYDWLRQ RU FRUUXSWLRQ RI WKH
JRRG LQVRIDU DV LW LV D VLQ²+( 6(76 287 7+( $5*80(176 21 %27+ 6,'(6
)RU LI LQVRIDU DV LW LV D VLQ LW LV D FRUUXSWLRQ RI WKH JRRG DQG VLQFH FRU
UXSWLRQ RU SULYDWLRQ RI WKH JRRG LV D SXQLVKPHQW IRU PDQ WKHQ LQVRIDU DV
LW LV D VLQ LW LV D SXQLVKPHQW ,I LW LV VR WKHQ LQVRIDU DV LW LV D VLQ LW VHHPV
WR EH D JRRG DQG WR EH IURP *RG %XW LI LW LV QRW D FRUUXSWLRQ LQVRIDU DV LW
LV D VLQ WKHQ LW LV DVNHG DFFRUGLQJ WR ZKDW LV LW D FRUUXSWLRQ )RU LI LW LV FRU
UXSWLRQ²DQG QRW LQVRIDU DV LW LV D VLQ VLQFH LW LV QRWKLQJ EXW D JRRG DSDUW
IURP WKDW LQ ZKLFK LW LV D VLQ²WKHQ LW LV FRUUXSWLRQ RU SULYDWLRQ RI WKH JRRG
LQVRIDU DV LW LV D JRRG
5(63216( :+(5( ,7 ,6 6$,' 7+$7 ,162)$5 $6 ,7 ,6 6,1 ,7 ,6 35,9$
7,21 25 &255837,21 2) 7+( *22' $1' <(7 127 $ 381,6+0(17 7R WKLV
WRR WKH\ VD\ WKDW DQ HYLO DFWLRQ LV D SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG
QRW LQVRIDU DV LW LV QRU LQVRIDU DV LW LV D JRRG EXW RQO\ LQVRIDU DV LW LV D VLQ
DQG \HW LQVRIDU DV LW LV D VLQ LW LV QRW D SXQLVKPHQW RU DQ\WKLQJ HOVH ZKLFK
LV IURP *RG )RU DV LV JDWKHUHG IURP WKH ZRUGV RI $XJXVWLQH FLWHG DERYH
$ERYH F Q
'LVW F Q
'LVWLQFWLRQ ;;;9
VLQ LV FDOOHG D FRUUXSWLRQ RU SULYDWLRQ DFWLYHO\ QRW SDVVLYHO\ ,QGHHG DQ
HYLO RU D VLQ LV FDOOHG D FRUUXSWLRQ RI WKH JRRG EHFDXVH LW GHSULYHV D JRRG
QDWXUH ³RI VRPH JRRG LQGHHG LI LW GRHV QRW GHSULYH LW RI DQ\ JRRG LW GRHV
QRW KDUP LW´ DV $XJXVWLQH VD\V DERYH ³EXW LW GRHV KDUP LW DQG VR LW WDNHV
DZD\ WKH JRRG´ $QG LW GRHV QRW KDUP LW H[FHSW LQVRIDU DV LW LV D VLQ DQG
VR LW GHSULYHV LW RI WKH JRRG LQVRIDU DV LW LV D VLQ DQG VR LQVRIDU DV LW LV D
VLQ LW LV D SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG
&KDSWHU +2: ,162)$5 $6 ,7 ,6 $ 6,1 ,7 &$1 &255837 7+( *22' 6,1&( ,7 ,6
127+,1* %XW VLQFH LW LV QRWKLQJ LQVRIDU DV LW LV VLQ KRZ FDQ LW FRUUXSW RU
GHVWUR\ WKH JRRG"²$8*867,1(¶6 5(63216( %< $1$/2*< $XJXVWLQH
WHDFKHV \RX WKLV LQ WKH ERRN 2Q WKH 1DWXUH RI WKH *RRG VD\LQJ ³7R DE
VWDLQ IURP IRRG LV QRW VRPH VXEVWDQFH DQG \HW LI RQH DEVWDLQV HQWLUHO\
IURP IRRG WKH VXEVWDQFH RI WKH ERG\ ODQJXLVKHV DQG LV ZHDNHQHG ,Q WKH
VDPH ZD\ VLQ LV QRW D VXEVWDQFH´ DQG \HW WKH QDWXUH RI WKH VRXO LV FRU
UXSWHG E\ LW
7+$7 6,1 ,6 3523(5/< $ &255837,21 2) 7+( 628/ $1' +2: %XW
VLQ WKDW LV IDXOW LV SURSHUO\ D FRUUXSWLRQ RI WKH VRXO $QG LI LW LV DVNHG LQ
ZKDW WKH VRXO FDQ EHFRPH FRUUXSW WKLV EHFRPHV FOHDU LQ WKH SDUDEOH RI WKH
RQH ZKR IHOO DPRQJ WKLHYHV ZKR UREEHG DQG ZRXQGHG KLP )RU PDQ IDOOV
DPRQJ WKLHYHV ZKHQ KH LV GUDZQ LQWR WKH SRZHU RI WKH GHYLO WKURXJK VLQ
DQG WKHQ WKURXJK VLQ KH LV UREEHG RI WKH IUHHO\JLYHQ JRRGV WKDW LV WKH
YLUWXHV DQG KH LV ZRXQGHG LQ KLV QDWXUDO JRRGV ZKLFK DUH UHDVRQ RU WKH
LQWHOOHFW PHPRU\ LQJHQXLW\ DQG VXFKOLNH ZKLFK DUH GDUNHQHG DQG YLWLD
WHG WKURXJK VLQ 7KURXJK VLQ KH LV DOVR GHSULYHG RI WKDW JRRG E\ SDUWL
FLSDWLRQ LQ ZKRP RWKHU WKLQJV DUH JRRG KH GLVWDQFHV KLPVHOI IXUWKHU IURP
KLP WKH PRUH KH LV GHSULYHG RI KLP
&KDSWHU +2: 0$1 ',67$1&(6 +,06(/) )520 *2' 1$0(/< 7+528*+ 7+( 81
/,.(1(66 :+,&+ 6,1 %5,1*6 $%287 $QG KH GLVWDQFHV KLPVHOI IURP KLP
WKURXJK VLQ QRW E\ GLVWDQFH RI SODFH EHFDXVH *RG LV HQWLUHO\ SUHVHQW
HYHU\ZKHUH WR HYHU\RQH DQG DV $XJXVWLQH VD\V LQ WKH ERRN 2Q 4XHV
WLRQV ³DOO WKLQJV DUH LQ KLP DQG KH LV QRW D SODFH ,QGHHG *RG¶V WHPSOH LV
LPSURSHUO\ FDOOHG WKH SODFH RI *RG QRW WKDW KH LV FRQWDLQHG LQ LW EXW WKDW
KH LV SUHVHQW DQG LQGZHOOLQJ LQ LW %XW WKH FOHDQ VRXO LV XQGHUVWRRG WR EH
'LVW F Q
$XJXVWLQH 'H QDWXUD HW JUDWLD F Q
&I /N FI DOVR DERYH GLVW F Q
7+( 6(17(1&(6 %22.
WKDW´ 7KXV RQH EHFRPHV IDU IURP *RG WKURXJK VLQ DQG QRW DFFRUGLQJ WR
SODFH DQG RQH EHFRPHV IDU EHFDXVH RQH GHSDUWV IURP *RG¶V OLNHQHVV DQG
WKH IXUWKHU RQH LV WKH PRUH XQOLNH RQH EHFRPHV²$V $XJXVWLQH VD\V LQ
WKH ERRN 2Q 4XHVWLRQV ³$QG WKRVH WKLQJV ZKLFK DUH VLPLODU WR *RG E\
SDUWLFLSDWLRQ DUH FDSDEOH RI XQOLNHQHVV EXW WKH OLNHQHVV LWVHOI FDQ LQ QR
ZD\ EH XQOLNH LQ DQ\ SDUW $QG VR LW LV WKDW VLQFH WKH 6RQ LV WKH OLNHQHVV RI
WKH )DWKHU KH FDQQRW EH XQOLNH WKH )DWKHU LQ DQ\ SDUW E\ SDUWLFLSDWLRQ LQ
ZKRP DOO WKLQJV WKDW DUH OLNH *RG DUH OLNH KLP´ DQG WKH\ DUH FDSDEOH RI
XQOLNHQHVV $QG WKHUH LV QRWKLQJ WKDW PDNHV PDQ VR XQOLNH *RG DV GRHV VLQ
7+$7 6,1 ,6 $/62 7+( 35,9$7,21 2) 7+( *22' 2) 7+( %2'< $QG
VLQFH VLQ LV D FRUUXSWLRQ RU SULYDWLRQ RI WKH JRRG ZKLFK LV LQ WKH VRXO LW LV
DOVR D SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG RI WKH ERG\ DV ZDV WKH FDVH
ZKHQ LW GHSULYHG WKH ERG\ RI PDQ RI WKH EHQHILW RI WKDW LPPRUWDOLW\ DQG
LPSDVVLELOLW\ ZKLFK LW KDG EHIRUH VLQ
&KDSWHU
:+(7+(5 35,9$7,21 2) 7+( *22' ,6 $ 381,6+0(17 $QG LW LV XVXDO WR
DVN ZKHWKHU SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG LV D SXQLVKPHQW²$QG
WKLV PD\ EH HDVLO\ DQVZHUHG LI ZH UHFDOO WR PLQG ZKDW KDV DOUHDG\ EHHQ
VDLG )RU ZH VDLG DERYH WKDW SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG LV WDNHQ
DFWLYHO\ RU SDVVLYHO\ WKDW LV DFFRUGLQJ WR LWV HIILFLHQW FDXVH RU LWV HIIHFW
$QG VR WKH SULYDWLRQ RU FRUUXSWLRQ RI WKH JRRG LV FDOOHG ERWK VLQ DQG SXQ
LVKPHQW VLQ DFFRUGLQJ WR LWV HIILFLHQW FDXVH EHFDXVH LW GHSULYHV RU FRU
UXSWV WKH JRRG DQG SXQLVKPHQW DFFRUGLQJ WR LWV HIIHFW WKDW LV DFFRUGLQJ
WR WKH VXIIHULQJ ZKLFK LV WKH HIIHFW RI VLQ )RU IDXOW LV RQH WKLQJ SXQLVK
PHQW DQRWKHU 7KH RQH LV *RG¶V WKDW LV WKH SXQLVKPHQW WKH RWKHU LV WKH
GHYLO¶V RU PDQ¶V WKDW LV WKH IDXOW
',67,1&7,21 ;;;9, &KDSWHU 7+$7 620( 7+,1*6 $5( 6,16 $1' 381,6+0(17 2) 6,1 6,08/7$1(286
/< 620( $5( 6,16 $1' 7+( &$86( 2) 6,1 %87 27+(56 $5( 6,16 $1'
7+( &$86( $1' 381,6+0(17 2) 6,1 $QG \HW LW LV WR EH NQRZQ WKDW VRPH
WKLQJV DUH VLQV LQ VXFK ZD\ WKDW WKH\ DUH DOVR SXQLVKPHQWV IRU VLQV +HQFH
$XJXVWLQH RQ WKDW SODFH RI 3VDOP 7KH ILUH IHOO RYHU WKHP DQG WKH\ GLG
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
,ELG T ,Q F Q
6HH DERYH GLVW F
'LVWLQFWLRQ ;;;9,
QRW VHH WKH VXQ VD\V ³7KH ILUH RI SULGH DQG FRQFXSLVFHQFH DQG DQJHU´ LV
PHDQW ³%HFDXVH IHZ DUH DEOH WR VHH WKHVH SXQLVKPHQWV WKH $SRVWOH UH
FDOOV WKHP HVSHFLDOO\ LQ WKH (SLVWOH WR WKH 5RPDQV DQG KH HQXPHUDWHV
PDQ\ WKLQJV ZKLFK DUH VLQV DQG SXQLVKPHQWV IRU VLQ )RU EHWZHHQ WKH ILUVW
VLQ RI DSRVWDV\ DQG WKH ODVW SXQLVKPHQW RI HWHUQDO ILUH WKHUH DUH PLGGOH
WKLQJV ZKLFK DUH ERWK VLQV DQG SXQLVKPHQWV IRU VLQ´
*UHJRU\ WRR LQ 2Q (]HFKLHO VD\V ³%HIRUH D GHVSLVHU ZKR GRHV QRW
ZLVK WR UHSHQW *RG SODFHV D VWXPEOLQJEORFN QDPHO\ DQ RFFDVLRQ WR EH
FRPH PRUH GHHSO\ PLUHG )RU D VLQ ZKLFK LV QRW TXLFNO\ HUDVHG WKURXJK
SHQDQFH LV HLWKHU D VLQ DQG WKH FDXVH RI VLQ RU D VLQ DQG D SXQLVKPHQW RI
VLQ RU VLPXOWDQHRXVO\ D VLQ DQG D FDXVH DQG SXQLVKPHQW RI VLQ +HQFH
0RVHV 7KH VLQV RI WKH $PRUUKDHDQV DUH QRW \HW FRPSOHWH $QG 'DYLG
VD\V +HDS LQLTXLW\ XSRQ WKHLU LQLTXLW\ $QG DQRWKHU 3URSKHW %ORRG
WRXFKHG EORRG WKDW LV VLQ ZDV DGGHG WR VLQ 3DXO WRR VD\V $QG VR *RG
KDQGHG WKHP RYHU WR SDVVLRQV RI LJQRPLQ\ HWF DQG DOVR 7KDW WKH\ PD\
DOZD\V ILOO WKHLU VLQV $QG WR -RKQ WRR WKH DQJHO VD\V $V IRU WKH RQH
PLUHG LQ ILOWK OHW KLP FRQWLQXH WR EHFRPH ILOWK\´ )URP WKHVH WHVWL
PRQLHV LW LV JDWKHUHG WKDW VRPH VLQ LV ERWK D VLQ DQG D SXQLVKPHQW RI VLQ
&KDSWHU $ 48(67,21 $5,6,1* )520 7+( $)25(6$,' 1$0(/< :+(7+(5 ,162
)$5 $6 ,7 ,6 $ 6,1 ,7 ,6 381,6+0(17 2) 6,1 $QG VR LW LV GHVHUYHGO\ DVNHG
ZKHWKHU LQVRIDU DV LW LV D VLQ LW LV SXQLVKPHQW RI VLQ
7+( 5($621 :+< ,7 ,6 127 7KLV GRHV QRW DSSHDU WR EH WKH FDVH
VLQFH HYHU\ SXQLVKPHQW RI VLQ LV MXVW KHQFH $XJXVWLQH LQ WKH ERRN RI 5H
WUDFWDWLRQV ³(YHU\ SXQLVKPHQW RI VLQ LV MXVW DQG LV FDOOHG D WRUPHQW´
$QG VR LI D VLQ ZKLFK LV >ERWK@ D VLQ DQG SXQLVKPHQW RI VLQ LQVRIDU DV LW LV
D VLQ LV D SXQLVKPHQW RI VLQ VLQFH DOO MXVW SXQLVKPHQW FRPHV IURP *RG¶V
MXVWLFH LW VHHPV WKDW LQVRIDU DV LW LV D VLQ LW LV MXVW DQG FRPHV IURP *RG
7+(,5 5(63216( :+(5( ,7 ,6 7$8*+7 ,1 :+$7 6(16( 6,1 ,6 &$//('
$ 381,6+0(17 2) 6,1 25 $ 381,6+0(17 7R WKLV WKH\ UHVSRQG WKDW VLQ LV
3V &I 5RP
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V QQ
&I (]HFK *HQ 3V +RV 5RP 7KHVV $SRF
*UHJRU\ ,Q (]HFKLHOHP EN KRP QQ
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
7+( 6(17(1&(6 %22.
FDOOHG D SXQLVKPHQW RI VLQ EHFDXVH WKURXJK WKH VLQ LQWR ZKLFK D PDQ IDOOV
RXW RI JXLOW IRU D SUHFHGLQJ VLQ KH LV DEDQGRQHG E\ *RG DQG KLV JRRG QD
WXUH LV FRUUXSWHG -XVW DV WKH SXQLVKPHQW RI WKH HYLO RQHV LV FDOOHG HWHUQDO
ILUH EHFDXVH WKH\ DUH WRUWXUHG E\ LW DQG \HW WKH WRUWXUH LWVHOI RI HYLOGRHUV
LV QRW WKH ILUH EXW LW RFFXUV LQ PDQ WKURXJK WKH ILUH VR WKURXJK VLQ QDWXUH
LV FRUUXSWHG DQG WKH JRRG RI QDWXUH LV GLPLQLVKHG DQG WKLV YHU\ GLPLQXWLRQ
DQG FRUUXSWLRQ RI WKH JRRG LV D VXIIHULQJ DQG D SXQLVKPHQW DQG WKDW
WKURXJK ZKLFK WKLV KDSSHQV LV QRW HVVHQWLDOO\ VLQ LWVHOI EXW LW LV FDOOHG VLQ
DV ZDV VDLG HDUOLHU EHFDXVH WKURXJK VLQ DV VRRQ DV PDQ VLQV WKDW FRUUXS
WLRQ RFFXUV LQ PDQ 1HYHUWKHOHVV WKLV KDSSHQV ZLWK *RG DV LWV DXWKRU IRU
WKDW SXQLVKPHQW RU VXIIHULQJ ZKLFK LV WKH FRUUXSWLRQ RI WKH JRRG LV IURP
*RG <HW LWV PDWWHU DQG FDXVH VR WR VSHDN LV VLQ ZKLFK LV QRW IURP *RG
$8*867,1( $XJXVWLQH DSSHDUV WR KDYH QRWHG WKLV DQG XQGHUVWRRG LW
LQ WKLV VHQVH ZKHQ KH VD\V LQ WKH ERRN 2Q WKH 3UHGHVWLQDWLRQ RI WKH
6DLQWV ³%\ SUHGHVWLQDWLRQ *RG IRUHNQHZ WKRVH WKLQJV ZKLFK KH ZRXOG
KLPVHOI GR EXW *RG DOVR IRUHNQHZ WKRVH WKLQJV ZKLFK KH ZRXOG QRW KLP
VHOI GR WKDW LV DOO HYLOV $QG DOWKRXJK WKHUH DUH VRPH WKLQJV ZKLFK DUH
VLQV LQ VXFK D ZD\ WKDW WKH\ DUH DOVR SXQLVKPHQWV IRU VLQ DFFRUGLQJ WR WKH
ZRUGV RI WKH $SRVWOH *RG KDQGHG WKHP RYHU WR SDVVLRQV HWF \HW LW LV
QRW WKH VLQ WKDW LV *RG¶V EXW WKH MXGJHPHQW´ QDPHO\ WKH SXQLVKPHQW
)RU LQ 6FULSWXUH SXQLVKPHQW LV RIWHQ XQGHUVWRRG E\ WKH WHUP MXGJHPHQW²
7R WKRVH ZKR GLOLJHQWO\ SD\ DWWHQWLRQ KH KHUH VHHPV WR LPSO\ WKDW WKRVH
WKLQJV ZKLFK DUH VLQV DQG SXQLVKPHQWV IRU VLQ DUH RI *RG QRW LQVRIDU DV
WKH\ DUH VLQV EXW LQVRIDU DV WKH\ DUH SXQLVKPHQWV ,QGHHG ZKHQ KH VDLG
WKDW *RG ZRXOG QRW GR DQ\ HYLOV WKDW LV VLQV VLQFH WKH REMHFWLRQ FRXOG
KDYH EHHQ PDGH WR KLP WKDW VRPH VLQV DUH DOVR SXQLVKPHQWV IRU VLQ DQG
HDFK SXQLVKPHQW RI VLQ LV MXVW DQG VR IURP *RG KH DGGHG WKH UHVW DV LI E\
ZD\ RI GHWHUPLQLQJ LQ ZKDW UHVSHFW *RG GRHV WKHP RU LQ ZKDW UHVSHFW KH
GRHV QRW %XW DFFRUGLQJ WR WKH DIRUHVDLG XQGHUVWDQGLQJ VLQV DUH FRUUHFWO\
FDOOHG SXQLVKPHQWV +HQFH WKH $SRVWOH FDOOV WKHP SDVVLRQV RI LJQRPLQ\
EHFDXVH DV WKH DXWKRULW\ VD\V ³DOWKRXJK WKHUH DUH VRPH VLQV ZKLFK GH
OLJKW \HW WKHUH DUH SDVVLRQV RI QDWXUH ZKLFK DUH QRW WR EH QDPHG´ EH
FDXVH QDWXUH LV FRUUXSWHG WKURXJK WKHP
&KDSWHU 7+$7 $/7+28*+ $1< 6,1 &$1 %( &$//(' $ 381,6+0(17 1(9(57+(
/(66 127 (9(5< 21( 2) 7+(0 ,6 $ 381,6+0(17 2) 6,1 $QG DOWKRXJK LQ
5RP
$XJXVWLQH 'H SUDHGHVWLQDWLRQH VDQFWRUXP F Q
&I HJ 0W 0N
5RP
2UGLQDU\ JORVV RQ 5RP
'LVWLQFWLRQ ;;;9,
WKLV VHQVH DQ\ PRUWDO VLQ FDQ EH FDOOHG D SXQLVKPHQW QHYHUWKHOHVV QRW
HYHU\ RQH RI WKHP FDQ EH FDOOHG D SXQLVKPHQW RI VLQ )RU D SXQLVKPHQW RI
VLQ DV ZDV VDLG DERYH LV WKDW ZKRVH FDXVH LV DQRWKHU SUHFHGLQJ VLQ
,QGHHG D VLQ LV FDOOHG D SXQLVKPHQW RI VLQ ZLWK UHVSHFW WR D SUHFHGLQJ VLQ
MXVW DV LW LV FDOOHG FDXVH RI VLQ LQ UHVSHFW WR DQ HQVXLQJ VLQ ,W WKHUHE\ IRO
ORZV WKDW WKH VDPH VLQ LV FDXVH DQG SXQLVKPHQW RI VLQ EXW SXQLVKPHQW RI
RQH VLQ DQG FDXVH RI DQRWKHU
*5(*25< )RU DV *UHJRU\ VD\V LQ WKH 0RUDOLD ³D VLQ ZKLFK LV QRW
HUDVHG E\ SHQDQFH E\ LWV ZHLJKW VRRQ GUDZV WR DQRWKHU VLQ DQG VR LW KDS
SHQV WKDW LW LV QRW RQO\ D VLQ EXW DOVR D FDXVH RI VLQ IRU IURP LW DULVHV WKH
VXEVHTXHQW IDXOW %XW WKH VLQ ZKLFK DULVHV IURP D VLQ LV QRW RQO\ D VLQ EXW
DOVR D SXQLVKPHQW RI VLQ EHFDXVH E\ D MXVW MXGJHPHQW *RG FORXGV WKH
KHDUW RI WKH VLQQHU VR WKDW RXW RI JXLOW IRU WKH SUHFHGLQJ VLQ KH DOVR IDOOV
LQWR RWKHU RQHV )RU WKH RQH ZKRP KH GLG QRW ZLOO WR IUHH KH VWUXFN GRZQ
E\ DEDQGRQLQJ KLP´²$8*867,1( ,1 $*$,167 -8/,$1 ³7KHUHIRUH´ DV
$XJXVWLQH VD\V ³WKLV LV ERWK WKH SXQLVKPHQW RI WKH SUHFHGLQJ VLQ DQG \HW
DOVR LWVHOI D VLQ )RU E\ WKH MXGJHPHQW RI WKH PRVW MXVW *RG DV WKH $SRVWOH
VD\V RI VRPH SHRSOH WKH\ KDYH EHHQ KDQGHG RYHU HLWKHU E\ EHLQJ DEDQ
GRQHG RU LQ VRPH RWKHU H[SOLFDEOH RU LQH[SOLFDEOH PDQQHU WR WKH SDVVLRQV
RI LJQRPLQ\´ ³VR WKDW FULPHV DUH DYHQJHG ZLWK FULPHV DQG WKH WRUWXUHV
RI WKH VLQQHUV DUH QRW RQO\ WRUPHQWV EXW DOVR WKH LQFUHDVHV RI WKHLU YLFHV´
³$QG WKRVH VLQV ZKLFK WKH $SRVWOH UHFDOOHG EHFDXVH WKH\ DUH IURP SULGH
DUH QRW RQO\ VLQV EXW DOVR WRUWXUHV´
6HH IURP WKHVH ZRUGV LW KDV DOUHDG\ EHFRPH YHU\ FOHDU WKDW VRPH
VLQV DUH DOVR SXQLVKPHQWV DQG FDXVHV RI VLQ DQG WKDW VLQ LV D SXQLVKPHQW
RI VLQ ZKLFK KDV D SUHFHGLQJ VLQ DV LWV FDXVH DQG WKDW VLQ LV D FDXVH RI VLQ
ZKLFK KDV GHVHUYHG WKH HQVXLQJ IDXOW
&KDSWHU )520 7+( $)25(6$,' ,7 $33($56 72 %( 6,*1,),(' 7+$7 7+( 9(5<
7+,1*6 :+,&+ $5( 7+( 6,16 $5( $/62 7+( 381,6+0(176 )25 6,1 %XW
ZKHQ KH VD\V ³FULPHV DUH DYHQJHG ZLWK FULPHV´ KH DSSHDUV WR LQGLFDWH
WKDW WKH YHU\ WKLQJV ZKLFK DUH VLQV DUH HVVHQWLDOO\ SXQLVKPHQWV IRU VLQ
WKDW LV FKDVWLVHPHQWV IRU VLQ²%XW WR WKLV WKH\ VD\ WKDW WKHVH DQG VLPLODU
,Q F Q
*UHJRU\ 0RUDOLD EN F Q
5RP
$XJXVWLQH &RQWUD ,XOLDQXP EN F Q
$XJXVWLQH &RQWUD DGYHUVDULXP /HJLV HW SURSKHWDUXP , F Q
&I 5RP
$XJXVWLQH 6HUPR Q
$ERYH F Q
7+( 6(17(1&(6 %22.
VWDWHPHQWV DUH LQ DFFRUGDQFH ZLWK WKH UHDVRQ PHQWLRQHG DERYH DQG VR
WKH\ DUH WR EH XQGHUVWRRG DFFRUGLQJ WR WKH DERYH H[SODQDWLRQ ³)RU WKH
PHDQLQJ RI VWDWHPHQWV LV WR EH GUDZQ IURP WKH UHDVRQV IRU VSHDNLQJ´
7+$7 ,7 ,6 127 &2175$5< 72 7+( 7587+ )25 21( 72 6$< 7+$7 7+(
6,16 7+(06(/9(6 $5( (66(17,$//< 381,6+0(176 )25 6,1 $QG \HW LW LV
QRW KHOG WR FDXVH DQ\ SUHMXGLFH WR WUXWK LI RQH ZHUH WR VD\ WKDW WKH YHU\
WKLQJV ZKLFK DUH VLQV DUH HVVHQWLDOO\ VR WR VSHDN SXQLVKPHQWV WKDW LV
FKDVWLVHPHQWV IRU SUHFHGLQJ VLQV ZKLFK DUH MXVW DQG DUH IURP *RG 1HYHU
WKHOHVV WKH\ DUH QRW IURP *RG LQVRIDU DV WKH\ DUH VLQV QRU DUH WKH\ SXQ
LVKPHQWV IRU VLQ LQVRIDU DV WKH\ DUH VLQV $QG \HW LQVRIDU DV WKH\ DUH VLQV
WKH\ DUH SULYDWLRQV RI WKH JRRG EXW DV ZDV VDLG DERYH WKH\ DUH FDOOHG
SULYDWLRQV FDXVDOO\ DQG DFWLYHO\
&KDSWHU +( 3/$,1/< 6+2:6 7+$7 620( 6,16 $5( 381,6+0(17 2) 6,1 $1' 7+(
381,6+0(17 ,76(/) ,6 -867 $1' )520 *2' $QG WKDW VRPH VLQV DUH D SXQ
LVKPHQW DQG WKH SXQLVKPHQW LWVHOI LV MXVW DQG LV IURP *RG $XJXVWLQH
RSHQO\ WHDFKHV LQ 5HWUDFWDWLRQV ERRN 7KHUH KH VD\V WKDW VRPH WKLQJV
ZKLFK DUH HYLO DUH GRQH E\ PDQ E\ QHFHVVLW\ DQG WKHVH VDPH WKLQJV DUH D
MXVW SXQLVKPHQW RI VLQ ³6RPH UHSURYDEOH WKLQJV´ KH VD\V ³DUH GRQH E\
QHFHVVLW\ ZKHQ PDQ ZDQWV WR DFW ULJKWO\ DQG FDQQRW 2WKHUZLVH ZK\
ZRXOG WKH $SRVWOH VD\ , GR QRW DFFRPSOLVK WKH JRRG ZKLFK , ZLOO EXW , GR
WKH HYLO ZKLFK , KDWH" $QG DOVR 7KH IOHVK VHWV RXW LWV GHVLUHV DJDLQVW WKH
VSLULW DQG WKH VSLULW DJDLQVW WKH IOHVK WKHVH WZR VWUXJJOH DJDLQVW HDFK
RWKHU VR WKDW \RX FDQQRW GR WKH WKLQJV WKDW \RX ZLOO" %XW DOO WKHVH WKLQJV
DUH WKH UHVXOW RI WKDW FRQGHPQDWLRQ RI GHDWK ,QGHHG LI WKLV LV QRW D SXQLVK
PHQW RI PDQ EXW QDWXUH WKHQ QRQH RI WKHVH WKLQJV DUH VLQV )RU LI LQ GR
LQJ WKHVH WKLQJV RQH LV QRW GHSDUWLQJ IURP WKH PDQQHU LQ ZKLFK PDQ ZDV
QDWXUDOO\ PDGH WKHQ RQH GRHV HQWLUHO\ WKH WKLQJV ZKLFK RQH RXJKW %XW LI
PDQ LV QRW JRRG EHFDXVH WKLV LV WKH FDVH DQG GRHV QRW KDYH LW LQ KLV SRZHU
WR EH JRRG HLWKHU EHFDXVH KH GRHV QRW VHH ZKDW KH RXJKW WR EH OLNH RU
EHFDXVH KH VHHV LW DQG LV QRW DEOH WR EH ZKDW KH VHHV WKDW KH RXJKW WR EH
ZKR ZRXOG GRXEW WKDW WKLV LV D SXQLVKPHQW" 1RZ DOO SXQLVKPHQW LI LW LV
SXQLVKPHQW RI VLQ LV MXVW DQG LV FDOOHG D WRUPHQW ,I KRZHYHU WKH SXQLVK
PHQW LV XQMXVW DQG QR RQH GRXEWV LW WR EH XQMXVW WKHQ LW KDV EHHQ LPSRVHG
RQ PDQ E\ VRPH XQMXVW W\UDQW %XW VLQFH LW LV LQVDQH WR GRXEW *RG¶V RP
QLSRWHQFH DQG MXVWLFH WKLV SXQLVKPHQW LV MXVW DQG LV LPSRVHG IRU VRPH VLQ
&I DERYH F Q
+LODU\ DV DERYH %N GLVW F Q
'LVW F 5RP *DO
'LVWLQFWLRQ ;;;9,
)RU LW LV QRW WKH FDVH WKDW VRPH XQMXVW W\UDQW HLWKHU ZDV DEOH WR VWHDO PDQ
DZD\ DV LW ZHUH IURP DQ LJQRUDQW *RG RU WR ZUHVW KLP DZD\ DV LW ZHUH
IURP DQ XQZLOOLQJ DQG ZHDNHU *RG LQ RUGHU WR WRUWXUH PDQ ZLWK DQ XQMXVW
SXQLVKPHQW $QG VR LW UHPDLQV WKDW WKLV MXVW SXQLVKPHQW FRPHV IURP WKH
FRQGHPQDWLRQ RI PDQ´ )URP WKHVH DQG PDQ\ RWKHU WHVWLPRQLHV ZH DUH
WDXJKW WKDW VRPH WKLQJV DUH VLQV DQG SXQLVKPHQW RI VLQ
&KDSWHU 21 620( 7+,1*6 :+,&+ $5( :,7+287 '28%7 6,16 $1' 381,6+0(176
/,.( $1*(5 (19< 0RUHRYHU LW LV QRW DW DOO WR EH GRXEWHG WKDW VRPH VLQV
DUH PRVW FHUWDLQO\ SXQLVKPHQWV OLNH HQY\ ZKLFK LV ³VRUURZ DW DQRWKHU¶V
JRRG´ DQG DQJHU WKHVH DUH VLQV HYHQ DSDUW IURP WKHLU EHLQJ SXQLVKPHQWV
7KH VDPH LV DOVR WR EH KHOG UHJDUGLQJ FXSLGLW\ IHDU DQG RWKHUV RI
WKLV NLQG +HQFH $XJXVWLQH LQ WKH ERRN RI 4XHVWLRQV VD\V ³$OO HPR
WLRQ LV SDVVLRQ DOO FXSLGLW\ LV HPRWLRQ DQG VR DOO FXSLGLW\ LV SDVVLRQ %XW
ZKHQ DQ\ SDVVLRQ LV LQ XV ZH VXIIHU E\ WKDW SDVVLRQ DQG VR ZKHQ DQ\
FXSLGLW\ LV LQ XV ZH VXIIHU E\ WKDW FXSLGLW\ DQG ZH VXIIHU LQVRIDU DV LW LV
FXSLGLW\ %XW QRW HYHU\ SDVVLRQ LQVRIDU DV ZH VXIIHU LW LV D VLQ 6R LW LV
ZLWK IHDU ,W GRHV QRW KRZHYHU IROORZ WKDW LI ZH VXIIHU IHDU WKHUHIRUH LW
LV QRW D VLQ EHFDXVH WKHUH DUH PDQ\ VLQV ZKLFK ZH VXIIHU EXW WKH\ DUH QRW
VLQV LQVRIDU DV ZH VXIIHU E\ WKHP´
7+$7 $ 6(17(1&( 2) -(520( $33($56 72 &2175$',&7 7+( :25'6
2) $8*867,1( &,7(' $%29( %XW LW LV WR EH GLOLJHQWO\ QRWHG WKDW ZKDW
-HURPH VD\V LQ KLV ([SODQDWLRQ RI WKH )DLWK DSSHDUV WR FRQWUDGLFW WKH
ZRUGV RI $XJXVWLQH FLWHG DERYH ZKHUH KH VD\V WKDW VRPH UHSURYDEOH DQG
HYLO WKLQJV DUH GRQH E\ QHFHVVLW\ $QG DOWKRXJK -HURPH¶V ZRUGV ZHUH VHW
RXW HDUOLHU DERYH \HW LQ RUGHU WKDW WKH\ PD\ EH NQRZQ PRUH WKRURXJKO\
ZH GR QRW KHVLWDWH WR UHSHDW WKHP +H VD\V ³:H H[HFUDWH WKH EODVSKHP\
RI WKRVH ZKR VD\ WKDW VRPHWKLQJ LPSRVVLEOH ZDV FRPPDQGHG E\ *RG WR
PDQ DQG WKDW *RG¶V PDQGDWHV FDQQRW EH REVHUYHG E\ LQGLYLGXDOV EXW
>RQO\@ E\ DOO LQ FRPPRQ´ $QG D OLWWOH ODWHU ³$QG ZH VD\ WKDW WKRVH HUU
ZKR VD\ ZLWK 0DQLFKDHXV WKDW PDQ FDQQRW DYRLG VLQ MXVW DV PXFK DV
WKRVH ZKR DVVHUW ZLWK -RYLQLDQ WKDW PDQ FDQQRW VLQ´²6HH KHUH -HURPH
VD\V WKDW LW LV DQ HUURU IRU DQ\RQH WR VD\ WKDW D PDQ FDQQRW DYRLG VLQ %XW
RQH ZKR VD\V WKDW VRPH VLQV DUH GRQH E\ QHFHVVLW\ VD\V WKDW WKH\ FDQQRW
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
,QWHUOLQHDU JORVV RQ 5RP
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
$W WKH EHJLQQLQJ RI WKH SUHFHGLQJ FKDSWHU
'LVW F
7KDW LV 3HODJLXV /LEHOOXV ILGHL DG ,QQRFHQWLXP 3DSDP QQ DQG
7+( 6(17(1&(6 %22.
EH DYRLGHG $QG VR VLQFH $XJXVWLQH VD\V WKDW LW DSSHDUV HLWKHU WKDW ZKDW
KH VD\V LV DQ HUURU RU WKDW ZKDW -HURPH VD\V LV QRW WUXH
'(7(50,1$7,21 5(029,1* 7+( &2175$',&7,21 )520 %(7:((1
7+( 6$,176 7R WKLV LW FDQ EH VDLG WKDW $XJXVWLQH PDGH WKDW SURQRXQFH
PHQW DFFRUGLQJ WR WKH VWDWH RI RXU >SUHVHQW@ PLVHU\ WR ZKLFK SHUWDLQ LJQR
UDQFH DQG GLIILFXOW\ ZKLFK FDPH WR XV DV D UHVXOW RI D MXVW FRQGHPQDWLRQ
DV KH VD\V LQ WKH ERRN 2Q )UHH &KRLFH DPRQJ ZKLFK WKLQJV KH LQFOXGHG
DOVR YHQLDO VLQV %XW -HURPH VSHDNV RQO\ RI PRUWDO VLQV ZKLFK DQ\RQH LV
DEOH WR DYRLG LI LOOXPLQDWHG E\ JUDFH RU KH VD\V WKDW RI PDQ DFFRUGLQJ WR
WKH VWDWH RI IUHH FKRLFH EHIRUH VLQ
+( &20326(6 $1 (3,/2*8( 62 $6 72 3$66 21 72 27+(5 7+,1*6 :H
KDYH YHU\ GLOLJHQWO\ VHW RXW WKH YLHZ RI WKRVH ZKR VD\ WKDW DOO DFWLRQV DUH
JRRG QDWXUHV DQG WKDW LQVRIDU DV WKH\ DUH WKH\ DUH JRRG :H DOVR LQWHU
VSHUVHG VRPH RWKHU WKLQJV LQ WKLV GLVFXVVLRQ ZKLFK DUH QRW WR EH WDNHQ DV
EHLQJ RQO\ WKHLU SHUVRQDO YLHZV EHFDXVH WKH\ DUH KHOG ZLWKRXW KHVLWDWLRQ
E\ DOO SDUWDNHUV RI &DWKROLF ZLVGRP $QG ZH KDYH IRUWLILHG WKHVH WHDFK
LQJV ZLWK WKH WHVWLPRQLHV RI DXWKRULWLHV DQG ZLWK WKH UHDVRQV RI WKH VDPH
ZKR VD\ WKDW DOO DFWLRQV DUH JRRG E\ WKHLU HVVHQFH WKDW LV LQVRIDU DV WKH\
DUH EXW VRPH DFWLRQV LQVRIDU DV WKH\ DUH GRQH LQ D GLVRUGHUO\ ZD\ DUH
VLQV²+( 5(3($76 7+( $)25(6$,' ,1 25'(5 72 $'' 72 ,7 7KH\ DOVR DGG
WKDW VRPH DFWLRQV DUH JRRG QRW RQO\ E\ HVVHQFH EXW DOVR JHQHULFDOO\ DV WR
IHHG WKH KXQJU\ ZKLFK LV DQ DFWLRQ RI WKH JHQXV >RU FDWHJRU\@ RI WKH
ZRUNV RI PHUF\ 6RPH DFWLRQV KRZHYHU WKH\ FDOO DEVROXWHO\ DQG SHUIHFWO\
JRRG ZKLFK DUH FRPPHQGHG QRW RQO\ E\ HVVHQFH RU JHQXV EXW DOVR E\
FDXVH DQG HQG DV DUH WKRVH DFWLRQV ZKLFK SURFHHG IURP D JRRG ZLOO DQG
DFKLHYH D JRRG HQG
',67,1&7,21 ;;;9,, &KDSWHU +( 6(76 287 7+( 9,(: 2) 27+(56 :+2 6$< 7+$7 (9,/ $&7,216 $5( ,1
12 :$< )520 *2' 125 $5( 7+(< *22' :+(7+(5 ,1 7+$7 7+(< $5(
25 ,1 $1< 27+(5 :$< %XW WKHUH DUH PDQ\ RWKHUV ZKR IHHO HQWLUHO\ RWKHU
ZLVH FRQFHUQLQJ VLQ DQG DFWLRQ )RU WKH\ DVVHUW WKDW DQ HYLO ZLOO DQG HYLO
DFWLRQ DUH VLQV DQG RQ QR DFFRXQW JRRG QRU DUH WKH\ IURP *RG DV WKHLU
DXWKRU DFFRUGLQJ WR DQ\ UHDVRQ EHFDXVH WKH\ DUH GRQH ZLWKRXW *RG
:+< $&&25',1* 72 7+(0 6,1 ,6 6$,' 72 %( 127+,1* $QG LQGHHG
DV WKH (YDQJHOLVW VD\V :LWKRXW KLP ZDV PDGH QRWKLQJ WKDW LV VLQ WKLV
LV VDLG WR EH QRWKLQJ QRW EHFDXVH LW LV QRW DQ HYLO DFWLRQ RU ZLOO ZKLFK LV
'LVWLQFWLRQ ;;;9,,
VRPHWKLQJ EXW EHFDXVH LW VHSDUDWHV PHQ IURP WUXH EHLQJ DQG GUDZV WKHP
WR HYLO DQG VR OHDGV WKHP WR QRQEHLQJ )RU WKRVH ZKR ZLWKGUDZ IURP
SDUWLFLSDWLRQ LQ WKH KLJKHVW JRRG ZKLFK DORQH WUXO\ DQG SURSHUO\ LV DUH
GHVHUYHGO\ VDLG QRW WR EH $QG VR $XJXVWLQH VD\V LQ 2Q -RKQ ³6LQ LV
QRWKLQJ DQG PHQ EHFRPH QRWKLQJ ZKHQ WKH\ VLQ´²$QG VR IRU WKLV
UHDVRQ WKH\ FRQFOXGH WKDW VLQ LV QRWKLQJ EHFDXVH LW GLVWDQFHV PDQ IURP
WUXH EHLQJ $QG WKH\ VD\ WKDW DQ HYLO ZLOO DQG DQ HYLO DFWLRQ RU VSHHFK LV
D VLQ EHFDXVH WKHVH WKLQJV DUH WUDQVJUHVVLRQ DQG GLVREHGLHQFH DQG DUH
GRQH DJDLQVW WKH ODZ RI *RG $QG \HW WKH\ H[LVW EXW IURP PDQ RU WKH
GHYLO QRW IURP *RG )RU WKH\ VD\ WKDW WKHVH WKLQJV DUH LQ QR ZD\ IURP
*RG ZKHWKHU LQVRIDU DV WKH\ DUH RU LQ DQ\ RWKHU ZD\
+2: 7+(< '(7(50,1( 7+( :25'6 2) $8*867,1( &,7(' $%29( ,1
:+,&+ +( 6$<6 $// 7+$7 ,6 ,162)$5 $6 ,7 ,6 ,6 *22' $QG DV WR WKRVH
ZRUGV RI $XJXVWLQH LQ ZKLFK KH VD\V WKDW µDOO WKDW LV LQVRIDU DV LW LV LV
JRRG DQG KDV *RG DV LWV DXWKRU¶ WKH\ WHDFK WKDW WKH\ DUH WR EH WDNHQ DV
FRQFHUQLQJ QDWXUHV RU VXEVWDQFHV %XW E\ WKH WHUP VXEVWDQFH RU QDWXUH
WKH\ VD\ DUH VLJQLILHG WKH VXEVWDQFHV WKHPVHOYHV DQG WKRVH WKLQJV ZKLFK
WKH\ SRVVHVV QDWXUDOO\ QDPHO\ WKRVH WKLQJV ZLWK ZKLFK WKH\ DUH IRUPHG
DV WKH VRXO QDWXUDOO\ KDV LQWHOOHFW DQG LQJHQXLW\ DQG ZLOO DQG VXFKOLNH
7KLV LV JDWKHUHG IURP WKH ZRUGV RI $XJXVWLQH DERYH ZKHUH KH FDOOV PDQ
D QDWXUH DQG DQ HYLO PDQ DQ HYLO QDWXUH
$&&25',1* 72 7+(0 (9,/ $&7,216 $5( 127 1$785(6 25 68%
67$1&(6 $QG VR DFFRUGLQJ WR WKLV DVVHUWLRQ RU XQGHUVWDQGLQJ HYLO DF
WLRQV DUH QRW QDWXUHV RU VXEVWDQFHV DQG QHLWKHU DUH JRRG DFWLRQV 7KLV DW
DQ\ UDWH $XJXVWLQH DSSHDUV WR LQGLFDWH LQ WKH ERRN RI 5HWUDFWDWLRQV GLV
WLQJXLVKLQJ EHWZHHQ VXEVWDQFHV RU QDWXUHV DQG JRRG RU HYLO DFWLRQV )RU
LQ FODULI\LQJ KRZ VRPHWKLQJ ZKLFK KH KDG KDQGHG GRZQ LQ WKH ERRN 2Q
7UXH 5HOLJLRQ LV WR EH XQGHUVWRRG KH VD\V ³7KLV ZDV VDLG RI VXEVWDQFHV
DQG QDWXUHV IRU WKDW ZDV WKHQ WKH VXEMHFW RI GLVFXVVLRQ DQG QRW DERXW
JRRG DFWLRQV DQG VLQV´ +HUH KH VHHPV WR PDNH D FOHDU GLVWLQFWLRQ EH
WZHHQ QDWXUHV RU VXEVWDQFHV DQG DFWLRQV RU VLQV $QG VR WKH DIRUHVDLG GRF
WRUV DVVHUW WKDW DFWLRQV ZKHWKHU LQWHULRU RU H[WHULRU DUH QRW QDWXUHV RU
VXEVWDQFHV DQG LI WKH\ DUH HYLO WKH\ DUH VLQV DQG DUH QRW IURP *RG²
$XJXVWLQH KRZHYHU VHHPV WR VLJQLI\ WKDW HYLO DFWLRQV DUH QRW QDWXUHV
VD\LQJ LQ KLV ILUVW UHVSRQVH DJDLQVW WKH 3HODJLDQV DV IROORZV ³7KH ZRUNV
RI WKH GHYLO ZKLFK DUH FDOOHG YLFHV DUH DFWLRQV QRW WKLQJV´ 7KH VDPH LQ
WKH IRXUWK ³(DFK HYLO LV QRW D QDWXUH EXW DQ DFWLRQ DFFLGHQWDO WR VRPH
$XJXVWLQH ,Q ,RDQQHP WU Q
'H GLYHUVLV TXDHVWLRQLEXV TT DQG DERYH GLVW F Q
$ERYH GLVW F Q
$XJXVWLQH 'H YHUD UHOLJLRQH F QQ
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
3VHXGR$XJXVWLQH +\SRJQRVWLFRQ EN F Q
7+( 6(17(1&(6 %22.
GHIHFW RI WKH JRRG $QG VR EHFDXVH LW LV QRW D QDWXUH *RG GLG QRW PDNH LW
EHFDXVH HDFK WKLQJ ZKLFK KH KDV PDGH LV D QDWXUH´ $OVR ³$OO WKDW LV
JRRG E\ QDWXUH *RG PDGH IURP QRWKLQJ QRW WKH GHYLO´
$&&25',1* 72 7+(0 7+(5( $5( 620( 7+,1*6 :+,&+ $5( 127
)520 *2' %< :+,&+ 0(1 $5( (9,/ )URP WKLV RQH JDWKHUV WKDW WKHUH DUH
VRPH WKLQJV ZKLFK DUH QRW IURP *RG DQG WKDW PHQ DUH HYLO E\ WKHVH
WKLQJV ,QGHHG WKH\ DOVR JUDQW WKLV ILQGLQJ VXSSRUW LQ WKH ZRUGV RI $X
JXVWLQH VHW RXW DERYH ZKR LQ WKH (QFKLULGLRQ GHWHUPLQLQJ WKRVH ZRUGV
RI WKH SURSKHF\ :RH WR WKRVH ZKR FDOO HYLO JRRG VD\V WKDW ³WKLV LV WR EH
XQGHUVWRRG RI WKRVH YHU\ WKLQJV E\ ZKLFK PHQ DUH HYLO QRW RI PHQ´ $QG
VR WKHUH DUH VRPH WKLQJV E\ ZKLFK PHQ DUH HYLO²$QG WKDW E\ ZKLFK PDQ
LV PDGH ZRUVH LV QRW IURP *RG EHFDXVH DV $XJXVWLQH VD\V LQ WKH ERRN RI
4XHVWLRQV ³PDQ GRHV QRW EHFRPH ZRUVH ZLWK *RG DV DXWKRU´
7KHUHIRUH *RG LV QRW WKH DXWKRU RI WKH WKLQJV E\ ZKLFK PDQ LV PDGH
ZRUVH %XW WKHUH DUH VRPH WKLQJV DV KDV EHHQ VDLG E\ ZKLFK PHQ
DUH PDGH HYLO DQG VR WKHUH DUH VRPH WKLQJV ZKLFK DUH QRW IURP *RG EH
FDXVH WKHVH YHU\ WKLQJV DUH VLQV $QG VR 6FULSWXUH FRQWHQGV LQ PDQ\ SODFHV
WKDW *RG LV QRW WKH DXWKRU RI HYLOV WKDW LV RI WKRVH WKLQJV ZKLFK DUH VLQV
&KDSWHU 21 7+(,5 3$57 $1 2%-(&7,21 ,6 0$'( 72 7+( )25(*2,1* 67$7(0(17
:+(5( ,7 6$<6 *2' ,6 127 7+( $87+25 2) (9,/6 $QG LQ WKLV VWDWHPHQW
DQ REMHFWLRQ LV ULJKWIXOO\ PDGH WR WKH YLHZ RI WKRVH >PHQWLRQHG@ DERYH
ZKR VD\ WKDW *RG LV QRW WKH DXWKRU RI WKH WKLQJV ZKLFK DUH HYLO LQVRIDU DV
WKH\ DUH HYLO EXW >RQO\@ LQVRIDU DV WKH\ DUH DQG LQVRIDU DV WKH\ DUH HYLO
WKH\ VD\ WKDW WKH\ DUH QRWKLQJ ,QGHHG ZKDW LV VWUDQJH DERXW VD\LQJ WKDW
*RG LV QRW WKHLU DXWKRU LQVRIDU DV WKH\ DUH QRWKLQJ VLQFH QR RQH FDQ EH WKH
DXWKRU RI QRWKLQJ" $QG VR ZKHQ *RG LV VDLG WR EH WKH DXWKRU RI DOO WKLQJV
WKDW DUH WKHVH ZDQW LW WR EH XQGHUVWRRG >RQO\@ RI JRRG WKLQJV $QG WKH\
FDOO WKRVH WKLQJV JRRG ZKLFK H[LVW QDWXUDOO\ EXW WKH\ VD\ WKDW QRW RQO\
WKRVH WKLQJV H[LVW QDWXUDOO\ ZKLFK DUH VXEVWDQFHV RU ZKLFK IRUP VXE
VWDQFHV DV WKH\ DFFHSWHG DERYH EXW DOVR DOO WKLQJV ZKLFK GR QRW GHSULYH
D QDWXUH RI WKH JRRG $QG VR DFFRUGLQJ WR WKHP WKHUH LV D PDQLIROG PHDQ
LQJ LQ WKH 6FULSWXUHV ZKHQ PHQWLRQ RFFXUV RI QDWXUH RU VXEVWDQFH RU RI
WKRVH WKLQJV ZKLFK DUH QDWXUDOO\
3VHXGR$XJXVWLQH +\SRJQRVWLFRQ EN F Q
,ELG ,V
$XJXVWLQH (QFKLULGLRQ F VHH DERYH GLVW F Q
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T VHH DERYH %N GLVW F
&I *HQ 'HXW
$ERYH GLVW F QQII
,Q F Q
'LVWLQFWLRQ ;;;9,,
$8*867,1( %XW $XJXVWLQH RQ WKDW SODFH RI WKH 3VDOP 7KHUH LV QR
VXEVWDQFH GLVFXVVHV VXEVWDQFH LQ D PDQQHU ZKLFK VHHPV WR DJUHH ZLWK
WKH DERYH VWDWHPHQW VD\LQJ ³%\ VXEVWDQFH LV XQGHUVWRRG WKDW ZKLFK ZH
DUH ZKDWHYHU ZH DUH PDQ EHDVW HDUWK VXQ DOO WKHVH WKLQJV DUH VXE
VWDQFHV E\ WKH YHU\ WKLQJ E\ ZKLFK WKH\ DUH 1DWXUHV WKHPVHOYHV DUH FDOOHG
VXEVWDQFHV ,QGHHG ZKDW LV QRW D VXEVWDQFH LV HQWLUHO\ QRWKLQJ $QG VR
VXEVWDQFH LV VRPH EHLQJ *RG PDGH PDQ D VXEVWDQFH EXW WKURXJK LQLTXL
W\ PDQ IHOO IURP WKH VXEVWDQFH LQ ZKLFK KH ZDV PDGH ,QLTXLW\ LWVHOI WR
EH VXUH LV QRW D VXEVWDQFH IRU LQLTXLW\ LV QRW D QDWXUH ZKLFK *RG IRUPHG
EXW D SHUYHUVLRQ ZKLFK PDQ PDGH $OO QDWXUHV ZHUH PDGH E\ KLP LQLTXLW\
ZDV QRW PDGH E\ KLP EHFDXVH LQLTXLW\ LV QRW D VXEVWDQFH ,Q WKDW K\PQ RI
WKH WKUHH FKLOGUHQ HYHU\ FUHDWXUH WKDW SUDLVHV *RG LV UHFDOOHG )RU DOO
WKLQJV SUDLVH *RG EXW >RQO\@ WKRVH ZKLFK KH PDGH 7KH VHUSHQW WKHUH
SUDLVHV *RG EXW DYDULFH GRHV QRW $OO UHSWLOHV DUH QDPHG WKHUH EXW QRW
DQ\ YLFHV IRU ZH UHFHLYH YLFHV IURP RXUVHOYHV DQG IURP RXU ZLOO DQG
YLFHV DUH QRW D VXEVWDQFH´²/HW WKH DGYRFDWHV RI WKH VHQWHQFHV VHW IRUWK
DERYH OLVWHQ GLOLJHQWO\ WR WKHVH ZRUGV DQG WKH\ ZLOO EH DEOH WR SHUFHLYH
WKH UHDVRQ DQG FDXVH RI WKH VWDWHPHQWV ZKHUH 6FULSWXUH PDNHV PHQWLRQ RI
QDWXUH RU VXEVWDQFH
%XW VLQFH ZH KDYH JLYHQ KLP IXOO QRWLFH RI ERWK YLHZV ZH OHDYH LW WR
WKH UHDGHU WR UHDFK D MXGJHPHQW FRQFHUQLQJ WKHP KDVWHQLQJ RQ WR GLVFXVV
WKRVH PDWWHUV ZKLFK VWLOO UHPDLQ
7+$7 :+(1 *2' ,6 6$,' 127 72 %( 7+( $87+25 2) (9,/ 7+$7 ,7 ,6
0($17 ,1 5(*$5' 72 6,1 127 72 381,6+0(17 $QG VR DOWKRXJK DOO
&DWKROLF DXWKRUV DJUHH LQ WKLV QDPHO\ WKDW *RG LV QRW WKH DXWKRU RI HYLO
WKLQJV \RX PXVW QHYHUWKHOHVV EHZDUH QRW WR LQFOXGH SXQLVKPHQWV OLNH
VLQV JHQHUDOO\ XQGHU WKH WHUP RI HYLO WKLQJV )RU *RG LV WKH DXWKRU RI SXQ
LVKPHQWV DV KH KLPVHOI VD\V WKURXJK WKH 3URSKHW 7KHUH LV QR HYLO LQ WKH
FLW\ ZKLFK *RG KDV QRW GRQH $OVR HOVHZKHUH LQ KLV RZQ SHUVRQ KH
VD\V , DP *RG FUHDWLQJ HYLO DQG PDNLQJ WKH JRRG 6HH KHUH LW LV VDLG
WKDW KH FUHDWHG DQG PDGH HYLO EXW E\ WKH WHUP HYLO SXQLVKPHQW LV XQGHU
VWRRG QRW VLQ DV FRQYHUVHO\ ZKHQ LW LV VDLG WKDW µ*RG LV QRW WKH DXWKRU RI
HYLO WKLQJV¶ VLQV DUH XQGHUVWRRG E\ WKH WHUP HYLO
7+$7 7+( 381,6+0(17 2) (9,/ 3(56216 ,6 )520 *2'²+2: ,7 ,6
6$,' *2' ',' 127 0$.( '($7+ $QG VR $XJXVWLQH ZKR KDG VDLG LQ WKH
ERRN RI 4XHVWLRQV WKDW *RG LV QRW WKH DXWKRU RI HYLO UHYHDOV LQ ERRN
3V 'DQ
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ Q
)URP WKH EHJLQQLQJ RI GLVW
$PRV ,V
$XJXVWLQH 'H GLYHUVLV TXDHVWLRQLEXV T
7+( 6(17(1&(6 %22.
RI WKH 5HWUDFWDWLRQV KRZ WKDW LV WR EH XQGHUVWRRG VD\LQJ ³%HZDUH QRW WR
PLVXQGHUVWDQG ZKDW , VDLG *RG ZKR LV WKH DXWKRU RI DOO WKLQJV WKDW DUH LV
QRW WKH DXWKRU RI HYLO EHFDXVH LQVRIDU DV WKH\ DUH WKH\ DUH JRRG 'R QRW
KROG IURP WKLV WKDW WKH SXQLVKPHQW RI HYLO SHUVRQV ZKLFK LV FHUWDLQO\ DQ
HYLO WR WKRVH ZKR DUH SXQLVKHG LV QRW IURP KLP %XW , VDLG WKLV LQ WKH
VDPH ZD\ DV LW LV VDLG *RG GLG QRW PDNH GHDWK ZKHQ LW LV ZULWWHQ HOVH
ZKHUH /LIH RU GHDWK LV IURP *RG $QG VR WKH SXQLVKPHQW RI HYLO SHU
VRQV ZKLFK LV IURP *RG LV FHUWDLQO\ DQ HYLO WR HYLO SHUVRQV EXW LW LV
DPRQJ WKH JRRG ZRUNV RI *RG EHFDXVH LW LV MXVW WKDW HYLO SHUVRQV EH SXQ
LVKHG DQG DOO WKDW LV MXVW LV FHUWDLQO\ JRRG´ $QG VR LW LV VDLG WKDW *RG
GLG QRW PDNH GHDWK EHFDXVH KH GLG QRW PDNH WKDW IRU ZKLFK GHDWK LV LQIOLF
WHG QDPHO\ VLQ²<RX KDYH KHDUG UHDGHU WKH FDXVH RI WKH VWDWHPHQW
IURP WKLV FDXVH D VRXQG XQGHUVWDQGLQJ LV FRQILUPHG ZKHQ LW LV VDLG *RG
LV QRW WKH DXWKRU RI HYLO DQG *RG GLG QRW PDNH GHDWK
',67,1&7,21 ;;;9,,, &KDSWHU
21 7+( :,// $1' 7+( (1' )520 :+,&+ ,7 ,6 ,76(/) -8'*(' $IWHU WKH
DIRUHVDLG ZH PXVW GLVFXVV WKH ZLOO DQG LWV HQG $QG VR LW LV WR EH XQGHU
VWRRG WKDW DV $XJXVWLQH VD\V LW LV NQRZQ IURP LWV HQG ZKHWKHU WKH ZLOO LV
ULJKWHRXV RU GHSUDYHG $QG WKH HQG RI D JRRG ZLOO LV EOHVVHGQHVV HWHUQDO
OLIH *RG KLPVHOI %XW WKH HQG RI DQ HYLO ZLOO LV VRPHWKLQJ HOVH QDPHO\ DQ
HYLO SOHDVXUH RU VRPH RWKHU WKLQJ LQ ZKLFK WKH ZLOO PXVW QRW UHVW
:+$7 $ *22' (1' ,6 1$0(/< &+$5,7< 7KH 3URSKHW LQGLFDWHG WKH
JRRG HQG VD\LQJ , VDZ WKH HQG RI HYHU\ IXOILOPHQW HWF $QG VR FKDULW\
ZKRVH FRPPDQG LV EURDG LV WKH HQG RI HYHU\ IXOILOPHQW WKDW LV RI HYHU\
JRRG ZLOO DQG DFWLRQ HYHU\ PDQGDWH LV WR EH UHIHUUHG WR LW +HQFH $XJXV
WLQH LQ WKH (QFKLULGLRQ ³$OO GLYLQH PDQGDWHV DUH UHIHUUHG WR FKDULW\ RI
ZKLFK WKH $SRVWOH VD\V 7KH HQG RI WKH SUHFHSW LV FKDULW\ IURP D SXUH
KHDUW DQG D JRRG FRQVFLHQFH DQG D IDLWK XQIHLJQHG $QG VR WKH HQG RI
HYHU\ PDQGDWH LV FKDULW\ WKDW LV HYHU\ PDQGDWH LV UHIHUUHG WR FKDULW\ %XW
ZKDW LV GRQH HLWKHU E\ IHDU RI SXQLVKPHQW RU E\ DQ\ RWKHU FDUQDO LQWHQ
WLRQ LQ VXFK D ZD\ WKDW LW LV QRW UHIHUUHG WR FKDULW\ ZKLFK LV WKH ORYH RI
*RG DQG QHLJKERXU LV QRW \HW GRQH DV LW RXJKW WR EH GRQH HYHQ LI LW DS
:LV (FFOL
$XJXVWLQH 5HWUDFWDWLRQHV F
$XJXVWLQH 'H 7ULQLWDWH EN F Q
3V 7LP
'LVWLQFWLRQ ;;;9,,,
SHDUV WR KDYH EHHQ VR GRQH )RU WKH WKLQJV WKDW *RG FRPPDQGV DQG WKRVH
ZKLFK KH FRXQVHOV DUH WKHQ GRQH ULJKWO\ ZKHQ WKH\ DUH UHIHUUHG WR WKH
ORYH RI *RG DQG QHLJKERXU´ %\ WKHVH ZRUGV LW LV SODLQO\ LQGLFDWHG ZKDW
WKH ULJKW HQG RI WKH ZLOO RU RI DFWLRQ LV QDPHO\ FKDULW\ ZKLFK LV DOVR
*RG DV ZH VKRZ DERYH
&KDSWHU 7+$7 *2' ,6 7+( (1' 2) $// *22' $&7,21 %(&$86( +( ,6 &+$5,7< $1' 127 7+( +2/< 63,5,7 $/21( %87 $/62 &+5,67 $1' 7+( )$7+(5
125 $5( 7+(6( 7+5(( (1'6 %87 21( $QG VR KH ZKR KDV FKDULW\ DV KLV
HQG KDV *RG DV KLV HQG WKDW LV ZK\ WKH $SRVWOH VD\V WKDW &KULVW LV WKH
HQG RI WKH ODZ IRU MXVWLILFDWLRQ IRU DQ\RQH ZKR EHOLHYHV $QG ULJKWO\ LV
&KULVW FDOOHG WKH HQG RI WKH ODZ IRU MXVWLILFDWLRQ EHFDXVH DV $XJXVWLQH
VD\V LQ WKH ERRN RI 6HQWHQFHV RI 3URVSHU ³LQ &KULVW WKH ODZ RI MXVWLILFD
WLRQ LV QRW GHVWUR\HG EXW IXOILOOHG )RU DOO SHUIHFWLRQ LV IURP KLP EH\RQG
ZKRP WKHUH LV QRQH WR ZKRP KRSH PD\ H[WHQG LWVHOI´ ³7KH HQG DQG JRDO
RI WKH IDLWKIXO LV &KULVW ZKHQ WKH HIIRUW RI WKH RQH ZKR UXQV WKH UDFH
EULQJV KLP WR &KULVW KH KDV QRQH E\ ZKRP KH PD\ JR IXUWKHU EXW KDV WKDW
LQ ZKLFK KH PXVW UHPDLQ´ $QG VR WKH ULJKW DQG KLJKHVW HQG LV *RG QDPH
O\ )DWKHU DQG 6RQ DQG +RO\ 6SLULW QRU DUH WKHVH WKUHH WKUHH HQGV EXW RQH
HQG EHFDXVH *RG LV RQH DQG QRW WKUHH JRGV
&KDSWHU 7+$7 $// *22' :,//6 +$9( 21( (1' $1' <(7 620( *22' :,//6 $5(
$//277(' ',))(5(17 (1'6 %XW LW LV DVNHG ZKHWKHU DOO JRRG ZLOOV KDYH
RQO\ RQH HQG²&RQFHUQLQJ WKLV $XJXVWLQH LQ 2Q WKH 7ULQLW\ ERRN
VSHDNV DV IROORZV ³$OO WKH PDQ\ ZLOOV KDYH WKHLU RZQ HQGV ZKLFK QHYHU
WKHOHVV DUH UHIHUUHG WR WKH HQG RI WKDW ZLOO E\ ZKLFK ZH ZLOO WR OLYH EOHV
VHGO\ DQG WR UHDFK WKDW OLIH ZKLFK LV QRW UHIHUUHG WR DQ\WKLQJ HOVH EXW VXI
ILFHV E\ LWVHOI IRU LWV ORYHU 6LPLODUO\ WKH ZLOO WR VHH KDV VLJKW DV LWV HQG
DQG WKH ZLOO WR VHH WKH ZLQGRZ KDV WKH VLJKW RI WKH ZLQGRZ DV LWV HQG EXW
WKH ZLOO WR VHH SDVVHUVE\ WKURXJK WKH ZLQGRZ LV VRPHWKLQJ HOVH WKH HQG
RI ZKLFK LV WKH VLJKW RI WKH SDVVHUVE\ 7R WKLV DOVR DUH UHIHUUHG WKH DERYH
PHQWLRQHG ZLOOV´²$OVR ³$OO WKH LQWHUFRQQHFWHG ZLOOV DUH ULJKWHRXV LI
WKDW ZLOO LV JRRG WR ZKLFK WKH\ DOO DUH UHIHUUHG %XW LI WKDW RQH LV GHSUDYHG
$XJXVWLQH (QFKLULGLRQ F
%N GLVW 5RP
3URVSHU RI $TXLWDLQH 6HQWHQWLDH H[ $XJXVWLQR GHOLEDWDH Q
,ELG Q
$XJXVWLQH 'H 7ULQLWDWH EN F Q
7+( 6(17(1&(6 %22.
WKHQ WKH\ DUH DOO GHSUDYHG $QG VR WKH FRQQHFWLRQ RI ULJKWHRXV ZLOOV LV D
NLQG RI URDG IRU WKRVH DVFHQGLQJ WR EOHVVHGQHVV DQG LW LV WUDYHOOHG DV LW
ZHUH E\ VWHSV EXW WKH HQWDQJOHPHQW RI GHSUDYHG DQG GLVWRUWHG ZLOOV LV D
ERQG E\ ZKLFK LV ERXQG KH ZKR GRHV KLV EHVW WR EH FDVW RXW LQWR WKH RXWHU
GDUNQHVV´²%\ WKHVH WHVWLPRQLHV RI DXWKRULWLHV LW LV SODLQO\ VKRZQ WKDW
WKHUH DUH PDQ\ ULJKWHRXV ZLOOV LQ WKH IDLWKIXO >DOO@ KDYLQJ WKHLU SURSHU DQG
GLIIHUHQW HQGV DQG \HW DOVR RQH DQG WKH VDPH EHFDXVH WKH\ DUH DOO UHIHUUHG
WR WKH RQH ZKR LV WKH HQG RI HQGV RI ZKLFK ZH VSRNH D OLWWOH HDUOLHU 6R
SHUKDSV WKH FRQYHUVH LV DOVR WUXH LQ HYLO SHRSOH
7+(5( 6((0 72 %( 620( &2175$',&7,216 72 7+,6 9,(: $QG \HW
$XJXVWLQH¶V ZDUQLQJ HOVHZKHUH QRW WR VHW WZR HQGV IRU RXUVHOYHV DSSHDUV
WR FRQWUDGLFW WKLV VHQWHQFH LQ ZKLFK LW LV VDLG WKDW VRPH ULJKWHRXV ZLOOV RI
WKH IDLWKIXO DUH DOORWWHG GLIIHUHQW HQGV DQG \HW DUH UHIHUUHG WR RQH HQG ,Q
WKH ERRN 2Q WKH /RUG¶V 6HUPRQ RQ WKH 0RXQW KH VD\V DV IROORZV ³:H
PXVW QRW SUHDFK WKH *RVSHO LQ RUGHU WR HDW EXW HDW LQ RUGHU WR SUHDFK WKH
*RVSHO VR WKDW IRRG LV QRW D JRRG ZKLFK LV GHVLUHG EXW D QHFHVVLW\ ZKLFK
LV DGGHG LQ RUGHU WR IXOILO WKDW WH[W 6HHN ILUVW WKH NLQJGRP RI *RG DQG DOO
WKHVH RWKHU WKLQJV ZLOO EH DGGHG WR \RX´ ³+H GLG QRW VD\ 6HHN ILUVW WKH
NLQJGRP RI *RG DQG WKHQ VHHN WKHVH WKLQJV DOWKRXJK WKH\ DUH QHFHVVDU\
EXW KH VD\V DOO WKHVH RWKHU WKLQJV ZLOO EH DGGHG WR \RX WKDW LV WKHVH ZLOO
IROORZ LI \RX VHHN WKRVH OHVW DV \RX VHHN RQH \RX WXUQ DZD\ IURP WKH
RWKHU RU OHVW \RX VHW WZR HQGV VR WKDW \RX VHHN ERWK WKH NLQJGRP IRU LWV
RZQ VDNH DQG WKHVH QHFHVVDU\ WKLQJV IRU WKH VDNH RI WKH NLQJGRP $QG VR
ZH PXVW GR DOO WKLQJV RQO\ IRU WKH VDNH RI WKH NLQJGRP RI *RG DQG QRW
FRQVLGHU WKH WHPSRUDO UHZDUG HLWKHU E\ LWVHOI RU ZLWK WKH NLQJGRP RI
*RG´²6HH KH KHUH VD\V SODLQO\ WKDW ZH PXVW QRW VHW WZR HQGV IRU RXU
VHOYHV EXW RQO\ RQH WKDW LV WKH NLQJGRP RI *RG HYHQ WKRXJK KH KDG VDLG
DERYH WKDW DOO WKH PDQ\ JRRG ZLOOV KDYH WKHLU SURSHU HQGV
+(5( ,7 ,6 6+2:1 +2: 7+( $%29( $5( 127 &2175$',&725< (9(1
7+28*+ 7+(< $33($5 72 %( 62 %XW RQH ZKR DWWHQGV WR WKH DERYH ZRUGV
GLOLJHQWO\ DQG ZLWK D VLPSOH H\H XQGHUVWDQGV WKDW WKH\ DUH QRW LQ RSSRVL
WLRQ )RU WKH RQH ZKR VDLG WKDW ZH PXVW QRW VHW WZR HQGV IRU RXUVHOYHV
EXW GR DOO WKLQJV IRU WKH VDNH RI WKH NLQJGRP DOVR VDLG HDUOLHU WKDW ZH
PXVW HDW LQ RUGHU WR SUHDFK WKH *RVSHO $QG ZKHQ ZH GR WKHVH WKLQJV LQ
WKLV ZD\ ZH VHW WKH *RVSHO DV WKH HQG RI WKDW DFWLRQ EXW ZH DOVR UHIHU
WKLV HQG WR WKH NLQJGRP RI *RG )RU ZH HDW IRU WKH VDNH RI WKH *RVSHO
DQG ZH HDW DQG SUHDFK WKH *RVSHO IRU WKH VDNH RI WKH NLQJGRP RI *RG
&I 0W
$XJXVWLQH 'H 7ULQLWDWH EN F Q
,Q F 0W
$XJXVWLQH 'H VHUPRQH 'RPLQL LQ PRQWH EN F Q
,ELG EN F Q
'LVWLQFWLRQ ;;;9,,,
$QG VR ZH VHW WZR HQGV IRU RXUVHOYHV LQ HDWLQJ EXW GR ZH VLQ E\ GRLQJ
WKHVH WKLQJV" )DU EH LW ,QGHHG >$XJXVWLQH@ KLPVHOI SHUVXDGHV XV WR GR VR
LI ZH H[DPLQH KLV ZRUGV ZLWK GLOLJHQFH
+2: 7+( 3+5$6( ,6 72 %( 81'(56722' :( 0867 127 6(7 7:2
(1'6 )25 2856(/9(6 7KHUHIRUH ZKHQ KH VD\V WKDW µZH PXVW QRW VHW WZR
HQGV IRU RXUVHOYHV¶ KH ZLVKHG LW WR EH XQGHUVWRRG RI HQGV WHQGLQJ WRZDUG
GLIIHUHQW WKLQJV QDPHO\ RQH RI ZKLFK LV QRW UHIHUUHG WR WKH RWKHU $QG VR
ZKHQ KH VD\V WKDW DOO WKLQJV DUH WR EH GRQH IRU WKH VDNH RI WKH NLQJGRP RI
*RG DORQH QRU LV WHPSRUDO UHZDUG WR EH FRQVLGHUHG ZLWK LW LW LV WR EH XQ
GHUVWRRG LQ WKLV ZD\ WKDW ZH QRW FRQVLGHU WHPSRUDO UHZDUG ZLWK WKH NLQJ
GRP E\ GHVLULQJ LW LQ VXFK D ZD\ WKDW ZH GHVLUH LW QRW IRU WKH NLQJGRP EXW
IRU LWV RZQ VDNH QDPHO\ VR WKDW ZH GHVLUH WKH NLQJGRP IRU LWV RZQ VDNH
DQG WKHVH RWKHU WKLQJV IRU WKH VDNH RI WKH NLQJGRP DV KH WHDFKHV )RU LI
ZH DVN IRU HWHUQDO OLIH DQG ZH DOVR DVN IRU WHPSRUDO WKLQJV IURP *RG EXW
ZH DVN IRU WKHVH WKLQJV IRU WKH VDNH RI HWHUQDO OLIH ZH GR QRW RIIHQG QRU
GRHV WKH OHIW KDQG WKHQ NQRZ ZKDW WKH ULJKW KDQG LV GRLQJ EHFDXVH ZH GR
QRW FRQVLGHU WHPSRUDO UHZDUG IRU LWV RZQ VDNH EXW IRU WKH NLQJGRP RI
*RG VR WKDW WKH OHIW KDQG LV XQGHU WKH KHDG ZKLOH WKH ULJKW RQH HP
EUDFHV 2WKHUZLVH LI ZH VHHN WKHVH WHPSRUDO WKLQJV IRU WKHLU RZQ VDNH
MXVW DV ZH GR HWHUQDO WKLQJV WKHQ WKH OHIW KDQG LV MRLQHG WR WKH ULJKW $QG
VR ZKHQ WKH /RUG VDLG %HZDUH QRW WR SHUIRUP \RXU MXVWLFH EHIRUH PHQ VR
DV WR EH VHHQ E\ WKHP KH VD\V HOVHZKHUH /HW \RXU JRRG ZRUNV VR VKLQH
EHIRUH PHQ WKDW WKH\ PD\ JLYH JORU\ WR \RXU )DWKHU ZKR LV LQ KHDYHQ
$QG VR DOO WKLQJV DUH WR EH GRQH IRU WKH VDNH RI *RG VR WKDW ZH UHIHU DOO
WKDW ZH GR DQG WKH HQGV RI DOO WKDW ZH GR WR KLP
&KDSWHU
21 7+( ',))(5(1&( 2) :,// $1' ,17(17,21 $1' (1' ,W LV DOVR XVXDO
WR DVN ZKDW GLIIHUHQFH WKHUH LV DPRQJ ZLOO DQG LQWHQWLRQ DQG HQG
:+$7 7+( :,// ,6 :+$7 7+( (1' 7R WKLV LW FDQ EH VDLG WR GLVWLQ
JXLVK LQ D VXUH DQG FOHDU PDQQHU EHWZHHQ ZLOO DQG HQG WKDW WKH ZLOO LV
WKDW E\ ZKLFK ZH ZLOO VRPHWKLQJ EXW WKH HQG RI WKH ZLOO LV HLWKHU WKDW
ZKLFK ZH ZLOO WKURXJK ZKLFK WKH ZLOO LWVHOI LV IXOILOOHG RU UDWKHU VRPH
WKLQJ HOVH IRU WKH VDNH RI ZKLFK ZH ZLOO ZKDW ZH ZLOO²+2: ,17(17,21
,6 7$.(1 ,QWHQWLRQ KRZHYHU LV VRPHWLPHV WDNHQ IRU WKH ZLOO VRPHWLPHV
IRU WKH HQG /HW WKH GLOLJHQW DQG SLRXV UHDGHU WDNH FDUH WR GLVFHUQ ZKLFK LV
PHDQW ZKHQ WKHVH WHUPV RFFXU LQ 6FULSWXUH
$ERYH LQ Q
&I 0W &I 6RQJ 0W 0W
7+( 6(17(1&(6 %22.
:+$7 7+( (1' ,6 $QG WKH HQG RI WKH ZLOO LV WKH JRRG RU HYLO SOHD
VXUH ZKLFK HDFK VWULYHV WR UHDFK +HQFH $XJXVWLQH RQ WKDW SODFH RI WKH
3VDOP *RG VHDUFKHV KHDUWV DQG UHLQV VSHDNV DV IROORZV ³*RG DORQH
VHDUFKHV KHDUWV WKDW LV ZKDW HDFK RQH WKLQNV DQG UHLQV WKDW LV ZKDW
JLYHV SOHDVXUH WR HDFK EHFDXVH WKH HQG RI FDUH DQG WKRXJKW LV SOHDVXUH
ZKLFK HDFK VWULYHV WR UHDFK E\ FDUH DQG WKRXJKW´ $QG D OLWWOH ODWHU ³0HQ
FDQ VHH RXU ZRUNV ZKLFK FRQVLVW LQ ZRUGV DQG GHHGV EXW *RG DORQH VHHV
LQ ZKDW VSLULW WKH\ DUH GRQH DQG ZKDW WKH\ GHVLUH WR UHDFK $QG ZKHQ *RG
VHHV WKDW RXU KHDUW LV LQ KHDYHQ DQG ZH GR QRW GHOLJKW LQ WKH IOHVK EXW LQ
WKH /RUG WKDW LV ZKHQ RXU WKRXJKWV DQG WKHLU HQGV DUH JRRG KH GLUHFWV
WKH MXVW RQH´²7KH VDPH RQ D WH[W RI DQRWKHU 3VDOP QDPHO\ ,Q WKH
YHU\ VQDUH ZKLFK WKH\ VHW WKHLU IRRW LV FDXJKW VD\V ³7KH IRRW RI WKH VRXO
LV ORYH ZKLFK LI LW LV GHSUDYHG LV FDOOHG FXSLGLW\ RU OXVW LI LW LV ULJKWHRXV
LW LV FDOOHG FKDULW\ 7KH VRXO LV PRYHG E\ LW DV LI WR WKH SODFH WR ZKLFK LW
WHQGV WKDW LV WR JRRG RU HYLO SOHDVXUH KDYLQJ UHDFKHG WKLV WKURXJK ORYH
LW UHMRLFHV´
+( 5(3($76 7+( $)25(6$,' $'',1* $1 (;$03/( $QG VR WKH HQG
RI WKH ZLOO DV ZDV VDLG HDUOLHU LV VDLG WR EH ERWK WKDW ZKLFK ZH ZLOO DQG
WKDW IRU WKH VDNH RI ZKLFK ZH ZLOO LW DQG LQWHQWLRQ ORRNV WR WKDW IRU WKH
VDNH RI ZKLFK ZH ZLOO DQG WKH ZLOO WR WKDW ZKLFK ZH ZLOO )RU H[DPSOH LI
, ZLOO WR IHHG WKH KXQJU\ LQ RUGHU WR KDYH HWHUQDO OLIH P\ ZLOO LV WKDW E\
ZKLFK , ZLOO WR IHHG WKH KXQJU\ ZKRVH HQG LV WKH IHHGLQJ RI WKH KXQJU\
EXW P\ LQWHQWLRQ LV WKDW E\ ZKLFK , ZLOO WR DWWDLQ WR >HWHUQDO@ OLIH LQ WKLV
PDQQHU DQG WKH KLJKHVW HQG LV WKDW OLIH LWVHOI WR ZKLFK HYHQ WKH RWKHU HQG
LV UHIHUUHG
:+(7+(5 7+$7 ,17(17,21 ,6 7+( :,// %XW RQH DVNV ZKHWKHU VXFK
DQ LQWHQWLRQ LV DOVR D ZLOO DQG LI LW LV D ZLOO ZKHWKHU LQ WKLV ZRUN WKH ZLOO
E\ ZKLFK , ZLOO WR KDYH HWHUQDO OLIH DQG E\ ZKLFK , ZLOO WR IHHG WKH KXQJU\
LV RQH DQG WKH VDPH
+(5( 7+$7 ,17(17,21 ,6 &$//(' $ :,// 6XFK DQ LQWHQWLRQ FHUWDLQO\
DSSHDUV WR EH D ZLOO IRU MXVW DV WKHUH LV D ZLOO E\ ZKLFK , ZLOO WR IHHG WKH
KXQJU\ VR WRR WKHUH LV D ZLOO E\ ZKLFK WKURXJK WKLV PHDQV , ZLOO WR KDYH
HWHUQDO OLIH
:+(7+(5 7+( /$77(5 ,6 $ ',))(5(17 :,// )520 7+( )250(5 $QG
WKH ZLOO E\ ZKLFK , ZLOO WR KDYH HWHUQDO OLIH VHHPV WR EH RQH WKLQJ DQG
WKDW E\ ZKLFK , ZLOO WR KHOS WKH SRRU DQRWKHU EXW WKH ODWWHU LV UHIHUUHG WR
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
&I 3V
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
,Q Q
'LVWLQFWLRQ ;;;,;
WKH IRUPHU²$8*867,1( 21 7+( 75,1,7< ,QGHHG ³DOWKRXJK WKH ODWWHU LV
VR SOHDVLQJ WKDW WKH ZLOO UHVWV LQ LW ZLWK VRPH GHOLJKW QHYHUWKHOHVV LW LV QRW
\HW WKDW WR ZKLFK RQH WHQGV EXW LW LV UHIHUUHG WR VRPHWKLQJ HOVH VR WKDW
RQH LV UHJDUGHG DV WKH QDWLYH FRXQWU\ RI D FLWL]HQ EXW WKH RWKHU DV D SODFH
RI UHIUHVKPHQW RU UHVW IRU D WUDYHOOHU´ $QG WKHVH ZLOOV DUH GLVSRVLWLRQV RU
PRYHPHQWV RI WKH PLQG E\ ZKLFK DV LI E\ GHJUHHV RU VWHSV RQH WHQGV
WRZDUG RQH¶V QDWLYH FRXQWU\ 7KHUHIRUH MXVW DV WKH ZLOO WR VHH ZLQGRZV LV
RQH WKLQJ DV ZH OHDUQHG DERYH ZLWK $XJXVWLQH DV RXU WHDFKHU DQG WKH
ZLOO WR VHH SDVVHUVE\ WKURXJK WKH ZLQGRZV LV DQRWKHU ZKLFK LV ERUQ IURP
WKH ILUVW VLPLODUO\ LW VHHPV WR VRPH WKDW WKH ZLOO WR JLYH DOPV WR WKH SRRU
LV RQH WKLQJ DQG WKH WKH ZLOO WR KDYH HWHUQDO OLIH DQRWKHU²%XW RWKHUV
KROG WKDW WKHUH LV RQO\ RQH ZLOO ERWK KHUH DQG WKHUH EXW EHFDXVH RI WKH
PXOWLSOLFLW\ RI VXEMHFWV D GLYHUVLW\ RI ZLOOV LV PHQWLRQHG²%XW ZKLFKHYHU
RI WKHVH PD\ EH WUXH QR RQH GRXEWV WKDW WKH ZLOO LV ZHLJKHG E\ LWV HQGV
ZKHWKHU LW LV ULJKWHRXV RU GHSUDYHG VLQ RU JUDFH DQG WKDW E\ WKH WHUP LQ
WHQWLRQ VRPHWLPHV WKH HQG LV XQGHUVWRRG DQG VRPHWLPHV WKH ZLOO
',67,1&7,21 ;;;,; &KDSWHU 6,1&( 7+( :,// ,6 21( 2) 7+( 7+,1*6 :+,&+ 0$1 +$6 1$785$//<
:+< ,6 ,7 6$,' 72 %( $ 6,1 :+(1 121( 2) 7+( 27+(5 1$785$/ *,)76 ,6 $
6,1 $QG KHUH DULVHV D YHU\ QHFHVVDU\ TXHVWLRQ ZKLFK GUDZV LWV RULJLQ
IURP ZKDW ZDV VDLG DERYH )RU LW KDV EHHQ VDLG DERYH WKDW WKH ZLOO LV QDWX
UDOO\ LQ PDQ DV DUH LQWHOOHFW DQG PHPRU\ %XW WKHVH DUH QDWXUDO JLIWV LQ
PDQ DQG KRZHYHU YLWLDWHG WKH\ PD\ EH WKH\ QHYHUWKHOHVV GR QRW FHDVH WR
EH JRRGV EHFDXVH YLFH LV QRW DEOH WR FRQVXPH HQWLUHO\ WKH JRRGQHVV LQ
ZKLFK *RG PDGH WKHP )RU H[DPSOH LQWHOOHFW DQG UHDVRQ DQG LQJHQXLW\
DQG PHPRU\ DOWKRXJK WKH\ EHFRPH FORXGHG DQG FRUUXSWHG E\ YLFHV DQG
VLQV DUH QHYHUWKHOHVV JRRGV DQG DUH QRW FDOOHG VLQV ,Q 2Q WKH 7ULQLW\
ERRN $XJXVWLQH FOHDUO\ VKRZV WKLV WR EH VR ZLWK UHJDUG WR UHDVRQ
ZKLFK LV WKH LPDJH RI *RG LQ ZKLFK ZH KDYH EHHQ PDGH KH VD\V ³7KLV LV
WKH LPDJH LQ ZKLFK PHQ ZHUH FUHDWHG DQG E\ ZKLFK WKH\ UXOH RYHU WKH DQL
PDOV 7KLV FUHDWXUH WKH PRVW H[FHOOHQW RI FUHDWHG WKLQJV ZKHQ LW LV MXVWL
ILHG E\ *RG LV FKDQJHG IURP D GHIRUPHG IRUP WR D EHDXWLIXO RQH )RU LWV
QDWXUH ZDV JRRG HYHQ LQ WKH PLGGOH RI YLFHV´ $QG WKLV LPDJH LV UHDVRQ
RU WKH LQWHOOHFW 7KHUHIRUH VLQFH WKH ZLOO LV RQH RI WKH QDWXUDO JLIWV ZK\ LV
LW QRW DOZD\V D JRRG HYHQ WKRXJK LW LV VRPHWLPHV VXEMHFW WR YLFHV"
$XJXVWLQH 'H 7ULQLWDWH EN F Q
'LVW F Q
$XJXVWLQH 'H 7ULQLWDWH EN F Q
7+( 6(17(1&(6 %22.
5(63216( $&&25',1* 72 620( 7R WKLV LW LV HDV\ IRU WKRVH WR UH
VSRQG ZKR VD\ WKDW DOO WKLQJV WKDW DUH LQVRIDU DV WKH\ DUH DUH JRRG $V ZH
VHW RXW DERYH WKH\ DVVHUW WKDW WKH ZLOO WRR LQVRIDU DV LW LV RU LQVRIDU DV LW
LV WKH ZLOO LV JRRG EXW LQVRIDU DV LW LV GLVRUGHUHG LW LV HYLO DQG D VLQ
+HUH LW PD\ UHDVRQDEO\ EH DVNHG RI WKHP ,I WKH ZLOO LQVRIDU DV LW LV
GLVRUGHUHG LV D VLQ ZK\ WKHQ DUH WKH LQWHOOHFW UHDVRQ LQJHQXLW\ DQG
VXFKOLNH QRW VLQV ZKHQ WKH\ DUH GLVRUGHUHG" /LNH WKH ZLOO WKH\ DUH GLVRU
GHUHG ZKHQ WKH\ GR QRW WHQG WR WKH ULJKW HQG DQG WKHLU DFWLRQV DUH WUDQV
JUHVVLRQV²7R WKLV WKH\ VD\ WKDW E\ WKH WHUP ZLOO VRPHWLPHV WKH IRUFH
RU QDWXUDO SRZHU RI ZLOOLQJ LV VLJQLILHG DQG VRPHWLPHV DQ DFWLRQ RI WKH
VDPH IRUFH $QG WKH IRUFH LWVHOI ZKLFK LV QDWXUDOO\ LQ WKH VRXO LV QHYHU D
VLQ DV LV QHLWKHU WKH IRUFH RI PHPRU\ RU LQWHOOHFW EXW DQ DFWLRQ RI WKLV
IRUFH ZKLFK LV DOVR FDOOHG WKH ZLOO LV D VLQ ZKHQ LW LV GLVRUGHUHG
&KDSWHU :+< $1 $&7,21 2) 7+( :,// ,6 $ 6,1 ,) 7+( $&7,216 2) 7+( 27+(5
32:(56 $5( 127 6,16 %XW QRZ LW LV DVNHG ZK\ DQ DFWLRQ RI WKLV QDWXUDO
SRZHU LV D VLQ LI WKH DFWLRQV RI WKH RWKHU SRZHUV DUH QRW VLQV QDPHO\ RI
WKH SRZHU RI PHPRU\ ZKRVH DFWLRQ LV WR UHPHPEHU DQG RI WKH SRZHU RI
WKH LQWHOOHFW ZKRVH DFWLRQ LV WR XQGHUVWDQG²5(63216( 7R WKLV WKH VDPH
SHUVRQV DQVZHU WKDW DQ DFWLRQ RI WKH ZLOO LV RI D GLIIHUHQW NLQG IURP WKH DF
WLRQV RI PHPRU\ RU LQWHOOHFW )RU KHUH WKH DFWLRQ LV WR REWDLQ RU QRW WR FRP
PLW VRPHWKLQJ ZKLFK FDQQRW H[LVW ZLWK UHJDUG WR HYLO ZLWKRXW WKH DFWLRQ
LWVHOI EHLQJ HYLO )RU WR ZLOO HYLOV LV DQ HYLO EXW WR XQGHUVWDQG RU UHPHPEHU
HYLOV LV QRW HYLO 7+$7 7+(< 6$< 7+$7 (9(1 $&7,216 2) 7+( 0(025< 25
,17(//(&7 $5( 620(7,0(6 (9,/ DOWKRXJK VRPH RI WKHP DVVHUW QRW ZLWK
RXW VRXQG UHDVRQ WKDW HYHQ WKHVH DFWLRQV DUH DW WLPHV HYLO )RU DW WLPHV
RQH UHPHPEHUV DQ HYLO LQ RUGHU WR GR LW DQG VHHNV WR XQGHUVWDQG WKH WUXWK
LQ RUGHU WR RSSRVH LW²6HH WKLV LV KRZ WKH DERYH TXHVWLRQ LV UHVROYHG E\
WKRVH ZKR WHDFK WKDW DOO WKLQJV DUH JRRG LQVRIDU DV WKH\ DUH
5(63216( $&&25',1* 72 620( %XW WKRVH ZKR VD\ WKDW HYLO ZLOOV
DUH VLQV DQG LQ QR ZD\ JRRGV DQVZHU PRUH EULHIO\ VD\LQJ WKDW DQ DFWLRQ
RI WKH ZLOO LV QRW DPRQJ WKH QDWXUDO JLIWV EXW RQO\ WKH IRUFH DQG SRZHU RI
ZLOOLQJ ZKLFK LV DOZD\V D JRRG DQG LV LQ HYHU\RQH HYHQ LQ OLWWOH FKLOG
UHQ LQ ZKRP DQ DFW RI WKH ZLOO GRHV QRW \HW H[LVW
&I DERYH GLVW F Q
7KH VROXWLRQ EHJLQV DERYH F Q
&RQFHUQLQJ ZKRP VHH DERYH GLVW F
'LVWLQFWLRQ ;;;,;
&KDSWHU ,1 :+$7 6(16( 7+( 67$7(0(17 (9(1 $ 0$1 :+2 ,6 $ 6/$9( 72 6,1
1$785$//< :,//6 7+( *22' ,6 72 %( 81'(56722' 0RUHRYHU LW LV XVX
DO WR DVN KRZ LV WR EH XQGHUVWRRG ZKDW $PEURVH VD\V LQ KLV H[SRVLWLRQ RI
WKDW SKUDVH RI WKH $SRVWOH )RU , GR QRW DFFRPSOLVK ZKDW , ZLOO EXW , GR
ZKDW , GR QRW ZLOO )RU KH VD\V WKDW ³D KXPDQ EHLQJ VXEMHFW WR VLQ GRHV
ZKDW KH GRHV QRW ZLOO EHFDXVH KH QDWXUDOO\ ZLOOV WKH JRRG EXW WKLV ZLOO LV
HYHU GHSULYHG RI HIIHFW LI *RG¶V JUDFH´ GRHV QRW DLG DQG IUHH LW ,I PDQ LV
VXEMHFW WR VLQ KH ZLOOV DQG ZRUNV HYLO EHFDXVH KH LV WKH VODYH RI VLQ DQG
DV $XJXVWLQH VDLG DERYH KH ZLOOLQJO\ GRHV KLV >PDVWHU¶V@ ZLOO KRZ WKHQ
GRHV KH QDWXUDOO\ ZLOO WKH JRRG"
:+(7+(5 25 127 ,7 ,6 %< 7+( 6$0( :,// 7+$7 0$1 1$785$//<
:,//6 7+( *22' $1' :,//,1*/< 6(59(6 6,1 ,V LW WKH VDPH ZLOO WKDW LV
WKH VDPH PRYHPHQW E\ ZKLFK KH IUHHO\ VHUYHV VLQ DQG E\ ZKLFK KH QDWX
UDOO\ ZLOOV WKH JRRG" ,I LW LV QRW WKH VDPH ZLOO WKHQ ZKLFK RI WKHP LV LW
WKDW LV IUHHG IURP VHUYLWXGH WR VLQ ZKHQ PDQ LV MXVWLILHG" )RU DV ZH GLV
FXVVHG HDUOLHU *RG¶V JUDFH IUHHV DQG DLGV PDQ¶V ZLOO LW SUHSDUHV WKH ZLOO
RI PDQ WR EH DLGHG DQG DLGV LW ZKHQ LW LV SUHSDUHG %XW ZKLFK ZLOO LV LW" ,V
LW WKDW ZKLFK QDWXUDOO\ ZLOOV WKH JRRG RU WKDW ZKLFK IUHHO\ VHUYHV VLQ LI
LQGHHG WKHUH DUH WZR ZLOOV"
+( 38568(6 7+( 48(67,21 :+,&+ +( +$6 326(' ),567 $&&25',1*
72 7+26( :+2 6$< 7+$7 7+(5( $5( 7:2 029(0(176 7KH TXHVWLRQ
ZKLFK KDV EHHQ SRVHG LV D GHHS RQH ZKLFK LV UHVROYHG GLIIHUHQWO\ E\ GLI
IHUHQW SHRSOH )RU VRPH VD\ WKDW WKHUH DUH WZR PRYHPHQWV E\ WKH ILUVW RI
ZKLFK PDQ QDWXUDOO\ ZLOOV WKH JRRG %XW ZK\ GR WKH\ VD\ QDWXUDOO\ DQG
ZK\ QDWXUDO" %HFDXVH VXFK ZDV WKH PRYHPHQW RI KXPDQ QDWXUH DW LWV ILUVW
HVWDEOLVKPHQW LQ ZKLFK ZH ZHUH FUHDWHG ZLWKRXW YLFH DQG ZKLFK LV SURS
HUO\ FDOOHG QDWXUH IRU PDQ ZDV FUHDWHG ULJKWHRXV LQ KLV ZLOO²*(11$
',86 +HQFH LQ 2Q (FFOHVLDVWLFDO 'RJPDV LW LV ZULWWHQ ³+ROG PRVW ILUP
O\ WKDW WKH ILUVW KXPDQ EHLQJV ZHUH FUHDWHG JRRG DQG ULJKWHRXV ZLWK IUHH
FKRLFH E\ ZKLFK WKH\ ZHUH DEOH LI WKH\ ZLOOHG WR VLQ E\ WKHLU RZQ ZLOO
DQG WKDW WKH\ VLQQHG QRW E\ QHFHVVLW\ EXW E\ WKHLU RZQ ZLOO´ $QG VR LW LV
ULJKWO\ VDLG WKDW PDQ QDWXUDOO\ ZLOOV WKH JRRG EHFDXVH KH ZDV HVWDEOLVKHG
LQ D JRRG DQG ULJKWHRXV ZLOO IRU WKH KLJKHU VSDUN RI UHDVRQ ZKLFK DV
-HURPH VD\V HYHQ LQ &DLQ FRXOG QRW EH H[WLQJXLVKHG DOZD\V ZLOOV WKH
5RP
&I $PEURVLDVWHU RQ 5RP
'LVW F Q 'LVW F &I (FFO
5DWKHU )XOJHQWLXV 'H ILGH DG 3HWUXP F Q
7+( 6(17(1&(6 %22.
JRRG DQG KDWHV HYLO²$QG WKH\ VD\ WKDW WKHUH LV D VHFRQG PRYHPHQW RI
WKH PLQG E\ ZKLFK WKH PLQG DIWHU UHOLQTXLVKLQJ WKH ODZ RI KLJKHU WKLQJV
VXEMHFWV LWVHOI WR VLQV DQG WDNHV SOHDVXUH LQ WKHP 7KLV PRYHPHQW WKH\
VD\ EHIRUH JUDFH LV SUHVHQW LQ RQH GRPLQDWHV DQG UXOHV LQ PDQ DQG
SUHVVHV GRZQ WKH ILUVW PRYHPHQW DQG \HW HDFK RI WKHP LV IURP IUHH FKRLFH
:LWK WKH FRPLQJ RI JUDFH KRZHYHU WKH HYLO PRYHPHQW LV FUXVKHG DQG WKH
QDWXUDOO\ JRRG RQH LV IUHHG DQG DLGHG VR DV WR ZLOO WKH JRRG HIILFDFLRXVO\
%XW EHIRUH JUDFH DOWKRXJK PDQ QDWXUDOO\ ZLOOV WKH JRRG \HW LW LV QRW
VXLWDEOH WR JUDQW DEVROXWHO\ WKDW KH KDV D JRRG ZLOO EXW UDWKHU DQ HYLO RQH
$&&25',1* 72 27+(56 7+( :,// ,6 6$,' 72 %( 21( %XW RWKHUV VD\
WKDW WKHUH LV >RQO\@ RQH ZLOO WKDW LV RQH PRYHPHQW E\ ZKLFK PDQ QDWXUDO
O\ ZLOOV WKH JRRG DQG LW LV RQ DFFRXQW RI YLFH WKDW KH ZLOOV HYLO DQG ILQGV
GHOLJKW LQ LW DQG LQVRIDU DV KH ZLOOV WKH JRRG KH LV QDWXUDOO\ JRRG LQVRIDU
DV KH ZLOOV HYLO KH LV HYLO
',67,1&7,21 ;/ &KDSWHU :+(7+(5 $// $&7,216 $5( 72 %( :(,*+(' %< 7+(,5 (1' 62 7+$7
7+(< 0$< %( 6$,' 72 %( 6,03/< *22' 25 (9,/ $IWHU WKHVH PDWWHUV LW
DSSHDUV WKDW ZH PXVW DGG >VRPHWKLQJ@ FRQFHUQLQJ DFWLRQV DQG ZKHWKHU
WKH\ WRR OLNH WKH ZLOO DUH WR EH MXGJHG JRRG RU HYLO IURP WKHLU HQG )RU
DOWKRXJK DFFRUGLQJ WR VRPH DOO DFWLRQV DUH JRRG LQVRIDU DV WKH\ DUH \HW
QRW DOO DUH WR EH FDOOHG JRRG DEVROXWHO\ QRU DUH DOO ZRUWK\ RI UHZDUG EXW
VRPH DUH FDOOHG VLPSO\ HYLO DV RWKHUV DUH FDOOHG JRRG
:+,&+ $&7,216 $5( 72 %( &$//(' 6,03/< *22' $1' :+,&+ 6,0
3/< (9,/ ,QGHHG WKRVH DFWLRQV DUH VLPSO\ DQG WUXO\ JRRG ZKLFK KDYH D
JRRG FDXVH DQG LQWHQWLRQ WKDW LV ZKLFK DUH DFFRPSDQLHG E\ D JRRG ZLOO
DQG WHQG WR D JRRG HQG %XW WKRVH DFWLRQV DUH WR EH FDOOHG VLPSO\ HYLO
ZKLFK KDYH D SHUYHUVH FDXVH DQG LQWHQWLRQ²+HQFH $PEURVH VD\V ³<RXU
GLVSRVLWLRQ JLYHV D QDPH WR \RXU GHHG´ $QG $XJXVWLQH RQ 3VDOP
³/HW QR RQH FRXQW KLV ZRUNV EHIRUH IDLWK DV JRRG )RU WKH\ VHHP WR PH WR
EH OLNH JUHDW HIIRUWV DQG D YHU\ IDVW UDFH RII WKH WUDFN EHFDXVH ZKHQ WKHUH
ZDV QR IDLWK WKHUH ZDV QR JRRG ZRUN IRU LW LV LQWHQWLRQ WKDW PDNHV D
ZRUN JRRG DQG LW LV IDLWK ZKLFK GLUHFWV WKH LQWHQWLRQ 'R QRW SD\ DWWHQWLRQ
VR PXFK WR ZKDW D PDQ GRHV EXW WR ZKDW KH KDV LQ YLHZ DV KH GRHV LW WR
ZKLFK KH GLUHFWV ZLWK WKH JUHDWHVW VNLOO DOO KLV HIIRUWV´
-HURPH ,Q (]HFKLHOHP
2Q ZKRP VHH DERYH GLVW F Q
$PEURVH 'H RIILFLLV EN F Q
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV H[S RQ 3V Q
'LVWLQFWLRQ ;/
%\ WKHVH WHVWLPRQLHV LW DSSHDUV WR EH LQGLFDWHG WKDW ZRUNV DUH JRRG
RU HYLO IURP WKHLU LQWHQWLRQ DQG HQG &RQVRQDQW ZLWK WKLV LV ZKDW 7UXWK
VD\V LQ WKH *RVSHO $ JRRG WUHH FDQQRW EHDU HYLO IUXLWV QRU FDQ DQ HYLO
WUHH EHDU JRRG IUXLWV %\ WKH WHUP WUHH LV WR EH XQGHUVWRRG QRW WKH QDWXUH
RI WKH KXPDQ PLQG EXW WKH ZLOO ZKLFK LI LW LV HYLO EHDUV HYLO GHHGV DQG
QRW JRRG RQHV EXW LI LW LV JRRG LW EHDUV JRRG GHHGV QRW HYLO RQHV
:+(7+(5 $// 7+( :25.6 2) 0$1 $5( *22' $1' (9,/ )520 $))(&
7,9( ',6326,7,21 $1' (1' %XW LW LV DVNHG ZKHWKHU DOO WKH ZRUNV RI PDQ
DUH JRRG RU HYLO IURP DIIHFWLYH GLVSRVLWLRQ DQG HQG
7+( 23,1,21 2) 620( :+2 6$< 7+$7 7+(< $5( $// ,1',))(5(17
7KLV VHHPV WR EH WKH FDVH WR VRPH ZKR VD\ WKDW DOO DFWLRQV DUH LQGLIIHUHQW
VR WKDW WKH\ DUH QHLWKHU JRRG QRU HYLO LQ WKHPVHOYHV EXW WKDW HYHU\ DFWLRQ
LV JRRG IURP D JRRG LQWHQWLRQ DQG HYLO IURP DQ HYLO LQWHQWLRQ $FFRUGLQJ
WR WKHP DQ\ DFWLRQ FDQ EH JRRG LI LW LV GRQH ZLWK D JRRG LQWHQWLRQ
7+( 23,1,21 2) 27+(56 :+2 '5$: $ 7+5(()2/' ',67,1&7,21
$021* $&7,216 %XW LW VHHPV WR RWKHUV WKDW VRPH DFWLRQV DUH HYLO LQ WKHP
VHOYHV VR WKDW WKH\ FDQQRW EH DQ\WKLQJ RWKHU WKDQ VLQV HYHQ LI WKH\ KDYH D
JRRG FDXVH DQG VRPH DUH JRRG LQ WKHPVHOYHV VR WKDW HYHQ LI WKH\ KDYH
DQ HYLO FDXVH QHYHUWKHOHVV WKH\ GR QRW FHDVH WR EH JRRG²7KH\ FRQILUP
WKLV E\ WKH WHVWLPRQ\ RI $XJXVWLQH ZKR VD\V WKDW WKH JRRG LV VRPHWLPHV
QRW GRQH ZHOO )RU RQH GRHV QRW GR ZHOO ZKDW RQH GRHV XQZLOOLQJO\ RU E\
QHFHVVLW\ EHFDXVH RQH GRHV QRW GR LW ZLWK D JRRG LQWHQWLRQ DV $XJXVWLQH
VD\V LQ 2Q -RKQ ³$ VHUYLOH IHDU LV QRW LQ FKDULW\ LQ VXFK IHDU DOWKRXJK
RQH EHOLHYHV *RG \HW RQH GRHV QRW EHOLHYH LQ *RG DQG DOWKRXJK RQH GRHV
D JRRG WKLQJ \HW RQH GRHV QRW GR LW ZHOO´ ³)RU QR RQH GRHV ZHOO ZKDW
RQH GRHV XQZLOOLQJO\ HYHQ WKRXJK ZKDW RQH GRHV LV D JRRG WKLQJ´²6HH
\RX KDYH KHUH WKDW RQH GRHV QRW GR ZHOO WKDW ZKLFK LV JRRG WKHUHIRUH RQH
GRHV ZKDW LV JRRG ZLWK DQ LQWHQWLRQ ZKLFK LV QRW JRRG +HQFH WKH\ DVVHUW
WKDW WKHUH DUH VRPH ZRUNV ZKLFK DUH VR JRRG WKDW WKH\ FDQQRW EH HYLO QR
PDWWHU KRZ WKH\ DUH GRQH MXVW DV FRQYHUVHO\ VRPH DUH VR HYLO WKDW WKH\
FDQQRW EH JRRG IRU ZKDWHYHU FDXVH WKH\ DUH GRQH EXW WKDW WKHUH DUH RWKHU
ZRUNV ZKLFK DUH JRRG RU HYLO IURP WKHLU HQG RU IURP WKHLU FDXVH 7R WKLV
ODVW JURXS DORQH WKH WHVWLPRQLHV RI WKH 6DLQWV UHIHU LQ ZKLFK WKH\ VD\ WKDW
WKH MXGJHPHQW RI ZRUNV LV WR EH ZHLJKHG IURP GLVSRVLWLRQ RU LQWHQWLRQ
7KHVH DUJXH IRU D WKUHHIROG GLVWLQFWLRQ RI DFWLRQV
$8*867,1( $33($56 72 )((/ 27+(5:,6( +( 6$<6 7+$7 7+( :25.6
2) 0$1 $5( *22' 25 (9,/ )520 ,17(17,21 $1' &$86( (;&(37 7+26( 0W
$XJXVWLQH &RQIHVVLRQHV EN F Q
$XJXVWLQH 'H VSLULWX HW OLWWHUD F Q
$XJXVWLQH &RQIHVVLRQHV EN F Q
6HH DERYH Q
7+( 6(17(1&(6 %22.
:+,&+ $5( 6,16 ,1 7+(06(/9(6 %XW $XJXVWLQH PRVW FOHDUO\ WHDFKHV LQ
WKH ERRN $JDLQVW /\LQJ WKDW DOO DFWLRQV DUH WR EH MXGJHG JRRG RU HYLO DF
FRUGLQJ WR LQWHQWLRQ DQG FDXVH H[FHSW IRU VRPH ZKLFK DUH VR HYLO WKDW WKH\
FDQ QHYHU EH JRRG HYHQ LI WKH\ VHHP WR KDYH D JRRG FDXVH +H VD\V ³,W LV
DOZD\V UHOHYDQW IRU ZKDW FDXVH WR ZKDW HQG ZLWK ZKDW LQWHQWLRQ VRPH
WKLQJ LV GRQH %XW WKRVH WKLQJV ZKLFK ZH NQRZ WR EH VLQV DUH QRW WR EH
GRQH ZLWK DQ\ FODLP RI D JRRG FDXVH IRU DQ\ DSSDUHQW JRRG HQG ZLWK DQ\
DOOHJHGO\ JRRG LQWHQWLRQ )RU WKRVH ZRUNV RI PHQ ZKLFK DUH QRW LQ WKHP
VHOYHV VLQV DUH QRZ JRRG QRZ HYLO DFFRUGLQJ WR ZKHWKHU WKH\ KDYH JRRG
RU HYLO FDXVHV $QG VR WR JLYH IRRG WR WKH SRRU LV JRRG LI LW LV GRQH EH
FDXVH RI PHUF\ ZLWK ULJKW IDLWK DQG FRQMXJDO LQWHUFRXUVH WRR ZKHQ LW LV
GRQH IRU WKH FDXVH RI SURFUHDWLQJ DQG LI LW LV GRQH ZLWK WKH WUXVW WKDW WKHLU
RIIVSULQJ ZLOO EH ERUQ DJDLQ %XW WKHVH VDPH WKLQJV DUH HYLOV LI WKH\ KDYH
HYLO FDXVHV DV IRU LQVWDQFH LI D SRRU SHUVRQ LV IHG IRU WKH VDNH RI ERDVW
LQJ RI LW RU RQH VOHHSV ZLWK RQH¶V ZLIH EHFDXVH RI OXVW RU FKLOGUHQ DUH EH
JRWWHQ WR EH QXUWXUHG QRW IRU *RG EXW IRU WKH GHYLO %XW ZKHQ WKH ZRUNV
WKHPVHOYHV DUH VLQV OLNH WKHIWV UDSHV EODVSKHPLHV ZKR ZRXOG VD\ WKDW
WKH\ DUH WR EH GRQH IRU JRRG FDXVHV RU DUH QRW VLQV RU ZKDW LV PRUH DE
VXUG WKDW WKH\ DUH ULJKWHRXV VLQV" :KR ZRXOG VD\ /HW XV VWHDO IURP WKH
ULFK VR WKDW ZH PD\ KDYH VRPHWKLQJ WR JLYH WR WKH SRRU RU OHW XV EHDU
IDOVH ZLWQHVV QRW VR WKH LQQRFHQW PD\ EH KDUPHG E\ LW EXW UDWKHU VR WKDW
WKH\ PD\ EH VDYHG" )RU WKHUH DUH WZR JRRGV KHUH WKDW D QHHG\ SHUVRQ EH
IHG DQG DQ LQQRFHQW RQH QRW EH SXQLVKHG 2U ZKR ZRXOG VD\ WKDW DQ DGXO
WHU\ LV WR EH FRPPLWWHG VR WKDW D PDQ PD\ EH VDYHG IURP GHDWK WKURXJK
WKH ZRPDQ ZLWK ZKRP LW ZDV FRPPLWWHG" /LNHZLVH ZK\ GR ZH QRW VXS
SUHVV WUXH WHVWDPHQWV DQG VXEPLW IRUJHG RQHV VR WKDW WKRVH ZKR KHOS WKH
QHHG\ PD\ UHFHLYH LQKHULWDQFHV UDWKHU WKDQ WKRVH ZKR GR QRWKLQJ JRRG"
:K\ VKRXOG WKHVH HYLO WKLQJV QRW EH GRQH IRU WKH VDNH RI WKRVH JRRG RQHV
LI IRU WKH VDNH RI WKHVH JRRG RQHV WKRVH DUH QRW HYLO DW DOO" :K\ VKRXOG D
JRRG PDQ QRW VWHDO WKH ULFKHV RI XQFOHDQ SURVWLWXWHV ZKR HQULFK SLPSV LQ
RUGHU WR GLVWULEXWH WKHP WR WKH QHHG\ VLQFH QR HYLO LV HYLO LI LW LV GRQH IRU
WKH VDNH RI WKH JRRG"´
127 21/< :+< %87 $/62 :+$7 ,6 '21( ,6 72 %( :(,*+(' ³:KR
ZRXOG VD\ WKLV RWKHU WKDQ RQH ZKR VWULYHV WR VXEYHUW KXPDQ DIIDLUV DQG
PRUDOV DQG ODZV" )RU RI ZKDW FULPH ZRXOG LW QRW EH VDLG WKDW LW FDQ EH
GRQH ULJKWHRXVO\ DQG QRW RQO\ ZLWK LPSXQLW\ EXW HYHQ JORULRXVO\ VR WKDW
QR SXQLVKPHQW VKRXOG EH IHDUHG LQ LWV FRPPLVVLRQ EXW WKHUH VKRXOG HYHQ
EH KRSH RI UHZDUG LI ZH KDYH RQFH JUDQWHG WKDW LQ WKH FDVH RI HYLO DFWLRQV
ZKDW LV WR EH DVNHG LV QRW ZKDW LV GRQH EXW ZK\ LW LV GRQH VR WKDW ZKLFK
HYHU RQHV KDYH EHHQ GRQH IRU JRRG FDXVHV VKRXOG QRW EH MXGJHG WR EH
HYLOV" %XW MXVWLFH GHVHUYHGO\ SXQLVKHV KLP ZKR VD\V WKDW KH WRRN VXSHU
$XJXVWLQH &RQWUD PHQGDFLXP F Q
'LVWLQFWLRQ ;/
IOXRXV WKLQJV IURP D ULFK SHUVRQ WR JLYH WKHP WR D SRRU RQH DQG WKH IRUJHU
ZKR IDOVLILHG VRPHRQH HOVH¶V ZLOO VR WKDW KH ZKR ZRXOG JLYH ODUJH DOPV
VKRXOG EH WKH KHLU DQG QRW KH ZKR ZRXOG JLYH QRQH DQG DOVR WKH RQH ZKR
GHFODUHV WKDW KH FRPPLWWHG DGXOWHU\ WR IUHH D PDQ IURP GHDWK WKURXJK WKH
ZRPDQ ZLWK ZKRP KH FRPPLWWHG LW´
21( :+2 67($/6 287 2) &29(72861(66 ,6 :256( 7+$1 21( :+2
67($/6 287 2) &203$66,21 %XW ³VRPHRQH ZLOO VD\ $QG VR D WKLHI ZKR
VWHDOV ZLWK D ZLOO RI PHUF\ LV WR EH HTXDWHG ZLWK DQ\ RWKHU WKLHI" :KR KDV
VDLG VR" %XW RI WKHVH WZR RQH LV QRW JRRG EHFDXVH WKH RWKHU LV ZRUVH IRU
WKH RQH ZKR VWHDOV RXW RI FRYHWRXVQHVV LV ZRUVH WKDQ WKH RQH ZKR GRHV VR
RXW RI FRPSDVVLRQ %XW LI DOO WKHIW LV VLQ ZH PXVW DEVWDLQ IURP DOO WKHIW
)RU ZKR ZRXOG VD\ WKDW ZH RXJKW WR VLQ HYHQ WKRXJK RQH VLQ LV JUHDWHU
WKH RWKHU OLJKWHU" 1RZ KRZHYHU ZH DUH DVNLQJ ZKLFK DFWLRQ LV RU LV QRW D
VLQ QRW ZKLFK LV JUDYHU DQG ZKLFK OLJKWHU´
$WWHQG UHDGHU WR WKH ZRUGV KHUH VHW RXW ZLWK WKH ZKROH FRQVLGHUD
WLRQ RI \RXU PLQG EHFDXVH WKH\ FRQWDLQ DQ H[HUFLVH ZKLFK LV IDU IURP XVH
OHVV DQG \RX ZLOO UHFRJQL]H ZKLFK DFWLRQ LV D VLQ QDPHO\ RQH ZKLFK KDV
DQ HYLO FDXVH DQG QRW RQO\ WKDW RQH EHFDXVH WKHUH DUH VRPH DFWLRQV ZKLFK
DOWKRXJK WKH\ KDYH D JRRG FDXVH DUH QHYHUWKHOHVV VLQV DV LV VHW RXW DERYH
)URP WKLV LW VHHPV WR IROORZ WKDW D ZLOO RU DFWLRQ LV QRW DOZD\V
MXGJHG WR EH HYLO IURP LWV HQG DV LV WKH FDVH ZLWK WKRVH WKLQJV ZKLFK DUH
VLQV LQ WKHPVHOYHV )RU ZKHQ RQH KDV GRQH WKHVH WKLQJV IRU VRPH JRRG
FDXVH WKH\ DSSHDU WR KDYH D JRRG HQG DQG WKH ZLOO LV QRW HYLO DV D UHVXOW
RI WKH HQG QRU LV WKH DFWLRQ PDGH HYLO DV D UHVXOW RI WKH ZLOO EXW WKH ZLOO
LV PDGH GHSUDYHG DV D UHVXOW RI WKH DFWLRQ²$021* 7+26( :+,&+ $5(
(9,/ ,1 7+(06(/9(6 620( 3/$&( 7+( $&7,21 2) 7+( -(:6 $PRQJ WKHVH
VRPH SODFH WKH DFWLRQ RI WKH -HZV ZKR LQ FUXFLI\LQJ &KULVW MXGJHG WKDW
WKH\ ZHUH SD\LQJ KRPDJH WR *RG EHFDXVH WKH\ VD\ WKDW WKH -HZV VHW D
JRRG HQG IRU WKHPVHOYHV QDPHO\ KRPDJH WR *RG DQG \HW WKH\ FODLP WKDW
WKHLU ZLOO DQG DFWLRQ ZHUH SHUYHUVH
%XW QR H[FHSWLRQ LV PDGH FRQFHUQLQJ JRRG WKLQJV LQ WKH DERYH
ZRUGV RI $XJXVWLQH WKDW HYHU\ JRRG ZLOO LV JRRG IURP LWV HQG DQG HYHU\
JRRG DFWLRQ LV JRRG IURP LWV HQG DQG ZLOO %XW QRW HYHU\ HYLO ZLOO LV HYLO
IURP LWV HQG DQG QRW HYHU\ HYLO DFWLRQ LV HYLO IURP LWV HQG DQG ZLOO DQG
HDFK RQH ZKLFK KDV DQ HYLO FDXVH LV HYLO EXW QRW HDFK RQH ZKLFK KDV D
JRRG FDXVH LV JRRG $QG VR ZKHQ LW LV VDLG WKDW WKH QDPH LV JLYHQ WR WKH
GHHG IURP WKH GLVSRVLWLRQ WKLV UXOH LV JHQHUDOO\ WUXH DV WR JRRG ZRUNV
EXW DV WR HYLO RQHV WKRVH DUH H[FHSWHG ZKLFK DUH HYLO LQ WKHPVHOYHV $QG
$XJXVWLQH &RQWUD PHQGDFLXP F Q
,ELG F Q &I -Q
&I DERYH Q
7+( 6(17(1&(6 %22.
VR DOO WKH ZRUNV RI PDQ DUH MXGJHG JRRG RU HYLO DFFRUGLQJ WR LQWHQWLRQ DQG
FDXVH H[FHSW IRU WKRVH ZKLFK DUH HYLO LQ WKHPVHOYHV WKDW LV ZKLFK FDQQRW
EH GRQH ZLWKRXW WUDQVJUHVVLRQ
620( 6$< 7+$7 7+( $)25(6$,' &$1127 %( '21( :,7+ $ *22'
(1' 1HYHUWKHOHVV VRPH FRQWHQG WKDW VXFK WKLQJV QHYHU KDYH D JRRG
FDXVH +H ZKR VWHDOV DQRWKHU¶V JRRGV WR JLYH WKHP WR WKH SRRU GRHV QRW
WKH\ VD\ VWHDO ULJKWO\ IRU LW LV QRW JRRG WR JLYH DQRWKHU¶V JRRGV WR WKH
SRRU ,QGHHG RQH ZKR RIIHUV D VDFULILFH WR *RG RXW RI ZKDW KH KDV VWROHQ
DV DXWKRULW\ VD\V GRHV WKH VDPH DV RQH ZKR VDFULILFHV D VRQ LQ KLV ID
WKHU¶V SUHVHQFH RU RIIHUV WKH VDFULILFH RI D GRJ WR *RG 7KH RIIHULQJ RI
WKH LPSLRXV LV VXUHO\ DERPLQDEOH WR *RG 7KH\ DOVR VD\ LW LV HYLO WR IUHH
D PDQ IURP GHDWK WKURXJK DGXOWHU\ IRU HYHQ LI LW LV JRRG WR IUHH D PDQ
IURP GHDWK QHYHUWKHOHVV WKH\ DVVHUW LW LV HYLO WR IUHH KLP LQ VXFK D ZD\
7+(< ),1' ,1 7+( :25'6 2) $8*867,1( &,7(' $%29( 7+$7 7+26(
7+,1*6 $5( 127 '21( :,7+ $ *22' (1' 7KH\ VD\ WKDW LV ZK\ $XJXVWLQH
DERYH WHPSHUHG KLV VSHHFK DQG VSRNH FDXWLRXVO\ ZKHUH KH VD\V ³%XW
WKRVH WKLQJV ZKLFK ZH NQRZ WR EH VLQV DUH QRW WR EH GRQH IRU DQ\ DSSDUHQW
JRRG HQG ZLWK DQ\ DOOHJHGO\ JRRG LQWHQWLRQ´ )RU KH GLG QRW VLPSO\ VD\
µJRRG HQG¶ DQG µJRRG LQWHQWLRQ¶ EXW DGGHG DSSDUHQWO\ DQG DOOHJHGO\ EH
FDXVH VXFK WKLQJV DUH QRW GRQH ZLWK D JRRG HQG DQG D JRRG LQWHQWLRQ EXW
ZLWK DQ LQWHQWLRQ ZKLFK LV DOOHJHG WR EH JRRG DQG DQ HQG ZKLFK DSSHDUV WR
EH JRRG EXW LV QRW VR $QG $XJXVWLQH WKH\ VD\ GLG QRW VLQJOH WKHVH RXW
DV QRW KDYLQJ HYLO FDXVHV EXW EHFDXVH WKH\ KDYH FDXVHV ZKLFK DSSHDU WR
EH JRRG DQG \HW DUH HYLO
',67,1&7,21 ;/, &KDSWHU :+(7+(5 (9(5< ,17(17,21 $1' $&7,21 2) 7+26( :+2 /$&. )$,7+
,6 (9,/ $QG VLQFH DV ZDV VDLG DERYH WKH LQWHQWLRQ PDNHV D ZRUN JRRG
DQG IDLWK GLUHFWV WKH LQWHQWLRQ LW LV QRW LUUHOHYDQW WR DVN ZKHWKHU HYHU\ LQ
WHQWLRQ DQG HYHU\ ZRUN RI WKRVH ZKR GR QRW KDYH IDLWK LV HYLO )RU LI IDLWK
GLUHFWV WKH LQWHQWLRQ DQG WKH LQWHQWLRQ PDNHV D ZRUN JRRG ZKHUH WKHUH LV
QR IDLWK LW DSSHDUV WKDW WKHUH LV QHLWKHU JRRG LQWHQWLRQ QRU JRRG ZRUN
620( 6$< 7+$7 $// 7+( $&7,216 2) 0$1 :+,&+ $5( *22' :,7+,1
)$,7+ $5( (9,/ :,7+287 )$,7+ 7KLV LV QRW XQUHDVRQDEO\ FRQFOXGHG E\
(FFOL
&I ,V 'HXW
&I 3URY
$ERYH LQ Q
'LVW Q
'LVWLQFWLRQ ;/,
VRPH SHRSOH ZKR VD\ WKDW DOO WKRVH DFWLRQV DQG ZLOOV RI PDQ ZKLFK DUH
JRRG LI RQH KDV IDLWK DUH HYLO ZLWKRXW IDLWK
7+(< 6833257 7+(,5 23,1,21 :,7+ $87+25,7,(6²$8*867,1( ,1
7+( %22. 2) 6(17(1&(6 2) 35263(5 +HQFH WKH $SRVWOH VD\V $OO WKDW LV
QRW IURP IDLWK LV D VLQ ([SRXQGLQJ WKLV $XJXVWLQH VD\V ³7KH HQWLUH OLIH
RI XQEHOLHYHUV LV D VLQ DQG QRWKLQJ LV JRRG ZLWKRXW WKH KLJKHVW JRRG
:KHUH WKH DFNQRZOHGJHPHQW RI HWHUQDO WUXWK LV ODFNLQJ WKHUH LV IDOVH YLU
WXH HYHQ ZLWK WKH EHVW RI PRUDOV´²$QG -DPHV LQ WKH FDQRQLFDO (SLVWOH
VD\V 7KH PDQ ZKR KDV RIIHQGHG DJDLQVW RQH SRLQW QDPHO\ FKDULW\ KDV
EHFRPH JXLOW\ DJDLQVW DOO RI WKHP $QG VR HYHU\ DFWLRQ RI RQH ZKR GRHV
QRW KDYH IDLWK DQG FKDULW\ LV D VLQ EHFDXVH LW LV QRW UHIHUUHG WR FKDULW\ )RU
ZKDWHYHU LV QRW UHIHUUHG WR FKDULW\ DV $XJXVWLQH UHFDOOHG DERYH LV QRW
GRQH DV LW RXJKW WR EH GRQH DQG VR LV HYLO
7+$7 7+( &200$1'0(176 $5( 127 .(37 :,7+287 &+$5,7< $QG
VR RQH ZKR ODFNV FKDULW\ GRHV QRW NHHS WKH FRPPDQGPHQWV EHFDXVH QRQH
RI WKH FRPPDQGPHQWV LV NHSW ZLWKRXW FKDULW\ +HQFH $XJXVWLQH LQ 2Q
WKH (SLVWOH WR WKH *DODWLDQV VD\V ³7KH $SRVWOH FDOOV LW µWKH NHHSLQJ RI WKH
ODZ¶ QRW WR NLOO QRW WR FRPPLW DGXOWHU\ DQG RWKHUV RI WKLV NLQG SHUWDLQLQJ
WR JRRG PRUDOV ZKLFK FDQQRW EH IXOILOOHG ZLWKRXW FKDULW\ DQG KRSH´ $QG
VR RQH ZKR GRHV QRW KDYH IDLWK DQG FKDULW\ IXOILOV QRQH RI WKH FRPPDQG
PHQWV DQG GRHV QR JRRG ZRUN )RU LW LV LPSRVVLEOH DV WKH $SRVWOH VD\V
ZLWKRXW IDLWK WR SOHDVH *RG LQ DQ\WKLQJ $QG VR EHFDXVH HYHU\ JRRG
SOHDVHV *RG WKRVH WKLQJV ZKLFK DUH GRQH ZLWKRXW IDLWK DUH QRW JRRG
)520 7+( :25'6 2) $8*867,1( 620( 2%-(&7,216 $5( 0$'( 72
7+( )25(*2,1* %XW WR WKHVH VWDWHPHQWV LV REMHFWHG ZKDW $XJXVWLQH VDLG
DERYH QDPHO\ WKDW ³DOWKRXJK RQH GRHV D JRRG WKLQJ LQ VHUYLOH IHDU QHYHU
WKHOHVV RQH GRHV QRW GR LW ZHOO QR RQH GRHV ZHOO ZKDW RQH GRHV XQZLOO
LQJO\ HYHQ WKRXJK ZKDW RQH GRHV LV D JRRG WKLQJ´ +HUH KH VD\V WKDW RQH
ZKR GRHV QRW KDYH FKDULW\ GRHV D JRRG WKLQJ EXW QRW ZHOO )RU RQH ZKR
IHDUV LQ D VHUYLOH ZD\ ODFNV FKDULW\ DQG \HW LW LV VDLG RI KLP KHUH WKDW KH
GRHV D JRRG EXW QRW ZHOO 2Q WKDW SODFH RI WKH 3VDOP 7KH WXUWOHGRYH ILQGV
IRU KHUVHOI D QHVW LQ ZKLFK WR SXW KHU \RXQJ KH DOVR VD\V WKDW ³-HZV DQG
KHUHWLFV DQG SDJDQV GR JRRG ZRUNV EHFDXVH WKH\ FORWKH WKH QDNHG DQG
IHHG WKH SRRU DQG VXFKOLNH EXW WKH\ GR QRW GR WKLV LQ WKH QHVW RI WKH
&KXUFK WKDW LV LQ IDLWK DQG VR WKHLU \RXQJ DUH FUXVKHG´
5RP
)URP 3URVSHU RI $TXLWDLQH 6HQWHQWLDH H[ $XJXVWLQR GHOLEDWDH Q
-DPHV
$ERYH GLVW F Q
$XJXVWLQH ,Q (SLVWRODP DG *DODWDV Q
+HEU 'LVW Q 3V
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
7+( 6(17(1&(6 %22.
+2: 7+(< 5(3/< 72 7+(6( :25'6 7R WKHVH ZRUGV WKH\ UHSO\ E\
VD\LQJ WKDW ZRUNV RI WKLV NLQG ZKLFK DUH GRQH ZLWKRXW FKDULW\ DUH FDOOHG
JRRG QRW EHFDXVH WKH\ DUH JRRG ZKHQ WKH\ DUH VR GRQH ZKLFK $XJXVWLQH
FOHDUO\ WDXJKW DERYH EXW EHFDXVH WKH\ ZRXOG EH JRRG LI WKH\ ZHUH GRQH
RWKHUZLVH $OVR VXFK WKLQJV DUH JRRG LQ WKHLU NLQG EXW WKH\ EHFRPH HYLO
IURP WKH >GRHU¶V@ GLVSRVLWLRQ
7+( 9,(: 2) 27+(56 21 7+( $%29( 48(67,21 ,1 :+,&+ ,7 :$6
$6.(' :+(7+(5 (9(5< $&7,21 2) 7+26( :+2 /$&. )$,7+ ,6 (9,/ %XW
RWKHUV ZKR GUDZ D WKUHHIROG GLVWLQFWLRQ RI DFWLRQV FRQFOXGH WKDW DOO
ZRUNV ZKLFK FRPH WR WKH VXSSRUW RI QDWXUH DUH DOZD\V JRRG
+( '(7(50,1(6 7+( $%29( :25'6 2) $8*867,1( %XW ZKDW $XJXV
WLQH VD\V FRQFHUQLQJ WKHLU EHLQJ HYLO µLI WKH\ KDYH HYLO FDXVHV¶ LV QRW WR
EH WDNHQ DV LI WKH\ ZHUH WKHPVHOYHV HYLO EXW WKDW WKRVH ZKR GR WKHP IRU
DQ HYLO HQG VLQ DQG DUH HYLO²$OVR DV IRU WKDW RWKHU WH[W QDPHO\ µLQWHQ
WLRQ PDNHV D ZRUN JRRG DQG IDLWK GLUHFWV WKH LQWHQWLRQ¶ WKH\ GHWHUPLQH
LW E\ VD\LQJ WKDW WKHUH WKDW LV FDOOHG µJRRG¶ ZKLFK LV ZRUWK\ RI UHZDUG IRU
OLIH QRW WKDW WKDW ZRUN DORQH LV JRRG IRU WKHUH DUH DOVR PDQ\ RWKHUV DO
WKRXJK WKH\ DUH QRW JRRG IRU WKH VDPH UHDVRQ DV WKDW RQH
&KDSWHU
,1 :+$7 :$<6 >620(7+,1*@ ,6 &$//(' *22' )RU JRRG LV WDNHQ LQ PDQ\
VHQVHV QDPHO\ IRU XVHIXO IRU ZRUWK\ RI UHZDUG IRU D VLJQ RI WKH JRRG
IRU D VSHFLHV RI WKH JRRG IRU ODZIXO DQG SHUKDSV LQ RWKHU ZD\V $QG WKDW
LQWHQWLRQ DORQH LV ZRUWK\ RI UHZDUG IRU OLIH ZKLFK IDLWK GLUHFWV EXW LW LV
QRW WKH RQO\ RQH ZKLFK LV JRRG WKH\ VD\ )RU LI D -HZ RU D EDG &KULVWLDQ
GULYHQ E\ QDWXUDO SLHW\ KDV UHOLHYHG WKH QHHG RI D QHLJKERXU KH KDV GRQH
D JRRG WKLQJ DQG WKH ZLOO E\ ZKLFK KH GLG WKDW ZDV JRRG
&KDSWHU +(5( $5( 6(7 287 620( &+$37(56 2) $8*867,1( :+,&+ +( 5(75$& 7(' 127 $6 ,) 7+(< +$' %((1 :521*/< 6$,' %87 ,1 25'(5 72 ,1',
&$7( ,1 :+$7 6(16( +( +$' 6$,' 7+(0²),567 &+$37(5 $IWHU WKHVH
PDWWHUV LW LV VXLWDEOH WR LQYHVWLJDWH KRZ ZKDW $XJXVWLQH VD\V LQ WKH ERRN
2Q 7UXH 5HOLJLRQ LV WR EH XQGHUVWRRG ³7R VXFK D GHJUHH LV VLQ D YROXQ
WDU\ HYLO WKDW LW ZRXOG LQ QR ZD\ EH D VLQ LI LW ZHUH QRW YROXQWDU\´²
5(75$&7$7,21 &217$,1,1* $ '28%/( '(7(50,1$7,21 5HYHDOLQJ WKH
UHDVRQ IRU WKLV VWDWHPHQW LQ WKH ERRN RI 5HWUDFWDWLRQV $XJXVWLQH VD\V
2Q ZKRP VHH DERYH GLVW Q
$ERYH GLVW F Q
$ERYH GLVW F Q
$XJXVWLQH 'H YHUD UHOLJLRQH F Q
'LVWLQFWLRQ ;/,
³7KLV GHILQLWLRQ PD\ VHHP IDOVH EXW LI LW LV GLOLJHQWO\ H[DPLQHG LW LV
IRXQG WR EH PRVW WUXH )RU WKDW LV WR EH UHJDUGHG DV D VLQ ZKLFK LV RQO\ D
VLQ DQG QRW WKDW ZKLFK LV DOVR SXQLVKPHQW RI VLQ´² QDPHO\ WKH ILUVW VLQ RI
PDQ ZKLFK ZDV VLQ DQG FDXVH RI VLQ EXW QRW SXQLVKPHQW RI VLQ²³DO
WKRXJK HYHQ WKRVH VLQV ZKLFK DUH QRW XQGHVHUYHGO\ FDOOHG LQYROXQWDU\
VLQFH WKH\ DUH SHUSHWUDWHG LQ LJQRUDQFH RU FRPSXOVLRQ FDQQRW EH FRP
PLWWHG HQWLUHO\ ZLWKRXW WKH ZLOO EHFDXVH HYHQ KH ZKR VLQV LQ LJQRUDQFH
GRHV HQWLUHO\ ZLOOLQJO\ WKDW ZKLFK KH KROGV RXJKW WR EH GRQH HYHQ WKRXJK
LW RXJKW QRW WR EH GRQH $QG KH ZKR LV FDXJKW LQ WKH GHVLUH RI WKH IOHVK
DJDLQVW WKH VSLULW GRHV QRW GR ZKDW KH ZLOOV DQG GHVLUHV XQZLOOLQJO\ DQG
LQ WKDW UHJDUG GRHV QRW GR ZKDW KH ZLOOV EXW LI KH LV RYHUFRPH KH FRQ
VHQWV ZLOOLQJO\ WR FRQFXSLVFHQFH DQG LQ WKDW UHJDUG KH GRHV QRW GR RWKHU
WKDQ ZKDW KH ZLOOV $QG WKDW ZKLFK LV DQ RULJLQDO VLQ LQ OLWWOH FKLOGUHQ ZDV
FRQWUDFWHG IURP WKH ILUVW HYLO ZLOO RI PDQ $QG VR ZKDW , VDLG LV QRW IDOVH
µ7R VXFK D GHJUHH LV VLQ D YROXQWDU\ >HYLO@¶ HWF´²6HH KRZ WKDW VWDWH
PHQW LV WR EH WDNHQ QDPHO\ HLWKHU FRQFHUQLQJ WKH ILUVW VLQ RI PDQ RU RI DOO
PRUWDO VLQV JHQHUDOO\ $QG DOWKRXJK VRPH RI WKH ODWWHU DUH FDOOHG LQYROXQ
WDU\ QDPHO\ WKRVH ZKLFK DUH GRQH WKURXJK LJQRUDQFH RU ZHDNQHVV QHYHU
WKHOHVV WKH\ FDQ EH FDOOHG YROXQWDU\ E\ UHDVRQ RI WKH IDFW WKDW WKH\ DUH QRW
FRPPLWWHG ZLWKRXW WKH ZLOO
&KDSWHU
$127+(5 &+$37(5 7KH PHDQLQJ RXJKW DOVR EH VRXJKW RI WKDW ZKLFK KH
SXEOLVKHG LQ WKH ERRN 2Q WKH 7ZR 6RXOV VD\LQJ ³6LQ LV QRZKHUH RWKHU
WKDQ LQ WKH ZLOO´²5(75$&7$7,21 7KLV DOVR KH FOHDUO\ GHWHUPLQHV LQ
WKH ERRN RI 5HWUDFWDWLRQV VD\LQJ ³7KLV RSLQLRQ PD\ EH WKRXJKW WR EH
IDOVH LQ ZKLFK ZH VDLG µ6LQ LV QRZKHUH RWKHU WKDQ LQ WKH ZLOO¶ VLQFH WKH
$SRVWOH VD\V :KDW , GR QRW ZLOO WKLV , GR´ HWF ³%XW WKH VLQ ZKLFK µLV QR
ZKHUH RWKHU WKDQ LQ WKH ZLOO¶ LV WR EH XQGHUVWRRG SDUWLFXODUO\ WR EH WKH RQH
ZKLFK ZDV IROORZHG E\ D MXVW FRQGHPQDWLRQ´ WKDW LV WKH ILUVW VLQ RI PDQ
&KDSWHU
$/62 $127+(5 &+$37(5 $OVR LQ WKH VDPH ERRN 2Q WKH 7ZR 6RXOV KH
WHDFKHV VRPHWKLQJ HOVH ZRUWK\ RI FRQVLGHUDWLRQ )RU KH VD\V ³7KHUH LV QR
VLQQLQJ DSDUW IURP WKH ZLOO´ DQG KH GHILQHG WKH ZLOO LWVHOI VD\LQJ ³7KH
ZLOO LV D PRYHPHQW RI WKH VSLULW XQGHU QR FRPSXOVLRQ HLWKHU WRZDUG QRW
FRPPLWWLQJ RU WRZDUG REWDLQLQJ VRPHWKLQJ´²$8*867,1( 5(75$&7$
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
5RP
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH 'H GXDEXV DQLPDEXV F Q
7+( 6(17(1&(6 %22.
7,21 5HYHDOLQJ WKH FDXVH RI WKLV VWDWHPHQW DQG H[SODLQLQJ LWV PHDQLQJ LQ
WKH ERRN RI 5HWUDFWDWLRQV KH VD\V ³0RUHRYHU WKLV ZDV VDLG VR WKDW WKH
GHILQLWLRQ PLJKW VHUYH WR GLVWLQJXLVK WKH ZLOOLQJ IURP WKH XQZLOOLQJ DQG
WKDW LQ WKLV ZD\ LQWHQWLRQ ZRXOG UHIHUUHG WR WKRVH ZKR LQ SDUDGLVH FRP
PLWWHG WKH RULJLQDO HYLO E\ VLQQLQJ XQGHU QR RQH¶V FRPSXOVLRQ WKDW LV E\
D IUHH ZLOO EHFDXVH WKH\ DFWHG NQRZLQJO\ DJDLQVW >*RG¶V@ FRPPDQG DQG
WKHLU WHPSWHU SHUVXDGHG WKHP WR GR VR EXW GLG QRW FRPSHO WKHP )RU RQH
ZKR KDV VLQQHG XQNQRZLQJO\ FDQ QRW XQVXLWDEO\ EH VDLG WR KDYH VLQQHG
µXQZLOOLQJ¶ DOWKRXJK KH WRR QHYHUWKHOHVV GLG ZLOOLQJO\ ZKDW KH GLG XQ
NQRZLQJO\ 7+( :,// 72 '2 $ '((' :+,&+ ,6 $ 6,1 ,6 127 $/:$<6 7+(
:,// 72 6,1 %(&$86( 21( :,//6 7+$7 :+,&+ ,6 $ 6,1 $1' <(7 127 7+(
6,1 $QG VR VXFK D VLQ FRXOG QRW RFFXU ZLWKRXW WKH ZLOO EXW >ZKDW ZDV@
WKHUH ZDV WKH ZLOO WR GR WKH GHHG QRW WKH ZLOO WR VLQ $QG \HW WKH GHHG
ZDV D VLQ IRU WKDW ZKLFK RXJKW QRW WR KDYH EHHQ GRQH ZDV GRQH $QG DQ\
RQH VLQV NQRZLQJO\ LI KH LV DEOH ZLWKRXW VLQ WR UHVLVW DQRWKHU ZKR FRP
SHOV KLP WR VLQ DQG \HW KH GRHV QRW GR LW VXFK D RQH FHUWDLQO\ VLQV ZLOO
LQJO\ EHFDXVH RQH ZKR FDQ UHVLVW LV QRW FRPSHOOHG WR \LHOG )RU WKHVH
UHDVRQV LW LV YHU\ WUXH WKDW WKHUH FDQQRW EH VLQQLQJ DSDUW IURP WKH ZLOO´
)URP WKHVH ZRUGV LV PDGH FOHDU KRZ WKH DERYH DUH WR EH WDNHQ
&KDSWHU
7+$7 $1 (9,/ :,// ,6 $ 92/817$5< 6,1 $QG LI HYHU\ PRUWDO VLQ LV YRO
XQWDU\ VLQFH DQ HYLO ZLOO LV D PRUWDO VLQ LW LV FOHDU WKDW LW LV D YROXQWDU\
VLQ²$8*867,1( ,1 7+( %22. 21 )5(( &+2,&( $V $XJXVWLQH VD\V
³)RU ZKDW LV DV PXFK LQ WKH ZLOO DV WKH ZLOO LWVHOI"´ $QG VR DQ HYLO ZLOO LV
ULJKWO\ FDOOHG D YROXQWDU\ VLQ EHFDXVH LW UHVLGHV LQ WKH ZLOO $V $XJXVWLQH
VD\V LQ WKH VDPH ³7KH ZLOO LV FHUWDLQO\ WKH ILUVW FDXVH RI VLQQLQJ RU QR
VLQ LV WKH ILUVW FDXVH RI VLQQLQJ 1RU LV WKHUH DQ\RQH WR ZKRP VLQ PD\
ULJKWO\ EH LPSXWHG RWKHU WKDQ WKH VLQQHU DQG VR WKHUH LV QRWKLQJ WR ZKLFK
LW PD\ ULJKWO\ EH LPSXWHG RWKHU WKDQ WKH ZLOO´²$QG WKLV LV WR EH XQGHU
VWRRG RI DFWXDO DQG PRUWDO VLQ $V $XJXVWLQH KLPVHOI VD\V LQ WKH 5HWUDFWD
WLRQV ZLWK WKHVH ZRUGV KH GLG QRW ZLVK WR VKRZ DQ\WKLQJ RWKHU WKDQ WKDW
³WKH ZLOO LV WKDW E\ ZKLFK RQH VLQV DQG OLYHV ULJKWHRXVO\´
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
$XJXVWLQH 'H OLEHUR DUELWULR EN F Q
,ELG EN F Q
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
'LVWLQFWLRQ ;/,,
',67,1&7,21 ;/,, &KDSWHU :+(7+(5 $1 (9,/ :,// $1' $&7,21 ,1 7+( 6$0( 0$1 &21&(51,1*
7+( 6$0( 7+,1* $5( 21( 6,1 25 6(9(5$/ %XW VLQFH DQ HYLO ZLOO DQG DF
WLRQ DUH VLQIXO LW LV XVXDO WR DVN ZKHWKHU LQ WKH VDPH PDQ DQG FRQFHUQLQJ
WKH VDPH WKLQJ WKHVH WZR DUH RQH VLQ RU VHYHUDO ,I VRPHRQH ZLOOLQJO\
VWHDOV KH KDV DQ HYLO ZLOO ZKLFK LV VLQIXO DQG DQ HYLO DFWLRQ ZKLFK LV
DOVR VLQIXO $QG WKHVH DUH WZR GLIIHUHQW WKLQJV QDPHO\ ZLOO DQG DFWLRQ
EXW DUH WKH\ GLIIHUHQW VLQV RU RQH VLQ"
2%-(&7,21 $*$,167 7+26( :+2 6$< 21( 6,1 6RPH VD\ WKDW WKHUH LV
RQH VLQ %XW RWKHUV VD\ WKDW WKHUH DUH GLIIHUHQW VLQV EHFDXVH VLQFH LW LV FOHDU
WKDW WKHUH DUH WZR GLIIHUHQW WKLQJV HLWKHU WKH\ DUH FDOOHG WZR GLIIHUHQW VLQV
RU WZR GLIIHUHQW WKLQJV EXW QRW WZR VLQV²5(63216( 7R WKHP RWKHUV UH
VSRQG WKDW WKHUH DUH WZR GLIIHUHQW WKLQJV DQG QRW WZR VLQV )RU WKH\ DUH QRW
WZR VLQV EXW RQH VLQ EHFDXVH WKH VDPH WUDQVJUHVVLRQ RU GLVREHGLHQFH LV
FRPPLWWHG LQ ERWK HLWKHU ZKHQ KH ZLOOV RU ZKHQ KH DFWV $QG WKH FRQ
WHPSW WKHUH VKRZQ LV DOVR RQH EXW LW LV OHVV ZKHQ WKH VLQ LV FRQWDLQHG RQO\
LQ WKH ZLOO DQG JUHDWHU ZKHQ WKH GHHG LV DGGHG WR WKH ZLOO $QG VR WKH VLQ
EHFRPHV JUHDWHU EXW QRW SOXUDO ZKHQ WKH ZLOO LV JLYHQ RYHU WR WKH GHHG
$127+(5 2%-(&7,21 $*$,167 7+( 6$0( %XW DQRWKHU REMHFWLRQ LV
PDGH WR WKH VDPH ,I WKHVH WZR DUH RQO\ RQH VLQ KRZ LV LW WKDW RQH ZKR
KDG ILUVW FRQFHLYHG WKH ZLOO WR GR HYLO DQG DIWHUZDUGV DFFRPSOLVKHG WKH
GHHG LV QRW OLDEOH IRU DQ\WKLQJ RWKHU WKDQ WKDW IRU ZKLFK KH ZDV OLDEOH
EHIRUH WKH GHHG ZKHQ WKH VLQ FRQVLVWHG RQO\ LQ WKH ZLOO )RU QR RQH LV OL
DEOH WR HWHUQDO GHDWK RWKHU WKDQ IRU VLQ %XW WKH VLQ FRPPLWWHG E\ WKH DF
WLRQ LV QRQH RWKHU WKDQ WKDW ZKLFK ZDV ILUVW DGPLWWHG E\ WKH ZLOO $QG VR
E\ WKH VLQIXO DFWLRQ VXFK D SHUVRQ GRHV QRW PDNH KLPVHOI FRQGHPQDEOH WR
DQ\WKLQJ RWKHU WKDQ WKDW WR ZKLFK KH KDG EHHQ EHIRUH ZKHQ KH RIIHQGHG
ZLWK WKH ZLOO DORQH²5(63216( $QG WR WKLV WRR WKH\ UHVSRQG DQG VD\
WKDW D WKLHI LV UHQGHUHG OLDEOH E\ WKDW VLQ DORQH $QG DOWKRXJK KLV ZLOO DQG
DFWLRQ DUH RQH VLQ \HW KH LV UHQGHUHG OLDEOH IRU VRPHWKLQJ HOVH E\ WKH DF
WLRQ RI VLQQLQJ WKDQ KH ZDV EHIRUH ZKHQ KH RIIHQGHG E\ WKH ZLOO DORQH
KH LV QRZ OLDEOH DOVR IRU WKH DFWLRQ ZKLFK LV VRPHWKLQJ RWKHU WKDQ WKH
ZLOO DOWKRXJK QRW DQRWKHU VLQ
$127+(5 2%-(&7,21 $*$,167 7+( 6$0( 6WLOO SUHVVLQJ RQ ZLWK WKH
TXHVWLRQ WKH\ DOVR VD\ WKDW WKHVH DUH WZR GLIIHUHQW VLQV EHFDXVH WKH\ DUH
WUDQVJUHVVLRQV RI GLIIHUHQW FRPPDQGPHQWV RI WKH /DZ )RU WKH DFWLRQ RI
VWHDOLQJ LV IRUELGGHQ E\ RQH FRPPDQGPHQW RI WKH /DZ QDPHO\ <RX VKDOO
QRW VWHDO WKH ZLOO WR VWHDO E\ DQRWKHU QDPHO\ <RX VKDOO QRW FRYHW ZKDW
([RG 'HXW
7+( 6(17(1&(6 %22.
EHORQJV WR \RXU QHLJKERXU $QG VLQFH WKHVH DUH WZR GLIIHUHQW FRPPDQG
PHQWV E\ ZKLFK WKRVH WZR WKLQJV DUH IRUELGGHQ LW LV FOHDU WKDW WKHUH DUH
WZR GLIIHUHQW WUDQVJUHVVLRQV DQG VR >WZR@ GLIIHUHQW VLQV²5(63216( 7R
WKLV WKH RWKHUV DOVR UHSO\ WKDW WKH FRPPDQGPHQWV DUH LQGHHG GLIIHUHQW E\
ZKLFK WKRVH WZR WKLQJV DUH IRUELGGHQ GLVWLQFWO\ DV $XJXVWLQH WHDFKHV LQ
2Q ([RGXV $QG \HW LQ WKH IDLOXUH WR REVHUYH WKHP RQO\ RQH WUDQVJUHVV
LRQ LV LQFXUUHG DQG RQO\ RQH VLQ LV FRQWUDFWHG HYHQ WKRXJK WZR GLIIHUHQW
WKLQJV DUH IRUELGGHQ E\ WKH FRPPDQGPHQWV 6LPLODUO\ DQG FRQYHUVHO\
WKHUH DUH WZR FRPPDQGPHQWV RI FKDULW\ E\ ZKLFK WZR DUH FRPPDQGHG
WR EH ORYHG >LH *RG DQG RQH¶V QHLJKERXU@ DQG \HW RQH FKDULW\ LV FRP
PHQGHG WR XV E\ PHDQV RI WKHP
&KDSWHU :+(7+(5 $ 6,1 &200,77(' %< 620(21( 5(0$,16 ,1 +,0 817,/ +(
5(3(176 0RUHRYHU LW LV XVXDO WR DVN ZKHQ D VLQ KDV EHHQ YROXQWDULO\
FRPPLWWHG E\ VRPHRQH DQG WKH ZLOO WR FRPPLW LW DQG WKH DFWLRQ KDYH
FHDVHG DQG \HW KH KDV QRW \HW KDG WUXH SHQDQFH ZKHWKHU WKDW VLQ LV LQ
KLP XQWLO KH UHSHQWV 7KLV DSSHDUV QRW WR EH WKH FDVH EHFDXVH WKH ZLOO
ZKLFK ZDV EHIRUH LV QR ORQJHU DQG QHLWKHU LV WKH DFWLRQ EHFDXVH KH GRHV
QRW >QRZ@ ZLOO RU GR WKDW ZKLFK KH ZLOOHG DQG GLG EHIRUH
5(63216( '(7(50,1,1* 7+( 48(67,21 %XW LW LV QRW WR EH LJQRUHG
WKDW VLQ LV VDLG WR EH LQ VRPHRQH DQG WR FHDVH LQ WZR ZD\V QDPHO\ E\ DF
WLRQ DQG E\ OLDELOLW\ ,W LV LQ VRPHRQH E\ DFWLRQ ZKLOH WKH YHU\ WKLQJ ZKLFK
LV D VLQ VXFK DV DQ DFWLRQ RU D ZLOO LV LQ WKH VLQQHU EXW LW LV LQ KLP E\
OLDELOLW\ ZKHQ EHFDXVH RI LW ZKHWKHU LW KDV FHDVHG RU LV VWLOO SUHVHQW WKH
PLQG RI PDQ LV SROOXWHG DQG FRUUXSWHG DQG WKH ZKROH PDQ LV ERXQG WR
SHUSHWXDO SDLQV $SDUW IURP WKH RULJLQDO RQH QR VLQ LV HYHU LQ DQ\ERG\ E\
DFWLRQ ZLWKRXW EHLQJ WKHUH DOVR E\ OLDELOLW\ EXW VRPHWLPHV LW LV WKHUH E\
OLDELOLW\ DIWHU LW KDV FHDVHG LQ UHVSHFW WR DFWLRQ
&KDSWHU
,1 :+$7 :$<6 /,$%,/,7< ,6 632.(1 2) ,1 6&5,3785( $QG OLDELOLW\ LQ
6FULSWXUH LV WDNHQ LQ VHYHUDO ZD\V QDPHO\ IRU IDXOW IRU SXQLVKPHQW IRU
WKH REOLJDWLRQ RI WHPSRUDO RU HWHUQDO SXQLVKPHQW ,I LW LV PRUWDO LW REOLJHV
XV WR HWHUQDO SXQLVKPHQW LI YHQLDO LW ELQGV XV WR WHPSRUDO SXQLVKPHQW
:+$7 0257$/ 6,1 ,6 :+$7 9(1,$/ ,6 )RU WKHUH DUH WZR NLQGV RI
VLQV QDPHO\ PRUWDO DQG YHQLDO $ PRUWDO VLQ LV WKDW WKURXJK ZKLFK PDQ
GHVHUYHV HWHUQDO GHDWK ³IRU´ DV $XJXVWLQH VD\V ³ LW LV D FULPH ZKLFK LV
([RG 'HXW
$XJXVWLQH 4XDHVWLRQHV LQ +HSWDWHXFKXP EN T
&I 0W
'LVWLQFWLRQ ;/,,
ZRUWK\ RI LQGLFWPHQW DQG FRQGHPQDWLRQ´ EXW D YHQLDO RQH LV WKDW ZKLFK
GRHV QRW EXUGHQ PDQ WR WKH SRLQW RI OLDELOLW\ WR HWHUQDO GHDWK DQG \HW GH
VHUYHV SXQLVKPHQW EXW LV HDVLO\ IRUJLYHQ
&KDSWHU 21 7+( 02'(6 2) 6,11,1* :+,&+ $5( '(6&5,%(' ,1 $ 9$5,(7< 2)
:$<6²),567 ',67,1&7,21 $QG WKH PRGHV RI VLQQLQJ DUH GLVWLQJXLVKHG
LQ D YDULHW\ RI ZD\V LQ 6FULSWXUH LQ LW LW LV VDLG WKDW VLQ LV FRPPLWWHG
LQ WZR ZD\V QDPHO\ E\ FXSLGLW\ DQG E\ IHDU DV $XJXVWLQH WHDFKHV RQ WKDW
SODFH RI WKH 3VDOP %XUQHG ZLWK ILUH DQG FXW IURP EHORZ )RU KH VD\V WKDW
DOO PRUWDO VLQV DUH LQFOXGHG LQ WKHVH WZR ZD\V +H FDOOV WKRVH VLQV EXUQHG
ZKLFK DULVH IURP DQ HYLOO\ VPRXOGHULQJ FXSLGLW\ DQG KH FDOOV WKRVH FXW
IURP EHORZ ZKLFK FRPH IURP DQ HYLOO\ KXPLOLDWLQJ IHDU 7KLV LV ZKHQ RQH
GHVLUHV ZKDW LV QRW WR EH GHVLUHG RU IHDUV ZKDW LV QRW WR EH IHDUHG
6(&21' ',67,1&7,21 %XW HOVHZKHUH VLQ LV VDLG WR EH FRPPLWWHG LQ
WKUHH ZD\V QDPHO\ LQ WKRXJKW ZRUG GHHG +HQFH -HURPH LQ 2Q (]HFKLHO
³7KHUH DUH WKUHH JHQHUDO FULPHV WR ZKLFK KXPDQNLQG LV VXEMHFW IRU ZH VLQ
HLWKHU LQ WKRXJKW ZRUG RU GHHG´ 6RPHWLPHV D IRXUWK ZD\ LV DGGHG WR
WKHVH WKUHH QDPHO\ WKDW RI KDELWXDWLRQ ZKLFK LV VLJQLILHG E\ /D]DUXV O\
LQJ GHDG IRU IRXU GD\V
7+,5' 0DQ LV DOVR VDLG WR VLQ DJDLQVW *RG DJDLQVW KLPVHOI DQG
DJDLQVW KLV QHLJKERXU $JDLQVW *RG ZKHQ KH WKLQNV ZURQJO\ FRQFHUQLQJ
*RG DV GRHV D KHUHWLF RU ZKHQ KH GDUHV WR XVXUS WKLQJV ZKLFK DUH *RG¶V
DV E\ SDUWLFLSDWLQJ XQZRUWKLO\ LQ WKH VDFUDPHQWV RU ZKHQ KH KROGV *RG¶V
QDPH LQ FRQWHPSW E\ VZHDULQJ +H VLQV DJDLQVW KLV QHLJKERXU ZKHQ KH
KDUPV KLV QHLJKERXU XQMXVWO\ EXW DJDLQVW KLPVHOI ZKHQ KH KDUPV KLPVHOI
EXW QRW DQ\RQH HOVH
&KDSWHU
,1 :+$7 '2 )$8/7 $1' 6,1 ',))(5 ,W DOVR KDV GLIIHUHQW QDPHV IRU LW LV
FDOOHG ERWK VLQ DQG IDXOW $QG DV $XJXVWLQH VD\V LQ KLV 4XHVWLRQV RQ /H
YLWLFXV ³SHUKDSV IDXOW LV WR IDOO DZD\ IURP WKH JRRG DQG VLQ LV WR GR HYLO
)RU WR IDOO DZD\ IURP WKH JRRG LV RQH WKLQJ DQG WR GR HYLO LV DQRWKHU $QG
VR VLQ LV WKH SHUSHWUDWLRQ RI HYLO IDXOW WKH DEDQGRQPHQW RI WKH JRRG $QG
HYHQ WKH QDPH LWVHOI VKRZV LW )RU ZKDW HOVH GRHV IDXOW VRXQG OLNH LI QRW
IDOO" $QG IURP ZKDW GRHV KH IDOO DZD\ WKH RQH ZKR IDLOV LI QRW IURP WKH
$XJXVWLQH ,Q ,RDQQHP WU Q
$XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V Q
-HURPH ,Q (]HFKLHOHP
&I -Q $XJXVWLQH ,Q ,RDQQHP WU Q
7+( 6(17(1&(6 %22.
JRRG" 2U IDXOW LV ZKDW LV GRQH LQ LJQRUDQFH DQG VLQ LV ZKDW LV FRPPLWWHG
NQRZLQJO\ $QG \HW VLQ LV LQGLVFULPLQDWHO\ FDOOHG IDXOW DQG IDXOW VLQ´
&KDSWHU
21 7+( 6(9(1 35,1&,3$/ 9,&(6 0RUHRYHU LW LV WR EH NQRZQ WKDW WKHUH
DUH VHYHQ FDSLWDO RU SULQFLSDO YLFHV DV *UHJRU\ VD\V RQ ([RGXV QDPHO\
YDLQJORU\ DQJHU HQY\ VORWK RU VDGQHVV DYDULFH JOXWWRQ\ OXVW $V &KU\
VRVWRP VD\V WKHVH DUH VLJQLILHG LQ WKH VHYHQ QDWLRQV ZKR KHOG WKH ODQG RI
WKH SURPLVH PDGH WR ,VUDHO )URP WKHVH DV LI IURP VHYHQ VSULQJV DOO WKH
GHDGO\ FRUUXSWLRQV RI VRXOV HPDQDWH $QG WKHVH DUH FDOOHG FDSLWDO EHFDXVH
IURP WKHP DULVH DOO HYLOV )RU WKHUH LV QRQH ZKLFK GRHV QRW GHULYH LWV RUL
JLQ IURP RQH RI WKHVH
&KDSWHU
21 35,'( :+,&+ ,6 7+( 5227 2) $// (9,/6 $QG \HW DOO HYLOV ERWK
WKHVH DQG RWKHUV DULVH IURP SULGH EHFDXVH DV *UHJRU\ VD\V ³SULGH LV WKH
URRW RI DOO HYLO RI ZKLFK LW LV VDLG 3ULGH LV WKH EHJLQQLQJ RI DOO VLQ´
DQG LW LV ³WKH ORYH RI RQH¶V RZQ H[FHOOHQFH´
21 7+( )285 .,1'6 2) 35,'( $QG WKHUH DUH IRXU NLQGV RI SULGH DV
*UHJRU\ VD\V ³7KH ILUVW LV ZKHQ VRPHRQH DWWULEXWHV WR KLPVHOI WKH JRRG
ZKLFK KH KDV WKH VHFRQG ZKHQ KH EHOLHYHV WKDW WKH JRRG LV JLYHQ E\ *RG
DQG \HW IRU KLV RZQ PHULWV WKH WKLUG ZKHQ KH ERDVWV WKDW KH KDV ZKDW KH
GRHV QRW KDYH WKH IRXUWK ZKHQ KH KDV FRQWHPSW IRU DOO RWKHUV DQG ZLVKHV
WR VHHP XQLTXH´ 'HVHUYHGO\ WKHQ SULGH LV FDOOHG WKH URRW RI DOO HYLO
7+$7 &83,',7< ,6 7+( 5227 2) $// (9,/6 %XW ZKDW WKH $SRVWOH
VD\V 7KH URRW RI DOO HYLOV LV FXSLGLW\ VHHPV WR FRQWUDGLFW WKLV EHFDXVH LI
FXSLGLW\ LV WKH URRW RI DOO HYLOV WKHQ LW LV DOVR WKH URRW RI SULGH +RZ WKHQ
LV SULGH WKH URRW DQG EHJLQQLQJ RI DOO VLQ"
&KDSWHU ,1 :+$7 6(16( ($&+ 1$0(/< 35,'( $1' &83,',7< ,6 &$//(' 7+( 5227
2) $// (9,/6 %XW HDFK RI WKHVH LV XQGHUVWRRG WR EH ULJKWO\ GHVFULEHG LI
HDFK WHUP LV XQGHUVWRRG WR LQFOXGH W\SHV RI LQGLYLGXDO VLQV DQG QRW WKH
$XJXVWLQH 4XDHVWLRQHV LQ +HSWDWHXFKXP EN T
2UGLQDU\ JORVV RQ ([RG IURP *UHJRU\ 0RUDOLD EN F Q
2UGLQDU\ JORVV RQ ([RG -RKQ &DVVLDQ &RQODWLRQHV FROO FF DQG
(FFOL
2UGLQDU\ JORVV RQ ([RG IURP *UHJRU\ 0RUDOLD EN F Q
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
2UGLQDU\ JORVV RQ -RE IURP *UHJRU\ 0RUDOLD EN F Q
7LP
'LVWLQFWLRQ ;/,,,
LQGLYLGXDO VLQV WKHPVHOYHV &HUWDLQO\ WKHUH LV QR W\SH RI VLQ ZKLFK DW
VRPH WLPH GRHV QRW FRPH IURP SULGH DQG DOVR WKHUH LV QRQH ZKLFK GRHV
QRW VRPHWLPHV GHVFHQG IURP FXSLGLW\ )RU WKHUH DUH VRPH PHQ ZKR EH
FRPH SURXG IURP FXSLGLW\ DQG RWKHUV ZKR EHFRPH FRYHWRXV IURP SULGH
³)RU´ DV $XJXVWLQH VD\V ³WKHUH LV D NLQG RI PDQ ZKR ZRXOG QRW EH D
ORYHU RI PRQH\ LI KH GLG QRW WKLQN KH ZRXOG EH PRUH H[FHOOHQW WKURXJK
LW´ DQG VR KH LV FRYHWRXV RI ULFKHV LQ RUGHU WR H[FHO )URP VXFK SULGH
DULVHV FXSLGLW\ $QG WKHUH LV DQRWKHU ZKR ZRXOG QRW GHVLUH WR H[FHO LI KH
GLG QRW WKLQN WKDW KH ZRXOG KDYH JUHDWHU ULFKHV WKURXJK WKLV DQG VR KH
ODERXUV LQ WKH SXUVXLW RI H[FHOOHQFH EHFDXVH KH ORYHV WR KDYH ULFKHV ,Q
VXFK D SHUVRQ SULGH RU WKH ORYH RI H[FHOOHQFH LV ERUQ IURP FXSLGLW\
7KHUHIRUH LW LV HYLGHQW WKDW FXSLGLW\ VRPHWLPHV DULVHV IURP SULGH DQG
SULGH VRPHWLPHV IURP FXSLGLW\ DQG VR LW LV ULJKWO\ VDLG RI HDFK WKDW LW LV
WKH URRW RI DOO HYLO
',67,1&7,21 ;/,,, &KDSWHU 21 7+( 6,1 $*$,167 7+( +2/< 63,5,7 :+,&+ ,6 $/62 &$//(' 7+( 6,1
8172 '($7+ 0RUHRYHU WKHUH LV D NLQG RI VLQ ZKLFK LV PRUH JUDYH DQG
DERPLQDEOH WKDQ WKH RWKHUV ZKLFK LV FDOOHG WKH VLQ DJDLQVW WKH +RO\ 6SL
ULW &RQFHUQLQJ LW 7UXWK VD\V LQ WKH *RVSHO :KRHYHU VKDOO KDYH VLQQHG
DJDLQVW WKH +RO\ 6SLULW LW ZLOO QRW EH UHPLWWHG WR KLP QHLWKHU KHUH QRU LQ
WKH IXWXUH DQG -RKQ LQ WKH FDQRQLFDO (SLVWOH 7KHUH LV D VLQ XQWR GHDWK
, GR QRW VD\ WKDW DQ\RQH SUD\ IRU KLP )RU LI DQ\RQH VLQV DJDLQVW WKH
)DWKHU LW ZLOO EH UHPLWWHG WR KLP DQG LI DQ\RQH VLQV DJDLQVW WKH 6RQ LW
ZLOO EH UHPLWWHG WR KLP EXW DV IRU RQH ZKR KDV EODVSKHPHG DJDLQVW WKH
+RO\ 6SLULW LW ZLOO QRW EH UHPLWWHG WR KLP QHLWKHU KHUH QRU LQ WKH IXWXUH
:+$7 7+$7 6,1 ,6 7+( 23,1,21 2) 620( %XW LW LV DVNHG ZKDW WKDW
VLQ DJDLQVW WKH +RO\ 6SLULW RU XQWR GHDWK LV²6RPH VD\ WKDW LW LV WKH VLQ RI
GHVSDLU RU REVWLQDF\ 2EVWLQDF\ LV WKH SHUWLQDFLW\ LQ ZLFNHGQHVV RI D KDUG
HQHG PLQG WKURXJK ZKLFK D PDQ LV PDGH LPSHQLWHQW 'HVSDLU LV WKDW E\
ZKLFK RQH HQWLUHO\ ODFNV WUXVW LQ *RG¶V JRRGQHVV UHFNRQLQJ RQH¶V RZQ
ZLFNHGQHVV WR H[FHHG WKH JUHDWQHVV RI GLYLQH JRRGQHVV OLNH &DLQ ZKR
VDLG 0\ LQLTXLW\ LV JUHDWHU WKDQ WKH SRVVLELOLW\ RI IRUJLYHQHVV²(DFK RI
WKHVH LV FDOOHG D VLQ DJDLQVW WKH +RO\ 6SLULW EHFDXVH WKH +RO\ 6SLULW LV WKH
ORYH RI WKH )DWKHU DQG WKH 6RQ DQG WKH JRRG SOHDVXUH E\ ZKLFK WKH\ ORYH
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
0W FI DOVR 0N /N
-Q *HQ
7+( 6(17(1&(6 %22.
HDFK RWKHU DQG XV DQG LW LV VR JUHDW WKDW WKHUH LV QR HQG WR LW $QG VR WKH\
DUH ULJKWO\ VDLG WR RIIHQG DJDLQVW WKH +RO\ 6SLULW ZKR KROG WKDW WKHLU RZQ
ZLFNHGQHVV H[FHHGV *RG¶V JRRGQHVV DQG VR GR QRW DFFHSW SHQDQFH DV
DOVR WKRVH ZKR DGKHUH WR LQLTXLW\ ZLWK VXFK SHUWLQDFLW\ RI PLQG WKDW WKH\
QHYHU SURSRVH WR UHOLQTXLVK LW QRU HYHU WR UHWXUQ WR WKH JRRGQHVV RI WKH
+RO\ 6SLULW DEXVLQJ *RG¶V SDWLHQFH DQG SUHVXPLQJ WRR PXFK RQ *RG¶V
PHUF\ :LFNHGQHVV SOHDVHV VXFK SHRSOH IRU LWV RZQ VDNH MXVW DV JRRGQHVV
SOHDVHV SLRXV SHRSOH²$8*867,1( ,1 21 7+( :25'6 2) 7+( /25' 7KH
IRUPHU VLQ E\ H[FHVVLYH SHUWLQDFLW\ DQG SUHVXPSWLRQ MXGJLQJ WKDW *RG LV
QRW MXVW WKH ODWWHU LQ WKHLU GHVSDLU GR QRW MXGJH *RG WR EH JRRG WDNLQJ
DZD\ LQ WKLV PRVW WXUEXOHQW VHD RI LQLTXLWLHV WKH KDUERXU RI GLYLQH IRU
JLYHQHVV ZKHUH WKH\ PLJKW EH ZHOFRPHG IURP WKHLU SHULOV $QG VR LQ
WKHLU YHU\ GHVSDLU WKH\ DGG VLQ WR VLQ VD\LQJ 7KHUH LV QR PHUF\ DQG DQ
XQDYRLGDEOH FRQGHPQDWLRQ LV RZHG WR VLQQHUV
:+(7+(5 $// 2%67,1$&< 25 '(63$,5 ,6 $ 6,1 $*$,167 7+( +2/<
63,5,7 %XW LW LV DVNHG ZKHWKHU DOO REVWLQDF\ RI D PLQG REGXUDWH LQ ZLFNHG
QHVV DQG DOO GHVSDLU LV D VLQ DJDLQVW WKH +RO\ 6SLULW
7+( 23,1,21 2) 620( 6RPH VD\ WKDW DOO REVWLQDF\ DQG GHVSDLU LV D
VLQ DJDLQVW WKH +RO\ 6SLULW ,I WKLV LV VR WKHQ WKDW VLQ LV DW WLPHV UHPLWWHG
EHFDXVH PDQ\ HYHQ RI WKH PRVW GHVSDLULQJ DQG REVWLQDWH DUH FRQYHUWHG
DV $XJXVWLQH VD\V RQ WKDW SODFH RI WKH 3VDOP , ZLOO FRQYHUW WKHP IURP WKH
GHSWK RI WKH VHD ³7KDW LV WKRVH ZKR ZHUH PRVW GHVSDLULQJ´ DQG DOVR
+H VHQGV FU\VWDO OLNH EUHDG FUXPEV WKDW LV KH PDNHV REVWLQDWH WKRVH
ZKR ZRXOG WHDFK RWKHUV $QG WKH FRQYHUVLRQ RI VXFK SHRSOH LV FOHDUO\
VKRZQ ZKHUH LW VD\V +H OHDGV RXW WKRVH ERXQG LQ VWUHQJWK DV DOVR WKDW
SURYRNH DQG ZKR GZHOO LQ VHSXOFKUHV²$FFRUGLQJ WR WKHP WKDW VLQ LV
FDOOHG XQUHPLWWDEOH QRW EHFDXVH LW LV QRW DW WLPHV UHPLWWHG EXW EHFDXVH LW
LV IRUJLYHQ VSDULQJO\ UDUHO\ DQG ZLWK GLIILFXOW\ )RU FU\VWDO LV QRW GLV
VROYHG ZLWKRXW D YHU\ YHKHPHQW HIIRUW RI WKH VSLULW
7+( 23,1,21 2) 27+(56 %XW RWKHUV WHDFK WKDW QRW HYHU\ REVWLQDF\ RU
GHVSDLU LV FDOOHG D VLQ DJDLQVW WKH +RO\ 6SLULW EXW RQO\ WKH RQH ZKLFK LV
MRLQHG WR LPSHQLWHQFH ,QGHHG WKHVH FDOO LPSHQLWHQFH WKH VLQ DJDLQVW WKH
+RO\ 6SLULW EHFDXVH $XJXVWLQH VD\V ³,PSHQLWHQFH LV WKH VLQ DJDLQVW WKH
+RO\ 6SLULW´²%XW ZKHQ VRPHRQH LV VR REVWLQDWH WKDW KH GRHV QRW UHSHQW
LW LV VXLWDEOH WR GLVFXVV ZKHWKHU REVWLQDF\ LV RQH VLQ LQ KLP DQG LPSHQL
2UGLQDU\ JORVV RQ 3V IURP $XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V
Q 3V
2UGLQDU\DQG LQWHUOLQHDU JORVV RQ 3V IURP $XJXVWLQH (QDUUDWLRQHV LQ 3VDO
PRV RQ 3V Q
$XJXVWLQH 6HUPR F Q
'LVWLQFWLRQ ;/,,,
WHQFH DQRWKHU RU ZKHWKHU LW LV WKH VDPH EXW FRPPLWWHG LQ GLIIHUHQW ZD\V
²$FFRUGLQJ WR WKHP WKDW VLQ LV FDOOHG XQUHPLWWDEOH EHFDXVH LW LV QHYHU
IRUJLYHQ +HQFH $XJXVWLQH WRR VD\V WKDW WKLV VLQ DORQH FDQQRW GHVHUYH
IRUJLYHQHVV DQG -HURPH VD\V WKDW RQH VLQQLQJ LQ VXFK D ZD\ ³FDQQRW
ZRUWKLO\ GR SHQDQFH´ $QG VR -RKQ ULJKWO\ VD\V WKDW QR RQH LV WR SUD\
IRU KLP EHFDXVH RQH ZKR VLQV LQ WKLV ZD\ FDQQRW EH KHOSHG E\ WKH SUD\
HUV RI WKH &KXUFK HLWKHU KHUH RU LQ WKH IXWXUH VLQFH KH KDV D KDUGHQHG
KHDUW DV VWRQH DV ZH UHDG RI WKH GHYLO 7KRVH ZKR DUH H[FHHGLQJO\ HYLO
FDQQRW EH DVVLVWHG E\ WKH PHULWV RI WKH &KXUFK DIWHU WKLV OLIH
7+$7 7+( 6,1 $*$,167 7+( +2/< 63,5,7 ,6 7$.(1 ,1 $127+(5 :$<
7KHUH LV DOVR DQRWKHU GHVFULSWLRQ RI WKLV VLQ )RU LQ GHILQLQJ WKLV VLQ LQ WKH
ERRN 2Q WKH /RUG¶V 6HUPRQ RQ WKH 0RXQW $XJXVWLQH VD\V ³7KH VLQ XQWR
GHDWK RFFXUV ZKHQ VRPHRQH DIWHU NQRZLQJ *RG WKURXJK WKH JUDFH RI
&KULVW ILJKWV DJDLQVW WKH EURWKHUKRRG DQG JQDZHG E\ HQY\ LV DURXVHG
DJDLQVW WKH YHU\ JUDFH E\ ZKLFK KH ZDV UHFRQFLOHG WR *RG 7KLV SHUKDSV LV
WR VLQ DJDLQVW WKH +RO\ 6SLULW DQG WKLV VLQ LV VDLG QRW WR EH UHPLWWHG QRW
EHFDXVH WKH VLQQHU ZLOO QRW EH IRUJLYHQ LI KH UHSHQW EXW EHFDXVH VXFK LV
WKH VKDPH RI WKDW VLQ WKDW KH FDQQRW VXEPLW WR WKH KXPLOLDWLRQ RI EHJJLQJ
IRU IRUJLYHQHVV HYHQ LI KH LV FRPSHOOHG E\ KLV EDG FRQVFLHQFH WR DFNQRZO
HGJH DQG FU\ RXW KLV VLQ DQG VR -XGDV DIWHU VD\LQJ , KDYH VLQQHG PRUH
HDVLO\ UDQ LQ GHVSDLU WR KLV URSH WKDQ VRXJKW IRUJLYHQHVV LQ KXPLOLW\ 7KLV
KDSSHQV WR VXFK SHRSOH EHFDXVH WKH\ PXVW EHOLHYH WKDW WKHLU VLQ GXH WR LWV
JUHDW JUDYLW\ KDV DOUHDG\ FDXVHG FRQGHPQDWLRQ´²6HH VRPH GHVFULS
WLRQ RI WKH VLQ DJDLQVW WKH +RO\ 6SLULW RU XQWR GHDWK KDV EHHQ VHW RXW KHUH
LQ ZKLFK WKDW VLQ LV VDLG WR EH DQ DWWDFN DJDLQVW WKH EURWKHUKRRG DIWHU DF
FHSWDQFH LQ LW DQG HQY\ RI JUDFH DIWHU UHFRQFLOLDWLRQ WKLV FDQ EH XQGHU
VWRRG WR EH D NLQG RI REVWLQDF\
$QG \HW LQ WKH ERRN RI 5HWUDFWDWLRQV $XJXVWLQH UHFDOOV WKDW GHILQL
WLRQ DQG UHYHDOV WKDW KH KDG QRW PDGH LW E\ ZD\ RI DVVHUWLRQ DQG WKDW VRPH
WKLQJ RXJKW WR EH DGGHG WR LW +H VD\V DV IROORZV ³, GLG QRW LQGHHG DVVHUW
WKLV SRVLWLYHO\ EHFDXVH , VDLG WKDW WKLV ZDV >PHUHO\@ P\ RSLQLRQ %XW \HW LW
RXJKW WR KDYH EHHQ DGGHG LI KH VKRXOG ILQLVK KLV OLIH LQ WKLV DFFXUVHG SHU
YHUVLW\ RI PLQG EHFDXVH ZH RXJKW QRW WR GHVSDLU HYHQ IRU WKH ZRUVW RI
VLQQHUV ZKLOH KH LV VWLOO LQ WKLV OLIH QRU GR ZH SUD\ LPSUXGHQWO\ IRU RQH RI
ZKRP ZH GR QRW GHVSDLU´ %\ WKHVH ZRUGV LW LV LQGLFDWHG WKDW WKH VLQ
GHVFULEHG LQ WKH DERYH GHILQLWLRQ LV RQO\ WKHQ WR EH FDOOHG XQWR GHDWK RU
$XJXVWLQH 6HUPR F Q
,QWHUOLQHDU JORVV RQ 0N
-Q &I -RE 0W
$XJXVWLQH 'H VHUPRQH 'RPLQL LQ PRQWH EN F QQ
$XJXVWLQH 5HWUDFWDWLRQHV EN F Q
7+( 6(17(1&(6 %22.
DJDLQVW WKH +RO\ 6SLULW ZKHQ LW LV QRW MRLQHG WR SHQDQFH QRU DUH ZH WR
GHVSDLU RI DQ\ VLQQHU LQ WKLV OLIH DQG VR ZH DUH WR SUD\ IRU DOO
+HQFH LW VHHPV WKDW WKDW WH[W RI -RKQ , GR QRW VD\ WKDW DQ\RQH SUD\
IRU KLP RXJKW WR EH WDNHQ WKXV WKDW ZH GR QRW SUD\ IRU DQ\RQH ZKR KDV
VLQQHG XQWR GHDWK RU DJDLQVW WKH +RO\ 6SLULW DIWHU KH KDV ILQLVKHG WKLV OLIH
EXW ZKLOH KH LV LQ WKLV OLIH ZH PXVW QHLWKHU MXGJH KLV VLQ QRU GHVSDLU RI
KLP EXW SUD\ IRU KLP²+HQFH $XJXVWLQH LQ 2Q WKH :RUGV RI WKH /RUG
VSHDNV DV IROORZV RI LPSHQLWHQFH ZKLFK LV EODVSKHP\ DJDLQVW WKH +RO\
6SLULW ³7KLV LPSHQLWHQFH RU WKLV LPSHQLWHQW KHDUW FDQQRW EH MXGJHG IRU
VR ORQJ DV RQH OLYHV LQ WKLV IOHVK )RU ZH PXVW GHVSDLU RI QR RQH VR ORQJ
DV *RG¶V SDWLHQFH LQYLWHV WR UHSHQWDQFH 7RGD\ KH LV D SDJDQ WRGD\ KH
LV D IDLWKOHVV -HZ WRGD\ KH LV D KHUHWLF WRGD\ KH LV D VFKLVPDWLF :KDW LI
WRPRUURZ KH HPEUDFHV &DWKROLF SHDFH DQG IROORZV &DWKROLF WUXWK" :KDW
LI WKHVH ZKRP \RX ILQG LQ HYHU\ NLQG RI HUURU DQG FRQGHPQ DV PRVW GHV
SHUDWH GR SHQDQFH EHIRUH WKH\ ILQLVK WKLV OLIH DQG ILQG WUXH OLIH LQ WKH
IXWXUH" $QG VR GR QRW MXGJH DQ\WKLQJ EHIRUH LW LV WLPH´ )URP WKHVH
ZRUGV LW LV VKRZQ WKDW ZH PXVW SUD\ IRU DOO VLQQHUV LQ WKLV OLIH DQG QRW
ORVH KRSH FRQFHUQLQJ DQ\RQH EHFDXVH DQ\RQH PD\ EH FRQYHUWHG ZKLOH KH
LV LQ WKLV OLIH )RU LW FDQQRW EH NQRZQ RI DQ\RQH ZKHWKHU KH KDV VLQQHG
XQWR GHDWK RU DJDLQVW WKH +RO\ 6SLULW H[FHSW ZKHQ KH KDV GHSDUWHG IURP
WKLV OLIH RU XQOHVV SHUKDSV LW ZHUH PLUDFXORXVO\ UHYHDOHG WR VRPHRQH
WKURXJK WKH +RO\ 6SLULW
)URP ZKDW KDV EHHQ VDLG DERYH LW FDQ EH JUDVSHG VRPHZKDW KRZ WKH
VLQ DJDLQVW WKH +RO\ 6SLULW LV WDNHQ QDPHO\ HQY\ RI JUDFH ZKLFK LPSHQL
WHQWO\ DWWDFNV WKH EURWKHUKRRG WKLV FHUWDLQO\ DSSHDUV WR EH REVWLQDF\ DV
ZHOO DV WKH REVWLQDF\ DQG GHVSDLU RI HYHU\ LPSHQLWHQW SHUVRQ %XW LW LV WR
EH QRWHG WKDW QRW HYHU\RQH ZKR GRHV QRW GR SHQDQFH FDQ EH FDOOHG LPSHQL
WHQW EHFDXVH LPSHQLWHQFH SURSHUO\ EHORQJV WR WKH REVWLQDWH DQG DV VRPH
ZRXOG KDYH LW HYHQ WR WKH GHVSDLULQJ
$127+(5 '(6&5,37,21 2) 7+( 6,1 $*$,167 7+( +2/< 63,5,7
'LVFXVVLQJ WKLV VLQ DJDLQVW WKH +RO\ 6SLULW $PEURVH WRR LQ WKH ERRN 2Q
WKH +RO\ 6SLULW KDQGV GRZQ D GHILQLWH GHVFULSWLRQ VD\LQJ ³$WWHQG ZLWK
GLOLJHQFH WR ZK\ WKH /RUG VDLG :KRHYHU KDV EODVSKHPHG DJDLQVW WKH 6RQ
RI PDQ LW ZLOO EH UHPLWWHG WR KLP EXW ZKRHYHU KDV EODVSKHPHG DJDLQVW
WKH +RO\ 6SLULW LW ZLOO QRW EH UHPLWWHG WR KLP QHLWKHU KHUH QRU LQ WKH IX
WXUH ,V WKHUH WKHQ RQH RIIHQVH DJDLQVW WKH 6RQ DQRWKHU DJDLQVW WKH +RO\
6SLULW" -XVW DV WKHUH LV RQH GLJQLW\ WKHUH LV RQH LQMXU\ %XW LI VRPHRQH
SHUKDSV GHFHLYHG E\ WKH IRUP RI &KULVW¶V KXPDQ ERG\ WKLQNV VRPHWKLQJ
-Q &I 5RP &RU
$XJXVWLQH 6HUPR F Q
'LVWLQFWLRQ ;/,9
UDWKHU OHVV WKDQ ZKDW LV ZRUWK\ DERXW &KULVW¶V IOHVK KH LV DW IDXOW DQG \HW
KH LV QRW H[FOXGHG IURP IRUJLYHQHVV %XW LI RQH GHQLHV WKH HWHUQDO GLJQLW\
PDMHVW\ DQG SRZHU RI WKH +RO\ 6SLULW DQG KROGV WKDW GHPRQV DUH QRW FDVW
RXW WKURXJK WKH 6SLULW RI *RG EXW WKURXJK %HHO]HEXE WKHUH FDQQRW WKHQ
EH DQ H[KRUWDWLRQ WR IRUJLYHQHVV ZKHQ WKHUH LV D IXOOQHVV RI VDFULOHJH´
+HUH LV H[SODLQHG FOHDUO\ HQRXJK ZKDW WKH VLQ DJDLQVW WKH +RO\ 6SLULW
LV²7KLV VHHPV WR EH LQ NHHSLQJ ZLWK WKH GHVFULSWLRQ RI $XJXVWLQH LQ
ZKLFK WKDW VLQ LV VDLG WR EH DQ HQY\ RI JUDFH DWWDFNLQJ WKH EURWKHUKRRG
)RU RQH ZKR DIWHU NQRZLQJ WKH WUXWK GHQLHV WKH WUXWK RI WKH +RO\ 6SLULW
DQG VD\V WKDW KLV ZRUNV DUH %HHO]HEXE¶V LV QRW GRXEWHG WR HQY\ WKH SRZHU
JRRGQHVV DQG JUDFH RI *RG
$QG VR WKDW GLVWLQFWLRQ RI ZRUGV LV QRW WR EH VR WDNHQ DV LI RIIHQVHV
DJDLQVW WKH WKUHH SHUVRQV DUH EHLQJ VHSDUDWHG UDWKHU LW LV WKH W\SHV RI VLQV
ZKLFK DUH WKHUH EHLQJ GLVWLQJXLVKHG )RU WKDW VLQ LV XQGHUVWRRG WR EH
DJDLQVW WKH )DWKHU ZKLFK LV GRQH WKURXJK ZHDNQHVV EHFDXVH 6FULSWXUH
IUHTXHQWO\ DWWULEXWHV SRZHU WR WKH )DWKHU WKH VLQ DJDLQVW WKH 6RQ LV WKDW
GRQH WKURXJK LJQRUDQFH EHFDXVH ZLVGRP LV DWWULEXWHG WR WKH 6RQ DQG WKH
WKLUG KDV EHHQ H[SRXQGHG $QG VR WKH RQH ZKR VLQV WKURXJK ZHDNQHVV
RU WKURXJK LJQRUDQFH HDVLO\ REWDLQV IRUJLYHQHVV EXW QRW WKH RQH ZKR VLQV
DJDLQVW WKH +RO\ 6SLULW %XW DOWKRXJK WKH SRZHU ZLVGRP JRRGQHVV RI WKH
WKUHH LV RQH ZK\ SRZHU LV PRUH RIWHQ DVVLJQHG WR WKH )DWKHU ZLVGRP WR
WKH 6RQ JRRGQHVV WR WKH +RO\ 6SLULW KDV EHHQ VDLG HDUOLHU DERYH
',67,1&7,21 ;/,9 &KDSWHU 21 7+( 32:(5 72 6,1 :+(7+(5 ,7 &20(6 72 0$1 25 7+( '(9,/
)520 *2' $IWHU WKH DIRUHVDLG LW VHHPV ZRUWK FRQVLGHULQJ ZKHWKHU WKH
SRZHU WR VLQ FRPHV WR XV IURP *RG RU IURP RXUVHOYHV
7+( 23,1,21 2) 620( 7+$7 ,7 ,6 127 )520 *2' %87 7+$7 ,6 )$/6(
%< $1$/2*< 6RPH KROG WKDW WKH SRZHU WR DFW ULJKWHRXVO\ FRPHV WR XV
IURP *RG DQG WKDW WKH SRZHU WR VLQ GRHV QRW FRPH IURP *RG EXW IURP
RXUVHOYHV RU IURP WKH GHYLO MXVW DV DQ HYLO ZLOO GRHV QRW FRPH WR XV IURP
*RG EXW IURP RXUVHOYHV RU IURP WKH GHYLO DQG D JRRG ZLOO FRPHV WR XV
IURP *RG DORQH²$5*80(17 72 3529( 7+$7 $ *22' :,// '2(6 127
&20( 72 0$1 27+(5 7+$1 )520 *2'²$8*867,1( ,1 7+( %22. 21
&I 0W
$PEURVH 'H 6SLULWX VDQFWR EN F Q
6HH DERYH Q
,Q QQ DQG II
,Q %N GLVW F Q
7+( 6(17(1&(6 %22.
)$,7+ 72 3(7(5 ³,QGHHG WKH EHJLQQLQJ RI D JRRG ZLOO DQG WKRXJKW LV QRW
ERUQ LQ PDQ IURP KLV RZQ VHOI EXW LV GLYLQHO\ SUHSDUHG DQG JUDQWHG *RG
FOHDUO\ VKRZV WKLV WR EH WKH FDVH E\ WKH IDFW WKDW QHLWKHU WKH GHYLO QRU DQ\
RI KLV DQJHOV IURP WKH WLPH ZKHQ WKH\ ZHUH FDVW RXW LQWR WKLV GDUNQHVV
ZDV DEOH RU FRXOG EH DEOH WR WDNH RQ DJDLQ D JRRG ZLOO %HFDXVH LI LW ZHUH
SRVVLEOH WKDW KXPDQ QDWXUH DIWHU WXUQLQJ DZD\ IURP *RG DQG ORVLQJ WKH
JRRGQHVV RI WKH ZLOO FRXOG KDYH LW DJDLQ IURP LWV RZQ VHOI LW ZRXOG EH
PXFK PRUH SRVVLEOH WKDW WKH DQJHOLF QDWXUH ZRXOG KDYH WKLV VLQFH WKH OHVV
EXUGHQHG LW LV E\ WKH ZHLJKW RI DQ HDUWKO\ ERG\ WKH PRUH LW ZRXOG EH HQ
GRZHG ZLWK WKLV IDFXOW\´²$QG VR D PDQ RU DQJHO FDQQRW KDYH D JRRG
ZLOO IURP KLV RZQ VHOI EXW >RQO\@ DQ HYLO RQH 7KH\ VSHDN VLPLODUO\ RI
SRZHU GLVFXVVLQJ WKH SRZHU RI JRRG DQG HYLO E\ DQDORJ\ ZLWK WKH ZLOO
WKDW WKH ILUVW LV IURP *RG EXW QRW WKH VHFRQG
%< $87+25,7,(6 +( &21&/8'(6 7+$7 7+( 32:(5 72 6,1 ,6 )520
*2' %XW LW LV LQGXELWDEO\ VKRZQ E\ PDQ\ WHVWLPRQLHV RI WKH 6DLQWV WKDW
WKH SRZHU RI HYLO LV IURP *RG IURP ZKRP LV DOO SRZHU )RU WKH $SRVWOH
VD\V 7KHUH LV QR SRZHU XQOHVV IURP *RG WKLV PXVW EH XQGHUVWRRG QRW
RQO\ RI WKH SRZHU RI JRRG EXW DOVR RI WKH SRZHU RI HYLO VLQFH 7UXWK VD\V
WR 3LODWH <RX ZRXOG QRW KDYH SRZHU RYHU PH LI LW KDG QRW EHHQ JLYHQ WR
\RX IURP DERYH²$8*867,1( 21 36$/0 $V $XJXVWLQH VD\V ³7KH
ZLFNHGQHVV RI PHQ FHUWDLQO\ KDV WKH GHVLUH WR KDUP WKURXJK LWVHOI %XW LW
GRHV QRW KDYH WKH SRZHU LI *RG GRHV QRW JLYH LW $QG VR WKH GHYLO EHIRUH
WDNLQJ DQ\WKLQJ IURP -RE VDLG WR WKH /RUG 3XW IRUWK \RXU KDQG WKDW LV
JLYH WKH SRZHU´ ³EHFDXVH HYHQ WKH SRZHU RI WKRVH ZKR GR KDUP GRHV QRW
H[LVW RWKHU WKDQ IURP *RG DV :LVGRP VD\V .LQJV UXOH WKURXJK PH DQG
W\UDQWV KROG WKH HDUWK WKURXJK PH +HQFH -RE WRR VD\V RI WKH /RUG +H
PDNHV WKH K\SRFULWH WR UHLJQ EHFDXVH RI WKH SHUYHUVLW\ RI WKH SHRSOH $QG
*RG VD\V RI WKH SHRSOH RI ,VUDHO , JDYH WKHP D NLQJ LQ P\ DQJHU´²
$8*867,1( ,1 21 *(1(6,6 ³)RU WKH ZLOO WR GR KDUP PD\ EH IURP WKH VSL
ULW RI PDQ EXW WKH SRZHU LV IURP QRQH EXW *RG DQG WKLV E\ D KLGGHQ DQG
MXVW MXVWLFH´ ³LQGHHG WKURXJK WKH SRZHU JLYHQ WR WKH GHYLO *RG PDNHV
WKH ULJKWHRXV KLV RZQ´²2I WKLV *UHJRU\ WRR LQ WKH 0RUDOLD VD\V ³,Q
FULPH WKHUH LV WKH EORDWHGQHVV RI SULGH QRW WKH RUGHU RI SRZHU *RG
)XOJHQWLXV 'H ILGH DG 3HWUXP F Q
5RP -Q -RE
0RUH DFFXUDWHO\ $XJXVWLQH (QDUUDWLRQHV LQ 3VDOPRV RQ 3V VHUPRQ Q
3URY 6HSWXDJLQW
-RE 6HSWXDJLQW
+RV 6HSWXDJLQW
$XJXVWLQH 'H QDWXUD ERQL F
$XJXVWLQH 'H *HQHVL DG OLWWHUDP EN F Q
$XJXVWLQH 'H QDWXUD ERQL F
'LVWLQFWLRQ ;/,9
JUDQWV WKH SRZHU EXW LW LV WKH ZLFNHGQHVV RI RXU PLQG WKDW EULQJV DERXW
WKH EORDWHGQHVV RI SRZHU $QG VR OHW XV UHPRYH ZKDW LV RXU RZQ EHFDXVH
LW LV QRW D MXVW SRZHU WKDW LV FRQGHPQHG EXW D GHSUDYHG DFWLRQ´²%\
WKHVH DXWKRULWLHV DQG PDQ\ RWKHUV LW LV FOHDUO\ VKRZQ WKDW WKH SRZHU RI
JRRG RU HYLO GRHV QRW FRPH WR DQ\RQH RWKHU WKDQ IURP WKH HTXLWDEOH *RG
HYHQ LI KLV HTXLW\ LV KLGGHQ IURP \RX
&KDSWHU
:+(7+(5 32:(5 ,6 620(7,0(6 72 %( 5(6,67(' +HUH DULVHV D TXHVWLRQ
ZKLFK LV QRW WR EH SDVVHG RYHU LQ VLOHQFH )RU LW ZDV VDLG DERYH WKDW WKH
SRZHU WR VLQ DQG WR GR KDUP GRHV QRW FRPH WR PDQ RU WR WKH GHYLO RWKHU
WKDQ IURP *RG $QG WKH $SRVWOH VD\V WKDW KH ZKR UHVLVWV SRZHU UHVLVWV
WKH RUGLQDQFH RI *RG $QG VR VLQFH WKH SRZHU RI HYLO EHORQJV WR WKH
GHYLO E\ *RG¶V RUGLQDQFH LW VHHPV WKDW KLV SRZHU LV QRW WR EH UHVLVWHG
7+$7 32:(5 ,6 620(7,0(6 72 %( 5(6,67(' %XW LW LV WR EH NQRZQ
WKDW WKH $SRVWOH WKHUH VSHDNV RI VHFXODU SRZHU QDPHO\ D NLQJ DQG SULQFH
RU VXFKOLNH WKHVH DUH QRW WR EH UHVLVWHG LQ WKRVH WKLQJV ZKLFK *RG FRP
PDQGV WR EH JLYHQ WR WKHP QDPHO\ WULEXWHV DQG VXFKOLNH²%XW LI DQ\
SULQFH RU GHYLO FRPPDQGHG RU VXJJHVWHG DQ\WKLQJ DJDLQVW *RG WKHQ KH
LV WR EH UHVLVWHG +HQFH $XJXVWLQH GHWHUPLQLQJ ZKHQ SRZHU LV WR EH UHVLV
WHG VD\V LQ WKH ERRN 2Q WKH 1DWXUH RI WKH *RRG ³,I SRZHU FRPPDQGV
WKDW ZKLFK \RX RXJKW QRW WR GR LQ WKLV UHJDUG \RX GR ZHOO WR GLVUHJDUG
SRZHU IHDULQJ D JUHDWHU SRZHU &RQVLGHU WKH YHU\ GHJUHHV RI KXPDQ DI
IDLUV ,I D FXUDWRU KDV FRPPDQGHG VRPHWKLQJ LV LW VWLOO WR EH GRQH LI KLV
FRPPDQG LV FRQWUDU\ WR WKDW RI WKH SURFRQVXO" $QG DJDLQ LI WKH SURFRQVXO
FRPPDQGV RQH WKLQJ DQG WKH HPSHURU FRPPDQGV DQRWKHU WKLQJ GRHV
DQ\RQH GRXEW WKDW WKH ILUVW LV WR EH GLVUHJDUGHG DQG WKH VHFRQG LV WR EH
VHUYHG" $QG VR LI WKH HPSHURU FRPPDQGV RQH WKLQJ DQG *RG DQRWKHU
WKH ILUVW LV WR EH GLVUHJDUGHG DQG *RG LV WR EH REH\HG´ /HW XV WKHQ UHVLVW
WKH SRZHU RI GHYLO RU PDQ ZKHQ LW KDV VXJJHVWHG VRPHWKLQJ DJDLQVW *RG
LQ WKLV ZH GR QRW UHVLVW *RG¶V RUGLQDQFH EXW FRQIRUP RXUVHOYHV WR LW IRU
*RG VR FRPPDQGHG WKDW ZH REH\ QR SRZHU LQ HYLO WKLQJV
+(5( (1'6 7+( 6(&21' %22.
*UHJRU\ 0RUDOLD EN F Q
5RP
&I 5RP 0W
5DWKHU $XJXVWLQH 6HUPR F Q