Miami Univ Wrestling v. Miami Univ

Summarize Case

Related Cases

5(&200(1'(' )25 )8//7(;7 38%/,&$7,21 3XUVXDQW WR 6L[WK &LUFXLW 5XOH  (/(&7521,& &,7$7,21  )(' $SS 3 WK &LU )LOH 1DPH DS 81,7('67$7(6&28572)$33($/6 )257+(6,;7+&,5&8,7 BBBBBBBBBBBBBBBBB 0,$0, 81,9(56,7< ; :5(67/,1* &/8% 0,$0,  81,9(56,7< 62&&(5 &/8%   0,$0, 81,9(56,7< 7(11,6  1R &/8% 0,&+$(/ $0%526( !  1$7+$1 678'1(<  &+5,6723+(5 7$1*(1  7(55(1&( :5,*+7 5<$1  3$//,1*(5 6+$81 628&,(  s$621 0853+< 1,&+2/$6   %,1*( 67(9(1 0$5,2  &217$5', :,//,$0 6  %/220  3ODLQWLIIV$SSHOODQWV   Y    0,$0, 81,9(56,7< s$0(6  & *$5/$1' s2(/ 0$785,  :$<1( 5 (0%5< 5,&+$5'  )$50(5 52*(5 / +2:(  (/($125 % ,5:,1 )5('   /,&. s5 /$85(/ 35(66/(5  .$7+/((1 0 =28+$5<  &+$1'5$ 5 6+$+ )5(' *      0LDPL8QLY:UHVWOLQJHWDO 1R 1R 0LDPL8QLY:UHVWOLQJHWDO  Y0LDPL8QLYHWDO Y0LDPL8QLYHWDO SODLQWLIIVj 7LWOH ,; FODLP DQG WKH GHQLDO RI WKH SODLQWLIIVj :$//LQWKHLURIILFLDO  PRWLRQIRUUHFRQVLGHUDWLRQRIWKDWRUGHU FDSDFLWLHV  'HIHQGDQWV$SSHOOHHV  &/$66&(57,),&$7,21 1 7KHSODLQWLIIVFODLPWKDWWKHGLVWULFWFRXUWjVGHFLVLRQWRKROG $SSHDOIURPWKH8QLWHG6WDWHV'LVWULFW&RXUW WKHLU PRWLRQ IRU FODVV FHUWLILFDWLRQ LQ DEH\DQFH XQWLO WKH IRUWKH6RXWKHUQ'LVWULFWRI2KLRDW&LQFLQQDWL SDUWLHVKDGFRQFOXGHGGLVFRYHU\DQGWKHFRXUWKDGUXOHGRQ 1Rn6DQGUD6%HFNZLWK'LVWULFWsXGJH WKHGHIHQGDQWVjPRWLRQIRUVXPPDU\MXGJPHQWYLRODWHGWKH UHTXLUHPHQWRI)HGHUDO5XOHRI&LYLO3URFHGXUH F  WKDW $UJXHG$XJXVW m>D@VVRRQDVSUDFWLFDEOHDIWHUWKHFRPPHQFHPHQWRIDQDFWLRQ EURXJKWDVDFODVVDFWLRQWKHFRXUWVKDOOGHWHUPLQHE\RUGHU 'HFLGHGDQG)LOHG6HSWHPEHU ZKHWKHU LW LV WR EH VR PDLQWDLQHGl  8OWLPDWHO\ ZKHQ WKH GLVWULFW FRXUW JUDQWHG WKH GHIHQGDQWVj PRWLRQ IRU VXPPDU\ %HIRUH68+5+(,15,&+DQG%$7&+(/'(5&LUFXLW MXGJPHQWLWDOVRGHQLHGDVPRRWDOORWKHUSHQGLQJPRWLRQV sXGJHV/,77/('LVWULFWsXGJH LQFOXGLQJWKHSODLQWLIIVjPRWLRQIRUFODVVFHUWLILFDWLRQ BBBBBBBBBBBBBBBBB :H KDYH FRQVLVWHQWO\ KHOG WKDW D GLVWULFW FRXUW LV QRW UHTXLUHG WR UXOH RQ D PRWLRQ IRU FODVV FHUWLILFDWLRQ EHIRUH &2816(/ UXOLQJRQWKHPHULWVRIWKHFDVH6SUDJXH)GDW $5*8('  0LFKDHO ( 5RVPDQ &(17(5 )25 sLEVRQY0LFK(GXF$VVjQ1($)G WK&LU ,1',9,'8$/5,*+76:DVKLQJWRQ'&IRU$SSHOODQWV  $FFRUGLQJO\ZHKROGWKDWWKHGLVWULFWFRXUWGLGQRW sDPHV $ '\HU 6(%$/< 6+,//,72  '<(5 'D\WRQ DEXVH LWV GLVFUHWLRQ LQ UXOLQJ ILUVW RQ WKH PHULWV RI WKH 2KLR IRU $SSHOOHHV  21 %5,()  0LFKDHO ( 5RVPDQ SODLQWLIIVjFODLPVEHIRUHDGGUHVVLQJWKHSODLQWLIIVjPRWLRQIRU &(17(5)25,1',9,'8$/5,*+76:DVKLQJWRQ'& FODVVFHUWLILFDWLRQ 5REHUW5)XUQLHU7RGGs)ODJHO)851,(5 7+20$6 &21&/86,21 //3&LQFLQQDWL2KLRIRU$SSHOODQWVsDPHV$'\HU.HYLQ $%RZPDQ6(%$/<6+,//,72 '<(5'D\WRQ2KLR )RUWKHIRUHJRLQJUHDVRQVZH$)),50LQLWVHQWLUHW\WKH 5RELQ/3DUNHU0,$0,81,9(56,7<2[IRUG2KLRIRU MXGJPHQWRIWKHGLVWULFWFRXUW $SSHOOHHV 7KH +RQRUDEOH )$ /LWWOH 8QLWHG 6WDWHV 'LVWULFW s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sXGJH7KHSODLQWLIIV )G   WK &LU   %RXODKDQLV Y %G RI DSSHDOWKHGLVWULFWFRXUWjVRUGHUVJUDQWLQJVXPPDU\MXGJPHQW 5HJHQWV)G WK&LU +RUQHUY.\ LQIDYRURIWKHGHIHQGDQWVRQWKHSODLQWLIIVjHTXDOSURWHFWLRQ +LJK6FK$WKOHWLF$VVjQ)G WK&LU  FODLPGLVPLVVLQJWKHSODLQWLIIVj7LWOH,;FODLPDQGGHQ\LQJ &RKHQY%URZQ8QLY)G VW&LU  WKHSODLQWLIIVjPRWLRQIRUFODVVFHUWLILFDWLRQ:HILQGWKDWWKH DQG.HOOH\)GDW$FFRUGLQJO\ZHGHIHUWRWKH SODLQWLIIV ZKROO\ IDLOHG WR VWDWH HLWKHU DQ HTXDO SURWHFWLRQ 3ROLF\,QWHUSUHWDWLRQ FODLPRUDFODLPXQGHU7LWOH,;DQGWKDWWKHGLVWULFWFRXUWjV GHQLDO RI WKH PRWLRQ IRU FODVV FHUWLILFDWLRQ ZDV ZLWKLQ WKH %6WDWLQJD&ODLP8QGHU7LWOH,; FRXUWjV VRXQG GLVFUHWLRQ  :H ZLOO WKHUHIRUH DIILUP WKH MXGJPHQWGLVPLVVLQJWKLVDFWLRQ 7KH SODLQWLIIV FRQWHQG WKDW EHFDXVH 0LDPL FRQVLGHUHG JHQGHU ZKHQ LW PDGH WKH GHFLVLRQ WR HOLPLQDWH WKH PHQjV 352&('85$/+,6725< DWKOHWLF SURJUDPV WKH HOLPLQDWLRQ RI WKRVH SURJUDPV ZDV  GLVFULPLQDWRU\DQGYLRODWHG7LWOH,;:HFRQFOXGHKRZHYHU 2Q1RYHPEHUWKHSODLQWLIIV  ILOHGDFRPSODLQW WKDWWKHSODLQWLIIVKDYHIDLOHGWRVWDWHDFODLPXQGHU7LWOH,; DJDLQVW WKH GHIHQGDQWV  FODLPLQJ WKDW WKH GHIHQGDQWVj HOLPLQDWLRQ RI WKH PHQjV ZUHVWOLQJ WHQQLV DQG VRFFHU 7KHUH LV QR FRQVWLWXWLRQDO ULJKW WR SDUWLFLSDWH LQ SURJUDPVDW0LDPL8QLYHUVLW\>KHUHLQDIWHUm0LDPLl@DVWDWH LQWHUFROOHJLDWHDWKOHWLFV%XUURZVY2KLR+LJK6FK$WKOHWLF XQLYHUVLW\ RI WKH 6WDWH RI 2KLR DQG D UHFLSLHQW RI IHGHUDO $VVjQ)G WK&LU 7LWOH,;SURKLELWV IXQGV FRQVWLWXWHG JHQGHU GLVFULPLQDWLRQ LQ YLRODWLRQ RI  JHQGHULQHTXLW\LQFRQQHFWLRQZLWKDPRQJRWKHUWKLQJVWKH 86& †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jQ 8QLYHUVLW\ 6RFFHU &OXE 0LDPL 8QLYHUVLW\ 7HQQLV &OXE ZUHVWOHUV )G WK&LU 0RUHRYHUDVWKHGLVWULFW 0LFKDHO $PEURVH 1DWKDQ 6WXGQH\ &KULVWRSKHU 7DQJHQ 7HUUHQFH :ULJKW FRXUWUHFRJQL]HGWKHSODLQWLIIVKDYHQRWDOOHJHGWKDW0LDPL DQG 5\DQ 3DOOLQJHU VRFFHU SOD\HUV 6KDXQ 6RXFLH sDVRQ 0XUSK\ IDLOHGWRSURYLGHHTXDODWKOHWLFRSSRUWXQLWLHVE\JHQGHUDQG 1LFKRODV %LQJH DQG :LOOLDP 6 %ORRP DQG WHQQLV SOD\HU 6WHYHQ 0DULR LQ IDFW WKH SODLQWLIIVj FRPSODLQW LV WKDW 0LDPL EURXJKW LWV &RQWDUGL DWKOHWLF SURJUDPV LQWR FRPSOLDQFH ZLWK 7LWOH ,; DQG  HTXDOL]HGWKHDWKOHWLFRSSRUWXQLWLHVIRUPHQDQGZRPHQE\ 7KH GHIHQGDQWV LQFOXGH 0LDPL 8QLYHUVLW\ WKH LQGLYLGXDO PHPEHUV RI 0LDPLjV %RDUG RI 7UXVWHHV :D\QH 5 (PEU\ 5LFKDUG )DUPHU 5RJHU HOLPLQDWLQJWKHPHQjVWHDPVSRUWVDWLVVXHKHUH$FFRUGLQJO\ / +RZH (OHDQRU % ,UZLQ )UHG /LFN sU /DXUHO 3UHVVOHU .DWKOHHQ 0 ZH DIILUP ERWK WKH RUGHU RI WKH GLVWULFW FRXUW GLVPLVVLQJ =RXKDU\ &KDQGUD 5 6KDK DQG )UHG * :DOO 3UHVLGHQW sDPHV & *DUODQG DQG $WKOHWLF 'LUHFWRU s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j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† HW VHT DQG VHFRQG WKDW WKH LQGLYLGXDO GHIHQGDQWV ZKLOH $'HIHUHQFHWRWKH3ROLF\,QWHUSUHWDWLRQ DFWLQJXQGHUFRORURIVWDWHDXWKRULW\GHQLHGWKHSODLQWLIIVWKH HTXDO SURWHFWLRQ RI WKH ODZV LQ YLRODWLRQ RI WKH (TXDO &RQVLVWHQW ZLWK WKH SUHFHGHQW RI WKLV FRXUW DQG YDULRXV 3URWHFWLRQ&ODXVHDQG86&†E\HOLPLQDWLQJWKH RWKHU FRXUWV ZH FRQFOXGH WKDW WKH 3ROLF\ ,QWHUSUHWDWLRQ LV VSRUWVSURJUDPVRQWKHEDVLVRIWKHJHQGHURIWKHSDUWLFLSDQWV HQWLWOHGWRGHIHUHQFH'HVSLWHWKHSODLQWLIIVjDVVHUWLRQVWRWKH 7KH SODLQWLIIV UHTXHVWHG GHFODUDWRU\ DQG LQMXQFWLYH UHOLHI FRQWUDU\WKHIDFWVLQ&KULVWHQVHQY+DUULV&RXQW\86 FRPSHQVDWRU\ GDPDJHV DQG WKH UHLQVWDWHPHQW RI WKRVH   DUHGLVWLQJXLVKDEOHIURPWKHIDFWVDWLVVXHKHUH SURJUDPV 7KH&KULVWHQVHQFRXUWVSHFLILFDOO\GHDOWZLWKDQLQWHUSUHWDWLRQ FRQWDLQHGLQDQRSLQLRQOHWWHUmQRWRQHDUULYHGDWDIWHUD 7KHGHIHQGDQWVPRYHGWRGLVPLVVWKHFRPSODLQWSXUVXDQWWR IRUPDODGMXGLFDWLRQRUQRWLFHDQGFRPPHQWUXOHPDNLQJl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mUHVSHFWRQO\l SXUVXDQWWR† LQWHUSUHWDWLRQLVQRWDSSOLFDEOHWRWKH3ROLF\,QWHUSUHWDWLRQ 5DWKHUm>E@HFDXVH&RQJUHVVKDVQRWµGLUHFWO\VSRNHQWRWKH 0HDQZKLOH WKH SODLQWLIIV ILOHG D PRWLRQ IRU FODVV SUHFLVH TXHVWLRQ DW LVVXHj ZH PXVW VXVWDLQ WKH 6HFUHWDU\ V FHUWLILFDWLRQ DQG D VHFRQG DPHQGHG FRPSODLQW ZKLFK ZDV DSSURDFKVRORQJDVLWLVµEDVHGRQDSHUPLVVLEOHFRQVWUXFWLRQ LGHQWLFDOWRWKHILUVWDPHQGHGFRPSODLQWEXWIRUWKHDGGLWLRQ RIWKHVWDWXWHjl$XHUY5REELQV86  RI DQ DOWHUQDWLYH GXH SURFHVV FODLP  7KH GLVWULFW FRXUW TXRWLQJ&KHYURQ86$,QFY1DWXUDO5HV'HI&RXQFLO UHPDQGHGWKHFDVHWRDPDJLVWUDWHMXGJHIRUUHHYDOXDWLRQRI ,QFHWDO86  7KHUHJXODWLRQV WKHSDUWLHVjGLVFRYHU\QHHGVLQOLJKWRIWKHRUGHUIRUSDUWLDO DQG WKHLU LQWHUSUHWDWLRQ VKRXOG EH DFFRUGHG mFRQWUROOLQJ GLVPLVVDOEXWDGYLVHGWKDWLWLQWHQGHGWRKROGWKHPRWLRQIRU ZHLJKW XQOHVV WKH\ DUH DUELWUDU\ FDSULFLRXV RU PDQLIHVWO\ FODVVFHUWLILFDWLRQLQDEH\DQFHXQWLOLWKDGFRQVLGHUHGDPRWLRQ FRQWUDU\WRWKHVWDWXWHl&KHYURQ86DW:HILQG  0LDPL8QLY:UHVWOLQJHWDO 1R 1R 0LDPL8QLY:UHVWOLQJHWDO  Y0LDPL8QLYHWDO Y0LDPL8QLYHWDO VZLPPLQJ SURJUDP DW WKH 8QLYHUVLW\ RI ,OOLQRLV DOOHJLQJ IRU VXPPDU\ MXGJPHQW WR EH ILOHG E\ WKH LQGLYLGXDO YLRODWLRQVRI7LWOH,;DQGWKH(TXDO3URWHFWLRQ&ODXVHIRUWKH GHIHQGDQWV RQ WKH VROH UHPDLQLQJ HTXDO SURWHFWLRQ FODLP WHUPLQDWLRQRIWKHPHQjVVZLPPLQJSURJUDP 8SRQWKHFRPSOHWLRQRIWKHOLPLWHGGLVFRYHU\DOORZHGE\WKH PDJLVWUDWHMXGJHWKHSODLQWLIIVPRYHGIRUUHFRQVLGHUDWLRQRI 3ODLQWLIIVjILQDODUJXPHQWLVWKDWWKHGHIHQGDQWVjGHFLVLRQ WKHRUGHUGLVPLVVLQJWKH7LWOH,;FODLP WR HOLPLQDWH WKH PHQjV VZLPPLQJ SURJUDP ZKLOH UHWDLQLQJ WKH ZRPHQj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jPRWLRQIRUFODVVFHUWLILFDWLRQ7KLVWLPHO\DSSHDO WRFRPSO\ZLWKWKHUHTXLUHPHQWVRI7LWOH,;SODLQWLIIVj IROORZHG DWWDFNRQWKRVHDFWLRQVLVPHUHO\DFROODWHUDODWWDFNRQWKH VWDWXWH DQG UHJXODWLRQV DQG LV WKHUHIRUH LPSHUPLVVLEOH 67$7(0(172))$&76 0LOZDXNHH &RXQW\ 3DYHUV $VVjQ Y )LHGOHU  )G  WK&LU FHUWLRUDULGHQLHG86 ,Q  WKH 2IILFH RI &LYLO 5LJKWV m2&5l  ZKLFK 6&W/(GG   HQIRUFHV 7LWOH ,; FRQGXFWHG D FRPSUHKHQVLYH UHYLHZ RI 0LDPL LQ UHVSRQVH WR D FRPSODLQW ILOHG ZLWK WKDW RIILFH .HOOH\Y%GRI7UXVWHHV)G WK&LU  DOOHJLQJ WKDW 0LDPL GLVFULPLQDWHG DJDLQVW ZRPHQ LQ WKH RSSRUWXQLW\WRUHFHLYHFRDFKLQJDQGLQWKHDFFRPPRGDWLRQRI ,QWKHFDVHEHIRUHXVWRGD\LWLVHYLGHQWWKDW0LDPLWRRNWKH VWXGHQWLQWHUHVWVDQGDELOLWLHV7KH2&5GHWHUPLQHGWKDWWKH FKDOOHQJHG DFWLRQV LQ DQ DWWHPSW WR FRPSO\ ZLWK WKH mUDWHVRISDUWLFLSDWLRQLQDWKOHWLFV>GLG@QRWFRUUHVSRQGWRWKH UHTXLUHPHQWVRI7LWOH,;DQGDVZHH[SODLQEHORZ0LDPL SHUFHQWDJH RI PDOH DQG IHPDOH VWXGHQWVl EXW WKDW WKH ZDV VXFFHVVIXO LQ WKDW DWWHPSW  2QO\ LI 7LWOH ,; LWV SURSRVHGDGGLWLRQRIZRPHQjVVSRUWVVXFKDVFURVVFRXQWU\ UHJXODWLRQV RU WKH 3ROLF\ ,QWHUSUHWDWLRQ DUH ZRXOGDGGUHVVWKLVSUREOHP XQFRQVWLWXWLRQDOnDQ LVVXH QRW EHIRUH XV LQ WKLV ODZVXLWnFRXOG ZH KROG WKDW 0LDPLjV FRPSOLDQFH ZLWK WKH ,Q0LDPLFRQGXFWHGD7LWOH,;VHOIHYDOXDWLRQDQGLQ ODZDQGWKHUHJXODWLRQVLVXQFRQVWLWXWLRQDO  D WDVN IRUFH LVVXHG D UHSRUW DQG UHFRPPHQGDWLRQ UHJDUGLQJ LQWHUFROOHJLDWH DWKOHWLFV ZKLFK UHYHDOHG WKDW LQ $FFRUGLQJO\ ZH KROG WKDW WKH SODLQWLIIVj FODLP LV D  IHPDOHV FRQVWLWXWHG ILIW\IRXU SHUFHQW RI WKH 0LDPL FROODWHUDO DWWDFN RQ WKH FRQVWLWXWLRQDOLW\ RI 7LWOH ,; WKH VWXGHQWERG\ZKLOHWKH\FRQWULEXWHGRQO\WZHQW\QLQHSHUFHQW UHJXODWLRQV DQG WKH 3ROLF\ ,QWHUSUHWDWLRQ DQG WKDW WKH RI 0LDPLjV VWXGHQWDWKOHWHV  :KLOH IHPDOH DWKOHWLF WHDPV SODLQWLIIVKDYHIDLOHGWRVWDWHDQHTXDOSURWHFWLRQFODLPXQGHU ZHUHDGGHGEHWZHHQDQGIHPDOHVWXGHQWVZKR HLWKHUWKH)RXUWHHQWK$PHQGPHQWRUWKH)LIWK$PHQGPHQW FRPSULVHG ILIW\ILYH SHUFHQW RI 0LDPLj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mGHILQLWHDQGILUPFRQYLFWLRQWKDW ,QOLJKWRIWKRVHVWDWLVWLFVDQGWKHODFNRIDGGLWLRQDOIXQGV WKHWULDOFRXUWFRPPLWWHGDFOHDUHUURURIMXGJPHQWl$QFKRU WRLQFUHDVHDWKOHWLFRSSRUWXQLWLHVIRUIHPDOHVWXGHQWV0LDPLjV Y2j7RROH)G WK&LU  $WKOHWLF3ROLF\&RPPLWWHHFRQFOXGHGZLWKWKHDVVLVWDQFHRI /DPDU 'DQLHO ,QF DQ LQGHSHQGHQW FRQVXOWDQW ZKLFK (48$/3527(&7,21&/$,0 FRQGXFWHGDVWXG\DQGIRUPXODWHGDFRPSOLDQFHSODQLQ WKDWLQRUGHUWRFRPSO\ZLWK7LWOH,;WKHXQLYHUVLW\ZRXOG 7KHSODLQWLIIVFODLPWKDWLQPDNLQJDQGLPSOHPHQWLQJWKH QHHG WR HOLPLQDWH VRPH DWKOHWLF RSSRUWXQLWLHV IRU PDOH GHFLVLRQ WR FRPSO\ ZLWK WKH UHTXLUHPHQWV RI 7LWOH ,; E\ VWXGHQWV$IWHUUHMHFWLQJDOODOWHUQDWLYHV0LDPLjV3UHVLGHQW HOLPLQDWLQJWKHPHQjVZUHVWOLQJWHQQLVDQGVRFFHUSURJUDPV sDPHV *DUODQG DQG $WKOHWLF 'LUHFWRU sRHO 0DWXUL DW0LDPLWKHGHIHQGDQWVDFWLQJXQGHUFRORURIODZGHQLHG UHFRPPHQGHGWRWKH0LDPL%RDUGRI7UXVWHHV>KHUHLQDIWHU WKHSODLQWLIIVWKHHTXDOSURWHFWLRQRIWKHODZ7KH\IXUWKHU m7UXVWHHVl@WKHHOLPLQDWLRQWKHPHQjVJROIVRFFHUWHQQLVDQG DUJXH WKDW WKLV FODLP LV QRW D FROODWHUDO DWWDFN EXW D GLUHFW ZUHVWOLQJWHDPVDVRIWKHHQGRIWKHDFDGHPLF\HDU DWWDFNRQWKHFRQVWLWXWLRQDOLW\RI7LWOH,;WKHUHJXODWLRQVDQG 2Q $SULO   WKH 7UXVWHHV XQDEOH WR LGHQWLI\ RWKHU WKH3ROLF\,QWHUSUHWDWLRQ:HILQGQRPHULWWRWKLVDUJXPHQW YLDEOHRSWLRQVYRWHGWRHOLPLQDWHWKHPHQjVVRFFHUWHQQLVDQG 1RWKLQJLQDQ\YHUVLRQRIWKHFRPSODLQWFDQEHFRQVWUXHGDV ZUHVWOLQJWHDPV0HQjVJROIXOWLPDWHO\ZDVQRWFXWEHFDXVH D GLUHFW FKDOOHQJH WR HLWKHU WKH ODZ WKH UHJXODWLRQV RU WKH WKHSDUWLFLSDQWVDQGDOXPQLUDLVHGVXIILFLHQWIXQGVWRVXSSRUW 3ROLF\,QWHUSUHWDWLRQ$WRUDODUJXPHQWSODLQWLIIVFRQWHQGHG WKHSURJUDPZLWKRXW0LDPLjVILQDQFLDODVVLVWDQFH WKDW HYHQ LI WKH FRPSODLQW GLG QRW H[SUHVVO\ VWDWH VXFK D FKDOOHQJH WKH EULHIV EHIRUH WKH GLVWULFW FRXUW GLG 7KHLPPHGLDWHHIIHFWVRIWKH7UXVWHHVjDFWLRQVZHUHWKHORVV 1RWZLWKVWDQGLQJRXUYLHZWKDWWKHEDVLVRISODLQWLIIVjFODLP RIDWKOHWLFRSSRUWXQLWLHVIRUWKHPHPEHUVRIWKHPHQjVVRFFHU PXVWEHFOHDUO\H[SUHVVHGLQWKHFRPSODLQWZHKDYHFDUHIXOO\ WHQQLV DQG ZUHVWOLQJ WHDPV DQG DQ LQFUHDVH LQ WKH IHPDOH UHYLHZHGWKRVHEULHIVnZKLFKZHUHQRWLQFOXGHGLQWKHsRLQW VWXGHQWDWKOHWHSHUFHQWDJH'XULQJWKHDFDGHPLF $SSHQGL[nDQGILQGQRVXFKFKDOOHQJHH[SUHVVHGWKHUHHLWKHU \HDUIHPDOHVFRQVWLWXWHGILIW\ILYHSHUFHQWRI0LDPLjVVWXGHQW ERG\DQGILIW\WKUHHSHUFHQWRILWVVWXGHQWDWKOHWHV0LDPL $VZHXQGHUVWDQGWKHSODLQWLIIVjDUJXPHQWLWLVILUVWWKDW DOVRLQFUHDVHGWKHEXGJHWIRUILQDQFLDODLGWRIHPDOHVWXGHQWV WKHGHIHQGDQWVDFWHGXQGHUFRORURIVWDWHODZLQHOLPLQDWLQJ E\ WKHVHPHQjVVSRUWVDQGWKDWWKHVHDFWLRQVZHUHLQYLRODWLRQRI 7LWOH,;DQGGHQLHGWKHSODLQWLIIVHTXDOSURWHFWLRQLQYLRODWLRQ +,6725<2)7,7/(,; RI WKH )RXUWHHQWK $PHQGPHQW DQG VHFRQG HYHQ LI WKH GHIHQGDQWVjDFWLRQVGLGQRWYLRODWH7LWOH,;nDQGWKHUHIRUH $7LWOH,; WKH\DFWHGSXUVXDQWWRIHGHUDOODZUDWKHUWKDQXQGHUFRORURI VWDWH ODZnWKRVH DFWLRQV ZHUH LQ YLRODWLRQ RI WKH HTXDO 7LWOH,;ZDVHQDFWHGDVSDUWRIWKH(GXFDWLRQ$PHQGPHQWV SURWHFWLRQFRPSRQHQWRIWKH)LIWK$PHQGPHQWjVGXHSURFHVV RI3XE/††6WDW FRGLILHG FODXVH DW86&†HWVHT  DQGZDVPRGHOHGDIWHU 7LWOH9,RIWKH&LYLO5LJKWV$FWRI86&††G 7KH 6HYHQWK &LUFXLW DGGUHVVHG DQ DOPRVW LGHQWLFDO G&RQJ5HF )HE  6HQ DUJXPHQW LQ DQ DFWLRQ EURXJKW E\ PHPEHUV RI WKH PHQjV %D\K  1 +DYHQ %G RI (GXF Y %HOO  86    0LDPL8QLY:UHVWOLQJHWDO 1R 1R 0LDPL8QLY:UHVWOLQJHWDO  Y0LDPL8QLYHWDO Y0LDPL8QLYHWDO UHVRXUFHV WKLV DSSURDFK PD\ EH WKH RQO\ ZD\ IRU DQ    :LWK VRPH H[FHSWLRQV QRW UHOHYDQW KHUH VHFWLRQ HGXFDWLRQDO LQVWLWXWLRQ WR FRPSO\ ZLWK 7LWOH ,; ZKLOH VWLOO  D SURYLGHVWKDWm>Q@RSHUVRQLQWKH8QLWHG6WDWHVVKDOO PDLQWDLQLQJ WKH RWKHU QLFHWLHV RI LWV PLVVLRQ VXFK DV LWV RQ WKH EDVLV RI VH[ EH H[FOXGHG IURP SDUWLFLSDWLRQ LQ EH DFDGHPLFRIIHULQJV GHQLHGWKHEHQHILWVRIRUEHVXEMHFWHGWRGLVFULPLQDWLRQXQGHU DQ\HGXFDWLRQSURJUDPRUDFWLYLW\UHFHLYLQJ)HGHUDOILQDQFLDO $1$/<6,6 DVVLVWDQFHl86&† D  67$1'$5'2)5(9,(: %,PSOHPHQWLQJ5HJXODWLRQV :HUHYLHZDGLVWULFWFRXUWjVJUDQWRIVXPPDU\MXGJPHQWGH 6HFWLRQDXWKRUL]HVDQGGLUHFWVHDFK)HGHUDOGHSDUWPHQW QRYRXVLQJWKHVDPHVWDQGDUGXQGHU5XOH F XVHGE\WKH HPSRZHUHG WR H[WHQG )HGHUDO ILQDQFLDO DVVLVWDQFH WR LVVXH GLVWULFWFRXUW:LOOLDPVY0HKUD)G WK&LU LPSOHPHQWLQJUXOHVDQGUHJXODWLRQV86&†7ZR   HQ EDQF   6XPPDU\ MXGJPHQW LV SURSHU LI mWKH \HDUV DIWHU 7LWOH ,; ZDV HQDFWHG &RQJUHVV GLUHFWHG WKH SOHDGLQJV GHSRVLWLRQV DQVZHUV WR LQWHUURJDWRULHV DQG 6HFUHWDU\ RI WKH 'HSDUWPHQW RI +HDOWK (GXFDWLRQ DQG DGPLVVLRQVRQILOHWRJHWKHUZLWKWKHDIILGDYLWVLIDQ\VKRZ :HOIDUH +(:  WR SUHSDUH DQG SXEOLVK UHJXODWLRQV WKDWWKHUHLVQRJHQXLQHLVVXHDVWRDQ\PDWHULDOIDFWDQGWKDW LPSOHPHQWLQJWKHSURYLVLRQVRI7LWOH,;3XE/ WKHPRYLQJSDUW\LVHQWLWOHGWRDMXGJPHQWDVDPDWWHURIODZl 6WDW  $IWHUFRQVLGHUDWLRQRIWKHRYHU )(' 5 &,9 3  F :HYLHZWKHHYLGHQFHDOOIDFWVDQG FRPPHQWV+(:UHFHLYHGUHJDUGLQJLWVSURSRVHGUHJXODWLRQV DQ\LQIHUHQFHVWKDWPD\EHGUDZQIURPWKHIDFWVLQWKHOLJKW +(:SXEOLVKHGDILQDOUXOHLPSOHPHQWLQJ7LWOH,;RQsXQH PRVW IDYRUDEOH WR WKH QRQPRYLQJ SDUW\  0DWVXVKLWD (OHF )HG 5HJ  sXQH  FRGLILHGDW ,QGXV&RY=HQLWK5DGLR&RUS86   &)5 †    7KH ILQDO UHJXODWLRQV EHFDPH HIIHFWLYH RQ 7RZLWKVWDQGVXPPDU\MXGJPHQWWKHQRQPRYDQWPXVWVKRZ sXO\)HG5HJDW VXIILFLHQWHYLGHQFHWRFUHDWHDJHQXLQHLVVXHRIPDWHULDOIDFW .OHSSHUY)LUVW$P%DQN)G WK&LU  7KHUHJXODWLRQVSURYLGHWKDW $PHUHVFLQWLOODRIHYLGHQFHLVLQVXIILFLHQWmWKHUHPXVWEH HYLGHQFH RQ ZKLFK WKH MXU\ FRXOG UHDVRQDEO\ ILQG IRU WKH >Q@RSHUVRQVKDOORQWKHEDVLVRIVH[EHH[FOXGHGIURP >QRQPRYDQW@l$QGHUVRQY/LEHUW\/REE\,QF86 SDUWLFLSDWLRQ LQ EH GHQLHG WKH EHQHILWV RI EH WUHDWHG   (QWU\RIVXPPDU\MXGJPHQWLVDSSURSULDWH GLIIHUHQWO\ IURP DQRWKHU SHUVRQ RU RWKHUZLVH EH mDJDLQVW D SDUW\ ZKR IDLOV WR PDNH D VKRZLQJ VXIILFLHQW WR GLVFULPLQDWHG DJDLQVW LQ DQ\ LQWHUVFKRODVWLF HVWDEOLVKWKHH[LVWHQFHRIDQHOHPHQWHVVHQWLDOWRWKDWSDUW\jV LQWHUFROOHJLDWHFOXERULQWUDPXUDODWKOHWLFVRIIHUHGE\D FDVHDQGRQZKLFKWKDWSDUW\ZLOOEHDUWKHEXUGHQRISURRIDW WULDOl&HORWH[&RUSY&DWUHWW86    :HUHYLHZDGLVWULFWFRXUWjVGHFLVLRQRQDPRWLRQIRUFODVV ,Q  +(: ZDV VSOLW LQWR WZR DJHQFLHV DQG WKH 2IILFH RI &LYLO FHUWLILFDWLRQXQGHU)HGHUDO5XOHRI&LYLO3URFHGXUHIRUDQ 5LJKWV IRU WKH QHZ 'HSDUWPHQW RI (GXFDWLRQ m'2(l DVVXPHG DEXVHRIGLVFUHWLRQ6SUDJXHY*HQ0RWRUV&RUS)G UHVSRQVLELOLW\ IRU DGPLQLVWUDWLRQ RI 7LWOH ,;  86& ††  D   WK&LU $GLVWULFWFRXUWDEXVHVLWVGLVFUHWLRQ  D   &RKHQ Y %URZQ 8QLY  )G   Q VW &LU   7KH '2( HVWDEOLVKHG D QHZ 7LWOH  LQ WKH &RGH RI )HGHUDO 5HJXODWLRQV ZKHQ LW DSSOLHV WKH ZURQJ OHJDO VWDQGDUG PLVDSSOLHV WKH ZKLFK UHFRGLILHG WKH LPSOHPHQWLQJ UHJXODWLRQV RI 7LWOH ,; WKH UHJXODWLRQ FRUUHFWOHJDOVWDQGDUGRUUHOLHVRQFOHDUO\HUURQHRXVILQGLQJV JRYHUQLQJ DWKOHWLFV FKDQJHG IURP  &)5 †  WR  &)5 †   )HG 5HJ  0D\     0LDPL8QLY:UHVWOLQJHWDO 1R 1R 0LDPL8QLY:UHVWOLQJHWDO  Y0LDPL8QLYHWDO Y0LDPL8QLYHWDO UHFLSLHQW DQG QR UHFLSLHQW VKDOO SURYLGH DQ\ VXFK LWVPDOHDQGIHPDOHVWXGHQWVLILWVDWLVILHVDQ\RQHSDUWRID DWKOHWLFVVHSDUDWHO\RQVXFKEDVLV WKUHHSDUWWHVW  &)5 †  D   )XUWKHU WKH\ UHTXLUH WKDW m>D@   :KHWKHU LQWHUFROOHJLDWH OHYHO SDUWLFLSDWLRQ UHFLSLHQW ZKLFK RSHUDWHV RU VSRQVRUV LQWHUVFKRODVWLF RSSRUWXQLWLHVIRUPDOHDQGIHPDOHVWXGHQWVDUHSURYLGHG LQWHUFROOHJLDWHFOXERULQWUDPXUDODWKOHWLFVVKDOOSURYLGHHTXDO LQQXPEHUVVXEVWDQWLDOO\SURSRUWLRQDWHWRWKHLUUHVSHFWLYH DWKOHWLFRSSRUWXQLW\IRUPHPEHUVRIERWKVH[HVl† F  HQUROOPHQWVRU 'HWHUPLQDWLRQVRIHTXDORSSRUWXQLWLHVLQFOXGHDPRQJQLQH RWKHUIDFWRUVQRWUHOHYDQWKHUHFRQVLGHUDWLRQRIm>Z@KHWKHU  :KHUHWKHPHPEHUVRIRQHVH[ KDYH EHHQDQGDUH WKHVHOHFWLRQRIVSRUWVDQGOHYHOVRIFRPSHWLWLRQHIIHFWLYHO\ XQGHUUHSUHVHQWHGDPRQJLQWHUFROOHJLDWHDWKOHWHVZKHWKHU DFFRPPRGDWHWKHLQWHUHVWVDQGDELOLWLHVRIPHPEHUVRIERWK WKHLQVWLWXWLRQFDQVKRZDKLVWRU\DQGFRQWLQXLQJSUDFWLFH VH[HVl† F   RISURJUDPH[SDQVLRQZKLFKLVGHPRQVWUDEO\UHVSRQVLYH WRWKHGHYHORSLQJLQWHUHVWDQGDELOLWLHVRIWKHPHPEHUVRI &3ROLF\,QWHUSUHWDWLRQ WKDWVH[RU ,Q  +(: WR HQFRXUDJH VHOISROLFLQJ LVVXHG D   :KHUH PHPEHUV RI RQH VH[ DUH XQGHUUHSUHVHQWHG 3URSRVHG3ROLF\,QWHUSUHWDWLRQDQGVROLFLWHGSXEOLFFRPPHQW DPRQJLQWHUFROOHJLDWHDWKOHWHVDQGWKHLQVWLWXWLRQFDQQRW  )HG 5HJ   'HF     +(: KDG VKRZDFRQWLQXLQJSUDFWLFHRISURJUDPH[SDQVLRQVXFKDV UHFHLYHG QLQHW\WKUHH FRPSODLQWV DJDLQVW DW OHDVW VL[W\WZR WKDWFLWHGDERYHZKHWKHULWFDQEHGHPRQVWUDWHGWKDWWKH FROOHJHVIROORZLQJWKHH[SLUDWLRQRIWKHWKUHH\HDUSKDVHLQ LQWHUHVWVDQGDELOLWLHVRIWKHPHPEHUVRIWKDWVH[KDYH SHULRG SURYLGHG IRU LQ WKH UHJXODWLRQV VR LW GHVLJQHG WKH EHHQIXOO\DQGHIIHFWLYHO\DFFRPPRGDWHGE\WKHSUHVHQW 3ROLF\,QWHUSUHWDWLRQWRmSURYLGHDIUDPHZRUNZLWKLQZKLFK SURJUDP WKRVH FRPSODLQWV >FRXOG@ EH UHVROYHG DQG WR SURYLGH LQVWLWXWLRQVRIKLJKHUHGXFDWLRQZLWKDGGLWLRQDOJXLGDQFHRQ )HG5HJDW WKHUHTXLUHPHQWVRIWKHODZUHODWLQJWRLQWHUFROOHJLDWHDWKOHWLF SURJUDPVl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mHTXDORSSRUWXQLW\lLQLQWHUFROOHJLDWHDWKOHWLFV DQG H[SODLQHG WKH IDFWRUV FRQVLGHUHG ZKHQ GHWHUPLQLQJ FRPSOLDQFH,GDW  2Q sDQXDU\   WKH '2( LVVXHG WKH m&ODULILFDWLRQ RI $FFRUGLQJWRWKH3ROLF\,QWHUSUHWDWLRQ+(:ZLOOILQGWKDW ,QWHUFROOHJLDWH $WKOHWLFV 3ROLF\ *XLGDQFH 7KH 7KUHH3DUW 7HVWl ZKLFK HPSKDVL]HG WKDW WKH VXEVWDQWLDO SURSRUWLRQDOLW\ HOHPHQW RI WKH ILUVW SURQJ DQLQVWLWXWLRQKDVHIIHFWLYHO\DFFRPPRGDWHGWKHLQWHUHVWVRI LV D mVDIH KDUERUl QRWHG WKDW VWULFW QXPHULFDO IRUPXODV DUH QRW UHTXLUHG DQG UHFRJQL]HG WKDW WKH IRFXV LV RQ WKH XQGHUUHSUHVHQWHG VH[