&KDSWHU&DQDGDDQG:RUOG:DU,, :KDWZHUHWKHWHUPVRIWKH0XQLFK $JUHHPHQWWKDW%ULWLVK3ULPH0LQLVWHU &KDPEHUODLQIHOWZRXOGVHFXUHSHDFH" /HW+LWOHUWDNHRYHUSDUWRI &]HFKRVORYDNLDDVORQJDVKHFHDVHGRWKHU DJJUHVVLRQ 0DUFK+LWOHULJQRUHGWHUPVE\ PDUFKLQJWKURXJKUHVWRI&]HFKRVORYDNLD :K\GLG%ULWDLQ¶V.LQJ*HRUJH9,DQG 4XHHQ(OL]DEHWKYLVLW&DQDGDLQ0D\ " :K\ZDV&DQDGLDQ3ULPH0LQLVWHU.LQJ RSSRVHGWR&DQDGD¶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¶VERUGHUZLWK *HUPDQ\ZDLWHGIRU*HUPDQ\¶VQH[WPRYH :KDWZDVWKHEOLW]NULHJ" OLJKWHQLQJZDUZLWKVXUSULVHDWWDFNVZLWK OLJKWHQLQJVSHHG DSRZHUIXODQGH[WUHPHO\VXFFHVVIXOZDU WDFWLFWDQNVFUDVKWKURXJKOLQHVZDUSODQHV ERPELQJ6ROGLHUVSDUDFKXWLQJLQWR GHVWUR\FRPPXQLFDWLRQ :KDWZDVWKHUHVXOWRIWKHEOLW]NULHJ" 'HIHQGLQJDUP\VKRFNHGFRQIXVHGDQG VXUURXQGHG :K\ZDVWKHHYDFXDWLRQRIDOOLHGWURRSVDW 'XQNLUNQHFHVVDU\" WKHUDSLGLQYDVLRQE\*HUPDQ\LQWR 1RUZD\'HQPDUN+ROODQG%HOJLXPDQG )UDQFHUHVXOWHGLQWKH$OOLHGWURRSVEHLQJ VXUURXQGHG $OOLHVKDGWRHVFDSHEHIRUHWKH*HUPDQ¶V FDSWXUHG'XQNLUN +RZGLGWKHHYDFXDWLRQKDSSHQ" %ULWLVKQDY\URXQGHGXSHYHU\ERDW FDSDEOHLHILVKLQJDQGSOHDVXUHDQG FURVVHGWKH(QJOLVK&KDQQHOWRUHVFXH VWUDQGHG$OOLHV *HUPDQVEHJDQWRERPESRUWRI'XQNLUN EXWHYDFXDWLRQFRQWLQXHG VROGLHUUHVFXHG :KDWKDSSHQHGLQ)UDQFHDIWHUWKH *HUPDQ¶VFRQWLQXHGWRLQYDGH &KDSWHU&DQDGDDQG:RUOG:DU,, HYDFXDWLRQ" )UDQFHVXUUHQGHUHG-XQH :KDWZDV³2SHUDWLRQ6HD/LRQ´" WKHLQYDVLRQRI%ULWDLQZKLFKZDV+LWOHU¶V QH[WWDUJHWDIWHU)UDQFH VWDUWHGE\DPDVVLYHERPELQJRI%ULWDLQ¶V KDUERXUVLQ-XO\ WKHQERPEVWDUJHWHGDLUILHOGVDQGDLUFUDIW IDFWRULHVLQ$XJXVWWRGHVWUR\DLUSRZHU LQ6HSWHPEHUERPELQJRIFLYLOLDQVVWDUWHG DQGFRQWLQXHGIRUFRQVHFXWLYHQLJKWV :KDWZDV³WKHEOLW]´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¶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òRIWKHIOHHW 'HFODUHGZDURQ-DSDQ7KHQ-DSDQ¶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¶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¶VQDY\GXULQJ JUHZVLJQLILFDQWO\ WKHZDU" UHVSRQVLEOHIRUSURYLGLQJò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³VRIWXQGHUEHOO\´RI (XURSH ,QYDVLRQODVWHG\HDUV &RVWWKRXVDQGVRIOLYHV SDUWLFLSDWHGLQ$OOLHV¶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³)LQDO6ROXWLRQ"´ 6LQFHZKHQZHUHWKHDQWL6HPLWLFYLHZV DQGUDFLVWYLHZVRI+LWOHUNQRZQ" :KHUHZHUHVRPHRIWKH'HDWKFDPSV EXLOW" :KDWKDSSHQHGLQWKHGHDWKFDPSV" +RZZHUHWKH-HZVNLOOHG" +RZPDQ\SHRSOHZHUHNLOOHGE\WKH 1D]LV" :KDWKDSSHQHGDIWHUWKH$OOLHGYLFWRU\LQ (XURSH" +RZGLGWKH-DSDQHVHGHPRQVWUDWHWKDW WKH\ZRXOGµILJKWWRWKHODVWSHUVRQ¶" :KDWGLGWKH86JRYHUQPHQWGRZKHQWKH -DSDQHVHNHSWILJKWLQJ" :KDWZDVWKH0DQKDWWDQSURMHFW" :KDWZDV&DQDGD¶VLQYROYHPHQWZLWKWKH 0DQKDWWDQSURMHFW" WKH\DLUGURSSHGIRRGHYHQEHIRUH *HUPDQ\VXUUHQGHUHG GHOLYHUHGWRQQHVRIIRRGDQGIXHOE\ODQG 6RYLHW8QLRQZDVDWWDFNLQJ*HUPDQ\IURP WKHHDVW 6XUUHQGHUHG0D\ FRPPLWWHGVXLFLGHLQDEXQNHU QHDUWKHHQGRIWKHZDU ,Q ,WZDVDJULVO\KRUULI\LQJSODQWRULGWKH *HUPDQVRFLHW\RIDOOSHRSOHWKH\ FRQVLGHUHGXQGHVLUDEOH VLQFHWKH¶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³(QROD*D\´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³7RRPDQ\GROODUVFKDVLQJWRRIHZJRRGV´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¶V³FUDGOHWRJUDYH´SROLF\" VRFLDOVHFXULW\IURPELUWKWRGHDWK :KDWLVDSOHELVFLWH" YRWHRIDOOWKHSHRSOHRQDVSHFLILFTXHVWLRQ WKDWWKHJRYHUQPHQWQHHGVDQDQVZHUIRU :KDWZDVWKH150$" 1DWLRQDO5HVRXUFHV0RELOL]DWLRQ$FW ZKLFKJDYHWKHJRYHUQPHQWVSHFLDOSRZHUV WRJDWKHUWKHUHVRXUFHVRIWKHQDWLRQWR GHIHDWWKHHQHP\ :KDWZHUH.LQJ¶VYLHZVRQFRQVFULSWLRQ" ILUVWSURPLVHGWKDWWKHUHZRXOGEHQR FRQVFULSWLRQ WKHQKHFDPHXQGHUSUHVVXUHWRDGRSW RYHUVHDVFRQVFULSWLRQ .LQJGHFLGHGWRKROGDSOHELVFLWH :KDWZHUHWKHUHVXOWVRIWKHSOHELVFLWH" 7KHPDMRULW\RIDOOWKHSHRSOHLQDOO SURYLQFHVH[FHSW4XHEHFYRWHGIRU RYHUVHDVFRQVFULSWLRQ :KDWGLGWKHUHVXOWVRIWKHSOHELVFLWHGR" 'LYLGHGWKHFRXQWU\IXUWKHU4XHEHFIHOW EHWUD\HGZKHQ.LQJILQDOO\SHUPLWWHG RYHUVHDVFRQVFULSWLRQ +RZPDQ\VROGLHUVZHUHORVWLQWKH ZHUHORVWFUHDWLQJDVKRUWDJHRI LQYDVLRQRI(XURSH" WUDLQHGLQIDQWU\ :KHQZHUHFRQVFULSWVILQDOO\VHQWWR LQWKHILQDOPRQWKVRIWKHZDUZHUH (XURSH" VHQWWR(XURSHRQO\HQGHGXSLQWKH IURQW 'LGWKHFRQVFULSWVDJUHHZLWKJRLQJWRWKH PDQ\GLGQRWJRSHDFHIXOO\7KHUHZHUH IURQW" ULRWVLQ0RQWUHDODQGUHIXVDOVLQ%& :KDWZDVWKHHIIHFWRIWKHZDURQ&DQDGD" 'UDPDWLFHIIHFWRQ&DQDGD¶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¶V,GHQWLW\FKDQJHG" &DQDGDFKDQJHGIURPMXVWEHLQJDFRORQ\ WRDPDMRUZRUOGSOD\HU ZRUOG¶VUG ODUJHVWQDY\ ZRUOG¶VWK ODUJHVWDLUIRUFH &KDSWHU&DQDGDDQG:RUOG:DU,, 7KHHQGRIFKDSWHU
© Copyright 2026 Paperzz