7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
3URMHFW*XWHQEHUJ
V7KH:RUNVRI(GJDU$OODQ3RHE\(GJDU$OODQ3RH
7KLVH%RRNLVIRUWKHXVHRIDQ\RQHDQ\ZKHUHDWQRFRVWDQGZLWK
DOPRVWQRUHVWULFWLRQVZKDWVRHYHU<RXPD\FRS\LWJLYHLWDZD\RU
UHXVHLWXQGHUWKHWHUPVRIWKH3URMHFW*XWHQEHUJ/LFHQVHLQFOXGHG
ZLWKWKLVH%RRNRURQOLQHDWZZZJXWHQEHUJRUJ
7LWOH7KH:RUNVRI(GJDU$OODQ3RH
9ROXPHRIRIWKH5DYHQ(GLWLRQ
$XWKRU(GJDU$OODQ3RH
5HOHDVH'DWH0D\>(%RRN@
/DVW8SGDWHG1RYHPEHU
/DQJXDJH(QJOLVK
&KDUDFWHUVHWHQFRGLQJ,62
67$572)7+,6352-(&7*87(1%(5*(%22.7+(:25.62)('*$5$//$132(
3URGXFHGE\'DYLG:LGJHU
7+(:25.62)('*$5
$//(132(
92/80(,,
7KH5DYHQ(GLWLRQ
>5HGDFWRU
V1RWH­6RPHHQGQRWHVDUHE\3RHDQGVRPH
ZHUHDGGHGE\*ULVZROG,QWKLVYROXPHWKHQRWHVDUHDWWKHHQG@
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
&217(176
7+(385/2,1('/(77(5
7+(7+286$1'$1'6(&21'7$/(2)6&+(+(5$=$'(
$'(6&(17,1727+(0$(/675g0
921.(03(/(1$1'+,6',6&29(5<
0(60(5,&5(9(/$7,21
7+()$&76,17+(&$6(2)09$/'(0$5
7+(%/$&.&$7
7+()$//2)7+(+286(2)86+(5
6,/(1&(³$)$%/(
7+(0$648(2)7+(5(''($7+
7+(&$6.2)$0217,//$'2
7+(,032)7+(3(59(56(
7+(,6/$1'2)7+()$<
7+($66,*1$7,21
7+(3,7$1'7+(3(1'8/80
7+(35(0$785(%85,$/
7+('20$,12)$51+(,0
/$1'25
6&277$*(
:,//,$0:,/621
7+(7(//7$/(+($57
%(5(1,&(
(/(2125$
127(6727+,692/80(
1RWHV³6FKHKHUD]DGH
1RWHV³0DHOVWURP
1RWHV³,VODQGRIWKH)D\
1RWHV³'RPDLQRI$UQKHLP
1RWHV³%HUHQLFH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
7+(385/2,1('/(77(5
1LOVDSLHQWLDHRGLRVLXVDFXPLQHQLPLR
6HQHFD
$W 3DULV MXVW DIWHU GDUN RQH JXVW\ HYHQLQJ LQ WKH DXWXPQ RI , ZDV HQMR\LQJ WKH WZRIROG
OX[XU\RIPHGLWDWLRQDQGDPHHUVFKDXPLQFRPSDQ\ZLWKP\IULHQG&$XJXVWH'XSLQLQKLVOLWWOH
EDFN OLEUDU\ RU ERRNFORVHW DX WURLVLrPH 1R 5XH 'XQ{W )DXERXUJ 6W *HUPDLQ )RU RQH
KRXUDWOHDVWZHKDGPDLQWDLQHGDSURIRXQGVLOHQFHZKLOHHDFKWRDQ\FDVXDOREVHUYHUPLJKWKDYH
VHHPHG LQWHQWO\ DQG H[FOXVLYHO\ RFFXSLHG ZLWK WKH FXUOLQJ HGGLHV RI VPRNH WKDW RSSUHVVHG WKH
DWPRVSKHUHRIWKHFKDPEHU)RUP\VHOIKRZHYHU,ZDVPHQWDOO\GLVFXVVLQJFHUWDLQWRSLFVZKLFK
KDGIRUPHGPDWWHUIRUFRQYHUVDWLRQEHWZHHQXVDWDQHDUOLHUSHULRGRIWKHHYHQLQJ,PHDQWKHDIIDLU
RI WKH 5XH 0RUJXH DQG WKH P\VWHU\ DWWHQGLQJ WKH PXUGHU RI 0DULH 5RJrW , ORRNHG XSRQ LW
WKHUHIRUH DV VRPHWKLQJ RI D FRLQFLGHQFH ZKHQ WKH GRRU RI RXU DSDUWPHQW ZDV WKURZQ RSHQ DQG
DGPLWWHGRXUROGDFTXDLQWDQFH0RQVLHXU*³WKH3UHIHFWRIWKH3DULVLDQSROLFH
:HJDYHKLPDKHDUW\ZHOFRPHIRUWKHUHZDVQHDUO\KDOIDVPXFKRIWKHHQWHUWDLQLQJDVRIWKH
FRQWHPSWLEOHDERXWWKHPDQDQGZHKDGQRWVHHQKLPIRUVHYHUDO\HDUV:HKDGEHHQVLWWLQJLQWKH
GDUNDQG'XSLQQRZDURVHIRUWKHSXUSRVHRIOLJKWLQJDODPSEXWVDWGRZQDJDLQZLWKRXWGRLQJ
VRXSRQ *
V VD\LQJ WKDW KH KDG FDOOHG WR FRQVXOW XV RU UDWKHU WR DVN WKH RSLQLRQ RI P\ IULHQG
DERXWVRPHRIILFLDOEXVLQHVVZKLFKKDGRFFDVLRQHGDJUHDWGHDORIWURXEOH
,ILWLVDQ\SRLQWUHTXLULQJUHIOHFWLRQREVHUYHG'XSLQDVKHIRUHERUHWRHQNLQGOHWKHZLFNZH
VKDOOH[DPLQHLWWREHWWHUSXUSRVHLQWKHGDUN
7KDWLVDQRWKHURI\RXURGGQRWLRQVVDLGWKH3UHIHFWZKRKDGDIDVKLRQRIFDOOLQJHYHU\WKLQJ
RGGWKDWZDVEH\RQGKLVFRPSUHKHQVLRQDQGWKXVOLYHGDPLGDQDEVROXWHOHJLRQRIRGGLWLHV
9HU\ WUXH VDLG 'XSLQ DV KH VXSSOLHG KLV YLVLWHU ZLWK D SLSH DQG UROOHG WRZDUGV KLP D
FRPIRUWDEOHFKDLU
$QGZKDWLVWKHGLIILFXOW\QRZ",DVNHG1RWKLQJPRUHLQWKHDVVDVVLQDWLRQZD\,KRSH"
2KQRQRWKLQJRIWKDWQDWXUH7KHIDFWLVWKHEXVLQHVVLVYHU\VLPSOHLQGHHGDQG,PDNHQR
GRXEW WKDW ZH FDQ PDQDJH LW VXIILFLHQWO\ ZHOO RXUVHOYHV EXW WKHQ , WKRXJKW 'XSLQ ZRXOG OLNH WR
KHDUWKHGHWDLOVRILWEHFDXVHLWLVVRH[FHVVLYHO\RGG
6LPSOHDQGRGGVDLG'XSLQ
:K\ \HV DQG QRW H[DFWO\ WKDW HLWKHU 7KH IDFW LV ZH KDYH DOO EHHQ D JRRG GHDO SX]]OHG
EHFDXVHWKHDIIDLULVVRVLPSOHDQG\HWEDIIOHVXVDOWRJHWKHU
3HUKDSVLWLVWKHYHU\VLPSOLFLW\RIWKHWKLQJZKLFKSXWV\RXDWIDXOWVDLGP\IULHQG
:KDWQRQVHQVH\RXGRWDONUHSOLHGWKH3UHIHFWODXJKLQJKHDUWLO\
3HUKDSVWKHP\VWHU\LVDOLWWOHWRRSODLQVDLG'XSLQ
2KJRRGKHDYHQVZKRHYHUKHDUGRIVXFKDQLGHD"
$OLWWOHWRRVHOIHYLGHQW
+DKDKD³KDKDKD³KRKRKRURDUHGRXUYLVLWHUSURIRXQGO\DPXVHGRK'XSLQ\RX
ZLOOEHWKHGHDWKRIPH\HW
$QGZKDWDIWHUDOOLVWKHPDWWHURQKDQG",DVNHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
:K\,ZLOOWHOO\RXUHSOLHGWKH3UHIHFWDVKHJDYHDORQJVWHDG\DQGFRQWHPSODWLYHSXIIDQG
VHWWOHGKLPVHOILQKLVFKDLU,ZLOOWHOO\RXLQDIHZZRUGVEXWEHIRUH,EHJLQOHWPHFDXWLRQ\RX
WKDW WKLV LV DQ DIIDLU GHPDQGLQJ WKH JUHDWHVW VHFUHF\ DQG WKDW , VKRXOG PRVW SUREDEO\ ORVH WKH
SRVLWLRQ,QRZKROGZHUHLWNQRZQWKDW,FRQILGHGLWWRDQ\RQH
3URFHHGVDLG,
2UQRWVDLG'XSLQ
:HOO WKHQ , KDYH UHFHLYHG SHUVRQDO LQIRUPDWLRQ IURP D YHU\ KLJK TXDUWHU WKDW D FHUWDLQ
GRFXPHQWRIWKHODVWLPSRUWDQFHKDVEHHQSXUORLQHGIURPWKHUR\DODSDUWPHQWV7KHLQGLYLGXDOZKR
SXUORLQHG LW LV NQRZQ WKLV EH\RQG D GRXEW KH ZDV VHHQ WR WDNH LW ,W LV NQRZQ DOVR WKDW LW VWLOO
UHPDLQVLQKLVSRVVHVVLRQ
+RZLVWKLVNQRZQ"DVNHG'XSLQ
,WLVFOHDUO\LQIHUUHGUHSOLHGWKH3UHIHFWIURPWKHQDWXUHRIWKHGRFXPHQWDQGIURPWKHQRQ
DSSHDUDQFH RI FHUWDLQ UHVXOWV ZKLFK ZRXOG DW RQFH DULVH IURP LWV SDVVLQJ RXW RI WKH UREEHU
V
SRVVHVVLRQWKDWLVWRVD\IURPKLVHPSOR\LQJLWDVKHPXVWGHVLJQLQWKHHQGWRHPSOR\LW
%HDOLWWOHPRUHH[SOLFLW,VDLG
:HOO,PD\YHQWXUHVRIDUDVWRVD\WKDWWKHSDSHUJLYHVLWVKROGHUDFHUWDLQSRZHULQDFHUWDLQ
TXDUWHUZKHUHVXFKSRZHULVLPPHQVHO\YDOXDEOH7KH3UHIHFWZDVIRQGRIWKHFDQWRIGLSORPDF\
6WLOO,GRQRWTXLWHXQGHUVWDQGVDLG'XSLQ
1R":HOOWKHGLVFORVXUHRIWKHGRFXPHQWWRDWKLUGSHUVRQZKRVKDOOEHQDPHOHVVZRXOGEULQJ
LQTXHVWLRQWKHKRQRURIDSHUVRQDJHRIPRVWH[DOWHGVWDWLRQDQGWKLVIDFWJLYHVWKHKROGHURIWKH
GRFXPHQW DQ DVFHQGDQF\ RYHU WKH LOOXVWULRXV SHUVRQDJH ZKRVH KRQRU DQG SHDFH DUH VR
MHRSDUGL]HG
%XWWKLVDVFHQGDQF\,LQWHUSRVHGZRXOGGHSHQGXSRQWKHUREEHU
VNQRZOHGJHRIWKHORVHU
V
NQRZOHGJHRIWKHUREEHU:KRZRXOGGDUH³
7KH WKLHI VDLG * LV WKH 0LQLVWHU '³ ZKR GDUHV DOO WKLQJV WKRVH XQEHFRPLQJ DV ZHOO DV
WKRVHEHFRPLQJDPDQ7KHPHWKRGRIWKHWKHIWZDVQRWOHVVLQJHQLRXVWKDQEROG7KHGRFXPHQWLQ
TXHVWLRQ³D OHWWHU WR EH IUDQN³KDG EHHQ UHFHLYHG E\ WKH SHUVRQDJH UREEHG ZKLOH DORQH LQ WKH
UR\DOERXGRLU'XULQJLWVSHUXVDOVKHZDVVXGGHQO\LQWHUUXSWHGE\WKHHQWUDQFHRIWKHRWKHUH[DOWHG
SHUVRQDJHIURPZKRPHVSHFLDOO\LWZDVKHUZLVKWRFRQFHDOLW$IWHUDKXUULHGDQGYDLQHQGHDYRUWR
WKUXVWLWLQDGUDZHUVKHZDVIRUFHGWRSODFHLWRSHQDVLWZDVXSRQDWDEOH7KHDGGUHVVKRZHYHU
ZDVXSSHUPRVWDQGWKHFRQWHQWVWKXVXQH[SRVHGWKHOHWWHUHVFDSHGQRWLFH$WWKLVMXQFWXUHHQWHUV
WKH0LQLVWHU'³+LVO\Q[H\HLPPHGLDWHO\SHUFHLYHVWKHSDSHUUHFRJQLVHVWKHKDQGZULWLQJRIWKH
DGGUHVV REVHUYHV WKH FRQIXVLRQ RI WKH SHUVRQDJH DGGUHVVHG DQG IDWKRPV KHU VHFUHW $IWHU VRPH
EXVLQHVV WUDQVDFWLRQV KXUULHG WKURXJK LQ KLV RUGLQDU\ PDQQHU KH SURGXFHV D OHWWHU VRPHZKDW
VLPLODUWRWKHRQHLQTXHVWLRQRSHQVLWSUHWHQGVWRUHDGLWDQGWKHQSODFHVLWLQFORVHMX[WDSRVLWLRQ
WR WKH RWKHU $JDLQ KH FRQYHUVHV IRU VRPH ILIWHHQPLQXWHV XSRQ WKH SXEOLF DIIDLUV $W OHQJWK LQ
WDNLQJ OHDYH KH WDNHV DOVR IURP WKH WDEOH WKH OHWWHU WR ZKLFK KH KDG QR FODLP ,WV ULJKWIXO RZQHU
VDZEXWRIFRXUVHGDUHGQRWFDOODWWHQWLRQWRWKHDFWLQWKHSUHVHQFHRIWKHWKLUGSHUVRQDJHZKR
VWRRGDWKHUHOERZ7KHPLQLVWHUGHFDPSHGOHDYLQJKLVRZQOHWWHU³RQHRIQRLPSRUWDQFH³XSRQ
WKHWDEOH
+HUHWKHQVDLG'XSLQWRPH\RXKDYHSUHFLVHO\ZKDW\RXGHPDQGWRPDNHWKHDVFHQGDQF\
FRPSOHWH³WKHUREEHU
VNQRZOHGJHRIWKHORVHU
VNQRZOHGJHRIWKHUREEHU
<HV UHSOLHG WKH 3UHIHFW DQG WKH SRZHU WKXV DWWDLQHG KDV IRU VRPH PRQWKV SDVW EHHQ
ZLHOGHG IRU SROLWLFDO SXUSRVHV WR D YHU\ GDQJHURXV H[WHQW 7KH SHUVRQDJH UREEHG LV PRUH
WKRURXJKO\ FRQYLQFHG HYHU\ GD\ RI WKH QHFHVVLW\ RI UHFODLPLQJ KHU OHWWHU %XW WKLV RI FRXUVH
FDQQRWEHGRQHRSHQO\,QILQHGULYHQWRGHVSDLUVKHKDVFRPPLWWHGWKHPDWWHUWRPH
7KDQZKRPVDLG'XSLQDPLGDSHUIHFWZKLUOZLQGRIVPRNHQRPRUHVDJDFLRXVDJHQWFRXOG
,VXSSRVHEHGHVLUHGRUHYHQLPDJLQHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
<RXIODWWHUPHUHSOLHGWKH3UHIHFWEXWLWLVSRVVLEOHWKDWVRPHVXFKRSLQLRQPD\KDYHEHHQ
HQWHUWDLQHG
,WLVFOHDUVDLG,DV\RXREVHUYHWKDWWKHOHWWHULVVWLOOLQSRVVHVVLRQRIWKHPLQLVWHUVLQFHLWLV
WKLV SRVVHVVLRQ DQG QRW DQ\ HPSOR\PHQW RI WKH OHWWHU ZKLFK EHVWRZV WKH SRZHU :LWK WKH
HPSOR\PHQWWKHSRZHUGHSDUWV
7UXH VDLG * DQG XSRQ WKLV FRQYLFWLRQ , SURFHHGHG 0\ ILUVW FDUH ZDV WR PDNH WKRURXJK
VHDUFKRIWKHPLQLVWHU
VKRWHODQGKHUHP\FKLHIHPEDUUDVVPHQW OD\ LQ WKH QHFHVVLW\ RI VHDUFKLQJ
ZLWKRXWKLVNQRZOHGJH%H\RQGDOOWKLQJV,KDYHEHHQZDUQHGRIWKHGDQJHUZKLFKZRXOGUHVXOW
IURPJLYLQJKLPUHDVRQWRVXVSHFWRXUGHVLJQ
%XWVDLG,\RXDUHTXLWHDXIDLWLQWKHVHLQYHVWLJDWLRQV7KH3DULVLDQSROLFHKDYHGRQHWKLV
WKLQJRIWHQEHIRUH
2 \HV DQG IRU WKLV UHDVRQ , GLG QRW GHVSDLU 7KH KDELWV RI WKH PLQLVWHU JDYH PH WRR D JUHDW
DGYDQWDJH+HLVIUHTXHQWO\DEVHQWIURPKRPHDOOQLJKW+LVVHUYDQWVDUHE\QRPHDQVQXPHURXV
7KH\VOHHSDWDGLVWDQFHIURPWKHLUPDVWHU
VDSDUWPHQWDQGEHLQJFKLHIO\1HDSROLWDQVDUHUHDGLO\
PDGHGUXQN,KDYHNH\VDV\RXNQRZZLWKZKLFK,FDQRSHQDQ\FKDPEHURUFDELQHWLQ3DULV)RU
WKUHH PRQWKV D QLJKW KDV QRW SDVVHG GXULQJ WKH JUHDWHU SDUW RI ZKLFK , KDYH QRW EHHQ HQJDJHG
SHUVRQDOO\LQUDQVDFNLQJWKH'³+RWHO0\KRQRULVLQWHUHVWHGDQGWRPHQWLRQDJUHDWVHFUHWWKH
UHZDUGLVHQRUPRXV6R,GLGQRWDEDQGRQWKHVHDUFKXQWLO,KDGEHFRPHIXOO\VDWLVILHGWKDWWKHWKLHI
LV D PRUH DVWXWH PDQ WKDQ P\VHOI , IDQF\ WKDW , KDYH LQYHVWLJDWHG HYHU\ QRRN DQG FRUQHU RI WKH
SUHPLVHVLQZKLFKLWLVSRVVLEOHWKDWWKHSDSHUFDQEHFRQFHDOHG
%XW LV LW QRW SRVVLEOH , VXJJHVWHG WKDW DOWKRXJK WKH OHWWHU PD\ EH LQ SRVVHVVLRQ RI WKH
PLQLVWHUDVLWXQTXHVWLRQDEO\LVKHPD\KDYHFRQFHDOHGLWHOVHZKHUHWKDQXSRQKLVRZQSUHPLVHV"
7KLV LV EDUHO\ SRVVLEOH VDLG 'XSLQ 7KH SUHVHQW SHFXOLDU FRQGLWLRQ RI DIIDLUV DW FRXUW DQG
HVSHFLDOO\ RI WKRVH LQWULJXHV LQ ZKLFK '³ LV NQRZQ WR EH LQYROYHG ZRXOG UHQGHU WKH LQVWDQW
DYDLODELOLW\RIWKHGRFXPHQW³LWVVXVFHSWLELOLW\RIEHLQJSURGXFHGDWDPRPHQW
VQRWLFH³DSRLQWRI
QHDUO\HTXDOLPSRUWDQFHZLWKLWVSRVVHVVLRQ
,WVVXVFHSWLELOLW\RIEHLQJSURGXFHG"VDLG,
7KDWLVWRVD\RIEHLQJGHVWUR\HGVDLG'XSLQ
7UXH , REVHUYHG WKH SDSHU LV FOHDUO\ WKHQ XSRQ WKH SUHPLVHV $V IRU LWV EHLQJ XSRQ WKH
SHUVRQRIWKHPLQLVWHUZHPD\FRQVLGHUWKDWDVRXWRIWKHTXHVWLRQ
(QWLUHO\ VDLG WKH 3UHIHFW +H KDV EHHQ WZLFH ZD\ODLG DV LI E\ IRRWSDGV DQG KLV SHUVRQ
ULJRURXVO\VHDUFKHGXQGHUP\RZQLQVSHFWLRQ
<RXPLJKWKDYHVSDUHG\RXUVHOIWKLVWURXEOHVDLG'XSLQ'³,SUHVXPHLVQRWDOWRJHWKHUD
IRRODQGLIQRWPXVWKDYHDQWLFLSDWHGWKHVHZD\OD\LQJVDVDPDWWHURIFRXUVH
1RWDOWRJHWKHUDIRROVDLG*EXWWKHQKH
VDSRHWZKLFK,WDNHWREHRQO\RQHUHPRYHIURPD
IRRO
7UXHVDLG'XSLQDIWHUDORQJDQGWKRXJKWIXOZKLIIIURPKLVPHHUVFKDXPDOWKRXJK , KDYH
EHHQJXLOW\RIFHUWDLQGRJJUHOP\VHOI
6XSSRVH\RXGHWDLOVDLG,WKHSDUWLFXODUVRI\RXUVHDUFK
:K\WKHIDFWLVZHWRRNRXUWLPHDQGZHVHDUFKHGHYHU\ZKHUH,KDYHKDGORQJH[SHULHQFHLQ
WKHVH DIIDLUV , WRRN WKH HQWLUH EXLOGLQJ URRP E\ URRP GHYRWLQJ WKH QLJKWV RI D ZKROH ZHHN WR
HDFK:HH[DPLQHGILUVWWKHIXUQLWXUHRIHDFKDSDUWPHQW:HRSHQHGHYHU\SRVVLEOHGUDZHUDQG,
SUHVXPH \RX NQRZ WKDW WR D SURSHUO\ WUDLQHG SROLFH DJHQW VXFK D WKLQJ DV D VHFUHW GUDZHU LV
LPSRVVLEOH$Q\PDQLVDGROWZKRSHUPLWVD
VHFUHW
GUDZHUWRHVFDSHKLPLQDVHDUFKRIWKLVNLQG
7KHWKLQJLVVRSODLQ7KHUHLVDFHUWDLQDPRXQWRIEXON³RIVSDFH³WREHDFFRXQWHGIRULQ HYHU\
FDELQHW 7KHQ ZH KDYH DFFXUDWH UXOHV 7KH ILIWLHWK SDUW RI D OLQH FRXOG QRW HVFDSH XV $IWHU WKH
FDELQHWVZHWRRNWKHFKDLUV7KHFXVKLRQVZHSUREHGZLWKWKHILQHORQJQHHGOHV\RXKDYHVHHQPH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
HPSOR\)URPWKHWDEOHVZHUHPRYHGWKHWRSV
:K\VR"
6RPHWLPHVWKHWRSRIDWDEOHRURWKHUVLPLODUO\DUUDQJHGSLHFHRIIXUQLWXUHLVUHPRYHGE\WKH
SHUVRQ ZLVKLQJ WR FRQFHDO DQ DUWLFOH WKHQ WKH OHJ LV H[FDYDWHG WKH DUWLFOH GHSRVLWHG ZLWKLQ WKH
FDYLW\DQGWKHWRSUHSODFHG7KHERWWRPVDQGWRSVRIEHGSRVWVDUHHPSOR\HGLQWKHVDPHZD\
%XWFRXOGQRWWKHFDYLW\EHGHWHFWHGE\VRXQGLQJ",DVNHG
%\QRPHDQVLIZKHQWKHDUWLFOHLVGHSRVLWHGDVXIILFLHQWZDGGLQJRIFRWWRQEHSODFHGDURXQG
LW%HVLGHVLQRXUFDVHZHZHUHREOLJHGWRSURFHHGZLWKRXWQRLVH
%XW\RXFRXOGQRWKDYHUHPRYHG³\RXFRXOGQRWKDYHWDNHQWRSLHFHVDOODUWLFOHVRIIXUQLWXUHLQ
ZKLFKLWZRXOGKDYHEHHQSRVVLEOHWRPDNHDGHSRVLWLQWKHPDQQHU\RXPHQWLRQ$OHWWHUPD\EH
FRPSUHVVHGLQWRDWKLQVSLUDOUROOQRWGLIIHULQJPXFKLQVKDSHRUEXONIURPDODUJHNQLWWLQJQHHGOH
DQG LQ WKLV IRUP LW PLJKW EH LQVHUWHG LQWR WKH UXQJ RI D FKDLU IRU H[DPSOH <RX GLG QRW WDNH WR
SLHFHVDOOWKHFKDLUV"
&HUWDLQO\ QRW EXW ZH GLG EHWWHU³ZH H[DPLQHG WKH UXQJV RI HYHU\ FKDLU LQ WKH KRWHO DQG
LQGHHGWKHMRLQWLQJVRIHYHU\GHVFULSWLRQRIIXUQLWXUH E\ WKH DLG RI D PRVW SRZHUIXO PLFURVFRSH
+DGWKHUHEHHQDQ\WUDFHVRIUHFHQWGLVWXUEDQFHZHVKRXOGQRWKDYHIDLOHGWRGHWHFWLWLQVWDQWO\$
VLQJOHJUDLQRIJLPOHWGXVWIRUH[DPSOHZRXOGKDYHEHHQDVREYLRXVDVDQDSSOH$Q\GLVRUGHULQ
WKHJOXHLQJ³DQ\XQXVXDOJDSLQJLQWKHMRLQWV³ZRXOGKDYHVXIILFHGWRLQVXUHGHWHFWLRQ
, SUHVXPH \RX ORRNHG WR WKH PLUURUV EHWZHHQ WKH ERDUGV DQG WKH SODWHV DQG \RX SUREHG WKH
EHGVDQGWKHEHGFORWKHVDVZHOODVWKHFXUWDLQVDQGFDUSHWV
7KDW RI FRXUVH DQG ZKHQ ZH KDG DEVROXWHO\ FRPSOHWHG HYHU\ SDUWLFOH RI WKH IXUQLWXUH LQ WKLV
ZD\WKHQZHH[DPLQHGWKHKRXVHLWVHOI:HGLYLGHGLWVHQWLUHVXUIDFHLQWRFRPSDUWPHQWVZKLFKZH
QXPEHUHG VR WKDW QRQH PLJKW EH PLVVHG WKHQ ZH VFUXWLQL]HG HDFK LQGLYLGXDO VTXDUH LQFK
WKURXJKRXWWKHSUHPLVHVLQFOXGLQJWKHWZRKRXVHVLPPHGLDWHO\DGMRLQLQJZLWKWKHPLFURVFRSHDV
EHIRUH
7KHWZRKRXVHVDGMRLQLQJ,H[FODLPHG\RXPXVWKDYHKDGDJUHDWGHDORIWURXEOH
:HKDGEXWWKHUHZDUGRIIHUHGLVSURGLJLRXV
<RXLQFOXGHWKHJURXQGVDERXWWKHKRXVHV"
$OOWKHJURXQGVDUHSDYHGZLWKEULFN7KH\JDYHXVFRPSDUDWLYHO\OLWWOHWURXEOH:HH[DPLQHG
WKHPRVVEHWZHHQWKHEULFNVDQGIRXQGLWXQGLVWXUEHG
<RXORRNHGDPRQJ'³
VSDSHUVRIFRXUVHDQGLQWRWKHERRNVRIWKHOLEUDU\"
&HUWDLQO\ZHRSHQHGHYHU\SDFNDJHDQGSDUFHOZHQRWRQO\RSHQHGHYHU\ERRNEXWZHWXUQHG
RYHU HYHU\ OHDI LQ HDFK YROXPH QRW FRQWHQWLQJ RXUVHOYHV ZLWK D PHUH VKDNH DFFRUGLQJ WR WKH
IDVKLRQRIVRPHRIRXUSROLFHRIILFHUV:HDOVRPHDVXUHGWKHWKLFNQHVVRIHYHU\ERRNFRYHUZLWK
WKHPRVWDFFXUDWHDGPHDVXUHPHQWDQGDSSOLHGWRHDFKWKHPRVWMHDORXVVFUXWLQ\RIWKHPLFURVFRSH
+DGDQ\RIWKHELQGLQJVEHHQUHFHQWO\PHGGOHGZLWKLWZRXOGKDYHEHHQXWWHUO\LPSRVVLEOHWKDWWKH
IDFWVKRXOGKDYHHVFDSHGREVHUYDWLRQ6RPHILYHRUVL[YROXPHVMXVWIURPWKHKDQGVRIWKHELQGHU
ZHFDUHIXOO\SUREHGORQJLWXGLQDOO\ZLWKWKHQHHGOHV
<RXH[SORUHGWKHIORRUVEHQHDWKWKHFDUSHWV"
%H\RQGGRXEW:HUHPRYHGHYHU\FDUSHWDQGH[DPLQHGWKHERDUGVZLWKWKHPLFURVFRSH
$QGWKHSDSHURQWKHZDOOV"
<HV
<RXORRNHGLQWRWKHFHOODUV"
:HGLG
7KHQ,VDLG\RXKDYHEHHQPDNLQJDPLVFDOFXODWLRQDQGWKHOHWWHULVQRWXSRQWKHSUHPLVHV
DV\RXVXSSRVH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,IHDU\RXDUHULJKWWKHUHVDLGWKH3UHIHFW$QGQRZ'XSLQZKDWZRXOG\RXDGYLVHPHWR
GR"
7RPDNHDWKRURXJKUHVHDUFKRIWKHSUHPLVHV
7KDWLVDEVROXWHO\QHHGOHVVUHSOLHG*³,DPQRWPRUHVXUHWKDW,EUHDWKHWKDQ,DPWKDWWKH
OHWWHULVQRWDWWKH+RWHO
,KDYHQREHWWHUDGYLFHWRJLYH\RXVDLG'XSLQ<RXKDYHRIFRXUVHDQDFFXUDWHGHVFULSWLRQ
RIWKHOHWWHU"
2K \HV³$QG KHUH WKH 3UHIHFW SURGXFLQJ D PHPRUDQGXPERRN SURFHHGHG WR UHDG DORXG D
PLQXWHDFFRXQWRIWKHLQWHUQDODQGHVSHFLDOO\RIWKHH[WHUQDODSSHDUDQFHRIWKHPLVVLQJGRFXPHQW
6RRQDIWHUILQLVKLQJWKHSHUXVDORIWKLVGHVFULSWLRQKHWRRNKLVGHSDUWXUHPRUHHQWLUHO\GHSUHVVHGLQ
VSLULWVWKDQ,KDGHYHUNQRZQWKHJRRGJHQWOHPDQEHIRUH,QDERXWDPRQWKDIWHUZDUGVKHSDLGXV
DQRWKHUYLVLWDQGIRXQGXVRFFXSLHGYHU\QHDUO\DVEHIRUH+HWRRNDSLSHDQGDFKDLUDQGHQWHUHG
LQWRVRPHRUGLQDU\FRQYHUVDWLRQ$WOHQJWK,VDLG³
:HOOEXW*³ZKDWRIWKHSXUORLQHGOHWWHU",SUHVXPH\RXKDYHDWODVWPDGHXS\RXUPLQGWKDW
WKHUHLVQRVXFKWKLQJDVRYHUUHDFKLQJWKH0LQLVWHU"
&RQIRXQG KLP VD\ ,³\HV , PDGH WKH UHH[DPLQDWLRQ KRZHYHU DV 'XSLQ VXJJHVWHG³EXW LW
ZDVDOOODERUORVWDV,NQHZLWZRXOGEH
+RZPXFKZDVWKHUHZDUGRIIHUHGGLG\RXVD\"DVNHG'XSLQ
:K\ D YHU\ JUHDW GHDO³D YHU\ OLEHUDO UHZDUG³, GRQ
W OLNH WR VD\ KRZ PXFK SUHFLVHO\ EXW
RQHWKLQJ,ZLOOVD\WKDW,ZRXOGQ
WPLQGJLYLQJP\LQGLYLGXDOFKHFNIRUILIW\WKRXVDQGIUDQFVWR
DQ\RQHZKRFRXOGREWDLQPHWKDWOHWWHU7KHIDFWLVLWLVEHFRPLQJRIPRUHDQGPRUHLPSRUWDQFH
HYHU\GD\DQGWKHUHZDUGKDVEHHQODWHO\GRXEOHG,ILWZHUHWUHEOHGKRZHYHU,FRXOGGRQRPRUH
WKDQ,KDYHGRQH
:K\\HVVDLG'XSLQGUDZOLQJO\EHWZHHQWKHZKLIIVRIKLVPHHUVFKDXP,UHDOO\³WKLQN*
³ \RX KDYH QRW H[HUWHG \RXUVHOI³WR WKH XWPRVW LQ WKLV PDWWHU <RX PLJKW³GR D OLWWOH PRUH ,
WKLQNHK"
+RZ"³LQZKDWZD\"
:K\³SXII SXII³\RX PLJKW³SXII SXII³HPSOR\ FRXQVHO LQ WKH PDWWHU HK"³SXII SXII
SXII'R\RXUHPHPEHUWKHVWRU\WKH\WHOORI$EHUQHWK\"
1RKDQJ$EHUQHWK\
7REHVXUHKDQJKLPDQGZHOFRPH%XWRQFHXSRQDWLPHDFHUWDLQULFKPLVHUFRQFHLYHGWKH
GHVLJQ RI VSXQJLQJ XSRQ WKLV $EHUQHWK\ IRU D PHGLFDO RSLQLRQ *HWWLQJ XS IRU WKLV SXUSRVH DQ
RUGLQDU\FRQYHUVDWLRQLQDSULYDWHFRPSDQ\KHLQVLQXDWHGKLVFDVHWRWKHSK\VLFLDQDVWKDWRIDQ
LPDJLQDU\LQGLYLGXDO
:H ZLOO VXSSRVH
VDLG WKH PLVHU WKDW KLV V\PSWRPV DUH VXFK DQG VXFK QRZ GRFWRU ZKDW
ZRXOG\RXKDYHGLUHFWHGKLPWRWDNH"
7DNH
VDLG$EHUQHWK\
ZK\WDNHDGYLFHWREHVXUH
%XWVDLGWKH3UHIHFWDOLWWOHGLVFRPSRVHG,DPSHUIHFWO\ZLOOLQJWRWDNHDGYLFHDQGWRSD\
IRULW,ZRXOGUHDOO\JLYHILIW\WKRXVDQGIUDQFVWRDQ\RQHZKRZRXOGDLGPHLQWKHPDWWHU
,QWKDWFDVHUHSOLHG'XSLQRSHQLQJDGUDZHUDQGSURGXFLQJDFKHFNERRN\RXPD\DVZHOO
ILOOPHXSDFKHFNIRUWKHDPRXQWPHQWLRQHG:KHQ\RXKDYHVLJQHGLW,ZLOOKDQG\RXWKHOHWWHU
, ZDV DVWRXQGHG 7KH 3UHIHFW DSSHDUHG DEVROXWHO\ WKXQGHUVWULFNHQ )RU VRPH PLQXWHV KH
UHPDLQHGVSHHFKOHVVDQGPRWLRQOHVVORRNLQJLQFUHGXORXVO\DWP\IULHQGZLWKRSHQPRXWKDQGH\HV
WKDWVHHPHG VWDUWLQJ IURP WKHLU VRFNHWV WKHQ DSSDUHQWO\ UHFRYHULQJ KLPVHOI LQ VRPH PHDVXUH KH
VHL]HGDSHQDQGDIWHUVHYHUDOSDXVHVDQGYDFDQWVWDUHVILQDOO\ILOOHGXSDQGVLJQHGDFKHFNIRUILIW\
WKRXVDQG IUDQFV DQG KDQGHG LW DFURVV WKH WDEOH WR 'XSLQ 7KH ODWWHU H[DPLQHG LW FDUHIXOO\ DQG
GHSRVLWHGLWLQKLVSRFNHWERRNWKHQXQORFNLQJDQHVFULWRLUHWRRNWKHQFHDOHWWHUDQGJDYHLWWRWKH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
3UHIHFW7KLVIXQFWLRQDU\JUDVSHGLWLQDSHUIHFWDJRQ\RIMR\RSHQHGLWZLWKDWUHPEOLQJKDQGFDVW
D UDSLG JODQFH DW LWV FRQWHQWV DQG WKHQ VFUDPEOLQJ DQG VWUXJJOLQJ WR WKH GRRU UXVKHG DW OHQJWK
XQFHUHPRQLRXVO\IURPWKHURRPDQGIURPWKHKRXVHZLWKRXWKDYLQJXWWHUHGDV\OODEOHVLQFH'XSLQ
KDGUHTXHVWHGKLPWRILOOXSWKHFKHFN
:KHQKHKDGJRQHP\IULHQGHQWHUHGLQWRVRPHH[SODQDWLRQV
7KH 3DULVLDQ SROLFH KH VDLG DUH H[FHHGLQJO\ DEOH LQ WKHLU ZD\ 7KH\ DUH SHUVHYHULQJ
LQJHQLRXV FXQQLQJ DQG WKRURXJKO\ YHUVHG LQ WKH NQRZOHGJH ZKLFK WKHLU GXWLHV VHHP FKLHIO\ WR
GHPDQG7KXVZKHQ*³GHWDLOHGWRXVKLVPRGHRIVHDUFKLQJWKHSUHPLVHVDWWKH+RWHO'³,IHOW
HQWLUHFRQILGHQFHLQKLVKDYLQJPDGHDVDWLVIDFWRU\LQYHVWLJDWLRQ³VRIDUDVKLVODERUVH[WHQGHG
6RIDUDVKLVODERUVH[WHQGHG"VDLG,
<HVVDLG'XSLQ7KHPHDVXUHVDGRSWHGZHUHQRWRQO\WKHEHVWRIWKHLUNLQGEXWFDUULHGRXW
WRDEVROXWHSHUIHFWLRQ+DGWKHOHWWHUEHHQGHSRVLWHGZLWKLQWKHUDQJHRIWKHLUVHDUFKWKHVHIHOORZV
ZRXOGEH\RQGDTXHVWLRQKDYHIRXQGLW
,PHUHO\ODXJKHG³EXWKHVHHPHGTXLWHVHULRXVLQDOOWKDWKHVDLG
7KHPHDVXUHVWKHQKHFRQWLQXHGZHUHJRRGLQWKHLUNLQGDQGZHOOH[HFXWHG WKHLU GHIHFW
OD\ LQ WKHLU EHLQJ LQDSSOLFDEOH WR WKH FDVH DQG WR WKH PDQ $ FHUWDLQ VHW RI KLJKO\ LQJHQLRXV
UHVRXUFHVDUHZLWKWKH3UHIHFWDVRUWRI3URFUXVWHDQEHGWRZKLFKKHIRUFLEO\DGDSWVKLVGHVLJQV
%XW KH SHUSHWXDOO\ HUUV E\ EHLQJ WRR GHHS RU WRR VKDOORZ IRU WKH PDWWHU LQ KDQG DQG PDQ\ D
VFKRROER\ LV D EHWWHU UHDVRQHU WKDQ KH , NQHZ RQH DERXW HLJKW \HDUV RI DJH ZKRVH VXFFHVV DW
JXHVVLQJLQWKHJDPHRI
HYHQDQGRGG
DWWUDFWHGXQLYHUVDODGPLUDWLRQ7KLVJDPHLVVLPSOHDQGLV
SOD\HGZLWKPDUEOHV2QHSOD\HUKROGVLQKLVKDQGDQXPEHURIWKHVHWR\VDQGGHPDQGVRIDQRWKHU
ZKHWKHUWKDWQXPEHULVHYHQRURGG,IWKHJXHVVLVULJKWWKHJXHVVHUZLQVRQHLIZURQJKHORVHV
RQH7KHER\WRZKRP,DOOXGHZRQDOOWKHPDUEOHVRIWKHVFKRRO2IFRXUVHKHKDGVRPHSULQFLSOH
RI JXHVVLQJ DQG WKLV OD\ LQ PHUH REVHUYDWLRQ DQG DGPHDVXUHPHQW RI WKH DVWXWHQHVV RI KLV
RSSRQHQWV )RU H[DPSOH DQ DUUDQW VLPSOHWRQ LV KLV RSSRQHQW DQG KROGLQJ XS KLV FORVHG KDQG
DVNV
DUHWKH\HYHQRURGG"
2XUVFKRROER\UHSOLHV
RGG
DQGORVHVEXWXSRQWKHVHFRQGWULDOKH
ZLQVIRUKHWKHQVD\VWRKLPVHOI
WKHVLPSOHWRQKDGWKHPHYHQXSRQWKHILUVWWULDODQGKLVDPRXQW
RI FXQQLQJ LV MXVW VXIILFLHQW WR PDNH KLP KDYH WKHP RGG XSRQ WKH VHFRQG , ZLOO WKHUHIRUH JXHVV
RGG
³KHJXHVVHVRGGDQGZLQV1RZZLWKDVLPSOHWRQDGHJUHHDERYHWKHILUVWKHZRXOGKDYH
UHDVRQHGWKXV
7KLVIHOORZILQGVWKDWLQWKHILUVWLQVWDQFH,JXHVVHGRGGDQGLQWKHVHFRQGKHZLOO
SURSRVH WR KLPVHOI XSRQ WKH ILUVW LPSXOVH D VLPSOH YDULDWLRQ IURP HYHQ WR RGG DV GLG WKH ILUVW
VLPSOHWRQEXWWKHQDVHFRQGWKRXJKWZLOOVXJJHVWWKDWWKLVLVWRRVLPSOHDYDULDWLRQDQGILQDOO\KH
ZLOO GHFLGH XSRQ SXWWLQJ LW HYHQ DV EHIRUH , ZLOO WKHUHIRUH JXHVV HYHQ
³KH JXHVVHV HYHQ DQG
ZLQV1RZWKLVPRGHRIUHDVRQLQJLQWKHVFKRROER\ZKRPKLVIHOORZVWHUPHG
OXFN\
³ZKDWLQ
LWVODVWDQDO\VLVLVLW"
,WLVPHUHO\,VDLGDQLGHQWLILFDWLRQRIWKHUHDVRQHU
VLQWHOOHFWZLWKWKDWRIKLVRSSRQHQW
,W LV VDLG 'XSLQ DQG XSRQ LQTXLULQJ RI WKH ER\ E\ ZKDW PHDQV KH HIIHFWHG WKH WKRURXJK
LGHQWLILFDWLRQLQZKLFKKLVVXFFHVVFRQVLVWHG,UHFHLYHGDQVZHUDVIROORZV
:KHQ,ZLVKWRILQGRXW
KRZZLVHRUKRZVWXSLGRUKRZJRRGRUKRZZLFNHGLVDQ\RQHRUZKDWDUHKLVWKRXJKWVDWWKH
PRPHQW , IDVKLRQ WKH H[SUHVVLRQ RI P\ IDFH DV DFFXUDWHO\ DV SRVVLEOH LQ DFFRUGDQFH ZLWK WKH
H[SUHVVLRQRIKLVDQGWKHQZDLWWRVHHZKDWWKRXJKWVRUVHQWLPHQWVDULVHLQP\PLQGRUKHDUWDVLI
WRPDWFKRUFRUUHVSRQGZLWKWKHH[SUHVVLRQ
7KLVUHVSRQVHRIWKHVFKRROER\OLHVDWWKHERWWRPRIDOO
WKHVSXULRXVSURIXQGLW\ZKLFKKDVEHHQDWWULEXWHGWR5RFKHIRXFDXOWWR/D%RXJLYHWR0DFKLDYHOOL
DQGWR&DPSDQHOOD
$QGWKHLGHQWLILFDWLRQ,VDLGRIWKHUHDVRQHU
VLQWHOOHFWZLWKWKDWRIKLVRSSRQHQWGHSHQGVLI
,XQGHUVWDQG\RXDULJKWXSRQWKHDFFXUDF\ZLWKZKLFKWKHRSSRQHQW
VLQWHOOHFWLVDGPHDVXUHG
)RULWVSUDFWLFDOYDOXHLWGHSHQGVXSRQWKLVUHSOLHG'XSLQDQGWKH3UHIHFWDQGKLVFRKRUWIDLO
VRIUHTXHQWO\ILUVWE\GHIDXOWRIWKLVLGHQWLILFDWLRQDQGVHFRQGO\E\LOODGPHDVXUHPHQWRUUDWKHU
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
WKURXJKQRQDGPHDVXUHPHQWRIWKHLQWHOOHFWZLWKZKLFKWKH\DUHHQJDJHG7KH\FRQVLGHURQO\WKHLU
RZQLGHDVRILQJHQXLW\DQGLQVHDUFKLQJIRUDQ\WKLQJKLGGHQDGYHUWRQO\WRWKHPRGHVLQZKLFK
WKH\ ZRXOG KDYH KLGGHQ LW 7KH\ DUH ULJKW LQ WKLV PXFK³WKDW WKHLU RZQ LQJHQXLW\ LV D IDLWKIXO
UHSUHVHQWDWLYH RI WKDW RI WKH PDVV EXW ZKHQ WKH FXQQLQJ RI WKH LQGLYLGXDO IHORQ LV GLYHUVH LQ
FKDUDFWHU IURP WKHLU RZQ WKH IHORQ IRLOV WKHP RI FRXUVH 7KLV DOZD\V KDSSHQV ZKHQ LW LV DERYH
WKHLU RZQ DQG YHU\ XVXDOO\ ZKHQ LW LV EHORZ 7KH\ KDYH QR YDULDWLRQ RI SULQFLSOH LQ WKHLU
LQYHVWLJDWLRQVDWEHVWZKHQXUJHGE\VRPHXQXVXDOHPHUJHQF\³E\VRPHH[WUDRUGLQDU\UHZDUG³
WKH\H[WHQGRUH[DJJHUDWHWKHLUROGPRGHVRISUDFWLFHZLWKRXWWRXFKLQJWKHLUSULQFLSOHV:KDWIRU
H[DPSOHLQWKLVFDVHRI'³KDVEHHQGRQHWRYDU\WKHSULQFLSOHRIDFWLRQ":KDWLVDOOWKLVERULQJ
DQGSURELQJDQGVRXQGLQJDQGVFUXWLQL]LQJZLWKWKHPLFURVFRSH DQG GLYLGLQJ WKH VXUIDFH RI WKH
EXLOGLQJLQWRUHJLVWHUHGVTXDUHLQFKHV³ZKDWLVLWDOOEXWDQH[DJJHUDWLRQRIWKHDSSOLFDWLRQRIWKH
RQHSULQFLSOHRUVHWRISULQFLSOHVRIVHDUFKZKLFKDUHEDVHGXSRQWKHRQHVHWRIQRWLRQVUHJDUGLQJ
KXPDQLQJHQXLW\WRZKLFKWKH3UHIHFWLQWKHORQJURXWLQHRIKLVGXW\KDVEHHQDFFXVWRPHG"'R
\RXQRWVHHKHKDVWDNHQLWIRUJUDQWHGWKDWDOOPHQSURFHHGWRFRQFHDODOHWWHU³QRWH[DFWO\LQ D
JLPOHWKROHERUHGLQDFKDLUOHJ³EXWDWOHDVWLQVRPHRXWRIWKHZD\KROHRUFRUQHUVXJJHVWHGE\
WKHVDPHWHQRURIWKRXJKWZKLFKZRXOGXUJHDPDQWRVHFUHWHDOHWWHULQDJLPOHWKROHERUHGLQD
FKDLUOHJ"$QGGR\RXQRWVHHDOVRWKDWVXFKUHFKHUFKpVQRRNVIRUFRQFHDOPHQWDUHDGDSWHGRQO\
IRU RUGLQDU\ RFFDVLRQV DQG ZRXOG EH DGRSWHG RQO\ E\ RUGLQDU\ LQWHOOHFWV IRU LQ DOO FDVHV RI
FRQFHDOPHQWDGLVSRVDORIWKHDUWLFOHFRQFHDOHG³DGLVSRVDORILWLQWKLVUHFKHUFKpPDQQHU³LVLQ
WKHYHU\ILUVWLQVWDQFHSUHVXPDEOHDQGSUHVXPHGDQGWKXVLWVGLVFRYHU\GHSHQGVQRWDWDOOXSRQ
WKH DFXPHQ EXW DOWRJHWKHU XSRQ WKH PHUH FDUH SDWLHQFH DQG GHWHUPLQDWLRQ RI WKH VHHNHUV DQG
ZKHUHWKHFDVHLVRILPSRUWDQFH³RUZKDWDPRXQWVWRWKHVDPHWKLQJLQWKHSROLFLDOH\HVZKHQWKH
UHZDUGLVRIPDJQLWXGH³WKHTXDOLWLHVLQTXHVWLRQKDYHQHYHUEHHQNQRZQWRIDLO<RXZLOOQRZ
XQGHUVWDQGZKDW,PHDQWLQVXJJHVWLQJWKDWKDGWKHSXUORLQHGOHWWHUEHHQKLGGHQDQ\ZKHUHZLWKLQ
WKHOLPLWVRIWKH3UHIHFW
VH[DPLQDWLRQ³LQRWKHUZRUGVKDGWKHSULQFLSOHRILWVFRQFHDOPHQWEHHQ
FRPSUHKHQGHG ZLWKLQ WKH SULQFLSOHV RI WKH 3UHIHFW³LWV GLVFRYHU\ ZRXOG KDYH EHHQ D PDWWHU
DOWRJHWKHU EH\RQG TXHVWLRQ 7KLV IXQFWLRQDU\ KRZHYHU KDV EHHQ WKRURXJKO\ P\VWLILHG DQG WKH
UHPRWH VRXUFH RI KLV GHIHDW OLHV LQ WKH VXSSRVLWLRQ WKDW WKH 0LQLVWHU LV D IRRO EHFDXVH KH KDV
DFTXLUHGUHQRZQDVDSRHW$OOIRROVDUHSRHWVWKLVWKH3UHIHFWIHHOVDQGKHLVPHUHO\JXLOW\RID
QRQGLVWULEXWLRPHGLLLQWKHQFHLQIHUULQJWKDWDOOSRHWVDUHIRROV
%XWLVWKLVUHDOO\WKHSRHW",DVNHG7KHUHDUHWZREURWKHUV,NQRZDQGERWKKDYHDWWDLQHG
UHSXWDWLRQLQOHWWHUV7KH0LQLVWHU,EHOLHYHKDVZULWWHQOHDUQHGO\RQWKH'LIIHUHQWLDO&DOFXOXV+HLV
DPDWKHPDWLFLDQDQGQRSRHW
<RXDUHPLVWDNHQ,NQRZKLPZHOOKHLVERWK$VSRHWDQGPDWKHPDWLFLDQKHZRXOGUHDVRQ
ZHOODVPHUHPDWKHPDWLFLDQKHFRXOGQRWKDYHUHDVRQHGDWDOODQGWKXVZRXOGKDYHEHHQDWWKH
PHUF\RIWKH3UHIHFW
<RXVXUSULVHPH,VDLGE\WKHVHRSLQLRQVZKLFKKDYHEHHQFRQWUDGLFWHGE\WKHYRLFHRIWKH
ZRUOG <RX GR QRW PHDQ WR VHW DW QDXJKW WKH ZHOOGLJHVWHG LGHD RI FHQWXULHV 7KH PDWKHPDWLFDO
UHDVRQKDVORQJEHHQUHJDUGHGDVWKHUHDVRQSDUH[FHOOHQFH
,O \ D j SDULqU
UHSOLHG 'XSLQ TXRWLQJ IURP &KDPIRUW TXH WRXWH LGpH SXEOLTXH WRXWH
FRQYHQWLRQUHoXHHVWXQHVRWWLVHFDUHOOHDFRQYHQXHDXSOXVJUDQGQRPEUH
7KHPDWKHPDWLFLDQV,
JUDQW\RXKDYHGRQHWKHLUEHVWWRSURPXOJDWHWKHSRSXODUHUURUWRZKLFK\RXDOOXGHDQGZKLFKLV
QRQHWKHOHVVDQHUURUIRULWVSURPXOJDWLRQDVWUXWK:LWKDQDUWZRUWK\DEHWWHUFDXVHIRUH[DPSOH
WKH\KDYHLQVLQXDWHGWKHWHUP
DQDO\VLV
LQWRDSSOLFDWLRQWRDOJHEUD7KH)UHQFKDUHWKHRULJLQDWRUV
RI WKLV SDUWLFXODU GHFHSWLRQ EXW LI D WHUP LV RI DQ\ LPSRUWDQFH³LI ZRUGV GHULYH DQ\ YDOXH IURP
DSSOLFDELOLW\³WKHQ DQDO\VLV
FRQYH\V DOJHEUD
DERXW DV PXFK DV LQ /DWLQ DPELWXV
LPSOLHV
DPELWLRQ
UHOLJLR
UHOLJLRQ
RU
KRPLQHVKRQHVWL
DVHWRIKRQRUDEOHPHQ
<RXKDYHDTXDUUHORQKDQG,VHHVDLG,ZLWKVRPHRIWKHDOJHEUDLVWVRI3DULVEXWSURFHHG
,GLVSXWHWKHDYDLODELOLW\DQGWKXVWKHYDOXHRIWKDWUHDVRQZKLFKLVFXOWLYDWHGLQDQ\HVSHFLDO
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
IRUPRWKHUWKDQWKHDEVWUDFWO\ORJLFDO,GLVSXWHLQSDUWLFXODUWKHUHDVRQHGXFHGE\PDWKHPDWLFDO
VWXG\ 7KH PDWKHPDWLFV DUH WKH VFLHQFH RI IRUP DQG TXDQWLW\ PDWKHPDWLFDO UHDVRQLQJ LV PHUHO\
ORJLFDSSOLHGWRREVHUYDWLRQXSRQIRUPDQGTXDQWLW\7KHJUHDWHUURUOLHVLQVXSSRVLQJWKDWHYHQWKH
WUXWKVRIZKDWLVFDOOHGSXUHDOJHEUDDUHDEVWUDFWRUJHQHUDOWUXWKV$QGWKLVHUURULVVRHJUHJLRXV
WKDW,DPFRQIRXQGHGDWWKHXQLYHUVDOLW\ZLWKZKLFKLWKDVEHHQUHFHLYHG0DWKHPDWLFDOD[LRPVDUH
QRWD[LRPVRIJHQHUDOWUXWK:KDWLVWUXHRIUHODWLRQ³RIIRUPDQGTXDQWLW\³LVRIWHQJURVVO\IDOVH
LQUHJDUGWRPRUDOVIRUH[DPSOH,QWKLVODWWHUVFLHQFHLWLVYHU\XVXDOO\XQWUXHWKDWWKHDJJUHJDWHG
SDUWV DUH HTXDO WR WKH ZKROH ,Q FKHPLVWU\ DOVR WKH D[LRP IDLOV ,Q WKH FRQVLGHUDWLRQ RI PRWLYH LW
IDLOVIRUWZRPRWLYHVHDFKRIDJLYHQYDOXHKDYHQRWQHFHVVDULO\DYDOXHZKHQXQLWHGHTXDOWR
WKHVXPRIWKHLUYDOXHVDSDUW7KHUHDUHQXPHURXVRWKHUPDWKHPDWLFDOWUXWKVZKLFKDUHRQO\WUXWKV
ZLWKLQWKHOLPLWVRIUHODWLRQ%XWWKHPDWKHPDWLFLDQDUJXHVIURPKLVILQLWHWUXWKVWKURXJKKDELWDVLI
WKH\ZHUHRIDQDEVROXWHO\JHQHUDODSSOLFDELOLW\³DVWKHZRUOGLQGHHGLPDJLQHVWKHPWREH%U\DQW
LQ KLV YHU\ OHDUQHG 0\WKRORJ\
PHQWLRQV DQ DQDORJRXV VRXUFH RI HUURU ZKHQ KH VD\V WKDW
DOWKRXJK WKH 3DJDQ IDEOHV DUH QRW EHOLHYHG \HW ZH IRUJHW RXUVHOYHV FRQWLQXDOO\ DQG PDNH
LQIHUHQFHV IURP WKHP DV H[LVWLQJ UHDOLWLHV
:LWK WKH DOJHEUDLVWV KRZHYHU ZKR DUH 3DJDQV
WKHPVHOYHVWKH
3DJDQIDEOHV
DUHEHOLHYHGDQGWKHLQIHUHQFHVDUHPDGHQRWVRPXFKWKURXJKODSVH
RIPHPRU\DVWKURXJKDQXQDFFRXQWDEOHDGGOLQJRIWKHEUDLQV,QVKRUW,QHYHU\HWHQFRXQWHUHGWKH
PHUHPDWKHPDWLFLDQZKRFRXOGEHWUXVWHGRXWRIHTXDOURRWVRURQHZKRGLGQRWFODQGHVWLQHO\KROG
LWDVDSRLQWRIKLVIDLWKWKDW[ S[ZDVDEVROXWHO\DQGXQFRQGLWLRQDOO\HTXDOWRT6D\WRRQHRI
WKHVHJHQWOHPHQE\ZD\RIH[SHULPHQWLI\RXSOHDVHWKDW\RXEHOLHYHRFFDVLRQVPD\RFFXUZKHUH
[ S[LVQRWDOWRJHWKHUHTXDOWRTDQGKDYLQJPDGHKLPXQGHUVWDQGZKDW\RXPHDQJHWRXWRIKLV
UHDFKDVVSHHGLO\DVFRQYHQLHQWIRUEH\RQGGRXEWKHZLOOHQGHDYRUWRNQRFN\RXGRZQ
,PHDQWRVD\FRQWLQXHG'XSLQZKLOH,PHUHO\ODXJKHGDWKLVODVWREVHUYDWLRQV WKDW LI WKH
0LQLVWHUKDGEHHQQRPRUHWKDQDPDWKHPDWLFLDQWKH3UHIHFWZRXOGKDYHEHHQXQGHUQRQHFHVVLW\
RIJLYLQJPHWKLVFKHFN,NQRZKLPKRZHYHUDVERWKPDWKHPDWLFLDQDQGSRHWDQGP\PHDVXUHV
ZHUHDGDSWHGWRKLVFDSDFLW\ZLWKUHIHUHQFHWRWKHFLUFXPVWDQFHVE\ZKLFKKHZDVVXUURXQGHG,
NQHZKLPDVDFRXUWLHUWRRDQGDVDEROGLQWULJXDQW6XFKDPDQ,FRQVLGHUHGFRXOGQRWIDLOWREH
DZDUHRIWKHRUGLQDU\SROLFLDOPRGHVRIDFWLRQ+HFRXOGQRWKDYHIDLOHGWRDQWLFLSDWH³DQGHYHQWV
KDYHSURYHGWKDWKHGLGQRWIDLOWRDQWLFLSDWH³WKHZD\OD\LQJVWRZKLFKKHZDVVXEMHFWHG+HPXVW
KDYH IRUHVHHQ , UHIOHFWHG WKH VHFUHW LQYHVWLJDWLRQV RI KLV SUHPLVHV +LV IUHTXHQW DEVHQFHV IURP
KRPHDWQLJKWZKLFKZHUHKDLOHGE\WKH3UHIHFWDVFHUWDLQDLGVWRKLVVXFFHVV,UHJDUGHGRQO\DV
UXVHVWRDIIRUGRSSRUWXQLW\IRUWKRURXJKVHDUFKWRWKHSROLFHDQGWKXVWKHVRRQHUWRLPSUHVVWKHP
ZLWKWKHFRQYLFWLRQWRZKLFK*³LQIDFWGLGILQDOO\DUULYH³WKHFRQYLFWLRQWKDWWKHOHWWHUZDVQRW
XSRQ WKH SUHPLVHV , IHOW DOVR WKDW WKH ZKROH WUDLQ RI WKRXJKW ZKLFK , ZDV DW VRPH SDLQV LQ
GHWDLOLQJ WR \RX MXVW QRZ FRQFHUQLQJ WKH LQYDULDEOH SULQFLSOH RI SROLFLDO DFWLRQ LQ VHDUFKHV IRU
DUWLFOHVFRQFHDOHG³,IHOWWKDWWKLVZKROHWUDLQRIWKRXJKWZRXOGQHFHVVDULO\SDVVWKURXJKWKHPLQG
RIWKH0LQLVWHU,WZRXOGLPSHUDWLYHO\OHDGKLPWRGHVSLVHDOOWKHRUGLQDU\ QRRNV RI FRQFHDOPHQW
+HFRXOGQRW,UHIOHFWHGEHVRZHDNDVQRWWRVHHWKDWWKHPRVWLQWULFDWHDQGUHPRWHUHFHVVRIKLV
KRWHOZRXOGEHDVRSHQDVKLVFRPPRQHVWFORVHWVWRWKHH\HVWRWKHSUREHVWRWKHJLPOHWVDQGWR
WKH PLFURVFRSHV RI WKH 3UHIHFW , VDZ LQ ILQH WKDW KH ZRXOG EH GULYHQ DV D PDWWHU RI FRXUVH WR
VLPSOLFLW\LIQRWGHOLEHUDWHO\LQGXFHGWRLWDVDPDWWHURIFKRLFH<RXZLOOUHPHPEHUSHUKDSVKRZ
GHVSHUDWHO\WKH3UHIHFWODXJKHGZKHQ,VXJJHVWHGXSRQRXUILUVWLQWHUYLHZWKDWLWZDVMXVWSRVVLEOH
WKLVP\VWHU\WURXEOHGKLPVRPXFKRQDFFRXQWRILWVEHLQJVRYHU\VHOIHYLGHQW
<HV VDLG , , UHPHPEHU KLV PHUULPHQW ZHOO , UHDOO\ WKRXJKW KH ZRXOG KDYH IDOOHQ LQWR
FRQYXOVLRQV
7KHPDWHULDOZRUOGFRQWLQXHG'XSLQDERXQGVZLWKYHU\VWULFWDQDORJLHVWR WKH LPPDWHULDO
DQGWKXVVRPHFRORURIWUXWKKDVEHHQJLYHQWRWKHUKHWRULFDOGRJPDWKDWPHWDSKRURUVLPLOHPD\
EHPDGHWRVWUHQJWKHQDQDUJXPHQWDVZHOODVWRHPEHOOLVKDGHVFULSWLRQ7KHSULQFLSOHRIWKHYLV
LQHUWL IRUH[DPSOHVHHPVWREHLGHQWLFDOLQSK\VLFVDQGPHWDSK\VLFV,WLV QRW PRUH WUXH LQ WKH
IRUPHU WKDW D ODUJH ERG\ LV ZLWK PRUH GLIILFXOW\ VHW LQ PRWLRQ WKDQ D VPDOOHU RQH DQG WKDW LWV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
VXEVHTXHQWPRPHQWXPLVFRPPHQVXUDWHZLWKWKLVGLIILFXOW\WKDQLWLVLQWKHODWWHUWKDWLQWHOOHFWVRI
WKHYDVWHUFDSDFLW\ZKLOHPRUHIRUFLEOHPRUHFRQVWDQWDQGPRUHHYHQWIXOLQWKHLUPRYHPHQWVWKDQ
WKRVHRILQIHULRUJUDGHDUH\HWWKHOHVVUHDGLO\PRYHGDQGPRUHHPEDUUDVVHGDQGIXOORIKHVLWDWLRQ
LQWKHILUVWIHZVWHSVRIWKHLUSURJUHVV$JDLQKDYH\RXHYHUQRWLFHGZKLFKRIWKHVWUHHWVLJQVRYHU
WKHVKRSGRRUVDUHWKHPRVWDWWUDFWLYHRIDWWHQWLRQ"
,KDYHQHYHUJLYHQWKHPDWWHUDWKRXJKW,VDLG
7KHUH LV D JDPH RI SX]]OHV KH UHVXPHG ZKLFK LV SOD\HG XSRQ D PDS 2QH SDUW\ SOD\LQJ
UHTXLUHV DQRWKHU WR ILQG D JLYHQ ZRUG³WKH QDPH RI WRZQ ULYHU VWDWH RU HPSLUH³DQ\ ZRUG LQ
VKRUWXSRQWKHPRWOH\DQGSHUSOH[HGVXUIDFHRIWKHFKDUW$QRYLFHLQWKHJDPHJHQHUDOO\VHHNVWR
HPEDUUDVV KLV RSSRQHQWV E\ JLYLQJ WKHP WKH PRVW PLQXWHO\ OHWWHUHG QDPHV EXW WKH DGHSW VHOHFWV
VXFKZRUGVDVVWUHWFKLQODUJHFKDUDFWHUVIURPRQHHQGRIWKHFKDUWWRWKHRWKHU7KHVHOLNHWKH
RYHUODUJHO\ OHWWHUHG VLJQV DQG SODFDUGV RI WKH VWUHHW HVFDSH REVHUYDWLRQ E\ GLQW RI EHLQJ
H[FHVVLYHO\ REYLRXV DQG KHUH WKH SK\VLFDO RYHUVLJKW LV SUHFLVHO\ DQDORJRXV ZLWK WKH PRUDO
LQDSSUHKHQVLRQE\ZKLFKWKHLQWHOOHFWVXIIHUVWRSDVVXQQRWLFHGWKRVHFRQVLGHUDWLRQVZKLFKDUHWRR
REWUXVLYHO\ DQG WRR SDOSDEO\ VHOIHYLGHQW %XW WKLV LV D SRLQW LW DSSHDUV VRPHZKDW DERYH RU
EHQHDWKWKHXQGHUVWDQGLQJRIWKH3UHIHFW+HQHYHURQFHWKRXJKWLWSUREDEOHRUSRVVLEOHWKDWWKH
0LQLVWHUKDGGHSRVLWHGWKHOHWWHULPPHGLDWHO\EHQHDWKWKHQRVHRIWKHZKROHZRUOGE\ZD\RIEHVW
SUHYHQWLQJDQ\SRUWLRQRIWKDWZRUOGIURPSHUFHLYLQJLW
%XWWKHPRUH,UHIOHFWHGXSRQWKHGDULQJGDVKLQJDQGGLVFULPLQDWLQJLQJHQXLW\RI'³XSRQ
WKHIDFWWKDWWKHGRFXPHQWPXVWDOZD\VKDYHEHHQDWKDQGLIKHLQWHQGHGWRXVHLWWRJRRGSXUSRVH
DQGXSRQWKHGHFLVLYHHYLGHQFHREWDLQHGE\WKH3UHIHFWWKDWLWZDVQRWKLGGHQZLWKLQWKHOLPLWVRI
WKDWGLJQLWDU\
VRUGLQDU\VHDUFK³WKHPRUHVDWLVILHG,EHFDPHWKDWWRFRQFHDOWKLVOHWWHUWKH0LQLVWHU
KDGUHVRUWHGWRWKHFRPSUHKHQVLYHDQGVDJDFLRXVH[SHGLHQWRIQRWDWWHPSWLQJWRFRQFHDOLWDWDOO
)XOO RI WKHVH LGHDV , SUHSDUHG P\VHOI ZLWK D SDLU RI JUHHQ VSHFWDFOHV DQG FDOOHG RQH ILQH
PRUQLQJTXLWHE\DFFLGHQWDWWKH0LQLVWHULDOKRWHO,IRXQG'³DWKRPH\DZQLQJORXQJLQJDQG
GDZGOLQJDVXVXDODQGSUHWHQGLQJ WR EH LQ WKH ODVW H[WUHPLW\ RI HQQXL +H LV SHUKDSV WKH PRVW
UHDOO\HQHUJHWLFKXPDQEHLQJQRZDOLYH³EXWWKDWLVRQO\ZKHQQRERG\VHHVKLP
7R EH HYHQ ZLWK KLP , FRPSODLQHG RI P\ ZHDN H\HV DQG ODPHQWHG WKH QHFHVVLW\ RI WKH
VSHFWDFOHVXQGHUFRYHURIZKLFK,FDXWLRXVO\DQGWKRURXJKO\VXUYH\HGWKHZKROHDSDUWPHQWZKLOH
VHHPLQJO\LQWHQWRQO\XSRQWKHFRQYHUVDWLRQRIP\KRVW
, SDLG HVSHFLDO DWWHQWLRQ WR D ODUJH ZULWLQJWDEOH QHDU ZKLFK KH VDW DQG XSRQ ZKLFK OD\
FRQIXVHGO\VRPHPLVFHOODQHRXVOHWWHUVDQGRWKHUSDSHUVZLWKRQHRUWZRPXVLFDOLQVWUXPHQWVDQGD
IHZ ERRNV +HUH KRZHYHU DIWHU D ORQJ DQG YHU\ GHOLEHUDWH VFUXWLQ\ , VDZ QRWKLQJ WR H[FLWH
SDUWLFXODUVXVSLFLRQ
$WOHQJWKP\H\HVLQJRLQJWKHFLUFXLWRIWKHURRPIHOOXSRQDWUXPSHU\ILOODJUHHFDUGUDFNRI
SDVWHERDUG WKDW KXQJ GDQJOLQJ E\ D GLUW\ EOXH ULEERQ IURP D OLWWOH EUDVV NQRE MXVW EHQHDWK WKH
PLGGOHRIWKHPDQWHOSLHFH ,Q WKLV UDFN ZKLFK KDG WKUHH RU IRXU FRPSDUWPHQWV ZHUH ILYH RU VL[
YLVLWLQJFDUGVDQGDVROLWDU\OHWWHU7KLVODVWZDVPXFKVRLOHGDQGFUXPSOHG,WZDVWRUQQHDUO\LQ
WZRDFURVVWKHPLGGOH³DVLIDGHVLJQLQWKHILUVWLQVWDQFHWRWHDULWHQWLUHO\XSDVZRUWKOHVVKDG
EHHQ DOWHUHG RU VWD\HG LQ WKH VHFRQG ,W KDG D ODUJH EODFN VHDO EHDULQJ WKH '³ FLSKHU YHU\
FRQVSLFXRXVO\DQGZDVDGGUHVVHGLQDGLPLQXWLYH IHPDOH KDQG WR '³ WKH PLQLVWHU KLPVHOI ,W
ZDVWKUXVWFDUHOHVVO\DQGHYHQDVLWVHHPHGFRQWHPSWXRXVO\LQWRRQHRIWKHXSSHUPRVWGLYLVLRQV
RIWKHUDFN
1RVRRQHUKDG,JODQFHGDWWKLVOHWWHUWKDQ,FRQFOXGHGLWWREHWKDWRIZKLFK,ZDVLQVHDUFK7R
EHVXUHLWZDVWRDOODSSHDUDQFHUDGLFDOO\GLIIHUHQWIURPWKHRQHRIZKLFKWKH3UHIHFWKDGUHDGXV
VRPLQXWHDGHVFULSWLRQ+HUHWKHVHDOZDVODUJHDQGEODFNZLWKWKH'³FLSKHUWKHUHLWZDVVPDOO
DQGUHGZLWKWKHGXFDODUPVRIWKH6³IDPLO\+HUHWKHDGGUHVVWRWKH0LQLVWHUGLPLQXWLYHDQG
IHPLQLQHWKHUHWKHVXSHUVFULSWLRQWRDFHUWDLQUR\DOSHUVRQDJHZDVPDUNHGO\EROGDQGGHFLGHGWKH
VL]HDORQHIRUPHGDSRLQWRIFRUUHVSRQGHQFH%XWWKHQWKHUDGLFDOQHVVRIWKHVHGLIIHUHQFHVZKLFK
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
ZDV H[FHVVLYH WKH GLUW WKH VRLOHG DQG WRUQ FRQGLWLRQ RI WKH SDSHU VR LQFRQVLVWHQW ZLWK WKH WUXH
PHWKRGLFDOKDELWVRI'³DQGVRVXJJHVWLYHRIDGHVLJQWRGHOXGHWKHEHKROGHULQWRDQLGHDRIWKH
ZRUWKOHVVQHVV RI WKH GRFXPHQW WKHVH WKLQJV WRJHWKHU ZLWK WKH K\SHUREWUXVLYH VLWXDWLRQ RI WKLV
GRFXPHQWIXOOLQWKHYLHZRIHYHU\YLVLWHUDQGWKXVH[DFWO\LQDFFRUGDQFHZLWKWKHFRQFOXVLRQVWR
ZKLFK,KDGSUHYLRXVO\DUULYHGWKHVHWKLQJV,VD\ZHUHVWURQJO\FRUURERUDWLYHRIVXVSLFLRQLQRQH
ZKRFDPHZLWKWKHLQWHQWLRQWRVXVSHFW
,SURWUDFWHGP\YLVLWDVORQJDVSRVVLEOHDQGZKLOH,PDLQWDLQHGDPRVWDQLPDWHG GLVFXVVLRQ
ZLWKWKH0LQLVWHUXSRQDWRSLFZKLFK,NQHZZHOOKDGQHYHUIDLOHGWRLQWHUHVWDQGH[FLWHKLP,NHSW
P\DWWHQWLRQUHDOO\ULYHWHGXSRQWKHOHWWHU,QWKLVH[DPLQDWLRQ,FRPPLWWHGWRPHPRU\LWVH[WHUQDO
DSSHDUDQFHDQGDUUDQJHPHQWLQWKHUDFNDQGDOVRIHOODWOHQJWKXSRQDGLVFRYHU\ZKLFKVHWDWUHVW
ZKDWHYHUWULYLDOGRXEW,PLJKWKDYHHQWHUWDLQHG,QVFUXWLQL]LQJWKHHGJHVRIWKHSDSHU,REVHUYHG
WKHPWREHPRUH FKDIHG WKDQ VHHPHGQHFHVVDU\ 7KH\ SUHVHQWHGWKH EURNHQ DSSHDUDQFH ZKLFK LV
PDQLIHVWHGZKHQDVWLIISDSHUKDYLQJEHHQRQFHIROGHGDQGSUHVVHGZLWKDIROGHULVUHIROGHGLQD
UHYHUVHGGLUHFWLRQLQWKHVDPHFUHDVHVRUHGJHVZKLFKKDGIRUPHGWKHRULJLQDOIROG7KLVGLVFRYHU\
ZDVVXIILFLHQW,WZDVFOHDUWRPHWKDWWKHOHWWHUKDGEHHQWXUQHGDVDJORYHLQVLGHRXWUHGLUHFWHG
DQGUHVHDOHG,EDGHWKH0LQLVWHUJRRGPRUQLQJ DQG WRRN P\ GHSDUWXUH DW RQFH OHDYLQJ D JROG
VQXIIER[XSRQWKHWDEOH
7KHQH[WPRUQLQJ,FDOOHGIRUWKHVQXIIER[ZKHQZHUHVXPHGTXLWHHDJHUO\WKHFRQYHUVDWLRQ
RI WKH SUHFHGLQJ GD\ :KLOH WKXV HQJDJHG KRZHYHU D ORXG UHSRUW DV LI RI D SLVWRO ZDV KHDUG
LPPHGLDWHO\EHQHDWKWKHZLQGRZVRIWKHKRWHODQGZDVVXFFHHGHGE\DVHULHVRIIHDUIXOVFUHDPV
DQGWKHVKRXWLQJVRIDWHUULILHGPRE'³UXVKHGWRDFDVHPHQWWKUHZLWRSHQDQGORRNHGRXW,Q
WKHPHDQWLPH,VWHSSHGWRWKHFDUGUDFNWRRNWKHOHWWHUSXWLWLQP\SRFNHWDQGUHSODFHGLWE\D
IDFVLPLOHVRIDUDVUHJDUGVH[WHUQDOVZKLFK,KDGFDUHIXOO\SUHSDUHGDWP\ORGJLQJV³LPLWDWLQJ
WKH'³FLSKHUYHU\UHDGLO\E\PHDQVRIDVHDOIRUPHGRIEUHDG
7KH GLVWXUEDQFH LQ WKH VWUHHW KDG EHHQ RFFDVLRQHG E\ WKH IUDQWLF EHKDYLRU RI D PDQ ZLWK D
PXVNHW+HKDGILUHGLWDPRQJDFURZGRIZRPHQDQGFKLOGUHQ,WSURYHGKRZHYHUWRKDYHEHHQ
ZLWKRXWEDOODQGWKHIHOORZZDVVXIIHUHGWRJRKLVZD\DVDOXQDWLFRUDGUXQNDUG:KHQKHKDG
JRQH '³ FDPH IURP WKH ZLQGRZ ZKLWKHU , KDG IROORZHG KLP LPPHGLDWHO\ XSRQ VHFXULQJ WKH
REMHFWLQYLHZ6RRQDIWHUZDUGV,EDGHKLPIDUHZHOO7KHSUHWHQGHGOXQDWLFZDVDPDQLQP\RZQ
SD\
%XWZKDWSXUSRVHKDG\RX,DVNHGLQUHSODFLQJWKHOHWWHUE\DIDFVLPLOH":RXOGLWQRWKDYH
EHHQEHWWHUDWWKHILUVWYLVLWWRKDYHVHL]HGLWRSHQO\DQGGHSDUWHG"
'³UHSOLHG'XSLQLVDGHVSHUDWHPDQDQGDPDQRIQHUYH+LVKRWHO WRR LV QRW ZLWKRXW
DWWHQGDQWVGHYRWHGWRKLVLQWHUHVWV+DG,PDGHWKHZLOGDWWHPSW\RXVXJJHVW,PLJKWQHYHUKDYH
OHIWWKH0LQLVWHULDOSUHVHQFHDOLYH7KHJRRGSHRSOHRI3DULVPLJKWKDYHKHDUGRIPHQRPRUH%XW,
KDG DQ REMHFW DSDUW IURP WKHVH FRQVLGHUDWLRQV <RX NQRZ P\ SROLWLFDO SUHSRVVHVVLRQV ,Q WKLV
PDWWHU,DFWDVDSDUWLVDQRIWKHODG\FRQFHUQHG)RUHLJKWHHQPRQWKVWKH0LQLVWHUKDVKDGKHULQKLV
SRZHU6KHKDVQRZKLPLQKHUV³VLQFHEHLQJXQDZDUHWKDWWKHOHWWHULVQRWLQKLVSRVVHVVLRQ KH
ZLOOSURFHHGZLWKKLVH[DFWLRQVDVLILWZDV7KXVZLOOKHLQHYLWDEO\FRPPLWKLPVHOIDWRQFHWRKLV
SROLWLFDO GHVWUXFWLRQ +LV GRZQIDOO WRR ZLOO QRW EH PRUH SUHFLSLWDWH WKDQ DZNZDUG ,W LV DOO YHU\
ZHOO WR WDON DERXW WKH IDFLOLV GHVFHQVXV $YHUQL EXW LQ DOO NLQGV RI FOLPELQJ DV &DWDODQL VDLG RI
VLQJLQJLWLVIDUPRUHHDV\WRJHWXSWKDQWRFRPHGRZQ,QWKHSUHVHQWLQVWDQFH,KDYHQRV\PSDWK\
³DWOHDVWQRSLW\³IRUKLPZKRGHVFHQGV+HLVWKDWPRQVWUXPKRUUHQGXPDQXQSULQFLSOHGPDQRI
JHQLXV , FRQIHVV KRZHYHU WKDW , VKRXOG OLNH YHU\ ZHOO WR NQRZ WKH SUHFLVH FKDUDFWHU RI KLV
WKRXJKWVZKHQEHLQJGHILHGE\KHUZKRPWKH3UHIHFWWHUPV
DFHUWDLQSHUVRQDJH
KHLVUHGXFHGWR
RSHQLQJWKHOHWWHUZKLFK,OHIWIRUKLPLQWKHFDUGUDFN
+RZ"GLG\RXSXWDQ\WKLQJSDUWLFXODULQLW"
:K\³LW GLG QRW VHHP DOWRJHWKHU ULJKW WR OHDYH WKH LQWHULRU EODQN³WKDW ZRXOG KDYH EHHQ
LQVXOWLQJ'³DW9LHQQDRQFHGLGPHDQHYLOWXUQZKLFK,WROGKLPTXLWHJRRGKXPRUHGO\WKDW,
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
VKRXOGUHPHPEHU6RDV,NQHZKHZRXOGIHHOVRPHFXULRVLW\LQUHJDUGWRWKHLGHQWLW\RIWKHSHUVRQ
ZKRKDGRXWZLWWHGKLP,WKRXJKWLWDSLW\QRWWRJLYHKLPDFOXH+HLVZHOODFTXDLQWHGZLWKP\
06DQG,MXVWFRSLHGLQWRWKHPLGGOHRIWKHEODQNVKHHWWKHZRUGV³
³³8QGHVVHLQVLIXQHVWH6
LOQ
HVWGLJQHG
$WUpHHVWGLJQHGH7K\HVWH7KH\DUHWREHIRXQG
LQ&UHELOORQ
V
$WUpH
7+(7+286$1'$1'6(&21'7$/(
2)6&+(+(5$=$'(
7UXWKLVVWUDQJHUWKDQILFWLRQ
2/'6$<,1*
+$9,1* KDG RFFDVLRQ ODWHO\ LQ WKH FRXUVH RI VRPH 2ULHQWDO LQYHVWLJDWLRQV WR FRQVXOW WKH
7HOOPHQRZ,VLWVRRUQRWDZRUNZKLFKOLNHWKH=RKDURI6LPHRQ-RFKDLGHVLVVFDUFHO\NQRZQDW
DOOHYHQLQ(XURSHDQGZKLFKKDVQHYHUEHHQTXRWHGWRP\NQRZOHGJHE\DQ\$PHULFDQ³LIZH
H[FHSW SHUKDSV WKH DXWKRU RI WKH &XULRVLWLHV RI $PHULFDQ /LWHUDWXUH³KDYLQJ KDG RFFDVLRQ ,
VD\ WR WXUQ RYHU VRPH SDJHV RI WKH ILUVWPHQWLRQHG YHU\ UHPDUNDEOH ZRUN , ZDV QRW D OLWWOH
DVWRQLVKHGWRGLVFRYHUWKDWWKHOLWHUDU\ZRUOGKDVKLWKHUWREHHQVWUDQJHO\LQHUURUUHVSHFWLQJWKHIDWH
RIWKHYL]LHU
VGDXJKWHU6FKHKHUD]DGHDVWKDWIDWHLVGHSLFWHGLQWKH$UDELDQ1LJKWVDQGWKDWWKH
GHQRXHPHQW WKHUH JLYHQ LI QRW DOWRJHWKHU LQDFFXUDWH DV IDU DV LW JRHV LV DW OHDVW WR EODPH LQ QRW
KDYLQJJRQHYHU\PXFKIDUWKHU
)RU IXOO LQIRUPDWLRQ RQ WKLV LQWHUHVWLQJ WRSLF , PXVW UHIHU WKH LQTXLVLWLYH UHDGHU WR WKH
,VLWVRRUQRWLWVHOIEXWLQWKHPHDQWLPH,VKDOOEHSDUGRQHGIRUJLYLQJDVXPPDU\RIZKDW,WKHUH
GLVFRYHUHG
,W ZLOO EH UHPHPEHUHG WKDW LQ WKH XVXDO YHUVLRQ RI WKH WDOHV D FHUWDLQ PRQDUFK KDYLQJ JRRG
FDXVHWREHMHDORXVRIKLVTXHHQQRWRQO\SXWVKHUWRGHDWKEXWPDNHVDYRZE\KLVEHDUGDQGWKH
SURSKHWWRHVSRXVHHDFKQLJKWWKHPRVWEHDXWLIXOPDLGHQLQKLVGRPLQLRQVDQGWKHQH[WPRUQLQJWR
GHOLYHUKHUXSWRWKHH[HFXWLRQHU
+DYLQJ IXOILOOHG WKLV YRZ IRU PDQ\ \HDUV WR WKH OHWWHU DQG ZLWK D UHOLJLRXV SXQFWXDOLW\ DQG
PHWKRGWKDWFRQIHUUHGJUHDWFUHGLWXSRQKLPDVDPDQRIGHYRXWIHHOLQJDQGH[FHOOHQWVHQVHKHZDV
LQWHUUXSWHG RQH DIWHUQRRQ QR GRXEW DW KLV SUD\HUV E\ D YLVLW IURP KLV JUDQG YL]LHU WR ZKRVH
GDXJKWHULWDSSHDUVWKHUHKDGRFFXUUHGDQLGHD
+HUQDPHZDV6FKHKHUD]DGHDQGKHULGHDZDVWKDWVKHZRXOGHLWKHUUHGHHPWKHODQGIURPWKH
GHSRSXODWLQJ WD[ XSRQ LWV EHDXW\ RU SHULVK DIWHU WKH DSSURYHG IDVKLRQ RI DOO KHURLQHV LQ WKH
DWWHPSW
$FFRUGLQJO\ DQG DOWKRXJK ZH GR QRW ILQG LW WR EH OHDS\HDU ZKLFK PDNHV WKH VDFULILFH PRUH
PHULWRULRXVVKHGHSXWHVKHUIDWKHUWKHJUDQGYL]LHUWRPDNHDQRIIHUWRWKHNLQJRIKHUKDQG7KLV
KDQGWKHNLQJHDJHUO\DFFHSWV³KHKDGLQWHQGHGWRWDNHLWDWDOOHYHQWVDQGKDGSXWRIIWKHPDWWHU
IURPGD\WRGD\RQO\WKURXJKIHDURIWKHYL]LHU³EXWLQDFFHSWLQJLWQRZKHJLYHVDOOSDUWLHVYHU\
GLVWLQFWO\ WR XQGHUVWDQG WKDW JUDQG YL]LHU RU QR JUDQG YL]LHU KH KDV QRW WKH VOLJKWHVW GHVLJQ RI
JLYLQJXSRQHLRWDRIKLVYRZRURIKLVSULYLOHJHV:KHQWKHUHIRUHWKHIDLU6FKHKHUD]DGHLQVLVWHG
XSRQPDUU\LQJWKHNLQJDQGGLGDFWXDOO\PDUU\KLPGHVSLWHKHUIDWKHU
VH[FHOOHQWDGYLFHQRWWRGR
DQ\ WKLQJ RI WKH NLQG³ZKHQ VKH ZRXOG DQG GLG PDUU\ KLP , VD\ ZLOO , QLOO , LW ZDV ZLWK KHU
EHDXWLIXOEODFNH\HVDVWKRURXJKO\RSHQDVWKHQDWXUHRIWKHFDVHZRXOGDOORZ
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,WVHHPVKRZHYHUWKDWWKLVSROLWLFGDPVHOZKRKDGEHHQUHDGLQJ0DFKLDYHOOLEH\RQGGRXEW
KDG D YHU\ LQJHQLRXV OLWWOH SORW LQ KHU PLQG 2Q WKH QLJKW RI WKH ZHGGLQJ VKH FRQWULYHG XSRQ ,
IRUJHWZKDWVSHFLRXVSUHWHQFHWRKDYHKHUVLVWHURFFXS\DFRXFKVXIILFLHQWO\QHDUWKDWRIWKHUR\DO
SDLUWRDGPLWRIHDV\FRQYHUVDWLRQIURPEHGWREHGDQGDOLWWOHEHIRUHFRFNFURZLQJVKHWRRNFDUH
WRDZDNHQWKHJRRGPRQDUFKKHUKXVEDQGZKRERUHKHUQRQHWKHZRUVHZLOOEHFDXVHKHLQWHQGHG
WRZULQJKHUQHFNRQWKHPRUURZ³VKHPDQDJHGWRDZDNHQKLP,VD\DOWKRXJKRQDFFRXQWRID
FDSLWDOFRQVFLHQFHDQGDQHDV\GLJHVWLRQKHVOHSWZHOOE\WKHSURIRXQGLQWHUHVWRIDVWRU\DERXWD
UDWDQGDEODFNFDW,WKLQNZKLFKVKHZDVQDUUDWLQJDOOLQDQXQGHUWRQHRIFRXUVHWRKHUVLVWHU
:KHQ WKH GD\ EURNH LW VR KDSSHQHG WKDW WKLV KLVWRU\ ZDV QRW DOWRJHWKHU ILQLVKHG DQG WKDW
6FKHKHUD]DGHLQWKHQDWXUHRIWKLQJVFRXOGQRWILQLVKLWMXVWWKHQVLQFHLWZDVKLJKWLPHIRUKHUWR
JHWXSDQGEHERZVWUXQJ³DWKLQJYHU\OLWWOHPRUHSOHDVDQWWKDQKDQJLQJRQO\DWULIOHPRUHJHQWHHO
7KH NLQJ
V FXULRVLW\ KRZHYHU SUHYDLOLQJ , DP VRUU\ WR VD\ HYHQ RYHU KLV VRXQG UHOLJLRXV
SULQFLSOHVLQGXFHGKLPIRUWKLVRQFHWRSRVWSRQHWKHIXOILOPHQWRIKLVYRZXQWLOQH[WPRUQLQJIRU
WKHSXUSRVHDQGZLWKWKHKRSHRIKHDULQJWKDWQLJKWKRZLWIDUHGLQWKHHQGZLWKWKHEODFNFDWD
EODFNFDW,WKLQNLWZDVDQGWKHUDW
7KHQLJKWKDYLQJDUULYHGKRZHYHUWKHODG\6FKHKHUD]DGHQRWRQO\SXWWKHILQLVKLQJVWURNHWR
WKHEODFNFDWDQGWKHUDWWKHUDWZDVEOXHEXWEHIRUHVKHZHOONQHZZKDWVKHZDVDERXWIRXQG
KHUVHOIGHHSLQWKHLQWULFDFLHVRIDQDUUDWLRQKDYLQJUHIHUHQFHLI,DPQRWDOWRJHWKHUPLVWDNHQWRD
SLQNKRUVHZLWKJUHHQZLQJVWKDWZHQWLQDYLROHQWPDQQHUE\FORFNZRUNDQGZDVZRXQGXS
ZLWKDQLQGLJRNH\:LWKWKLVKLVWRU\WKHNLQJZDVHYHQPRUHSURIRXQGO\LQWHUHVWHGWKDQZLWKWKH
RWKHU³DQGDV WKH GD\ EURNH EHIRUH LWV FRQFOXVLRQ QRWZLWKVWDQGLQJ DOO WKH TXHHQ
V HQGHDYRUV WR
JHWWKURXJKZLWKLWLQWLPHIRUWKHERZVWULQJLQJWKHUHZDVDJDLQQRUHVRXUFHEXWWRSRVWSRQHWKDW
FHUHPRQ\DVEHIRUHIRUWZHQW\IRXUKRXUV7KHQH[WQLJKWWKHUHKDSSHQHGDVLPLODUDFFLGHQWZLWKD
VLPLODUUHVXOWDQGWKHQWKHQH[W³DQGWKHQDJDLQWKHQH[WVRWKDWLQWKHHQGWKHJRRGPRQDUFK
KDYLQJEHHQXQDYRLGDEO\GHSULYHGRIDOORSSRUWXQLW\WR NHHS KLV YRZ GXULQJ D SHULRG RI QR OHVV
WKDQRQHWKRXVDQGDQGRQHQLJKWVHLWKHUIRUJHWVLWDOWRJHWKHUE\WKHH[SLUDWLRQRIWKLVWLPHRUJHWV
KLPVHOIDEVROYHGRILWLQWKHUHJXODUZD\RUZKDWLVPRUHSUREDEOHEUHDNVLWRXWULJKWDVZHOODV
WKHKHDGRIKLVIDWKHUFRQIHVVRU$WDOOHYHQWV6FKHKHUD]DGHZKREHLQJOLQHDOO\GHVFHQGHGIURP
(YH IHOO KHLU SHUKDSV WR WKH ZKROH VHYHQ EDVNHWV RI WDON ZKLFK WKH ODWWHU ODG\ ZH DOO NQRZ
SLFNHGXSIURPXQGHUWKHWUHHVLQWKHJDUGHQRI(GHQ³6FKHKHUD]DGH,VD\ILQDOO\WULXPSKHGDQG
WKHWDULIIXSRQEHDXW\ZDVUHSHDOHG
1RZ WKLV FRQFOXVLRQ ZKLFK LV WKDW RI WKH VWRU\ DV ZH KDYH LW XSRQ UHFRUG LV QR GRXEW
H[FHVVLYHO\SURSHUDQGSOHDVDQW³EXWDODVOLNHDJUHDWPDQ\SOHDVDQWWKLQJVLVPRUHSOHDVDQWWKDQ
WUXH DQG , DP LQGHEWHG DOWRJHWKHU WR WKH ,VLWVRRUQRW IRU WKH PHDQV RI FRUUHFWLQJ WKH HUURU /H
PLHX[VD\VD)UHQFKSURYHUEHVWO
HQQHPLGXELHQDQGLQPHQWLRQLQJWKDW6FKHKHUD]DGHKDG
LQKHULWHGWKHVHYHQEDVNHWVRIWDON,VKRXOGKDYHDGGHGWKDWVKHSXWWKHPRXWDWFRPSRXQGLQWHUHVW
XQWLOWKH\DPRXQWHGWRVHYHQW\VHYHQ
0\ GHDU VLVWHU VDLG VKH RQ WKH WKRXVDQGDQGVHFRQG QLJKW , TXRWH WKH ODQJXDJH RI WKH
,VLWVRRUQRW DW WKLV SRLQW YHUEDWLP P\ GHDU VLVWHU VDLG VKH QRZ WKDW DOO WKLV OLWWOH GLIILFXOW\
DERXWWKHERZVWULQJKDVEORZQ RYHU DQG WKDW WKLV RGLRXV WD[ LV VR KDSSLO\ UHSHDOHG , IHHO WKDW ,
KDYHEHHQJXLOW\RIJUHDWLQGLVFUHWLRQLQZLWKKROGLQJIURP\RXDQGWKHNLQJZKR,DPVRUU\WRVD\
VQRUHV³DWKLQJQRJHQWOHPDQZRXOGGRWKHIXOOFRQFOXVLRQRI6LQEDGWKHVDLORU7KLVSHUVRQZHQW
WKURXJKQXPHURXVRWKHUDQGPRUHLQWHUHVWLQJDGYHQWXUHVWKDQWKRVHZKLFK,UHODWHGEXWWKHWUXWKLV
,IHOWVOHHS\RQWKHSDUWLFXODUQLJKWRIWKHLUQDUUDWLRQDQGVRZDVVHGXFHGLQWRFXWWLQJWKHPVKRUW³D
JULHYRXVSLHFHRIPLVFRQGXFWIRUZKLFK,RQO\WUXVWWKDW$OODKZLOOIRUJLYHPH%XWHYHQ\HWLWLV
QRWWRRODWHWRUHPHG\P\JUHDWQHJOHFW³DQGDVVRRQDV,KDYHJLYHQWKHNLQJDSLQFKRUWZRLQ
RUGHUWRZDNHKLPXSVRIDUWKDWKHPD\VWRSPDNLQJWKDWKRUULEOHQRLVH,ZLOOIRUWKZLWKHQWHUWDLQ
\RXDQGKLPLIKHSOHDVHVZLWKWKHVHTXHORIWKLVYHU\UHPDUNDEOHVWRU\
+HUHXSRQ WKH VLVWHU RI 6FKHKHUD]DGH DV , KDYH LW IURP WKH ,VLWVRRUQRW H[SUHVVHG QR YHU\
SDUWLFXODULQWHQVLW\RIJUDWLILFDWLRQEXWWKHNLQJKDYLQJEHHQVXIILFLHQWO\SLQFKHGDWOHQJWKFHDVHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
VQRULQJ DQG ILQDOO\ VDLG KXP DQG WKHQ KRR ZKHQ WKH TXHHQ XQGHUVWDQGLQJ WKHVH ZRUGV
ZKLFKDUHQRGRXEW$UDELFWRVLJQLI\WKDWKHZDVDOODWWHQWLRQDQGZRXOGGRKLVEHVWQRWWRVQRUH
DQ\PRUH³WKHTXHHQ,VD\KDYLQJDUUDQJHG WKHVH PDWWHUV WR KHU VDWLVIDFWLRQ UHHQWHUHG WKXV DW
RQFHLQWRWKHKLVWRU\RI6LQEDGWKHVDLORU
$WOHQJWKLQP\ROGDJH
>WKHVHDUHWKHZRUGVRI6LQEDGKLPVHOIDVUHWDLOHGE\6FKHKHUD]DGH@
³
DWOHQJWKLQP\ROGDJHDQGDIWHUHQMR\LQJPDQ\\HDUVRIWUDQTXLOOLW\DWKRPH,EHFDPHRQFH
PRUHSRVVHVVHGRIDGHVLUHRIYLVLWLQJIRUHLJQFRXQWULHVDQGRQHGD\ZLWKRXWDFTXDLQWLQJDQ\RI
P\IDPLO\ZLWKP\GHVLJQ,SDFNHGXSVRPHEXQGOHVRIVXFKPHUFKDQGLVHDVZDVPRVWSUHFLRXV
DQGOHDVWEXON\DQGHQJDJHGDSRUWHUWRFDUU\WKHPZHQWZLWKKLPGRZQWRWKHVHDVKRUHWRDZDLW
WKHDUULYDORIDQ\FKDQFHYHVVHOWKDWPLJKWFRQYH\PHRXWRIWKHNLQJGRPLQWRVRPHUHJLRQZKLFK,
KDGQRWDV\HWH[SORUHG
+DYLQJGHSRVLWHGWKHSDFNDJHVXSRQWKHVDQGVZHVDWGRZQEHQHDWKVRPHWUHHVDQGORRNHG
RXW LQWR WKH RFHDQ LQ WKH KRSH RI SHUFHLYLQJ D VKLS EXW GXULQJ VHYHUDO KRXUV ZH VDZ QRQH
ZKDWHYHU $W OHQJWK , IDQFLHG WKDW , FRXOG KHDU D VLQJXODU EX]]LQJ RU KXPPLQJ VRXQG DQG WKH
SRUWHUDIWHUOLVWHQLQJDZKLOHGHFODUHGWKDWKHDOVRFRXOGGLVWLQJXLVKLW3UHVHQWO\LWJUHZORXGHUDQG
WKHQVWLOOORXGHUVRWKDWZHFRXOGKDYHQRGRXEWWKDWWKHREMHFWZKLFKFDXVHGLWZDVDSSURDFKLQJ
XV$WOHQJWKRQWKHHGJHRIWKHKRUL]RQZHGLVFRYHUHGDEODFNVSHFNZKLFKUDSLGO\LQFUHDVHGLQ
VL]HXQWLOZHPDGHLWRXWWREHDYDVWPRQVWHUVZLPPLQJZLWKDJUHDWSDUWRILWV ERG\ DERYH WKH
VXUIDFH RI WKH VHD ,W FDPH WRZDUG XV ZLWK LQFRQFHLYDEOH VZLIWQHVV WKURZLQJ XS KXJH ZDYHV RI
IRDPDURXQGLWVEUHDVWDQGLOOXPLQDWLQJDOOWKDWSDUWRIWKHVHDWKURXJKZKLFKLWSDVVHGZLWKDORQJ
OLQHRIILUHWKDWH[WHQGHGIDURIILQWRWKHGLVWDQFH
$VWKHWKLQJGUHZQHDUZHVDZLWYHU\GLVWLQFWO\,WVOHQJWKZDVHTXDOWR WKDW RIWKUHHRIWKH
ORIWLHVW WUHHV WKDW JURZ DQG LW ZDV DV ZLGH DV WKH JUHDW KDOO RI DXGLHQFH LQ \RXU SDODFH 2 PRVW
VXEOLPHDQGPXQLILFHQWRIWKH&DOLSKV,WVERG\ZKLFKZDVXQOLNHWKDWRIRUGLQDU\ILVKHVZDVDV
VROLGDVDURFNDQGRIDMHWW\EODFNQHVVWKURXJKRXWDOOWKDWSRUWLRQRILW ZKLFK IORDWHG DERYH WKH
ZDWHU ZLWK WKH H[FHSWLRQ RI D QDUURZ EORRGUHG VWUHDN WKDW FRPSOHWHO\ EHJLUGOHG LW 7KH EHOO\
ZKLFKIORDWHGEHQHDWKWKHVXUIDFHDQGRIZKLFKZHFRXOGJHWRQO\DJOLPSVHQRZDQGWKHQDVWKH
PRQVWHUURVHDQGIHOOZLWKWKHELOORZVZDVHQWLUHO\FRYHUHGZLWKPHWDOOLFVFDOHVRIDFRORUOLNHWKDW
RI WKH PRRQ LQ PLVW\ ZHDWKHU 7KH EDFN ZDV IODW DQG QHDUO\ ZKLWH DQG IURP LW WKHUH H[WHQGHG
XSZDUGVRIVL[VSLQHVDERXWKDOIWKHOHQJWKRIWKHZKROHERG\
7KH KRUULEOH FUHDWXUH KDG QR PRXWK WKDW ZH FRXOG SHUFHLYH EXW DV LI WR PDNH XS IRU WKLV
GHILFLHQF\LWZDVSURYLGHGZLWKDWOHDVWIRXUVFRUHRIH\HVWKDWSURWUXGHGIURPWKHLUVRFNHWVOLNH
WKRVHRIWKHJUHHQGUDJRQIO\DQGZHUHDUUDQJHGDOODURXQGWKHERG\LQWZRURZVRQHDERYHWKH
RWKHU DQG SDUDOOHO WR WKH EORRGUHG VWUHDN ZKLFK VHHPHG WR DQVZHU WKH SXUSRVH RI DQ H\HEURZ
7ZRRUWKUHHRIWKHVHGUHDGIXOH\HVZHUHPXFKODUJHUWKDQWKHRWKHUVDQGKDGWKHDSSHDUDQFHRI
VROLGJROG
$OWKRXJK WKLV EHDVW DSSURDFKHG XV DV , KDYH EHIRUH VDLG ZLWK WKH JUHDWHVW UDSLGLW\ LW PXVW
KDYHEHHQPRYHGDOWRJHWKHUE\QHFURPDQF\³IRULWKDGQHLWKHUILQVOLNHDILVKQRUZHEIHHWOLNHD
GXFNQRUZLQJVOLNHWKH VHDVKHOO ZKLFK LV EORZQ DORQJ LQ WKH PDQQHU RI D YHVVHO QRU \HW GLG LW
ZULWKHLWVHOIIRUZDUGDVGRWKHHHOV,WVKHDGDQGLWVWDLOZHUHVKDSHGSUHFLVHO\DOLNHRQO\QRWIDU
IURPWKHODWWHUZHUHWZRVPDOOKROHVWKDWVHUYHGIRUQRVWULOVDQGWKURXJKZKLFKWKHPRQVWHUSXIIHG
RXWLWVWKLFNEUHDWKZLWKSURGLJLRXVYLROHQFHDQGZLWKDVKULHNLQJGLVDJUHHDEOHQRLVH
2XU WHUURU DW EHKROGLQJ WKLV KLGHRXV WKLQJ ZDV YHU\ JUHDW EXW LW ZDV HYHQ VXUSDVVHG E\ RXU
DVWRQLVKPHQW ZKHQ XSRQ JHWWLQJ D QHDUHU ORRN ZH SHUFHLYHG XSRQ WKH FUHDWXUH
V EDFN D YDVW
QXPEHURIDQLPDOVDERXWWKHVL]HDQGVKDSHRIPHQDQGDOWRJHWKHUPXFKUHVHPEOLQJWKHPH[FHSW
WKDW WKH\ ZRUH QR JDUPHQWV DV PHQ GR EHLQJ VXSSOLHG E\ QDWXUH QR GRXEW ZLWK DQ XJO\
XQFRPIRUWDEOHFRYHULQJDJRRGGHDOOLNHFORWKEXWILWWLQJVRWLJKWWRWKHVNLQDVWRUHQGHUWKHSRRU
ZUHWFKHV ODXJKDEO\ DZNZDUG DQG SXW WKHP DSSDUHQWO\ WR VHYHUH SDLQ 2Q WKH YHU\ WLSV RI WKHLU
KHDGVZHUHFHUWDLQVTXDUHORRNLQJER[HVZKLFKDWILUVWVLJKW,WKRXJKWPLJKWKDYHEHHQLQWHQGHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
WR DQVZHU DV WXUEDQV EXW , VRRQ GLVFRYHUHG WKDW WKH\ ZHUH H[FHVVLYHO\ KHDY\ DQG VROLG DQG ,
WKHUHIRUHFRQFOXGHGWKH\ZHUHFRQWULYDQFHVGHVLJQHGE\WKHLUJUHDWZHLJKWWRNHHSWKHKHDGVRI
WKHDQLPDOVVWHDG\DQGVDIHXSRQWKHLUVKRXOGHUV$URXQGWKHQHFNVRIWKHFUHDWXUHVZHUHIDVWHQHG
EODFNFROODUVEDGJHVRIVHUYLWXGHQRGRXEWVXFKDVZHNHHSRQRXUGRJVRQO\PXFKZLGHUDQG
LQILQLWHO\VWLIIHUVRWKDWLWZDVTXLWHLPSRVVLEOHIRUWKHVHSRRUYLFWLPVWRPRYHWKHLUKHDGVLQDQ\
GLUHFWLRQ ZLWKRXW PRYLQJ WKH ERG\ DW WKH VDPH WLPH DQG WKXV WKH\ ZHUH GRRPHG WR SHUSHWXDO
FRQWHPSODWLRQRIWKHLUQRVHV³DYLHZSXJJLVKDQGVQXEE\LQDZRQGHUIXOLIQRWSRVLWLYHO\LQDQ
DZIXOGHJUHH
:KHQWKHPRQVWHUKDGQHDUO\UHDFKHGWKHVKRUHZKHUHZHVWRRGLWVXGGHQO\SXVKHGRXWRQHRI
LWVH\HVWRDJUHDWH[WHQWDQGHPLWWHGIURPLWDWHUULEOHIODVKRIILUHDFFRPSDQLHGE\DGHQVHFORXG
RIVPRNHDQGDQRLVHWKDW,FDQFRPSDUHWRQRWKLQJEXWWKXQGHU$VWKHVPRNHFOHDUHGDZD\ZH
VDZ RQH RI WKH RGG PDQDQLPDOV VWDQGLQJ QHDU WKH KHDG RI WKH ODUJH EHDVW ZLWK D WUXPSHW LQ KLV
KDQG WKURXJK ZKLFK SXWWLQJ LW WR KLV PRXWK KH SUHVHQWO\ DGGUHVVHG XV LQ ORXG KDUVK DQG
GLVDJUHHDEOH DFFHQWV WKDW SHUKDSV ZH VKRXOG KDYH PLVWDNHQ IRU ODQJXDJH KDG WKH\ QRW FRPH
DOWRJHWKHUWKURXJKWKHQRVH
%HLQJ WKXV HYLGHQWO\ VSRNHQ WR , ZDV DW D ORVV KRZ WR UHSO\ DV , FRXOG LQ QR PDQQHU
XQGHUVWDQG ZKDW ZDV VDLG DQG LQ WKLV GLIILFXOW\ , WXUQHG WR WKH SRUWHU ZKR ZDV QHDU VZRRQLQJ
WKURXJKDIIULJKWDQGGHPDQGHGRIKLPKLV RSLQLRQ DV WR ZKDW VSHFLHV RI PRQVWHU LW ZDV ZKDW LW
ZDQWHGDQGZKDWNLQGRIFUHDWXUHVWKRVHZHUHWKDWVRVZDUPHGXSRQLWVEDFN7RWKLVWKHSRUWHU
UHSOLHGDVZHOODVKHFRXOGIRUWUHSLGDWLRQWKDWKHKDGRQFHEHIRUHKHDUGRIWKLVVHDEHDVWWKDWLW
ZDVDFUXHOGHPRQZLWKERZHOVRIVXOSKXUDQGEORRGRIILUHFUHDWHGE\HYLOJHQLLDVWKHPHDQVRI
LQIOLFWLQJ PLVHU\ XSRQ PDQNLQG WKDW WKH WKLQJV XSRQ LWV EDFN ZHUH YHUPLQ VXFK DV VRPHWLPHV
LQIHVW FDWV DQG GRJV RQO\ D OLWWOH ODUJHU DQG PRUH VDYDJH DQG WKDW WKHVH YHUPLQ KDG WKHLU XVHV
KRZHYHUHYLO³IRUWKURXJKWKHWRUWXUHWKH\FDXVHGWKHEHDVWE\WKHLUQLEEOLQJDQGVWLQJLQJVLWZDV
JRDGHGLQWRWKDWGHJUHHRIZUDWKZKLFKZDVUHTXLVLWHWRPDNHLWURDUDQGFRPPLWLOODQGVRIXOILO
WKHYHQJHIXODQGPDOLFLRXVGHVLJQVRIWKHZLFNHGJHQLL
7KLVDFFRXQWGHWHUPLQHGPHWRWDNHWRP\KHHOVDQGZLWKRXWRQFHHYHQORRNLQJEHKLQGPH,
UDQDWIXOOVSHHGXSLQWRWKHKLOOVZKLOHWKHSRUWHUUDQHTXDOO\IDVWDOWKRXJKQHDUO\LQDQRSSRVLWH
GLUHFWLRQVRWKDWE\WKHVHPHDQVKHILQDOO\PDGHKLVHVFDSHZLWKP\EXQGOHVRIZKLFK,KDYHQR
GRXEWKHWRRNH[FHOOHQWFDUH³DOWKRXJKWKLVLVDSRLQW,FDQQRWGHWHUPLQHDV,GRQRWUHPHPEHUWKDW
,HYHUEHKHOGKLPDJDLQ
)RUP\VHOI,ZDVVRKRWO\SXUVXHGE\DVZDUPRIWKHPHQYHUPLQZKRKDGFRPHWRWKHVKRUH
LQERDWVWKDW,ZDVYHU\VRRQRYHUWDNHQERXQGKDQGDQGIRRWDQGFRQYH\HGWRWKHEHDVWZKLFK
LPPHGLDWHO\VZDPRXWDJDLQLQWRWKHPLGGOHRIWKHVHD
, QRZ ELWWHUO\ UHSHQWHG P\ IROO\ LQ TXLWWLQJ D FRPIRUWDEOH KRPH WR SHULO P\ OLIH LQ VXFK
DGYHQWXUHVDVWKLVEXWUHJUHWEHLQJXVHOHVV,PDGHWKHEHVWRIP\FRQGLWLRQDQGH[HUWHGP\VHOIWR
VHFXUH WKH JRRGZLOO RI WKH PDQDQLPDO WKDW RZQHG WKH WUXPSHW DQG ZKR DSSHDUHG WR H[HUFLVH
DXWKRULW\RYHU KLV IHOORZV , VXFFHHGHG VR ZHOO LQ WKLV HQGHDYRU WKDW LQ D IHZ GD\V WKH FUHDWXUH
EHVWRZHGXSRQPHYDULRXVWRNHQVRIKLVIDYRUDQGLQWKHHQGHYHQZHQWWRWKHWURXEOHRIWHDFKLQJ
PHWKHUXGLPHQWVRIZKDWLWZDVYDLQHQRXJKWRGHQRPLQDWHLWVODQJXDJHVRWKDWDWOHQJWK,ZDV
HQDEOHG WR FRQYHUVH ZLWK LW UHDGLO\ DQG FDPH WR PDNH LW FRPSUHKHQG WKH DUGHQW GHVLUH , KDG RI
VHHLQJWKHZRUOG
:DVKLVKVTXDVKLVKVTXHDN6LQEDGKH\GLGGOHGLGGOHJUXQWXQWJUXPEOHKLVVILVVZKLVV
VDLG
KHWRPHRQHGD\DIWHUGLQQHU³EXW,EHJDWKRXVDQGSDUGRQV,KDGIRUJRWWHQWKDW\RXUPDMHVW\LV
QRW FRQYHUVDQW ZLWK WKH GLDOHFW RI WKH &RFNQHLJKV VR WKH PDQDQLPDOV ZHUH FDOOHG , SUHVXPH
EHFDXVH WKHLU ODQJXDJH IRUPHG WKH FRQQHFWLQJ OLQN EHWZHHQ WKDW RI WKH KRUVH DQG WKDW RI WKH
URRVWHU:LWK\RXUSHUPLVVLRQ,ZLOOWUDQVODWH
:DVKLVKVTXDVKLVK
DQGVRIRUWK³WKDWLVWRVD\
,
DPKDSS\WRILQGP\GHDU6LQEDGWKDW\RXDUHUHDOO\DYHU\H[FHOOHQWIHOORZZHDUHQRZ DERXW
GRLQJDWKLQJZKLFKLVFDOOHGFLUFXPQDYLJDWLQJWKHJOREHDQGVLQFH\RXDUHVRGHVLURXVRIVHHLQJ
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
WKHZRUOG,ZLOOVWUDLQDSRLQWDQGJLYH\RXDIUHHSDVVDJHXSRQEDFNRIWKHEHDVW
:KHQWKH/DG\6FKHKHUD]DGHKDGSURFHHGHGWKXVIDUUHODWHVWKH,VLWVRRUQRWWKHNLQJWXUQHG
RYHUIURPKLVOHIWVLGHWRKLVULJKWDQGVDLG
,WLVLQIDFWYHU\VXUSULVLQJP\GHDUTXHHQWKDW\RXRPLWWHGKLWKHUWRWKHVHODWWHUDGYHQWXUHV
RI6LQEDG'R\RXNQRZ,WKLQNWKHPH[FHHGLQJO\HQWHUWDLQLQJDQGVWUDQJH"
7KHNLQJKDYLQJWKXVH[SUHVVHGKLPVHOIZHDUHWROGWKHIDLU6FKHKHUD]DGHUHVXPHGKHUKLVWRU\
LQWKHIROORZLQJZRUGV
6LQEDGZHQWRQLQWKLVPDQQHUZLWKKLVQDUUDWLYHWRWKHFDOLSK³
,WKDQNHGWKHPDQDQLPDOIRU
LWVNLQGQHVVDQGVRRQIRXQGP\VHOIYHU\PXFKDWKRPHRQWKHEHDVWZKLFKVZDPDWDSURGLJLRXV
UDWHWKURXJKWKHRFHDQDOWKRXJKWKHVXUIDFHRIWKHODWWHULVLQWKDWSDUWRIWKHZRUOGE\QRPHDQV
IODWEXWURXQGOLNHDSRPHJUDQDWHVRWKDWZHZHQW³VRWRVD\³HLWKHUXSKLOORUGRZQKLOODOOWKH
WLPH
7KDW,WKLQNZDVYHU\VLQJXODULQWHUUXSWHGWKHNLQJ
1HYHUWKHOHVVLWLVTXLWHWUXHUHSOLHG6FKHKHUD]DGH
,KDYHP\GRXEWVUHMRLQHGWKHNLQJEXWSUD\EHVRJRRGDVWRJRRQZLWKWKHVWRU\
,ZLOOVDLGWKHTXHHQ
7KHEHDVW
FRQWLQXHG6LQEDGWRWKHFDOLSK
VZDPDV,KDYHUHODWHGXS
KLOO DQG GRZQ KLOO XQWLO DW OHQJWK ZH DUULYHG DW DQ LVODQG PDQ\ KXQGUHGV RI PLOHV LQ
FLUFXPIHUHQFHEXWZKLFKQHYHUWKHOHVVKDGEHHQEXLOWLQWKHPLGGOHRIWKHVHDE\DFRORQ\RIOLWWOH
WKLQJVOLNHFDWHUSLOODUV
+XPVDLGWKHNLQJ
/HDYLQJWKLVLVODQG
VDLG6LQEDG³IRU6FKHKHUD]DGHLWPXVWEHXQGHUVWRRGWRRNQRQRWLFHRI
KHUKXVEDQG
VLOOPDQQHUHGHMDFXODWLRQ
OHDYLQJWKLVLVODQGZHFDPHWRDQRWKHUZKHUHWKHIRUHVWV
ZHUHRIVROLGVWRQHDQGVRKDUGWKDWWKH\VKLYHUHGWRSLHFHVWKHILQHVWWHPSHUHGD[HVZLWK ZKLFK
ZHHQGHDYRXUHGWRFXWWKHPGRZQ
+XP VDLG WKH NLQJ DJDLQ EXW 6FKHKHUD]DGH SD\LQJ KLP QR DWWHQWLRQ FRQWLQXHG LQ WKH
ODQJXDJHRI6LQEDG
3DVVLQJEH\RQGWKLVODVWLVODQGZHUHDFKHGDFRXQWU\ZKHUHWKHUHZDVDFDYHWKDWUDQWRWKH
GLVWDQFHRIWKLUW\RUIRUW\PLOHVZLWKLQWKHERZHOVRIWKHHDUWKDQGWKDWFRQWDLQHGDJUHDWHUQXPEHU
RI IDU PRUH VSDFLRXV DQG PRUH PDJQLILFHQW SDODFHV WKDQ DUH WR EH IRXQG LQ DOO 'DPDVFXV DQG
%DJGDG)URP WKH URRIV RI WKHVH SDODFHV WKHUH KXQJ P\ULDGV RI JHPV OLNH GLDPRQGV EXW ODUJHU
WKDQ PHQ DQG LQ DPRQJ WKH VWUHHWV RI WRZHUV DQG S\UDPLGV DQG WHPSOHV WKHUH IORZHG LPPHQVH
ULYHUVDVEODFNDVHERQ\DQGVZDUPLQJZLWKILVKWKDWKDGQRH\HV
+XP VDLG WKH NLQJ :H WKHQ VZDP LQWR D UHJLRQ RI WKH VHD ZKHUH ZH IRXQG D ORIW\
PRXQWDLQGRZQZKRVHVLGHVWKHUHVWUHDPHGWRUUHQWVRIPHOWHGPHWDOVRPHRIZKLFKZHUHWZHOYH
PLOHVZLGHDQGVL[W\PLOHVORQJZKLOHIURPDQDE\VVRQWKHVXPPLWLVVXHGVRYDVWDTXDQWLW\
RI DVKHV WKDW WKH VXQ ZDV HQWLUHO\ EORWWHG RXW IURP WKH KHDYHQV DQG LW EHFDPH GDUNHU WKDQ WKH
GDUNHVWPLGQLJKWVRWKDWZKHQZHZHUHHYHQDWWKHGLVWDQFHRIDKXQGUHGDQGILIW\PLOHVIURPWKH
PRXQWDLQLWZDVLPSRVVLEOHWRVHHWKHZKLWHVWREMHFWKRZHYHUFORVHZHKHOGLWWRRXUH\HV
+XPVDLGWKHNLQJ
$IWHUTXLWWLQJWKLVFRDVWWKHEHDVWFRQWLQXHGKLVYR\DJHXQWLOZHPHWZLWKDODQGLQZKLFKWKH
QDWXUHRIWKLQJVVHHPHGUHYHUVHG³IRUZHKHUHVDZDJUHDWODNHDWWKHERWWRPRIZKLFKPRUHWKDQ
D KXQGUHG IHHW EHQHDWK WKH VXUIDFH RI WKH ZDWHU WKHUH IORXULVKHG LQ IXOO OHDI D IRUHVW RI WDOO DQG
OX[XULDQWWUHHV
+RRVDLGWKHNLQJ
6RPHKXQGUHGPLOHVIDUWKHURQEURXJKWXVWRDFOLPDWHZKHUHWKHDWPRVSKHUHZDVVRGHQVHDV
WRVXVWDLQLURQRUVWHHOMXVWDVRXURZQGRHVIHDWKHU
)LGGOHGHGHHVDLGWKHNLQJ
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
3URFHHGLQJVWLOOLQWKHVDPHGLUHFWLRQZHSUHVHQWO\DUULYHGDWWKHPRVWPDJQLILFHQWUHJLRQLQWKH
ZKROHZRUOG7KURXJKLWWKHUHPHDQGHUHGDJORULRXVULYHUIRUVHYHUDOWKRXVDQGVRIPLOHV7KLVULYHU
ZDVRIXQVSHDNDEOHGHSWKDQGRIDWUDQVSDUHQF\ULFKHUWKDQWKDWRIDPEHU,WZDVIURPWKUHHWRVL[
PLOHV LQ ZLGWK DQG LWV EDQNV ZKLFK DURVH RQ HLWKHU VLGH WR WZHOYH KXQGUHG IHHW LQ SHUSHQGLFXODU
KHLJKWZHUHFURZQHGZLWKHYHUEORVVRPLQJWUHHVDQGSHUSHWXDOVZHHWVFHQWHGIORZHUVWKDWPDGH
WKHZKROHWHUULWRU\RQHJRUJHRXVJDUGHQEXWWKHQDPHRIWKLVOX[XULDQWODQGZDVWKH.LQJGRPRI
+RUURUDQGWRHQWHULWZDVLQHYLWDEOHGHDWK
+XPSKVDLGWKHNLQJ
:H OHIW WKLV NLQJGRP LQ JUHDW KDVWH DQG DIWHU VRPH GD\V FDPH WR DQRWKHU ZKHUH ZH ZHUH
DVWRQLVKHG WR SHUFHLYH P\ULDGV RI PRQVWURXV DQLPDOV ZLWK KRUQV UHVHPEOLQJ VF\WKHV XSRQ WKHLU
KHDGV7KHVHKLGHRXVEHDVWVGLJIRUWKHPVHOYHVYDVWFDYHUQVLQWKHVRLORIDIXQQHOVKDSHDQGOLQH
WKHVLGHVRIWKHPZLWKURFNVVRGLVSRVHGRQHXSRQWKHRWKHUWKDWWKH\IDOOLQVWDQWO\ZKHQWURGGHQ
XSRQ E\ RWKHU DQLPDOV WKXV SUHFLSLWDWLQJ WKHP LQWR WKH PRQVWHU
V GHQV ZKHUH WKHLU EORRG LV
LPPHGLDWHO\ VXFNHG DQG WKHLU FDUFDVVHV DIWHUZDUGV KXUOHG FRQWHPSWXRXVO\ RXW WR DQ LPPHQVH
GLVWDQFHIURPWKHFDYHUQVRIGHDWK
3RRKVDLGWKHNLQJ
&RQWLQXLQJRXUSURJUHVVZHSHUFHLYHGDGLVWULFWZLWKYHJHWDEOHVWKDWJUHZQRWXSRQDQ\VRLO
EXW LQ WKH DLU 7KHUH ZHUH RWKHUV WKDWVSUDQJ IURP WKH VXEVWDQFH RI RWKHU YHJHWDEOHV RWKHUVWKDWGHULYHGWKHLUVXEVWDQFH IURP WKH ERGLHV RI OLYLQJ DQLPDOV DQG WKHQ DJDLQ WKHUH
ZHUHRWKHUVWKDWJORZHGDOORYHUZLWKLQWHQVHILUHRWKHUVWKDWPRYHGIURPSODFHWRSODFHDW
SOHDVXUHDQGZKDWZDVVWLOOPRUHZRQGHUIXOZHGLVFRYHUHGIORZHUVWKDWOLYHGDQGEUHDWKHG
DQGPRYHGWKHLUOLPEVDWZLOODQGKDGPRUHRYHUWKHGHWHVWDEOHSDVVLRQRIPDQNLQGIRUHQVODYLQJ
RWKHUFUHDWXUHVDQGFRQILQLQJWKHPLQKRUULGDQGVROLWDU\SULVRQVXQWLOWKHIXOILOOPHQWRIDSSRLQWHG
WDVNV
3VKDZVDLGWKHNLQJ
4XLWWLQJ WKLV ODQG ZH VRRQ DUULYHG DW DQRWKHU LQ ZKLFK WKH EHHV DQG WKH ELUGV DUH
PDWKHPDWLFLDQV RI VXFK JHQLXV DQG HUXGLWLRQ WKDW WKH\ JLYH GDLO\ LQVWUXFWLRQV LQ WKH VFLHQFH RI
JHRPHWU\ WR WKH ZLVH PHQ RI WKH HPSLUH 7KH NLQJ RI WKH SODFH KDYLQJ RIIHUHG D UHZDUG IRU WKH
VROXWLRQRIWZRYHU\GLIILFXOWSUREOHPVWKH\ZHUHVROYHGXSRQWKHVSRW³WKHRQHE\WKHEHHVDQG
WKH RWKHU E\ WKH ELUGV EXW WKH NLQJ NHHSLQJ WKHLU VROXWLRQ D VHFUHW LW ZDV RQO\ DIWHU WKH PRVW
SURIRXQGUHVHDUFKHVDQGODERUDQGWKHZULWLQJRIDQLQILQLW\RIELJERRNVGXULQJDORQJVHULHVRI
\HDUVWKDWWKHPHQPDWKHPDWLFLDQVDWOHQJWKDUULYHGDWWKHLGHQWLFDOVROXWLRQVZKLFKKDGEHHQJLYHQ
XSRQWKHVSRWE\WKHEHHVDQGE\WKHELUGV
2KP\VDLGWKHNLQJ
:HKDGVFDUFHO\ORVWVLJKWRIWKLVHPSLUHZKHQZHIRXQGRXUVHOYHVFORVHXSRQDQRWKHUIURP
ZKRVHVKRUHVWKHUHIOHZRYHURXUKHDGVDIORFNRIIRZOVDPLOHLQEUHDGWKDQGWZRKXQGUHGDQG
IRUW\PLOHVORQJVRWKDWDOWKRXJKWKH\ IOHZ D PLOH GXULQJ HYHU\ PLQXWH LW UHTXLUHG QR OHVV WKDQ
IRXUKRXUVIRUWKHZKROHIORFNWRSDVVRYHUXV³LQZKLFKWKHUHZHUHVHYHUDOPLOOLRQVRIPLOOLRQVRI
IRZO
2KI\VDLGWKHNLQJ
1RVRRQHUKDGZHJRWULGRIWKHVHELUGVZKLFKRFFDVLRQHGXVJUHDWDQQR\DQFHWKDQZHZHUH
WHUULILHGE\WKHDSSHDUDQFHRIDIRZORIDQRWKHUNLQGDQGLQILQLWHO\ODUJHUWKDQHYHQWKHURFVZKLFK
,PHWLQP\IRUPHUYR\DJHVIRULWZDVELJJHUWKDQWKHELJJHVWRIWKHGRPHVRQ\RXUVHUDJOLRRK
PRVW 0XQLILFHQW RI &DOLSKV 7KLV WHUULEOH IRZO KDG QR KHDG WKDW ZH FRXOG SHUFHLYH EXW ZDV
IDVKLRQHG HQWLUHO\ RI EHOO\ ZKLFK ZDV RI D SURGLJLRXV IDWQHVV DQG URXQGQHVV RI D VRIWORRNLQJ
VXEVWDQFHVPRRWKVKLQLQJDQGVWULSHGZLWKYDULRXVFRORUV,QLWVWDORQVWKHPRQVWHUZDVEHDULQJ
DZD\WRKLVH\ULHLQWKHKHDYHQVDKRXVHIURPZKLFKLWKDGNQRFNHGRIIWKHURRIDQGLQWKHLQWHULRU
RIZKLFKZHGLVWLQFWO\VDZKXPDQEHLQJVZKREH\RQGGRXEWZHUHLQDVWDWHRIIULJKWIXOGHVSDLU
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
DWWKHKRUULEOHIDWHZKLFKDZDLWHGWKHP:HVKRXWHGZLWKDOORXUPLJKWLQWKHKRSHRIIULJKWHQLQJ
WKHELUGLQWROHWWLQJJRRILWVSUH\EXWLWPHUHO\JDYHDVQRUWRUSXIIDVLIRIUDJHDQGWKHQOHWIDOO
XSRQRXUKHDGVDKHDY\VDFNZKLFKSURYHGWREHILOOHGZLWKVDQG
6WXIIVDLGWKHNLQJ
,W ZDV MXVW DIWHU WKLV DGYHQWXUH WKDW ZH HQFRXQWHUHG D FRQWLQHQW RI LPPHQVH H[WHQW DQG
SURGLJLRXV VROLGLW\ EXW ZKLFK QHYHUWKHOHVV ZDV VXSSRUWHG HQWLUHO\ XSRQ WKH EDFN RI D VN\EOXH
FRZWKDWKDGQRIHZHUWKDQIRXUKXQGUHGKRUQV
7KDWQRZ,EHOLHYHVDLGWKHNLQJEHFDXVH,KDYHUHDGVRPHWKLQJRIWKHNLQGEHIRUHLQD
ERRN
:H SDVVHG LPPHGLDWHO\ EHQHDWK WKLV FRQWLQHQW VZLPPLQJ LQ EHWZHHQ WKH OHJV RI WKH FRZ
DQGDIWHUVRPHKRXUVIRXQGRXUVHOYHVLQDZRQGHUIXOFRXQWU\LQGHHGZKLFK,ZDVLQIRUPHGE\
WKHPDQDQLPDOZDVKLVRZQQDWLYHODQGLQKDELWHGE\WKLQJVRIKLVRZQVSHFLHV7KLVHOHYDWHGWKH
PDQDQLPDO YHU\ PXFK LQ P\ HVWHHP DQG LQ IDFW , QRZ EHJDQ WR IHHO DVKDPHG RI WKH
FRQWHPSWXRXVIDPLOLDULW\ZLWKZKLFK,KDGWUHDWHGKLPIRU,IRXQGWKDWWKHPDQDQLPDOVLQJHQHUDO
ZHUHDQDWLRQRIWKHPRVWSRZHUIXOPDJLFLDQVZKROLYHGZLWKZRUPVLQWKHLUEUDLQZKLFK
QRGRXEWVHUYHGWRVWLPXODWHWKHPE\WKHLUSDLQIXOZULWKLQJVDQGZULJJOLQJVWRWKHPRVWPLUDFXORXV
HIIRUWVRILPDJLQDWLRQ
1RQVHQVHVDLGWKHNLQJ
$PRQJWKHPDJLFLDQVZHUHGRPHVWLFDWHGVHYHUDODQLPDOVRIYHU\VLQJXODUNLQGVIRUH[DPSOH
WKHUH ZDV D KXJH KRUVH ZKRVH ERQHV ZHUH LURQ DQG ZKRVH EORRG ZDV ERLOLQJ ZDWHU ,Q SODFH RI
FRUQKHKDGEODFNVWRQHVIRUKLVXVXDOIRRGDQG\HWLQVSLWHRIVRKDUGDGLHWKHZDVVRVWURQJDQG
VZLIW WKDW KH ZRXOG GUDJ D ORDG PRUH ZHLJKW\ WKDQ WKH JUDQGHVW WHPSOH LQ WKLV FLW\ DW D UDWH
VXUSDVVLQJWKDWRIWKHIOLJKWRIPRVWELUGV
7ZDWWOHVDLGWKHNLQJ
, VDZ DOVR DPRQJ WKHVH SHRSOH D KHQ ZLWKRXW IHDWKHUV EXW ELJJHU WKDQ D FDPHO LQVWHDG RI
IOHVKDQGERQHVKHKDGLURQDQGEULFNKHUEORRGOLNHWKDWRIWKHKRUVHWRZKRPLQIDFWVKHZDV
QHDUO\UHODWHGZDVERLOLQJZDWHUDQGOLNHKLPVKHDWHQRWKLQJEXWZRRGRUEODFNVWRQHV7KLVKHQ
EURXJKW IRUWK YHU\ IUHTXHQWO\ D KXQGUHG FKLFNHQV LQ WKH GD\ DQG DIWHU ELUWK WKH\ WRRN XS WKHLU
UHVLGHQFHIRUVHYHUDOZHHNVZLWKLQWKHVWRPDFKRIWKHLUPRWKHU
)DODOVDLGWKHNLQJ
2QHRIWKLVQDWLRQRIPLJKW\FRQMXURUVFUHDWHGDPDQRXWRIEUDVVDQGZRRGDQGOHDWKHUDQG
HQGRZHGKLPZLWKVXFKLQJHQXLW\WKDWKHZRXOGKDYHEHDWHQDWFKHVVDOOWKHUDFHRIPDQNLQGZLWK
WKHH[FHSWLRQRIWKHJUHDW&DOLSK+DURXQ$OUDVFKLG$QRWKHURIWKHVHPDJLFRQVWUXFWHGRI
OLNHPDWHULDODFUHDWXUHWKDWSXWWRVKDPHHYHQWKHJHQLXVRIKLPZKRPDGHLWIRUVRJUHDWZHUHLWV
UHDVRQLQJSRZHUVWKDWLQDVHFRQGLWSHUIRUPHGFDOFXODWLRQVRIVRYDVWDQH[WHQWWKDWWKH\ZRXOG
KDYH UHTXLUHG WKH XQLWHG ODERU RI ILIW\ WKRXVDQG IOHVK\ PHQ IRU D \HDU %XW D VWLOO PRUH
ZRQGHUIXOFRQMXURUIDVKLRQHGIRUKLPVHOIDPLJKW\WKLQJWKDWZDVQHLWKHUPDQQRUEHDVWEXWZKLFK
KDGEUDLQVRIOHDGLQWHUPL[HGZLWKDEODFNPDWWHUOLNHSLWFKDQGILQJHUVWKDWLWHPSOR\HGZLWKVXFK
LQFUHGLEOHVSHHGDQG GH[WHULW\ WKDW LW ZRXOG KDYH KDG QR WURXEOH LQ ZULWLQJ RXW WZHQW\ WKRXVDQG
FRSLHVRIWKH.RUDQLQDQKRXUDQGWKLVZLWKVRH[TXLVLWHDSUHFLVLRQWKDWLQDOOWKHFRSLHVWKHUH
VKRXOGQRWEHIRXQGRQHWRYDU\IURPDQRWKHUE\WKHEUHDGWKRIWKHILQHVWKDLU7KLVWKLQJZDVRI
SURGLJLRXVVWUHQJWKVRWKDWLWHUHFWHGRURYHUWKUHZWKHPLJKWLHVWHPSLUHVDWDEUHDWKEXWLWVSRZHUV
ZHUHH[HUFLVHGHTXDOO\IRUHYLODQGIRUJRRG
5LGLFXORXVVDLGWKHNLQJ
$PRQJWKLVQDWLRQRIQHFURPDQFHUVWKHUHZDVDOVRRQHZKRKDGLQKLVYHLQVWKHEORRGRIWKH
VDODPDQGHUVIRUKHPDGHQRVFUXSOHRIVLWWLQJGRZQWRVPRNHKLVFKLERXFLQDUHGKRWRYHQXQWLO
KLVGLQQHUZDVWKRURXJKO\URDVWHGXSRQLWVIORRU$QRWKHUKDGWKHIDFXOW\RIFRQYHUWLQJWKH
FRPPRQ PHWDOV LQWR JROG ZLWKRXW HYHQ ORRNLQJ DW WKHP GXULQJ WKH SURFHVV $QRWKHU KDG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
VXFK D GHOLFDF\ RI WRXFK WKDW KH PDGH D ZLUH VR ILQH DV WR EH LQYLVLEOH $QRWKHU KDG VXFK
TXLFNQHVVRI SHUFHSWLRQ WKDW KH FRXQWHG DOO WKH VHSDUDWH PRWLRQV RI DQ HODVWLF ERG\ ZKLOH LW ZDV
VSULQJLQJEDFNZDUGDQGIRUZDUGDWWKHUDWHRIQLQHKXQGUHGPLOOLRQVRIWLPHVLQDVHFRQG
$EVXUGVDLGWKHNLQJ
$QRWKHU RI WKHVH PDJLFLDQV E\ PHDQV RI D IOXLG WKDW QRERG\ HYHU \HW VDZ FRXOG PDNH WKH
FRUSVHVRIKLVIULHQGVEUDQGLVKWKHLUDUPVNLFNRXWWKHLUOHJVILJKWRUHYHQJHWXSDQGGDQFHDWKLV
ZLOO$QRWKHUKDGFXOWLYDWHGKLVYRLFHWRVRJUHDWDQH[WHQWWKDWKHFRXOGKDYHPDGHKLPVHOI
KHDUGIURPRQHHQGRIWKHZRUOGWRWKHRWKHU$QRWKHUKDGVRORQJDQDUPWKDWKHFRXOGVLW
GRZQ LQ 'DPDVFXV DQG LQGLWH D OHWWHU DW %DJGDG³RU LQGHHG DW DQ\ GLVWDQFH ZKDWVRHYHU $QRWKHUFRPPDQGHGWKHOLJKWQLQJWRFRPHGRZQWRKLPRXWRIWKHKHDYHQVDQGLWFDPHDWKLVFDOO
DQGVHUYHGKLPIRUDSOD\WKLQJZKHQLWFDPH$QRWKHUWRRNWZRORXGVRXQGVDQGRXWRIWKHPPDGH
DVLOHQFH$QRWKHUFRQVWUXFWHGDGHHSGDUNQHVVRXWRIWZREULOOLDQWOLJKWV$QRWKHUPDGHLFH
LQ D UHGKRW IXUQDFH $QRWKHU GLUHFWHG WKH VXQ WR SDLQW KLV SRUWUDLW DQG WKH VXQ GLG $QRWKHU WRRN WKLV OXPLQDU\ ZLWK WKH PRRQ DQG WKH SODQHWV DQG KDYLQJ ILUVW ZHLJKHG WKHP ZLWK
VFUXSXORXVDFFXUDF\SUREHGLQWRWKHLUGHSWKVDQGIRXQGRXWWKHVROLGLW\RIWKHVXEVWDQFHRIZKLFK
WKH\ZHUHPDGH%XWWKHZKROHQDWLRQ LV LQGHHG RI VR VXUSULVLQJ D QHFURPDQWLF DELOLW\ WKDW QRW
HYHQWKHLULQIDQWVQRUWKHLUFRPPRQHVWFDWVDQGGRJVKDYHDQ\GLIILFXOW\LQVHHLQJREMHFWVWKDWGR
QRW H[LVW DW DOO RU WKDW IRU WZHQW\ PLOOLRQV RI \HDUV EHIRUH WKH ELUWK RI WKH QDWLRQ LWVHOI KDG EHHQ
EORWWHGRXWIURPWKHIDFHRIFUHDWLRQ
3UHSRVWHURXVVDLGWKHNLQJ
7KH ZLYHV DQG GDXJKWHUV RI WKHVH LQFRPSDUDEO\ JUHDW DQG ZLVH PDJL
FRQWLQXHG
6FKHKHUD]DGHZLWKRXWEHLQJLQDQ\PDQQHUGLVWXUEHGE\WKHVHIUHTXHQW DQG PRVW XQJHQWOHPDQO\
LQWHUUXSWLRQVRQWKHSDUWRIKHUKXVEDQG³
WKHZLYHVDQGGDXJKWHUVRIWKHVHHPLQHQWFRQMXUHUVDUH
HYHU\ WKLQJ WKDW LV DFFRPSOLVKHG DQG UHILQHG DQG ZRXOG EH HYHU\ WKLQJ WKDW LV LQWHUHVWLQJ DQG
EHDXWLIXO EXW IRU DQ XQKDSS\ IDWDOLW\ WKDW EHVHWV WKHP DQG IURP ZKLFK QRW HYHQ WKH PLUDFXORXV
SRZHUVRIWKHLUKXVEDQGVDQGIDWKHUVKDVKLWKHUWREHHQDGHTXDWHWRVDYH6RPHIDWDOLWLHVFRPHLQ
FHUWDLQVKDSHVDQGVRPHLQRWKHUV³EXWWKLVRIZKLFK,VSHDNKDVFRPHLQWKHVKDSHRIDFURWFKHW
$ZKDW"VDLGWKHNLQJ
$FURWFKHW
VDLG6FKHKHUD]DGH
2QHRIWKHHYLOJHQLLZKRDUHSHUSHWXDOO\XSRQWKHZDWFKWR
LQIOLFWLOOKDVSXWLWLQWRWKHKHDGVRIWKHVHDFFRPSOLVKHGODGLHVWKDWWKHWKLQJZKLFKZHGHVFULEHDV
SHUVRQDOEHDXW\FRQVLVWVDOWRJHWKHULQWKHSURWXEHUDQFHRIWKHUHJLRQZKLFKOLHVQRWYHU\IDUEHORZ
WKHVPDOORIWKHEDFN3HUIHFWLRQRIORYHOLQHVVWKH\VD\LVLQWKHGLUHFWUDWLRRIWKHH[WHQWRIWKLV
OXPS+DYLQJEHHQORQJSRVVHVVHGRIWKLVLGHDDQGEROVWHUVEHLQJFKHDSLQWKDWFRXQWU\WKHGD\V
KDYHORQJJRQHE\VLQFHLWZDVSRVVLEOHWRGLVWLQJXLVKDZRPDQIURPDGURPHGDU\
6WRSVDLGWKHNLQJ³,FDQ
WVWDQGWKDWDQG,ZRQ
W<RXKDYHDOUHDG\JLYHQPHDGUHDGIXO
KHDGDFKHZLWK\RXUOLHV7KHGD\WRR,SHUFHLYHLVEHJLQQLQJWREUHDN+RZORQJKDYHZHEHHQ
PDUULHG"³P\FRQVFLHQFHLVJHWWLQJWREHWURXEOHVRPHDJDLQ$QGWKHQWKDWGURPHGDU\WRXFK³GR
\RXWDNHPHIRUDIRRO"8SRQWKHZKROH\RXPLJKWDVZHOOJHWXSDQGEHWKURWWOHG
7KHVHZRUGVDV,OHDUQIURPWKH,VLWVRRUQRWERWKJULHYHGDQGDVWRQLVKHG6FKHKHUD]DGHEXW
DVVKHNQHZWKHNLQJWREHDPDQRIVFUXSXORXVLQWHJULW\DQGTXLWHXQOLNHO\WRIRUIHLWKLVZRUGVKH
VXEPLWWHG WR KHU IDWH ZLWK D JRRG JUDFH 6KH GHULYHG KRZHYHU JUHDW FRQVRODWLRQ GXULQJ WKH
WLJKWHQLQJRIWKHERZVWULQJIURPWKHUHIOHFWLRQWKDWPXFKRIWKHKLVWRU\UHPDLQHGVWLOOXQWROGDQG
WKDW WKH SHWXODQFH RI KHU EUXWH RI D KXVEDQG KDG UHDSHG IRU KLP D PRVW ULJKWHRXV UHZDUG LQ
GHSULYLQJKLPRIPDQ\LQFRQFHLYDEOHDGYHQWXUHV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
$'(6&(17,1727+(0$(/675g0
7KHZD\VRI*RGLQ1DWXUHDVLQ3URYLGHQFHDUHQRWDVRXU
ZD\VQRUDUHWKHPRGHOVWKDWZHIUDPHDQ\ZD\FRPPHQVXUDWHWRWKH
YDVWQHVVSURIXQGLW\DQGXQVHDUFKDEOHQHVVRI+LVZRUNVZKLFKKDYH
DGHSWKLQWKHPJUHDWHUWKDQWKHZHOORI'HPRFULWXV
-RVHSK*ODQYLOOH
:(KDGQRZUHDFKHGWKHVXPPLWRIWKHORIWLHVWFUDJ)RUVRPHPLQXWHVWKHROGPDQVHHPHGWRR
PXFKH[KDXVWHGWRVSHDN
1RW ORQJ DJR VDLG KH DW OHQJWK DQG , FRXOG KDYH JXLGHG \RX RQ WKLV URXWH DV ZHOO DV WKH
\RXQJHVW RI P\ VRQV EXW DERXW WKUHH \HDUV SDVW WKHUH KDSSHQHG WR PH DQ HYHQW VXFK DV QHYHU
KDSSHQHGWRPRUWDOPDQ³RUDWOHDVWVXFKDVQRPDQHYHUVXUYLYHGWRWHOORI³DQGWKHVL[KRXUVRI
GHDGO\WHUURUZKLFK,WKHQHQGXUHGKDYHEURNHQPHXSERG\DQGVRXO<RXVXSSRVHPHDYHU\ROG
PDQ³EXW,DPQRW,WWRRNOHVVWKDQDVLQJOHGD\WRFKDQJHWKHVHKDLUVIURPDMHWW\EODFNWRZKLWH
WR ZHDNHQ P\ OLPEV DQG WR XQVWULQJ P\ QHUYHV VR WKDW , WUHPEOH DW WKH OHDVW H[HUWLRQ DQG DP
IULJKWHQHG DW D VKDGRZ 'R \RX NQRZ , FDQ VFDUFHO\ ORRN RYHU WKLV OLWWOH FOLII ZLWKRXW JHWWLQJ
JLGG\"
7KH OLWWOH FOLII XSRQ ZKRVH HGJH KH KDG VR FDUHOHVVO\ WKURZQ KLPVHOI GRZQ WR UHVW WKDW WKH
ZHLJKWLHUSRUWLRQRIKLVERG\KXQJRYHULWZKLOHKHZDVRQO\NHSWIURPIDOOLQJE\WKHWHQXUHRIKLV
HOERZRQLWVH[WUHPHDQGVOLSSHU\HGJH³WKLVOLWWOHFOLIIDURVHDVKHHUXQREVWUXFWHGSUHFLSLFH RI
EODFN VKLQLQJ URFN VRPH ILIWHHQ RU VL[WHHQ KXQGUHG IHHW IURP WKH ZRUOG RI FUDJV EHQHDWK XV
1RWKLQJZRXOGKDYHWHPSWHGPHWRZLWKLQKDOIDGR]HQ\DUGVRILWVEULQN,QWUXWKVRGHHSO\ZDV,
H[FLWHGE\WKHSHULORXVSRVLWLRQRIP\FRPSDQLRQWKDW,IHOODWIXOOOHQJWKXSRQWKHJURXQGFOXQJWR
WKHVKUXEVDURXQGPHDQGGDUHGQRWHYHQJODQFHXSZDUGDWWKHVN\³ZKLOH,VWUXJJOHGLQYDLQWR
GLYHVWP\VHOIRIWKHLGHDWKDWWKHYHU\IRXQGDWLRQVRIWKHPRXQWDLQZHUHLQGDQJHUIURPWKHIXU\RI
WKHZLQGV,WZDVORQJEHIRUH,FRXOGUHDVRQP\VHOILQWRVXIILFLHQWFRXUDJHWRVLWXSDQGORRNRXW
LQWRWKHGLVWDQFH
<RXPXVWJHWRYHUWKHVHIDQFLHVVDLGWKHJXLGHIRU,KDYHEURXJKW\RXKHUHWKDW\RXPLJKW
KDYHWKHEHVWSRVVLEOHYLHZRIWKHVFHQHRIWKDWHYHQW,PHQWLRQHG³DQGWRWHOO\RXWKHZKROHVWRU\
ZLWKWKHVSRWMXVWXQGHU\RXUH\H
:HDUHQRZKHFRQWLQXHGLQWKDWSDUWLFXODUL]LQJPDQQHUZKLFKGLVWLQJXLVKHGKLP³ZHDUH
QRZFORVHXSRQWKH1RUZHJLDQFRDVW³LQWKHVL[W\HLJKWKGHJUHHRIODWLWXGH³LQWKHJUHDWSURYLQFH
RI 1RUGODQG³DQG LQ WKH GUHDU\ GLVWULFW RI /RIRGHQ 7KH PRXQWDLQ XSRQ ZKRVH WRS ZH VLW LV
+HOVHJJHQ WKH &ORXG\ 1RZ UDLVH \RXUVHOI XS D OLWWOH KLJKHU³KROG RQ WR WKH JUDVV LI \RX IHHO
JLGG\³VR³DQGORRNRXWEH\RQGWKHEHOWRIYDSRUEHQHDWKXVLQWRWKHVHD
,ORRNHGGL]]LO\DQGEHKHOGDZLGHH[SDQVHRIRFHDQZKRVHZDWHUVZRUHVRLQN\DKXHDVWR
EULQJDWRQFHWRP\PLQGWKH1XELDQJHRJUDSKHU
VDFFRXQWRIWKH0DUH7HQHEUDUXP$SDQRUDPD
PRUHGHSORUDEO\GHVRODWHQRKXPDQLPDJLQDWLRQFDQFRQFHLYH7RWKHULJKWDQGOHIWDVIDUDVWKH
H\H FRXOG UHDFK WKHUH OD\ RXWVWUHWFKHG OLNH UDPSDUWV RI WKH ZRUOG OLQHV RI KRUULGO\ EODFN DQG
EHHWOLQJ FOLII ZKRVH FKDUDFWHU RI JORRP ZDV EXW WKH PRUH IRUFLEO\ LOOXVWUDWHG E\ WKH VXUI ZKLFK
UHDUHGKLJKXSDJDLQVWLWVZKLWHDQGJKDVWO\FUHVWKRZOLQJDQGVKULHNLQJIRUHYHU-XVWRSSRVLWHWKH
SURPRQWRU\XSRQZKRVHDSH[ZHZHUHSODFHGDQGDWDGLVWDQFHRIVRPHILYHRUVL[PLOHVRXWDW
VHDWKHUHZDVYLVLEOHDVPDOOEOHDNORRNLQJLVODQGRUPRUHSURSHUO\LWVSRVLWLRQZDVGLVFHUQLEOH
WKURXJKWKHZLOGHUQHVVRIVXUJHLQZKLFKLWZDVHQYHORSHG$ERXWWZRPLOHVQHDUHUWKHODQGDURVH
DQRWKHU RI VPDOOHU VL]H KLGHRXVO\ FUDJJ\ DQG EDUUHQ DQG HQFRPSDVVHG DW YDULRXV LQWHUYDOV E\ D
FOXVWHURIGDUNURFNV
7KHDSSHDUDQFHRIWKHRFHDQLQWKHVSDFHEHWZHHQWKHPRUHGLVWDQWLVODQGDQG WKH VKRUH KDG
VRPHWKLQJYHU\XQXVXDODERXWLW$OWKRXJKDWWKHWLPHVRVWURQJDJDOHZDVEORZLQJODQGZDUGWKDW
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
DEULJLQWKHUHPRWHRIILQJOD\WRXQGHUDGRXEOHUHHIHGWU\VDLODQGFRQVWDQWO\SOXQJHGKHUZKROH
KXOORXW RI VLJKW VWLOO WKHUH ZDV KHUH QRWKLQJ OLNH D UHJXODU VZHOO EXW RQO\ D VKRUW TXLFN DQJU\
FURVVGDVKLQJRIZDWHULQHYHU\GLUHFWLRQ³DVZHOOLQWKHWHHWKRIWKHZLQGDVRWKHUZLVH2IIRDP
WKHUHZDVOLWWOHH[FHSWLQWKHLPPHGLDWHYLFLQLW\RIWKHURFNV
7KHLVODQGLQWKHGLVWDQFHUHVXPHGWKHROGPDQLVFDOOHGE\WKH1RUZHJLDQV 9XUUJK 7KH
RQHPLGZD\LV0RVNRH7KDWDPLOHWRWKHQRUWKZDUGLV$PEDDUHQ<RQGHUDUH,VOHVHQ+RWKROP
.HLOGKHOP 6XDUYHQ DQG %XFNKROP )DUWKHU RII³EHWZHHQ 0RVNRH DQG 9XUUJK³DUH 2WWHUKROP
)OLPHQ6DQGIOHVHQDQG6WRFNKROP7KHVHDUHWKHWUXHQDPHVRIWKHSODFHV³EXWZK\LWKDVEHHQ
WKRXJKWQHFHVVDU\WRQDPHWKHPDWDOOLVPRUHWKDQHLWKHU\RXRU,FDQXQGHUVWDQG'R\RXKHDU
DQ\WKLQJ"'R\RXVHHDQ\FKDQJHLQWKHZDWHU"
:H KDG QRZ EHHQ DERXW WHQ PLQXWHV XSRQ WKH WRS RI +HOVHJJHQ WR ZKLFK ZH KDG DVFHQGHG
IURPWKHLQWHULRURI/RIRGHQVRWKDWZHKDGFDXJKWQRJOLPSVHRIWKHVHDXQWLOLWKDGEXUVWXSRQXV
IURPWKHVXPPLW$VWKHROGPDQVSRNH,EHFDPHDZDUHRIDORXGDQGJUDGXDOO\LQFUHDVLQJVRXQG
OLNHWKHPRDQLQJRIDYDVWKHUGRIEXIIDORHVXSRQDQ$PHULFDQSUDLULHDQGDWWKHVDPHPRPHQW,
SHUFHLYHG WKDW ZKDW VHDPHQ WHUP WKH FKRSSLQJ FKDUDFWHU RI WKH RFHDQ EHQHDWK XV ZDV UDSLGO\
FKDQJLQJ LQWR D FXUUHQW ZKLFK VHW WR WKH HDVWZDUG (YHQ ZKLOH , JD]HG WKLV FXUUHQW DFTXLUHG D
PRQVWURXVYHORFLW\(DFKPRPHQWDGGHGWRLWVVSHHG³WRLWVKHDGORQJLPSHWXRVLW\,QILYHPLQXWHV
WKHZKROHVHDDVIDUDV9XUUJKZDVODVKHGLQWRXQJRYHUQDEOHIXU\EXWLWZDVEHWZHHQ0RVNRH
DQG WKH FRDVW WKDW WKH PDLQ XSURDU KHOG LWV VZD\ +HUH WKH YDVW EHG RI WKH ZDWHUV VHDPHG DQG
VFDUUHGLQWRDWKRXVDQGFRQIOLFWLQJFKDQQHOVEXUVWVXGGHQO\LQWRSKUHQVLHG FRQYXOVLRQ³KHDYLQJ
ERLOLQJKLVVLQJ³J\UDWLQJLQJLJDQWLFDQGLQQXPHUDEOHYRUWLFHVDQGDOOZKLUOLQJDQGSOXQJLQJRQ
WR WKH HDVWZDUG ZLWK D UDSLGLW\ ZKLFK ZDWHU QHYHU HOVHZKHUH DVVXPHV H[FHSW LQ SUHFLSLWRXV
GHVFHQWV
,QDIHZPLQXWHVPRUHWKHUHFDPHRYHUWKHVFHQHDQRWKHUUDGLFDODOWHUDWLRQ7KHJHQHUDOVXUIDFH
JUHZ VRPHZKDW PRUH VPRRWK DQG WKH ZKLUOSRROV RQH E\ RQH GLVDSSHDUHG ZKLOH SURGLJLRXV
VWUHDNV RI IRDP EHFDPH DSSDUHQW ZKHUH QRQH KDG EHHQ VHHQ EHIRUH 7KHVH VWUHDNV DW OHQJWK
VSUHDGLQJRXWWRDJUHDWGLVWDQFHDQGHQWHULQJLQWRFRPELQDWLRQWRRNXQWRWKHPVHOYHVWKHJ\UDWRU\
PRWLRQRIWKHVXEVLGHGYRUWLFHVDQGVHHPHGWRIRUPWKHJHUPRIDQRWKHUPRUHYDVW6XGGHQO\³
YHU\VXGGHQO\³WKLVDVVXPHG D GLVWLQFW DQG GHILQLWH H[LVWHQFH LQ D FLUFOH RI PRUH WKDQ D PLOH LQ
GLDPHWHU7KHHGJHRIWKHZKLUOZDVUHSUHVHQWHGE\DEURDGEHOWRIJOHDPLQJVSUD\EXWQRSDUWLFOH
RIWKLVVOLSSHGLQWRWKHPRXWKRIWKHWHUULILFIXQQHOZKRVHLQWHULRUDVIDUDVWKHH\HFRXOGIDWKRPLW
ZDV D VPRRWK VKLQLQJ DQG MHWEODFN ZDOO RI ZDWHU LQFOLQHG WR WKH KRUL]RQ DW DQ DQJOH RI VRPH
IRUW\ILYHGHJUHHVVSHHGLQJGL]]LO\URXQGDQGURXQGZLWKD VZD\LQJDQG VZHOWHULQJ PRWLRQDQG
VHQGLQJIRUWKWRWKHZLQGVDQDSSDOOLQJYRLFHKDOIVKULHNKDOIURDUVXFKDVQRWHYHQWKHPLJKW\
FDWDUDFWRI1LDJDUDHYHUOLIWVXSLQLWVDJRQ\WR+HDYHQ
7KHPRXQWDLQWUHPEOHGWRLWVYHU\EDVHDQGWKHURFNURFNHG,WKUHZP\VHOIXSRQP\IDFHDQG
FOXQJWRWKHVFDQWKHUEDJHLQDQH[FHVVRIQHUYRXVDJLWDWLRQ
7KLVVDLG,DWOHQJWKWRWKHROGPDQ³WKLVFDQEHQRWKLQJHOVHWKDQWKHJUHDWZKLUOSRRORIWKH
0DHOVWU|P
6RLWLVVRPHWLPHVWHUPHGVDLGKH:H1RUZHJLDQVFDOOLWWKH0RVNRHVWU|PIURPWKHLVODQG
RI0RVNRHLQWKHPLGZD\
7KHRUGLQDU\DFFRXQWVRIWKLVYRUWH[KDGE\QRPHDQVSUHSDUHGPHIRUZKDW,VDZ7KDWRI-RQDV
5DPXV ZKLFK LV SHUKDSV WKH PRVW FLUFXPVWDQWLDO RI DQ\ FDQQRW LPSDUW WKH IDLQWHVW FRQFHSWLRQ
HLWKHURIWKHPDJQLILFHQFHRURIWKHKRUURURIWKHVFHQH³RURIWKHZLOGEHZLOGHULQJVHQVHRIWKH
QRYHOZKLFKFRQIRXQGVWKHEHKROGHU,DPQRWVXUHIURPZKDWSRLQWRIYLHZWKHZULWHULQTXHVWLRQ
VXUYH\HGLWQRUDWZKDWWLPHEXWLWFRXOGQHLWKHU KDYH EHHQ IURP WKH VXPPLW RI +HOVHJJHQ QRU
GXULQJDVWRUP7KHUHDUHVRPHSDVVDJHVRIKLVGHVFULSWLRQQHYHUWKHOHVVZKLFKPD\EHTXRWHGIRU
WKHLUGHWDLOVDOWKRXJKWKHLUHIIHFWLVH[FHHGLQJO\IHHEOHLQFRQYH\LQJDQLPSUHVVLRQRIWKHVSHFWDFOH
%HWZHHQ/RIRGHQDQG0RVNRHKHVD\VWKHGHSWKRIWKHZDWHULVEHWZHHQWKLUW\VL[DQGIRUW\
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
IDWKRPV EXW RQ WKH RWKHU VLGH WRZDUG 9HU 9XUUJK WKLV GHSWK GHFUHDVHV VR DV QRW WR DIIRUG D
FRQYHQLHQWSDVVDJHIRUDYHVVHOZLWKRXWWKHULVNRIVSOLWWLQJRQWKHURFNVZKLFKKDSSHQVHYHQLQ
WKH FDOPHVW ZHDWKHU :KHQ LW LV IORRG WKH VWUHDP UXQV XS WKH FRXQWU\ EHWZHHQ /RIRGHQ DQG
0RVNRHZLWKDERLVWHURXVUDSLGLW\EXWWKHURDURILWVLPSHWXRXVHEEWRWKHVHDLVVFDUFHHTXDOOHGE\
WKHORXGHVWDQGPRVWGUHDGIXOFDWDUDFWVWKHQRLVHEHLQJKHDUGVHYHUDOOHDJXHVRIIDQGWKHYRUWLFHV
RU SLWV DUH RI VXFK DQ H[WHQW DQG GHSWK WKDW LI D VKLS FRPHV ZLWKLQ LWV DWWUDFWLRQ LW LV LQHYLWDEO\
DEVRUEHGDQGFDUULHGGRZQWRWKHERWWRPDQGWKHUHEHDWWRSLHFHVDJDLQVWWKHURFNVDQGZKHQWKH
ZDWHUUHOD[HVWKHIUDJPHQWVWKHUHRIDUHWKURZQXSDJDLQ%XWWKHVHLQWHUYDOVRIWUDQTXLOLW\DUHRQO\
DWWKHWXUQRIWKHHEEDQGIORRGDQGLQFDOPZHDWKHUDQGODVWEXWDTXDUWHURIDQKRXULWVYLROHQFH
JUDGXDOO\UHWXUQLQJ:KHQWKHVWUHDPLVPRVWERLVWHURXVDQGLWVIXU\KHLJKWHQHGE\D VWRUP LW LV
GDQJHURXVWRFRPHZLWKLQD1RUZD\PLOHRILW%RDWV\DFKWVDQGVKLSVKDYHEHHQFDUULHGDZD\E\
QRW JXDUGLQJ DJDLQVW LW EHIRUH WKH\ ZHUH ZLWKLQ LWV UHDFK ,W OLNHZLVH KDSSHQV IUHTXHQWO\ WKDW
ZKDOHVFRPHWRRQHDUWKHVWUHDPDQGDUHRYHUSRZHUHGE\LWVYLROHQFHDQGWKHQLWLVLPSRVVLEOHWR
GHVFULEHWKHLUKRZOLQJVDQGEHOORZLQJVLQWKHLUIUXLWOHVVVWUXJJOHVWRGLVHQJDJHWKHPVHOYHV$EHDU
RQFH DWWHPSWLQJWR VZLP IURP /RIRGHQ WR 0RVNRH ZDV FDXJKW E\ WKH VWUHDP DQG ERUQH GRZQ
ZKLOHKHURDUHGWHUULEO\VRDVWREHKHDUGRQVKRUH/DUJHVWRFNVRIILUVDQGSLQHWUHHVDIWHUEHLQJ
DEVRUEHGE\WKHFXUUHQWULVHDJDLQEURNHQDQGWRUQWRVXFKDGHJUHHDVLIEULVWOHVJUHZXSRQWKHP
7KLVSODLQO\VKRZVWKHERWWRPWRFRQVLVWRIFUDJJ\URFNVDPRQJZKLFKWKH\DUHZKLUOHGWRDQGIUR
7KLVVWUHDPLVUHJXODWHGE\WKHIOX[DQGUHIOX[RIWKHVHD³LWEHLQJFRQVWDQWO\KLJKDQGORZZDWHU
HYHU\VL[KRXUV,QWKH\HDUHDUO\LQWKHPRUQLQJRI6H[DJHVLPD6XQGD\LWUDJHGZLWKVXFK
QRLVHDQGLPSHWXRVLW\WKDWWKHYHU\VWRQHVRIWKHKRXVHVRQWKHFRDVWIHOOWRWKHJURXQG
,QUHJDUGWRWKHGHSWKRIWKHZDWHU,FRXOGQRWVHHKRZWKLVFRXOGKDYHEHHQDVFHUWDLQHGDWDOOLQ
WKHLPPHGLDWHYLFLQLW\RIWKHYRUWH[7KHIRUW\IDWKRPVPXVWKDYHUHIHUHQFHRQO\WRSRUWLRQVRI
WKH FKDQQHO FORVH XSRQ WKH VKRUH HLWKHU RI 0RVNRH RU /RIRGHQ 7KH GHSWK LQ WKH FHQWUH RI WKH
0RVNRHVWU|PPXVWEHLPPHDVXUDEO\JUHDWHUDQGQREHWWHUSURRIRIWKLVIDFWLVQHFHVVDU\WKDQFDQ
EHREWDLQHGIURPHYHQWKHVLGHORQJJODQFHLQWRWKHDE\VVRIWKHZKLUOZKLFKPD\EHKDGIURPWKH
KLJKHVWFUDJRI+HOVHJJHQ/RRNLQJGRZQIURPWKLVSLQQDFOHXSRQWKHKRZOLQJ3KOHJHWKRQEHORZ
,FRXOGQRWKHOSVPLOLQJDWWKHVLPSOLFLW\ZLWKZKLFKWKHKRQHVW-RQDV5DPXVUHFRUGVDVDPDWWHU
GLIILFXOWRIEHOLHIWKHDQHFGRWHVRIWKHZKDOHVDQGWKHEHDUVIRULWDSSHDUHGWRPHLQIDFWDVHOI
HYLGHQW WKLQJ WKDW WKH ODUJHVW VKLS RI WKH OLQH LQ H[LVWHQFH FRPLQJ ZLWKLQ WKH LQIOXHQFH RI WKDW
GHDGO\DWWUDFWLRQFRXOGUHVLVWLWDVOLWWOHDVDIHDWKHUWKHKXUULFDQHDQGPXVWGLVDSSHDUERGLO\DQGDW
RQFH
7KH DWWHPSWV WR DFFRXQW IRU WKH SKHQRPHQRQ³VRPH RI ZKLFK , UHPHPEHU VHHPHG WR PH
VXIILFLHQWO\ SODXVLEOH LQ SHUXVDO³QRZ ZRUH D YHU\ GLIIHUHQW DQG XQVDWLVIDFWRU\ DVSHFW 7KH LGHD
JHQHUDOO\UHFHLYHGLVWKDWWKLVDVZHOODVWKUHHVPDOOHUYRUWLFHVDPRQJWKH)HUURHLVODQGVKDYHQR
RWKHUFDXVHWKDQWKHFROOLVLRQRIZDYHVULVLQJDQGIDOOLQJDWIOX[DQGUHIOX[DJDLQVWDULGJHRIURFNV
DQGVKHOYHVZKLFKFRQILQHVWKHZDWHUVRWKDWLWSUHFLSLWDWHVLWVHOIOLNHDFDWDUDFWDQGWKXVWKHKLJKHU
WKHIORRGULVHVWKHGHHSHUPXVWWKHIDOOEHDQGWKHQDWXUDOUHVXOWRIDOOLVDZKLUOSRRORUYRUWH[WKH
SURGLJLRXVVXFWLRQRIZKLFKLVVXIILFLHQWO\NQRZQE\OHVVHUH[SHULPHQWV³7KHVHDUHWKHZRUGVRI
WKH(QF\FORS GLD%ULWDQQLFD.LUFKHUDQGRWKHUVLPDJLQHWKDWLQWKHFHQWUHRI WKH FKDQQHO RI WKH
0DHOVWU|P LV DQ DE\VV SHQHWUDWLQJ WKH JOREH DQG LVVXLQJ LQ VRPH YHU\ UHPRWH SDUW³WKH *XOI RI
%RWKQLDEHLQJVRPHZKDWGHFLGHGO\QDPHGLQRQHLQVWDQFH7KLVRSLQLRQLGOHLQLWVHOIZDVWKHRQH
WRZKLFKDV,JD]HGP\LPDJLQDWLRQPRVWUHDGLO\DVVHQWHGDQGPHQWLRQLQJLWWRWKHJXLGH,ZDV
UDWKHUVXUSULVHGWRKHDUKLPVD\WKDWDOWKRXJKLWZDVWKHYLHZDOPRVWXQLYHUVDOO\HQWHUWDLQHGRIWKH
VXEMHFWE\WKH1RUZHJLDQVLWQHYHUWKHOHVVZDVQRWKLVRZQ$VWRWKHIRUPHUQRWLRQKHFRQIHVVHG
KLVLQDELOLW\WRFRPSUHKHQGLWDQGKHUH,DJUHHGZLWKKLP³IRUKRZHYHUFRQFOXVLYHRQSDSHULW
EHFRPHVDOWRJHWKHUXQLQWHOOLJLEOHDQGHYHQDEVXUGDPLGWKHWKXQGHURIWKHDE\VV
<RXKDYHKDGDJRRGORRNDWWKHZKLUOQRZVDLGWKHROGPDQDQGLI\RXZLOOFUHHSURXQG
WKLVFUDJVRDVWRJHWLQLWVOHHDQGGHDGHQWKHURDURIWKHZDWHU,ZLOOWHOO\RXDVWRU\WKDWZLOO
FRQYLQFH\RX,RXJKWWRNQRZVRPHWKLQJRIWKH0RVNRHVWU|P
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,SODFHGP\VHOIDVGHVLUHGDQGKHSURFHHGHG
0\VHOI DQG P\ WZR EURWKHUV RQFH RZQHG D VFKRRQHUULJJHG VPDFN RI DERXW VHYHQW\ WRQV
EXUWKHQZLWKZKLFKZHZHUHLQWKHKDELWRIILVKLQJDPRQJWKHLVODQGVEH\RQG0RVNRHQHDUO\WR
9XUUJK,QDOOYLROHQWHGGLHVDWVHDWKHUHLVJRRGILVKLQJDWSURSHURSSRUWXQLWLHVLIRQHKDVRQO\WKH
FRXUDJHWRDWWHPSWLWEXWDPRQJWKHZKROHRIWKH/RIRGHQFRDVWPHQZHWKUHHZHUHWKHRQO\RQHV
ZKRPDGHDUHJXODUEXVLQHVVRIJRLQJRXWWRWKHLVODQGVDV,WHOO\RX7KHXVXDOJURXQGVDUHDJUHDW
ZD\ ORZHU GRZQ WR WKH VRXWKZDUG 7KHUH ILVK FDQ EH JRW DW DOO KRXUV ZLWKRXW PXFK ULVN DQG
WKHUHIRUH WKHVH SODFHV DUH SUHIHUUHG 7KH FKRLFH VSRWV RYHU KHUH DPRQJ WKH URFNV KRZHYHU QRW
RQO\\LHOGWKHILQHVWYDULHW\EXWLQIDUJUHDWHUDEXQGDQFHVRWKDWZHRIWHQJRWLQDVLQJOHGD\ZKDW
WKH PRUH WLPLG RI WKH FUDIW FRXOG QRW VFUDSH WRJHWKHU LQ D ZHHN ,Q IDFW ZH PDGH LW D PDWWHU RI
GHVSHUDWHVSHFXODWLRQ³WKHULVNRIOLIHVWDQGLQJLQVWHDGRIODERUDQGFRXUDJHDQVZHULQJIRUFDSLWDO
:H NHSW WKH VPDFN LQ D FRYH DERXW ILYH PLOHV KLJKHU XS WKH FRDVW WKDQ WKLV DQG LW ZDV RXU
SUDFWLFH LQ ILQH ZHDWKHU WR WDNH DGYDQWDJH RI WKH ILIWHHQ PLQXWHV
VODFN WR SXVK DFURVV WKH PDLQ
FKDQQHORIWKH0RVNRHVWU|PIDUDERYHWKHSRRODQGWKHQGURSGRZQXSRQDQFKRUDJHVRPHZKHUH
QHDU2WWHUKROPRU6DQGIOHVHQZKHUHWKHHGGLHVDUHQRWVRYLROHQWDVHOVHZKHUH+HUHZHXVHGWR
UHPDLQXQWLOQHDUO\WLPHIRUVODFNZDWHUDJDLQZKHQZHZHLJKHGDQGPDGHIRUKRPH:HQHYHUVHW
RXWXSRQWKLVH[SHGLWLRQZLWKRXWDVWHDG\VLGHZLQGIRUJRLQJDQGFRPLQJ³RQHWKDWZHIHOWVXUH
ZRXOGQRWIDLOXVEHIRUHRXUUHWXUQ³DQGZHVHOGRPPDGHDPLVFDOFXODWLRQXSRQWKLVSRLQW7ZLFH
GXULQJVL[\HDUVZHZHUHIRUFHGWRVWD\DOOQLJKWDWDQFKRURQDFFRXQWRIDGHDGFDOPZKLFKLVD
UDUH WKLQJ LQGHHG MXVW DERXW KHUH DQG RQFH ZH KDG WR UHPDLQ RQ WKH JURXQGV QHDUO\ D ZHHN
VWDUYLQJWRGHDWKRZLQJWRDJDOHZKLFKEOHZXSVKRUWO\DIWHURXUDUULYDODQGPDGHWKHFKDQQHOWRR
ERLVWHURXVWREHWKRXJKWRI8SRQWKLVRFFDVLRQZHVKRXOGKDYHEHHQGULYHQRXWWRVHDLQVSLWHRI
HYHU\WKLQJIRUWKHZKLUOSRROVWKUHZXVURXQGDQGURXQGVRYLROHQWO\WKDWDWOHQJWKZHIRXOHGRXU
DQFKRUDQGGUDJJHGLWLILWKDGQRWEHHQWKDWZHGULIWHGLQWRRQHRIWKHLQQXPHUDEOHFURVVFXUUHQWV
³KHUHWRGD\DQGJRQHWRPRUURZ³ZKLFKGURYHXVXQGHUWKHOHHRI)OLPHQZKHUHE\JRRGOXFN
ZHEURXJKWXS
,FRXOGQRWWHOO\RXWKHWZHQWLHWKSDUWRIWKHGLIILFXOWLHVZHHQFRXQWHUHG
RQWKHJURXQGV
³LWLVD
EDG VSRW WR EH LQ HYHQ LQ JRRG ZHDWKHU³EXW ZH PDGH VKLIW DOZD\V WR UXQ WKH JDXQWOHW RI WKH
0RVNRHVWU|PLWVHOIZLWKRXWDFFLGHQWDOWKRXJKDWWLPHVP\KHDUWKDVEHHQLQP\PRXWKZKHQZH
KDSSHQHGWREHDPLQXWHRUVREHKLQGRUEHIRUHWKHVODFN7KHZLQGVRPHWLPHVZDVQRWDVVWURQJDV
ZHWKRXJKWLWDWVWDUWLQJDQGWKHQZHPDGHUDWKHUOHVVZD\WKDQZHFRXOGZLVKZKLOHWKHFXUUHQW
UHQGHUHGWKHVPDFNXQPDQDJHDEOH0\HOGHVWEURWKHUKDGDVRQHLJKWHHQ\HDUVROGDQG,KDGWZR
VWRXW ER\V RI P\ RZQ 7KHVH ZRXOG KDYH EHHQ RI JUHDW DVVLVWDQFH DW VXFK WLPHV LQ XVLQJ WKH
VZHHSVDVZHOODVDIWHUZDUGLQILVKLQJ³EXWVRPHKRZDOWKRXJKZHUDQWKHULVNRXUVHOYHVZHKDG
QRW WKH KHDUW WR OHW WKH \RXQJ RQHV JHW LQWR WKH GDQJHU³IRU DIWHU DOO LV VDLG DQG GRQH LW ZDV D
KRUULEOHGDQJHUDQGWKDWLVWKHWUXWK
,WLVQRZZLWKLQDIHZGD\VRIWKUHH\HDUVVLQFHZKDW,DPJRLQJWRWHOO\RXRFFXUUHG,WZDVRQ
WKHWHQWKGD\RI-XO\DGD\ZKLFKWKHSHRSOHRIWKLVSDUWRIWKHZRUOGZLOOQHYHUIRUJHW³IRULW
ZDVRQHLQZKLFKEOHZWKHPRVWWHUULEOHKXUULFDQHWKDWHYHUFDPHRXWRIWKHKHDYHQV$QG\HW DOO
WKHPRUQLQJDQGLQGHHGXQWLOODWHLQWKHDIWHUQRRQWKHUHZDVDJHQWOHDQGVWHDG\EUHH]HIURPWKH
VRXWKZHVW ZKLOH WKH VXQ VKRQH EULJKWO\ VR WKDW WKH ROGHVW VHDPDQ DPRQJ XV FRXOG QRW KDYH
IRUHVHHQZKDWZDVWRIROORZ
7KH WKUHH RI XV³P\ WZR EURWKHUV DQG P\VHOI³KDG FURVVHG RYHU WR WKH LVODQGV DERXW WZR
R
FORFN30DQGKDGVRRQQHDUO\ORDGHGWKHVPDFNZLWKILQHILVKZKLFKZHDOOUHPDUNHGZHUH
PRUH SOHQW\ WKDW GD\ WKDQ ZH KDG HYHU NQRZQ WKHP ,W ZDV MXVW VHYHQ E\ P\ ZDWFK ZKHQ ZH
ZHLJKHGDQGVWDUWHGIRUKRPHVRDVWRPDNHWKHZRUVWRIWKH6WU|PDWVODFNZDWHUZKLFKZHNQHZ
ZRXOGEHDWHLJKW
:HVHWRXWZLWKDIUHVKZLQGRQRXUVWDUERDUGTXDUWHUDQGIRUVRPHWLPHVSDQNHGDORQJDWD
JUHDWUDWHQHYHUGUHDPLQJRIGDQJHUIRULQGHHGZHVDZQRWWKHVOLJKWHVWUHDVRQWRDSSUHKHQGLW$OO
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
DW RQFH ZH ZHUH WDNHQ DEDFN E\ D EUHH]H IURP RYHU +HOVHJJHQ 7KLV ZDV PRVW XQXVXDO³
VRPHWKLQJ WKDW KDG QHYHU KDSSHQHG WR XV EHIRUH³DQG , EHJDQ WR IHHO D OLWWOH XQHDV\ ZLWKRXW
H[DFWO\ NQRZLQJ ZK\ :H SXW WKH ERDW RQ WKH ZLQG EXW FRXOG PDNH QR KHDGZD\ DW DOO IRU WKH
HGGLHVDQG,ZDVXSRQWKHSRLQWRISURSRVLQJWRUHWXUQWRWKHDQFKRUDJHZKHQORRNLQJDVWHUQZH
VDZ WKH ZKROH KRUL]RQ FRYHUHG ZLWK D VLQJXODU FRSSHUFRORUHG FORXG WKDW URVH ZLWK WKH PRVW
DPD]LQJYHORFLW\
,Q WKH PHDQWLPH WKH EUHH]H WKDW KDG KHDGHG XV RII IHOO DZD\ DQG ZH ZHUH GHDG EHFDOPHG
GULIWLQJDERXWLQHYHU\GLUHFWLRQ7KLVVWDWHRIWKLQJVKRZHYHUGLGQRWODVWORQJHQRXJKWRJLYHXV
WLPHWRWKLQNDERXWLW,QOHVVWKDQDPLQXWHWKHVWRUPZDVXSRQXV³LQOHVVWKDQWZRWKHVN\ZDV
HQWLUHO\RYHUFDVW³DQG ZKDW ZLWK WKLV DQG WKH GULYLQJ VSUD\ LWEHFDPH VXGGHQO\ VRGDUNWKDWZH
FRXOGQRWVHHHDFKRWKHULQWKHVPDFN
6XFKDKXUULFDQHDVWKHQEOHZLWLVIROO\WRDWWHPSWGHVFULELQJ7KHROGHVW VHDPDQ LQ 1RUZD\
QHYHUH[SHULHQFHGDQ\WKLQJOLNHLW:HKDGOHWRXUVDLOVJRE\WKHUXQEHIRUHLWFOHYHUO\WRRNXV
EXWDWWKHILUVWSXIIERWKRXUPDVWVZHQWE\WKHERDUGDVLIWKH\KDGEHHQVDZHGRII³WKHPDLQPDVW
WDNLQJZLWKLWP\\RXQJHVWEURWKHUZKRKDGODVKHGKLPVHOIWRLWIRUVDIHW\
2XUERDW ZDV WKH OLJKWHVW IHDWKHU RI D WKLQJWKDW HYHU VDWXSRQ ZDWHU ,W KDG D FRPSOHWH IOXVK
GHFNZLWKRQO\DVPDOOKDWFKQHDUWKHERZDQGWKLVKDWFKLWKDGDOZD\VEHHQRXUFXVWRPWREDWWHQ
GRZQZKHQDERXWWRFURVVWKH6WU|PE\ZD\RISUHFDXWLRQDJDLQVWWKHFKRSSLQJVHDV%XWIRUWKLV
FLUFXPVWDQFH ZH VKRXOG KDYH IRXQGHUHG DW RQFH³IRU ZH OD\ HQWLUHO\ EXULHG IRU VRPH PRPHQWV
+RZ P\ HOGHU EURWKHU HVFDSHG GHVWUXFWLRQ , FDQQRW VD\ IRU , QHYHU KDG DQ RSSRUWXQLW\ RI
DVFHUWDLQLQJ)RUP\SDUWDVVRRQDV,KDGOHWWKHIRUHVDLOUXQ,WKUHZP\VHOIIODWRQGHFNZLWKP\
IHHWDJDLQVWWKHQDUURZJXQZDOHRIWKHERZDQGZLWKP\KDQGVJUDVSLQJDULQJEROWQHDUWKHIRRW
RI WKH IRUHPDVW ,W ZDV PHUH LQVWLQFW WKDW SURPSWHG PH WR GR WKLV³ZKLFK ZDV XQGRXEWHGO\ WKH
YHU\EHVWWKLQJ,FRXOGKDYHGRQH³IRU,ZDVWRRPXFKIOXUULHGWRWKLQN
)RUVRPHPRPHQWVZHZHUHFRPSOHWHO\GHOXJHGDV,VD\DQGDOOWKLVWLPH, KHOG P\ EUHDWK
DQGFOXQJWRWKHEROW:KHQ,FRXOGVWDQGLWQRORQJHU,UDLVHGP\VHOIXSRQP\NQHHVVWLOONHHSLQJ
KROGZLWKP\KDQGVDQGWKXVJRWP\KHDGFOHDU3UHVHQWO\RXUOLWWOHERDWJDYHKHUVHOIDVKDNHMXVW
DVDGRJGRHVLQFRPLQJRXWRIWKHZDWHUDQGWKXVULGKHUVHOILQVRPHPHDVXUHRIWKHVHDV,ZDV
QRZWU\LQJWRJHWWKHEHWWHURIWKHVWXSRUWKDWKDGFRPHRYHUPHDQGWRFROOHFWP\VHQVHVVRDVWR
VHHZKDWZDVWREHGRQHZKHQ,IHOWVRPHERG\JUDVSP\DUP,WZDVP\HOGHUEURWKHUDQGP\
KHDUWOHDSHGIRUMR\IRU,KDGPDGHVXUHWKDWKHZDVRYHUERDUG³EXWWKHQH[WPRPHQWDOOWKLVMR\
ZDVWXUQHGLQWRKRUURU³IRUKHSXWKLVPRXWKFORVHWRP\HDUDQGVFUHDPHGRXWWKHZRUG
0RVNRH
VWU|P
1RRQHHYHUZLOONQRZZKDWP\IHHOLQJVZHUHDWWKDWPRPHQW,VKRRNIURPKHDGWRIRRWDVLI,
KDGKDGWKHPRVWYLROHQWILWRIWKHDJXH,NQHZZKDWKHPHDQWE\WKDWRQHZRUGZHOOHQRXJK³,
NQHZ ZKDW KH ZLVKHG WR PDNH PH XQGHUVWDQG :LWK WKH ZLQG WKDW QRZ GURYH XV RQ ZH ZHUH
ERXQGIRUWKHZKLUORIWKH6WU|PDQGQRWKLQJFRXOGVDYHXV
<RX SHUFHLYH WKDW LQ FURVVLQJ WKH 6WU|P FKDQQHO ZH DOZD\V ZHQW D ORQJ ZD\ XS DERYH WKH
ZKLUO HYHQ LQ WKH FDOPHVW ZHDWKHU DQG WKHQ KDG WR ZDLW DQG ZDWFK FDUHIXOO\ IRU WKH VODFN³EXW
QRZ ZH ZHUH GULYLQJ ULJKW XSRQ WKH SRRO LWVHOI DQG LQ VXFK D KXUULFDQH DV WKLV 7R EH VXUH
,
WKRXJKW
ZHVKDOOJHWWKHUHMXVWDERXWWKHVODFN³WKHUHLVVRPHOLWWOHKRSHLQWKDW
³EXWLQWKHQH[W
PRPHQW,FXUVHGP\VHOIIRUEHLQJVRJUHDWDIRRODVWRGUHDPRIKRSHDWDOO,NQHZYHU\ZHOOWKDW
ZHZHUHGRRPHGKDGZHEHHQWHQWLPHVDQLQHW\JXQVKLS
%\WKLVWLPHWKHILUVWIXU\RIWKHWHPSHVWKDGVSHQWLWVHOIRUSHUKDSVZHGLGQRWIHHOLWVRPXFK
DVZHVFXGGHGEHIRUHLWEXWDWDOOHYHQWVWKHVHDVZKLFKDWILUVWKDGEHHQNHSWGRZQE\WKHZLQG
DQGOD\IODWDQGIURWKLQJQRZJRWXSLQWRDEVROXWHPRXQWDLQV$VLQJXODUFKDQJHWRRKDGFRPH
RYHUWKHKHDYHQV$URXQGLQHYHU\GLUHFWLRQLWZDVVWLOODVEODFNDVSLWFKEXWQHDUO\RYHUKHDGWKHUH
EXUVWRXWDOODWRQFHDFLUFXODUULIWRIFOHDUVN\³DVFOHDUDV,HYHUVDZ³DQGRIDGHHSEULJKWEOXH
³DQGWKURXJKLWWKHUHEOD]HGIRUWKWKHIXOOPRRQZLWKDOXVWUHWKDW,QHYHUEHIRUHNQHZKHUWRZHDU
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
6KHOLWXSHYHU\WKLQJDERXWXVZLWKWKHJUHDWHVWGLVWLQFWQHVV³EXWRK*RGZKDWDVFHQHLWZDVWR
OLJKWXS
,QRZPDGHRQHRUWZRDWWHPSWVWRVSHDNWRP\EURWKHU³EXWLQVRPHPDQQHUZKLFK,FRXOG
QRWXQGHUVWDQGWKHGLQKDGVRLQFUHDVHGWKDW,FRXOGQRWPDNHKLPKHDUDVLQJOHZRUGDOWKRXJK,
VFUHDPHGDWWKHWRSRIP\YRLFHLQKLVHDU3UHVHQWO\KHVKRRNKLVKHDGORRNLQJDVSDOHDVGHDWK
DQGKHOGXSRQHRIKLVILQJHUVDVLIWRVD\
OLVWHQ
$WILUVW,FRXOGQRWPDNHRXWZKDWKHPHDQW³EXWVRRQDKLGHRXVWKRXJKWIODVKHGXSRQPH,
GUDJJHGP\ZDWFKIURPLWVIRE,WZDVQRWJRLQJ,JODQFHGDWLWVIDFHE\WKHPRRQOLJKWDQGWKHQ
EXUVWLQWRWHDUVDV,IOXQJLWIDUDZD\LQWRWKHRFHDQ,WKDGUXQGRZQDWVHYHQR
FORFN :H ZHUH
EHKLQGWKHWLPHRIWKHVODFNDQGWKHZKLUORIWKH6WU|PZDVLQIXOOIXU\
:KHQDERDWLVZHOOEXLOWSURSHUO\WULPPHGDQGQRWGHHSODGHQWKHZDYHV LQ D VWURQJ JDOH
ZKHQVKHLVJRLQJODUJHVHHPDOZD\VWRVOLSIURPEHQHDWKKHU³ZKLFKDSSHDUVYHU\VWUDQJHWRD
ODQGVPDQ³DQGWKLVLVZKDWLVFDOOHGULGLQJLQVHDSKUDVH:HOOVRIDUZHKDGULGGHQWKH VZHOOV
YHU\FOHYHUO\EXWSUHVHQWO\DJLJDQWLFVHDKDSSHQHGWRWDNHXVULJKWXQGHUWKHFRXQWHUDQGERUHXV
ZLWKLWDVLWURVH³XS³XS³DVLILQWRWKHVN\,ZRXOGQRWKDYHEHOLHYHGWKDWDQ\ZDYHFRXOGULVH
VRKLJK$QGWKHQGRZQZHFDPHZLWKDVZHHSDVOLGHDQGDSOXQJHWKDWPDGHPHIHHOVLFNDQG
GL]]\DVLI,ZDVIDOOLQJIURPVRPHORIW\PRXQWDLQWRSLQDGUHDP%XWZKLOHZHZHUHXS,KDG
WKURZQDTXLFNJODQFHDURXQG³DQGWKDWRQHJODQFHZDVDOOVXIILFLHQW,VDZRXUH[DFWSRVLWLRQLQ
DQLQVWDQW7KH0RVNRH6WU|PZKLUOSRROZDVDERXWDTXDUWHURIDPLOHGHDGDKHDG³EXWQRPRUH
OLNHWKHHYHU\GD\0RVNRH6WU|PWKDQWKHZKLUODV\RXQRZVHHLWLVOLNHDPLOOUDFH,I,KDGQRW
NQRZQZKHUHZHZHUHDQGZKDWZHKDGWRH[SHFW,VKRXOGQRWKDYHUHFRJQLVHGWKHSODFHDWDOO
$VLWZDV,LQYROXQWDULO\FORVHGP\H\HVLQKRUURU7KHOLGVFOHQFKHGWKHPVHOYHVWRJHWKHUDVLILQD
VSDVP
,W FRXOG QRW KDYH EHHQ PRUH WKDQ WZR PLQXWHV DIWHUZDUG XQWLO ZH VXGGHQO\ IHOW WKH ZDYHV
VXEVLGHDQGZHUHHQYHORSHGLQIRDP7KHERDWPDGHDVKDUSKDOIWXUQWRODUERDUGDQGWKHQVKRW
RIILQLWVQHZGLUHFWLRQOLNHDWKXQGHUEROW$WWKHVDPHPRPHQWWKHURDULQJQRLVHRIWKHZDWHUZDV
FRPSOHWHO\GURZQHGLQDNLQGRIVKULOOVKULHN³VXFKDVRXQGDV\RXPLJKWLPDJLQHJLYHQRXWE\WKH
ZDVWHSLSHVRIPDQ\WKRXVDQGVWHDPYHVVHOVOHWWLQJRIIWKHLUVWHDPDOOWRJHWKHU:HZHUHQRZLQ
WKH EHOW RI VXUI WKDW DOZD\V VXUURXQGV WKH ZKLUO DQG , WKRXJKW RI FRXUVH WKDW DQRWKHU PRPHQW
ZRXOG SOXQJH XV LQWR WKH DE\VV³GRZQ ZKLFK ZH FRXOG RQO\ VHH LQGLVWLQFWO\ RQ DFFRXQW RI WKH
DPD]LQJYHORFLW\ZLWKZKLFKZHZRUHERUQHDORQJ7KHERDWGLGQRWVHHPWRVLQNLQWRWKHZDWHUDW
DOOEXWWRVNLPOLNHDQDLUEXEEOHXSRQWKHVXUIDFHRIWKHVXUJH+HUVWDUERDUGVLGHZDVQH[W WKH
ZKLUODQGRQWKHODUERDUGDURVHWKHZRUOGRIRFHDQZHKDGOHIW,WVWRRGOLNHDKXJHZULWKLQJZDOO
EHWZHHQXVDQGWKHKRUL]RQ
,W PD\ DSSHDU VWUDQJH EXW QRZ ZKHQ ZH ZHUH LQ WKH YHU\ MDZV RI WKH JXOI , IHOW PRUH
FRPSRVHGWKDQZKHQZHZHUHRQO\DSSURDFKLQJLW+DYLQJPDGHXSP\PLQGWRKRSHQRPRUH,
JRWULGRIDJUHDWGHDORIWKDWWHUURUZKLFKXQPDQQHGPHDWILUVW,VXSSRVHLWZDVGHVSDLUWKDWVWUXQJ
P\QHUYHV
,WPD\ORRNOLNHERDVWLQJ³EXWZKDW,WHOO\RXLVWUXWK³,EHJDQ WRUHIOHFWKRZ PDJQLILFHQWD
WKLQJ LW ZDV WR GLH LQ VXFK D PDQQHU DQG KRZ IRROLVK LW ZDV LQ PH WR WKLQN RI VR SDOWU\ D
FRQVLGHUDWLRQDVP\RZQLQGLYLGXDOOLIHLQYLHZRIVRZRQGHUIXODPDQLIHVWDWLRQRI*RG
VSRZHU,
GREHOLHYHWKDW,EOXVKHGZLWKVKDPHZKHQWKLVLGHDFURVVHGP\PLQG$IWHUDOLWWOHZKLOH,EHFDPH
SRVVHVVHG ZLWK WKH NHHQHVW FXULRVLW\ DERXW WKH ZKLUO LWVHOI , SRVLWLYHO\ IHOW D ZLVK WR H[SORUH LWV
GHSWKVHYHQDWWKHVDFULILFH,ZDVJRLQJWRPDNHDQGP\SULQFLSDOJULHIZDVWKDW,VKRXOGQHYHUEH
DEOHWRWHOOP\ROGFRPSDQLRQVRQVKRUHDERXWWKHP\VWHULHV,VKRXOGVHH7KHVHQRGRXEWZHUH
VLQJXODUIDQFLHVWRRFFXS\DPDQ
VPLQGLQVXFKH[WUHPLW\³DQG,KDYHRIWHQWKRXJKWVLQFHWKDWWKH
UHYROXWLRQVRIWKHERDWDURXQGWKHSRROPLJKWKDYHUHQGHUHGPHDOLWWOHOLJKWKHDGHG
7KHUHZDVDQRWKHUFLUFXPVWDQFHZKLFKWHQGHGWRUHVWRUHP\VHOISRVVHVVLRQDQGWKLVZDVWKH
FHVVDWLRQRIWKHZLQGZKLFKFRXOGQRWUHDFKXVLQRXUSUHVHQWVLWXDWLRQ³IRUDV\RXVDZ\RXUVHOI
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
WKHEHOWRIVXUILVFRQVLGHUDEO\ORZHUWKDQWKHJHQHUDOEHGRIWKHRFHDQDQGWKLVODWWHUQRZWRZHUHG
DERYHXVDKLJKEODFNPRXQWDLQRXVULGJH,I\RXKDYHQHYHUEHHQDWVHDLQDKHDY\JDOH\RXFDQ
IRUP QR LGHD RI WKH FRQIXVLRQ RI PLQG RFFDVLRQHG E\ WKH ZLQG DQG VSUD\ WRJHWKHU 7KH\ EOLQG
GHDIHQDQGVWUDQJOH\RXDQGWDNHDZD\DOOSRZHURIDFWLRQRUUHIOHFWLRQ%XWZHZHUHQRZLQD
JUHDW PHDVXUH ULG RI WKHVH DQQR\DQFHV³MXVW DV GHDWKFRQGHPQHG IHORQV LQ SULVRQ DUH DOORZHG
SHWW\LQGXOJHQFHVIRUELGGHQWKHPZKLOHWKHLUGRRPLV\HWXQFHUWDLQ
+RZRIWHQZHPDGHWKHFLUFXLWRIWKHEHOWLWLVLPSRVVLEOHWRVD\:HFDUHHUHGURXQGDQGURXQG
IRUSHUKDSVDQKRXUIO\LQJUDWKHUWKDQIORDWLQJJHWWLQJJUDGXDOO\PRUHDQGPRUHLQWRWKHPLGGOHRI
WKHVXUJHDQGWKHQQHDUHUDQGQHDUHUWRLWVKRUULEOHLQQHUHGJH$OOWKLVWLPH,KDGQHYHUOHWJRRI
WKHULQJEROW0\EURWKHUZDVDWWKHVWHUQKROGLQJRQWRDVPDOOHPSW\ZDWHUFDVNZKLFKKDGEHHQ
VHFXUHO\ODVKHGXQGHUWKHFRRSRIWKHFRXQWHUDQGZDVWKHRQO\WKLQJRQGHFNWKDWKDGQRWEHHQ
VZHSWRYHUERDUGZKHQWKHJDOHILUVWWRRNXV$VZHDSSURDFKHGWKHEULQNRIWKHSLWKHOHWJRKLV
KROG XSRQ WKLV DQG PDGH IRU WKH ULQJ IURP ZKLFK LQ WKH DJRQ\ RI KLV WHUURU KH HQGHDYRUHG WR
IRUFHP\KDQGVDVLWZDVQRWODUJHHQRXJKWRDIIRUGXVERWKDVHFXUHJUDVS,QHYHUIHOWGHHSHUJULHI
WKDQ ZKHQ , VDZ KLP DWWHPSW WKLV DFW³DOWKRXJK , NQHZ KH ZDV D PDGPDQ ZKHQ KH GLG LW³D
UDYLQJPDQLDFWKURXJKVKHHUIULJKW,GLGQRWFDUHKRZHYHUWRFRQWHVWWKHSRLQWZLWKKLP,NQHZLW
FRXOGPDNHQRGLIIHUHQFHZKHWKHUHLWKHURIXVKHOGRQDWDOOVR,OHWKLPKDYHWKHEROWDQGZHQW
DVWHUQWRWKHFDVN7KLVWKHUHZDVQRJUHDWGLIILFXOW\LQGRLQJIRUWKHVPDFN IOHZ URXQG VWHDGLO\
HQRXJKDQGXSRQDQHYHQNHHO³RQO\VZD\LQJWRDQGIURZLWKWKHLPPHQVHVZHHSVDQGVZHOWHUV
RI WKH ZKLUO 6FDUFHO\ KDG , VHFXUHG P\VHOI LQ P\ QHZ SRVLWLRQ ZKHQ ZH JDYH D ZLOG OXUFK WR
VWDUERDUGDQGUXVKHGKHDGORQJLQWRWKHDE\VV,PXWWHUHGDKXUULHGSUD\HUWR*RGDQGWKRXJKWDOO
ZDVRYHU
$V , IHOW WKH VLFNHQLQJ VZHHS RI WKH GHVFHQW , KDG LQVWLQFWLYHO\ WLJKWHQHG P\ KROG XSRQ WKH
EDUUHO DQG FORVHG P\ H\HV )RU VRPH VHFRQGV , GDUHG QRW RSHQ WKHP³ZKLOH , H[SHFWHG LQVWDQW
GHVWUXFWLRQDQGZRQGHUHGWKDW,ZDVQRWDOUHDG\LQP\GHDWKVWUXJJOHVZLWKWKHZDWHU%XWPRPHQW
DIWHU PRPHQW HODSVHG , VWLOO OLYHG 7KH VHQVH RI IDOOLQJ KDG FHDVHG DQG WKH PRWLRQ RI WKH YHVVHO
VHHPHGPXFKDVLWKDGEHHQEHIRUHZKLOHLQWKHEHOWRIIRDPZLWKWKHH[FHSWLRQWKDWVKHQRZOD\
PRUHDORQJ,WRRNFRXUDJHDQGORRNHGRQFHDJDLQXSRQWKHVFHQH
1HYHUVKDOO,IRUJHWWKHVHQVDWLRQVRIDZHKRUURUDQGDGPLUDWLRQZLWKZKLFK,JD]HGDERXWPH
7KH ERDW DSSHDUHG WR EH KDQJLQJ DV LI E\ PDJLF PLGZD\ GRZQ XSRQ WKH LQWHULRU VXUIDFH RI D
IXQQHO YDVW LQ FLUFXPIHUHQFH SURGLJLRXV LQ GHSWK DQG ZKRVH SHUIHFWO\ VPRRWK VLGHV PLJKW KDYH
EHHQPLVWDNHQIRUHERQ\EXWIRUWKHEHZLOGHULQJUDSLGLW\ZLWKZKLFKWKH\VSXQDURXQGDQGIRUWKH
JOHDPLQJDQGJKDVWO\UDGLDQFHWKH\VKRWIRUWKDVWKHUD\VRIWKHIXOOPRRQIURPWKDWFLUFXODUULIW
DPLG WKH FORXGV ZKLFK , KDYH DOUHDG\ GHVFULEHG VWUHDPHG LQ D IORRG RI JROGHQ JORU\ DORQJ WKH
EODFNZDOOVDQGIDUDZD\GRZQLQWRWKHLQPRVWUHFHVVHVRIWKHDE\VV
$WILUVW,ZDVWRRPXFKFRQIXVHGWRREVHUYHDQ\WKLQJDFFXUDWHO\7KHJHQHUDOEXUVWRIWHUULILF
JUDQGHXUZDVDOOWKDW,EHKHOG:KHQ,UHFRYHUHGP\VHOIDOLWWOHKRZHYHUP\JD]HIHOOLQVWLQFWLYHO\
GRZQZDUG,QWKLVGLUHFWLRQ,ZDVDEOHWRREWDLQDQXQREVWUXFWHGYLHZIURPWKHPDQQHULQZKLFK
WKHVPDFNKXQJRQWKHLQFOLQHGVXUIDFHRIWKHSRRO6KHZDVTXLWHXSRQDQHYHQNHHO³WKDWLVWR
VD\ KHU GHFN OD\ LQ D SODQH SDUDOOHO ZLWK WKDW RI WKH ZDWHU³EXW WKLV ODWWHU VORSHG DW DQ DQJOH RI
PRUHWKDQIRUW\ILYHGHJUHHVVRWKDWZHVHHPHGWREHO\LQJXSRQRXUEHDPHQGV,FRXOGQRWKHOS
REVHUYLQJQHYHUWKHOHVVWKDW,KDGVFDUFHO\PRUHGLIILFXOW\LQPDLQWDLQLQJP\KROGDQGIRRWLQJLQ
WKLVVLWXDWLRQWKDQLIZHKDGEHHQXSRQDGHDGOHYHODQGWKLV,VXSSRVHZDVRZLQJWRWKHVSHHGDW
ZKLFKZHUHYROYHG
7KHUD\VRIWKHPRRQVHHPHGWRVHDUFKWKHYHU\ERWWRPRIWKHSURIRXQGJXOIEXWVWLOO,FRXOG
PDNHRXWQRWKLQJGLVWLQFWO\RQDFFRXQWRIDWKLFNPLVWLQZKLFKHYHU\WKLQJWKHUHZDVHQYHORSHG
DQG RYHU ZKLFK WKHUH KXQJ D PDJQLILFHQW UDLQERZ OLNH WKDW QDUURZ DQG WRWWHULQJ EULGJH ZKLFK
0XVVXOPHQVD\LVWKHRQO\SDWKZD\EHWZHHQ7LPHDQG(WHUQLW\7KLVPLVWRUVSUD\ZDVQRGRXEW
RFFDVLRQHGE\WKHFODVKLQJRIWKHJUHDWZDOOVRIWKHIXQQHODVWKH\DOOPHWWRJHWKHUDWWKHERWWRP³
EXWWKH\HOOWKDWZHQWXSWRWKH+HDYHQVIURPRXWRIWKDWPLVW,GDUHQRWDWWHPSWWRGHVFULEH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
2XUILUVWVOLGHLQWRWKHDE\VVLWVHOIIURPWKHEHOWRIIRDPDERYHKDGFDUULHGXVDJUHDWGLVWDQFH
GRZQ WKH VORSH EXW RXU IDUWKHU GHVFHQW ZDV E\ QR PHDQV SURSRUWLRQDWH 5RXQG DQG URXQG ZH
VZHSW³QRWZLWKDQ\XQLIRUPPRYHPHQW³EXWLQGL]]\LQJVZLQJVDQGMHUNVWKDWVHQWXVVRPHWLPHV
RQO\ D IHZ KXQGUHG \DUGV³VRPHWLPHV QHDUO\ WKH FRPSOHWH FLUFXLW RI WKH ZKLUO 2XU SURJUHVV
GRZQZDUGDWHDFKUHYROXWLRQZDVVORZEXWYHU\SHUFHSWLEOH
/RRNLQJ DERXW PH XSRQ WKH ZLGH ZDVWH RI OLTXLG HERQ\ RQ ZKLFK ZH ZHUH WKXV ERUQH ,
SHUFHLYHGWKDWRXUERDWZDVQRWWKHRQO\REMHFWLQWKHHPEUDFHRIWKHZKLUO%RWKDERYHDQGEHORZ
XVZHUHYLVLEOHIUDJPHQWVRIYHVVHOVODUJHPDVVHVRIEXLOGLQJWLPEHUDQGWUXQNVRIWUHHVZLWKPDQ\
VPDOOHUDUWLFOHVVXFKDVSLHFHVRIKRXVHIXUQLWXUHEURNHQER[HVEDUUHOVDQGVWDYHV,KDYHDOUHDG\
GHVFULEHGWKHXQQDWXUDOFXULRVLW\ZKLFKKDGWDNHQWKHSODFHRIP\RULJLQDOWHUURUV,WDSSHDUHGWR
JURZXSRQPHDV,GUHZ QHDUHU DQG QHDUHU WR P\ GUHDGIXO GRRP , QRZ EHJDQ WR ZDWFK ZLWK D
VWUDQJHLQWHUHVWWKHQXPHURXVWKLQJVWKDWIORDWHGLQRXUFRPSDQ\,PXVWKDYHEHHQGHOLULRXV³IRU,
HYHQVRXJKWDPXVHPHQWLQVSHFXODWLQJXSRQWKHUHODWLYHYHORFLWLHVRIWKHLUVHYHUDOGHVFHQWVWRZDUG
WKHIRDPEHORZ
7KLVILUWUHH
,IRXQGP\VHOIDWRQHWLPHVD\LQJ
ZLOOFHUWDLQO\EHWKHQH[WWKLQJ
WKDWWDNHVWKHDZIXOSOXQJHDQGGLVDSSHDUV
³DQGWKHQ,ZDVGLVDSSRLQWHGWRILQGWKDWWKHZUHFNRI
D'XWFKPHUFKDQWVKLSRYHUWRRNLWDQGZHQWGRZQEHIRUH$WOHQJWKDIWHUPDNLQJVHYHUDOJXHVVHV
RIWKLVQDWXUHDQGEHLQJGHFHLYHGLQDOO³WKLVIDFW³WKHIDFWRIP\LQYDULDEOHPLVFDOFXODWLRQ³VHW
PHXSRQDWUDLQRIUHIOHFWLRQWKDW PDGH P\ OLPEV DJDLQ WUHPEOH DQG P\ KHDUW EHDW KHDYLO\ RQFH
PRUH
,WZDVQRWDQHZWHUURUWKDWWKXVDIIHFWHGPHEXWWKHGDZQRIDPRUHH[FLWLQJKRSH7KLVKRSH
DURVHSDUWO\IURPPHPRU\DQGSDUWO\IURPSUHVHQWREVHUYDWLRQ,FDOOHGWRPLQGWKHJUHDWYDULHW\RI
EXR\DQWPDWWHUWKDWVWUHZHGWKHFRDVWRI/RIRGHQKDYLQJEHHQDEVRUEHGDQGWKHQWKURZQIRUWKE\
WKH 0RVNRHVWU|P %\ IDU WKH JUHDWHU QXPEHU RI WKH DUWLFOHV ZHUH VKDWWHUHG LQ WKH PRVW
H[WUDRUGLQDU\ ZD\³VR FKDIHG DQG URXJKHQHG DV WR KDYH WKH DSSHDUDQFH RI EHLQJ VWXFN IXOO RI
VSOLQWHUV³EXWWKHQ,GLVWLQFWO\UHFROOHFWHGWKDWWKHUHZHUHVRPHRIWKHPZKLFKZHUHQRWGLVILJXUHG
DW DOO 1RZ , FRXOG QRW DFFRXQW IRU WKLV GLIIHUHQFH H[FHSW E\ VXSSRVLQJ WKDW WKH URXJKHQHG
IUDJPHQWVZHUHWKHRQO\RQHVZKLFKKDGEHHQFRPSOHWHO\DEVRUEHG³WKDW WKH RWKHUV KDG HQWHUHG
WKHZKLUODWVRODWHDSHULRGRIWKHWLGHRUIRUVRPHUHDVRQKDGGHVFHQGHGVRVORZO\DIWHUHQWHULQJ
WKDWWKH\GLGQRWUHDFKWKHERWWRPEHIRUHWKHWXUQRIWKHIORRGFDPHRURIWKHHEEDVWKHFDVHPLJKW
EH,FRQFHLYHGLWSRVVLEOHLQHLWKHULQVWDQFHWKDWWKH\PLJKWWKXVEHZKLUOHGXSDJDLQWRWKHOHYHO
RI WKH RFHDQ ZLWKRXW XQGHUJRLQJ WKH IDWH RI WKRVH ZKLFK KDG EHHQ GUDZQ LQ PRUH HDUO\ RU
DEVRUEHGPRUHUDSLGO\,PDGHDOVRWKUHHLPSRUWDQWREVHUYDWLRQV7KHILUVWZDVWKDWDVDJHQHUDO
UXOH WKH ODUJHU WKH ERGLHV ZHUH WKH PRUH UDSLG WKHLU GHVFHQW³WKH VHFRQG WKDW EHWZHHQ WZR
PDVVHVRIHTXDOH[WHQWWKHRQHVSKHULFDODQGWKHRWKHURIDQ\RWKHUVKDSHWKHVXSHULRULW\LQVSHHG
RI GHVFHQW ZDV ZLWK WKH VSKHUH³WKH WKLUG WKDW EHWZHHQ WZR PDVVHV RI HTXDO VL]H WKH RQH
F\OLQGULFDODQGWKHRWKHURIDQ\RWKHUVKDSHWKHF\OLQGHUZDVDEVRUEHGWKHPRUHVORZO\6LQFHP\
HVFDSH,KDYHKDGVHYHUDOFRQYHUVDWLRQVRQWKLVVXEMHFWZLWKDQROGVFKRROPDVWHURIWKHGLVWULFW
DQGLWZDVIURPKLPWKDW,OHDUQHGWKHXVHRIWKHZRUGV
F\OLQGHU
DQG
VSKHUH
+HH[SODLQHGWRPH
³DOWKRXJK , KDYH IRUJRWWHQ WKH H[SODQDWLRQ³KRZ ZKDW , REVHUYHG ZDV LQ IDFW WKH QDWXUDO
FRQVHTXHQFH RI WKH IRUPV RI WKH IORDWLQJ IUDJPHQWV³DQG VKRZHG PH KRZ LW KDSSHQHG WKDW D
F\OLQGHU VZLPPLQJ LQ D YRUWH[ RIIHUHG PRUH UHVLVWDQFH WR LWV VXFWLRQ DQG ZDV GUDZQ LQ ZLWK
JUHDWHUGLIILFXOW\WKDQDQHTXDOO\EXON\ERG\RIDQ\IRUPZKDWHYHU
7KHUHZDVRQHVWDUWOLQJFLUFXPVWDQFHZKLFKZHQWDJUHDWZD\LQHQIRUFLQJWKHVHREVHUYDWLRQV
DQGUHQGHULQJPHDQ[LRXVWRWXUQWKHPWRDFFRXQWDQGWKLVZDVWKDWDWHYHU\UHYROXWLRQZHSDVVHG
VRPHWKLQJOLNHDEDUUHORUHOVHWKH\DUGRUWKHPDVWRIDYHVVHOZKLOHPDQ\RIWKHVHWKLQJVZKLFK
KDGEHHQRQRXUOHYHOZKHQ,ILUVWRSHQHGP\H\HVXSRQWKHZRQGHUVRIWKHZKLUOSRROZHUHQRZ
KLJKXSDERYHXVDQGVHHPHGWRKDYHPRYHGEXWOLWWOHIURPWKHLURULJLQDOVWDWLRQ
, QR ORQJHU KHVLWDWHG ZKDW WR GR , UHVROYHG WR ODVK P\VHOI VHFXUHO\ WR WKH ZDWHU FDVN XSRQ
ZKLFK , QRZ KHOG WR FXW LW ORRVH IURP WKH FRXQWHU DQG WR WKURZ P\VHOI ZLWK LW LQWR WKH ZDWHU ,
DWWUDFWHGP\EURWKHU
VDWWHQWLRQE\VLJQVSRLQWHGWRWKHIORDWLQJEDUUHOVWKDWFDPHQHDUXVDQGGLG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
HYHU\WKLQJLQP\SRZHUWRPDNHKLPXQGHUVWDQGZKDW,ZDVDERXWWRGR,WKRXJKWDWOHQJWKWKDWKH
FRPSUHKHQGHGP\GHVLJQ³EXWZKHWKHUWKLVZDVWKHFDVHRUQRWKHVKRRNKLVKHDGGHVSDLULQJO\
DQG UHIXVHG WR PRYH IURP KLV VWDWLRQ E\ WKH ULQJEROW ,W ZDV LPSRVVLEOH WR UHDFK KLP WKH
HPHUJHQF\DGPLWWHGRIQRGHOD\DQGVRZLWKDELWWHUVWUXJJOH,UHVLJQHGKLPWRKLVIDWHIDVWHQHG
P\VHOIWRWKHFDVNE\PHDQVRIWKHODVKLQJVZKLFKVHFXUHGLWWRWKHFRXQWHUDQGSUHFLSLWDWHGP\VHOI
ZLWKLWLQWRWKHVHDZLWKRXWDQRWKHUPRPHQW
VKHVLWDWLRQ
7KHUHVXOWZDVSUHFLVHO\ZKDW,KDGKRSHGLWPLJKWEH$VLWLVP\VHOIZKRQRZWHOO\RXWKLVWDOH
³DV \RX VHHWKDW , GLGHVFDSH³DQGDV \RX DUH DOUHDG\ LQ SRVVHVVLRQ RI WKH PRGH LQ ZKLFK WKLV
HVFDSHZDVHIIHFWHGDQGPXVWWKHUHIRUHDQWLFLSDWHDOOWKDW,KDYHIDUWKHUWRVD\³,ZLOO EULQJ P\
VWRU\TXLFNO\WRFRQFOXVLRQ,WPLJKWKDYHEHHQDQKRXURUWKHUHDERXWDIWHUP\TXLWWLQJWKHVPDFN
ZKHQKDYLQJGHVFHQGHGWRDYDVWGLVWDQFHEHQHDWKPHLWPDGHWKUHHRUIRXUZLOGJ\UDWLRQVLQUDSLG
VXFFHVVLRQDQGEHDULQJP\ORYHGEURWKHUZLWKLWSOXQJHGKHDGORQJDWRQFHDQGIRUHYHULQWRWKH
FKDRV RI IRDP EHORZ 7KH EDUUHO WR ZKLFK , ZDV DWWDFKHG VXQN YHU\ OLWWOH IDUWKHU WKDQ KDOI WKH
GLVWDQFHEHWZHHQWKHERWWRPRIWKHJXOIDQGWKHVSRWDWZKLFK,OHDSHGRYHUERDUGEHIRUHDJUHDW
FKDQJH WRRN SODFH LQ WKH FKDUDFWHU RI WKH ZKLUOSRRO 7KH VORSH RI WKH VLGHV RI WKH YDVW IXQQHO
EHFDPH PRPHQWO\ OHVV DQG OHVV VWHHS 7KH J\UDWLRQV RI WKH ZKLUO JUHZ JUDGXDOO\ OHVV DQG OHVV
YLROHQW %\ GHJUHHV WKH IURWK DQG WKH UDLQERZ GLVDSSHDUHG DQG WKH ERWWRP RI WKH JXOI VHHPHG
VORZO\ WR XSULVH 7KH VN\ ZDV FOHDU WKH ZLQGV KDG JRQH GRZQ DQG WKH IXOO PRRQ ZDV VHWWLQJ
UDGLDQWO\LQWKHZHVWZKHQ,IRXQGP\VHOIRQWKHVXUIDFHRIWKHRFHDQLQIXOOYLHZRIWKHVKRUHVRI
/RIRGHQDQGDERYHWKHVSRWZKHUHWKHSRRORIWKH0RVNRHVWU|PKDGEHHQ,WZDVWKHKRXURIWKH
VODFN³EXWWKHVHDVWLOOKHDYHGLQPRXQWDLQRXVZDYHVIURPWKHHIIHFWVRIWKHKXUULFDQH,ZDVERUQH
YLROHQWO\LQWRWKHFKDQQHORIWKH6WU|PDQGLQDIHZPLQXWHVZDVKXUULHGGRZQWKHFRDVWLQWRWKH
JURXQGV
RI WKH ILVKHUPHQ $ ERDW SLFNHG PH XS³H[KDXVWHG IURP IDWLJXH³DQG QRZ WKDW WKH
GDQJHU ZDV UHPRYHG VSHHFKOHVV IURP WKH PHPRU\ RI LWV KRUURU 7KRVH ZKR GUHZ PH RQ ERDUG
ZHUH P\ ROG PDWHV DQG GDLO\ FRPSDQLRQV³EXW WKH\ NQHZ PH QR PRUH WKDQ WKH\ ZRXOG KDYH
NQRZQDWUDYHOOHUIURPWKHVSLULWODQG0\KDLUZKLFKKDGEHHQUDYHQEODFNWKHGD\EHIRUHZDVDV
ZKLWHDV\RXVHHLWQRZ7KH\VD\WRRWKDWWKHZKROHH[SUHVVLRQRIP\FRXQWHQDQFHKDGFKDQJHG,
WROGWKHPP\VWRU\³WKH\GLGQRWEHOLHYHLW,QRZWHOOLWWR\RX³DQG,FDQVFDUFHO\H[SHFW\RXWR
SXWPRUHIDLWKLQLWWKDQGLGWKHPHUU\ILVKHUPHQRI/RIRGHQ
921.(03(/(1$1'+,6
',6&29(5<
$)7(5 7+( YHU\ PLQXWH DQG HODERUDWH SDSHU E\ $UDJR WR VD\ QRWKLQJ RI WKH VXPPDU\ LQ
6LOOLPDQ
V-RXUQDO
ZLWKWKHGHWDLOHGVWDWHPHQWMXVWSXEOLVKHGE\/LHXWHQDQW0DXU\LWZLOOQRWEH
VXSSRVHG RI FRXUVH WKDW LQ RIIHULQJ D IHZ KXUULHG UHPDUNV LQ UHIHUHQFH WR 9RQ .HPSHOHQ
V
GLVFRYHU\,KDYHDQ\GHVLJQWRORRNDWWKHVXEMHFWLQDVFLHQWLILFSRLQWRIYLHZ0\REMHFWLVVLPSO\
LQWKHILUVWSODFHWRVD\DIHZZRUGVRI9RQ.HPSHOHQKLPVHOIZLWKZKRPVRPH\HDUVDJR,KDG
WKH KRQRU RI D VOLJKW SHUVRQDO DFTXDLQWDQFH VLQFH HYHU\ WKLQJ ZKLFK FRQFHUQV KLP PXVW
QHFHVVDULO\DWWKLVPRPHQWEHRILQWHUHVWDQGLQWKHVHFRQGSODFHWRORRNLQDJHQHUDOZD\DQG
VSHFXODWLYHO\DWWKHUHVXOWVRIWKHGLVFRYHU\
,W PD\ EH DV ZHOO KRZHYHU WR SUHPLVH WKH FXUVRU\ REVHUYDWLRQV ZKLFK , KDYH WR RIIHU E\
GHQ\LQJYHU\GHFLGHGO\ZKDWVHHPVWREHDJHQHUDOLPSUHVVLRQJOHDQHGDVXVXDOLQDFDVHRIWKLV
NLQG IURP WKH QHZVSDSHUV YL] WKDW WKLV GLVFRYHU\ DVWRXQGLQJ DV LW XQTXHVWLRQDEO\ LV LV
XQDQWLFLSDWHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
%\UHIHUHQFHWRWKH
'LDU\RI6LU+XPSKUH\'DY\
&RWWOHDQG0XQURH/RQGRQSSLWZLOO
EH VHHQ DW SS DQG WKDW WKLV LOOXVWULRXV FKHPLVW KDG QRW RQO\ FRQFHLYHG WKH LGHD QRZ LQ
TXHVWLRQ EXW KDG DFWXDOO\ PDGH QR LQFRQVLGHUDEOH SURJUHVV H[SHULPHQWDOO\ LQ WKH YHU\ LGHQWLFDO
DQDO\VLVQRZVRWULXPSKDQWO\EURXJKWWRDQLVVXHE\9RQ.HPSHOHQZKRDOWKRXJKKHPDNHVQRW
WKHVOLJKWHVWDOOXVLRQWRLWLVZLWKRXWGRXEW,VD\LWXQKHVLWDWLQJO\DQGFDQSURYHLWLIUHTXLUHG
LQGHEWHGWRWKH
'LDU\
IRUDWOHDVWWKHILUVWKLQWRIKLVRZQXQGHUWDNLQJ
7KHSDUDJUDSKIURPWKH
&RXULHUDQG(QTXLUHU
ZKLFKLVQRZJRLQJWKHURXQGVRIWKHSUHVVDQG
ZKLFK SXUSRUWV WR FODLP WKH LQYHQWLRQ IRU D 0U .LVVDP RI %UXQVZLFN 0DLQH DSSHDUV WR PH ,
FRQIHVVDOLWWOHDSRFU\SKDOIRUVHYHUDOUHDVRQVDOWKRXJKWKHUHLVQRWKLQJHLWKHULPSRVVLEOHRUYHU\
LPSUREDEOH LQ WKH VWDWHPHQW PDGH , QHHG QRW JR LQWR GHWDLOV 0\ RSLQLRQ RI WKH SDUDJUDSK LV
IRXQGHG SULQFLSDOO\ XSRQ LWV PDQQHU ,W GRHV QRW ORRN WUXH 3HUVRQV ZKR DUH QDUUDWLQJ IDFWV DUH
VHOGRPVRSDUWLFXODUDV0U.LVVDPVHHPVWREHDERXWGD\DQGGDWHDQGSUHFLVHORFDWLRQ%HVLGHV
LI 0U .LVVDP DFWXDOO\ GLG FRPH XSRQ WKH GLVFRYHU\ KH VD\V KH GLG DW WKH SHULRG GHVLJQDWHG³
QHDUO\HLJKW\HDUVDJR³KRZKDSSHQVLWWKDWKHWRRNQRVWHSVRQWKHLQVWDQWWRUHDSWKHLPPHQVH
EHQHILWVZKLFKWKHPHUHVWEXPSNLQPXVWKDYHNQRZQZRXOGKDYHUHVXOWHGWRKLPLQGLYLGXDOO\LI
QRW WR WKH ZRUOG DW ODUJH IURP WKH GLVFRYHU\" ,W VHHPV WR PH TXLWH LQFUHGLEOH WKDW DQ\ PDQ RI
FRPPRQ XQGHUVWDQGLQJ FRXOG KDYH GLVFRYHUHG ZKDW 0U .LVVDP VD\V KH GLG DQG \HW KDYH
VXEVHTXHQWO\DFWHGVROLNHDEDE\³VROLNHDQRZO³DV0U.LVVDPDGPLWVWKDWKHGLG%\WKHZD\
ZKRLV0U.LVVDP"DQGLVQRWWKHZKROHSDUDJUDSKLQWKH
&RXULHUDQG(QTXLUHU
DIDEULFDWLRQJRW
XS WR PDNH D WDON
" ,W PXVW EH FRQIHVVHG WKDW LW KDV DQ DPD]LQJO\ PRRQKRD[\DLU 9HU\ OLWWOH
GHSHQGHQFH LV WR EH SODFHG XSRQ LW LQ P\ KXPEOH RSLQLRQ DQG LI , ZHUH QRW ZHOO DZDUH IURP
H[SHULHQFH KRZ YHU\ HDVLO\ PHQ RI VFLHQFH DUH P\VWLILHG RQ SRLQWV RXW RI WKHLU XVXDO UDQJH RI
LQTXLU\ , VKRXOG EH SURIRXQGO\ DVWRQLVKHG DW ILQGLQJ VR HPLQHQW D FKHPLVW DV 3URIHVVRU 'UDSHU
GLVFXVVLQJ0U.LVVDP
VRULVLW0U4XL]]HP
V"SUHWHQVLRQVWRWKHGLVFRYHU\LQVRVHULRXVDWRQH
%XW WR UHWXUQ WR WKH 'LDU\
RI 6LU +XPSKUH\ 'DY\ 7KLV SDPSKOHW ZDV QRW GHVLJQHG IRU WKH
SXEOLF H\H HYHQ XSRQ WKH GHFHDVH RI WKH ZULWHU DV DQ\ SHUVRQ DW DOO FRQYHUVDQW ZLWK DXWKRUVKLS
PD\VDWLVI\KLPVHOIDWRQFHE\WKHVOLJKWHVWLQVSHFWLRQRIWKHVW\OH$WSDJHIRUH[DPSOHQHDU
WKHPLGGOHZHUHDGLQUHIHUHQFHWRKLVUHVHDUFKHVDERXWWKHSURWR[LGHRID]RWH
,QOHVVWKDQKDOID
PLQXWHWKHUHVSLUDWLRQEHLQJFRQWLQXHGGLPLQLVKHGJUDGXDOO\DQGZHUHVXFFHHGHGE\DQDORJRXVWR
JHQWOHSUHVVXUHRQDOOWKHPXVFOHV
7KDWWKHUHVSLUDWLRQZDVQRW
GLPLQLVKHG
LVQRWRQO\FOHDU E\
WKH VXEVHTXHQW FRQWH[W EXW E\ WKH XVH RI WKH SOXUDO ZHUH
7KH VHQWHQFH QR GRXEW ZDV WKXV
LQWHQGHG ,Q OHVV WKDQ KDOI D PLQXWH WKH UHVSLUDWLRQ >EHLQJ FRQWLQXHG WKHVH IHHOLQJV@ GLPLQLVKHG
JUDGXDOO\DQGZHUHVXFFHHGHGE\>DVHQVDWLRQ@DQDORJRXVWRJHQWOHSUHVVXUHRQDOOWKHPXVFOHV
$
KXQGUHG VLPLODU LQVWDQFHV JR WR VKRZ WKDW WKH 06 VR LQFRQVLGHUDWHO\ SXEOLVKHG ZDV PHUHO\ D
URXJK QRWHERRN PHDQW RQO\ IRU WKH ZULWHU
V RZQ H\H EXW DQ LQVSHFWLRQ RI WKH SDPSKOHW ZLOO
FRQYLQFH DOPRVW DQ\ WKLQNLQJ SHUVRQ RI WKH WUXWK RI P\ VXJJHVWLRQ 7KH IDFW LV 6LU +XPSKUH\
'DY\ZDVDERXWWKHODVWPDQLQWKHZRUOGWRFRPPLWKLPVHOIRQVFLHQWLILFWRSLFV1RWRQO\KDGKHD
PRUHWKDQRUGLQDU\GLVOLNHWRTXDFNHU\EXWKHZDVPRUELGO\DIUDLGRIDSSHDULQJHPSLULFDOVRWKDW
KRZHYHUIXOO\KHPLJKWKDYHEHHQFRQYLQFHGWKDWKHZDVRQWKHULJKWWUDFNLQWKHPDWWHUQRZLQ
TXHVWLRQ KH ZRXOG QHYHU KDYH VSRNHQ RXW XQWLO KH KDG HYHU\ WKLQJ UHDG\ IRU WKH PRVW SUDFWLFDO
GHPRQVWUDWLRQ,YHULO\EHOLHYHWKDWKLVODVWPRPHQWVZRXOGKDYHEHHQUHQGHUHGZUHWFKHGFRXOGKH
KDYHVXVSHFWHGWKDWKLVZLVKHVLQUHJDUGWREXUQLQJWKLV
'LDU\
IXOORIFUXGHVSHFXODWLRQVZRXOG
KDYHEHHQXQDWWHQGHGWRDVLWVHHPVWKH\ZHUH,VD\
KLVZLVKHV
IRUWKDWKHPHDQWWRLQFOXGHWKLV
QRWHERRNDPRQJWKHPLVFHOODQHRXVSDSHUVGLUHFWHG
WREHEXUQW
,WKLQNWKHUHFDQEHQRPDQQHURI
GRXEW:KHWKHULWHVFDSHGWKHIODPHVE\JRRGIRUWXQHRUE\EDG\HWUHPDLQVWREHVHHQ7KDWWKH
SDVVDJHVTXRWHGDERYHZLWKWKHRWKHUVLPLODURQHVUHIHUUHGWRJDYH9RQ.HPSHOHQWKHKLQW,GR
QRWLQWKHVOLJKWHVWGHJUHHTXHVWLRQEXW,UHSHDWLW\HWUHPDLQVWREHVHHQZKHWKHUWKLVPRPHQWRXV
GLVFRYHU\LWVHOIPRPHQWRXVXQGHUDQ\FLUFXPVWDQFHVZLOOEHRIVHUYLFHRUGLVVHUYLFHWRPDQNLQG
DWODUJH7KDW9RQ.HPSHOHQDQGKLVLPPHGLDWHIULHQGVZLOOUHDSDULFKKDUYHVWLWZRXOGEHIROO\WR
GRXEWIRUDPRPHQW7KH\ZLOOVFDUFHO\EHVRZHDNDVQRWWR
UHDOL]H
LQWLPHE\ODUJHSXUFKDVHVRI
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
KRXVHVDQGODQGZLWKRWKHUSURSHUW\RILQWULQVLFYDOXH
,QWKHEULHIDFFRXQWRI9RQ.HPSHOHQZKLFKDSSHDUHGLQWKH
+RPH-RXUQDO
DQGKDVVLQFHEHHQ
H[WHQVLYHO\FRSLHGVHYHUDOPLVDSSUHKHQVLRQVRIWKH*HUPDQRULJLQDOVHHPWRKDYHEHHQPDGHE\
WKH WUDQVODWRU ZKR SURIHVVHV WR KDYH WDNHQ WKH SDVVDJH IURP D ODWH QXPEHU RI WKH 3UHVEXUJ
6FKQHOOSRVW
9LHOH
KDV HYLGHQWO\ EHHQ PLVFRQFHLYHG DV LW RIWHQ LV DQG ZKDW WKH WUDQVODWRU
UHQGHUVE\
VRUURZV
LVSUREDEO\
OLHGHQ
ZKLFKLQLWVWUXHYHUVLRQ
VXIIHULQJV
ZRXOGJLYHDWRWDOO\
GLIIHUHQW FRPSOH[LRQ WR WKH ZKROH DFFRXQW EXW RI FRXUVH PXFK RI WKLV LV PHUHO\ JXHVV RQ P\
SDUW
9RQ.HPSHOHQKRZHYHULVE\QRPHDQV
DPLVDQWKURSH
LQDSSHDUDQFHDWOHDVWZKDWHYHUKH
PD\EHLQIDFW0\DFTXDLQWDQFHZLWKKLPZDVFDVXDODOWRJHWKHUDQG,DPVFDUFHO\ZDUUDQWHGLQ
VD\LQJ WKDW , NQRZ KLP DW DOO EXW WR KDYH VHHQ DQG FRQYHUVHG ZLWK D PDQ RI VR SURGLJLRXV D
QRWRULHW\DVKHKDVDWWDLQHGRUZLOODWWDLQLQDIHZGD\VLVQRWDVPDOOPDWWHUDVWLPHVJR
7KH/LWHUDU\:RUOG
VSHDNVRIKLPFRQILGHQWO\DVDQDWLYHRI3UHVEXUJPLVOHGSHUKDSVE\WKH
DFFRXQWLQ
7KH+RPH-RXUQDO
EXW,DPSOHDVHGLQEHLQJDEOHWRVWDWHSRVLWLYHO\VLQFH,KDYHLW
IURPKLVRZQOLSVWKDWKHZDVERUQLQ8WLFDLQWKH6WDWHRI1HZ<RUNDOWKRXJKERWKKLVSDUHQWV,
EHOLHYH DUH RI 3UHVEXUJ GHVFHQW 7KH IDPLO\ LV FRQQHFWHG LQ VRPH ZD\ ZLWK 0DHO]HO RI
$XWRPDWRQFKHVVSOD\HUPHPRU\,QSHUVRQKHLVVKRUWDQGVWRXWZLWKODUJHIDWEOXHH\HVVDQG\
KDLUDQGZKLVNHUVDZLGHEXWSOHDVLQJPRXWKILQHWHHWKDQG,WKLQND5RPDQQRVH7KHUHLVVRPH
GHIHFW LQ RQH RI KLV IHHW +LV DGGUHVV LV IUDQN DQG KLV ZKROH PDQQHU QRWLFHDEOH IRU ERQKRPLH
$OWRJHWKHUKHORRNVVSHDNVDQGDFWVDVOLWWOHOLNH
DPLVDQWKURSH
DVDQ\PDQ,HYHUVDZ:HZHUH
IHOORZVRMRXUQHUVIRUDZHHNDERXWVL[\HDUVDJRDW(DUO
V+RWHOLQ3URYLGHQFH5KRGH,VODQGDQG
,SUHVXPHWKDW,FRQYHUVHGZLWKKLPDWYDULRXVWLPHVIRUVRPHWKUHHRUIRXUKRXUVDOWRJHWKHU+LV
SULQFLSDOWRSLFVZHUHWKRVHRIWKHGD\DQGQRWKLQJWKDWIHOOIURPKLPOHGPHWRVXVSHFWKLVVFLHQWLILF
DWWDLQPHQWV+HOHIWWKHKRWHOEHIRUHPHLQWHQGLQJWRJRWR1HZ<RUNDQGWKHQFHWR%UHPHQ LW
ZDVLQWKHODWWHUFLW\WKDWKLVJUHDWGLVFRYHU\ZDVILUVWPDGHSXEOLFRUUDWKHULWZDVWKHUHWKDWKH
ZDVILUVWVXVSHFWHGRIKDYLQJPDGHLW7KLVLVDERXWDOOWKDW,SHUVRQDOO\NQRZRIWKHQRZLPPRUWDO
9RQ.HPSHOHQEXW,KDYHWKRXJKWWKDWHYHQWKHVHIHZGHWDLOVZRXOGKDYHLQWHUHVWIRUWKHSXEOLF
7KHUHFDQEHOLWWOHTXHVWLRQWKDWPRVWRIWKHPDUYHOORXVUXPRUVDIORDWDERXWWKLVDIIDLUDUHSXUH
LQYHQWLRQVHQWLWOHGWRDERXWDVPXFKFUHGLWDVWKHVWRU\RI$ODGGLQ
VODPSDQG\HWLQDFDVHRIWKLV
NLQGDVLQWKHFDVHRIWKHGLVFRYHULHVLQ&DOLIRUQLDLWLVFOHDUWKDWWKHWUXWKPD\EHVWUDQJHU WKDQ
ILFWLRQ7KHIROORZLQJDQHFGRWHDWOHDVWLVVRZHOODXWKHQWLFDWHGWKDWZHPD\UHFHLYHLWLPSOLFLWO\
9RQ .HPSHOHQ KDG QHYHU EHHQ HYHQ WROHUDEO\ ZHOO RII GXULQJ KLV UHVLGHQFH DW %UHPHQ DQG
RIWHQLWZDVZHOONQRZQKHKDGEHHQSXWWRH[WUHPHVKLIWVLQRUGHUWRUDLVHWULIOLQJVXPV:KHQWKH
JUHDW H[FLWHPHQW RFFXUUHG DERXW WKH IRUJHU\ RQ WKH KRXVH RI *XWVPXWK &R VXVSLFLRQ ZDV
GLUHFWHG WRZDUG 9RQ .HPSHOHQ RQ DFFRXQW RI KLV KDYLQJ SXUFKDVHG D FRQVLGHUDEOH SURSHUW\ LQ
*DVSHULWFK/DQHDQGKLVUHIXVLQJZKHQTXHVWLRQHGWRH[SODLQKRZKHEHFDPHSRVVHVVHGRIWKH
SXUFKDVHPRQH\+HZDVDWOHQJWKDUUHVWHGEXWQRWKLQJGHFLVLYHDSSHDULQJDJDLQVWKLPZDVLQWKH
HQG VHW DW OLEHUW\ 7KH SROLFH KRZHYHU NHSW D VWULFW ZDWFK XSRQ KLV PRYHPHQWV DQG WKXV
GLVFRYHUHG WKDW KH OHIW KRPH IUHTXHQWO\ WDNLQJ DOZD\V WKH VDPH URDG DQG LQYDULDEO\ JLYLQJ KLV
ZDWFKHUVWKHVOLSLQWKHQHLJKERUKRRGRIWKDWODE\ULQWKRIQDUURZDQGFURRNHGSDVVDJHVNQRZQE\
WKHIODVKQDPHRIWKH
'RQGHUJDW
)LQDOO\E\GLQWRIJUHDWSHUVHYHUDQFHWKH\WUDFHGKLPWRDJDUUHW
LQDQROGKRXVHRIVHYHQVWRULHVLQDQDOOH\FDOOHG)ODW]SODW]³DQGFRPLQJ XSRQ KLP VXGGHQO\
IRXQG KLP DV WKH\ LPDJLQHG LQ WKH PLGVW RI KLV FRXQWHUIHLWLQJ RSHUDWLRQV +LV DJLWDWLRQ LV
UHSUHVHQWHG DV VR H[FHVVLYH WKDW WKH RIILFHUV KDG QRW WKH VOLJKWHVW GRXEW RI KLV JXLOW $IWHU KDQG
FXIILQJKLPWKH\VHDUFKHGKLVURRPRUUDWKHUURRPVIRULWDSSHDUVKHRFFXSLHGDOOWKHPDQVDUGH
2SHQLQJ LQWR WKH JDUUHW ZKHUH WKH\ FDXJKW KLP ZDV D FORVHW WHQ IHHW E\ HLJKW ILWWHG XS ZLWK
VRPH FKHPLFDO DSSDUDWXV RI ZKLFK WKH REMHFW KDV QRW \HW EHHQ DVFHUWDLQHG ,Q RQH FRUQHU RI WKH
FORVHW ZDV D YHU\ VPDOO IXUQDFH ZLWK D JORZLQJ ILUH LQ LW DQG RQ WKH ILUH D NLQG RI GXSOLFDWH
FUXFLEOH³WZR FUXFLEOHV FRQQHFWHG E\ D WXEH 2QH RI WKHVH FUXFLEOHVZDV QHDUO\ IXOO RI OHDG LQ D
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
VWDWHRIIXVLRQEXWQRWUHDFKLQJXSWRWKHDSHUWXUHRIWKHWXEHZKLFKZDVFORVHWRWKHEULP7KH
RWKHU FUXFLEOH KDG VRPH OLTXLG LQ LW ZKLFK DV WKH RIILFHUV HQWHUHG VHHPHG WR EH IXULRXVO\
GLVVLSDWLQJLQYDSRU7KH\UHODWHWKDWRQILQGLQJKLPVHOIWDNHQ.HPSHOHQVHL]HGWKHFUXFLEOHVZLWK
ERWKKDQGVZKLFKZHUHHQFDVHGLQJORYHVWKDWDIWHUZDUGVWXUQHGRXWWREHDVEHVWLFDQGWKUHZWKH
FRQWHQWVRQWKHWLOHGIORRU,WZDVQRZWKDWWKH\KDQGFXIIHGKLPDQGEHIRUHSURFHHGLQJWRUDQVDFN
WKHSUHPLVHVWKH\VHDUFKHGKLVSHUVRQEXWQRWKLQJXQXVXDOZDVIRXQGDERXWKLPH[FHSWLQJDSDSHU
SDUFHOLQKLVFRDWSRFNHWFRQWDLQLQJZKDWZDVDIWHUZDUGDVFHUWDLQHGWREHDPL[WXUHRIDQWLPRQ\
DQGVRPHXQNQRZQVXEVWDQFHLQQHDUO\EXWQRWTXLWHHTXDOSURSRUWLRQV$OODWWHPSWVDWDQDO\]LQJ
WKH XQNQRZQ VXEVWDQFH KDYH VR IDU IDLOHG EXW WKDW LW ZLOO XOWLPDWHO\ EH DQDO\]HG LV QRW WR EH
GRXEWHG
3DVVLQJRXWRIWKHFORVHWZLWKWKHLUSULVRQHUWKHRIILFHUVZHQWWKURXJKDVRUWRIDQWHFKDPEHULQ
ZKLFK QRWKLQJ PDWHULDO ZDV IRXQG WR WKH FKHPLVW
V VOHHSLQJURRP 7KH\ KHUH UXPPDJHG VRPH
GUDZHUV DQG ER[HV EXW GLVFRYHUHG RQO\ D IHZ SDSHUV RI QR LPSRUWDQFH DQG VRPH JRRG FRLQ
VLOYHUDQGJROG$WOHQJWKORRNLQJXQGHUWKHEHGWKH\VDZDODUJHFRPPRQKDLUWUXQN ZLWKRXW
KLQJHVKDVSRUORFNDQGZLWKWKHWRSO\LQJFDUHOHVVO\DFURVVWKHERWWRPSRUWLRQ8SRQDWWHPSWLQJ
WRGUDZWKLVWUXQNRXWIURPXQGHUWKHEHGWKH\IRXQGWKDWZLWKWKHLUXQLWHGVWUHQJWKWKHUHZHUH
WKUHHRIWKHPDOOSRZHUIXOPHQWKH\
FRXOGQRWVWLULWRQHLQFK
0XFKDVWRQLVKHGDWWKLVRQHRI
WKHPFUDZOHGXQGHUWKHEHGDQGORRNLQJLQWRWKHWUXQNVDLG
1RZRQGHUZHFRXOGQ
WPRYHLW³ZK\LW
VIXOOWRWKHEULPRIROGELWVRIEUDVV
3XWWLQJ KLV IHHW QRZ DJDLQVW WKH ZDOO VR DV WR JHW D JRRG SXUFKDVH DQG SXVKLQJ ZLWK DOO KLV
IRUFH ZKLOH KLV FRPSDQLRQV SXOOHG ZLWK DOO WKHLUV WKH WUXQN ZLWK PXFK GLIILFXOW\ ZDV VOLG RXW
IURPXQGHUWKHEHGDQGLWVFRQWHQWVH[DPLQHG7KHVXSSRVHGEUDVVZLWKZKLFKLWZDVILOOHGZDVDOO
LQ VPDOO VPRRWK SLHFHV YDU\LQJ IURP WKH VL]H RI D SHD WR WKDW RI D GROODU EXW WKH SLHFHV ZHUH
LUUHJXODU LQ VKDSH DOWKRXJK PRUH RU OHVV IODWORRNLQJ XSRQ WKH ZKROH YHU\ PXFK DV OHDG ORRNV
ZKHQWKURZQXSRQWKHJURXQGLQDPROWHQVWDWHDQGWKHUHVXIIHUHGWRJURZFRRO
1RZQRWRQHRI
WKHVH RIILFHUV IRU D PRPHQW VXVSHFWHG WKLV PHWDO WR EH DQ\ WKLQJ EXW EUDVV 7KH LGHD RI LWV EHLQJ
JROGQHYHUHQWHUHGWKHLUEUDLQVRIFRXUVHKRZFRXOGVXFKDZLOGIDQF\KDYHHQWHUHGLW"$QGWKHLU
DVWRQLVKPHQWPD\EHZHOOFRQFHLYHGZKHQWKHQH[WGD\LWEHFDPHNQRZQDOORYHU%UHPHQWKDW
WKH ORW RI EUDVV
ZKLFK WKH\ KDG FDUWHG VR FRQWHPSWXRXVO\ WR WKH SROLFH RIILFH ZLWKRXW SXWWLQJ
WKHPVHOYHVWRWKHWURXEOHRISRFNHWLQJWKHVPDOOHVWVFUDSZDVQRWRQO\JROG³UHDOJROG³EXWJROG
IDUILQHUWKDQDQ\HPSOR\HGLQFRLQDJHJROGLQIDFWDEVROXWHO\SXUHYLUJLQZLWKRXWWKHVOLJKWHVW
DSSUHFLDEOHDOOR\
,QHHGQRWJRRYHUWKHGHWDLOVRI9RQ.HPSHOHQ
VFRQIHVVLRQDVIDUDVLWZHQWDQGUHOHDVHIRU
WKHVH DUH IDPLOLDU WR WKH SXEOLF 7KDW KH KDV DFWXDOO\ UHDOL]HG LQ VSLULW DQG LQ HIIHFW LI QRW WR WKH
OHWWHU WKH ROG FKLPDHUD RI WKH SKLORVRSKHU
V VWRQH QR VDQH SHUVRQ LV DW OLEHUW\ WR GRXEW 7KH
RSLQLRQV RI $UDJR DUH RI FRXUVH HQWLWOHG WR WKH JUHDWHVW FRQVLGHUDWLRQ EXW KH LV E\ QR PHDQV
LQIDOOLEOH DQG ZKDW KH VD\V RI ELVPXWK LQ KLV UHSRUW WR WKH $FDGHP\ PXVW EH WDNHQ FXP JUDQR
VDOLV 7KH VLPSOH WUXWK LV WKDW XS WR WKLV SHULRG DOO DQDO\VLV KDV IDLOHG DQG XQWLO 9RQ .HPSHOHQ
FKRRVHVWROHWXVKDYHWKHNH\WRKLVRZQSXEOLVKHGHQLJPDLWLVPRUHWKDQSUREDEOHWKDWWKHPDWWHU
ZLOOUHPDLQIRU\HDUVLQVWDWXTXR$OOWKDWDV\HWFDQIDLUO\EHVDLGWREHNQRZQLVWKDW
3XUHJROG
FDQEHPDGHDWZLOODQGYHU\UHDGLO\IURPOHDGLQFRQQHFWLRQZLWKFHUWDLQRWKHUVXEVWDQFHVLQNLQG
DQGLQSURSRUWLRQVXQNQRZQ
6SHFXODWLRQ RI FRXUVH LV EXV\ DV WR WKH LPPHGLDWH DQG XOWLPDWH UHVXOWV RI WKLV GLVFRYHU\³D
GLVFRYHU\ZKLFKIHZWKLQNLQJSHUVRQVZLOOKHVLWDWHLQUHIHUULQJWRDQLQFUHDVHGLQWHUHVWLQWKHPDWWHU
RIJROGJHQHUDOO\E\WKHODWHGHYHORSPHQWVLQ&DOLIRUQLDDQGWKLVUHIOHFWLRQEULQJVXVLQHYLWDEO\WR
DQRWKHU³WKH H[FHHGLQJ LQRSSRUWXQHQHVV RI 9RQ .HPSHOHQ
V DQDO\VLV ,I PDQ\ ZHUH SUHYHQWHG
IURPDGYHQWXULQJWR&DOLIRUQLDE\WKHPHUHDSSUHKHQVLRQWKDWJROGZRXOGVRPDWHULDOO\GLPLQLVKLQ
YDOXHRQDFFRXQWRILWVSOHQWLIXOQHVVLQWKHPLQHVWKHUHDVWRUHQGHUWKHVSHFXODWLRQRIJRLQJVRIDU
LQ VHDUFK RI LW D GRXEWIXO RQH³ZKDW LPSUHVVLRQ ZLOO EH ZURXJKW QRZ XSRQ WKH PLQGV RI WKRVH
DERXW WR HPLJUDWH DQG HVSHFLDOO\ XSRQ WKH PLQGV RI WKRVH DFWXDOO\ LQ WKH PLQHUDO UHJLRQ E\ WKH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
DQQRXQFHPHQWRIWKLVDVWRXQGLQJGLVFRYHU\RI9RQ.HPSHOHQ"DGLVFRYHU\ZKLFKGHFODUHVLQVR
PDQ\ZRUGVWKDWEH\RQGLWVLQWULQVLFZRUWKIRUPDQXIDFWXULQJSXUSRVHVZKDWHYHUWKDWZRUWKPD\
EHJROGQRZLVRUDWOHDVWVRRQZLOOEHIRULWFDQQRWEHVXSSRVHGWKDW9RQ.HPSHOHQFDQORQJ
UHWDLQ KLV VHFUHW RI QR JUHDWHU YDOXH WKDQ OHDG DQG RI IDU LQIHULRU YDOXH WR VLOYHU ,W LV LQGHHG
H[FHHGLQJO\GLIILFXOWWRVSHFXODWHSURVSHFWLYHO\ XSRQ WKH FRQVHTXHQFHV RI WKH GLVFRYHU\ EXW RQH
WKLQJ PD\ EH SRVLWLYHO\ PDLQWDLQHG³WKDW WKH DQQRXQFHPHQW RI WKH GLVFRYHU\ VL[ PRQWKV DJR
ZRXOGKDYHKDGPDWHULDOLQIOXHQFHLQUHJDUGWRWKHVHWWOHPHQWRI&DOLIRUQLD
,Q(XURSHDV\HWWKHPRVWQRWLFHDEOHUHVXOWVKDYHEHHQDULVHRIWZRKXQGUHGSHUFHQWLQWKH
SULFHRIOHDGDQGQHDUO\WZHQW\ILYHSHUFHQWWKDWRIVLOYHU
0(60(5,&5(9(/$7,21
:+$7(9(5GRXEWPD\VWLOOHQYHORSWKHUDWLRQDOHRIPHVPHULVP
LWVVWDUWOLQJIDFWVDUHQRZDOPRVWXQLYHUVDOO\DGPLWWHG2IWKHVH
ODWWHUWKRVHZKRGRXEWDUH\RXUPHUHGRXEWHUVE\SURIHVVLRQ­DQ
XQSURILWDEOHDQGGLVUHSXWDEOHWULEH7KHUHFDQEHQRPRUHDEVROXWHZDVWH
RIWLPHWKDQWKHDWWHPSWWRSURYHDWWKHSUHVHQWGD\WKDWPDQE\
PHUHH[HUFLVHRIZLOOFDQVRLPSUHVVKLVIHOORZDVWRFDVWKLPLQWRDQ
DEQRUPDOFRQGLWLRQRIZKLFKWKHSKHQRPHQDUHVHPEOHYHU\FORVHO\WKRVH
RIGHDWKRUDWOHDVWUHVHPEOHWKHPPRUHQHDUO\WKDQWKH\GRWKH
SKHQRPHQDRIDQ\RWKHUQRUPDOFRQGLWLRQZLWKLQRXUFRJQL]DQFHWKDW
ZKLOHLQWKLVVWDWHWKHSHUVRQVRLPSUHVVHGHPSOR\VRQO\ZLWKHIIRUW
DQGWKHQIHHEO\WKHH[WHUQDORUJDQVRIVHQVH\HWSHUFHLYHVZLWK
NHHQO\UHILQHGSHUFHSWLRQDQGWKURXJKFKDQQHOVVXSSRVHGXQNQRZQ
PDWWHUVEH\RQGWKHVFRSHRIWKHSK\VLFDORUJDQVWKDWPRUHRYHUKLV
LQWHOOHFWXDOIDFXOWLHVDUHZRQGHUIXOO\H[DOWHGDQGLQYLJRUDWHGWKDWKLV
V\PSDWKLHVZLWKWKHSHUVRQVRLPSUHVVLQJKLPDUHSURIRXQGDQGILQDOO\
WKDWKLVVXVFHSWLELOLW\WRWKHLPSUHVVLRQLQFUHDVHVZLWKLWVIUHTXHQF\
ZKLOHLQWKHVDPHSURSRUWLRQWKHSHFXOLDUSKHQRPHQDHOLFLWHGDUHPRUH
H[WHQGHGDQGPRUHSURQRXQFHG
,VD\WKDWWKHVH­ZKLFKDUHWKHODZVRIPHVPHULVPLQLWV
JHQHUDOIHDWXUHV­LWZRXOGEHVXSHUHURJDWLRQWRGHPRQVWUDWHQRUVKDOO,
LQIOLFWXSRQP\UHDGHUVVRQHHGOHVVDGHPRQVWUDWLRQWRGD\0\SXUSRVH
DWSUHVHQWLVDYHU\GLIIHUHQWRQHLQGHHG,DPLPSHOOHGHYHQLQ
WKHWHHWKRIDZRUOGRISUHMXGLFHWRGHWDLOZLWKRXWFRPPHQWWKHYHU\
UHPDUNDEOHVXEVWDQFHRIDFROORTX\RFFXUULQJEHWZHHQDVOHHSZDNHUDQG
P\VHOI
,KDGEHHQORQJLQWKHKDELWRIPHVPHUL]LQJWKHSHUVRQLQ
TXHVWLRQ0U9DQNLUNDQGWKHXVXDODFXWHVXVFHSWLELOLW\DQG
H[DOWDWLRQRIWKHPHVPHULFSHUFHSWLRQKDGVXSHUYHQHG)RUPDQ\PRQWKVKH
KDGEHHQODERULQJXQGHUFRQILUPHGSKWKLVLVWKHPRUHGLVWUHVVLQJHIIHFWV
RIZKLFKKDGEHHQUHOLHYHGE\P\PDQLSXODWLRQVDQGRQWKHQLJKWRI
:HGQHVGD\WKHILIWHHQWKLQVWDQW,ZDVVXPPRQHGWRKLVEHGVLGH
7KHLQYDOLGZDVVXIIHULQJZLWKDFXWHSDLQLQWKHUHJLRQRIWKH
KHDUWDQGEUHDWKHGZLWKJUHDWGLIILFXOW\KDYLQJDOOWKHRUGLQDU\
V\PSWRPVRIDVWKPD,QVSDVPVVXFKDVWKHVHKHKDGXVXDOO\IRXQGUHOLHI
IURPWKHDSSOLFDWLRQRIPXVWDUGWRWKHQHUYRXVFHQWUHVEXWWRQLJKW
WKLVKDGEHHQDWWHPSWHGLQYDLQ
$V,HQWHUHGKLVURRPKHJUHHWHGPHZLWKDFKHHUIXOVPLOHDQG
DOWKRXJKHYLGHQWO\LQPXFKERGLO\SDLQDSSHDUHGWREHPHQWDOO\TXLWH
DWHDVH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,VHQWIRU\RXWRQLJKWKHVDLGQRWVRPXFKWRDGPLQLVWHU
WRP\ERGLO\DLOPHQWDVWRVDWLVI\PHFRQFHUQLQJFHUWDLQSV\FKDO
LPSUHVVLRQVZKLFKRIODWHKDYHRFFDVLRQHGPHPXFKDQ[LHW\DQG
VXUSULVH,QHHGQRWWHOO\RXKRZVFHSWLFDO,KDYHKLWKHUWREHHQRQWKH
WRSLFRIWKHVRXO
VLPPRUWDOLW\,FDQQRWGHQ\WKDWWKHUHKDVDOZD\V
H[LVWHGDVLILQWKDWYHU\VRXOZKLFK,KDYHEHHQGHQ\LQJDYDJXH
KDOIVHQWLPHQWRILWVRZQH[LVWHQFH%XWWKLVKDOIVHQWLPHQWDWQR
WLPHDPRXQWHGWRFRQYLFWLRQ:LWKLWP\UHDVRQKDGQRWKLQJWRGR
$OODWWHPSWVDWORJLFDOLQTXLU\UHVXOWHGLQGHHGLQOHDYLQJPHPRUH
VFHSWLFDOWKDQEHIRUH,KDGEHHQDGYLVHGWRVWXG\&RXVLQ,VWXGLHG
KLPLQKLVRZQZRUNVDVZHOODVLQWKRVHRIKLV(XURSHDQDQG$PHULFDQ
HFKRHV7KH
&KDUOHV(OZRRG
RI0U%URZQVRQIRUH[DPSOHZDVSODFHG
LQP\KDQGV,UHDGLWZLWKSURIRXQGDWWHQWLRQ7KURXJKRXW,IRXQGLW
ORJLFDOEXWWKHSRUWLRQVZKLFKZHUHQRWPHUHO\ORJLFDOZHUHXQKDSSLO\
WKHLQLWLDODUJXPHQWVRIWKHGLVEHOLHYLQJKHURRIWKHERRN,QKLV
VXPPLQJXSLWVHHPHGHYLGHQWWRPHWKDWWKHUHDVRQHUKDGQRWHYHQ
VXFFHHGHGLQFRQYLQFLQJKLPVHOI+LVHQGKDGSODLQO\IRUJRWWHQKLV
EHJLQQLQJOLNHWKHJRYHUQPHQWRI7ULQFXOR,QVKRUW,ZDVQRWORQJLQ
SHUFHLYLQJWKDWLIPDQLVWREHLQWHOOHFWXDOO\FRQYLQFHGRIKLVRZQ
LPPRUWDOLW\KHZLOOQHYHUEHVRFRQYLQFHGE\WKHPHUHDEVWUDFWLRQV
ZKLFKKDYHEHHQVRORQJWKHIDVKLRQRIWKHPRUDOLVWVRI(QJODQGRI
)UDQFHDQGRI*HUPDQ\$EVWUDFWLRQVPD\DPXVHDQGH[HUFLVHEXWWDNHQR
KROGRQWKHPLQG+HUHXSRQHDUWKDWOHDVWSKLORVRSK\,DPSHUVXDGHG
ZLOODOZD\VLQYDLQFDOOXSRQXVWRORRNXSRQTXDOLWLHVDVWKLQJV7KH
ZLOOPD\DVVHQW­WKHVRXO­WKHLQWHOOHFWQHYHU
,UHSHDWWKHQWKDW,RQO\KDOIIHOWDQGQHYHULQWHOOHFWXDOO\
EHOLHYHG%XWODWWHUO\WKHUHKDVEHHQDFHUWDLQGHHSHQLQJRIWKH
IHHOLQJXQWLOLWKDVFRPHVRQHDUO\WRUHVHPEOHWKHDFTXLHVFHQFHRI
UHDVRQWKDW,ILQGLWGLIILFXOWWRGLVWLQJXLVKEHWZHHQWKHWZR,DP
HQDEOHGWRRSODLQO\WRWUDFHWKLVHIIHFWWRWKHPHVPHULFLQIOXHQFH
,FDQQRWEHWWHUH[SODLQP\PHDQLQJWKDQE\WKHK\SRWKHVLVWKDWWKH
PHVPHULFH[DOWDWLRQHQDEOHVPHWRSHUFHLYHDWUDLQRIUDWLRFLQDWLRQ
ZKLFKLQP\DEQRUPDOH[LVWHQFHFRQYLQFHVEXWZKLFKLQIXOO
DFFRUGDQFHZLWKWKHPHVPHULFSKHQRPHQDGRHVQRWH[WHQGH[FHSWWKURXJK
LWVHIIHFWLQWRP\QRUPDOFRQGLWLRQ,QVOHHSZDNLQJWKHUHDVRQLQJ
DQGLWVFRQFOXVLRQ­WKHFDXVHDQGLWVHIIHFW­DUHSUHVHQWWRJHWKHU,Q
P\QDWXUDOVWDWHWKHFDXVHYDQLVKLQJWKHHIIHFWRQO\DQGSHUKDSVRQO\
SDUWLDOO\UHPDLQV
7KHVHFRQVLGHUDWLRQVKDYHOHGPHWRWKLQNWKDWVRPHJRRG
UHVXOWVPLJKWHQVXHIURPDVHULHVRIZHOOGLUHFWHGTXHVWLRQV
SURSRXQGHGWRPHZKLOHPHVPHUL]HG<RXKDYHRIWHQREVHUYHGWKHSURIRXQG
VHOIFRJQL]DQFHHYLQFHGE\WKHVOHHSZDNHU­WKHH[WHQVLYHNQRZOHGJHKH
GLVSOD\VXSRQDOOSRLQWVUHODWLQJWRWKHPHVPHULFFRQGLWLRQLWVHOIDQG
IURPWKLVVHOIFRJQL]DQFHPD\EHGHGXFHGKLQWVIRUWKHSURSHUFRQGXFWRI
DFDWHFKLVP
,FRQVHQWHGRIFRXUVHWRPDNHWKLVH[SHULPHQW$IHZSDVVHV
WKUHZ0U9DQNLUNLQWRWKHPHVPHULFVOHHS+LVEUHDWKLQJEHFDPH
LPPHGLDWHO\PRUHHDV\DQGKHVHHPHGWRVXIIHUQRSK\VLFDOXQHDVLQHVV
7KHIROORZLQJFRQYHUVDWLRQWKHQHQVXHG­9LQWKHGLDORJXHUHSUHVHQWLQJ
WKHSDWLHQWDQG3P\VHOI
3$UH\RXDVOHHS"
9<HV³QR,ZRXOGUDWKHUVOHHSPRUHVRXQGO\
3>$IWHUDIHZPRUHSDVVHV@'R\RXVOHHSQRZ"
9<HV
3+RZGR\RXWKLQN\RXUSUHVHQWLOOQHVVZLOOUHVXOW"
9>$IWHUDORQJKHVLWDWLRQDQGVSHDNLQJDVLIZLWKHIIRUW@,PXVWGLH
3'RHVWKHLGHDRIGHDWKDIIOLFW\RX"
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
9>9HU\TXLFNO\@1R³QR
3$UH\RXSOHDVHGZLWKWKHSURVSHFW"
9,I,ZHUHDZDNH,VKRXOGOLNHWRGLHEXWQRZLWLVQRPDWWHU7KHPHVPHULFFRQGLWLRQLVVR
QHDUGHDWKDVWRFRQWHQWPH
3,ZLVK\RXZRXOGH[SODLQ\RXUVHOI0U9DQNLUN
9,DPZLOOLQJWRGRVREXWLWUHTXLUHVPRUHHIIRUWWKDQ,IHHODEOHWRPDNH<RXGRQRWTXHVWLRQ
PHSURSHUO\
3:KDWWKHQVKDOO,DVN"
9<RXPXVWEHJLQDWWKHEHJLQQLQJ
37KHEHJLQQLQJEXWZKHUHLVWKHEHJLQQLQJ"
9 <RX NQRZ WKDW WKH EHJLQQLQJ LV *2' >7KLV ZDV VDLG LQ D ORZ IOXFWXDWLQJ WRQH DQG ZLWK
HYHU\VLJQRIWKHPRVWSURIRXQGYHQHUDWLRQ@
3:KDWWKHQLV*RG"
9>+HVLWDWLQJIRUPDQ\PLQXWHV@,FDQQRWWHOO
3,VQRW*RGVSLULW"
9:KLOH,ZDVDZDNH,NQHZZKDW\RXPHDQWE\VSLULWEXWQRZLWVHHPVRQO\DZRUG³VXFK
IRULQVWDQFHDVWUXWKEHDXW\³DTXDOLW\,PHDQ
3,VQRW*RGLPPDWHULDO"
97KHUHLVQRLPPDWHULDOLW\³LWLVDPHUHZRUG7KDWZKLFKLVQRWPDWWHULVQRWDWDOO³XQOHVV
TXDOLWLHVDUHWKLQJV
3,V*RGWKHQPDWHULDO"
91R>7KLVUHSO\VWDUWOHGPHYHU\PXFK@
3:KDWWKHQLVKH"
9>$IWHUDORQJSDXVHDQGPXWWHULQJO\@,VHH³EXWLWLVDWKLQJGLIILFXOWWRWHOO>$QRWKHU ORQJ
SDXVH@ +H LV QRW VSLULW IRU KH H[LVWV 1RU LV KH PDWWHU DV \RX XQGHUVWDQG LW %XW WKHUH DUH
JUDGDWLRQV RI PDWWHU RI ZKLFK PDQ NQRZV QRWKLQJ WKH JURVVHU LPSHOOLQJ WKH ILQHU WKH ILQHU
SHUYDGLQJWKHJURVVHU7KHDWPRVSKHUHIRUH[DPSOHLPSHOVWKHHOHFWULFSULQFLSOHZKLOHWKHHOHFWULF
SULQFLSOHSHUPHDWHVWKHDWPRVSKHUH7KHVHJUDGDWLRQVRIPDWWHULQFUHDVHLQUDULW\RUILQHQHVVXQWLO
ZH DUULYH DW D PDWWHU XQSDUWLFOHG³ZLWKRXW SDUWLFOHV³LQGLYLVLEOH³RQH DQG KHUH WKH ODZ RI
LPSXOVLRQDQGSHUPHDWLRQLVPRGLILHG7KHXOWLPDWHRUXQSDUWLFOHGPDWWHUQRWRQO\SHUPHDWHV DOO
WKLQJV EXW LPSHOV DOO WKLQJV³DQG WKXV LV DOO WKLQJV ZLWKLQ LWVHOI 7KLV PDWWHU LV *RG :KDW PHQ
DWWHPSWWRHPERG\LQWKHZRUGWKRXJKWLVWKLVPDWWHULQPRWLRQ
37KHPHWDSK\VLFLDQVPDLQWDLQWKDWDOODFWLRQLVUHGXFLEOHWRPRWLRQDQGWKLQNLQJDQGWKDWWKH
ODWWHULVWKHRULJLQRIWKHIRUPHU
9<HVDQG,QRZVHHWKHFRQIXVLRQRILGHD0RWLRQLVWKHDFWLRQRIPLQG³QRWRIWKLQNLQJ7KH
XQSDUWLFOHGPDWWHURU*RGLQTXLHVFHQFHLVDVQHDUO\DVZHFDQFRQFHLYHLWZKDWPHQFDOOPLQG
$QG WKH SRZHU RI VHOIPRYHPHQW HTXLYDOHQW LQ HIIHFW WR KXPDQ YROLWLRQ LV LQ WKH XQSDUWLFOHG
PDWWHUWKHUHVXOWRILWVXQLW\DQGRPQLSUHYDOHQFHKRZ,NQRZQRWDQGQRZFOHDUO\VHHWKDW,VKDOO
QHYHUNQRZ%XWWKHXQSDUWLFOHGPDWWHUVHWLQPRWLRQE\DODZRUTXDOLW\H[LVWLQJZLWKLQLWVHOILV
WKLQNLQJ
3&DQ\RXJLYHPHQRPRUHSUHFLVHLGHDRIZKDW\RXWHUPWKHXQSDUWLFOHGPDWWHU"
97KHPDWWHUVRIZKLFKPDQLVFRJQL]DQWHVFDSHWKHVHQVHVLQJUDGDWLRQ:HKDYHIRUH[DPSOH
D PHWDO D SLHFH RI ZRRG D GURS RI ZDWHU WKH DWPRVSKHUH D JDV FDORULF HOHFWULFLW\ WKH
OXPLQLIHURXV HWKHU 1RZ ZH FDOO DOO WKHVH WKLQJV PDWWHU DQG HPEUDFH DOO PDWWHU LQ RQH JHQHUDO
GHILQLWLRQEXWLQVSLWHRIWKLVWKHUHFDQEHQRWZRLGHDVPRUHHVVHQWLDOO\GLVWLQFWWKDQWKDWZKLFK
ZHDWWDFKWRDPHWDODQGWKDWZKLFKZHDWWDFKWRWKHOXPLQLIHURXVHWKHU:KHQZHUHDFKWKHODWWHU
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
ZH IHHO DQ DOPRVW LUUHVLVWLEOH LQFOLQDWLRQ WR FODVV LW ZLWK VSLULW RU ZLWK QLKLOLW\ 7KH RQO\
FRQVLGHUDWLRQ ZKLFK UHVWUDLQV XV LV RXU FRQFHSWLRQ RI LWV DWRPLF FRQVWLWXWLRQ DQG KHUH HYHQ ZH
KDYH WR VHHN DLG IURP RXU QRWLRQ RI DQ DWRP DV VRPHWKLQJ SRVVHVVLQJ LQ LQILQLWH PLQXWHQHVV
VROLGLW\SDOSDELOLW\ZHLJKW'HVWUR\WKHLGHDRIWKHDWRPLFFRQVWLWXWLRQDQGZHVKRXOGQRORQJHUEH
DEOHWRUHJDUGWKHHWKHUDVDQHQWLW\RUDWOHDVWDVPDWWHU)RUZDQWRIDEHWWHUZRUGZHPLJKWWHUPLW
VSLULW7DNHQRZDVWHSEH\RQGWKHOXPLQLIHURXVHWKHU³FRQFHLYHDPDWWHUDVPXFKPRUHUDUHWKDQ
WKHHWKHUDVWKLVHWKHULVPRUHUDUHWKDQWKHPHWDODQGZHDUULYHDWRQFHLQVSLWHRIDOOWKHVFKRRO
GRJPDVDWDXQLTXHPDVV³DQXQSDUWLFOHGPDWWHU)RUDOWKRXJKZHPD\DGPLWLQILQLWHOLWWOHQHVVLQ
WKHDWRPVWKHPVHOYHVWKHLQILQLWXGHRIOLWWOHQHVVLQWKHVSDFHVEHWZHHQWKHPLVDQDEVXUGLW\7KHUH
ZLOOEHDSRLQW³WKHUHZLOOEHDGHJUHHRIUDULW\DWZKLFKLIWKHDWRPVDUHVXIILFLHQWO\QXPHURXV
WKHLQWHUVSDFHVPXVWYDQLVKDQGWKHPDVVDEVROXWHO\FRDOHVFH%XWWKHFRQVLGHUDWLRQRIWKHDWRPLF
FRQVWLWXWLRQEHLQJQRZWDNHQDZD\WKHQDWXUHRIWKHPDVVLQHYLWDEO\JOLGHVLQWRZKDWZHFRQFHLYH
RI VSLULW ,W LV FOHDU KRZHYHU WKDW LW LV DV IXOO\ PDWWHU DV EHIRUH 7KH WUXWK LV LW LV LPSRVVLEOH WR
FRQFHLYH VSLULW VLQFH LW LV LPSRVVLEOH WR LPDJLQH ZKDW LV QRW :KHQ ZH IODWWHU RXUVHOYHV WKDW ZH
KDYHIRUPHGLWVFRQFHSWLRQZHKDYHPHUHO\GHFHLYHG RXU XQGHUVWDQGLQJ E\ WKH FRQVLGHUDWLRQ RI
LQILQLWHO\UDULILHGPDWWHU
37KHUHVHHPVWRPHDQLQVXUPRXQWDEOHREMHFWLRQWRWKHLGHDRIDEVROXWHFRDOHVFHQFH³DQGWKDW
LVWKHYHU\VOLJKWUHVLVWDQFHH[SHULHQFHGE\WKHKHDYHQO\ERGLHVLQWKHLUUHYROXWLRQVWKURXJKVSDFH
³DUHVLVWDQFH QRZ DVFHUWDLQHG LW LV WUXH WR H[LVW LQ VRPH GHJUHH EXW ZKLFK LV QHYHUWKHOHVV VR
VOLJKW DV WR KDYH EHHQ TXLWH RYHUORRNHG E\ WKH VDJDFLW\ HYHQ RI 1HZWRQ :H NQRZ WKDW WKH
UHVLVWDQFH RI ERGLHV LV FKLHIO\ LQ SURSRUWLRQ WR WKHLU GHQVLW\ $EVROXWH FRDOHVFHQFH LV DEVROXWH
GHQVLW\ :KHUH WKHUH DUH QR LQWHUVSDFHV WKHUH FDQ EH QR \LHOGLQJ $Q HWKHU DEVROXWHO\ GHQVH
ZRXOGSXWDQLQILQLWHO\PRUHHIIHFWXDOVWRSWRWKHSURJUHVVRIDVWDUWKDQZRXOGDQHWKHURIDGDPDQW
RURILURQ
9 <RXU REMHFWLRQ LV DQVZHUHG ZLWK DQ HDVH ZKLFK LV QHDUO\ LQ WKH UDWLR RI LWV DSSDUHQW
XQDQVZHUDELOLW\³$VUHJDUGVWKHSURJUHVVRIWKHVWDULWFDQPDNHQRGLIIHUHQFHZKHWKHUWKHVWDU
SDVVHVWKURXJKWKHHWKHURUWKHHWKHUWKURXJKLW7KHUHLVQRDVWURQRPLFDOHUURUPRUHXQDFFRXQWDEOH
WKDQ WKDW ZKLFK UHFRQFLOHV WKH NQRZQ UHWDUGDWLRQ RI WKH FRPHWV ZLWK WKH LGHD RI WKHLU SDVVDJH
WKURXJK DQ HWKHU IRU KRZHYHU UDUH WKLV HWKHU EH VXSSRVHG LW ZRXOG SXW D VWRS WR DOO VLGHUHDO
UHYROXWLRQ LQ D YHU\ IDU EULHIHU SHULRG WKDQ KDV EHHQ DGPLWWHG E\ WKRVH DVWURQRPHUV ZKR KDYH
HQGHDYRUHG WR VOXU RYHU D SRLQW ZKLFK WKH\ IRXQG LW LPSRVVLEOH WR FRPSUHKHQG 7KH UHWDUGDWLRQ
DFWXDOO\H[SHULHQFHGLVRQWKHRWKHUKDQGDERXWWKDWZKLFKPLJKWEHH[SHFWHGIURPWKHIULFWLRQRI
WKH HWKHU LQ WKH LQVWDQWDQHRXV SDVVDJH WKURXJK WKH RUE ,Q WKH RQH FDVH WKH UHWDUGLQJ IRUFH LV
PRPHQWDU\DQGFRPSOHWHZLWKLQLWVHOI³LQWKHRWKHULWLVHQGOHVVO\DFFXPXODWLYH
3 %XW LQ DOO WKLV³LQ WKLV LGHQWLILFDWLRQ RI PHUH PDWWHU ZLWK *RG³LV WKHUH QRWKLQJ RI
LUUHYHUHQFH">,ZDVIRUFHGWRUHSHDWWKLVTXHVWLRQEHIRUHWKHVOHHSZDNHUIXOO\FRPSUHKHQGHGP\
PHDQLQJ@
9&DQ\RXVD\ZK\PDWWHUVKRXOGEHOHVVUHYHUHQFHGWKDQPLQG"%XW\RXIRUJHWWKDWWKHPDWWHU
RIZKLFK,VSHDNLVLQDOOUHVSHFWVWKHYHU\PLQGRUVSLULWRIWKHVFKRROVVRIDUDVUHJDUGVLWV
KLJKFDSDFLWLHVDQGLVPRUHRYHUWKHPDWWHURIWKHVHVFKRROVDWWKHVDPHWLPH*RGZLWKDOOWKH
SRZHUVDWWULEXWHGWRVSLULWLVEXWWKHSHUIHFWLRQRIPDWWHU
3<RXDVVHUWWKHQWKDWWKHXQSDUWLFOHGPDWWHULQPRWLRQLVWKRXJKW"
9,QJHQHUDOWKLVPRWLRQLVWKHXQLYHUVDOWKRXJKWRIWKHXQLYHUVDOPLQG7KLVWKRXJKWFUHDWHV$OO
FUHDWHGWKLQJVDUHEXWWKHWKRXJKWVRI*RG
3<RXVD\LQJHQHUDO
9<HV7KHXQLYHUVDOPLQGLV*RG)RUQHZLQGLYLGXDOLWLHVPDWWHULVQHFHVVDU\
3%XW\RXQRZVSHDNRIPLQGDQGPDWWHUDVGRWKHPHWDSK\VLFLDQV
9<HV³WRDYRLGFRQIXVLRQ:KHQ,VD\PLQG,PHDQWKHXQSDUWLFOHGRUXOWLPDWHPDWWHUE\
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
PDWWHU,LQWHQGDOOHOVH
3<RXZHUHVD\LQJWKDWIRUQHZLQGLYLGXDOLWLHVPDWWHULVQHFHVVDU\
9<HVIRUPLQGH[LVWLQJXQLQFRUSRUDWHLVPHUHO\*RG7RFUHDWHLQGLYLGXDOWKLQNLQJEHLQJVLW
ZDV QHFHVVDU\ WR LQFDUQDWH SRUWLRQV RI WKH GLYLQH PLQG 7KXV PDQ LV LQGLYLGXDOL]HG 'LYHVWHG RI
FRUSRUDWHLQYHVWLWXUH KH ZHUH *RG 1RZ WKH SDUWLFXODU PRWLRQ RI WKH LQFDUQDWHG SRUWLRQV RI WKH
XQSDUWLFOHGPDWWHULVWKHWKRXJKWRIPDQDVWKHPRWLRQRIWKHZKROHLVWKDWRI*RG
3<RXVD\WKDWGLYHVWHGRIWKHERG\PDQZLOOEH*RG"
9>$IWHUPXFKKHVLWDWLRQ@,FRXOGQRWKDYHVDLGWKLVLWLVDQDEVXUGLW\
3>5HIHUULQJWRP\QRWHV@<RXGLGVD\WKDWGLYHVWHGRIFRUSRUDWHLQYHVWLWXUHPDQZHUH*RG
9$QGWKLVLVWUXH0DQWKXVGLYHVWHGZRXOGEH*RG³ZRXOGEHXQLQGLYLGXDOL]HG%XWKHFDQ
QHYHUEHWKXVGLYHVWHG³DWOHDVWQHYHUZLOOEH³HOVHZHPXVWLPDJLQHDQDFWLRQRI*RGUHWXUQLQJ
XSRQLWVHOI³DSXUSRVHOHVVDQGIXWLOHDFWLRQ0DQLVDFUHDWXUH&UHDWXUHVDUHWKRXJKWVRI*RG,WLV
WKHQDWXUHRIWKRXJKWWREHLUUHYRFDEOH
3,GRQRWFRPSUHKHQG<RXVD\WKDWPDQZLOOQHYHUSXWRIIWKHERG\"
9,VD\WKDWKHZLOOQHYHUEHERGLOHVV
3([SODLQ
9 7KHUH DUH WZR ERGLHV³WKH UXGLPHQWDO DQG WKH FRPSOHWH FRUUHVSRQGLQJ ZLWK WKH WZR
FRQGLWLRQVRIWKHZRUPDQGWKHEXWWHUIO\:KDWZHFDOOGHDWKLVEXWWKHSDLQIXOPHWDPRUSKRVLV
2XU SUHVHQW LQFDUQDWLRQ LV SURJUHVVLYH SUHSDUDWRU\ WHPSRUDU\ 2XU IXWXUH LV SHUIHFWHG XOWLPDWH
LPPRUWDO7KHXOWLPDWHOLIHLVWKHIXOOGHVLJQ
3%XWRIWKHZRUP
VPHWDPRUSKRVLVZHDUHSDOSDEO\FRJQL]DQW
9:HFHUWDLQO\³EXWQRWWKHZRUP7KHPDWWHURIZKLFKRXUUXGLPHQWDOERG\LVFRPSRVHGLV
ZLWKLQWKHNHQRIWKHRUJDQVRIWKDWERG\RUPRUHGLVWLQFWO\RXUUXGLPHQWDORUJDQVDUHDGDSWHGWR
WKH PDWWHU RI ZKLFK LV IRUPHG WKH UXGLPHQWDO ERG\ EXW QRW WR WKDW RI ZKLFK WKH XOWLPDWH LV
FRPSRVHG7KHXOWLPDWHERG\WKXVHVFDSHVRXUUXGLPHQWDOVHQVHVDQGZHSHUFHLYHRQO\WKHVKHOO
ZKLFKIDOOVLQGHFD\LQJIURPWKHLQQHUIRUPQRWWKDWLQQHUIRUPLWVHOIEXWWKLVLQQHUIRUPDVZHOO
DVWKHVKHOOLVDSSUHFLDEOHE\WKRVHZKRKDYHDOUHDG\DFTXLUHGWKHXOWLPDWHOLIH
3<RXKDYHRIWHQVDLGWKDWWKHPHVPHULFVWDWHYHU\QHDUO\UHVHPEOHVGHDWK+RZLVWKLV"
9:KHQ,VD\WKDWLWUHVHPEOHVGHDWK,PHDQWKDWLWUHVHPEOHVWKHXOWLPDWHOLIHIRUZKHQ,DP
HQWUDQFHGWKHVHQVHVRIP\UXGLPHQWDOOLIHDUHLQDEH\DQFHDQG,SHUFHLYHH[WHUQDOWKLQJVGLUHFWO\
ZLWKRXWRUJDQVWKURXJKDPHGLXPZKLFK,VKDOOHPSOR\LQWKHXOWLPDWHXQRUJDQL]HGOLIH
38QRUJDQL]HG"
9 <HV RUJDQV DUH FRQWULYDQFHV E\ ZKLFK WKH LQGLYLGXDO LV EURXJKW LQWR VHQVLEOH UHODWLRQ ZLWK
SDUWLFXODUFODVVHVDQGIRUPVRIPDWWHUWRWKHH[FOXVLRQRIRWKHUFODVVHVDQGIRUPV7KHRUJDQVRI
PDQ DUH DGDSWHG WR KLV UXGLPHQWDO FRQGLWLRQ DQG WR WKDW RQO\ KLV XOWLPDWH FRQGLWLRQ EHLQJ
XQRUJDQL]HGLVRIXQOLPLWHGFRPSUHKHQVLRQLQDOOSRLQWVEXWRQH³WKHQDWXUHRIWKHYROLWLRQRI*RG
³WKDWLVWRVD\WKHPRWLRQRIWKHXQSDUWLFOHGPDWWHU<RXZLOOKDYHDGLVWLQFWLGHDRIWKHXOWLPDWH
ERG\E\FRQFHLYLQJLWWREHHQWLUHEUDLQ7KLVLWLVQRWEXWDFRQFHSWLRQRIWKLVQDWXUHZLOOEULQJ\RX
QHDUDFRPSUHKHQVLRQRIZKDWLWLV$OXPLQRXVERG\LPSDUWVYLEUDWLRQWRWKHOXPLQLIHURXVHWKHU
7KHYLEUDWLRQVJHQHUDWHVLPLODURQHVZLWKLQWKHUHWLQDWKHVHDJDLQFRPPXQLFDWHVLPLODURQHVWRWKH
RSWLF QHUYH 7KH QHUYH FRQYH\V VLPLODU RQHV WR WKH EUDLQ WKH EUDLQ DOVR VLPLODU RQHV WR WKH
XQSDUWLFOHGPDWWHUZKLFKSHUPHDWHVLW7KHPRWLRQRIWKLVODWWHULVWKRXJKWRIZKLFKSHUFHSWLRQLV
WKHILUVWXQGXODWLRQ7KLVLVWKHPRGHE\ZKLFKWKHPLQGRIWKHUXGLPHQWDOOLIHFRPPXQLFDWHVZLWK
WKH H[WHUQDO ZRUOG DQG WKLV H[WHUQDO ZRUOG LV WR WKH UXGLPHQWDO OLIH OLPLWHG WKURXJK WKH
LGLRV\QFUDV\ RI LWV RUJDQV %XW LQ WKH XOWLPDWH XQRUJDQL]HG OLIH WKH H[WHUQDO ZRUOG UHDFKHV WKH
ZKROH ERG\ ZKLFK LV RI D VXEVWDQFH KDYLQJ DIILQLW\ WR EUDLQ DV , KDYH VDLG ZLWK QR RWKHU
LQWHUYHQWLRQWKDQWKDWRIDQLQILQLWHO\UDUHUHWKHUWKDQHYHQWKHOXPLQLIHURXVDQGWRWKLVHWKHU³LQ
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
XQLVRQZLWKLW³WKHZKROHERG\YLEUDWHVVHWWLQJLQPRWLRQWKHXQSDUWLFOHGPDWWHUZKLFKSHUPHDWHV
LW,WLVWRWKHDEVHQFHRILGLRV\QFUDWLFRUJDQVWKHUHIRUHWKDWZHPXVWDWWULEXWHWKHQHDUO\XQOLPLWHG
SHUFHSWLRQ RI WKH XOWLPDWH OLIH 7R UXGLPHQWDO EHLQJV RUJDQV DUH WKH FDJHV QHFHVVDU\ WR FRQILQH
WKHPXQWLOIOHGJHG
3<RXVSHDNRIUXGLPHQWDOEHLQJV$UHWKHUHRWKHUUXGLPHQWDOWKLQNLQJEHLQJVWKDQPDQ"
97KHPXOWLWXGLQRXVFRQJORPHUDWLRQRIUDUHPDWWHULQWRQHEXO SODQHWVVXQVDQGRWKHUERGLHV
ZKLFKDUHQHLWKHUQHEXO VXQVQRUSODQHWVLVIRUWKHVROHSXUSRVHRIVXSSO\LQJSDEXOXPIRUWKH
LGLRV\QFUDV\ RI WKH RUJDQV RI DQ LQILQLW\ RI UXGLPHQWDO EHLQJV %XW IRU WKH QHFHVVLW\ RI WKH
UXGLPHQWDOSULRUWRWKHXOWLPDWHOLIHWKHUHZRXOGKDYHEHHQQRERGLHVVXFKDVWKHVH(DFKRIWKHVH
LVWHQDQWHGE\DGLVWLQFWYDULHW\ RI RUJDQLF UXGLPHQWDO WKLQNLQJ FUHDWXUHV ,Q DOOWKH RUJDQVYDU\
ZLWKWKHIHDWXUHVRIWKHSODFHWHQDQWHG$WGHDWKRUPHWDPRUSKRVLVWKHVH FUHDWXUHV HQMR\LQJ WKH
XOWLPDWH OLIH³LPPRUWDOLW\³DQG FRJQL]DQW RI DOO VHFUHWV EXW WKH RQH DFW DOO WKLQJV DQG SDVV
HYHU\ZKHUH E\PHUH YROLWLRQ³LQGZHOOLQJQRW WKH VWDUVZKLFK WR XVVHHP WKH VROH SDOSDELOLWLHV
DQGIRUWKHDFFRPPRGDWLRQRIZKLFKZHEOLQGO\GHHPVSDFHFUHDWHG³EXWWKDW63$&(LWVHOI³WKDW
LQILQLW\RIZKLFKWKHWUXO\VXEVWDQWLYHYDVWQHVVVZDOORZVXSWKHVWDUVKDGRZV³EORWWLQJWKHPRXWDV
QRQHQWLWLHVIURPWKHSHUFHSWLRQRIWKHDQJHOV
3<RXVD\WKDWEXWIRUWKHQHFHVVLW\RIWKHUXGLPHQWDOOLIHWKHUHZRXOGKDYHEHHQQRVWDUV%XW
ZK\WKLVQHFHVVLW\"
9,QWKHLQRUJDQLFOLIHDVZHOODVLQWKHLQRUJDQLFPDWWHUJHQHUDOO\WKHUHLVQRWKLQJWRLPSHGH
WKH DFWLRQ RI RQH VLPSOH XQLTXH ODZ³WKH 'LYLQH 9ROLWLRQ :LWK WKH YLHZ RI SURGXFLQJ
LPSHGLPHQW WKH RUJDQLF OLIH DQG PDWWHU FRPSOH[ VXEVWDQWLDO DQG ODZHQFXPEHUHG ZHUH
FRQWULYHG
3%XWDJDLQ³ZK\QHHGWKLVLPSHGLPHQWKDYHEHHQSURGXFHG"
97KHUHVXOWRIODZLQYLRODWHLVSHUIHFWLRQ³ULJKW³QHJDWLYHKDSSLQHVV7KHUHVXOWRIODZYLRODWH
LV LPSHUIHFWLRQ ZURQJ SRVLWLYH SDLQ 7KURXJK WKH LPSHGLPHQWV DIIRUGHG E\ WKH QXPEHU
FRPSOH[LW\ DQG VXEVWDQWLDOLW\ RI WKH ODZV RI RUJDQLF OLIH DQG PDWWHU WKH YLRODWLRQ RI ODZ LV
UHQGHUHG WR D FHUWDLQ H[WHQW SUDFWLFDEOH 7KXV SDLQ ZKLFK LQ WKH LQRUJDQLF OLIH LV LPSRVVLEOH LV
SRVVLEOHLQWKHRUJDQLF
3%XWWRZKDWJRRGHQGLVSDLQWKXVUHQGHUHGSRVVLEOH"
9$OOWKLQJVDUHHLWKHUJRRGRUEDGE\FRPSDULVRQ$VXIILFLHQWDQDO\VLVZLOOVKRZWKDWSOHDVXUH
LQDOOFDVHVLVEXWWKHFRQWUDVWRISDLQ3RVLWLYHSOHDVXUHLVDPHUHLGHD7REHKDSS\DWDQ\RQH
SRLQW ZH PXVW KDYH VXIIHUHG DW WKH VDPH 1HYHU WR VXIIHU ZRXOG KDYH EHHQ QHYHU WR KDYH EHHQ
EOHVVHG%XWLWKDVEHHQVKRZQWKDWLQWKHLQRUJDQLFOLIHSDLQFDQQRWEHWKXVWKHQHFHVVLW\IRUWKH
RUJDQLF7KHSDLQRIWKHSULPLWLYHOLIHRI(DUWKLVWKHVROHEDVLVRIWKHEOLVVRIWKHXOWLPDWHOLIH LQ
+HDYHQ
36WLOOWKHUHLVRQHRI\RXUH[SUHVVLRQVZKLFK,ILQGLWLPSRVVLEOH WR FRPSUHKHQG³WKH WUXO\
VXEVWDQWLYHYDVWQHVVRILQILQLW\
9 7KLV SUREDEO\ LV EHFDXVH \RX KDYH QR VXIILFLHQWO\ JHQHULF FRQFHSWLRQ RI WKH WHUP
VXEVWDQFHLWVHOI:HPXVWQRWUHJDUGLWDVDTXDOLW\EXWDVDVHQWLPHQW³LWLVWKHSHUFHSWLRQLQ
WKLQNLQJ EHLQJV RI WKH DGDSWDWLRQ RI PDWWHU WR WKHLU RUJDQL]DWLRQ 7KHUH DUH PDQ\ WKLQJV RQ WKH
(DUWK ZKLFK ZRXOG EH QLKLOLW\ WR WKH LQKDELWDQWV RI 9HQXV³PDQ\ WKLQJV YLVLEOH DQG WDQJLEOH LQ
9HQXVZKLFKZHFRXOGQRWEHEURXJKWWRDSSUHFLDWHDVH[LVWLQJDWDOO%XWWRWKHLQRUJDQLFEHLQJV
³WRWKHDQJHOV³WKHZKROHRIWKHXQSDUWLFOHGPDWWHULVVXEVWDQFH³WKDWLVWRVD\WKHZKROHRIZKDW
ZH WHUP VSDFH LV WR WKHP WKH WUXHVW VXEVWDQWLDOLW\³WKH VWDUV PHDQWLPH WKURXJK ZKDW ZH
FRQVLGHUWKHLUPDWHULDOLW\HVFDSLQJWKHDQJHOLFVHQVHMXVWLQSURSRUWLRQDVWKHXQSDUWLFOHG PDWWHU
WKURXJKZKDWZHFRQVLGHULWVLPPDWHULDOLW\HOXGHVWKHRUJDQLF
$V WKH VOHHSZDNHU SURQRXQFHG WKHVH ODWWHU ZRUGV LQ D IHHEOH WRQH , REVHUYHG RQ KLV
FRXQWHQDQFHDVLQJXODUH[SUHVVLRQZKLFKVRPHZKDWDODUPHGPHDQGLQGXFHGPHWRDZDNHKLPDW
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
RQFH1RVRRQHUKDG,GRQHWKLVWKDQZLWKDEULJKWVPLOHLUUDGLDWLQJDOOKLVIHDWXUHVKHIHOOEDFN
XSRQKLVSLOORZDQGH[SLUHG,QRWLFHGWKDWLQOHVVWKDQDPLQXWHDIWHUZDUGKLVFRUSVH KDG DOO WKH
VWHUQ ULJLGLW\ RI VWRQH +LV EURZ ZDV RI WKH FROGQHVV RI LFH 7KXV RUGLQDULO\ VKRXOG LW KDYH
DSSHDUHG RQO\ DIWHU ORQJ SUHVVXUH IURP $]UDHO
V KDQG +DG WKH VOHHSZDNHU LQGHHG GXULQJ WKH
ODWWHUSRUWLRQRIKLVGLVFRXUVHEHHQDGGUHVVLQJPHIURPRXWWKHUHJLRQRIWKHVKDGRZV"
7+()$&76,17+(&$6(2)0
9$/'(0$5
2)FRXUVH,VKDOOQRWSUHWHQGWRFRQVLGHULWDQ\PDWWHUIRUZRQGHUWKDWWKHH[WUDRUGLQDU\FDVHRI
09DOGHPDUKDVH[FLWHGGLVFXVVLRQ,WZRXOGKDYHEHHQDPLUDFOHKDGLWQRWHVSHFLDOO\XQGHUWKH
FLUFXPVWDQFHV7KURXJKWKH GHVLUH RI DOO SDUWLHV FRQFHUQHG WR NHHS WKH DIIDLU IURP WKH SXEOLF DW
OHDVWIRUWKHSUHVHQWRUXQWLOZHKDGIDUWKHURSSRUWXQLWLHVIRULQYHVWLJDWLRQ³WKURXJKRXUHQGHDYRUV
WRHIIHFWWKLV³DJDUEOHGRUH[DJJHUDWHGDFFRXQWPDGHLWVZD\LQWRVRFLHW\DQGEHFDPHWKHVRXUFH
RIPDQ\XQSOHDVDQWPLVUHSUHVHQWDWLRQVDQGYHU\QDWXUDOO\RIDJUHDWGHDORIGLVEHOLHI
,WLVQRZUHQGHUHGQHFHVVDU\WKDW,JLYHWKHIDFWV³DVIDUDV,FRPSUHKHQGWKHPP\VHOI7KH\DUH
VXFFLQFWO\WKHVH
0\DWWHQWLRQIRUWKHODVWWKUHH\HDUVKDGEHHQUHSHDWHGO\GUDZQWRWKHVXEMHFWRI0HVPHULVP
DQG DERXW QLQH PRQWKV DJR LW RFFXUUHG WR PH TXLWH VXGGHQO\ WKDW LQ WKH VHULHV RI H[SHULPHQWV
PDGH KLWKHUWR WKHUH KDG EHHQ D YHU\ UHPDUNDEOH DQG PRVW XQDFFRXQWDEOH RPLVVLRQ³QR SHUVRQ
KDG DV \HW EHHQ PHVPHUL]HG LQ DUWLFXOR PRUWLV ,W UHPDLQHG WR EH VHHQ ILUVW ZKHWKHU LQ VXFK
FRQGLWLRQ WKHUH H[LVWHG LQ WKH SDWLHQW DQ\ VXVFHSWLELOLW\ WR WKH PDJQHWLF LQIOXHQFH VHFRQGO\
ZKHWKHULIDQ\H[LVWHGLWZDVLPSDLUHGRULQFUHDVHGE\WKHFRQGLWLRQWKLUGO\WRZKDWH[WHQWRUIRU
KRZORQJDSHULRGWKHHQFURDFKPHQWVRI'HDWKPLJKWEHDUUHVWHGE\WKHSURFHVV7KHUHZHUHRWKHU
SRLQWV WR EH DVFHUWDLQHG EXW WKHVH PRVW H[FLWHG P\ FXULRVLW\³WKH ODVW LQ HVSHFLDO IURP WKH
LPPHQVHO\LPSRUWDQWFKDUDFWHURILWVFRQVHTXHQFHV
,Q ORRNLQJ DURXQG PH IRU VRPH VXEMHFW E\ ZKRVH PHDQV , PLJKW WHVW WKHVH SDUWLFXODUV , ZDV
EURXJKWWRWKLQNRIP\IULHQG0(UQHVW9DOGHPDUWKHZHOONQRZQFRPSLOHURIWKH%LEOLRWKHFD
)RUHQVLFD DQG DXWKRU XQGHU WKH QRP GH SOXPH RI ,VVDFKDU 0DU[ RI WKH 3ROLVK YHUVLRQV RI
:DOOHQVWHLQDQG*DUJDQWXD09DOGHPDUZKRKDVUHVLGHGSULQFLSDOO\DW+DUODHP1<VLQFH
WKH\HDULVRUZDVSDUWLFXODUO\QRWLFHDEOHIRUWKHH[WUHPHVSDUHQHVVRIKLVSHUVRQ³KLVORZHU
OLPEV PXFK UHVHPEOLQJ WKRVH RI -RKQ 5DQGROSK DQG DOVR IRU WKH ZKLWHQHVV RI KLV ZKLVNHUV LQ
YLROHQW FRQWUDVW WR WKH EODFNQHVV RI KLV KDLU³WKH ODWWHU LQ FRQVHTXHQFH EHLQJ YHU\ JHQHUDOO\
PLVWDNHQIRUDZLJ+LVWHPSHUDPHQWZDVPDUNHGO\QHUYRXVDQGUHQGHUHGKLPDJRRGVXEMHFWIRU
PHVPHULFH[SHULPHQW2QWZRRU WKUHH RFFDVLRQV , KDG SXW KLP WR VOHHS ZLWK OLWWOH GLIILFXOW\ EXW
ZDVGLVDSSRLQWHGLQRWKHUUHVXOWVZKLFKKLVSHFXOLDUFRQVWLWXWLRQKDGQDWXUDOO\OHGPHWRDQWLFLSDWH
+LV ZLOO ZDV DW QR SHULRG SRVLWLYHO\ RU WKRURXJKO\ XQGHU P\ FRQWURO DQG LQ UHJDUG WR
FODLUYR\DQFH,FRXOGDFFRPSOLVKZLWKKLPQRWKLQJWREHUHOLHGXSRQ,DOZD\VDWWULEXWHGP\IDLOXUH
DW WKHVH SRLQWV WR WKH GLVRUGHUHG VWDWH RI KLV KHDOWK )RU VRPH PRQWKV SUHYLRXV WR P\ EHFRPLQJ
DFTXDLQWHGZLWKKLPKLVSK\VLFLDQVKDGGHFODUHGKLPLQDFRQILUPHGSKWKLVLV,WZDVKLVFXVWRP
LQGHHG WR VSHDN FDOPO\ RI KLV DSSURDFKLQJ GLVVROXWLRQ DV RI D PDWWHU QHLWKHU WR EH DYRLGHG QRU
UHJUHWWHG
:KHQWKHLGHDVWRZKLFK,KDYHDOOXGHGILUVWRFFXUUHGWRPHLWZDVRIFRXUVHYHU\QDWXUDOWKDW,
VKRXOGWKLQNRI09DOGHPDU,NQHZWKHVWHDG\SKLORVRSK\RIWKHPDQWRRZHOOWRDSSUHKHQGDQ\
VFUXSOHVIURPKLPDQGKHKDGQRUHODWLYHVLQ$PHULFDZKRZRXOGEHOLNHO\WRLQWHUIHUH,VSRNHWR
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
KLPIUDQNO\XSRQWKHVXEMHFWDQGWRP\VXUSULVHKLVLQWHUHVWVHHPHGYLYLGO\H[FLWHG,VD\WRP\
VXUSULVH IRU DOWKRXJK KH KDG DOZD\V \LHOGHG KLV SHUVRQ IUHHO\ WR P\ H[SHULPHQWV KH KDG QHYHU
EHIRUHJLYHQPHDQ\WRNHQVRIV\PSDWK\ZLWKZKDW,GLG+LVGLVHDVHZDVRIWKDWFKDUDFWHUZKLFK
ZRXOG DGPLW RI H[DFW FDOFXODWLRQ LQ UHVSHFW WR WKH HSRFK RI LWV WHUPLQDWLRQ LQ GHDWK DQG LW ZDV
ILQDOO\DUUDQJHGEHWZHHQXVWKDWKHZRXOGVHQGIRUPHDERXWWZHQW\IRXUKRXUVEHIRUHWKHSHULRG
DQQRXQFHGE\KLVSK\VLFLDQVDVWKDWRIKLVGHFHDVH
,W LV QRZ UDWKHU PRUH WKDQ VHYHQ PRQWKV VLQFH , UHFHLYHG IURP 0 9DOGHPDU KLPVHOI WKH
VXEMRLQHGQRWH
0\'($53³
<RX PD\ DV ZHOO FRPH QRZ '³³ DQG )³³ DUH DJUHHG WKDW , FDQQRW KROG RXW EH\RQG WR
PRUURZPLGQLJKWDQG,WKLQNWKH\KDYHKLWWKHWLPHYHU\QHDUO\
9$/'(0$5
,UHFHLYHGWKLVQRWHZLWKLQKDOIDQKRXUDIWHULWZDVZULWWHQDQGLQILIWHHQPLQXWHVPRUH,ZDVLQ
WKH G\LQJ PDQ
V FKDPEHU , KDG QRW VHHQ KLP IRU WHQ GD\V DQG ZDV DSSDOOHG E\ WKH IHDUIXO
DOWHUDWLRQZKLFKWKHEULHILQWHUYDOKDGZURXJKWLQKLP+LVIDFHZRUHDOHDGHQKXHWKHH\HVZHUH
XWWHUO\OXVWUHOHVVDQGWKHHPDFLDWLRQZDVVRH[WUHPHWKDWWKHVNLQKDGEHHQEURNHQWKURXJKE\WKH
FKHHNERQHV +LV H[SHFWRUDWLRQ ZDV H[FHVVLYH 7KH SXOVH ZDV EDUHO\ SHUFHSWLEOH +H UHWDLQHG
QHYHUWKHOHVVLQDYHU\UHPDUNDEOHPDQQHUERWKKLVPHQWDOSRZHUDQGDFHUWDLQGHJUHHRISK\VLFDO
VWUHQJWK +H VSRNH ZLWK GLVWLQFWQHVV³WRRN VRPH SDOOLDWLYH PHGLFLQHV ZLWKRXW DLG³DQG ZKHQ ,
HQWHUHGWKHURRPZDVRFFXSLHGLQSHQFLOLQJPHPRUDQGDLQDSRFNHWERRN+HZDVSURSSHGXSLQ
WKHEHGE\SLOORZV'RFWRUV'³³DQG)³³ZHUHLQDWWHQGDQFH
$IWHUSUHVVLQJ9DOGHPDU
VKDQG,WRRNWKHVHJHQWOHPHQDVLGHDQGREWDLQHGIURPWKHPDPLQXWH
DFFRXQWRIWKHSDWLHQW
VFRQGLWLRQ7KHOHIWOXQJKDGEHHQIRUHLJKWHHQPRQWKVLQDVHPLRVVHRXVRU
FDUWLODJLQRXVVWDWHDQGZDVRIFRXUVHHQWLUHO\XVHOHVVIRUDOOSXUSRVHVRIYLWDOLW\7KHULJKWLQLWV
XSSHUSRUWLRQZDVDOVRSDUWLDOO\LIQRWWKRURXJKO\RVVLILHGZKLOHWKHORZHUUHJLRQZDVPHUHO\D
PDVVRISXUXOHQWWXEHUFOHVUXQQLQJRQHLQWRDQRWKHU6HYHUDOH[WHQVLYHSHUIRUDWLRQVH[LVWHGDQGDW
RQH SRLQW SHUPDQHQW DGKHVLRQ WR WKH ULEV KDG WDNHQ SODFH 7KHVH DSSHDUDQFHV LQ WKH ULJKW OREH
ZHUHRIFRPSDUDWLYHO\UHFHQWGDWH7KHRVVLILFDWLRQKDGSURFHHGHGZLWKYHU\XQXVXDOUDSLGLW\QR
VLJQRILWKDGEHHQGLVFRYHUHGDPRQWKEHIRUHDQGWKHDGKHVLRQKDGRQO\EHHQREVHUYHGGXULQJWKH
WKUHH SUHYLRXV GD\V ,QGHSHQGHQWO\ RI WKH SKWKLVLV WKH SDWLHQW ZDV VXVSHFWHG RI DQHXULVP RI WKH
DRUWDEXWRQWKLVSRLQWWKHRVVHRXVV\PSWRPVUHQGHUHGDQH[DFW GLDJQRVLV LPSRVVLEOH,WZDVWKH
RSLQLRQRIERWKSK\VLFLDQVWKDW09DOGHPDUZRXOGGLHDERXWPLGQLJKWRQWKHPRUURZ6XQGD\,W
ZDVWKHQVHYHQR
FORFNRQ6DWXUGD\HYHQLQJ
2QTXLWWLQJWKHLQYDOLG
VEHGVLGHWRKROGFRQYHUVDWLRQZLWKP\VHOI'RFWRUV'³³DQG)³³
KDGELGGHQKLPDILQDOIDUHZHOO,WKDGQRWEHHQWKHLULQWHQWLRQWRUHWXUQEXWDWP\UHTXHVWWKH\
DJUHHGWRORRNLQXSRQWKHSDWLHQWDERXWWHQWKHQH[WQLJKW
:KHQ WKH\ KDG JRQH , VSRNH IUHHO\ ZLWK 0 9DOGHPDU RQ WKH VXEMHFW RI KLV DSSURDFKLQJ
GLVVROXWLRQ DV ZHOO DV PRUH SDUWLFXODUO\ RI WKH H[SHULPHQW SURSRVHG +H VWLOO SURIHVVHG KLPVHOI
TXLWHZLOOLQJDQGHYHQDQ[LRXVWRKDYHLWPDGHDQGXUJHGPHWRFRPPHQFHLWDWRQFH$PDOHDQG
DIHPDOHQXUVHZHUHLQDWWHQGDQFHEXW,GLGQRWIHHOP\VHOIDOWRJHWKHUDWOLEHUW\WRHQJDJHLQDWDVN
RI WKLV FKDUDFWHU ZLWK QR PRUH UHOLDEOH ZLWQHVVHV WKDQ WKHVH SHRSOH LQ FDVH RI VXGGHQ DFFLGHQW
PLJKWSURYH,WKHUHIRUHSRVWSRQHGRSHUDWLRQVXQWLODERXWHLJKWWKHQH[WQLJKWZKHQWKHDUULYDORID
PHGLFDO VWXGHQW ZLWK ZKRP , KDG VRPH DFTXDLQWDQFH 0U 7KHRGRUH /³O UHOLHYHG PH IURP
IDUWKHU HPEDUUDVVPHQW ,W KDG EHHQ P\ GHVLJQ RULJLQDOO\ WR ZDLW IRU WKH SK\VLFLDQV EXW , ZDV
LQGXFHGWRSURFHHGILUVWE\WKHXUJHQWHQWUHDWLHVRI09DOGHPDUDQGVHFRQGO\E\P\FRQYLFWLRQ
WKDW,KDGQRWDPRPHQWWRORVHDVKHZDVHYLGHQWO\VLQNLQJIDVW
0U/³OZDVVRNLQGDVWRDFFHGHWRP\GHVLUHWKDWKHZRXOGWDNHQRWHVRIDOOWKDWRFFXUUHGDQG
LWLVIURPKLVPHPRUDQGDWKDWZKDW,QRZKDYHWRUHODWHLVIRUWKHPRVWSDUWHLWKHUFRQGHQVHGRU
FRSLHGYHUEDWLP
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,WZDQWHGDERXWILYHPLQXWHVRIHLJKWZKHQWDNLQJWKHSDWLHQW
VKDQG,EHJJHGKLPWRVWDWHDV
GLVWLQFWO\ DV KH FRXOG WR 0U /³O ZKHWKHU KH 0 9DOGHPDU ZDV HQWLUHO\ ZLOOLQJ WKDW , VKRXOG
PDNHWKHH[SHULPHQWRIPHVPHUL]LQJKLPLQKLVWKHQFRQGLWLRQ
+HUHSOLHGIHHEO\\HWTXLWHDXGLEO\<HV,ZLVKWREH,IHDU\RXKDYHPHVPHUL]HG³DGGLQJ
LPPHGLDWHO\DIWHUZDUGVGHIHUUHGLWWRRORQJ
:KLOH KH VSRNH WKXV , FRPPHQFHG WKH SDVVHV ZKLFK , KDG DOUHDG\ IRXQG PRVW HIIHFWXDO LQ
VXEGXLQJ KLP +H ZDV HYLGHQWO\ LQIOXHQFHG ZLWK WKH ILUVW ODWHUDO VWURNH RI P\ KDQG DFURVV KLV
IRUHKHDG EXW DOWKRXJK , H[HUWHG DOO P\ SRZHUV QR IXUWKHU SHUFHSWLEOH HIIHFW ZDV LQGXFHG XQWLO
VRPH PLQXWHV DIWHU WHQ R
FORFN ZKHQ 'RFWRUV '³ DQG )³ FDOOHG DFFRUGLQJ WR DSSRLQWPHQW ,
H[SODLQHGWRWKHPLQDIHZZRUGVZKDW,GHVLJQHGDQGDVWKH\RSSRVHGQRREMHFWLRQVD\LQJWKDW
WKHSDWLHQWZDVDOUHDG\LQWKHGHDWKDJRQ\,SURFHHGHGZLWKRXWKHVLWDWLRQ³H[FKDQJLQJKRZHYHU
WKH ODWHUDO SDVVHV IRU GRZQZDUG RQHV DQG GLUHFWLQJ P\ JD]H HQWLUHO\ LQWR WKH ULJKW H\H RI WKH
VXIIHUHU
%\WKLVWLPHKLVSXOVHZDVLPSHUFHSWLEOHDQGKLVEUHDWKLQJZDVVWHUWRURXVDQGDWLQWHUYDOVRIKDOI
DPLQXWH
7KLV FRQGLWLRQ ZDV QHDUO\ XQDOWHUHG IRU D TXDUWHU RI DQ KRXU $W WKH H[SLUDWLRQ RI WKLV SHULRG
KRZHYHU D QDWXUDO DOWKRXJK D YHU\ GHHS VLJK HVFDSHG WKH ERVRP RI WKH G\LQJ PDQ DQG WKH
VWHUWRURXVEUHDWKLQJFHDVHG³WKDWLVWRVD\LWVVWHUWRURXVQHVVZDVQRORQJHUDSSDUHQWWKHLQWHUYDOV
ZHUHXQGLPLQLVKHG7KHSDWLHQW
VH[WUHPLWLHVZHUHRIDQLF\FROGQHVV
$W ILYH PLQXWHV EHIRUH HOHYHQ , SHUFHLYHG XQHTXLYRFDO VLJQV RI WKH PHVPHULF LQIOXHQFH 7KH
JODVV\ UROO RI WKH H\H ZDV FKDQJHG IRU WKDW H[SUHVVLRQ RI XQHDV\ LQZDUG H[DPLQDWLRQ ZKLFK LV
QHYHUVHHQH[FHSWLQFDVHVRIVOHHSZDNLQJDQGZKLFKLWLVTXLWHLPSRVVLEOHWRPLVWDNH:LWKDIHZ
UDSLGODWHUDOSDVVHV,PDGHWKHOLGVTXLYHUDVLQLQFLSLHQWVOHHSDQGZLWKDIHZPRUH,FORVHGWKHP
DOWRJHWKHU,ZDVQRWVDWLVILHGKRZHYHUZLWKWKLVEXWFRQWLQXHGWKHPDQLSXODWLRQVYLJRURXVO\DQG
ZLWKWKHIXOOHVWH[HUWLRQRIWKHZLOOXQWLO,KDGFRPSOHWHO\VWLIIHQHGWKHOLPEVRIWKHVOXPEHUHUDIWHU
SODFLQJWKHPLQDVHHPLQJO\HDV\SRVLWLRQ7KHOHJVZHUHDWIXOOOHQJWKWKHDUPVZHUHQHDUO\VR
DQGUHSRVHGRQWKHEHGDWDPRGHUDWHGLVWDQFHIURPWKHORLQ7KHKHDGZDVYHU\VOLJKWO\HOHYDWHG
:KHQ,KDGDFFRPSOLVKHGWKLVLWZDVIXOO\PLGQLJKWDQG,UHTXHVWHGWKHJHQWOHPHQSUHVHQWWR
H[DPLQH09DOGHPDU
VFRQGLWLRQ$IWHUDIHZH[SHULPHQWVWKH\DGPLWWHGKLPWREHDQXQXVXDOO\
SHUIHFWVWDWHRIPHVPHULF WUDQFH 7KH FXULRVLW\ RI ERWK WKH SK\VLFLDQV ZDV JUHDWO\ H[FLWHG 'U '
³³ UHVROYHG DW RQFH WR UHPDLQ ZLWK WKH SDWLHQW DOO QLJKW ZKLOH 'U )³³ WRRN OHDYH ZLWK D
SURPLVHWRUHWXUQDWGD\EUHDN0U/³ODQGWKHQXUVHVUHPDLQHG
:H OHIW 0 9DOGHPDU HQWLUHO\ XQGLVWXUEHG XQWLO DERXW WKUHH R
FORFN LQ WKH PRUQLQJ ZKHQ ,
DSSURDFKHGKLPDQGIRXQGKLPLQSUHFLVHO\WKHVDPHFRQGLWLRQDVZKHQ'U)³ZHQWDZD\³WKDW
LV WR VD\ KH OD\ LQ WKH VDPH SRVLWLRQ WKH SXOVH ZDV LPSHUFHSWLEOH WKH EUHDWKLQJ ZDV JHQWOH
VFDUFHO\ QRWLFHDEOH XQOHVV WKURXJK WKH DSSOLFDWLRQ RI D PLUURU WR WKH OLSV WKH H\HV ZHUH FORVHG
QDWXUDOO\ DQG WKH OLPEV ZHUH DV ULJLG DQG DV FROG DV PDUEOH 6WLOO WKH JHQHUDO DSSHDUDQFH ZDV
FHUWDLQO\QRWWKDWRIGHDWK
$V,DSSURDFKHG09DOGHPDU,PDGHDNLQGRIKDOIHIIRUWWRLQIOXHQFHKLVULJKWDUPLQWRSXUVXLW
RIP\RZQDV,SDVVHGWKHODWWHUJHQWO\WRDQGIURDERYHKLVSHUVRQ,QVXFKH[SHULPHQWVZLWKWKLV
SDWLHQW , KDG QHYHU SHUIHFWO\ VXFFHHGHG EHIRUH DQG DVVXUHGO\ , KDG OLWWOH WKRXJKW RI VXFFHHGLQJ
QRZ EXW WR P\ DVWRQLVKPHQW KLV DUP YHU\ UHDGLO\ DOWKRXJK IHHEO\ IROORZHG HYHU\ GLUHFWLRQ ,
DVVLJQHGLWZLWKPLQH,GHWHUPLQHGWRKD]DUGDIHZZRUGVRIFRQYHUVDWLRQ
09DOGHPDU,VDLGDUH\RXDVOHHS"+HPDGHQRDQVZHUEXW,SHUFHLYHGDWUHPRUDERXWWKH
OLSVDQGZDVWKXVLQGXFHGWRUHSHDWWKHTXHVWLRQDJDLQDQGDJDLQ$WLWVWKLUGUHSHWLWLRQKLVZKROH
IUDPHZDVDJLWDWHGE\DYHU\VOLJKWVKLYHULQJWKHH\HOLGVXQFORVHGWKHPVHOYHVVRIDUDVWRGLVSOD\D
ZKLWH OLQH RI WKH EDOO WKH OLSV PRYHG VOXJJLVKO\ DQG IURP EHWZHHQ WKHP LQ D EDUHO\ DXGLEOH
ZKLVSHULVVXHGWKHZRUGV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
<HV³DVOHHSQRZ'RQRWZDNHPH³OHWPHGLHVR
, KHUH IHOW WKH OLPEV DQG IRXQG WKHP DV ULJLG DV HYHU 7KH ULJKW DUP DV EHIRUH REH\HG WKH
GLUHFWLRQRIP\KDQG,TXHVWLRQHGWKHVOHHSZDNHUDJDLQ
'R\RXVWLOOIHHOSDLQLQWKHEUHDVW09DOGHPDU"
7KHDQVZHUQRZZDVLPPHGLDWHEXWHYHQOHVVDXGLEOHWKDQEHIRUH1RSDLQ³,DPG\LQJ
,GLGQRWWKLQNLWDGYLVDEOHWRGLVWXUEKLPIDUWKHUMXVWWKHQDQGQRWKLQJPRUHZDVVDLGRUGRQH
XQWLO WKH DUULYDO RI 'U )³ ZKR FDPH D OLWWOH EHIRUH VXQULVH DQG H[SUHVVHG XQERXQGHG
DVWRQLVKPHQWDWILQGLQJWKHSDWLHQWVWLOODOLYH$IWHUIHHOLQJWKHSXOVHDQGDSSO\LQJDPLUURUWRWKH
OLSVKHUHTXHVWHGPHWRVSHDNWRWKHVOHHSZDNHUDJDLQ,GLGVRVD\LQJ
09DOGHPDUGR\RXVWLOOVOHHS"
$VEHIRUHVRPHPLQXWHVHODSVHGHUHDUHSO\ZDVPDGHDQGGXULQJWKHLQWHUYDOWKHG\LQJPDQ
VHHPHGWREHFROOHFWLQJKLVHQHUJLHVWRVSHDN$WP\IRXUWKUHSHWLWLRQRIWKHTXHVWLRQKHVDLGYHU\
IDLQWO\DOPRVWLQDXGLEO\
<HVVWLOODVOHHS³G\LQJ
,W ZDV QRZ WKH RSLQLRQ RU UDWKHU WKH ZLVK RI WKH SK\VLFLDQV WKDW 0 9DOGHPDU VKRXOG EH
VXIIHUHG WR UHPDLQ XQGLVWXUEHG LQ KLV SUHVHQW DSSDUHQWO\ WUDQTXLO FRQGLWLRQ XQWLO GHDWK VKRXOG
VXSHUYHQH³DQG WKLV LW ZDV JHQHUDOO\ DJUHHG PXVW QRZ WDNH SODFH ZLWKLQ D IHZ PLQXWHV ,
FRQFOXGHGKRZHYHUWRVSHDNWRKLPRQFHPRUHDQGPHUHO\UHSHDWHGP\SUHYLRXVTXHVWLRQ
:KLOH,VSRNHWKHUHFDPHDPDUNHGFKDQJHRYHUWKHFRXQWHQDQFHRIWKHVOHHSZDNHU7KHH\HV
UROOHG WKHPVHOYHV VORZO\ RSHQ WKH SXSLOV GLVDSSHDULQJ XSZDUGO\ WKH VNLQ JHQHUDOO\ DVVXPHG D
FDGDYHURXVKXHUHVHPEOLQJQRWVRPXFKSDUFKPHQWDVZKLWHSDSHUDQGWKHFLUFXODUKHFWLFVSRWV
ZKLFKKLWKHUWRKDGEHHQVWURQJO\GHILQHGLQWKHFHQWUHRIHDFKFKHHNZHQWRXWDWRQFH,XVHWKLV
H[SUHVVLRQEHFDXVHWKHVXGGHQQHVVRIWKHLUGHSDUWXUHSXWPHLQPLQGRIQRWKLQJVRPXFKDVWKH
H[WLQJXLVKPHQWRIDFDQGOHE\DSXIIRIWKHEUHDWK7KHXSSHUOLSDWWKHVDPHWLPHZULWKHGLWVHOI
DZD\IURPWKHWHHWKZKLFKLWKDGSUHYLRXVO\FRYHUHGFRPSOHWHO\ZKLOHWKHORZHUMDZIHOOZLWKDQ
DXGLEOH MHUN OHDYLQJ WKH PRXWK ZLGHO\ H[WHQGHG DQG GLVFORVLQJ LQ IXOO YLHZ WKH VZROOHQ DQG
EODFNHQHGWRQJXH,SUHVXPHWKDWQRPHPEHURIWKHSDUW\WKHQSUHVHQWKDGEHHQXQDFFXVWRPHGWR
GHDWKEHGKRUURUVEXWVRKLGHRXVEH\RQGFRQFHSWLRQZDVWKHDSSHDUDQFHRI09DOGHPDUDWWKLV
PRPHQWWKDWWKHUHZDVDJHQHUDOVKULQNLQJEDFNIURPWKHUHJLRQRIWKHEHG
,QRZIHHOWKDW,KDYHUHDFKHGDSRLQWRIWKLVQDUUDWLYHDWZKLFKHYHU\UHDGHUZLOOEHVWDUWOHGLQWR
SRVLWLYHGLVEHOLHI,WLVP\EXVLQHVVKRZHYHUVLPSO\WRSURFHHG
7KHUHZDVQRORQJHUWKHIDLQWHVWVLJQRIYLWDOLW\LQ09DOGHPDUDQGFRQFOXGLQJKLPWREHGHDG
ZH ZHUH FRQVLJQLQJ KLP WR WKH FKDUJH RI WKH QXUVHV ZKHQ D VWURQJ YLEUDWRU\ PRWLRQ ZDV
REVHUYDEOH LQ WKH WRQJXH 7KLV FRQWLQXHG IRU SHUKDSV D PLQXWH $W WKH H[SLUDWLRQ RI WKLV SHULRG
WKHUHLVVXHGIURPWKHGLVWHQGHGDQGPRWLRQOHVVMDZVDYRLFH³VXFKDVLWZRXOGEHPDGQHVVLQPHWR
DWWHPSW GHVFULELQJ 7KHUH DUH LQGHHG WZR RU WKUHH HSLWKHWV ZKLFK PLJKW EH FRQVLGHUHG DV
DSSOLFDEOHWRLWLQSDUW,PLJKWVD\IRUH[DPSOHWKDWWKHVRXQGZDVKDUVKDQGEURNHQDQGKROORZ
EXWWKHKLGHRXVZKROHLVLQGHVFULEDEOHIRUWKHVLPSOHUHDVRQWKDWQRVLPLODUVRXQGVKDYHHYHUMDUUHG
XSRQWKHHDURIKXPDQLW\7KHUHZHUHWZRSDUWLFXODUVQHYHUWKHOHVVZKLFK,WKRXJKWWKHQDQGVWLOO
WKLQNPLJKWIDLUO\ EH VWDWHG DV FKDUDFWHULVWLF RI WKH LQWRQDWLRQ³DV ZHOO DGDSWHG WR FRQYH\ VRPH
LGHDRILWVXQHDUWKO\SHFXOLDULW\,QWKHILUVWSODFHWKHYRLFHVHHPHGWRUHDFKRXUHDUV³DWOHDVWPLQH
³IURP D YDVW GLVWDQFH RU IURP VRPH GHHS FDYHUQ ZLWKLQ WKH HDUWK ,Q WKH VHFRQG SODFH LW
LPSUHVVHG PH , IHDU LQGHHG WKDW LW ZLOO EH LPSRVVLEOH WR PDNH P\VHOI FRPSUHKHQGHG DV
JHODWLQRXVRUJOXWLQRXVPDWWHUVLPSUHVVWKHVHQVHRIWRXFK
,KDYHVSRNHQERWKRIVRXQGDQGRIYRLFH,PHDQWRVD\WKDWWKHVRXQGZDVRQHRIGLVWLQFW
³RI HYHQ ZRQGHUIXOO\ WKULOOLQJO\ GLVWLQFW³V\OODELILFDWLRQ 0 9DOGHPDU VSRNH³REYLRXVO\ LQ
UHSO\WRWKHTXHVWLRQ,KDGSURSRXQGHG WR KLP D IHZ PLQXWHV EHIRUH , KDG DVNHG KLP LW ZLOO EH
UHPHPEHUHGLIKHVWLOOVOHSW+HQRZVDLG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
<HV³QR³,KDYHEHHQVOHHSLQJ³DQGQRZ³QRZ³,DPGHDG
1R SHUVRQ SUHVHQW HYHQ DIIHFWHG WR GHQ\ RU DWWHPSWHG WR UHSUHVV WKH XQXWWHUDEOH VKXGGHULQJ
KRUURU ZKLFK WKHVH IHZ ZRUGV WKXV XWWHUHG ZHUH VR ZHOO FDOFXODWHG WR FRQYH\ 0U /³O WKH
VWXGHQWVZRRQHG7KHQXUVHV LPPHGLDWHO\ OHIW WKH FKDPEHU DQG FRXOG QRW EH LQGXFHG WR UHWXUQ
0\RZQLPSUHVVLRQV,ZRXOGQRWSUHWHQGWRUHQGHULQWHOOLJLEOHWRWKHUHDGHU)RUQHDUO\DQKRXUZH
EXVLHG RXUVHOYHV VLOHQWO\³ZLWKRXW WKH XWWHUDQFH RI D ZRUG³LQ HQGHDYRUV WR UHYLYH 0U /³O
:KHQ KH FDPH WR KLPVHOI ZH DGGUHVVHG RXUVHOYHV DJDLQ WR DQ LQYHVWLJDWLRQ RI 0 9DOGHPDU
V
FRQGLWLRQ
,WUHPDLQHGLQDOOUHVSHFWVDV,KDYHODVWGHVFULEHGLWZLWKWKHH[FHSWLRQWKDWWKHPLUURUQRORQJHU
DIIRUGHGHYLGHQFHRIUHVSLUDWLRQ$QDWWHPSWWRGUDZEORRGIURPWKHDUPIDLOHG,VKRXOGPHQWLRQ
WRRWKDWWKLV OLPE ZDV QR IDUWKHU VXEMHFW WR P\ ZLOO , HQGHDYRUHG LQ YDLQ WR PDNH LW IROORZ WKH
GLUHFWLRQRIP\KDQG7KHRQO\UHDOLQGLFDWLRQLQGHHGRIWKHPHVPHULFLQIOXHQFHZDVQRZIRXQG
LQ WKH YLEUDWRU\ PRYHPHQW RI WKH WRQJXH ZKHQHYHU , DGGUHVVHG 0 9DOGHPDU D TXHVWLRQ +H
VHHPHGWREHPDNLQJDQHIIRUWWRUHSO\EXWKDGQRORQJHUVXIILFLHQWYROLWLRQ7RTXHULHVSXWWRKLP
E\DQ\RWKHUSHUVRQWKDQP\VHOIKHVHHPHGXWWHUO\LQVHQVLEOH³DOWKRXJK,HQGHDYRUHGWRSODFHHDFK
PHPEHURIWKHFRPSDQ\LQPHVPHULFUDSSRUWZLWKKLP,EHOLHYHWKDW,KDYHQRZUHODWHGDOOWKDWLV
QHFHVVDU\WRDQXQGHUVWDQGLQJRIWKHVOHHSZDNHU
VVWDWHDWWKLVHSRFK2WKHUQXUVHVZHUHSURFXUHG
DQGDWWHQR
FORFN,OHIWWKHKRXVHLQFRPSDQ\ZLWKWKHWZRSK\VLFLDQVDQG0U/³O
,QWKHDIWHUQRRQZHDOOFDOOHGDJDLQWRVHHWKHSDWLHQW+LVFRQGLWLRQUHPDLQHGSUHFLVHO\WKHVDPH
:HKDGQRZVRPHGLVFXVVLRQDVWRWKHSURSULHW\DQGIHDVLELOLW\RIDZDNHQLQJKLPEXWZHKDGOLWWOH
GLIILFXOW\LQDJUHHLQJWKDWQRJRRGSXUSRVHZRXOGEHVHUYHGE\VRGRLQJ,WZDVHYLGHQWWKDWVRIDU
GHDWKRUZKDWLVXVXDOO\WHUPHGGHDWKKDGEHHQDUUHVWHGE\WKHPHVPHULFSURFHVV,WVHHPHGFOHDU
WRXVDOOWKDWWRDZDNHQ09DOGHPDUZRXOGEHPHUHO\WRLQVXUHKLVLQVWDQWRUDWOHDVWKLVVSHHG\
GLVVROXWLRQ
)URPWKLVSHULRGXQWLOWKHFORVHRIODVWZHHN³DQLQWHUYDORIQHDUO\VHYHQPRQWKV³ZHFRQWLQXHG
WR PDNH GDLO\ FDOOV DW 0 9DOGHPDU
V KRXVH DFFRPSDQLHG QRZ DQG WKHQ E\ PHGLFDO DQG RWKHU
IULHQGV$OOWKLVWLPHWKHVOHHSHUZDNHUUHPDLQHGH[DFWO\DV,KDYHODVWGHVFULEHGKLP7KHQXUVHV
DWWHQWLRQVZHUHFRQWLQXDO
,WZDVRQ)ULGD\ODVWWKDWZHILQDOO\UHVROYHGWRPDNHWKHH[SHULPHQWRIDZDNHQLQJRUDWWHPSWLQJ
WRDZDNHQKLPDQGLWLVWKHSHUKDSVXQIRUWXQDWHUHVXOWRIWKLVODWWHUH[SHULPHQWZKLFKKDVJLYHQ
ULVH WR VR PXFK GLVFXVVLRQ LQ SULYDWH FLUFOHV³WR VR PXFK RI ZKDW , FDQQRW KHOS WKLQNLQJ
XQZDUUDQWHGSRSXODUIHHOLQJ
)RU WKH SXUSRVH RI UHOLHYLQJ 0 9DOGHPDU IURP WKH PHVPHULF WUDQFH , PDGH XVH RI WKH
FXVWRPDU\SDVVHV7KHVHIRUDWLPHZHUHXQVXFFHVVIXO7KHILUVWLQGLFDWLRQRIUHYLYDOZDVDIIRUGHG
E\DSDUWLDOGHVFHQWRIWKHLULV,WZDVREVHUYHGDVHVSHFLDOO\UHPDUNDEOHWKDWWKLVORZHULQJRIWKH
SXSLOZDVDFFRPSDQLHGE\WKHSURIXVHRXWIORZLQJRID\HOORZLVKLFKRUIURPEHQHDWKWKHOLGVRID
SXQJHQWDQGKLJKO\RIIHQVLYHRGRU
,WZDVQRZVXJJHVWHGWKDW,VKRXOGDWWHPSWWRLQIOXHQFHWKHSDWLHQW
VDUPDVKHUHWRIRUH,PDGH
WKH DWWHPSW DQG IDLOHG 'U )³WKHQ LQWLPDWHG D GHVLUH WR KDYH PH SXW D TXHVWLRQ , GLG VR DV
IROORZV
09DOGHPDUFDQ\RXH[SODLQWRXVZKDWDUH\RXUIHHOLQJVRUZLVKHVQRZ"
7KHUH ZDV DQ LQVWDQW UHWXUQ RI WKH KHFWLF FLUFOHV RQ WKH FKHHNV WKH WRQJXH TXLYHUHG RU UDWKHU
UROOHGYLROHQWO\LQWKHPRXWKDOWKRXJKWKHMDZVDQGOLSVUHPDLQHGULJLGDVEHIRUHDQGDWOHQJWKWKH
VDPHKLGHRXVYRLFHZKLFK,KDYHDOUHDG\GHVFULEHGEURNHIRUWK
)RU *RG
V VDNH³TXLFN³TXLFN³SXW PH WR VOHHS³RU TXLFN³ZDNHQ PH³TXLFN³, VD\
WR\RXWKDW,DPGHDG
,ZDVWKRURXJKO\XQQHUYHGDQGIRUDQLQVWDQWUHPDLQHGXQGHFLGHGZKDWWRGR$WILUVW,PDGHDQ
HQGHDYRUWRUHFRPSRVHWKHSDWLHQWEXWIDLOLQJLQWKLVWKURXJKWRWDODEH\DQFHRIWKHZLOO,UHWUDFHG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
P\ VWHSV DQG DV HDUQHVWO\ VWUXJJOHG WR DZDNHQ KLP ,Q WKLV DWWHPSW , VRRQ VDZ WKDW , VKRXOG EH
VXFFHVVIXO³RUDWOHDVW,VRRQIDQFLHGWKDWP\VXFFHVVZRXOGEHFRPSOHWH³DQG,DPVXUHWKDWDOOLQ
WKHURRPZHUHSUHSDUHGWRVHHWKHSDWLHQWDZDNHQ
)RUZKDWUHDOO\RFFXUUHGKRZHYHULWLVTXLWHLPSRVVLEOHWKDWDQ\KXPDQEHLQJFRXOGKDYHEHHQ
SUHSDUHG
$V,UDSLGO\PDGHWKHPHVPHULFSDVVHVDPLGHMDFXODWLRQVRIGHDGGHDGDEVROXWHO\ EXUVWLQJ
IURPWKHWRQJXHDQGQRWIURPWKHOLSVRIWKHVXIIHUHUKLVZKROHIUDPHDWRQFH³ZLWKLQWKHVSDFHRI
DVLQJOHPLQXWHRUHYHQOHVVVKUXQN³FUXPEOHG³DEVROXWHO\URWWHGDZD\EHQHDWKP\KDQGV8SRQ
WKH EHG EHIRUH WKDW ZKROH FRPSDQ\ WKHUH OD\ D QHDUO\ OLTXLG PDVV RI ORDWKVRPH³RI GHWHVWDEOH
SXWULGLW\
7+(%/$&.&$7
)25 WKH PRVW ZLOG \HW PRVW KRPHO\ QDUUDWLYH ZKLFK , DP DERXW WR SHQ , QHLWKHU H[SHFW QRU
VROLFLWEHOLHI0DGLQGHHGZRXOG,EHWRH[SHFWLWLQDFDVHZKHUHP\YHU\VHQVHVUHMHFWWKHLURZQ
HYLGHQFH<HWPDGDP,QRW³DQGYHU\VXUHO\GR,QRWGUHDP%XWWRPRUURZ,GLHDQGWRGD\,
ZRXOGXQEXUWKHQP\VRXO0\LPPHGLDWHSXUSRVHLVWRSODFHEHIRUHWKHZRUOGSODLQO\VXFFLQFWO\
DQGZLWKRXWFRPPHQWDVHULHVRIPHUHKRXVHKROGHYHQWV,QWKHLUFRQVHTXHQFHVWKHVHHYHQWVKDYH
WHUULILHG³KDYHWRUWXUHG³KDYHGHVWUR\HGPH<HW,ZLOOQRWDWWHPSWWRH[SRXQGWKHP7RPHWKH\
KDYHSUHVHQWHGOLWWOHEXW+RUURU³WRPDQ\WKH\ZLOOVHHPOHVV WHUULEOH WKDQ EDUURTXHV +HUHDIWHU
SHUKDSVVRPHLQWHOOHFWPD\EHIRXQGZKLFKZLOOUHGXFHP\SKDQWDVPWRWKHFRPPRQSODFH³VRPH
LQWHOOHFWPRUHFDOPPRUHORJLFDODQGIDUOHVVH[FLWDEOHWKDQP\RZQZKLFKZLOOSHUFHLYHLQWKH
FLUFXPVWDQFHV,GHWDLOZLWKDZHQRWKLQJPRUHWKDQDQRUGLQDU\VXFFHVVLRQRIYHU\QDWXUDOFDXVHV
DQGHIIHFWV
)URPP\LQIDQF\,ZDVQRWHGIRUWKHGRFLOLW\DQGKXPDQLW\RIP\GLVSRVLWLRQ0\WHQGHUQHVVRI
KHDUWZDVHYHQVRFRQVSLFXRXVDVWRPDNHPHWKHMHVWRIP\FRPSDQLRQV,ZDVHVSHFLDOO\IRQGRI
DQLPDOVDQGZDVLQGXOJHGE\P\SDUHQWVZLWKDJUHDWYDULHW\RISHWV:LWKWKHVH,VSHQWPRVW RI
P\ WLPH DQG QHYHU ZDV VR KDSS\ DV ZKHQ IHHGLQJ DQG FDUHVVLQJ WKHP 7KLV SHFXOLDULW\ RI
FKDUDFWHUJUHZZLWKP\JURZWKDQGLQP\PDQKRRG,GHULYHGIURPLWRQHRIP\SULQFLSDOVRXUFHV
RI SOHDVXUH 7R WKRVH ZKR KDYH FKHULVKHG DQ DIIHFWLRQ IRU D IDLWKIXO DQG VDJDFLRXV GRJ , QHHG
KDUGO\EHDWWKHWURXEOHRIH[SODLQLQJWKHQDWXUHRUWKHLQWHQVLW\RIWKHJUDWLILFDWLRQWKXVGHULYDEOH
7KHUHLVVRPHWKLQJLQWKHXQVHOILVKDQGVHOIVDFULILFLQJORYHRIDEUXWHZKLFKJRHVGLUHFWO\WRWKH
KHDUWRIKLPZKRKDVKDGIUHTXHQWRFFDVLRQWRWHVWWKHSDOWU\IULHQGVKLSDQGJRVVDPHUILGHOLW\ RI
PHUH0DQ
,PDUULHGHDUO\DQGZDVKDSS\WRILQGLQP\ZLIHDGLVSRVLWLRQQRWXQFRQJHQLDOZLWKP\RZQ
2EVHUYLQJP\SDUWLDOLW\IRUGRPHVWLFSHWVVKHORVWQRRSSRUWXQLW\RISURFXULQJWKRVHRIWKHPRVW
DJUHHDEOHNLQG:HKDGELUGVJROGILVKDILQHGRJUDEELWVDVPDOOPRQNH\DQGDFDW
7KLV ODWWHU ZDV D UHPDUNDEO\ ODUJH DQG EHDXWLIXO DQLPDO HQWLUHO\ EODFN DQG VDJDFLRXV WR DQ
DVWRQLVKLQJGHJUHH,QVSHDNLQJRIKLVLQWHOOLJHQFHP\ZLIHZKRDWKHDUWZDVQRWDOLWWOHWLQFWXUHG
ZLWK VXSHUVWLWLRQ PDGH IUHTXHQW DOOXVLRQ WR WKH DQFLHQW SRSXODU QRWLRQ ZKLFK UHJDUGHG DOO EODFN
FDWVDVZLWFKHVLQGLVJXLVH1RWWKDWVKHZDVHYHUVHULRXVXSRQWKLVSRLQW³DQG,PHQWLRQWKHPDWWHU
DWDOOIRUQREHWWHUUHDVRQWKDQWKDWLWKDSSHQVMXVWQRZWREHUHPHPEHUHG
3OXWR³WKLV ZDV WKH FDW
V QDPH³ZDV P\ IDYRULWH SHW DQG SOD\PDWH , DORQH IHG KLP DQG KH
DWWHQGHGPHZKHUHYHU,ZHQWDERXWWKHKRXVH,WZDVHYHQZLWKGLIILFXOW\WKDW,FRXOGSUHYHQWKLP
IURPIROORZLQJPHWKURXJKWKHVWUHHWV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
2XUIULHQGVKLSODVWHGLQWKLVPDQQHUIRUVHYHUDO\HDUVGXULQJZKLFKP\JHQHUDO WHPSHUDPHQW
DQGFKDUDFWHU³WKURXJKWKHLQVWUXPHQWDOLW\RIWKH)LHQG,QWHPSHUDQFH³KDG,EOXVKWRFRQIHVVLW
H[SHULHQFHG D UDGLFDO DOWHUDWLRQ IRU WKH ZRUVH , JUHZ GD\ E\ GD\ PRUH PRRG\ PRUH LUULWDEOH
PRUHUHJDUGOHVVRIWKHIHHOLQJVRIRWKHUV,VXIIHUHGP\VHOIWRXVHLQWHPSHUDWHODQJXDJHWRP\ZLIH
$WOHQJWK,HYHQRIIHUHGKHUSHUVRQDOYLROHQFH0\SHWVRIFRXUVHZHUHPDGHWRIHHOWKHFKDQJH
LQ P\ GLVSRVLWLRQ , QRW RQO\ QHJOHFWHG EXW LOOXVHG WKHP )RU 3OXWR KRZHYHU , VWLOO UHWDLQHG
VXIILFLHQW UHJDUG WR UHVWUDLQ PH IURP PDOWUHDWLQJ KLP DV , PDGH QR VFUXSOH RI PDOWUHDWLQJ WKH
UDEELWV WKH PRQNH\ RU HYHQ WKH GRJ ZKHQ E\ DFFLGHQW RU WKURXJK DIIHFWLRQ WKH\ FDPH LQ P\
ZD\%XWP\GLVHDVHJUHZXSRQPH³IRUZKDWGLVHDVHLVOLNH$OFRKRO³DQGDWOHQJWKHYHQ3OXWR
ZKR ZDV QRZ EHFRPLQJ ROG DQG FRQVHTXHQWO\ VRPHZKDW SHHYLVK³HYHQ 3OXWR EHJDQ WR
H[SHULHQFHWKHHIIHFWVRIP\LOOWHPSHU
2QHQLJKWUHWXUQLQJKRPHPXFKLQWR[LFDWHGIURPRQHRIP\KDXQWVDERXWWRZQ,IDQFLHGWKDW
WKHFDWDYRLGHGP\SUHVHQFH,VHL]HGKLPZKHQLQKLVIULJKWDWP\YLROHQFHKHLQIOLFWHGDVOLJKW
ZRXQGXSRQP\KDQGZLWKKLVWHHWK7KHIXU\RIDGHPRQLQVWDQWO\SRVVHVVHGPH,NQHZP\VHOI
QR ORQJHU 0\ RULJLQDO VRXO VHHPHG DW RQFH WR WDNH LWV IOLJKW IURP P\ ERG\ DQG D PRUH WKDQ
ILHQGLVK PDOHYROHQFH JLQQXUWXUHG WKULOOHG HYHU\ ILEUH RI P\ IUDPH , WRRN IURP P\ ZDLVWFRDW
SRFNHWDSHQNQLIHRSHQHGLWJUDVSHGWKHSRRUEHDVWE\WKHWKURDWDQGGHOLEHUDWHO\FXWRQHRILWV
H\HVIURPWKHVRFNHW,EOXVK,EXUQ,VKXGGHUZKLOH,SHQWKHGDPQDEOHDWURFLW\
:KHQUHDVRQUHWXUQHGZLWKWKHPRUQLQJ³ZKHQ,KDGVOHSWRIIWKHIXPHVRIWKHQLJKW
VGHEDXFK
³, H[SHULHQFHG D VHQWLPHQW KDOI RI KRUURU KDOI RI UHPRUVH IRU WKH FULPH RI ZKLFK , KDG EHHQ
JXLOW\EXWLWZDVDWEHVWDIHHEOHDQGHTXLYRFDOIHHOLQJDQGWKHVRXOUHPDLQHGXQWRXFKHG,DJDLQ
SOXQJHGLQWRH[FHVVDQGVRRQGURZQHGLQZLQHDOOPHPRU\RIWKHGHHG
,Q WKH PHDQWLPH WKH FDW VORZO\ UHFRYHUHG 7KH VRFNHW RI WKH ORVW H\H SUHVHQWHG LW LV WUXH D
IULJKWIXO DSSHDUDQFH EXW KH QR ORQJHU DSSHDUHG WR VXIIHU DQ\ SDLQ +H ZHQW DERXW WKH KRXVH DV
XVXDOEXWDVPLJKWEHH[SHFWHGIOHGLQH[WUHPHWHUURUDWP\DSSURDFK,KDGVRPXFKRIP\ROG
KHDUWOHIWDVWREHDWILUVWJULHYHGE\WKLVHYLGHQWGLVOLNHRQWKHSDUWRIDFUHDWXUHZKLFKKDGRQFHVR
ORYHG PH %XW WKLV IHHOLQJ VRRQ JDYH SODFH WR LUULWDWLRQ $QG WKHQ FDPH DV LI WR P\ ILQDO DQG
LUUHYRFDEOHRYHUWKURZWKHVSLULWRI3(59(56(1(662IWKLVVSLULWSKLORVRSK\WDNHVQRDFFRXQW
<HW , DP QRW PRUH VXUH WKDW P\ VRXO OLYHV WKDQ , DP WKDW SHUYHUVHQHVV LV RQH RI WKH SULPLWLYH
LPSXOVHVRIWKHKXPDQKHDUW³RQHRIWKHLQGLYLVLEOH SULPDU\ IDFXOWLHV RU VHQWLPHQWV ZKLFK JLYH
GLUHFWLRQWRWKHFKDUDFWHURI0DQ:KRKDVQRWDKXQGUHGWLPHVIRXQGKLPVHOIFRPPLWWLQJDYLOH
RU D VLOO\ DFWLRQ IRU QR RWKHU UHDVRQ WKDQ EHFDXVH KH NQRZV KH VKRXOG QRW" +DYH ZH QRW D
SHUSHWXDO LQFOLQDWLRQ LQ WKH WHHWK RI RXU EHVW MXGJPHQW WR YLRODWH WKDW ZKLFK LV /DZ PHUHO\
EHFDXVHZHXQGHUVWDQGLWWREHVXFK"7KLVVSLULWRISHUYHUVHQHVV,VD\FDPHWRP\ILQDORYHUWKURZ
,WZDVWKLVXQIDWKRPDEOHORQJLQJRIWKHVRXOWRYH[LWVHOI³WRRIIHUYLROHQFHWRLWVRZQQDWXUH³WR
GR ZURQJ IRU WKH ZURQJ
V VDNH RQO\³WKDW XUJHG PH WR FRQWLQXH DQG ILQDOO\ WR FRQVXPPDWH WKH
LQMXU\,KDGLQIOLFWHGXSRQWKHXQRIIHQGLQJEUXWH2QHPRUQLQJLQFRROEORRG,VOLSSHGDQRRVH
DERXWLWVQHFNDQGKXQJLWWRWKHOLPERIDWUHH³KXQJLWZLWKWKHWHDUVVWUHDPLQJIURPP\H\HV
DQG ZLWK WKH ELWWHUHVW UHPRUVH DW P\ KHDUW³KXQJ LW EHFDXVH , NQHZ WKDW LW KDG ORYHG PH DQG
EHFDXVH,IHOWLWKDGJLYHQPHQRUHDVRQRIRIIHQFH³KXQJLWEHFDXVH,NQHZWKDWLQVRGRLQJ,ZDV
FRPPLWWLQJDVLQ³DGHDGO\VLQWKDWZRXOGVRMHRSDUGL]HP\LPPRUWDOVRXODVWRSODFHLW³LIVXFKD
WKLQJZRUHSRVVLEOH³HYHQEH\RQGWKHUHDFKRIWKHLQILQLWHPHUF\RIWKH0RVW0HUFLIXODQG0RVW
7HUULEOH*RG
2QWKHQLJKWRIWKHGD\RQZKLFKWKLVFUXHOGHHGZDVGRQH,ZDVDURXVHGIURPVOHHSE\WKHFU\
RIILUH7KHFXUWDLQVRIP\EHGZHUHLQIODPHV7KHZKROHKRXVHZDVEOD]LQJ,WZDVZLWKJUHDW
GLIILFXOW\ WKDW P\ ZLIH D VHUYDQW DQG P\VHOI PDGH RXU HVFDSH IURP WKH FRQIODJUDWLRQ 7KH
GHVWUXFWLRQ ZDV FRPSOHWH 0\ HQWLUH ZRUOGO\ ZHDOWK ZDV VZDOORZHG XS DQG , UHVLJQHG P\VHOI
WKHQFHIRUZDUGWRGHVSDLU
, DP DERYH WKH ZHDNQHVV RI VHHNLQJ WR HVWDEOLVK D VHTXHQFH RI FDXVH DQG HIIHFW EHWZHHQ WKH
GLVDVWHUDQGWKHDWURFLW\%XW,DPGHWDLOLQJDFKDLQRIIDFWV³DQGZLVKQRWWROHDYHHYHQDSRVVLEOH
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
OLQNLPSHUIHFW2QWKHGD\VXFFHHGLQJWKHILUH,YLVLWHGWKHUXLQV7KHZDOOVZLWKRQHH[FHSWLRQ
KDGIDOOHQLQ7KLVH[FHSWLRQZDVIRXQGLQDFRPSDUWPHQWZDOOQRWYHU\WKLFNZKLFKVWRRGDERXW
WKHPLGGOHRIWKHKRXVHDQGDJDLQVWZKLFKKDGUHVWHGWKHKHDGRIP\EHG7KHSODVWHULQJKDGKHUH
LQJUHDWPHDVXUHUHVLVWHGWKHDFWLRQRIWKHILUH³DIDFWZKLFK,DWWULEXWHGWRLWVKDYLQJEHHQUHFHQWO\
VSUHDG$ERXWWKLVZDOODGHQVHFURZGZHUHFROOHFWHGDQGPDQ\SHUVRQVVHHPHGWREHH[DPLQLQJD
SDUWLFXODUSRUWLRQRILWZLWKYHU\PLQXWHDQGHDJHUDWWHQWLRQ7KHZRUGVVWUDQJHVLQJXODUDQG
RWKHU VLPLODU H[SUHVVLRQV H[FLWHG P\ FXULRVLW\ , DSSURDFKHG DQG VDZ DV LI JUDYHQ LQ EDV UHOLHI
XSRQWKHZKLWHVXUIDFHWKHILJXUHRIDJLJDQWLFFDW 7KH LPSUHVVLRQ ZDV JLYHQ ZLWK DQ DFFXUDF\
WUXO\PDUYHOORXV7KHUHZDVDURSHDERXWWKHDQLPDO
VQHFN
:KHQ,ILUVWEHKHOGWKLVDSSDULWLRQ³IRU,FRXOGVFDUFHO\UHJDUGLWDVOHVV³P\ZRQGHUDQGP\
WHUURU ZHUH H[WUHPH %XW DW OHQJWK UHIOHFWLRQ FDPH WR P\ DLG 7KH FDW , UHPHPEHUHG KDG EHHQ
KXQJLQDJDUGHQDGMDFHQWWRWKHKRXVH8SRQWKHDODUPRIILUHWKLVJDUGHQKDGEHHQLPPHGLDWHO\
ILOOHG E\ WKH FURZG³E\ VRPH RQH RI ZKRP WKH DQLPDO PXVW KDYH EHHQ FXW IURP WKH WUHH DQG
WKURZQWKURXJKDQRSHQZLQGRZLQWRP\FKDPEHU7KLVKDGSUREDEO\EHHQGRQHZLWKWKHYLHZRI
DURXVLQJPHIURPVOHHS7KHIDOOLQJRIRWKHUZDOOVKDGFRPSUHVVHGWKHYLFWLPRIP\FUXHOW\LQWRWKH
VXEVWDQFHRIWKHIUHVKO\VSUHDGSODVWHUWKHOLPHRIZKLFKZLWKWKHIODPHVDQGWKHDPPRQLDIURP
WKHFDUFDVVKDGWKHQDFFRPSOLVKHGWKHSRUWUDLWXUHDV,VDZLW
$OWKRXJK , WKXV UHDGLO\ DFFRXQWHG WR P\ UHDVRQ LI QRW DOWRJHWKHU WR P\ FRQVFLHQFH IRU WKH
VWDUWOLQJ IDFW MXVW GHWDLOHG LW GLG QRW WKH OHVV IDLO WR PDNH D GHHS LPSUHVVLRQ XSRQ P\ IDQF\ )RU
PRQWKV,FRXOGQRWULGP\VHOIRIWKHSKDQWDVPRIWKHFDWDQGGXULQJWKLVSHULRGWKHUHFDPHEDFN
LQWRP\VSLULWDKDOIVHQWLPHQWWKDWVHHPHGEXWZDVQRWUHPRUVH,ZHQWVRIDUDVWRUHJUHWWKHORVV
RIWKHDQLPDODQGWRORRNDERXWPHDPRQJWKHYLOHKDXQWVZKLFK,QRZKDELWXDOO\IUHTXHQWHGIRU
DQRWKHU SHW RI WKH VDPH VSHFLHV DQG RI VRPHZKDW VLPLODU DSSHDUDQFH ZLWK ZKLFK WR VXSSO\ LWV
SODFH
2QH QLJKW DV , VDW KDOI VWXSLILHG LQ D GHQ RI PRUH WKDQ LQIDP\ P\ DWWHQWLRQ ZDV VXGGHQO\
GUDZQWRVRPHEODFNREMHFWUHSRVLQJXSRQWKHKHDGRIRQHRIWKHLPPHQVHKRJVKHDGVRI*LQRURI
5XPZKLFKFRQVWLWXWHGWKHFKLHIIXUQLWXUHRIWKHDSDUWPHQW,KDGEHHQORRNLQJVWHDGLO\DWWKHWRS
RIWKLVKRJVKHDGIRUVRPHPLQXWHVDQGZKDWQRZFDXVHGPHVXUSULVHZDVWKHIDFWWKDW,KDGQRW
VRRQHUSHUFHLYHGWKHREMHFWWKHUHXSRQ,DSSURDFKHGLWDQGWRXFKHGLWZLWKP\KDQG,WZDVDEODFN
FDW³DYHU\ODUJHRQH³IXOO\DVODUJHDV3OXWRDQGFORVHO\UHVHPEOLQJKLPLQHYHU\UHVSHFWEXWRQH
3OXWRKDGQRWDZKLWHKDLUXSRQDQ\SRUWLRQRIKLVERG\EXWWKLVFDWKDGDODUJHDOWKRXJKLQGHILQLWH
VSORWFK RI ZKLWH FRYHULQJ QHDUO\ WKH ZKROH UHJLRQ RI WKH EUHDVW 8SRQ P\ WRXFKLQJ KLP KH
LPPHGLDWHO\DURVHSXUUHGORXGO\UXEEHGDJDLQVWP\KDQGDQGDSSHDUHGGHOLJKWHGZLWKP\QRWLFH
7KLVWKHQZDVWKHYHU\FUHDWXUHRIZKLFK,ZDVLQVHDUFK,DWRQFHRIIHUHGWRSXUFKDVHLWRIWKH
ODQGORUGEXWWKLVSHUVRQPDGHQRFODLPWRLW³NQHZQRWKLQJRILW³KDGQHYHUVHHQLWEHIRUH
,FRQWLQXHGP\FDUHVVHVDQGZKHQ,SUHSDUHGWRJRKRPHWKHDQLPDOHYLQFHGDGLVSRVLWLRQWR
DFFRPSDQ\PH,SHUPLWWHGLWWRGRVRRFFDVLRQDOO\VWRRSLQJDQGSDWWLQJLWDV,SURFHHGHG:KHQLW
UHDFKHGWKHKRXVHLWGRPHVWLFDWHGLWVHOIDWRQFHDQGEHFDPHLPPHGLDWHO\DJUHDWIDYRULWHZLWKP\
ZLIH
)RUP\RZQSDUW,VRRQIRXQGDGLVOLNHWRLWDULVLQJZLWKLQPH7KLVZDVMXVWWKHUHYHUVHRIZKDW
, KDG DQWLFLSDWHG EXW³, NQRZ QRW KRZ RU ZK\ LW ZDV³LWV HYLGHQW IRQGQHVV IRU P\VHOI UDWKHU
GLVJXVWHG DQG DQQR\HG %\ VORZ GHJUHHV WKHVH IHHOLQJV RI GLVJXVW DQG DQQR\DQFH URVH LQWR WKH
ELWWHUQHVVRIKDWUHG,DYRLGHGWKHFUHDWXUHDFHUWDLQVHQVHRIVKDPHDQGWKHUHPHPEUDQFHRIP\
IRUPHUGHHGRIFUXHOW\SUHYHQWLQJPHIURPSK\VLFDOO\DEXVLQJLW,GLGQRWIRUVRPHZHHNVVWULNH
RU RWKHUZLVH YLROHQWO\ LOO XVH LW EXW JUDGXDOO\³YHU\ JUDGXDOO\³, FDPH WR ORRN XSRQ LW ZLWK
XQXWWHUDEOHORDWKLQJDQGWRIOHHVLOHQWO\IURPLWVRGLRXVSUHVHQFHDVIURPWKHEUHDWKRIDSHVWLOHQFH
:KDW DGGHG QR GRXEW WR P\ KDWUHG RI WKH EHDVW ZDV WKH GLVFRYHU\ RQ WKH PRUQLQJ DIWHU ,
EURXJKWLWKRPHWKDWOLNH3OXWRLWDOVRKDGEHHQGHSULYHGRIRQHRILWVH\HV7KLVFLUFXPVWDQFH
KRZHYHURQO\HQGHDUHGLWWRP\ZLIHZKRDV,KDYHDOUHDG\VDLGSRVVHVVHGLQDKLJKGHJUHHWKDW
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
KXPDQLW\RIIHHOLQJZKLFKKDGRQFHEHHQP\GLVWLQJXLVKLQJWUDLWDQGWKHVRXUFHRIPDQ\RIP\
VLPSOHVWDQGSXUHVWSOHDVXUHV
:LWKP\DYHUVLRQWRWKLVFDWKRZHYHULWVSDUWLDOLW\IRUP\VHOIVHHPHGWRLQFUHDVH,WIROORZHG
P\ IRRWVWHSV ZLWK D SHUWLQDFLW\ ZKLFK LW ZRXOG EH GLIILFXOW WR PDNH WKH UHDGHU FRPSUHKHQG
:KHQHYHU,VDWLWZRXOGFURXFKEHQHDWKP\FKDLURUVSULQJXSRQP\NQHHVFRYHULQJPHZLWKLWV
ORDWKVRPH FDUHVVHV ,I , DURVH WR ZDON LW ZRXOG JHW EHWZHHQ P\ IHHW DQG WKXV QHDUO\ WKURZ PH
GRZQRUIDVWHQLQJLWVORQJDQGVKDUSFODZVLQP\GUHVVFODPEHULQWKLVPDQQHUWRP\EUHDVW$W
VXFKWLPHVDOWKRXJK,ORQJHGWRGHVWUR\LWZLWKDEORZ,ZDV\HWZLWKKHOGIURPVRGRLQJSDUWO\E\
DPHPRU\ RI P\ IRUPHU FULPH EXW FKLHIO\³OHW PH FRQIHVV LW DW RQFH³E\ DEVROXWH GUHDG RI WKH
EHDVW
7KLVGUHDGZDVQRWH[DFWO\DGUHDGRISK\VLFDOHYLO³DQG\HW,VKRXOGEHDWDORVVKRZRWKHUZLVH
WRGHILQHLW,DPDOPRVWDVKDPHGWRRZQ³\HVHYHQLQWKLVIHORQ
VFHOO,DPDOPRVWDVKDPHGWR
RZQ³WKDWWKHWHUURUDQGKRUURUZLWKZKLFKWKHDQLPDOLQVSLUHGPHKDGEHHQKHLJKWHQHGE\RQHRI
WKHPHUHVWFKLPDHUDVLWZRXOGEHSRVVLEOHWRFRQFHLYH0\ZLIHKDGFDOOHGP\DWWHQWLRQPRUHWKDQ
RQFHWRWKHFKDUDFWHURIWKHPDUNRIZKLWHKDLURIZKLFK,KDYHVSRNHQDQGZKLFKFRQVWLWXWHGWKH
VROH YLVLEOH GLIIHUHQFH EHWZHHQ WKH VWUDQJH EHDVW DQG WKH RQH , KDG GHVWUR\HG 7KH UHDGHU ZLOO
UHPHPEHUWKDWWKLVPDUNDOWKRXJKODUJHKDGEHHQRULJLQDOO\YHU\LQGHILQLWHEXWE\VORZGHJUHHV
³GHJUHHV QHDUO\ LPSHUFHSWLEOH DQG ZKLFK IRU D ORQJ WLPH P\ 5HDVRQ VWUXJJOHG WR UHMHFW DV
IDQFLIXO³LWKDGDWOHQJWKDVVXPHGDULJRURXVGLVWLQFWQHVVRIRXWOLQH,WZDVQRZWKHUHSUHVHQWDWLRQ
RI DQ REMHFW WKDW , VKXGGHU WR QDPH³DQG IRU WKLV DERYH DOO , ORDWKHG DQG GUHDGHG DQG ZRXOG
KDYH ULG P\VHOI RI WKH PRQVWHU KDG , GDUHG³LW ZDV QRZ , VD\ WKH LPDJH RI D KLGHRXV³RI D
JKDVWO\WKLQJ³RIWKH*$//2:6³RKPRXUQIXODQGWHUULEOHHQJLQHRI+RUURUDQGRI&ULPH³RI
$JRQ\DQGRI'HDWK
$QG QRZ ZDV , LQGHHG ZUHWFKHG EH\RQG WKH ZUHWFKHGQHVV RI PHUH +XPDQLW\ $QG D EUXWH
EHDVW³ZKRVHIHOORZ,KDGFRQWHPSWXRXVO\GHVWUR\HG³DEUXWHEHDVWWRZRUNRXWIRUPH³IRUPH
DPDQIDVKLRQHGLQWKHLPDJHRIWKH+LJK*RG³VRPXFKRILQVXIIHUDEOHZR$ODVQHLWKHUE\GD\
QRU E\ QLJKW NQHZ , WKH EOHVVLQJ RI 5HVW DQ\ PRUH 'XULQJ WKH IRUPHU WKH FUHDWXUH OHIW PH QR
PRPHQWDORQHDQGLQWKHODWWHU,VWDUWHGKRXUO\IURPGUHDPVRIXQXWWHUDEOHIHDUWRILQGWKHKRW
EUHDWK RI WKH WKLQJ XSRQ P\ IDFH DQG LWV YDVW ZHLJKW³DQ LQFDUQDWH 1LJKW0DUH WKDW , KDG QR
SRZHUWRVKDNHRII³LQFXPEHQWHWHUQDOO\XSRQP\KHDUW
%HQHDWK WKH SUHVVXUH RI WRUPHQWV VXFK DV WKHVH WKH IHHEOH UHPQDQW RI WKH JRRG ZLWKLQ PH
VXFFXPEHG(YLOWKRXJKWVEHFDPHP\VROHLQWLPDWHV³WKHGDUNHVWDQGPRVWHYLORIWKRXJKWV7KH
PRRGLQHVVRIP\XVXDOWHPSHULQFUHDVHGWRKDWUHGRIDOOWKLQJVDQGRIDOOPDQNLQGZKLOHIURPWKH
VXGGHQIUHTXHQWDQGXQJRYHUQDEOHRXWEXUVWVRIDIXU\WRZKLFK,QRZEOLQGO\DEDQGRQHGP\VHOI
P\XQFRPSODLQLQJZLIHDODVZDVWKHPRVWXVXDODQGWKHPRVWSDWLHQWRIVXIIHUHUV
2QHGD\VKHDFFRPSDQLHGPHXSRQVRPHKRXVHKROGHUUDQGLQWRWKHFHOODURIWKHROGEXLOGLQJ
ZKLFKRXUSRYHUW\FRPSHOOHGXVWRLQKDELW7KHFDWIROORZHGPHGRZQWKHVWHHSVWDLUVDQGQHDUO\
WKURZLQJPHKHDGORQJH[DVSHUDWHGPHWRPDGQHVV8SOLIWLQJDQD[HDQGIRUJHWWLQJLQP\ZUDWK
WKH FKLOGLVK GUHDG ZKLFK KDG KLWKHUWR VWD\HG P\ KDQG , DLPHG D EORZ DW WKH DQLPDO ZKLFK RI
FRXUVHZRXOGKDYHSURYHGLQVWDQWO\IDWDOKDGLWGHVFHQGHGDV,ZLVKHG%XWWKLVEORZZDVDUUHVWHG
E\WKHKDQGRIP\ZLIH*RDGHGE\WKHLQWHUIHUHQFHLQWRDUDJHPRUHWKDQGHPRQLDFDO,ZLWKGUHZ
P\ DUP IURP KHU JUDVS DQG EXULHG WKH D[H LQ KHU EUDLQ 6KH IHOO GHDG XSRQ WKH VSRW ZLWKRXW D
JURDQ
7KLV KLGHRXV PXUGHU DFFRPSOLVKHG , VHW P\VHOI IRUWKZLWK DQG ZLWK HQWLUH GHOLEHUDWLRQ WR WKH
WDVNRIFRQFHDOLQJWKHERG\,NQHZWKDW,FRXOGQRWUHPRYHLWIURPWKHKRXVHHLWKHUE\GD\RUE\
QLJKWZLWKRXWWKHULVNRIEHLQJREVHUYHGE\WKHQHLJKERUV0DQ\SURMHFWVHQWHUHGP\PLQG$WRQH
SHULRG , WKRXJKW RI FXWWLQJ WKH FRUSVH LQWR PLQXWH IUDJPHQWV DQG GHVWUR\LQJ WKHP E\ ILUH $W
DQRWKHU,UHVROYHGWRGLJDJUDYHIRULWLQWKHIORRURIWKHFHOODU$JDLQ,GHOLEHUDWHGDERXWFDVWLQJLW
LQWKHZHOOLQWKH\DUG³DERXWSDFNLQJLWLQDER[DVLIPHUFKDQGL]HZLWKWKHXVXDODUUDQJHPHQWV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
DQGVRJHWWLQJDSRUWHUWRWDNHLWIURPWKHKRXVH)LQDOO\,KLWXSRQZKDW,FRQVLGHUHGDIDUEHWWHU
H[SHGLHQWWKDQHLWKHURIWKHVH,GHWHUPLQHGWRZDOOLWXSLQWKHFHOODU³DVWKHPRQNVRIWKHPLGGOH
DJHVDUHUHFRUGHGWRKDYHZDOOHGXSWKHLUYLFWLPV
)RUDSXUSRVHVXFKDVWKLVWKHFHOODUZDVZHOODGDSWHG,WVZDOOVZHUHORRVHO\FRQVWUXFWHGDQG
KDGODWHO\EHHQSODVWHUHGWKURXJKRXWZLWKDURXJKSODVWHUZKLFKWKHGDPSQHVVRIWKHDWPRVSKHUH
KDGSUHYHQWHGIURPKDUGHQLQJ0RUHRYHULQRQHRIWKHZDOOVZDVDSURMHFWLRQFDXVHGE\DIDOVH
FKLPQH\RUILUHSODFHWKDWKDGEHHQILOOHGXSDQGPDGHWRUHVHPEOHWKHUHGRIWKHFHOODU,PDGHQR
GRXEWWKDW,FRXOGUHDGLO\GLVSODFHWKHEULFNVDWWKLVSRLQWLQVHUWWKHFRUSVHDQGZDOOWKHZKROHXS
DV EHIRUH VR WKDW QR H\H FRXOG GHWHFW DQ\ WKLQJ VXVSLFLRXV $QG LQ WKLV FDOFXODWLRQ , ZDV QRW
GHFHLYHG%\PHDQVRIDFURZEDU,HDVLO\GLVORGJHGWKHEULFNVDQGKDYLQJFDUHIXOO\GHSRVLWHGWKH
ERG\ DJDLQVW WKH LQQHU ZDOO , SURSSHG LW LQ WKDW SRVLWLRQ ZKLOH ZLWK OLWWOH WURXEOH , UHODLG WKH
ZKROHVWUXFWXUHDVLWRULJLQDOO\VWRRG+DYLQJSURFXUHGPRUWDUVDQGDQGKDLUZLWKHYHU\SRVVLEOH
SUHFDXWLRQ,SUHSDUHGDSODVWHUZKLFKFRXOGQRWEHGLVWLQJXLVKHGIURPWKHROGDQGZLWKWKLV,YHU\
FDUHIXOO\ZHQWRYHUWKHQHZEULFNZRUN:KHQ,KDGILQLVKHG,IHOWVDWLVILHGWKDWDOOZDVULJKW7KH
ZDOO GLG QRW SUHVHQW WKH VOLJKWHVW DSSHDUDQFH RI KDYLQJ EHHQ GLVWXUEHG 7KH UXEELVK RQ WKH IORRU
ZDVSLFNHGXSZLWKWKHPLQXWHVWFDUH,ORRNHGDURXQGWULXPSKDQWO\DQGVDLGWRP\VHOI³+HUHDW
OHDVWWKHQP\ODERUKDVQRWEHHQLQYDLQ
0\QH[WVWHSZDVWRORRNIRUWKHEHDVWZKLFKKDGEHHQWKHFDXVHRIVRPXFKZUHWFKHGQHVVIRU,
KDGDWOHQJWKILUPO\UHVROYHGWRSXWLWWRGHDWK+DG,EHHQDEOHWRPHHWZLWKLWDWWKHPRPHQW
WKHUHFRXOGKDYHEHHQQRGRXEWRILWVIDWHEXWLWDSSHDUHGWKDWWKHFUDIW\DQLPDOKDGEHHQDODUPHG
DW WKH YLROHQFH RI P\ SUHYLRXV DQJHU DQG IRUHERUH WR SUHVHQW LWVHOI LQ P\ SUHVHQW PRRG ,W LV
LPSRVVLEOHWRGHVFULEHRUWRLPDJLQHWKHGHHSWKHEOLVVIXOVHQVHRIUHOLHIZKLFKWKHDEVHQFHRIWKH
GHWHVWHGFUHDWXUHRFFDVLRQHGLQP\ERVRP,WGLGQRWPDNHLWVDSSHDUDQFHGXULQJWKHQLJKW³DQG
WKXVIRURQHQLJKWDWOHDVWVLQFHLWVLQWURGXFWLRQLQWRWKHKRXVH,VRXQGO\DQGWUDQTXLOO\VOHSWD\H
VOHSWHYHQZLWKWKHEXUGHQRIPXUGHUXSRQP\VRXO
7KHVHFRQGDQGWKHWKLUGGD\SDVVHGDQGVWLOOP\WRUPHQWRUFDPHQRW2QFHDJDLQ,EUHDWKHGDV
DIUHHPDQ7KHPRQVWHULQWHUURUKDGIOHGWKHSUHPLVHVIRUHYHU,VKRXOGEHKROGLWQRPRUH0\
KDSSLQHVVZDVVXSUHPH7KHJXLOWRIP\GDUNGHHGGLVWXUEHGPHEXWOLWWOH6RPHIHZLQTXLULHVKDG
EHHQPDGHEXWWKHVHKDGEHHQUHDGLO\DQVZHUHG(YHQDVHDUFKKDGEHHQLQVWLWXWHG³EXWRIFRXUVH
QRWKLQJZDVWREHGLVFRYHUHG,ORRNHGXSRQP\IXWXUHIHOLFLW\DVVHFXUHG
8SRQWKHIRXUWKGD\RIWKHDVVDVVLQDWLRQDSDUW\RIWKHSROLFHFDPHYHU\XQH[SHFWHGO\LQWRWKH
KRXVHDQGSURFHHGHGDJDLQWRPDNHULJRURXVLQYHVWLJDWLRQRIWKHSUHPLVHV6HFXUHKRZHYHULQWKH
LQVFUXWDELOLW\RIP\SODFHRIFRQFHDOPHQW,IHOWQRHPEDUUDVVPHQWZKDWHYHU7KHRIILFHUVEDGHPH
DFFRPSDQ\WKHPLQWKHLUVHDUFK7KH\OHIWQRQRRNRUFRUQHUXQH[SORUHG$WOHQJWKIRUWKHWKLUGRU
IRXUWKWLPHWKH\GHVFHQGHGLQWRWKHFHOODU,TXLYHUHGQRWLQDPXVFOH0\KHDUWEHDWFDOPO\DVWKDW
RIRQHZKRVOXPEHUVLQLQQRFHQFH,ZDONHGWKHFHOODUIURPHQGWRHQG,IROGHGP\DUPVXSRQP\
ERVRPDQGURDPHGHDVLO\WRDQGIUR7KHSROLFHZHUHWKRURXJKO\VDWLVILHGDQGSUHSDUHGWRGHSDUW
7KHJOHHDWP\KHDUWZDVWRRVWURQJWREHUHVWUDLQHG,EXUQHGWRVD\LIEXWRQHZRUGE\ZD\RI
WULXPSKDQGWRUHQGHUGRXEO\VXUHWKHLUDVVXUDQFHRIP\JXLOWOHVVQHVV
*HQWOHPHQ , VDLG DW ODVW DV WKH SDUW\ DVFHQGHG WKH VWHSV , GHOLJKW WR KDYH DOOD\HG \RXU
VXVSLFLRQV,ZLVK\RXDOOKHDOWKDQGDOLWWOHPRUHFRXUWHV\%\WKHE\HJHQWOHPHQWKLV³WKLVLVD
YHU\ZHOOFRQVWUXFWHGKRXVH>,QWKHUDELGGHVLUHWRVD\VRPHWKLQJHDVLO\,VFDUFHO\NQHZZKDW,
XWWHUHG DW DOO@³, PD\ VD\ DQ H[FHOOHQWO\ ZHOO FRQVWUXFWHG KRXVH 7KHVH ZDOOV³DUH \RX JRLQJ
JHQWOHPHQ"³WKHVHZDOOVDUHVROLGO\SXWWRJHWKHUDQGKHUHWKURXJKWKHPHUHSKUHQ]\RIEUDYDGR
,UDSSHGKHDYLO\ZLWKDFDQHZKLFK,KHOGLQP\KDQGXSRQWKDWYHU\SRUWLRQRIWKHEULFNZRUN
EHKLQGZKLFKVWRRGWKHFRUSVHRIWKHZLIHRIP\ERVRP
%XW PD\ *RG VKLHOG DQG GHOLYHU PH IURP WKH IDQJV RI WKH $UFK)LHQG 1R VRRQHU KDG WKH
UHYHUEHUDWLRQRIP\EORZVVXQNLQWRVLOHQFHWKDQ,ZDVDQVZHUHGE\DYRLFHIURPZLWKLQWKHWRPE
³E\DFU\DWILUVWPXIIOHGDQGEURNHQOLNHWKHVREELQJRIDFKLOGDQGWKHQTXLFNO\VZHOOLQJLQWR
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
RQH ORQJ ORXG DQG FRQWLQXRXV VFUHDP XWWHUO\ DQRPDORXV DQG LQKXPDQ³D KRZO³D ZDLOLQJ
VKULHN KDOI RI KRUURU DQG KDOI RI WULXPSK VXFK DV PLJKW KDYH DULVHQ RQO\ RXW RI KHOO FRQMRLQWO\
IURPWKHWKURDWVRIWKHGDPPHGLQWKHLUDJRQ\DQGRIWKHGHPRQVWKDWH[XOWLQWKHGDPQDWLRQ
2I P\ RZQ WKRXJKWV LW LV IROO\ WR VSHDN 6ZRRQLQJ , VWDJJHUHG WR WKH RSSRVLWH ZDOO )RU RQH
LQVWDQWWKHSDUW\XSRQWKHVWDLUVUHPDLQHGPRWLRQOHVVWKURXJKH[WUHPLW\RIWHUURUDQGRIDZH,QWKH
QH[WDGR]HQVWRXWDUPVZHUHWRLOLQJDWWKHZDOO,WIHOOERGLO\7KHFRUSVHDOUHDG\JUHDWO\GHFD\HG
DQG FORWWHG ZLWK JRUH VWRRG HUHFW EHIRUH WKH H\HV RI WKH VSHFWDWRUV 8SRQ LWV KHDG ZLWK UHG
H[WHQGHG PRXWK DQG VROLWDU\ H\H RI ILUH VDW WKH KLGHRXV EHDVW ZKRVH FUDIW KDG VHGXFHG PH LQWR
PXUGHUDQGZKRVHLQIRUPLQJYRLFHKDGFRQVLJQHGPHWRWKHKDQJPDQ,KDGZDOOHGWKHPRQVWHU
XSZLWKLQWKHWRPE
7+()$//2)7+(+286(2)86+(5
6RQFRHXUHVWXQOXWKVXVSHQGX
6LW{WTX
RQOHWRXFKHLOUqVRQQH
'H%pUDQJHU
'85,1* WKH ZKROH RI D GXOO GDUN DQG VRXQGOHVV GD\ LQ WKH DXWXPQ RI WKH \HDU ZKHQ WKH
FORXGVKXQJRSSUHVVLYHO\ORZLQWKHKHDYHQV,KDGEHHQSDVVLQJDORQHRQKRUVHEDFNWKURXJKD
VLQJXODUO\GUHDU\WUDFWRIFRXQWU\DQGDWOHQJWKIRXQGP\VHOIDVWKHVKDGHVRIWKHHYHQLQJGUHZ
RQZLWKLQYLHZ RI WKH PHODQFKRO\ +RXVH RI 8VKHU , NQRZ QRW KRZ LW ZDV³EXW ZLWK WKH ILUVW
JOLPSVHRIWKHEXLOGLQJDVHQVHRILQVXIIHUDEOHJORRPSHUYDGHGP\VSLULW,VD\LQVXIIHUDEOHIRUWKH
IHHOLQJZDVXQUHOLHYHGE\DQ\RIWKDWKDOISOHDVXUDEOHEHFDXVHSRHWLFVHQWLPHQWZLWKZKLFKWKH
PLQGXVXDOO\UHFHLYHVHYHQWKHVWHUQHVWQDWXUDOLPDJHVRIWKHGHVRODWHRUWHUULEOH,ORRNHGXSRQWKH
VFHQHEHIRUHPH³XSRQWKHPHUHKRXVHDQGWKHVLPSOHODQGVFDSHIHDWXUHVRIWKHGRPDLQ³XSRQ
WKHEOHDNZDOOV³XSRQWKH YDFDQW H\HOLNH ZLQGRZV³XSRQ D IHZ UDQNVHGJHV³DQGXSRQDIHZ
ZKLWHWUXQNVRIGHFD\HGWUHHV³ZLWKDQXWWHUGHSUHVVLRQRIVRXOZKLFK,FDQFRPSDUHWRQRHDUWKO\
VHQVDWLRQPRUHSURSHUO\WKDQWRWKHDIWHUGUHDP RI WKH UHYHOOHU XSRQ RSLXP³WKH ELWWHU ODSVH LQWR
HYHU\GD\OLIH³WKHKLGHRXVGURSSLQJRIIRIWKHYHLO7KHUHZDVDQLFLQHVVDVLQNLQJDVLFNHQLQJRI
WKHKHDUW³DQXQUHGHHPHGGUHDULQHVVRIWKRXJKWZKLFKQRJRDGLQJRIWKHLPDJLQDWLRQFRXOGWRUWXUH
LQWRDXJKWRIWKHVXEOLPH:KDWZDVLW³,SDXVHGWRWKLQN³ZKDWZDVLWWKDWVRXQQHUYHGPHLQWKH
FRQWHPSODWLRQRIWKH+RXVHRI8VKHU",WZDVDP\VWHU\DOOLQVROXEOHQRUFRXOG,JUDSSOHZLWKWKH
VKDGRZ\ IDQFLHV WKDW FURZGHG XSRQ PH DV , SRQGHUHG , ZDV IRUFHG WR IDOO EDFN XSRQ WKH
XQVDWLVIDFWRU\FRQFOXVLRQWKDWZKLOHEH\RQGGRXEWWKHUHDUHFRPELQDWLRQVRIYHU\VLPSOHQDWXUDO
REMHFWV ZKLFK KDYH WKH SRZHU RI WKXV DIIHFWLQJ XV VWLOO WKH DQDO\VLV RI WKLV SRZHU OLHV DPRQJ
FRQVLGHUDWLRQVEH\RQGRXUGHSWK,WZDVSRVVLEOH,UHIOHFWHGWKDWDPHUHGLIIHUHQWDUUDQJHPHQW RI
WKHSDUWLFXODUVRIWKHVFHQHRIWKHGHWDLOVRIWKHSLFWXUHZRXOGEHVXIILFLHQWWRPRGLI\RUSHUKDSV
WRDQQLKLODWHLWVFDSDFLW\IRUVRUURZIXOLPSUHVVLRQDQGDFWLQJXSRQWKLVLGHD,UHLQHGP\KRUVHWR
WKHSUHFLSLWRXVEULQNRIDEODFNDQGOXULGWDUQWKDWOD\LQXQUXIIOHGOXVWUHE\WKHGZHOOLQJDQGJD]HG
GRZQ³EXW ZLWK D VKXGGHU HYHQ PRUH WKULOOLQJ WKDQ EHIRUH³XSRQ WKH UHPRGHOOHG DQG LQYHUWHG
LPDJHVRIWKHJUD\VHGJHDQGWKHJKDVWO\WUHHVWHPVDQGWKHYDFDQWDQGH\HOLNHZLQGRZV
1HYHUWKHOHVVLQWKLVPDQVLRQRIJORRP,QRZSURSRVHGWRP\VHOIDVRMRXUQRIVRPHZHHNV,WV
SURSULHWRU 5RGHULFN 8VKHU KDG EHHQ RQH RI P\ ERRQ FRPSDQLRQV LQ ER\KRRG EXW PDQ\ \HDUV
KDGHODSVHGVLQFHRXUODVWPHHWLQJ$OHWWHUKRZHYHUKDGODWHO\UHDFKHGPHLQDGLVWDQWSDUWRIWKH
FRXQWU\³DOHWWHUIURPKLP³ZKLFKLQLWVZLOGO\LPSRUWXQDWHQDWXUHKDGDGPLWWHGRIQRRWKHUWKDQ
D SHUVRQDO UHSO\ 7KH 06 JDYH HYLGHQFH RI QHUYRXV DJLWDWLRQ 7KH ZULWHU VSRNH RI DFXWH ERGLO\
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
LOOQHVV³RIDPHQWDOGLVRUGHUZKLFKRSSUHVVHGKLP³DQGRIDQHDUQHVWGHVLUHWRVHHPHDVKLVEHVW
DQGLQGHHGKLVRQO\SHUVRQDOIULHQGZLWKDYLHZRIDWWHPSWLQJE\WKHFKHHUIXOQHVVRIP\VRFLHW\
VRPHDOOHYLDWLRQRIKLVPDODG\,WZDVWKHPDQQHULQZKLFKDOOWKLVDQGPXFKPRUHZDVVDLG³LW
ZDVWKHDSSDUHQWKHDUWWKDWZHQWZLWKKLVUHTXHVW³ZKLFKDOORZHGPHQRURRPIRUKHVLWDWLRQDQG,
DFFRUGLQJO\REH\HGIRUWKZLWKZKDW,VWLOOFRQVLGHUHGDYHU\VLQJXODUVXPPRQV
$OWKRXJKDVER\VZHKDGEHHQHYHQLQWLPDWHDVVRFLDWHV\HW,UHDOO\NQHZOLWWOHRIP\IULHQG
+LVUHVHUYHKDGEHHQDOZD\VH[FHVVLYHDQGKDELWXDO,ZDVDZDUHKRZHYHUWKDWKLVYHU\DQFLHQW
IDPLO\KDGEHHQQRWHGWLPHRXWRIPLQGIRUDSHFXOLDUVHQVLELOLW\RIWHPSHUDPHQWGLVSOD\LQJLWVHOI
WKURXJK ORQJ DJHV LQ PDQ\ ZRUNV RI H[DOWHG DUW DQG PDQLIHVWHG RI ODWH LQ UHSHDWHG GHHGV RI
PXQLILFHQW\HWXQREWUXVLYHFKDULW\DVZHOODVLQDSDVVLRQDWH GHYRWLRQ WR WKH LQWULFDFLHV SHUKDSV
HYHQPRUHWKDQWRWKHRUWKRGR[DQGHDVLO\UHFRJQLVDEOHEHDXWLHVRIPXVLFDOVFLHQFH,KDGOHDUQHG
WRRWKHYHU\UHPDUNDEOHIDFWWKDWWKHVWHPRIWKH8VKHUUDFHDOOWLPHKRQRUHGDVLWZDVKDGSXW
IRUWKDWQRSHULRGDQ\HQGXULQJEUDQFKLQRWKHUZRUGVWKDWWKHHQWLUHIDPLO\OD\LQWKHGLUHFWOLQH
RI GHVFHQW DQG KDG DOZD\V ZLWK YHU\ WULIOLQJ DQG YHU\ WHPSRUDU\ YDULDWLRQ VR ODLQ ,W ZDV WKLV
GHILFLHQF\,FRQVLGHUHGZKLOHUXQQLQJRYHULQWKRXJKWWKHSHUIHFWNHHSLQJRIWKHFKDUDFWHURIWKH
SUHPLVHV ZLWK WKH DFFUHGLWHG FKDUDFWHU RI WKH SHRSOH DQG ZKLOH VSHFXODWLQJ XSRQ WKH SRVVLEOH
LQIOXHQFH ZKLFK WKH RQH LQ WKH ORQJ ODSVH RI FHQWXULHV PLJKW KDYH H[HUFLVHG XSRQ WKH RWKHU³LW
ZDVWKLVGHILFLHQF\SHUKDSVRIFROODWHUDOLVVXHDQGWKHFRQVHTXHQWXQGHYLDWLQJWUDQVPLVVLRQIURP
VLUHWRVRQRIWKHSDWULPRQ\ZLWKWKHQDPHZKLFKKDGDWOHQJWKVRLGHQWLILHGWKHWZRDVWRPHUJH
WKHRULJLQDOWLWOHRIWKHHVWDWHLQWKHTXDLQWDQGHTXLYRFDODSSHOODWLRQRIWKH+RXVHRI8VKHU³DQ
DSSHOODWLRQZKLFKVHHPHGWRLQFOXGHLQWKHPLQGVRIWKHSHDVDQWU\ZKRXVHGLWERWKWKHIDPLO\DQG
WKHIDPLO\PDQVLRQ
, KDYH VDLG WKDW WKH VROH HIIHFW RI P\ VRPHZKDW FKLOGLVK H[SHULPHQW³WKDW RI ORRNLQJ GRZQ
ZLWKLQWKHWDUQ³KDGEHHQWRGHHSHQWKHILUVWVLQJXODULPSUHVVLRQ7KHUHFDQEHQRGRXEWWKDWWKH
FRQVFLRXVQHVVRIWKHUDSLGLQFUHDVHRIP\VXSHUVWLWLRQ³IRUZK\VKRXOG,QRWVRWHUPLW"³VHUYHG
PDLQO\ WR DFFHOHUDWH WKH LQFUHDVH LWVHOI 6XFK , KDYH ORQJ NQRZQ LV WKH SDUDGR[LFDO ODZ RI DOO
VHQWLPHQWVKDYLQJWHUURUDVDEDVLV$QGLWPLJKWKDYHEHHQIRUWKLVUHDVRQRQO\WKDWZKHQ,DJDLQ
XSOLIWHGP\H\HVWRWKHKRXVHLWVHOIIURPLWVLPDJHLQWKHSRROWKHUHJUHZLQP\PLQGDVWUDQJH
IDQF\³DIDQF\VRULGLFXORXVLQGHHGWKDW,EXWPHQWLRQLWWRVKRZWKHYLYLGIRUFHRIWKHVHQVDWLRQV
ZKLFK RSSUHVVHG PH , KDG VR ZRUNHG XSRQ P\ LPDJLQDWLRQ DV UHDOO\ WR EHOLHYH WKDW DERXW WKH
ZKROHPDQVLRQDQGGRPDLQWKHUHKXQJDQDWPRVSKHUHSHFXOLDUWRWKHPVHOYHVDQGWKHLULPPHGLDWH
YLFLQLW\³DQ DWPRVSKHUH ZKLFK KDG QR DIILQLW\ ZLWK WKH DLU RI KHDYHQ EXW ZKLFK KDG UHHNHG XS
IURPWKHGHFD\HGWUHHVDQGWKHJUD\ZDOODQGWKHVLOHQWWDUQ³DSHVWLOHQWDQGP\VWLFYDSRUGXOO
VOXJJLVKIDLQWO\GLVFHUQLEOHDQGOHDGHQKXHG
6KDNLQJ RII IURP P\ VSLULW ZKDW PXVW KDYH EHHQ D GUHDP , VFDQQHG PRUH QDUURZO\ WKH UHDO
DVSHFW RI WKH EXLOGLQJ ,WV SULQFLSDO IHDWXUH VHHPHG WR EH WKDW RI DQ H[FHVVLYH DQWLTXLW\ 7KH
GLVFRORUDWLRQRIDJHVKDGEHHQJUHDW0LQXWHIXQJLRYHUVSUHDGWKHZKROHH[WHULRUKDQJLQJLQDILQH
WDQJOHGZHEZRUNIURPWKHHDYHV<HWDOOWKLVZDVDSDUWIURPDQ\H[WUDRUGLQDU\GLODSLGDWLRQ1R
SRUWLRQRIWKHPDVRQU\KDGIDOOHQDQGWKHUHDSSHDUHGWREHDZLOGLQFRQVLVWHQF\EHWZHHQLWVVWLOO
SHUIHFWDGDSWDWLRQRISDUWVDQGWKHFUXPEOLQJFRQGLWLRQRIWKHLQGLYLGXDOVWRQHV,QWKLVWKHUHZDV
PXFKWKDWUHPLQGHGPHRIWKHVSHFLRXVWRWDOLW\RIROGZRRGZRUNZKLFKKDVURWWHGIRUORQJ\HDUV
LQ VRPH QHJOHFWHG YDXOW ZLWK QR GLVWXUEDQFH IURP WKH EUHDWK RI WKH H[WHUQDO DLU %H\RQG WKLV
LQGLFDWLRQRIH[WHQVLYHGHFD\KRZHYHUWKHIDEULFJDYHOLWWOHWRNHQRILQVWDELOLW\3HUKDSVWKHH\HRI
DVFUXWLQL]LQJREVHUYHUPLJKWKDYHGLVFRYHUHGDEDUHO\SHUFHSWLEOHILVVXUHZKLFKH[WHQGLQJIURP
WKHURRIRIWKHEXLOGLQJLQIURQWPDGHLWVZD\GRZQWKHZDOOLQD]LJ]DJGLUHFWLRQXQWLOLWEHFDPH
ORVWLQWKHVXOOHQZDWHUVRIWKHWDUQ
1RWLFLQJWKHVHWKLQJV,URGHRYHUDVKRUWFDXVHZD\WRWKHKRXVH$VHUYDQWLQZDLWLQJWRRNP\
KRUVHDQG,HQWHUHGWKH*RWKLFDUFKZD\RIWKHKDOO$YDOHWRIVWHDOWK\VWHSWKHQFHFRQGXFWHGPH
LQ VLOHQFH WKURXJK PDQ\ GDUN DQG LQWULFDWH SDVVDJHV LQ P\ SURJUHVV WR WKH VWXGLR RI KLV PDVWHU
0XFKWKDW,HQFRXQWHUHGRQWKHZD\FRQWULEXWHG,NQRZQRWKRZWRKHLJKWHQWKHYDJXHVHQWLPHQWV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
RIZKLFK,KDYHDOUHDG\VSRNHQ:KLOHWKHREMHFWVDURXQGPH³ZKLOHWKHFDUYLQJVRIWKHFHLOLQJV
WKH VRPEUH WDSHVWULHV RI WKH ZDOOV WKH HERQ EODFNQHVV RI WKH IORRUV DQG WKH SKDQWDVPDJRULF
DUPRULDOWURSKLHVZKLFKUDWWOHGDV,VWURGHZHUHEXWPDWWHUVWRZKLFKRUWRVXFKDVZKLFK,KDG
EHHQDFFXVWRPHGIURPP\LQIDQF\³ZKLOH,KHVLWDWHGQRWWRDFNQRZOHGJHKRZIDPLOLDUZDVDOOWKLV
³,VWLOOZRQGHUHGWRILQGKRZXQIDPLOLDUZHUHWKHIDQFLHVZKLFKRUGLQDU\LPDJHVZHUHVWLUULQJXS
2Q RQH RI WKH VWDLUFDVHV , PHW WKH SK\VLFLDQ RI WKH IDPLO\ +LV FRXQWHQDQFH , WKRXJKW ZRUH D
PLQJOHGH[SUHVVLRQRIORZFXQQLQJDQGSHUSOH[LW\+HDFFRVWHGPHZLWKWUHSLGDWLRQDQGSDVVHGRQ
7KHYDOHWQRZWKUHZRSHQDGRRUDQGXVKHUHGPHLQWRWKHSUHVHQFHRIKLVPDVWHU
7KHURRPLQZKLFK,IRXQGP\VHOIZDVYHU\ODUJHDQGORIW\7KHZLQGRZVZHUHORQJQDUURZ
DQGSRLQWHGDQGDWVRYDVWDGLVWDQFHIURPWKHEODFNRDNHQIORRUDVWREHDOWRJHWKHULQDFFHVVLEOH
IURPZLWKLQ)HHEOHJOHDPVRIHQFULPVRQHGOLJKWPDGHWKHLUZD\WKURXJKWKHWUHOOLVVHGSDQHVDQG
VHUYHG WR UHQGHU VXIILFLHQWO\ GLVWLQFW WKH PRUH SURPLQHQW REMHFWV DURXQG WKH H\H KRZHYHU
VWUXJJOHG LQ YDLQ WR UHDFK WKH UHPRWHU DQJOHV RI WKH FKDPEHU RU WKH UHFHVVHV RI WKH YDXOWHG DQG
IUHWWHGFHLOLQJ'DUNGUDSHULHVKXQJXSRQWKHZDOOV7KHJHQHUDOIXUQLWXUHZDVSURIXVHFRPIRUWOHVV
DQWLTXHDQGWDWWHUHG0DQ\ERRNVDQGPXVLFDOLQVWUXPHQWVOD\VFDWWHUHG DERXW EXWIDLOHGWRJLYH
DQ\YLWDOLW\WRWKHVFHQH,IHOWWKDW,EUHDWKHGDQDWPRVSKHUHRIVRUURZ$QDLURIVWHUQGHHSDQG
LUUHGHHPDEOHJORRPKXQJRYHUDQGSHUYDGHGDOO
8SRQ P\ HQWUDQFH 8VKHU DURVH IURP D VRID RQ ZKLFK KH KDG EHHQ O\LQJ DW IXOO OHQJWK DQG
JUHHWHG PH ZLWK D YLYDFLRXV ZDUPWK ZKLFK KDG PXFK LQ LW , DW ILUVW WKRXJKW RI DQ RYHUGRQH
FRUGLDOLW\³RI WKH FRQVWUDLQHG HIIRUW RI WKH HQQX\p PDQ RI WKH ZRUOG $ JODQFH KRZHYHU DW KLV
FRXQWHQDQFHFRQYLQFHGPHRIKLVSHUIHFWVLQFHULW\:HVDWGRZQDQGIRUVRPHPRPHQWVZKLOHKH
VSRNHQRW,JD]HGXSRQKLPZLWKDIHHOLQJKDOIRISLW\KDOIRIDZH6XUHO\PDQKDGQHYHUEHIRUH
VRWHUULEO\DOWHUHGLQVREULHIDSHULRGDVKDG5RGHULFN8VKHU,WZDVZLWKGLIILFXOW\WKDW,FRXOG
EULQJ P\VHOI WR DGPLW WKH LGHQWLW\ RI WKH ZDQ EHLQJ EHIRUH PH ZLWK WKH FRPSDQLRQ RI P\ HDUO\
ER\KRRG <HW WKH FKDUDFWHU RI KLV IDFH KDG EHHQ DW DOO WLPHV UHPDUNDEOH $ FDGDYHURXVQHVV RI
FRPSOH[LRQDQH\HODUJHOLTXLGDQGOXPLQRXVEH\RQGFRPSDULVRQOLSVVRPHZKDWWKLQDQGYHU\
SDOOLGEXWRIDVXUSDVVLQJO\EHDXWLIXOFXUYHDQRVHRIDGHOLFDWH+HEUHZPRGHOEXWZLWKDEUHDGWK
RIQRVWULOXQXVXDOLQVLPLODUIRUPDWLRQVDILQHO\PRXOGHGFKLQVSHDNLQJLQLWVZDQWRISURPLQHQFH
RIDZDQWRIPRUDOHQHUJ\KDLURIDPRUHWKDQZHEOLNHVRIWQHVVDQGWHQXLW\WKHVHIHDWXUHVZLWKDQ
LQRUGLQDWHH[SDQVLRQDERYHWKHUHJLRQVRIWKHWHPSOHPDGHXSDOWRJHWKHUDFRXQWHQDQFHQRWHDVLO\
WREHIRUJRWWHQ$QGQRZLQWKHPHUHH[DJJHUDWLRQRIWKHSUHYDLOLQJFKDUDFWHURIWKHVHIHDWXUHVDQG
RI WKH H[SUHVVLRQ WKH\ ZHUH ZRQW WR FRQYH\ OD\ VR PXFK RI FKDQJH WKDW , GRXEWHG WR ZKRP ,
VSRNH 7KH QRZ JKDVWO\ SDOORU RI WKH VNLQ DQG WKH QRZ PLUDFXORXV OXVWUH RI WKH H\H DERYH DOO
WKLQJVVWDUWOHGDQGHYHQDZHGPH7KH VLONHQKDLU WRRKDG EHHQ VXIIHUHG WRJURZ DOOXQKHHGHG
DQGDVLQLWVZLOGJRVVDPHUWH[WXUHLWIORDWHGUDWKHUWKDQIHOODERXWWKHIDFH,FRXOGQRWHYHQZLWK
HIIRUWFRQQHFWLWV$UDEHVTXHH[SUHVVLRQZLWKDQ\LGHDRIVLPSOHKXPDQLW\
,QWKHPDQQHURIP\IULHQG,ZDVDWRQFHVWUXFNZLWKDQLQFRKHUHQFH³DQLQFRQVLVWHQF\DQG,
VRRQ IRXQG WKLV WR DULVH IURP D VHULHV RI IHHEOH DQG IXWLOH VWUXJJOHV WR RYHUFRPH DQ KDELWXDO
WUHSLGDQF\³DQ H[FHVVLYH QHUYRXV DJLWDWLRQ )RU VRPHWKLQJ RI WKLV QDWXUH , KDG LQGHHG EHHQ
SUHSDUHGQROHVVE\KLVOHWWHUWKDQE\UHPLQLVFHQFHVRIFHUWDLQER\LVKWUDLWV DQG E\ FRQFOXVLRQV
GHGXFHG IURP KLV SHFXOLDU SK\VLFDO FRQIRUPDWLRQ DQG WHPSHUDPHQW +LV DFWLRQ ZDV DOWHUQDWHO\
YLYDFLRXVDQGVXOOHQ+LVYRLFHYDULHGUDSLGO\IURPDWUHPXORXVLQGHFLVLRQZKHQWKHDQLPDOVSLULWV
VHHPHGXWWHUO\LQDEH\DQFHWRWKDWVSHFLHVRIHQHUJHWLFFRQFLVLRQ³WKDWDEUXSWZHLJKW\XQKXUULHG
DQG KROORZVRXQGLQJ HQXQFLDWLRQ³WKDW OHDGHQ VHOIEDODQFHG DQG SHUIHFWO\ PRGXODWHG JXWWXUDO
XWWHUDQFHZKLFKPD\EHREVHUYHGLQWKHORVWGUXQNDUGRUWKHLUUHFODLPDEOHHDWHURIRSLXPGXULQJ
WKHSHULRGVRIKLVPRVWLQWHQVHH[FLWHPHQW
,W ZDV WKXV WKDW KH VSRNH RI WKH REMHFW RI P\ YLVLW RI KLV HDUQHVW GHVLUH WR VHH PH DQG RI WKH
VRODFHKHH[SHFWHGPHWRDIIRUGKLP+HHQWHUHGDWVRPHOHQJWKLQWRZKDWKHFRQFHLYHGWREHWKH
QDWXUH RI KLV PDODG\ ,W ZDV KH VDLG D FRQVWLWXWLRQDO DQG D IDPLO\ HYLO DQG RQH IRU ZKLFK KH
GHVSDLUHG WR ILQG D UHPHG\³D PHUH QHUYRXV DIIHFWLRQ KH LPPHGLDWHO\ DGGHG ZKLFK ZRXOG
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
XQGRXEWHGO\VRRQSDVVRII,WGLVSOD\HGLWVHOILQDKRVWRIXQQDWXUDOVHQVDWLRQV6RPHRIWKHVHDVKH
GHWDLOHGWKHPLQWHUHVWHGDQGEHZLOGHUHGPHDOWKRXJKSHUKDSVWKHWHUPVDQGWKHJHQHUDOPDQQHU
RI WKH QDUUDWLRQ KDG WKHLU ZHLJKW +H VXIIHUHG PXFK IURP D PRUELG DFXWHQHVV RI WKH VHQVHV WKH
PRVWLQVLSLGIRRGZDVDORQHHQGXUDEOHKHFRXOGZHDURQO\JDUPHQWVRIFHUWDLQWH[WXUHWKHRGRUVRI
DOO IORZHUV ZHUH RSSUHVVLYH KLV H\HV ZHUH WRUWXUHG E\ HYHQ D IDLQW OLJKW DQG WKHUH ZHUH EXW
SHFXOLDUVRXQGVDQGWKHVHIURPVWULQJHGLQVWUXPHQWVZKLFKGLGQRWLQVSLUHKLPZLWKKRUURU
7RDQDQRPDORXVVSHFLHVRIWHUURU,IRXQGKLPDERXQGHQVODYH,VKDOOSHULVKVDLGKH,PXVW
SHULVKLQWKLVGHSORUDEOHIROO\7KXVWKXVDQGQRWRWKHUZLVHVKDOO,EHORVW,GUHDGWKHHYHQWVRI
WKH IXWXUH QRW LQ WKHPVHOYHV EXW LQ WKHLU UHVXOWV , VKXGGHU DW WKH WKRXJKW RI DQ\ HYHQ WKH PRVW
WULYLDO LQFLGHQW ZKLFK PD\ RSHUDWH XSRQ WKLV LQWROHUDEOH DJLWDWLRQ RI VRXO , KDYH LQGHHG QR
DEKRUUHQFH RI GDQJHU H[FHSW LQ LWV DEVROXWH HIIHFW³LQ WHUURU ,Q WKLV XQQHUYHG³LQ WKLV SLWLDEOH
FRQGLWLRQ³,IHHOWKDWWKHSHULRGZLOOVRRQHURUODWHUDUULYHZKHQ,PXVW DEDQGRQ OLIH DQG UHDVRQ
WRJHWKHULQVRPHVWUXJJOHZLWKWKHJULPSKDQWDVP)($5
, OHDUQHG PRUHRYHU DW LQWHUYDOV DQG WKURXJK EURNHQ DQG HTXLYRFDO KLQWV DQRWKHU VLQJXODU
IHDWXUHRIKLVPHQWDOFRQGLWLRQ+HZDVHQFKDLQHGE\FHUWDLQVXSHUVWLWLRXVLPSUHVVLRQVLQUHJDUGWR
WKH GZHOOLQJ ZKLFK KH WHQDQWHG DQG ZKHQFH IRU PDQ\ \HDUV KH KDG QHYHU YHQWXUHG IRUWK³LQ
UHJDUGWRDQLQIOXHQFHZKRVHVXSSRVLWLWLRXVIRUFHZDVFRQYH\HGLQWHUPVWRRVKDGRZ\KHUHWREH
UHVWDWHG³DQ LQIOXHQFH ZKLFK VRPH SHFXOLDULWLHV LQ WKH PHUH IRUP DQG VXEVWDQFH RI KLV IDPLO\
PDQVLRQ KDG E\ GLQW RI ORQJ VXIIHUDQFH KH VDLG REWDLQHG RYHU KLV VSLULW³DQ HIIHFW ZKLFK WKH
SK\VLTXHRIWKHJUD\ZDOOVDQGWXUUHWVDQGRIWKHGLPWDUQLQWRZKLFKWKH\DOOORRNHGGRZQKDGDW
OHQJWKEURXJKWDERXWXSRQWKHPRUDOHRIKLVH[LVWHQFH
+H DGPLWWHG KRZHYHU DOWKRXJK ZLWK KHVLWDWLRQ WKDW PXFK RI WKH SHFXOLDU JORRP ZKLFK WKXV
DIIOLFWHG KLP FRXOG EH WUDFHG WR D PRUH QDWXUDO DQG IDU PRUH SDOSDEOH RULJLQ³WR WKH VHYHUH DQG
ORQJFRQWLQXHG LOOQHVV³LQGHHG WR WKH HYLGHQWO\ DSSURDFKLQJ GLVVROXWLRQ³RI D WHQGHUO\ EHORYHG
VLVWHU³KLVVROHFRPSDQLRQIRUORQJ\HDUV³KLVODVWDQGRQO\UHODWLYH RQHDUWK+HU GHFHDVHKH
VDLGZLWKDELWWHUQHVVZKLFK,FDQQHYHUIRUJHWZRXOGOHDYHKLPKLPWKHKRSHOHVVDQGWKHIUDLO
WKH ODVW RI WKH DQFLHQW UDFH RI WKH 8VKHUV :KLOH KH VSRNH WKH ODG\ 0DGHOLQH IRU VR ZDV VKH
FDOOHGSDVVHGVORZO\WKURXJKDUHPRWHSRUWLRQRIWKHDSDUWPHQWDQGZLWKRXWKDYLQJQRWLFHGP\
SUHVHQFHGLVDSSHDUHG,UHJDUGHGKHUZLWKDQXWWHUDVWRQLVKPHQWQRWXQPLQJOHGZLWKGUHDG³DQG
\HW,IRXQGLWLPSRVVLEOHWRDFFRXQWIRUVXFKIHHOLQJV$VHQVDWLRQRIVWXSRURSSUHVVHGPHDVP\
H\HV IROORZHG KHU UHWUHDWLQJ VWHSV :KHQ D GRRU DW OHQJWK FORVHG XSRQ KHU P\ JODQFH VRXJKW
LQVWLQFWLYHO\DQGHDJHUO\WKHFRXQWHQDQFHRIWKHEURWKHU³EXWKHKDGEXULHGKLVIDFHLQKLV KDQGV
DQG , FRXOG RQO\ SHUFHLYH WKDW D IDU PRUH WKDQ RUGLQDU\ ZDQQHVV KDG RYHUVSUHDG WKH HPDFLDWHG
ILQJHUVWKURXJKZKLFKWULFNOHGPDQ\SDVVLRQDWHWHDUV
7KHGLVHDVHRIWKHODG\0DGHOLQHKDGORQJEDIIOHGWKHVNLOORIKHUSK\VLFLDQV$VHWWOHGDSDWK\D
JUDGXDO ZDVWLQJ DZD\ RI WKH SHUVRQ DQG IUHTXHQW DOWKRXJK WUDQVLHQW DIIHFWLRQV RI D SDUWLDOO\
FDWDOHSWLFDOFKDUDFWHU ZHUH WKH XQXVXDO GLDJQRVLV +LWKHUWR VKH KDG VWHDGLO\ ERUQH XS DJDLQVW WKH
SUHVVXUH RI KHU PDODG\ DQG KDG QRW EHWDNHQ KHUVHOI ILQDOO\ WR EHG EXW RQ WKH FORVLQJ LQ RI WKH
HYHQLQJ RI P\ DUULYDO DW WKH KRXVH VKH VXFFXPEHG DV KHU EURWKHU WROG PH DW QLJKW ZLWK
LQH[SUHVVLEOHDJLWDWLRQWRWKHSURVWUDWLQJSRZHURIWKHGHVWUR\HUDQG,OHDUQHGWKDWWKHJOLPSVH,
KDGREWDLQHGRIKHUSHUVRQZRXOGWKXVSUREDEO\EHWKHODVW,VKRXOGREWDLQ³WKDWWKHODG\DWOHDVW
ZKLOHOLYLQJZRXOGEHVHHQE\PHQRPRUH
)RUVHYHUDOGD\VHQVXLQJKHUQDPHZDVXQPHQWLRQHGE\HLWKHU8VKHURUP\VHOIDQGGXULQJWKLV
SHULRG,ZDVEXVLHGLQHDUQHVWHQGHDYRUVWRDOOHYLDWHWKHPHODQFKRO\RIP\IULHQG:HSDLQWHGDQG
UHDGWRJHWKHURU,OLVWHQHGDVLILQDGUHDPWRWKHZLOGLPSURYLVDWLRQVRIKLVVSHDNLQJJXLWDU$QG
WKXV DV D FORVHU DQG VWLOO FORVHU LQWLPDF\ DGPLWWHG PH PRUH XQUHVHUYHGO\ LQWR WKH UHFHVVHV RI KLV
VSLULW WKH PRUH ELWWHUO\ GLG , SHUFHLYH WKH IXWLOLW\ RI DOO DWWHPSW DW FKHHULQJ D PLQG IURP ZKLFK
GDUNQHVVDVLIDQLQKHUHQWSRVLWLYHTXDOLW\SRXUHGIRUWKXSRQDOOREMHFWVRIWKHPRUDODQGSK\VLFDO
XQLYHUVHLQRQHXQFHDVLQJUDGLDWLRQRIJORRP
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
, VKDOO HYHU EHDU DERXW PH D PHPRU\ RI WKH PDQ\ VROHPQ KRXUV , WKXV VSHQW DORQH ZLWK WKH
PDVWHU RI WKH +RXVH RI 8VKHU <HW , VKRXOG IDLO LQ DQ\ DWWHPSW WR FRQYH\ DQ LGHD RI WKH H[DFW
FKDUDFWHURIWKHVWXGLHVRURIWKHRFFXSDWLRQV LQ ZKLFK KH LQYROYHG PH RU OHG PH WKH ZD\ $Q
H[FLWHGDQGKLJKO\ GLVWHPSHUHG LGHDOLW\ WKUHZ D VXOSKXUHRXV OXVWUH RYHU DOO +LV ORQJ LPSURYLVHG
GLUJHVZLOOULQJIRUHYHULQP\HDUV$PRQJRWKHUWKLQJV,KROGSDLQIXOO\LQPLQGDFHUWDLQVLQJXODU
SHUYHUVLRQ DQG DPSOLILFDWLRQ RI WKH ZLOG DLU RI WKH ODVW ZDOW] RI 9RQ :HEHU )URP WKH SDLQWLQJV
RYHU ZKLFK KLV HODERUDWH IDQF\ EURRGHG DQG ZKLFK JUHZ WRXFK E\ WRXFK LQWR YDJXHQHVVHV DW
ZKLFK , VKXGGHUHG WKH PRUH WKULOOLQJO\ EHFDXVH , VKXGGHUHG NQRZLQJ QRW ZK\³IURP WKHVH
SDLQWLQJVYLYLGDVWKHLULPDJHVQRZDUHEHIRUHPH,ZRXOGLQYDLQHQGHDYRUWRHGXFHPRUHWKDQD
VPDOOSRUWLRQZKLFKVKRXOGOLHZLWKLQWKHFRPSDVVRIPHUHO\ZULWWHQZRUGV%\WKHXWWHUVLPSOLFLW\
E\WKHQDNHGQHVVRIKLVGHVLJQVKHDUUHVWHGDQGRYHUDZHGDWWHQWLRQ,IHYHUPRUWDOSDLQWHGDQLGHD
WKDWPRUWDOZDV5RGHULFN8VKHU)RUPHDWOHDVW³LQWKHFLUFXPVWDQFHVWKHQVXUURXQGLQJPH³WKHUH
DURVHRXWRIWKHSXUHDEVWUDFWLRQVZKLFKWKHK\SRFKRQGULDFFRQWULYHGWRWKURZXSRQKLVFDQYDVVDQ
LQWHQVLW\RILQWROHUDEOHDZHQRVKDGRZRIZKLFKIHOW,HYHU\HWLQWKHFRQWHPSODWLRQRIWKHFHUWDLQO\
JORZLQJ\HWWRRFRQFUHWHUHYHULHVRI)XVHOL
2QH RI WKH SKDQWDVPDJRULF FRQFHSWLRQV RI P\ IULHQG SDUWDNLQJ QRW VR ULJLGO\ RI WKH VSLULW RI
DEVWUDFWLRQ PD\ EH VKDGRZHG IRUWK DOWKRXJK IHHEO\ LQ ZRUGV $ VPDOO SLFWXUH SUHVHQWHG WKH
LQWHULRURIDQLPPHQVHO\ORQJDQGUHFWDQJXODUYDXOWRUWXQQHOZLWKORZZDOOVVPRRWKZKLWHDQG
ZLWKRXW LQWHUUXSWLRQ RU GHYLFH &HUWDLQ DFFHVVRU\ SRLQWV RI WKH GHVLJQ VHUYHG ZHOO WR FRQYH\ WKH
LGHDWKDWWKLVH[FDYDWLRQOD\DWDQH[FHHGLQJGHSWKEHORZWKHVXUIDFHRIWKHHDUWK1RRXWOHWZDV
REVHUYHG LQ DQ\ SRUWLRQ RI LWV YDVW H[WHQW DQG QR WRUFK RU RWKHU DUWLILFLDO VRXUFH RI OLJKW ZDV
GLVFHUQLEOH \HW D IORRG RI LQWHQVH UD\V UROOHG WKURXJKRXW DQG EDWKHG WKH ZKROH LQ D JKDVWO\ DQG
LQDSSURSULDWHVSOHQGRU
, KDYH MXVW VSRNHQ RI WKDW PRUELG FRQGLWLRQ RI WKH DXGLWRU\ QHUYH ZKLFK UHQGHUHG DOO PXVLF
LQWROHUDEOH WR WKH VXIIHUHU ZLWK WKH H[FHSWLRQ RI FHUWDLQ HIIHFWV RI VWULQJHG LQVWUXPHQWV ,W ZDV
SHUKDSVWKHQDUURZOLPLWVWRZKLFKKHWKXVFRQILQHGKLPVHOIXSRQWKHJXLWDUZKLFKJDYHELUWKLQ
JUHDW PHDVXUH WR WKH IDQWDVWLF FKDUDFWHU RI KLV SHUIRUPDQFHV %XW WKH IHUYLG IDFLOLW\ RI KLV
LPSURPSWXVFRXOGQRWEHVRDFFRXQWHGIRU7KH\PXVWKDYHEHHQDQGZHUHLQWKHQRWHVDVZHOODV
LQWKHZRUGVRIKLVZLOGIDQWDVLDVIRUKHQRWXQIUHTXHQWO\DFFRPSDQLHGKLPVHOIZLWKUK\PHGYHUEDO
LPSURYLVDWLRQVWKHUHVXOWRIWKDWLQWHQVHPHQWDOFROOHFWHGQHVVDQGFRQFHQWUDWLRQWRZKLFK,KDYH
SUHYLRXVO\ DOOXGHG DV REVHUYDEOH RQO\ LQ SDUWLFXODU PRPHQWV RI WKH KLJKHVW DUWLILFLDO H[FLWHPHQW
7KHZRUGVRIRQHRIWKHVHUKDSVRGLHV,KDYHHDVLO\UHPHPEHUHG,ZDVSHUKDSVWKHPRUHIRUFLEO\
LPSUHVVHGZLWKLWDVKHJDYHLWEHFDXVHLQWKHXQGHURUP\VWLFFXUUHQWRILWVPHDQLQJ,IDQFLHG
WKDW,SHUFHLYHGDQGIRUWKHILUVWWLPHDIXOOFRQVFLRXVQHVVRQWKHSDUWRI8VKHURIWKHWRWWHULQJRI
KLVORIW\UHDVRQXSRQKHUWKURQH7KHYHUVHVZKLFKZHUHHQWLWOHG7KH+DXQWHG3DODFHUDQYHU\
QHDUO\LIQRWDFFXUDWHO\WKXV
,
,QWKHJUHHQHVWRIRXUYDOOH\V
%\JRRGDQJHOVWHQDQWHG
2QFHDIDLUDQGVWDWHO\SDODFH­
5DGLDQWSDODFH­UHDUHGLWVKHDG
,QWKHPRQDUFK7KRXJKW
VGRPLQLRQ­
,WVWRRGWKHUH
1HYHUVHUDSKVSUHDGDSLQLRQ
2YHUIDEULFKDOIVRIDLU
,,
%DQQHUV\HOORZJORULRXVJROGHQ
2QLWVURRIGLGIORDWDQGIORZ
7KLV­DOOWKLV­ZDVLQWKHROGHQ
7LPHORQJDJR
$QGHYHU\JHQWOHDLUWKDWGDOOLHG
,QWKDWVZHHWGD\
$ORQJWKHUDPSDUWVSOXPHGDQGSDOOLG
$ZLQJHGRGRUZHQWDZD\
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
,,,
:DQGHUHUVLQWKDWKDSS\YDOOH\
7KURXJKWZROXPLQRXVZLQGRZVVDZ
6SLULWVPRYLQJPXVLFDOO\
7RDOXWH
VZHOOWXQpGODZ
5RXQGDERXWDWKURQHZKHUHVLWWLQJ
3RUSK\URJHQH
,QVWDWHKLVJORU\ZHOOEHILWWLQJ
7KHUXOHURIWKHUHDOPZDVVHHQ
,9
$QGDOOZLWKSHDUODQGUXE\JORZLQJ
:DVWKHIDLUSDODFHGRRU
7KURXJKZKLFKFDPHIORZLQJIORZLQJIORZLQJ
$QGVSDUNOLQJHYHUPRUH
$WURRSRI(FKRHVZKRVHVZHHWGXW\
:DVEXWWRVLQJ
,QYRLFHVRIVXUSDVVLQJEHDXW\
7KHZLWDQGZLVGRPRIWKHLUNLQJ
9
%XWHYLOWKLQJVLQUREHVRIVRUURZ
$VVDLOHGWKHPRQDUFK
VKLJKHVWDWH
$KOHWXVPRXUQIRUQHYHUPRUURZ
6KDOOGDZQXSRQKLPGHVRODWH
$QGURXQGDERXWKLVKRPHWKHJORU\
7KDWEOXVKHGDQGEORRPHG
,VEXWDGLPUHPHPEHUHGVWRU\
2IWKHROGWLPHHQWRPEHG
9,
$QGWUDYHOOHUVQRZZLWKLQWKDWYDOOH\
7KURXJKWKHUHGOLWWHQZLQGRZVVHH
9DVWIRUPVWKDWPRYHIDQWDVWLFDOO\
7RDGLVFRUGDQWPHORG\
:KLOHOLNHDUDSLGJKDVWO\ULYHU
7KURXJKWKHSDOHGRRU
$KLGHRXVWKURQJUXVKRXWIRUHYHU
$QGODXJK­EXWVPLOHQRPRUH
,ZHOOUHPHPEHUWKDWVXJJHVWLRQVDULVLQJIURPWKLVEDOODGOHGXVLQWRDWUDLQRIWKRXJKWZKHUHLQ
WKHUH EHFDPH PDQLIHVW DQ RSLQLRQ RI 8VKHU
V ZKLFK , PHQWLRQ QRW VR PXFK RQ DFFRXQW RI LWV
QRYHOW\ IRU RWKHU PHQ KDYH WKRXJKW WKXV DV RQ DFFRXQW RI WKH SHUWLQDFLW\ ZLWK ZKLFK KH
PDLQWDLQHGLW 7KLV RSLQLRQ LQ LWV JHQHUDO IRUP ZDV WKDW RI WKH VHQWLHQFH RI DOO YHJHWDEOH WKLQJV
%XWLQKLVGLVRUGHUHGIDQF\WKHLGHDKDGDVVXPHGDPRUHGDULQJFKDUDFWHUDQGWUHVSDVVHGXQGHU
FHUWDLQFRQGLWLRQVXSRQWKHNLQJGRPRILQRUJDQL]DWLRQ,ODFNZRUGVWRH[SUHVVWKHIXOOH[WHQWRU
WKHHDUQHVWDEDQGRQRIKLVSHUVXDVLRQ7KHEHOLHIKRZHYHUZDVFRQQHFWHGDV,KDYHSUHYLRXVO\
KLQWHG ZLWK WKH JUD\ VWRQHV RI WKH KRPH RI KLV IRUHIDWKHUV 7KH FRQGLWLRQV RI WKH VHQWLHQFH KDG
EHHQKHUHKHLPDJLQHGIXOILOOHGLQWKHPHWKRGRIFROORFDWLRQRIWKHVHVWRQHV³LQWKHRUGHURIWKHLU
DUUDQJHPHQWDVZHOODVLQWKDWRIWKHPDQ\IXQJLZKLFKRYHUVSUHDGWKHPDQGRIWKHGHFD\HGWUHHV
ZKLFKVWRRGDURXQG³DERYHDOOLQWKHORQJXQGLVWXUEHGHQGXUDQFHRIWKLVDUUDQJHPHQWDQGLQLWV
UHGXSOLFDWLRQLQWKHVWLOOZDWHUVRIWKHWDUQ,WVHYLGHQFH³WKHHYLGHQFHRIWKHVHQWLHQFH³ZDVWREH
VHHQ KH VDLG DQG , KHUH VWDUWHG DV KH VSRNH LQ WKH JUDGXDO \HW FHUWDLQ FRQGHQVDWLRQ RI DQ
DWPRVSKHUHRIWKHLURZQDERXWWKHZDWHUVDQGWKHZDOOV7KHUHVXOWZDVGLVFRYHUDEOHKHDGGHGLQ
WKDWVLOHQW\HWLPSRUWXQDWHDQGWHUULEOHLQIOXHQFHZKLFKIRUFHQWXULHVKDGPRXOGHGWKHGHVWLQLHVRI
KLV IDPLO\ DQG ZKLFK PDGH KLP ZKDW , QRZ VDZ KLP³ZKDW KH ZDV 6XFK RSLQLRQV QHHG QR
FRPPHQWDQG,ZLOOPDNHQRQH
:DWVRQ 'U 3HUFLYDO 6SDOODQ]DQL DQG HVSHFLDOO\ WKH %LVKRS RI /DQGDII³6HH &KHPLFDO
(VVD\VYROY
2XUERRNV³WKHERRNVZKLFKIRU\HDUVKDGIRUPHGQRVPDOOSRUWLRQRIWKHPHQWDOH[LVWHQFHRI
WKH LQYDOLG³ZHUH DV PLJKW EH VXSSRVHG LQ VWULFW NHHSLQJ ZLWK WKLV FKDUDFWHU RI SKDQWDVP :H
SRUHG WRJHWKHU RYHU VXFK ZRUNV DV WKH 9HUYHUW HW &KDUWUHXVH RI *UHVVHW WKH %HOSKHJRU RI
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
0DFKLDYHOOLWKH+HDYHQDQG+HOORI6ZHGHQERUJWKH6XEWHUUDQHDQ9R\DJHRI1LFKRODV .OLPP
E\ +ROEHUJ WKH &KLURPDQF\ RI 5REHUW )OXG RI -HDQ '
,QGDJLQp DQG RI 'H OD &KDPEUH WKH
-RXUQH\ LQWR WKH %OXH 'LVWDQFH RI 7LHFN DQG WKH &LW\ RI WKH 6XQ RI &DPSDQHOOD 2QH IDYRULWH
YROXPHZDVDVPDOORFWDYRHGLWLRQRIWKH'LUHFWRULXP,QTXLVLWRULXPE\WKH'RPLQLFDQ(\PHULFGH
*LURQQHDQGWKHUHZHUHSDVVDJHVLQ3RPSRQLXV0HODDERXWWKHROG$IULFDQ6DW\UVDQG2(JLSDQV
RYHU ZKLFK 8VKHU ZRXOG VLW GUHDPLQJ IRU KRXUV +LV FKLHI GHOLJKW KRZHYHU ZDV IRXQG LQ WKH
SHUXVDO RI DQ H[FHHGLQJO\ UDUH DQG FXULRXV ERRN LQ TXDUWR *RWKLF³WKH PDQXDO RI D IRUJRWWHQ
FKXUFK³WKH9LJLOLDH0RUWXRUXPVHFXQGXP&KRUXP(FFOHVLDH0DJXQWLQDH
,FRXOGQRWKHOSWKLQNLQJRIWKHZLOGULWXDORIWKLVZRUNDQGRILWVSUREDEOHLQIOXHQFHXSRQWKH
K\SRFKRQGULDFZKHQRQHHYHQLQJKDYLQJLQIRUPHGPHDEUXSWO\WKDWWKHODG\0DGHOLQHZDVQR
PRUH KH VWDWHG KLV LQWHQWLRQ RI SUHVHUYLQJ KHU FRUSVH IRU D IRUWQLJKW SUHYLRXVO\ WR LWV ILQDO
LQWHUPHQW LQ RQH RI WKH QXPHURXV YDXOWV ZLWKLQ WKH PDLQ ZDOOV RI WKH EXLOGLQJ 7KH ZRUOGO\
UHDVRQKRZHYHUDVVLJQHGIRUWKLVVLQJXODUSURFHHGLQJZDVRQHZKLFK,GLGQRWIHHODWOLEHUW\WR
GLVSXWH7KHEURWKHUKDGEHHQOHGWRKLVUHVROXWLRQVRKHWROGPHE\FRQVLGHUDWLRQRIWKHXQXVXDO
FKDUDFWHURIWKHPDODG\RIWKHGHFHDVHGRIFHUWDLQREWUXVLYHDQGHDJHULQTXLULHVRQWKHSDUWRIKHU
PHGLFDOPHQDQGRIWKHUHPRWHDQGH[SRVHGVLWXDWLRQRIWKHEXULDOJURXQGRIWKHIDPLO\,ZLOOQRW
GHQ\ WKDW ZKHQ , FDOOHG WR PLQG WKH VLQLVWHU FRXQWHQDQFH RI WKH SHUVRQ ZKRP , PHW XSRQ WKH
VWDLUFDVHRQWKHGD\RIP\DUULYDODWWKHKRXVH,KDGQRGHVLUHWRRSSRVHZKDW,UHJDUGHGDVDWEHVW
EXWDKDUPOHVVDQGE\QRPHDQVDQXQQDWXUDOSUHFDXWLRQ
$W WKH UHTXHVW RI 8VKHU , SHUVRQDOO\ DLGHG KLP LQ WKH DUUDQJHPHQWV IRU WKH WHPSRUDU\
HQWRPEPHQW7KHERG\KDYLQJEHHQHQFRIILQHGZHWZRDORQHERUHLWWRLWVUHVW7KHYDXOWLQZKLFK
ZH SODFHG LW DQG ZKLFK KDG EHHQ VR ORQJ XQRSHQHG WKDW RXU WRUFKHV KDOI VPRWKHUHG LQ LWV
RSSUHVVLYHDWPRVSKHUHJDYHXVOLWWOHRSSRUWXQLW\IRULQYHVWLJDWLRQZDVVPDOOGDPSDQG HQWLUHO\
ZLWKRXWPHDQVRIDGPLVVLRQIRUOLJKWO\LQJDWJUHDWGHSWKLPPHGLDWHO\EHQHDWKWKDWSRUWLRQRIWKH
EXLOGLQJLQZKLFKZDVP\RZQVOHHSLQJDSDUWPHQW,WKDGEHHQXVHGDSSDUHQWO\LQUHPRWHIHXGDO
WLPHVIRUWKHZRUVWSXUSRVHVRIDGRQMRQNHHSDQGLQODWHUGD\VDVDSODFHRIGHSRVLWIRUSRZGHU
RUVRPHRWKHUKLJKO\FRPEXVWLEOHVXEVWDQFHDVDSRUWLRQRILWVIORRUDQGWKHZKROHLQWHULRURID
ORQJ DUFKZD\ WKURXJK ZKLFK ZH UHDFKHG LW ZHUH FDUHIXOO\ VKHDWKHG ZLWK FRSSHU 7KH GRRU RI
PDVVLYH LURQ KDG EHHQ DOVR VLPLODUO\ SURWHFWHG ,WV LPPHQVH ZHLJKW FDXVHG DQ XQXVXDOO\ VKDUS
JUDWLQJVRXQGDVLWPRYHGXSRQLWVKLQJHV
+DYLQJ GHSRVLWHG RXU PRXUQIXO EXUGHQ XSRQ WUHVVHOV ZLWKLQ WKLV UHJLRQ RI KRUURU ZH SDUWLDOO\
WXUQHGDVLGHWKH\HWXQVFUHZHGOLGRIWKHFRIILQDQGORRNHGXSRQWKHIDFHRIWKHWHQDQW$VWULNLQJ
VLPLOLWXGH EHWZHHQ WKH EURWKHU DQG VLVWHU QRZ ILUVW DUUHVWHG P\ DWWHQWLRQ DQG 8VKHU GLYLQLQJ
SHUKDSVP\WKRXJKWVPXUPXUHGRXWVRPHIHZZRUGVIURPZKLFK,OHDUQHGWKDWWKHGHFHDVHGDQG
KLPVHOI KDG EHHQ WZLQV DQG WKDW V\PSDWKLHV RI D VFDUFHO\ LQWHOOLJLEOH QDWXUH KDG DOZD\V H[LVWHG
EHWZHHQWKHP2XUJODQFHVKRZHYHUUHVWHGQRWORQJXSRQWKHGHDG³IRUZHFRXOGQRWUHJDUGKHU
XQDZHG7KHGLVHDVHZKLFKKDGWKXVHQWRPEHGWKHODG\LQWKHPDWXULW\RI\RXWKKDGOHIWDVXVXDO
LQDOOPDODGLHVRIDVWULFWO\FDWDOHSWLFDOFKDUDFWHUWKHPRFNHU\RIDIDLQWEOXVKXSRQWKHERVRPDQG
WKH IDFH DQG WKDW VXVSLFLRXVO\ OLQJHULQJ VPLOH XSRQ WKH OLS ZKLFK LV VR WHUULEOH LQ GHDWK :H
UHSODFHGDQGVFUHZHGGRZQWKHOLGDQGKDYLQJVHFXUHGWKHGRRURILURQPDGHRXUZD\ZLWKWRLO
LQWRWKHVFDUFHO\OHVVJORRP\DSDUWPHQWVRIWKHXSSHUSRUWLRQRIWKHKRXVH
$QGQRZVRPHGD\VRIELWWHUJULHIKDYLQJHODSVHGDQREVHUYDEOHFKDQJHFDPHRYHUWKHIHDWXUHV
RIWKHPHQWDOGLVRUGHURIP\IULHQG+LVRUGLQDU\PDQQHUKDGYDQLVKHG+LVRUGLQDU\RFFXSDWLRQV
ZHUH QHJOHFWHG RU IRUJRWWHQ +H URDPHG IURP FKDPEHU WR FKDPEHU ZLWK KXUULHG XQHTXDO DQG
REMHFWOHVVVWHS7KHSDOORURIKLVFRXQWHQDQFHKDGDVVXPHGLISRVVLEOHDPRUHJKDVWO\ KXH³EXW
WKHOXPLQRXVQHVVRIKLVH\HKDGXWWHUO\JRQHRXW7KHRQFHRFFDVLRQDOKXVNLQHVVRIKLVWRQHZDV
KHDUG QR PRUH DQG D WUHPXORXV TXDYHU DV LI RI H[WUHPH WHUURU KDELWXDOO\ FKDUDFWHUL]HG KLV
XWWHUDQFH7KHUH ZHUH WLPHV LQGHHG ZKHQ ,WKRXJKW KLV XQFHDVLQJO\DJLWDWHG PLQG ZDV ODERULQJ
ZLWK VRPH RSSUHVVLYH VHFUHW WR GLYXOJH ZKLFK KH VWUXJJOHG IRU WKH QHFHVVDU\ FRXUDJH $W WLPHV
DJDLQ,ZDVREOLJHGWRUHVROYHDOOLQWRWKHPHUHLQH[SOLFDEOHYDJDULHVRIPDGQHVVIRU,EHKHOGKLP
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
JD]LQJXSRQYDFDQF\IRUORQJKRXUVLQDQDWWLWXGHRIWKHSURIRXQGHVWDWWHQWLRQ DV LI OLVWHQLQJ WR
VRPH LPDJLQDU\ VRXQG ,W ZDV QR ZRQGHU WKDW KLV FRQGLWLRQ WHUULILHG³WKDW LW LQIHFWHG PH , IHOW
FUHHSLQJ XSRQ PH E\ VORZ \HW FHUWDLQ GHJUHHV WKH ZLOG LQIOXHQFHV RI KLV RZQ IDQWDVWLF \HW
LPSUHVVLYHVXSHUVWLWLRQV
,W ZDV HVSHFLDOO\ XSRQ UHWLULQJ WR EHG ODWH LQ WKH QLJKW RI WKH VHYHQWK RU HLJKWK GD\ DIWHU WKH
SODFLQJRIWKHODG\0DGHOLQHZLWKLQWKHGRQMRQWKDW,H[SHULHQFHGWKHIXOOSRZHURIVXFKIHHOLQJV
6OHHSFDPHQRWQHDUP\FRXFK³ZKLOHWKHKRXUVZDQHGDQGZDQHGDZD\,VWUXJJOHGWRUHDVRQRII
WKHQHUYRXVQHVVZKLFKKDGGRPLQLRQRYHUPH,HQGHDYRUHGWREHOLHYHWKDWPXFKLIQRWDOORIZKDW
,IHOWZDVGXHWRWKHEHZLOGHULQJLQIOXHQFHRIWKHJORRP\IXUQLWXUHRIWKHURRP³RIWKHGDUNDQG
WDWWHUHGGUDSHULHVZKLFKWRUWXUHGLQWRPRWLRQE\WKHEUHDWKRIDULVLQJWHPSHVWVZD\HGILWIXOO\WR
DQGIURXSRQWKHZDOOVDQGUXVWOHGXQHDVLO\DERXWWKHGHFRUDWLRQVRIWKHEHG%XWP\HIIRUWVZHUH
IUXLWOHVV$QLUUHSUHVVLEOHWUHPRUJUDGXDOO\SHUYDGHGP\IUDPHDQGDWOHQJWKWKHUHVDWXSRQP\
YHU\ KHDUW DQ LQFXEXV RI XWWHUO\ FDXVHOHVV DODUP 6KDNLQJ WKLV RII ZLWK D JDVS DQG D VWUXJJOH ,
XSOLIWHGP\VHOIXSRQWKHSLOORZVDQGSHHULQJHDUQHVWO\ZLWKLQWKHLQWHQVHGDUNQHVVRIWKHFKDPEHU
KDUNHQHG³, NQRZ QRW ZK\ H[FHSW WKDW DQ LQVWLQFWLYH VSLULW SURPSWHG PH³WR FHUWDLQ ORZ DQG
LQGHILQLWH VRXQGV ZKLFK FDPH WKURXJK WKH SDXVHV RI WKH VWRUP DW ORQJ LQWHUYDOV , NQHZ QRW
ZKHQFH2YHUSRZHUHGE\DQLQWHQVHVHQWLPHQWRIKRUURUXQDFFRXQWDEOH\HWXQHQGXUDEOH,WKUHZ
RQP\FORWKHVZLWKKDVWHIRU,IHOWWKDW,VKRXOGVOHHSQRPRUHGXULQJWKHQLJKWDQGHQGHDYRUHGWR
DURXVH P\VHOI IURP WKH SLWLDEOH FRQGLWLRQ LQWR ZKLFK , KDG IDOOHQ E\ SDFLQJ UDSLGO\ WR DQG IUR
WKURXJKWKHDSDUWPHQW
,KDGWDNHQEXWIHZWXUQVLQWKLVPDQQHUZKHQDOLJKWVWHSRQDQDGMRLQLQJVWDLUFDVHDUUHVWHGP\
DWWHQWLRQ,SUHVHQWO\UHFRJQLVHGLWDVWKDWRI8VKHU,QDQLQVWDQWDIWHUZDUGKHUDSSHGZLWKDJHQWOH
WRXFKDWP\GRRUDQGHQWHUHGEHDULQJDODPS+LVFRXQWHQDQFHZDVDVXVXDOFDGDYHURXVO\ZDQ
³EXWPRUHRYHUWKHUHZDVDVSHFLHVRIPDGKLODULW\LQKLVH\HV³DQHYLGHQWO\UHVWUDLQHGK\VWHULD
LQKLVZKROHGHPHDQRU+LVDLUDSSDOOHGPH³EXWDQ\WKLQJZDVSUHIHUDEOHWRWKHVROLWXGHZKLFK,
KDGVRORQJHQGXUHGDQG,HYHQZHOFRPHGKLVSUHVHQFHDVDUHOLHI
$QG\RXKDYHQRWVHHQLW"KHVDLGDEUXSWO\DIWHUKDYLQJVWDUHGDERXWKLPIRUVRPHPRPHQWV
LQVLOHQFH³\RXKDYHQRWWKHQVHHQLW"³EXWVWD\\RXVKDOO7KXVVSHDNLQJDQGKDYLQJFDUHIXOO\
VKDGHGKLVODPSKHKXUULHGWRRQHRIWKHFDVHPHQWVDQGWKUHZLWIUHHO\RSHQWRWKHVWRUP
7KH LPSHWXRXV IXU\ RI WKH HQWHULQJ JXVW QHDUO\ OLIWHG XV IURP RXU IHHW ,W ZDV LQGHHG D
WHPSHVWXRXV \HW VWHUQO\ EHDXWLIXO QLJKW DQG RQH ZLOGO\ VLQJXODU LQ LWV WHUURU DQG LWV EHDXW\ $
ZKLUOZLQG KDG DSSDUHQWO\ FROOHFWHG LWV IRUFH LQ RXU YLFLQLW\ IRU WKHUH ZHUH IUHTXHQW DQG YLROHQW
DOWHUDWLRQVLQWKHGLUHFWLRQRIWKHZLQGDQGWKHH[FHHGLQJGHQVLW\RIWKHFORXGVZKLFKKXQJVRORZ
DVWRSUHVVXSRQWKHWXUUHWVRIWKHKRXVHGLGQRWSUHYHQWRXUSHUFHLYLQJWKHOLIHOLNHYHORFLW\ZLWK
ZKLFK WKH\ IOHZ FDUHHULQJ IURP DOO SRLQWV DJDLQVW HDFK RWKHU ZLWKRXW SDVVLQJ DZD\ LQWR WKH
GLVWDQFH,VD\WKDWHYHQWKHLUH[FHHGLQJGHQVLW\GLGQRWSUHYHQWRXUSHUFHLYLQJWKLV³\HWZHKDGQR
JOLPSVH RI WKH PRRQ RU VWDUV³QRU ZDV WKHUH DQ\ IODVKLQJ IRUWK RI WKH OLJKWQLQJ %XW WKH XQGHU
VXUIDFHVRIWKHKXJHPDVVHVRIDJLWDWHGYDSRUDVZHOODVDOOWHUUHVWULDOREMHFWVLPPHGLDWHO\DURXQG
XV ZHUH JORZLQJ LQ WKH XQQDWXUDO OLJKW RI D IDLQWO\ OXPLQRXV DQG GLVWLQFWO\ YLVLEOH JDVHRXV
H[KDODWLRQZKLFKKXQJDERXWDQGHQVKURXGHGWKHPDQVLRQ
<RXPXVWQRW³\RXVKDOOQRWEHKROGWKLVVDLG,VKXGGHULQJO\WR8VKHUDV,OHGKLPZLWKD
JHQWOHYLROHQFHIURPWKHZLQGRZWRDVHDW7KHVHDSSHDUDQFHVZKLFKEHZLOGHU\RXDUHPHUHO\
HOHFWULFDOSKHQRPHQDQRWXQFRPPRQ³RULWPD\EHWKDWWKH\KDYHWKHLUJKDVWO\RULJLQLQWKHUDQN
PLDVPDRIWKHWDUQ/HWXVFORVHWKLVFDVHPHQW³WKHDLULVFKLOOLQJ DQGGDQJHURXVWR \RXUIUDPH
+HUHLVRQHRI\RXUIDYRULWHURPDQFHV,ZLOOUHDGDQG\RXVKDOOOLVWHQ³DQGVRZHZLOOSDVVDZD\
WKLVWHUULEOHQLJKWWRJHWKHU
7KHDQWLTXHYROXPHZKLFK,KDGWDNHQXSZDVWKH0DG7ULVWRI6LU/DXQFHORW&DQQLQJEXW,
KDGFDOOHGLWDIDYRULWHRI8VKHU
VPRUHLQVDGMHVWWKDQLQHDUQHVWIRULQWUXWKWKHUHLVOLWWOHLQLWV
XQFRXWK DQG XQLPDJLQDWLYH SUROL[LW\ ZKLFK FRXOG KDYH KDG LQWHUHVW IRU WKH ORIW\ DQG VSLULWXDO
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
LGHDOLW\RIP\IULHQG,WZDVKRZHYHUWKHRQO\ERRNLPPHGLDWHO\DWKDQGDQG,LQGXOJHGDYDJXH
KRSHWKDWWKHH[FLWHPHQWZKLFKQRZDJLWDWHGWKHK\SRFKRQGULDFPLJKWILQGUHOLHIIRUWKHKLVWRU\RI
PHQWDO GLVRUGHU LV IXOO RI VLPLODU DQRPDOLHV HYHQ LQ WKH H[WUHPHQHVV RI WKH IROO\ ZKLFK , VKRXOG
UHDG&RXOG,KDYHMXGJHGLQGHHGE\WKHZLOGRYHUVWUDLQHGDLURIYLYDFLW\ZLWKZKLFKKHKDUNHQHG
RUDSSDUHQWO\KDUNHQHGWRWKHZRUGVRIWKHWDOH,PLJKWZHOOKDYHFRQJUDWXODWHGP\VHOIXSRQWKH
VXFFHVVRIP\GHVLJQ
,KDGDUULYHGDWWKDWZHOONQRZQSRUWLRQRIWKHVWRU\ZKHUH(WKHOUHGWKHKHURRIWKH7ULVWKDYLQJ
VRXJKWLQYDLQIRUSHDFHDEOHDGPLVVLRQLQWRWKHGZHOOLQJRIWKHKHUPLWSURFHHGVWRPDNHJRRGDQ
HQWUDQFHE\IRUFH+HUHLWZLOOEHUHPHPEHUHGWKHZRUGVRIWKHQDUUDWLYHUXQWKXV
$QG (WKHOUHG ZKR ZDV E\ QDWXUH RI D GRXJKW\ KHDUW DQG ZKR ZDV QRZ PLJKW\ ZLWKDO RQ
DFFRXQWRIWKHSRZHUIXOQHVVRIWKHZLQHZKLFKKHKDGGUXQNHQZDLWHGQRORQJHUWRKROGSDUOH\
ZLWKWKHKHUPLWZKRLQVRRWKZDVRIDQREVWLQDWHDQGPDOLFHIXOWXUQEXWIHHOLQJWKHUDLQXSRQKLV
VKRXOGHUVDQGIHDULQJWKHULVLQJRIWKHWHPSHVWXSOLIWHGKLVPDFHRXWULJKWDQGZLWKEORZVPDGH
TXLFNO\ URRP LQ WKH SODQNLQJV RI WKH GRRU IRU KLV JDXQWOHWHG KDQG DQG QRZ SXOOLQJ WKHUHZLWK
VWXUGLO\ KH VR FUDFNHG DQG ULSSHG DQG WRUH DOO DVXQGHU WKDW WKH QRLVH RI WKH GU\ DQG KROORZ
VRXQGLQJZRRGDODUXPPHGDQGUHYHUEHUDWHGWKURXJKRXWWKHIRUHVW
$W WKH WHUPLQDWLRQ RI WKLV VHQWHQFH , VWDUWHG DQG IRU D PRPHQW SDXVHG IRU LW DSSHDUHG WR PH
DOWKRXJK , DW RQFH FRQFOXGHG WKDW P\ H[FLWHG IDQF\ KDG GHFHLYHG PH³LW DSSHDUHG WR PH WKDW
IURP VRPH YHU\ UHPRWH SRUWLRQ RI WKH PDQVLRQ WKHUH FDPH LQGLVWLQFWO\ WR P\ HDUV ZKDW PLJKW
KDYHEHHQLQLWVH[DFWVLPLODULW\RIFKDUDFWHUWKHHFKREXWDVWLIOHGDQGGXOORQHFHUWDLQO\RIWKH
YHU\FUDFNLQJDQGULSSLQJVRXQGZKLFK6LU/DXQFHORWKDGVRSDUWLFXODUO\GHVFULEHG,WZDVEH\RQG
GRXEWWKHFRLQFLGHQFHDORQHZKLFKKDGDUUHVWHGP\DWWHQWLRQIRUDPLGWKHUDWWOLQJRIWKHVDVKHVRI
WKHFDVHPHQWVDQGWKHRUGLQDU\FRPPLQJOHGQRLVHVRIWKHVWLOOLQFUHDVLQJVWRUPWKHVRXQGLQLWVHOI
KDGQRWKLQJVXUHO\ZKLFKVKRXOGKDYHLQWHUHVWHGRUGLVWXUEHGPH,FRQWLQXHGWKHVWRU\
%XWWKHJRRGFKDPSLRQ(WKHOUHGQRZHQWHULQJZLWKLQWKHGRRUZDVVRUHHQUDJHGDQGDPD]HG
WR SHUFHLYH QR VLJQDO RI WKH PDOLFHIXO KHUPLW EXW LQ WKH VWHDG WKHUHRI D GUDJRQ RI D VFDO\ DQG
SURGLJLRXVGHPHDQRUDQGRIDILHU\ WRQJXH ZKLFK VDWH LQ JXDUG EHIRUH D SDODFH RI JROG ZLWK D
IORRURIVLOYHUDQGXSRQWKHZDOOWKHUHKXQJDVKLHOGRIVKLQLQJEUDVVZLWKWKLVOHJHQGHQZULWWHQ³
:KRHQWHUHWKKHUHLQDFRQTXHURUKDWKELQ
:KRVOD\HWKWKHGUDJRQWKHVKLHOGKHVKDOOZLQ
$QG(WKHOUHGXSOLIWHGKLVPDFHDQGVWUXFNXSRQWKHKHDGRIWKHGUDJRQZKLFKIHOOEHIRUHKLP
DQG JDYH XS KLV SHVW\ EUHDWK ZLWK D VKULHN VR KRUULG DQG KDUVK DQG ZLWKDO VR SLHUFLQJ WKDW
(WKHOUHGKDGIDLQWRFORVHKLVHDUVZLWKKLVKDQGVDJDLQVWWKHGUHDGIXOQRLVHRILWWKHOLNHZKHUHRI
ZDVQHYHUEHIRUHKHDUG
+HUHDJDLQ,SDXVHGDEUXSWO\DQGQRZZLWKDIHHOLQJRIZLOGDPD]HPHQW³IRUWKHUHFRXOGEHQR
GRXEWZKDWHYHUWKDWLQWKLVLQVWDQFH,GLGDFWXDOO\KHDUDOWKRXJKIURPZKDWGLUHFWLRQLWSURFHHGHG
,IRXQGLWLPSRVVLEOHWRVD\DORZDQGDSSDUHQWO\GLVWDQWEXWKDUVKSURWUDFWHGDQGPRVWXQXVXDO
VFUHDPLQJRUJUDWLQJVRXQG³WKHH[DFWFRXQWHUSDUWRIZKDWP\IDQF\KDGDOUHDG\FRQMXUHGXSIRU
WKHGUDJRQ
VXQQDWXUDOVKULHNDVGHVFULEHGE\WKHURPDQFHU
2SSUHVVHG DV , FHUWDLQO\ ZDV XSRQ WKH RFFXUUHQFH RI WKLV VHFRQG DQG PRVW H[WUDRUGLQDU\
FRLQFLGHQFH E\ D WKRXVDQG FRQIOLFWLQJ VHQVDWLRQV LQ ZKLFK ZRQGHU DQG H[WUHPH WHUURU ZHUH
SUHGRPLQDQW,VWLOOUHWDLQHGVXIILFLHQWSUHVHQFHRIPLQGWRDYRLGH[FLWLQJE\DQ\REVHUYDWLRQWKH
VHQVLWLYHQHUYRXVQHVVRIP\FRPSDQLRQ,ZDVE\QRPHDQVFHUWDLQWKDWKHKDGQRWLFHGWKHVRXQGV
LQTXHVWLRQDOWKRXJKDVVXUHGO\DVWUDQJHDOWHUDWLRQKDGGXULQJWKHODVWIHZPLQXWHVWDNHQSODFHLQ
KLVGHPHDQRU)URPDSRVLWLRQIURQWLQJP\RZQKHKDGJUDGXDOO\EURXJKWURXQGKLVFKDLUVRDVWR
VLWZLWK KLV IDFH WR WKH GRRU RI WKH FKDPEHU DQG WKXV , FRXOG EXW SDUWLDOO\ SHUFHLYH KLV IHDWXUHV
DOWKRXJK , VDZ WKDW KLV OLSV WUHPEOHG DV LI KH ZHUH PXUPXULQJ LQDXGLEO\ +LV KHDG KDG GURSSHG
XSRQKLVEUHDVW³\HW,NQHZWKDWKHZDVQRWDVOHHSIURPWKHZLGHDQGULJLGRSHQLQJRIWKHH\HDV,
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
FDXJKWDJODQFHRILWLQSURILOH7KHPRWLRQRIKLVERG\WRRZDVDWYDULDQFHZLWKWKLVLGHD³IRUKH
URFNHGIURPVLGHWRVLGHZLWKDJHQWOH\HWFRQVWDQWDQGXQLIRUPVZD\+DYLQJUDSLGO\WDNHQQRWLFH
RIDOOWKLV,UHVXPHGWKHQDUUDWLYHRI6LU/DXQFHORWZKLFKWKXVSURFHHGHG
$QG QRZ WKH FKDPSLRQ KDYLQJ HVFDSHG IURP WKH WHUULEOH IXU\ RI WKH GUDJRQ EHWKLQNLQJ
KLPVHOI RI WKH EUD]HQ VKLHOG DQG RI WKH EUHDNLQJ XS RI WKH HQFKDQWPHQW ZKLFK ZDV XSRQ LW
UHPRYHG WKH FDUFDVV IURP RXW RI WKH ZD\ EHIRUH KLP DQG DSSURDFKHG YDORURXVO\ RYHU WKH VLOYHU
SDYHPHQWRIWKHFDVWOHWRZKHUHWKHVKLHOGZDVXSRQWKHZDOOZKLFKLQVRRWKWDUULHGQRWIRUKLVIXOO
FRPLQJ EXW IHHO GRZQ DW KLV IHHW XSRQ WKH VLOYHU IORRU ZLWK D PLJKW\ JUHDW DQG WHUULEOH ULQJLQJ
VRXQG
1R VRRQHU KDG WKHVH V\OODEOHV SDVVHG P\ OLSV WKDQ³DV LI D VKLHOG RI EUDVV KDG LQGHHG DW WKH
PRPHQWIDOOHQKHDYLO\XSRQDIORRURIVLOYHU³,EHFDPHDZDUHRIDGLVWLQFWKROORZPHWDOOLFDQG
FODQJRURXV\HWDSSDUHQWO\ PXIIOHG UHYHUEHUDWLRQ &RPSOHWHO\ XQQHUYHG , OHDSHG WR P\ IHHW EXW
WKHPHDVXUHGURFNLQJPRYHPHQWRI8VKHUZDVXQGLVWXUEHG,UXVKHGWRWKHFKDLULQZKLFKKHVDW
+LV H\HV ZHUH EHQW IL[HGO\ EHIRUH KLP DQG WKURXJKRXW KLV ZKROH FRXQWHQDQFH WKHUH UHLJQHG D
VWRQ\ULJLGLW\%XWDV,SODFHGP\KDQGXSRQKLVVKRXOGHUWKHUHFDPHDVWURQJVKXGGHURYHUKLV
ZKROHSHUVRQDVLFNO\VPLOHTXLYHUHGDERXWKLVOLSVDQG,VDZWKDWKHVSRNHLQDORZKXUULHGDQG
JLEEHULQJPXUPXUDVLIXQFRQVFLRXVRIP\SUHVHQFH%HQGLQJFORVHO\RYHUKLP,DWOHQJWKGUDQN
LQWKHKLGHRXVLPSRUWRIKLVZRUGV
1RW KHDU LW"³\HV , KHDU LW DQG KDYH KHDUG LW /RQJ³ORQJ³ORQJ³PDQ\ PLQXWHV PDQ\
KRXUVPDQ\GD\VKDYH,KHDUGLW³\HW,GDUHGQRW³RKSLW\PHPLVHUDEOHZUHWFKWKDW,DP³,
GDUHGQRW³,GDUHGQRWVSHDN:HKDYHSXWKHUOLYLQJLQWKHWRPE6DLG,QRWWKDWP\VHQVHVZHUH
DFXWH",QRZWHOO\RXWKDW,KHDUGKHUILUVWIHHEOHPRYHPHQWVLQWKHKROORZFRIILQ,KHDUGWKHP³
PDQ\PDQ\GD\VDJR³\HW,GDUHGQRW³,GDUHGQRWVSHDN $QG QRZ³WRQLJKW³(WKHOUHG³KD
KD³WKH EUHDNLQJ RI WKH KHUPLW
V GRRU DQG WKH GHDWKFU\ RI WKH GUDJRQ DQG WKH FODQJRU RI WKH
VKLHOG³VD\UDWKHUWKHUHQGLQJRIKHUFRIILQDQGWKHJUDWLQJRIWKHLURQKLQJHVRIKHUSULVRQDQG
KHUVWUXJJOHVZLWKLQWKHFRSSHUHGDUFKZD\RIWKHYDXOW2KZKLWKHUVKDOO,IO\":LOOVKHQRWEHKHUH
DQRQ",VVKHQRWKXUU\LQJWRXSEUDLGPHIRUP\KDVWH"+DYH,QRWKHDUGKHUIRRWVWHSRQWKHVWDLU"
'R , QRW GLVWLQJXLVK WKDW KHDY\ DQG KRUULEOH EHDWLQJ RI KHU KHDUW" 0DGPDQ³KHUH KH VSUDQJ
IXULRXVO\ WR KLV IHHW DQG VKULHNHG RXW KLV V\OODEOHV DV LI LQ WKH HIIRUW KH ZHUH JLYLQJ XS KLV VRXO
³0DGPDQ,WHOO\RXWKDWVKHQRZVWDQGVZLWKRXWWKHGRRU
$VLILQWKHVXSHUKXPDQHQHUJ\RIKLVXWWHUDQFHWKHUHKDGEHHQIRXQGWKHSRWHQF\RIDVSHOO³WKH
KXJH DQWLTXH SDQQHOV WR ZKLFK WKH VSHDNHU SRLQWHG WKUHZ VORZO\ EDFN XSRQ WKH LQVWDQW WKHLU
SRQGHURXV DQG HERQ\ MDZV ,W ZDV WKH ZRUN RI WKH UXVKLQJ JXVW³EXW WKHQ ZLWKRXW WKRVH GRRUV
WKHUHGLG VWDQG WKH ORIW\ DQG HQVKURXGHG ILJXUHRI WKH ODG\0DGHOLQH RI8VKHU7KHUH ZDVEORRG
XSRQKHUZKLWHUREHVDQGWKHHYLGHQFHRIVRPHELWWHUVWUXJJOHXSRQHYHU\SRUWLRQRIKHUHPDFLDWHG
IUDPH)RUDPRPHQWVKHUHPDLQHGWUHPEOLQJDQGUHHOLQJWRDQGIURXSRQWKHWKUHVKROG³WKHQZLWK
DORZPRDQLQJFU\IHOOKHDYLO\LQZDUGXSRQWKHSHUVRQRIKHUEURWKHUDQGLQKHUYLROHQWDQGQRZ
ILQDOGHDWKDJRQLHVERUHKLPWRWKHIORRUDFRUSVHDQGDYLFWLPWRWKHWHUURUVKHKDGDQWLFLSDWHG
)URP WKDW FKDPEHU DQG IURP WKDW PDQVLRQ , IOHG DJKDVW 7KH VWRUP ZDV VWLOO DEURDG LQ DOO LWV
ZUDWKDV,IRXQGP\VHOIFURVVLQJWKHROGFDXVHZD\6XGGHQO\WKHUHVKRWDORQJWKHSDWKDZLOGOLJKW
DQG , WXUQHG WR VHH ZKHQFH D JOHDP VR XQXVXDO FRXOG KDYH LVVXHG IRU WKH YDVW KRXVH DQG LWV
VKDGRZV ZHUH DORQH EHKLQG PH 7KH UDGLDQFH ZDV WKDW RI WKH IXOO VHWWLQJ DQG EORRGUHG PRRQ
ZKLFK QRZ VKRQH YLYLGO\ WKURXJK WKDW RQFH EDUHO\GLVFHUQLEOH ILVVXUH RI ZKLFK , KDYH EHIRUH
VSRNHQDVH[WHQGLQJIURPWKHURRIRIWKHEXLOGLQJLQD]LJ]DJGLUHFWLRQWRWKHEDVH:KLOH,JD]HG
WKLV ILVVXUH UDSLGO\ ZLGHQHG³WKHUH FDPH D ILHUFH EUHDWK RI WKH ZKLUOZLQG³WKH HQWLUH RUE RI WKH
VDWHOOLWHEXUVWDWRQFHXSRQP\VLJKW³P\EUDLQUHHOHGDV,VDZWKHPLJKW\ZDOOVUXVKLQJDVXQGHU³
WKHUHZDVDORQJWXPXOWXRXVVKRXWLQJVRXQGOLNHWKHYRLFHRIDWKRXVDQGZDWHUV³DQGWKHGHHSDQG
GDQNWDUQDWP\IHHWFORVHGVXOOHQO\DQGVLOHQWO\RYHUWKHIUDJPHQWVRIWKH+RXVHRI8VKHU
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
6,/(1&(³$)$%/(
$/&0$17KHPRXQWDLQSLQQDFOHVVOXPEHUYDOOH\VFUDJVDQG
FDYHVDUHVLOHQW
/,67(1WRPHVDLGWKH'HPRQDVKHSODFHGKLVKDQGXSRQP\KHDG7KHUHJLRQRIZKLFK,
VSHDNLVDGUHDU\UHJLRQLQ/LE\DE\WKHERUGHUVRIWKHULYHU=DLUH$QGWKHUHLVQRTXLHWWKHUHQRU
VLOHQFH
7KHZDWHUVRIWKHULYHUKDYHDVDIIURQDQGVLFNO\KXHDQGWKH\IORZQRWRQZDUGVWRWKHVHDEXW
SDOSLWDWH IRUHYHU DQG IRUHYHU EHQHDWK WKH UHG H\H RI WKH VXQ ZLWK D WXPXOWXRXV DQG FRQYXOVLYH
PRWLRQ)RU PDQ\ PLOHV RQ HLWKHU VLGH RI WKH ULYHU
V RR]\ EHG LV D SDOH GHVHUW RI JLJDQWLF ZDWHU
OLOLHV7KH\VLJKRQHXQWRWKHRWKHULQWKDWVROLWXGHDQGVWUHWFKWRZDUGVWKHKHDYHQWKHLUORQJDQG
JKDVWO\QHFNVDQGQRGWRDQGIURWKHLUHYHUODVWLQJKHDGV$QGWKHUHLVDQLQGLVWLQFWPXUPXUZKLFK
FRPHWK RXW IURP DPRQJ WKHP OLNH WKH UXVKLQJ RI VXEWHUUHQH ZDWHU $QG WKH\ VLJK RQH XQWR WKH
RWKHU
%XWWKHUHLVDERXQGDU\WRWKHLUUHDOP³WKHERXQGDU\RIWKHGDUNKRUULEOHORIW\IRUHVW7KHUH
OLNHWKHZDYHVDERXWWKH+HEULGHVWKHORZXQGHUZRRGLVDJLWDWHGFRQWLQXDOO\%XWWKHUHLVQRZLQG
WKURXJKRXWWKHKHDYHQ$QGWKHWDOOSULPHYDOWUHHVURFNHWHUQDOO\KLWKHUDQGWKLWKHUZLWKDFUDVKLQJ
DQGPLJKW\VRXQG$QGIURPWKHLUKLJKVXPPLWVRQHE\RQHGURSHYHUODVWLQJGHZV$QGDWWKH
URRWVVWUDQJHSRLVRQRXVIORZHUVOLHZULWKLQJLQSHUWXUEHGVOXPEHU$QGRYHUKHDGZLWKDUXVWOLQJ
DQGORXGQRLVHWKHJUD\FORXGVUXVKZHVWZDUGO\IRUHYHUXQWLOWKH\UROODFDWDUDFWRYHUWKHILHU\
ZDOORIWKHKRUL]RQ%XWWKHUHLVQRZLQGWKURXJKRXWWKHKHDYHQ$QGE\ WKH VKRUHV RI WKH ULYHU
=DLUHWKHUHLVQHLWKHUTXLHWQRUVLOHQFH
,WZDVQLJKWDQGWKHUDLQIHOODQGIDOOLQJLWZDVUDLQEXWKDYLQJIDOOHQLWZDVEORRG$QG,
VWRRGLQWKHPRUDVVDPRQJWKHWDOODQGWKHUDLQIHOOXSRQP\KHDG³DQGWKHOLOLHVVLJKHGRQHXQWR
WKHRWKHULQWKHVROHPQLW\RIWKHLUGHVRODWLRQ
$QGDOODWRQFHWKHPRRQDURVHWKURXJKWKHWKLQJKDVWO\PLVWDQGZDVFULPVRQLQFRORU$QG
PLQHH\HVIHOOXSRQDKXJHJUD\URFNZKLFKVWRRGE\WKHVKRUHRIWKHULYHUDQGZDVOLJKWHGE\WKH
OLJKWRIWKHPRRQ$QGWKHURFNZDVJUD\DQGJKDVWO\DQGWDOO³DQGWKHURFNZDVJUD\8SRQLWV
IURQWZHUHFKDUDFWHUVHQJUDYHQLQWKHVWRQHDQG,ZDONHGWKURXJKWKHPRUDVVRIZDWHUOLOLHVXQWLO,
FDPHFORVHXQWRWKHVKRUHWKDW,PLJKWUHDGWKHFKDUDFWHUVXSRQWKHVWRQH%XW,FRXOGQRWGHF\SKHU
WKHP$QG,ZDVJRLQJEDFNLQWRWKHPRUDVVZKHQWKHPRRQVKRQHZLWKDIXOOHUUHGDQG,WXUQHG
DQG ORRNHG DJDLQ XSRQ WKH URFN DQG XSRQ WKH FKDUDFWHUV³DQG WKH FKDUDFWHUV ZHUH
'(62/$7,21
$QG,ORRNHGXSZDUGVDQGWKHUHVWRRGDPDQXSRQWKHVXPPLWRIWKHURFNDQG,KLGP\VHOI
DPRQJ WKH ZDWHUOLOLHV WKDW , PLJKW GLVFRYHU WKH DFWLRQV RI WKH PDQ $QG WKH PDQ ZDV WDOO DQG
VWDWHO\LQIRUPDQGZDVZUDSSHGXSIURPKLVVKRXOGHUVWRKLVIHHWLQWKHWRJDRIROG5RPH$QG
WKH RXWOLQHV RI KLV ILJXUH ZHUH LQGLVWLQFW³EXW KLV IHDWXUHV ZHUH WKH IHDWXUHV RI D GHLW\ IRU WKH
PDQWOH RI WKH QLJKW DQG RI WKH PLVW DQG RI WKH PRRQ DQG RI WKH GHZ KDG OHIW XQFRYHUHG WKH
IHDWXUHVRIKLVIDFH$QGKLVEURZZDVORIW\ZLWKWKRXJKWDQGKLVH\HZLOGZLWKFDUHDQGLQWKH
IHZIXUURZVXSRQKLVFKHHN,UHDGWKHIDEOHVRIVRUURZDQGZHDULQHVVDQGGLVJXVWZLWKPDQNLQG
DQGDORQJLQJDIWHUVROLWXGH
$QGWKHPDQVDWXSRQWKHURFNDQGOHDQHGKLVKHDGXSRQKLVKDQGDQGORRNHGRXWXSRQWKH
GHVRODWLRQ+HORRNHGGRZQLQWRWKHORZXQTXLHWVKUXEEHU\DQGXSLQWRWKHWDOOSULPHYDOWUHHVDQG
XSKLJKHUDWWKHUXVWOLQJKHDYHQDQGLQWRWKHFULPVRQPRRQ$QG,OD\FORVHZLWKLQVKHOWHURIWKH
OLOLHVDQGREVHUYHGWKHDFWLRQVRIWKHPDQ$QGWKHPDQWUHPEOHGLQWKHVROLWXGH³EXWWKHQLJKW
ZDQHGDQGKHVDWXSRQWKHURFN
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
$QGWKHPDQWXUQHGKLVDWWHQWLRQIURPWKHKHDYHQDQGORRNHGRXWXSRQWKHGUHDU\ULYHU=DLUH
DQG XSRQ WKH \HOORZ JKDVWO\ ZDWHUV DQG XSRQ WKH SDOH OHJLRQV RI WKH ZDWHUOLOLHV $QG WKH PDQ
OLVWHQHGWRWKHVLJKVRIWKHZDWHUOLOLHVDQGWRWKHPXUPXUWKDWFDPHXSIURPDPRQJWKHP$QG,
OD\ FORVH ZLWKLQ P\ FRYHUW DQG REVHUYHG WKH DFWLRQV RI WKH PDQ $QG WKH PDQ WUHPEOHG LQ WKH
VROLWXGH³EXWWKHQLJKWZDQHGDQGKHVDWXSRQWKHURFN
7KHQ,ZHQWGRZQLQWRWKHUHFHVVHVRIWKHPRUDVVDQGZDGHGDIDULQDPRQJWKHZLOGHUQHVVRI
WKH OLOLHV DQG FDOOHG XQWR WKH KLSSRSRWDPL ZKLFK GZHOW DPRQJ WKH IHQV LQ WKH UHFHVVHV RI WKH
PRUDVV $QG WKH KLSSRSRWDPL KHDUG P\ FDOO DQG FDPH ZLWK WKH EHKHPRWK XQWR WKH IRRW RI WKH
URFN DQG URDUHG ORXGO\ DQG IHDUIXOO\ EHQHDWK WKH PRRQ $QG , OD\ FORVH ZLWKLQ P\ FRYHUW DQG
REVHUYHGWKHDFWLRQVRIWKHPDQ$QGWKHPDQWUHPEOHGLQWKHVROLWXGH³EXWWKHQLJKWZDQHGDQG
KHVDWXSRQWKHURFN
7KHQ , FXUVHG WKH HOHPHQWV ZLWK WKH FXUVH RI WXPXOW DQG D IULJKWIXO WHPSHVW JDWKHUHG LQ WKH
KHDYHQZKHUHEHIRUHWKHUHKDGEHHQQRZLQG$QGWKHKHDYHQEHFDPHOLYLGZLWKWKHYLROHQFHRI
WKHWHPSHVW³DQGWKHUDLQEHDWXSRQWKHKHDGRIWKHPDQ³DQGWKHIORRGVRIWKHULYHUFDPHGRZQ
³DQGWKHULYHUZDVWRUPHQWHGLQWRIRDP³DQGWKHZDWHUOLOLHVVKULHNHGZLWKLQWKHLUEHGV³DQGWKH
IRUHVW FUXPEOHG EHIRUH WKH ZLQG³DQG WKH WKXQGHU UROOHG³DQG WKH OLJKWQLQJ IHOO³DQG WKH URFN
URFNHGWRLWVIRXQGDWLRQ$QG,OD\FORVHZLWKLQP\FRYHUWDQGREVHUYHG WKH DFWLRQVRIWKHPDQ
$QGWKHPDQWUHPEOHGLQWKHVROLWXGH³EXWWKHQLJKWZDQHGDQGKHVDWXSRQWKHURFN
7KHQ,JUHZDQJU\DQGFXUVHGZLWKWKHFXUVHRIVLOHQFHWKHULYHUDQGWKHOLOLHVDQGWKHZLQG
DQGWKHIRUHVWDQGWKHKHDYHQDQGWKHWKXQGHUDQGWKHVLJKVRIWKHZDWHUOLOLHV$QGWKH\EHFDPH
DFFXUVHGDQGZHUHVWLOO$QGWKHPRRQFHDVHGWRWRWWHUXSLWVSDWKZD\WRKHDYHQ³DQGWKHWKXQGHU
GLHGDZD\³DQGWKHOLJKWQLQJGLGQRWIODVK³DQGWKHFORXGVKXQJPRWLRQOHVV³DQGWKHZDWHUVVXQN
WRWKHLUOHYHODQGUHPDLQHG³DQGWKHWUHHVFHDVHGWRURFN³DQGWKHZDWHUOLOLHVVLJKHGQRPRUH³
DQGWKHPXUPXUZDVKHDUGQRORQJHUIURPDPRQJWKHPQRUDQ\VKDGRZRIVRXQGWKURXJKRXWWKH
YDVWLOOLPLWDEOHGHVHUW$QG,ORRNHGXSRQWKHFKDUDFWHUVRIWKHURFNDQGWKH\ZHUHFKDQJHG³DQG
WKHFKDUDFWHUVZHUH6,/(1&(
$QGPLQHH\HVIHOOXSRQWKHFRXQWHQDQFHRIWKHPDQDQGKLVFRXQWHQDQFHZDVZDQZLWKWHUURU
$QGKXUULHGO\KHUDLVHGKLVKHDGIURPKLVKDQGDQGVWRRGIRUWKXSRQWKHURFNDQGOLVWHQHG%XW
WKHUH ZDV QR YRLFH WKURXJKRXW WKH YDVW LOOLPLWDEOH GHVHUW DQG WKH FKDUDFWHUV XSRQ WKH URFN ZHUH
6,/(1&($QGWKHPDQVKXGGHUHGDQGWXUQHGKLVIDFHDZD\DQGIOHGDIDURIILQKDVWHVRWKDW,
EHKHOGKLPQRPRUH
1RZWKHUHDUHILQHWDOHVLQWKHYROXPHVRIWKH0DJL³LQWKHLURQERXQGPHODQFKRO\YROXPHVRI
WKH0DJL7KHUHLQ,VD\DUHJORULRXVKLVWRULHVRIWKH+HDYHQDQGRIWKH(DUWKDQGRIWKHPLJKW\
VHD³DQGRIWKH*HQLLWKDWRYHUUXOHGWKHVHDDQGWKHHDUWKDQGWKHORIW\KHDYHQ7KHUHZDVPXFK
ORUHWRRLQWKHVD\LQJVZKLFKZHUHVDLGE\WKH6\ELOVDQGKRO\KRO\WKLQJVZHUHKHDUGRIROGE\
WKHGLPOHDYHVWKDWWUHPEOHGDURXQG'RGRQD³EXWDV$OODKOLYHWKWKDWIDEOHZKLFKWKH'HPRQWROG
PHDVKHVDWE\P\VLGHLQWKHVKDGRZRIWKHWRPE,KROGWREHWKHPRVWZRQGHUIXORIDOO$QGDV
WKH'HPRQPDGHDQHQGRIKLVVWRU\KHIHOOEDFNZLWKLQWKHFDYLW\RIWKHWRPEDQGODXJKHG$QG,
FRXOGQRWODXJKZLWKWKH'HPRQDQGKHFXUVHGPHEHFDXVH,FRXOGQRWODXJK$QGWKHO\Q[ZKLFK
GZHOOHWK IRUHYHU LQ WKH WRPE FDPH RXW WKHUHIURP DQG OD\ GRZQ DW WKH IHHW RI WKH 'HPRQ DQG
ORRNHGDWKLPVWHDGLO\LQWKHIDFH
7+(0$648(2)7+(5(''($7+
7+(5HG'HDWKKDGORQJGHYDVWDWHGWKHFRXQWU\1RSHVWLOHQFHKDGHYHUEHHQVRIDWDORUVR
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
KLGHRXV%ORRGZDVLWV$YDWDUDQGLWVVHDO³WKHUHGQHVVDQGWKHKRUURURIEORRG7KHUHZHUHVKDUS
SDLQVDQGVXGGHQGL]]LQHVVDQGWKHQSURIXVHEOHHGLQJDWWKHSRUHVZLWKGLVVROXWLRQ7KHVFDUOHW
VWDLQVXSRQWKHERG\DQGHVSHFLDOO\XSRQWKHIDFHRIWKHYLFWLPZHUHWKHSHVWEDQZKLFKVKXWKLP
RXWIURPWKHDLGDQGIURPWKHV\PSDWK\RIKLVIHOORZPHQ$QGWKHZKROHVHL]XUHSURJUHVVDQG
WHUPLQDWLRQRIWKHGLVHDVHZHUHWKHLQFLGHQWVRIKDOIDQKRXU
%XWWKH3ULQFH3URVSHURZDVKDSS\DQGGDXQWOHVVDQGVDJDFLRXV:KHQKLVGRPLQLRQVZHUHKDOI
GHSRSXODWHGKHVXPPRQHGWRKLVSUHVHQFHDWKRXVDQGKDOHDQGOLJKWKHDUWHGIULHQGVIURPDPRQJ
WKH NQLJKWV DQG GDPHV RI KLV FRXUW DQG ZLWK WKHVH UHWLUHG WR WKH GHHS VHFOXVLRQ RI RQH RI KLV
FDVWHOODWHG DEEH\V 7KLV ZDV DQ H[WHQVLYH DQG PDJQLILFHQW VWUXFWXUH WKH FUHDWLRQ RI WKH SULQFH
V
RZQHFFHQWULF\HWDXJXVWWDVWH$VWURQJDQGORIW\ZDOOJLUGOHGLWLQ7KLVZDOOKDGJDWHVRILURQ
7KHFRXUWLHUVKDYLQJ HQWHUHG EURXJKW IXUQDFHV DQG PDVV\ KDPPHUV DQG ZHOGHG WKH EROWV 7KH\
UHVROYHGWROHDYHPHDQVQHLWKHURILQJUHVVRUHJUHVVWRWKHVXGGHQLPSXOVHVRIGHVSDLURURIIUHQ]\
IURP ZLWKLQ 7KH DEEH\ ZDV DPSO\ SURYLVLRQHG :LWK VXFK SUHFDXWLRQV WKH FRXUWLHUV PLJKW ELG
GHILDQFHWRFRQWDJLRQ7KHH[WHUQDOZRUOGFRXOGWDNHFDUHRILWVHOI,QWKHPHDQWLPHLWZDVIROO\WR
JULHYHRUWRWKLQN7KHSULQFHKDGSURYLGHGDOOWKHDSSOLDQFHVRISOHDVXUH7KHUHZHUHEXIIRRQV
WKHUHZHUHLPSURYLVDWRULWKHUHZHUHEDOOHWGDQFHUVWKHUHZHUHPXVLFLDQVWKHUHZDV%HDXW\WKHUH
ZDVZLQH$OOWKHVHDQGVHFXULW\ZHUHZLWKLQ:LWKRXWZDVWKH5HG'HDWK
,WZDVWRZDUGWKHFORVHRIWKHILIWKRUVL[WKPRQWKRIKLVVHFOXVLRQDQGZKLOHWKHSHVWLOHQFHUDJHG
PRVWIXULRXVO\DEURDGWKDWWKH3ULQFH3URVSHURHQWHUWDLQHGKLVWKRXVDQGIULHQGVDWDPDVNHGEDOORI
WKHPRVWXQXVXDOPDJQLILFHQFH
,W ZDV D YROXSWXRXV VFHQH WKDW PDVTXHUDGH %XW ILUVW OHW PH WHOO RI WKH URRPV LQ ZKLFK LW ZDV
KHOG7KHUHZHUHVHYHQ³DQLPSHULDOVXLWH,QPDQ\SDODFHVKRZHYHUVXFKVXLWHVIRUPDORQJDQG
VWUDLJKWYLVWDZKLOHWKHIROGLQJGRRUVVOLGHEDFNQHDUO\WRWKHZDOOVRQHLWKHUKDQGVRWKDWWKHYLHZ
RI WKH ZKROH H[WHQW LV VFDUFHO\ LPSHGHG +HUH WKH FDVH ZDV YHU\ GLIIHUHQW DV PLJKW KDYH EHHQ
H[SHFWHGIURPWKHGXNH
VORYHRIWKHEL]DUUH7KHDSDUWPHQWVZHUHVRLUUHJXODUO\GLVSRVHGWKDWWKH
YLVLRQHPEUDFHGEXWOLWWOHPRUHWKDQRQHDWDWLPH7KHUHZDVDVKDUSWXUQDWHYHU\WZHQW\RUWKLUW\
\DUGVDQGDWHDFKWXUQDQRYHOHIIHFW7RWKHULJKWDQGOHIWLQWKHPLGGOHRIHDFKZDOODWDOODQG
QDUURZ*RWKLFZLQGRZORRNHGRXWXSRQDFORVHGFRUULGRUZKLFKSXUVXHGWKHZLQGLQJVRIWKHVXLWH
7KHVHZLQGRZVZHUHRIVWDLQHGJODVVZKRVHFRORUYDULHGLQDFFRUGDQFHZLWKWKHSUHYDLOLQJKXHRI
WKHGHFRUDWLRQVRIWKHFKDPEHULQWRZKLFKLWRSHQHG7KDWDWWKHHDVWHUQH[WUHPLW\ZDVKXQJIRU
H[DPSOH LQ EOXH³DQG YLYLGO\ EOXH ZHUH LWV ZLQGRZV 7KH VHFRQG FKDPEHU ZDV SXUSOH LQ LWV
RUQDPHQWVDQGWDSHVWULHVDQGKHUHWKHSDQHVZHUHSXUSOH7KHWKLUGZDVJUHHQWKURXJKRXWDQGVR
ZHUHWKHFDVHPHQWV7KHIRXUWKZDVIXUQLVKHGDQGOLJKWHGZLWKRUDQJH³WKHILIWKZLWKZKLWH³WKH
VL[WKZLWKYLROHW7KHVHYHQWKDSDUWPHQWZDVFORVHO\VKURXGHGLQEODFNYHOYHWWDSHVWULHVWKDWKXQJ
DOORYHUWKHFHLOLQJDQGGRZQWKHZDOOVIDOOLQJLQKHDY\IROGVXSRQDFDUSHWRIWKHVDPHPDWHULDO
DQG KXH %XW LQ WKLV FKDPEHU RQO\ WKH FRORU RI WKH ZLQGRZV IDLOHG WR FRUUHVSRQG ZLWK WKH
GHFRUDWLRQV 7KH SDQHV KHUH ZHUH VFDUOHW³D GHHS EORRG FRORU 1RZ LQ QR RQH RI WKH VHYHQ
DSDUWPHQWVZDVWKHUHDQ\ODPSRUFDQGHODEUXPDPLGWKHSURIXVLRQ RIJROGHQRUQDPHQWVWKDWOD\
VFDWWHUHG WR DQG IUR RU GHSHQGHG IURP WKH URRI 7KHUH ZDV QR OLJKW RI DQ\ NLQG HPDQDWLQJ IURP
ODPS RU FDQGOH ZLWKLQ WKH VXLWH RI FKDPEHUV %XW LQ WKH FRUULGRUV WKDW IROORZHG WKH VXLWH WKHUH
VWRRG RSSRVLWH WR HDFK ZLQGRZ D KHDY\ WULSRG EHDULQJ D EUD]LHU RI ILUH WKDW SURMHFWHG LWV UD\V
WKURXJKWKHWLQWHGJODVVDQGVRJODULQJO\LOOXPLQHGWKHURRP$QGWKXVZHUHSURGXFHGDPXOWLWXGH
RIJDXG\DQGIDQWDVWLFDSSHDUDQFHV%XWLQWKHZHVWHUQRUEODFNFKDPEHUWKHHIIHFWRIWKHILUHOLJKW
WKDWVWUHDPHGXSRQWKHGDUNKDQJLQJVWKURXJKWKHEORRGWLQWHGSDQHVZDVJKDVWO\LQWKHH[WUHPH
DQGSURGXFHGVRZLOGDORRNXSRQWKHFRXQWHQDQFHVRIWKRVHZKRHQWHUHGWKDWWKHUHZHUHIHZRI
WKHFRPSDQ\EROGHQRXJKWRVHWIRRWZLWKLQLWVSUHFLQFWVDWDOO
,WZDVLQWKLVDSDUWPHQWDOVRWKDWWKHUHVWRRGDJDLQVWWKHZHVWHUQZDOODJLJDQWLFFORFNRIHERQ\
,WVSHQGXOXPVZXQJWRDQGIURZLWKDGXOOKHDY\PRQRWRQRXVFODQJDQGZKHQWKHPLQXWHKDQG
PDGHWKHFLUFXLWRIWKHIDFHDQGWKHKRXUZDVWREHVWULFNHQWKHUHFDPHIURPWKHEUD]HQOXQJVRI
WKHFORFNDVRXQGZKLFKZDVFOHDUDQGORXGDQGGHHSDQGH[FHHGLQJO\PXVLFDOEXWRIVRSHFXOLDUD
KWWSZZZJXWHQEHUJRUJILOHVKKKWP
7KH:RUNVRI(GJDU$OOHQ3RH9ROXPH
QRWHDQGHPSKDVLVWKDWDWHDFKODSVHRIDQKRXUWKHPXVLFLDQVRIWKHRUFKHVWUDZHUHFRQVWUDLQHGWR
SDXVHPRPHQWDULO\LQWKHLUSHUIRUPDQFHWRKHDUNHQWRWKHVRXQGDQGWKXVWKHZDOW]HUV SHUIRUFH
FHDVHGWKHLUHYROXWLRQVDQGWKHUHZDVDEULHIGLVFRQFHUWRIWKHZKROHJD\FRPSDQ\DQGZKLOHWKH
FKLPHVRIWKHFORFN\HWUDQJLWZDVREVHUYHGWKDWWKHJLGGLHVWJUHZSDOHDQGWKHPRUHDJHGDQG
VHGDWHSDVVHGWKHLUKDQGVRYHUWKHLUEURZVDVLILQFRQIXVHGUHYHULHRU PHGLWDWLRQ %XW ZKHQ WKH
HFKRHVKDGIXOO\FHDVHGDOLJKWODXJKWHUDWRQFHSHUYDGHGWKHDVVHPEO\WKHPXVLFLDQVORRNHGDW
HDFKRWKHUDQGVPLOHGDVLIDWWKHLURZQQHUYRXVQHVVDQGIROO\DQGPDGHZKLVSHULQJYRZVHDFKWR
WKHRWKHUWKDWWKHQH[WFKLPLQJRIWKHFORFNVKRXOGSURGXFHLQWKHPQRVLPLODUHPRWLRQDQGWKHQ
DIWHU WKH ODSVH RI VL[W\ PLQXWHV ZKLFK HPEUDFH WKUHH WKRXVDQG DQG VL[ KXQGUHG VHFRQGV RI WKH
7LPHWKDWIOLHVWKHUHFDPH\HWDQRWKHUFKLPLQJRIWKHFORFNDQGWKHQZHUHWKHVDPHGLVFRQFHUW
DQGWUHPXORXVQHVVDQGPHGLWDWLRQDVEHIRUH
%XW LQ VSLWH RI WKHVH WKLQJV LW ZDV D JD\ DQG PDJQLILFHQW UHYHO 7KH WDVWHV RI WKH GXNH ZHUH
SHFXOLDU+HKDGDILQHH\HIRUFRORUVDQGHIIHFWV+HGLVUHJDUGHGWKHGHFRUDRIPHUHIDVKLRQ+LV
SODQVZHUHEROGDQGILHU\DQGKLVFRQFHSWLRQVJORZHGZLWKEDUEDULFOXVWUH7KHUHDUHVRPHZKR
ZRXOGKDYHWKRXJKWKLPPDG+LVIROORZHUVIHOWWKDWKHZDVQRW,WZDVQHFHVVDU\WRKHDUDQGVHH
DQGWRXFKKLPWREHVXUHWKDWKHZDVQRW
+H KDG GLUHFWHG LQ JUHDW SDUW WKH PRYHDEOH HPEHOOLVKPHQWV RI WKH VHYHQ FKDPEHUV XSRQ
RFFDVLRQ RI WKLV JUHDW IHWH DQG LW ZDV KLV RZQ JXLGLQJ WDVWH ZKLFK KDG JLYHQ FKDUDFWHU WR WKH
PDVTXHUDGHUV%HVXUHWKH\ZHUHJURWHVTXH7KHUHZHUHPXFKJODUHDQGJOLWWHUDQGSLTXDQF\DQG
SKDQWDVP³PXFKRI ZKDW KDV EHHQ VLQFH VHHQ LQ +HUQDQL 7KHUH ZHUH DUDEHVTXH ILJXUHV ZLWK
XQVXLWHGOLPEVDQGDSSRLQWPHQWV7KHUHZHUHGHOLULRXVIDQFLHVVXFKDVWKHPDGPDQIDVKLRQV7KHUH
ZDVPXFKRIWKHEHDXWLIXOPXFKRIWKHZDQWRQPXFKRIWKHEL]DUUHVRPHWKLQJRIWKHWHUULEOHDQG
QRWDOLWWOHRIWKDWZKLFKPLJKWKDYHH[FLWHGGLVJXVW7RDQGIURLQWKHVHYHQFKDPEHUVWKHUHVWDONHG
LQIDFWDPXOWLWXGHRIGUHDPV$QGWKHVH³WKHGUHDPV³ZULWKHGLQDQGDERXWWDNLQJKXHIURPWKH
URRPVDQGFDXVLQJWKHZLOGPXVLFRIWKHRUFKHVWUDWRVHHPDVWKHHFKRRIWKHLUVWHSV$QGDQRQ
WKHUHVWULNHVWKHHERQ\FORFNZKLFKVWDQGVLQWKHKDOORIWKHYHOYHW$QGWKHQIRUDPRPHQWDOOLV
VWLOODQGDOOLVVLOHQWVDYHWKHYRLFHRIWKHFORFN7KHGUHDPVDUHVWLIIIUR]HQDVWKH\VWDQG%XWWKH
HFKRHV RI WKH FKLPH GLH DZD\³WKH\ KDYH HQGXUHG EXW DQ LQVWDQW³DQG D OLJKW KDOIVXEGXHG
ODXJKWHUIORDWVDIWHUWKHPDVWKH\GHSDUW$QGQRZDJDLQWKHPXVLFVZHOOVDQGWKHGUHDPVOLYHDQG
ZULWKHWRDQGIURPRUHPHUULO\WKDQHYHUWDNLQJKXHIURPWKHPDQ\WLQWHGZLQGRZVWKURXJKZKLFK
VWUHDPWKHUD\VIURPWKHWULSRGV%XWWRWKHFKDPEHUZKLFKOLHVPRVWZHVWZDUGO\RIWKHVHYHQWKHUH
DUHQRZQRQHRIWKHPDVNHUVZKRYHQWXUHIRUWKHQLJKWLVZDQLQJDZD\DQGWKHUHIORZVDUXGGLHU
OLJKWWKURXJKWKHEORRGFRORUHGSDQHVDQGWKHEODFNQHVVRIWKHVDEOHGUDSHU\DSSDOVDQGWRKLP
ZKRVHIRRWIDOOVXSRQWKHVDEOHFDUSHWWKHUHFRPHVIURPWKHQHDUFORFNRIHERQ\DPXIIOHGSHDO
PRUHVROHPQO\HPSKDWLFWKDQDQ\ZKLFKUHDFKHVWKHLUHDUVZKRLQGXOJHLQWKHPRUHUHPRWHJDLHWLHV
RIWKHRWKHUDSDUWPHQWV
%XWWKHVHRWKHUDSDUWPHQWVZHUHGHQVHO\FURZGHGDQGLQWKHPEHDWIHYHULVKO\WKHKHDUWRIOLIH
$QGWKHUHYHOZHQWZKLUOLQJO\RQXQWLODWOHQJWKWKHUHFRPPHQFHGWKHVRXQGLQJRIPLGQLJKWXSRQ
WKH FORFN $QG WKHQ WKH PXVLF FHDVHG DV , KDYH WROG DQG WKH HYROXWLRQV RI WKH ZDOW]HUV ZHUH
TXLHWHG DQG WKHUH ZDV DQ XQHDV\ FHVVDWLRQ RI DOO WKLQJV DV EHIRUH %XW QRZ WKHUH ZHUH WZHOYH
VWURNHVWREHVRXQGHGE\WKHEHOORIWKHFORFNDQGWKXVLWKDSSHQHGSHUKDSVWKDWPRUHRIWKRXJKW
FUHSW ZLWK PRUH RI WLPH LQWR WKH PHGLWDWLRQV RI WKH WKRXJKWIXO DPRQJ WKRVH ZKR UHYHOOHG $QG
WKXVWRRLWKDSSHQHGSHUKDSVWKDWEHIRUHWKHODVWHFKRHVRIWKHODVWFKLPHKDG XWWHUO\ VXQN LQWR
VLOHQFHWKHUHZHUHPDQ\LQGLYLGXDOVLQWKHFURZGZKRKDGIRXQGOHLVXUHWREHFRPHDZDUHRIWKH
SUHVHQFHRIDPDVNHGILJXUHZKLFKKDGDUUHVWHGWKHDWWHQWLRQRIQRVLQJOHLQGLYLGXDOEHIRUH$QG
WKHUXPRURIWKLVQHZSUHVHQFHKDYLQJVSUHDGLWVHOIZKLVSHULQJO\DURXQGWKHUHDURVHDWOHQJWKIURP
WKHZKROHFRPSDQ\DEX]]RUPXUPXUH[SUHVVLYHRIGLVDSSUREDWLRQDQGVXUSULVH³WKHQILQDOO\RI
WHUURURIKRUURUDQGRIGLVJXVW
,QDQDVVHPEO\RISKDQWDVPVVXFKDV,KDYHSDLQWHGLWPD\ZHOOEHVXSSRVHGWKDWQRRUGLQDU\
DSSHDUDQFH FRXOG KDYH H[FLWHG VXFK VHQVDWLRQ ,Q WUXWK WKH PDVTXHUDGH OLFHQVH RI WKH QLJKW ZDV
KWWSZZZJXWHQEHUJRUJILOHVKKKWP