$PDQGD&OD\EDXJKUHYLHZVµ:LOOLDP'HDQ+RZHOOV¶E\6XVDQ*RRGPDQDQG&DUO'DZVRQÂ/5%2FW« %DFNWR$UWLFOHSDJH $%URNHQ7HDFXS $PDQGD&OD\EDXJK :LOOLDP'HDQ+RZHOOV$:ULWHU¶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¶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µ:LOOLDP'HDQ+RZHOOV¶E\6XVDQ*RRGPDQDQG&DUO'DZVRQÂ/5%2FW« FULWLFDODFFRXQWDWFUXFLDOSRLQWV +RZHOOVZDVERUQLQ2KLRWKHQWKHZHVWHUQIURQWLHURIWKH8QLWHG6WDWHVDQGFDPHRIDJH ZRUNLQJRQWKHQHZVSDSHUVWKDWKLVIDWKHUWULHGDQGIDLOHGWRHVWDEOLVKLQDQXPEHURIVPDOO WRZQV:LWKRQO\PHDJUHIRUPDOVFKRROLQJKHUHDGZLGHO\RQKLVRZQWDXJKWKLPVHOI 6SDQLVKDQG*HUPDQDQGEHJDQZULWLQJSRHPVLQWKHVW\OHRI+HLQULFK+HLQHDIHZRI ZKLFKZHUHDFFHSWHGE\WKH$WODQWLF,QKHZDVDVNHGWRZULWHDFDPSDLJQELRJUDSK\ IRUWKHODUJHO\XQNQRZQ$EUDKDP/LQFROQ'UDZLQJRQKLVRZQER\KRRGPHPRULHVDVZHOO DVWKHIDFWVRI/LQFROQ¶VOLIH+RZHOOVPDGHWKHVWRU\RID\RXQJPDQ¶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µ,ILQGWKLV\RXQJPDQZRUWK\¶/RZHOODOVRLQYLWHG +RZHOOVWRDGLQQHUZLWKWKHHGLWRURIWKH$WODQWLF-DPHV7)LHOGVDQG2OLYHU:HQGHOO +ROPHVRQHRILWVFKLHIFRQWULEXWRUV,WZDV+ROPHVZKRUDWLILHGWKHMXGJPHQWWKDWOLWHUDU\ %RVWRQKDGDOUHDG\SDVVHGµ7KLVLVVRPHWKLQJOLNHWKHDSRVWROLFVXFFHVVLRQ¶KHVDLGµ7KLVLV WKHOD\LQJRQRIKDQGV¶ $QGVRLWSURYHG$IWHUVSHQGLQJWKH&LYLO:DU\HDUVDV86FRQVXOLQ9HQLFH+RZHOOVUHWXUQHG WR%RVWRQDQGEHJDQZRUNLQJILUVWDVDVVLVWDQWHGLWRUDQGODWHUDVHGLWRURIWKH$WODQWLFKH ZRXOGVWD\WKHUHIURPWRSXEOLVKLQJKLVILUVWQRYHOVGXULQJWKRVH\HDUV%\QRZ KRZHYHUWKH$WODQWLFKDGDOUHDG\EHJXQLWVVORZGHFOLQH,WUHWDLQHGLWVSUHVWLJHEXWZRXOG ORVHPRUHWKDQWZRWKLUGVRILWVUHDGHUVWRWKHQHZLOOXVWUDWHGPDJD]LQHV$VWKHVHFDPHWR SURPLQHQFH+RZHOOVVHFXUHGDSODFHIRUKLPVHOIRQRQHRIWKHP,Q+DUSHU¶VWKH $WODQWLF¶VFKLHIFRPSHWLWRUPDGHKLPDQH[WUDRUGLQDU\RIIHUDQDQQXDOVDODU\RI IRUZULWLQJRQHQRYHODQGRQHIDUFHHYHU\\HDUDQGDQDGGLWLRQDOIRUDPRQWKO\ FULWLFDOHVVD\$WDWLPHZKHQLWZDVVWLOOUDUHIRU86DXWKRUVWREHDEOHWRVXSSRUWWKHPVHOYHV E\WKHLUZULWLQJ+RZHOOVZDVDVVXUHGRIERWKSURVSHULW\DQGDODUJHDXGLHQFH7KHRIIHU FRQILUPHGKLPDVWKHHUD¶VSUHHPLQHQWPDQRIOHWWHUVDQGKHZRXOGVWD\DW+DUSHU¶VLQ YDULRXVFDSDFLWLHVXQWLOWKHHQGRIWKHFHQWXU\ $VHGLWRURIWKH$WODQWLF+RZHOOVKDGGRQHDJUHDWGHDOWRIXUWKHUWKHFDUHHUVRIWZR\RXQJ ZULWHUVZKREHFDPHKLVFORVHVWIULHQGV+HQU\-DPHVDQG0DUN7ZDLQ+HSXEOLVKHGPXFKRI WKHLUHDUO\ILFWLRQDQGUHYLHZHGWKHPLQRWKHUPDJD]LQHV+HRSHQHGWKH$WODQWLFWR6RXWKHUQ ZULWHUVLQWKHDIWHUPDWKRIWKH&LYLO:DUDQGDW+DUSHU¶VZKHUHKLVSRZHUZDVHYHQJUHDWHU LIOHVVGLUHFWKHSURPRWHGZRPHQZULWHUV6DUDK2UQH-HZHWW&KDUORWWH3HUNLQV*LOPDQ (GLWK:KDUWRQ$IULFDQ$PHULFDQV&KDUOHV&KHVQXWW3DXO/DXUHQFH'XQEDUDQG ZZZOUEFRXNYQDPDQGDFOD\EDXJKDEURNHQWHDFXSSULQW $PDQGD&OD\EDXJKUHYLHZVµ:LOOLDP'HDQ+RZHOOV¶E\6XVDQ*RRGPDQDQG&DUO'DZVRQÂ/5%2FW« LPPLJUDQWV$EUDKDP&DKDQ+HDOVRLQWURGXFHG86UHDGHUVWRIRUHLJQOLWHUDWXUH%ULWLVK OLWHUDWXUHZDVDOUHDG\ZLGHO\UHDGLQWKHFKHDSUHSULQWVWKDWSUROLIHUDWHGEHIRUHWKHSDVVDJHRI DQLQWHUQDWLRQDOFRS\ULJKWODZEXW+RZHOOV¶VFULWLFDOHVVD\VIRU+DUSHU¶VWDNHLQWKH,WDOLDQ WKHDWUHWKH6SDQLVKQRYHODQGWKHFRQWHPSRUDU\UHYLYDORILQWHUHVWLQ1RUZHJLDQIRONWDOHV +HZDVPRUHFRVPRSROLWDQLQKLVUHYLHZLQJWKDQHYHQ-DPHVDQG*RRGPDQDQG'DZVRQ DUHWKHILUVWELRJUDSKHUVWRGRMXVWLFHWRWKLVDVSHFWRIKLVFDUHHU +RZHOOVFKDPSLRQHGWKLVPL[RIDXWKRUVLQWKHQDPHRIDVLQJOHFDXVHOLWHUDU\UHDOLVP,WLV GLIILFXOWWRLPDJLQHDGHILQLWLRQRIUHDOLVPFDSDFLRXVHQRXJKWRHPEUDFH-DPHV7ZDLQDQG &DKDQEXW+RZHOOVDSSOLHGWKHWHUPµUHDOLVW¶WRWKHPDOO*RRGPDQDQG'DZVRQDUJXHWKDW µUHDOLVP¶ZDVVLPSO\+RZHOOV¶VQDPHIRUZULWLQJKHOLNHG%XWHYHQLIKLVFULWLFDOZULWLQJVGRQ¶W DVVRFLDWHUHDOLVPZLWKDVSHFLILFVHWRIQRYHOLVWLFSUDFWLFHVWKH\GRDVVRFLDWHLWZLWKDQ DJJUHVVLYHVWDQFHWRZDUGVH[LVWLQJPRGHOV/LNH&HUYDQWHV+RZHOOVWKRXJKWRIUHDOLVPDVWKH SHUSHWXDOXQPDVNLQJRIOLWHUDU\FRQYHQWLRQWKHFRQWLQXDOUHLQYHQWLRQRIOLWHUDU\FRGHV+H FHOHEUDWHGDVUHDOLVWDQ\WKLQJQHZZKHWKHULWZDV-DPHV¶VWUXQFDWHGHQGLQJV7ZDLQ¶VXVHRI GLDOHFWRU&DKDQ¶VXVHRIIDEOHV$QGKHZDVVLPLODUO\REOLJHGWRDWWDFNDVDQWLUHDOLVW HYHU\WKLQJROG+LVXVXDOJHQHURVLW\WRRWKHUZULWHUVIDLOHGKLPZKHQKHZDVILJKWLQJZKDWKH FDOOHGµWKHUHDOLVPZDU¶DQGKHFRQIHVVHGDIHZPRQWKVDIWHUEHJLQQLQJWRZULWHKLVHVVD\V IRU+DUSHU¶VWRKLVJUHDWHQMR\PHQWLQµEDQJLQJWKHEDEHVRI5RPDQFHDERXW¶ ,Q+RZHOOV¶VRZQQRYHOVKRZHYHUUHDOLVPZDVDVVRFLDWHGZLWKVRPHWKLQJPRUHSUHFLVHD FRPPLWPHQWWRWKHHYHU\GD\WKHRUGLQDU\UDWKHUWKDQWKHH[WUDRUGLQDU\WKHPLGGOHQRWWKH H[WUHPH/HVVLQWHUHVWHGLQULVLQJ\RXQJPHQWKDQLQPHQZKRKDYHDOUHDG\VXFFHHGHGRU IDLOHGKHLVWKHJUHDWQRYHOLVWRIPLGGOHDJH7KH5LVHRI6LODV/DSKDPWUDFHVDEXVLQHVVPDQ¶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±LQWKLVFDVHZKDWWKH\GHVFULEHGDV+RZHOOV¶VDGKHUHQFHWRWKHQDUURZHVWRI VRFLDOFRGHV1RUULVGLVPLVVHG+RZHOOV¶VQRYHOVDVFRQFHUQHGPHUHO\ZLWKµWKHGUDPDRID EURNHQWHDFXS¶DQGDJHQHUDWLRQODWHU6LQFODLU/HZLVPDGHDVLPLODUDWWDFNLQIURQWRIDQ ZZZOUEFRXNYQDPDQGDFOD\EDXJKDEURNHQWHDFXSSULQW $PDQGD&OD\EDXJKUHYLHZVµ:LOOLDP'HDQ+RZHOOV¶E\6XVDQ*RRGPDQDQG&DUO'DZVRQÂ/5%2FW« HYHQZLGHUDXGLHQFH7KHILUVW$PHULFDQDXWKRUWREHDZDUGHGD1REHO3UL]H/HZLVGHYRWHG KLVDGGUHVVWROLVWLQJWKHGLIILFXOWLHVZLWKZKLFK86OLWHUDWXUHKDGWRFRQWHQG&KLHIDPRQJ WKHPZDVWKHLQIOXHQFHRI+RZHOOVµ0U+RZHOOVZDVRQHRIWKHJHQWOHVWVZHHWHVWDQGPRVW KRQHVWRIPHQ¶/HZLVVDLGµEXWKHKDGWKHFRGHRIDSLRXVROGPDLGZKRVHJUHDWGHOLJKWZDV WRKDYHWHDDWWKHYLFDUDJH¶)RU/HZLVDVIRU'UHLVHUDQG1RUULV+RZHOOV¶VFKRLFHRIVXEMHFW PDWWHUZDVDVLJQRISROLWLFDOFRPSODFHQF\DVZHOODVIRUPDOFRQYHQWLRQDOLW\+RZHOOV¶V QRYHOVLQ/HZLV¶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¶VV\PSDWK\DQGNQRZOHGJHWUDQVODWHLQWRQRWKLQJXVHIXO+HVWUROOV WKURXJKWKHVOXPVDQGYLVLWVWKHVFHQHRIWKHVWULNHMRWWLQJGRZQLPSUHVVLRQVWKDWKHLQWHQGV WRZRUNXSLQWROLWHUDU\VNHWFKHV6SHDNLQJIRU+RZHOOVWKHQDUUDWRURIIHUVDGDPQLQJ VXPPDU\RI0DUFKDQGKLVZLIHµ,ILWKDGHYHUFRPHLQWRWKHLUZD\WRVDFULILFHWKHPVHOYHV IRURWKHUVWKH\WKRXJKWWKH\ZRXOGKDYHGRQHVREXWWKH\QHYHUDVNHGZK\LWKDGQRWFRPH WKHLUZD\¶ 0DUFKHPERGLHVWKHEDGIDLWKWRZKLFKDUWLVWVDQGLQWHOOHFWXDOVDUHDOOWRRSURQHDQG+RZHOOV VHWRXWWRH[DPLQHLWLQWKHDIWHUPDWKRIKLVRZQEUDYHEXWIXWLOHLQYROYHPHQWLQWKH +D\PDUNHW$IIDLUWKHILUVWµUHGVFDUH¶LQ86KLVWRU\,WEHJDQZLWKDQHUXSWLRQRIYLROHQFH GXULQJDQDWLRQDOVWULNHIRUDQHLJKWKRXUGD\7KHVWULNHZKLFKEHJDQRQ0D\ZDV LPPHGLDWHO\MRLQHGE\UHYROXWLRQDU\VRFLDOLVWVRIDQDQDUFKLVWEHQW,WZDVSDUWLFXODUO\ILHUFH LQ&KLFDJRZKHUHHDUOLHUVWULNHVKDGEHHQEURNHQE\WKHXVHRIDUPHGIRUFHDQGKXQGUHGV SHUKDSVWKRXVDQGVRIZRUNHUVKDGIRUPHGPLOLWLDVLQRUGHUWRFRXQWHUWKHVWDWH¶VRZQ$WWKH VDPHWLPHDQDUFKLVWQHZVSDSHUVSXEOLVKHGDUWLFOHVRQKRZWRPDQXIDFWXUHG\QDPLWHDQG VRPHDQDUFKLVWVFRQFHDOHGDIHZVWLFNVRQWKHLUSHUVRQ±WRSUHYHQWWKHSROLFHIURPFRPLQJ WRRFORVH 2QWKHWKLUGGD\RIWKHVWULNHWKHSROLFHNLOOHGDZRUNHU,QUHVSRQVHWKHDQDUFKLVWVFDOOHGD SURWHVWPHHWLQJWREHKHOGWKHQH[WQLJKWLQ+D\PDUNHW6TXDUH$WWKHHQGRIWKHPHHWLQJ VRPHRQHWKUHZDERPEDWWKHSROLFHSURPSWLQJWKHPWRILUHZLOGO\LQWRWKHFURZGDQGDWRQH ZZZOUEFRXNYQDPDQGDFOD\EDXJKDEURNHQWHDFXSSULQW $PDQGD&OD\EDXJKUHYLHZVµ:LOOLDP'HDQ+RZHOOV¶E\6XVDQ*RRGPDQDQG&DUO'DZVRQÂ/5%2FW« DQRWKHU(OHYHQSHRSOHZHUHNLOOHGDQGPRUHWKDQDKXQGUHGZHUHLQMXUHGPRVWE\SROLFH EXOOHWVUDWKHUWKDQWKHERPE,QUHVSRQVHWKHSROLFHURXQGHGXSDOONQRZQDQDUFKLVWVDQG SXWHLJKWRIWKHPRQWULDOIRUFRQVSLUDF\WRPXUGHU7KHUHZDVQRHYLGHQFHWKDWDQ\RIWKH GHIHQGDQWVKDGDQ\FRQQHFWLRQDWDOOWRWKHERPE1RQHWKHOHVVDOOZHUHIRXQGJXLOW\DQG VHYHQZHUHVHQWHQFHGWRGHDWKZLWKWKHYRFLIHURXVVXSSRUWIWKHSXEOLF 7KLVZDVWKHILUVWWLPHWKDWRUGLQDU\FLYLOOLEHUWLHVVXFKDVIUHHVSHHFKDQGIUHHDVVHPEO\ ZHUHUHWURDFWLYHO\UHYRNHGLQUHVSRQVHWRDSHUFHLYHGVRFLDOLVWWKUHDW%XWIURPWKHSHUVSHFWLYH RIRXURZQHUDLWLVFOHDUWKDWWKHSXEOLFZDVUHVSRQGLQJQRWRQO\WRWKHWKUHDWRIVRFLDOLVP EXWDOVRWRWKHSURWHVWHUV¶XVHRIG\QDPLWH3HRSOHZHUHWHUULILHGE\WKHWKRXJKWWKDWWKHUH ZHUHDQDUFKLVWVDPRQJWKHPZLWKH[SORVLYHVFRQFHDOHGXQGHUWKHLUFORWKHV +RZHOOVZDVWKHRQO\OLWHUDU\ILJXUHRIDQ\VLJQLILFDQFHWRUHVLVWWKLVK\VWHULD+HZDV KRUULILHGE\WKHWULDOµ,WKDVQRWEHHQIRURQHKRXURXWRIP\ZDNLQJWKRXJKWV¶KHZURWHLQD OHWWHUWRDIULHQGµ,WLVWKHILUVWWKLQJZKHQ,ZDNHXS,WEODFNHQVP\OLIH¶+HZDVKRUULILHG HYHQWKRXJKKHWRRZDVDIUDLGRIDQDUFK\LQGHHGKHZDVKRUULILHGHYHQWKRXJKKHZDV FRQYLQFHGWKDWWKHVHSDUWLFXODUDQDUFKLVWVKDGEHHQFRQVSLULQJWRRYHUWKURZWKH86 JRYHUQPHQW $WILUVW+RZHOOVKHVLWDWHGWRWDNHDSXEOLFVWDQG+HKDGUHFHQWO\VLJQHGKLVFRQWUDFWZLWK +DUSHU¶VZKRVHVLVWHUPDJD]LQH+DUSHU¶V:HHNO\UDQVHYHUDOHGLWRULDOVFDOOLQJIRUWKH GHIHQGDQWVWREHKDQJHG%XWRQFHWKHJXLOW\YHUGLFWVFDPHGRZQDQGWKHOHJDODSSHDOVZHUH GHQLHG+RZHOOVIHOWFRPSHOOHGWRDFW+HSXEOLVKHGDQRSHQOHWWHULQWKH1HZ<RUN7ULEXQHLQ ZKLFKKHFDWDORJXHGDOOWKHLQMXVWLFHVRIWKHWULDODQGSOHDGHGZLWKWKHJRYHUQRURI,OOLQRLVWR SDUGRQWKHGHIHQGDQWV+HZDVH[FRULDWHGIRUGRLQJVRLQQHZVSDSHUVDFURVVWKHFRXQWU\DQG ORVWDFRQVLGHUDEOHQXPEHURIUHDGHUV+HPDQDJHGWRNHHSKLVSRVLWLRQDW+DUSHU¶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¶VELRJUDSK\WKDQKLVIDPLO\KLVWRU\FKLOGKRRG\RXWKDQG\RXQJ PDQKRRGFRPELQHGDQXQXVXDOGHFLVLRQEXWDILWWLQJRQH 9RO1Rā2FWREHUª$PDQGD&OD\EDXJKª$%URNHQ7HDFXSSULQWYHUVLRQ SDJHV_ZRUGV ,661&RS\ ULJKW/5%/WG ZZZOUEFRXNYQDPDQGDFOD\EDXJKDEURNHQWHDFXSSULQW A7RS
© Copyright 2026 Paperzz