Legislator Jurisprudence & Législation
ATAS/543/2007 • CJ GE ATAS/543/2007 Généré par l'IA

Disputes Over Entity Transfers, Fiduciary Duties, and Securities Fraud

Numéro de cause ATAS/543/2007
Autorité / Tribunal
Juridiction Suisse · Canton de Genève (CH-GE)
Date de la décision
Issue du litige Partiellement admis (Partially Allowed)

Synthèse Legislator

Généré par l'IA

The case concerns multiple disputes arising from the disposition and transfer of interests in several related entities, primarily involving alleged breaches of fiduciary duties, fraudulent transfers, and claims under state and federal securities laws, where some parties sought to unwind past transactions and recover assets or damages. The court reasoned by analyzing the complex web of agreements, corporate actions, and purported transfers, applying relevant statutory and common law principles regarding piercing the corporate veil, the scope of assignment and delegation clauses in operating agreements, the validity of lien claims, and whether the conduct satisfied the elements of the claims asserted by the plaintiffs, ultimately determining the rights and liabilities of the various former partners, shareholders, and creditors regarding the contested assets and entity valuations.

Regeste Legislator

Généré par l'IA

Art. 66 al. 1 LTF, Art. 64 LTF; Disputes Over Entity Transfers, Fiduciary Duties, and Securities Fraud: The court reasoned by analyzing the complex web of agreements, corporate actions, and purported transfers, applying relevant statutory and common law principles regarding piercing the corporate veil, the scope of assignment and delegation clauses in operating agreements, the validity of lien claims, and whether the conduct satisfied the elements of the claims asserted by the plaintiffs, ultimately determining the rights and liabilities of the various former partners, shareholders, and creditors regarding the contested assets and entity valuations.

Mots-clés

Généré par l'IA
opérations portant sur des titres droits sociaux préjudice causé aux créanciers responsabilité des associés cession de créance action en indemnité

Dispositions légales citées

Généré par l'IA
Généré par l'IA

Questions juridiques clés extraites par Legislator

Généré par l'IA
Art. 66 al. 1 LTF

Cited in the dispositive to rule on the costs of the proceedings.

Art. 64 LTF

Cited in the dispositive regarding the granting of legal aid.

Vous souhaitez savoir comment cet arrêt s'applique à votre dossier ?

Analysez cette décision avec la législation fédérale, le droit cantonal, la doctrine et la jurisprudence subséquente dans Legislator AI.

Ouvrir dans Legislator →

Texte complet

            !"#$ "%%& ' $!# "%%(

'

 ' ) )')  )  

*  "

 "" * "%%( 



 !!!"#$$% &'&"(" & &( '&  )   ) *&+, "!( !!



 (&

--   . ))    !& (!" / 0% 



                  

   7$1#27  

) + '

#8 9!7'&:;.&" & &(<"#04=((!(!& .&(!>!(>""&'!(".' /"*&((&?!"!?& (!?!("&!"?(. ?&!&#005 &'& !(!(!,'! >!&>!!(#0068&!&!(&?!"%&35 ?*& $553((,.@("&!("AB8

$8   @&'C!  *!& >>("  $0  D( $553  &"?""  ! '(C! "*((274?'& (&! !!& >"&(!(! '(C!47 )#?&(C& ' ("&!&8

38 .&"  "E &"  #6 ( *&  #3  ?*& $553 A  F"(*!( C '!(!&F8   &'' &(  $2  ?*& $553  &  !(&!(  !@ (!,"  (& *  ( > &   &+ 9-8 2482<  /&   * 7?&("*&  >!*&  ("&!  &C&@ ' "& (  &@! A . @(!8    (("   &  *!& A  ''(!  '&" !( A & !(   (&(& '&?&("*& A & !(  '&"  #3 ' !(  >!*& /@! & #= >!  (C/! (&8   >!( "(( . /&   &+C& !,!>>&( ( !"&"@!  *!&( '&"!",.*'!(&(! > &( (&(!(? '?&("""(!!,( ?&*8&

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



12$341$556  731#27   &(!?A&"!&(! '& >! ! !"&",.(!?!("+&"E,.!! "(!( &+!@!*A45JA /(&A&! (& !A,(&C&'&E & ( ,.! / ?!(  !!(!   &(  '  %4J8   (!" ,.  ' ?!(+!@&.&",.+&IK((&(!?!(".!'!,(!' &( C&@!' !(! (& ' @('!A&! (& !C&'&E &8

48  $0 & $552 .&"  '&"("    '&((!   .& !?!!("((A. (& !.&(&!  ((.C&! *!&. >!*& /@!(. &C(!&(!!&, .!'!("(&?!(!:& '&"('!$6 D($5538

68  0 E! $552 .&"  !> &" .>>! (   .&7!?!!(" 9!7 '&: ;  < ,.   (!(  '/C!(& !"'( ! ,. !?!('/C  @! (!'!'!&"'&: "! (&!((8

%8  #5 & $556 .&"  "(" +!" '&  &  (  "!  ) &'(!?( &C(  @ ( '/C!(&8 &&'' &(#&'(*&$556"!) (!@ (!," &"'&! &'!("(&?!&C!@!!>>'&" !(A  &"@!  *!& &(& *"@""&(!> "&" &C!( (& *  .'((!  ? &"(!  "'&!? '&  @" 9-8 238$#<8  & ''&"!(!      ! ( '&"!" ,. (( ! .?!( ' *&?"(& *((!,&C!(,.&"'&"(!( &A ''(!  (' !((/'!,>!*& /@!!"@( !&,(&*&*(&( &@!,'!,.!.+!(!( !!@' &&(C& '(C!!>( !&!/& &!!&8 ( (" ,  &! @&'C! &"?"!(  ! '(C! "(@" ?  '& (&!  !274 !((& *"@""&(!>&(!?( "&",!' ?!( '  !& A  !'!("  (&?!   (!?!(" '& >!   "!(('?&C&@8 (+'!,",.' !(?'&( &C(  @!!&(!('.!'!("(&?!.(!?!(".@( "&!(" A ."& ' &(   &"(!& "((  " ,   &  ,(& *&."(!('. &!@! &@!,8)&''/C!(&!,! (+' " , .: ?!( !  "?!  /'( (  @! "'&!? &"(! "!(('(&!(((!"'&&8 ((!", &!(:& !>!(! !(&(! (& *(+((& *  ' &((.&@!(!  !)("9!7'&:; 7#5<."(!( ' &"! ' & !@ (!,&  (& *  ( > &   &+  &!   .*(!("(&8 ( A'!("(&?!+!@!*  ':((!?!("'& >! C*!(A? !&((.(!?!(" &"(!&,.@("&!("A."& ' &(8



12$341$556  721#27   =8 &'' &(.+%'(*&$556&"!  ) ( !(&!(  (!" ,. .* .((!( A  (" !?!( ! .@!!( . (( &?(  .'!>!(!   /'(L  . !((!   '&* ,! ."(!( '  & &(  .&7!?!!(" ( , .&" .?!('.!'!("(&?!&* &(,."(!(AG& (&   & ' & &(& ?&  (!?!("  &&' ( A   '"( '& >! 8

08   '& E(  "!!   #= '(*& $556 .   &>" . (& ! . &( (!( ,  '!("  (&?!  .&" "(!(  ':(  ( ( (!?!("8

#58   &'' &(  ## ( *& $556  &   !!," , '! .+'&(!."((&C!'(!(.?!(""@&&8+'!," , . '&( (( &!:& ?!( *!  "&! .!>!(&(!   !?     ?&("*& @&&"((.(&'&(,.' &(!(  &(&!@! ' &'' &(& &(+&&!!.(!?!("8 +' ",   !(!  !  ? /!( '  (  ' ?!( '&"(& A  '!("  (&?!8   " ,  +'&(  'C( &     '(!( ! . !:& ' '&(!( (  &"'"(" ,.  >>&!( . C!' &"   &(,."(!('&>!((!'*.+&& !&(!?!("&(!?8

##8 &"!! $3 ( *&$556. &>". (& !.&(.!?!!("8 '&"!",&'' &(&## ( *&$556 (!('  ?+""("!+ *E(!>'(!* !>!&' !(! 8

#$8 &"&!(&#3 ?*&$556.&"& & (&!("!! '&:  &!*( & !8!!,(& ?&"((  >>& ((&! (& !!,(& 'C!"(, & ( '  ' !>>!! A '' &(& '!,. (&M(  !>>!(" A  &!& &"?! (&"!(".? !&E* @""((!( . @&8  (!   @@&?(!     "((  (" '!  ?!!( "!#5&$5568

#38 #6 ?*&$556& &( '"(" "&!(& (A. (& ! . &( (!:& .!?!!(" (  !> &"  &!* ,. !( !  !,& !?& &(!>!( "!+  >!&(   !'!("  (&?! ( (8 #28   &"'   $# "*& $556 .!(!"     &E(  & & (   !"&" ,   !   .+ *!!!'!!& &"!"  #5 & $556 '&"!)"(!( (!?"( ?!(8

#48 &"'!,6>"?&!&$55%& &(!( ! 8 '& !(   '& "&  &'' &( &"!@"  35 E?!& $55% '&  & )N C!&&@! &(C '"!,(!!,","!!('&  &A ?



12$341$556  741#27   & ."? (!   ."((  ("  ((  '( .  ? 8   '& ' " &? /&  !&A.!(!"' & '"(.!(&(!  &!   &(:& !(* ? !& * :(  ""( "!+ ((   !&8

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

#=8 %&$55% &!* !,"A.!(!"!?&&'' &("!+ (!" ((&)' &'&!' !(! "!8

#08   ?! "!  #2 & $55%  &    !"&" , (  ( >!&!(.+!( &C& !,,!&*  (&!  @!,(((.+'!,!(' *E(!?(8



12$341$556  761#27    (!" , .@@&?(!  (! " '&  "! (&!((  !(!(   @@&?(! *E(!?'!,G"!?!('&"("*&$556 ,  !((!  "(!( !C@"   &   & C& !,  (/' >!*& /@!8     A .* (( .  ? ((!( , . @@&?(!  *E(!?(A.!(!!(". ?+'&(!8

$58 ?'!,$3&$55%.!(!"'& !('& "&.?! &('&!("!("@&(' !(! 8

$#8 $0&$55% &!* !,"(("&!(&A& &((@&" AE@&8

)  '

#8  !@? !&Q &@!(! E!!!&9<"(" !>!"(!(!(":  #&  D( $553  &!* (   &  ! (((  > &"( A .&(8 46  8 # (8  C8 $   !( !, &   (((! '&"?AQ&(846 !>""&&'&(!@""&& !( &  !  6 ( *& $555 9 < ,!  ( &(!? A   ! & Q&7!?!!("#0E!#0409 <8

) '"(' &E@&Q':(!!"(*!8

$8  !>""&&'&(!@""&& !(& !6 ( *& $5559 <(&"?!@&#&E?!&$553G, !>!(!   $#&$55392:&"?!! <(&"?!@&#&E?!&$552 ( (&M"   !>!(!    *& !' !(!  "@    !  .&7!?!!("8   ( ''!*  .': :  & ,  >!( E&!!,( "(&!(   ( "& " ' ("&!&( A & (&"  ?!@&9>8 -#35226 !8##$02 !8#8$<8 !>!(!  "@  (      (!((  &:@ @""&  ?&!  > &!"    !   E&!'& &(!? +  (!   &&' ( ?(.(&"?!@& R!."  !>!(! ' !( ?& ( &(,E&!'&"? ''"A&'& ' '( G(&&'&!(''!,"9 -#35324 !83<8

>! !>""&#6"*&$554 !>!( !>""&&.&7 !?!!(" ( (&"  ?!@&  #& E!( $556 9$556 $553< '' &((   !>!(! ,! &( (('& "& !(?( &!* ( &9&(84$4=(6#(8 <8.':'&"( ( ! ?& !('!,& &"("> &"'&:#&E!($556 9C8(8!' !(! (&!( !&&(!?A !>!(! #6"*& $554<8



12$341$556  7%1#27  

38 ) Q&(8658#  "!& & ((&(E &8 "!!  $3 ( *&$556"("&I'&& &('(L(! &, "!& &. "A &!&,!&"'(! 9&(83=8 # < &(,& &#3 ?*&$556"("> &"('(!8 (&E("   > & ( "! '&"? '&   ! ! ( &?*  ?&(  &(846 8

28 !(!@' &(&@&".!?!!("& &((''&(!!:&(& & !(A&((!:&.&7!?!!("8

48 (&"'("!?!!(".!'!("@!( ( '&(!'&""'&(    @ &" &"(( . !>!&!("  @"!( . !  . !( 9&(8 = 8 #   ( 2 8 #  <8 ( &"'(" !'!("  @! ( ( !!(! .* .'&(!' !*!!("@!.&"& &C"  (&?! ",!!*&" ,! (&   !"&(!  ! (( !!(!  &"( .((!(A("'C/!, ((,.'&!('&:(&!(( (  &  &"'((!  +!@!* 9&(8 %  <8  & "?&  (+ .!?!!("  &? , .&" &!( ' *(!& .! ."(!( ' !?! (  '&" ? ! ,.! ' &&!( *(!&  +&I( .(!?!(" ,! '( &! *( G(& +!@"  ! '&:  (&!(( (  &  &"'((! &&C"(&?!",!!*&"9&(8#6 <8

?&(.&(8$=8# 9 ?(&<Q&"& !(A&( (!:&Q!(!?!A%5J !A(& !7,&(&(Q!(!?!A 65J !A!7&(Q!(!?!A45J ! A,&( &(Q!(!?!A25J !8

((!(A("'/C!,'?( ((!('C/!,(&M&  !?!!("    .&(82 8#    !!  ? .&(8=  8    !:& '     ", . "(( '/C!, !>   '    >>(!  A '&&  C&@ '& .&7!?!!("  !!(! '!("@!,.&"' &&!('GC&>!('&?  *  ?  ("R  &   ,! ( +!@!*  !( G(& "(&!" ! *E(!?( , ' !* 9 - #5$#64R )$55# '8$$2  !8$* (  &">"&R>8! -#$%$0= !82!>!<8

68  &!* >""&  &   !"&" ,  >!*& /@! '&"(   *&+ ' !(   ?  (& *  ( > &   &+   &( ,.!  E(!>!   .@ E&!!, (  ."(( (   ! .''!,&'& @!'&!!'"? ''"'&E&!'&(!:& (& *  ( > &   &+  &,.! .@!( .''&"!&  &(:& !?!( . >!*& /@! 9 - #3$  64  !8 28#<8  +!(  '&" '(! ,(& * ( > &  &+ &>>('?(G(& & ("'&>> &(?  ("&! *(+!@!*9 -#3#45<8/



12$341$556  7=1#27   !' &G'&" '(! '&".>!*& /@!9 -#3$%#  !828$8#<8  +'&(! '/C!(&!, (  '&!!' "!& , ! .@!(   '&  & & .!'!("  (&?! ,  (& *  ( > &   &+  ( '(!* .(&M& 9 - #35  343  !8 $8$8$ ( 300  !8 4838$<8  *! G  !@ (!  >!*& /@! ( .* &  >!( ."!&C(  @! ?!(!!!.+!@&  &."! '"!!(  '/C!(&! .(( ' ,  >(& '/C  (!, (   . '!!   !(  !> "!!? &  "? ''(  (( ((!(A("9 -#3$%$ !8283<8

 &(:&   +!@!*   &"!("@&(!    '&   (&?! '( &"(&>(&"(&!",!'&&!(!("(&  (&( '&  !'*  > &!& ( >> &(  ?  ("8   (   >>( .&"  !'  '  & & "!& ' & ?!&   &8  ,(!   ? !& !  !& ( +'(!   ( &"!  !( G(& (&C"A!:&!>>"&(&!(:&8 '&!&'>!@& '&".  &*!!("'/C!(&!,!' &(('&@&?!(" !("( &"8 .(& &!(:& '?( G(& "(&!(8  &    >>(!   &' &C& !,.'& !>."((&'!&" &"!!  &* 9/'( (  @! !C@"  '& @&!?< . '&( .!("@&(!   !  ( (  !>((!    ?! . "(( '/C!, &!(!"  "? (!  ' !*  ' (C"&'(!, &"(( . '&  ">(+&" (!  >!(!'' &(( @(' !(? '/C!,9'& >!('&!!&(!&"!>!(!<."C (&!((*( !& ((! !& > &+&:@.&(9G? !>>"&((/'(&!((<"'!(.((!( '"&(!?'&  &" 9 - #3534$<8   &!(:&  !>(( ( !'&:@(   (((!  "!  !  ((& .+!@!*!!(" . >> &(  ?  (" 9S7 )&C(*@&!>>& &*!(>TC!@H!(!(@ ! & ) P!?&!C&@ !; )C&P  &*!(>TC!@H!( )(8  $553 '8%%<8 )!  !!((!  !" A .+&! . (!?!(" &"(( . +@"&(!   /'(L  .  ((!  **   &  &:@ &!!& A .*.((!(A(" ?&(& !(A'&((! .&8   *&!((! ?!@">!@&(! &(& &"&!( (   ' &(( *&?" ."@(!  .!(  &  (  &("&!(!, &( ?@ .*     !  @& !?&@ (&  !> &(!  > &! '&  '(!( (  & &((  .:>!(,'!((&:" (&(!?!(!!*.+'&( !! , ."@(!    & C!' @&"  ?!& ( '/C  ! !((9 -#3#20<8

%8 )   '&!!'  !*& ''&"!(!   '&? '!( ?*  '& "&E!!!&& & !& !9>8&(86#



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

!!E@'( &&'!?&'& *(+&'' &((+'&(!"(*! '&  "!  && !  @(' , +7! * (!( A  &"((  ?!( , &  !   ( "&!(  (!?" ,  ?! (!(' (&!(! (,.!! &('&(( ((&   & *!7> "8  !' >!( ,  "!  (" ( !" A .&&'&&'' &((&?!'&(' & (&. *E(!?!("  ''&"!(! ! 'I &'&"?(! A."@&.&"8 .( ,.'&"!& ('&(!!:&, (E(.!'&(!!(" .''&"!(! '?(G(& !"&"  *E(!?(> "9 -#$4 343 !83*1 -  '*!"#3&$55540$100 !8*1<8

=8 & &( (!(*(&&'' &( "!(&!((, '!("  (&?! (   & , .!(!" '&"( ,. ( (!:&  .''/(&&'' &("!)8

 .   &">:&  !@ (!  >!*& /@! ' " '&  & - O( A!(& * ( > &  &+' " '&  &  (    &  &'' &(  ) ! (  (( ,  & &(  >>& . "((   &+  *(&( !&( *E(!?*8  !?(!@(!  '&(!," . (  >>( &"?"" CP   ((!( (!,!@!>!(!?9'C&!!R((&  @!, &<8   ?!(   .+!& !  &'' &( "!+ & , .!(!" .( > "' &&&"!! '&(((((&&&(:&!?!( ("((  &+8

&&'' &(#&'(*&$556"!) (!@ (!," &"'&! &'!("(&?!&C!@!!>>'&" !(A



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

&'' &("!)*&+!!,& &( (  (&(! '/C  @!,8  '& "@(   !"&(!   '!( +'&!" '&  & &( (  "(" "(*!  '!  ! (( . : >!! '& >!  @""& '& /(: '/C  ! ( '/C!(&!, ,   !& "! ( &!  @!,8  &!'(!  ( .''&"!(! !((! "! (!&8 "!) ( +'&!" & ."? (!   ."((  (" &  '!("  (&?! ( &  !!((!  > (!  >! ! ( D(  (!?" & ' !(  ?8 &  !   (  C"&( (  ?!(  (( ,  ((  &' (& (((!  *E(!?'&(!((/'.''&"!7 (! 8

08 & &("!'(&'' &("!)'!?& '& *(8'&"(,&!&. (' &&((''&"!">>(  &&?!, (!!(, "(((".(@@&?"'!&



12$341$556  7##1#27   +8  .''! &  !?& &'' &( "!+ ,.  '& !(   &'& "&E!!!&8

)   E&!'&  ((  E@  &  ! ''&"!  "@!(""!! ((,"&:@@""&.'&:."((>!(+!((  ( W  "!!  !(!@!  "(" & 9 - #$#  366  !8 #* (  &&G(!("<8>!(&?' ("&!&((,! ( !>!"((!((!   !?( &(>!&. *E(. ?"!! !!(&(!?9 -#$#  366  !8 #* (  &">"&<8  >!( &? ' ("&!&(  !?( '( G(& '&!   !"&(!    & W !  ( "(& !(( !" A . *E(  !(!@ (  (& A !>& .''&"!(!    ( W  "!!  ((,""("&9 -00#5$(&&G(!("R - #=E!($554 3$#152 !84<8

 /  !  &?& ,  &'' &(  & )N (  !! ,  &'' &(&!  @!,$6E?!&$55% (' ("&!&A"!! !(!@!  &(,.!./'!'&& !"&(! '&"('& "&8 &(!> (, >!&&.*(& * *E(!?*8

&!& &'' &(## ( *&$556&!? , @@&?(! ."((("& &('!.+'&"! )((((!'!("(&?!( (( ((!?!("&(!?&!  .*&"(((('&!.(@!,E&,!>!(&(!  ,.>!  ' &( .  &(8   ,!  &  &'' &( "(*! '&  "!(&!((E@'(( !((!& '(>!(, .+'"&!  "! (&!(( ( @""&( !     ( A '&& '&(! ' &  '(!(&! &(!  >!,!.!(A&!&9 -#$4 34#  !8 3*1 ( <8  ?  (( E&!'& (  .* *E(!? ., ,@@&?(! ."((("& &(* >!&" (( '&  &"((  ."(& / @&'C!  6 >"?&!& $55% ,  + &!  @!,$6E?!&$55% ! "!(&!(('&((( 'E(& (&"!)8

>!.@((!  &!? ,"'&& &('&('A   &(!&  @@&?(!   ."((  ("8  >>(  '( (  !>>!("  (!:&  '&? A "(*!& .+!(   &  !' '!(*E(!?.&">>!('' &E(!>!&!?!!("9(!:& '&(!R -  '*!"35 ?*&$552655153 !838$< &( ,. .* . *(&( "! '&(!( 9(( 'C/!, , '/C!,< (&?(  '!("  (&?! 9(  @!<  !:& !' &((   &!(  !"&& &&(!'&& &( ((!(A("A &(:&!?!(9 -#35343 !8$8$8$!>!<8



12$341$556  7#$1#27   (( ",."@"& &('&( (&?& '& *(&'' &("!)(&''&"!(! .'!(" (&?! &"! &! *( +!@!* (!:& ((  .(!?!(" '&""( ,   (!?!(" '(" > & (   ((& ,.! &'!( ( (   !(! E&!'&(!'&(((!& M(&'!> &'& *( 9>8 -#$434$ !83(&">"&<8

#58 .':.+!(.  &*!!("'/C!(&!,!>((( .@ .!(",&" !(G(&!"& &(8>>( "!  ) ( >!( "(( A L("  !@ (! '&!!'  &C!@! !>> '&" !( A  &"@!   *!&   &  (& * "@""&(!>  "&"&C!.(& *.'((! ?&"(! "'&!?'&  @"8 (&!&(& *&!(G(&!!"A?"&!(*((!(A (" '/C!, /( ?&  !R  "! '&"!(" . ( .!& '"!>!"  & &'' &( '&( A ( "@&  !@ (!  &((!( !@!>!(!> &  '!("  (&?! ( .* &( ' ' ( '(   '& !("   & &(  & ''&"!(!      &  7 ! 8 )' : &,(! '&""?(.(&&!(:& ( '&((&!( .((&  &(:& !?!(   >!*& /@!8  (( ,  & &( >>&./&  * 7?&("*&C& !,&'& (&! ! 274 '! >"?&!& $553 .+!( . >>(!   &' & C& !, ( "(*!8   ?  G  &!(:&  '&  !> ."(( & '!& "  &"!!  &* 9/'( (  @! !C@"  '& @&!?< '!,    "!  & &( '&"(   @ "? (!    &+!(('!?!& #0058&?C '((.'&(  '(!( A &  !!((!  > (!  ( ( (!?!(" &(!?  "!(('?&C&@.(&'&( (!>!( &! ,! .!(   "@  & &( . ' "'!" ( (  & & '((!?8 &((&(!(* &(! ? &!!! ,.?  >( '!,. '&  &'  !! ?  >! C, E & !( C, !&?>(((!"'& &!!!,'&  >!   (KC "@:& 9 -    '*!"  $% ?&! $5556  2$154  !8 2828$<8  (& &! .!!,   !& ,. *!&!(  '&( .!("@&(!   !  ( (  !>((!    ?! (  "!  .:@(.!&'8 ./ '?(@! & A.+!(. "(('/C!,&!(!""? (! ' !*'(C"&'(!, A."C  (&!(( *( !&  ((! !&  > & + &:@  .&( '!,.!((&!(('&:.'/C!(&,!"(*!(,( ( ' !*!!("(C"&'(!,. (' &"(""'!"9>8 -  '*!" #3E!($5546$6152 !848$<8 ?,!'&":(& *'/C!,'&"("'&& &( !>(('?"?"&!("(,.' !(? *E(!>!+( ( (!?&'!("(&?!7!8">!!(!?.(AE(



12$341$556  7#31#27   (!(& ,  "!  ) (   ,  >!*& /@! (  (& *  .'((!  ? &"(!  "'&!? '&  @" ,! !  (  !" Q ( '  &(:&!?!(8

##8 > "& &(&E("8

#$8 ?&(.&(8608#*! (&"?!@&#&E!($556'& "& & &(!:& (((! ' &((&. (& ! &>'&((!   .  ?(  &!*  " (  ! A  >&!  E(! ,  !?(!(&(&$55>&8(#.555>&8& &("(("* ("&'&  ",( "'!(." ($55>&8

  ,' +  ' ) )')  )  



  -.*

#8 "&& &&?*8

 -.

$8 &E((8

38 ." (>!+"A$55>&8(!AC&@& &(8

28 > &  '&(!   ,Q '?( > && & &  (&  '&"( &&G(   "!  35 E & :   (!>!(!  '&:  &!* >""& 9)CX!P&C >,!66552  <'&? !& &(!:&& !( '*! > &"(+&(8=$ !>""&& &!*>""&#% E! $554 9 -<R  " !&  & &  !( !!,&   !   (!> (  /'&?(' &(&!@(&& &(  (!&R! !( G(& &"  &!* >""& '& ? ! ' (  '& ? ! "(& !, +  !(!   .&(8 2$  -8  '&"( &&G( (  '!:  ' !   & &(!? ,"  /'&? !?(G(&E !(A.? !8  @&>>!&;  '&"!(     !&&) *)   



12$341$556  7#21#27     &"(!&7E&!(; C!!'' S 

 '! > &'&"(&&G(( (!>!"+'&(!!!,QAQ>>!>""& & !'&@&>>



12$341$556