judge's ruling in favor of trustee's plan to repay madoff victims

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    iaz neawmp{ dl{pg` am dn{p JDEL[ kw{paegz {pnpgegmp{ `npg` Maygejgz ;6 :662 "pbg

    Maygejgz ;6pb [pnpgegmp{,3 ":, niilzelmo pbg Pzw{pgg{ `gpgzelmnplam ai mgp g~wlp|3 nm`

    ";, grvwmolmo ajhgkplam{ pa pbg Pzw{pgg{ `gpgzelmnplam{ ai mgp g~wlp| kdnle{ ildg` j| n kgzpnlm

    ozawv ai kdnlenmp{ "pbg Ajhgkplmo Kdnlenmp{,: lm pbg njayg%knvplamg` n`ygz{nz| vzakgg`lmo-

    Pbg Eaplam l{ ildg` vwz{wnmp pa pbg Kawzp{ Az`gz Nvvzaylmo Iaze nm` Enmmgz ai Vwjdlknplam

    nm` Enldlmo ai Maplkg{ [vgkli|lmo Vzakg`wzg{ Iaz Ildlmo @gpgzelmnplam nm` N`hw`lknplam ai

    Kdnle{3 nm` Vzayl`lmo Apbgz Zgdlgi "pbg Kdnle{ Vzakg`wzg Az`gz, gmpgzg` am @gkgejgz :;

    :662 nm` pbg Kawzp{ Az`gz [kbg`wdlmo N`hw`lknplam ai Mgp G~wlp| L{{wg "pbg [kbg`wdlmo

    Az`gz, gmpgzg` am [gvpgejgz >9 :66

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    Pbg En`aii vzakgg`lmo nm` lp{ nkkaevnm|lmo [LVN dl~wl`nplam lmyadyg {pnoogzlmo

    mwejgz{ lpb eazg pbnm >7666 kdnle{ ildg` nm` jlddlam{ ai `addnz{ np {pncg- N{ ai @gkgejgz

    >> :662 "pbg Ildlmo @npg,; kw{paegz{ Maygejgz ;6pb [pnpgegmp{ zgidgkpg` $?;-> jlddlam lm

    ilkplamnd mgp lmyg{pegmp{ nm` zgdnpg` onlm{- Mgp ai mgonplyg nkkawmp{ nvvzarlenplmo $2-;

    jlddlam kw{paegz{ nzg vwzvazpg`d| ag` n papnd ai $90-2 jlddlam- Pbg kzlplknd l{{wg jgiazg pbg

    Kawzp l{ ba pa `gilmg n kdnlenmp{ mgp g~wlp| wm`gz [LVN iaz vwzva{g{ ai `l{pzljwplmo nonlm{p

    pbg{g n{pawm`lmo {we{-

    Pbg {pnpwpaz| iznegazc iaz pbg {npl{inkplam ai kw{paegz kdnle{ lm n [LVN dl~wl`nplam

    vzakgg`lmo vzayl`g{ pbnp kw{paegz{ {bnzgvza znpn lm kw{paegz vzavgzp|

    0

    pa pbg grpgmp ai pbglz mgp

    g~wlplg{ n{ `gilmg` lm [LVN {gkplam ?2ddd">>, "Mgp G~wlp|,-7 [gg [LVN ?2iii%:"k,">,"j,- Li

    pbg iwm` ai kw{paegz vzavgzp| l{ lm{wiilklgmp pa encg kw{paegz{ badg pbg pzw{pgg l{ gmplpdg` pa

    nm n`ynmkg9 izae pbg [gkwzlplg{ Lmyg{paz Vzapgkplam Kazvaznplam "[LVK, pa vn| gnkb kw{paegz

    pbg neawmp j| blkb bl{ Mgp G~wlp| grkgg`{ bl{ znpnjdg {bnzg ai kw{paegz vzavgzp| {wjhgkp pa n

    knv ai $766666 iaz {gkwzlplg{ kdnle{- [gg [LVN ?2iii%;"n,-

    Pbg Pzw{pgg `gilmg{ Mgp G~wlp| n{ pbg neawmp ai kn{b `gva{lpg` j| pbg kw{paegz lmpa bl{

    JDEL[ kw{paegz nkkawmp dg{{ nm| neawmp{ ndzgn`| lpb`znm j| ble "pbg Mgp Lmyg{pegmp

    Egpba`,- Lm kampzn{p pbg Ajhgkplmo Kdnlenmp{ `gilmg Mgp G~wlp| n{ pbg neawmp{ zgidgkpg` am

    ; Bgzg pbg Ildlmo @npg l{ pbg `npg am blkb pbg [GK jzawobp {wlp nonlm{p JDEL[ @gkgejgz >> :662 blkbzg{wdpg` lm pbg nvvalmpegmp ai n zgkglygz iaz pbg gmplp|- [gg [LVN ?2ddd"?,"J,-

    0 N iwm` ai kw{paegz vzavgzp| kam{l{p{ ai n{{gp{ onzmgzg` j| pbg [LVN pzw{pgg am nkkawmp ai kw{paegz{- Pbg{gn{{gp{ nzg map n{kzljnjdg pa lm`lyl`wnd kw{paegz{ jwp znpbgz nzg `l{pzljwpg`vza znpn pa pbg grpgmp ai n kw{paegz{ Mgp

    G~wlp|- [gg [LVN ?2ddd"0, "`gilmlmo kw{paegz vzavgzp|,3 {gg lmizn np @l{kw{{lam {gkplam L-7 [LVN {gkplam ?2ddd">>, `gilmg{ Mgp G~wlp| n{ pbg `addnz neawmp ai pbg nkkawmp az nkkawmp{ ai n kw{paegz pa jg`gpgzelmg` j|

    "N, kndkwdnplmo pbg {we blkb awd` bnyg jggm ag` j| pbg `gjpaz pa {wkb kw{paegz li pbg `gjpaz bn`dl~wl`npg` j| {ndg az vwzkbn{g am pbg ildlmo `npg ndd {gkwzlplg{ va{lplam{ ai {wkb kw{paegz - - - 3 elmw{

    "J, nm| lm`gjpg`mg{{ ai {wkb kw{paegz pa pbg `gjpaz am pbg ildlmo `npg - - - -

    9 [aeg Ajhgkplmo Kdnlenmp{ zgigz pa pbl{ n`ynmkg n{ lm{wznmkg n `g{lomnplam {pzgmwaw{d| kampzaygzpg` j| pbg[gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, [LVK nm` pbg Pzw{pgg nm` n `g{lomnplam pbnp l{ map {wvvazpg` j|pbg kampzaddlmo [LVN {pnpwpg- [gg [LVN ?2iii%;"n, "plpdg` N`ynmkg{ iaz Kw{paegz{ Kdnle{, "gevbn{l{ n``g`,-

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    kw{paegz{ Maygejgz ;6pb [pnpgegmp{ "pbg Dn{p [pnpgegmp Egpba`,- Pbg Pzw{pgg nm` pbg

    Ajhgkplmo Kdnlenmp{ enlmpnlm pbnp pbglz zg{vgkplyg `gilmlplam{ ai Mgp G~wlp| nzg pbazawobd|

    kam{l{pgmp lpb [LVN {pnpwpaz| nm` kn{g dn nm` maplam{ ai g~wlp|-

    Kamozwgmp pa pbg levazp nm` kaevdgrlp| ai pbl{ l{{wg pbg jzlgi{ ildg` lm {wvvazp nm`

    avva{lplam pa pbg Eaplam nzg yadwelmaw{ nm` levzg{{lyg- Iaz pbg vwzva{g{ ai pbl{ `gkl{lam pbg

    Kawzp bn{ kam{l`gzg` ndd vnvgz{ ildg` lm zg{vam{g pa pbg [kbg`wdlmo Az`gz lmkdw`lmo aygz pblzp|

    jzlgi{ nm` eazg pbnm pgmp|vza {g {wjel{{lam{-?

    [LVK nm` pbg [GK {wjelppg` jzlgi{ lm {wvvazp

    ai pbg Eaplam-2 Pbg Kawzp zgkaomlxg{ pbnp pbg nvvdlknplam ai pbg Mgp G~wlp| `gilmlplam pa pbg

    kaevdgr nm` wml~wg inkp{ ai En`aii{ en{{lyg Vamxl {kbgeg l{ map vdnlmd| n{kgzpnlmnjdg lm dn-

    Lm`gg` pbg vnzplg{ bnyg n`ynmkg` kaevgddlmo nzowegmp{ lm {wvvazp ai japb va{lplam{-

    Wdplenpgd| bagygz wvam n pbazawob nm` kaevzgbgm{lyg nmnd|{l{ ai pbg vdnlm egnmlmo nm`

    dgol{dnplyg bl{paz| ai pbg {pnpwpg kampzaddlmo [gkam` Klzkwlp vzgkg`gmp nm` kam{l`gznplam{ ai

    g~wlp| nm` vznkplkndlp| pbg Kawzp gm`az{g{ pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba`-

    Nkkaz`lmod| iaz pbg zgn{am{ {gp iazpb jgda pbg Pzw{pgg{ `gpgzelmnplam ai Mgp G~wlp| l{

    bgzgj| NVVZAYG@-

    JNKCOZAWM@

    L- VZAKG@WZND BL[PAZ\

    Pbg Eaplam nzl{g{ lm kammgkplam lpb pbg lmineaw{ Vamxl {kbgeg vgzvgpznpg` j| En`aii

    pbzawob bl{ lmyg{pegmp kaevnm| JDEL[- Am @gkgejgz >> :662 En`aii n{ nzzg{pg` j|

    ? Pbg vzlmklvnd nzowegmp{ en`g lm {wvvazp nm` avva{lplam pa pbg Eaplam bnyg jggm awpdlmg` lm n `l{vn{{lamnpgenmmgz nm` azonmlxg` lm n pnjdg iaz gn{g ai zgigzgmkg nppnkbg` bgzgpa n{ Grbljlp N- Pbl{ pnjdg l{ map grbnw{plyg aindd nzowegmp{ en`g- Pbg Kawzp `ag{ map mgkg{{nzld| nozgg az `l{nozgg lpb pbg nzowegmp{ {gp iazpb lm Grbljlp N-

    2 Pbg [GK `liigz{ izae pbg Pzw{pgg lm nm nzgn pbnp `ag{ map niigkp pbg Kawzp{ nmnd|{l{ "pbg [GK zgkaeegm`{kaevgm{nplmo En`aii kw{paegz{ iaz pbg pleg yndwg ai eamg| bgm wpldlxlmo pbg Mgp Lmyg{pegmp Egpba` "pbgKam{pnmp @addnz Nvvzankb,,-

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    ?

    ig`gznd nogmp{ nm` kbnzog` lpb {gkwzlplg{ iznw` lm yladnplam ai >7 W-[-K- {gkplam{ ?2h"j, ?2ii

    nm` >? K-I-Z- {gkplam :06->6j%7 lm pbg Wmlpg` [pnpg{ @l{pzlkp Kawzp iaz pbg [awpbgzm @l{pzlkp ai

    Mg \azc "pbg @l{pzlkp Kawzp,- Wmlpg` [pnpg{ y- En`aii Ma- 62%EH%6:?;7-< Pbnp {neg `n|

    pbg [gkwzlplg{ nm` Grkbnmog Kaeel{{lam "pbg [GK, ildg` n klyld kaevdnlmp lm pbg @l{pzlkp

    Kawzp nddgolmo lmpgz ndln pbnp En`aii nm` JDEL[ gzg avgznplmo n Vamxl {kbgeg pbzawob

    JDEL[{ lmyg{pegmp n`yl{az nkplylplg{- [-G-K- y- En`aii$ gp nd-Ma- 62%KY%>6? "pbg Klyld

    Nkplam,-

    Am @gkgejgz >7 :662 [LVK ildg` nm nvvdlknplam lm pbg Klyld Nkplam {ggclmo n `gkzgg

    pbnp pbg kw{paegz{ ai JDEL[ nzg lm mgg` ai pbg vzapgkplam{ niiaz`g` j| [LVN- Pbg @l{pzlkp Kawzp

    oznmpg` [LVK{ nvvdlknplam nm` gmpgzg` nm az`gz am @gkgejgz >7 :662 vdnklmo JDEL[{

    kw{paegz{ wm`gz pbg vzapgkplam{ ai [LVN "pbg Vzapgkplyg Az`gz,- Pbg Vzapgkplyg Az`gz

    nvvalmpg` Vlknz` n{ pzw{pgg iaz pbg dl~wl`nplam ai pbg jw{lmg{{ ai JDEL[ nvvalmpg` Jncgz nm`

    Ba{pgpdgz DDV n{ kawm{gd pa pbg Pzw{pgg nm` zgeayg` pbg [LVN dl~wl`nplam vzakgg`lmo pa pbl{

    Kawzp vwz{wnmp pa [LVN {gkplam{ ?2ggg"j,";, nm` "j,"0,-

    Am Enzkb >: :66>%kawmp kzlelmnd lm`lkpegmp ildg` nonlm{p

    ble nm` n`elppg` pbnp bg avgznpg` n Vamxl {kbgeg pbzawob pbg lmyg{pegmp n`yl{az| {l`g ai

    SJDEL[U- [gg Wmlpg` [pnpg{ y- En`aii Ma- 6< KZ :>; "@K, @akcgp Ma- 7? Vdgn Bzo Pz- np

    :;8>0>?- Am Hwmg :6 :66

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    2

    Pzw{pgg ba ew{p `gpgzelmg pbg kdnle{ lm zlplmo- Li pbg kdnlenmp `ag{ map ajhgkp pa pbg

    `gpgzelmnplam lp l{ `ggeg` nvvzayg` j| pbg Kawzp nm` jlm`lmo am pbg kdnlenmp- Li pbg kdnlenmp

    ajhgkp{ nm` ildg{ nm avva{lplam pbg Pzw{pgg ew{p ajpnlm n bgnzlmo `npg nm` mapli| pbg kdnlenmp

    pbgzgai- Kgzpnlm jwp map ndd En`aii kdnlenmp{ ajhgkpg` pa pbg Pzw{pgg{ `gpgzelmnplam ai Mgp

    G~wlp| `wg pa bl{ w{g ai pbg Mgp Lmyg{pegmp Egpba`-

    Nipgz n mwejgz ai pbg{g ajhgkplam{ gzg ildg` pbg Kawzp gmpgzg` pbg [kbg`wdlmo Az`gz

    g{pnjdl{blmo n bgnzlmo `npg ai Igjzwnz| : :6>6 pa n``zg{{ bgpbgz Mgp G~wlp| n{ `gilmg` j|

    [LVN l{ kndkwdnpg` w{lmo pbg Mgp Lmyg{pegmp Egpba` az pbg Dn{p [pnpgegmp Egpba`- Lm pbg

    lmpgzle pbg Pzw{pgg kamplmwg{ pa vzakg{{ nm` vn| kw{paegz kdnle{ lm pbg az`lmnz| kawz{g- N{ ai

    Igjzwnz| :9 :6>6 >:60? kdnle{ bnyg jggm `gpgzelmg` >

    L- PBG [PZWKPWZG NM@ AZONMLXNPLAM AI JDEL[

    JDEL[ l{ n Mg \azc dlelpg` dlnjldlp| kaevnm| iawm`g` j| En`aii n{ n {adg

    vzavzlgpaz{blv lm >7"j, ai pbg [gkwzlplg{ Grkbnmog Nkp ai >7 W-[-K- {gkplam ?2a"j, nm`

    jgolmmlmo lm :669 n{ nm lmyg{pegmp n`yl{az- J| ylzpwg ai lp{ zgol{pznplam n{ n jzacgz%`gndgz

    >6[gg bppv8!!-en`aiipzw{pgg-kae-

    >> Pbg{g inkp{ nzg dnzogd| wm`l{vwpg` nm` bnyg jggm pncgm vzlenzld| izae pbg Pzw{pgg{ egeaznm`we ai dn nm`{wvvazplmo `gkdnznplam{ n{ gdd n{ pbg kzlelmnd nddakwplam{ ai En`aii nm` Iznmc @lVn{kndl Hz- "@lVn{kndl,- AmNwow{p >> :666 kzlelmnd kbnzog{ {pgeelmo izae bl{ grpgm{lyg vnzplklvnplam lm pbgEn`aii iznw`- Am Igjzwnz| >> :6>6 nm az`gz n{ gmpgzg` zgdgn{lmo @lVn{kndl am jnld vgm`lmo {gmpgmklmo-

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    : Awpnz`d| JDEL[

    iwmkplamg` japb n{ nm lmyg{pegmp n`yl{az pa lp{ kw{paegz{ nm` n kw{pa`lnm ai pbglz {gkwzlplg{-

    Jn{g` am pbg Pzw{pgg{ lmyg{plonplam lp nvvgnz{ pbnp JDEL[ jgonm pa aiigz lmyg{pegmp n`yl{az|

    {gzylkg{ n{ gnzd| n{ pbg >

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    >6

    Pbg LN Jw{lmg{{ am pbg apbgz bnm` vgzvgpwnpg` En`aii{ iznw`wdgmp nkplylp|- Vb|{lkndd|

    l{adnpg` am pbg >?pb

    idaaz izae pbg EE nm` VP Jw{lmg{{g{ pbg LN Jw{lmg{{ n{ nkkg{{ljdg amd|

    pa {gdgkp gevda|gg{ nm` lm{l`gz{->0 Wmdlcg pbg [GK zgol{pznplam ai pbg EE nm` VP Jw{lmg{{g{

    zgol{pznplam ai pbg LN Jw{lmg{{ n{ injzlknpg`3 amd| :; ai lp{ pbaw{nm`{ ai kw{paegz{ gzg

    zgvazpg`- Lm kampzn{p pa pbg EE nm` VP Jw{lmg{{g{ dlyg kaevwpgz pzn`lmo {|{pge lmpgzinklmo

    lpb awp{l`g igg`{ pbg LN Jw{lmg{{ bn` ma kampnkp lpb avva{lpg jzacgz{ az kawmpgzvnzplg{ nm`

    w{g` amd| amg wm{avbl{plknpg` nm` nzkbnlk kaevwpgz pbnp n{ map vzaozneeg` pa grgkwpg pzn`lmo

    ai nm| clm`- Pbg dgolplenpg EE nm` VP Jw{lmg{{g{ dlelpg` {kzwplm| ai pbg LN Jw{lmg{{- Lm pwzm

    pbg vzakgg`{ ogmgznpg` j| pbg LN Jw{lmg{{ gmnjdg` pbg EE nm` VP Jw{lmg{{g{ pa zgenlm ylnjdg

    np dgn{p izae :66? iaznz`-

    LL- EGKBNMLK[ AI PBG VAMXL [KBGEG

    Znpbgz pbnm gmonog lm dgolplenpg pzn`lmo nkplylp| En`aii w{g` kw{paegz iwm`{ pa {wvvazp

    avgznplam{ nm` iwdildd apbgz lmyg{paz{ zg~wg{p{ iaz `l{pzljwplam{ ai vzailp{ pa vgzvgpwnpg bl{ Vamxl

    {kbgeg- Pbw{ nm| vn|egmp ai vzailp pa n JDEL[ kw{paegz kneg izae nmapbgz JDEL[

    kw{paegz{ lmlplnd lmyg{pegmp- Gygm li n JDEL[ kw{paegz kawd` niiaz` pbg lmlplnd incg vwzkbn{g

    ai {gkwzlplg{ zgvazpg` am bl{ kw{paegz {pnpgegmp>7

    lpbawp n``lplamnd kw{paegz `gva{lp{ nm| dnpgz

    vwzkbn{g{ kawd` jg niiaz`g` amd| j| ylzpwg ai zgkaz`g` ilkplamnd vzailp{- Olygm pbnp lm

    En`aii{ ilkplamnd azd` ma pzn`g{ gzg nkpwndd| grgkwpg` kw{paegz iwm`{ gzg mgygz grva{g`

    pa pbg wmkgzpnlmplg{ ai vzlkg idwkpwnplam nm` nkkawmp {pnpgegmp{ jazg ma zgdnplam pa pbg Wmlpg`

    [pnpg{ {gkwzlplg{ enzcgp np nm| pleg- N{ {wkb pbg amd| ygzlilnjdg pznm{nkplam{ gzg pbg

    >0 Pbg LN Jw{lmg{{ n{ {pniig` j| eazg pbnm :7 gevda|gg{ lmkdw`lmo En`aii nm` @lVn{kndl ba `lzgkpg` lp{ `n|%pa%`n| niinlz{-

    >7 Pbg Pzw{pgg mapg{ pbnp lm ea{p lm{pnmkg{ pbg kw{paegz dlcgd| `l` map lmyg{p gmawob knvlpnd pa jw| gygm pba{g{gkwzlplg{ dl{pg` am bl{ ilz{p JDEL[ kw{paegz {pnpgegmp olygm pbnp vzlkg{ {gdgkpg` iaz pbg vwzkbn{g ai {gkwzlplg{ iazkw{paegz nkkawmp{ gzg jnkc`npg` nm` azkbg{pznpg`-

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    kw{paegz{ kn{b `gva{lp{ lmpa nm` kn{b lpb`znnd{ awp ai pbglz vnzplkwdnz nkkawmp{- Wdplenpgd|

    kw{paegz zg~wg{p{ iaz vn|egmp{ grkgg`g` pbg lmida ai mg lmyg{pegmp{ zg{wdplmo lm pbg Vamxl

    {kbgeg{ lmgylpnjdg kaddnv{g-

    N- [adlklpnplam ai Kw{paegz{ nm` Avgmlmo ai Nkkawmp{

    En`aii {adlklpg` jlddlam{ ai `addnz{ izae lmyg{paz{ pbzawob bl{ iznw`wdgmp LN Jw{lmg{{-

    Gmpz| lmpa pbg LN Jw{lmg{{ n{ kaygpg` nm` {gdgkplyg nclm pa egejgz{blv lm nm gdlpg kdwj- Pbl{

    nwzn ai grkdw{lylp| kaejlmg` lpb pbg {gkzgk| nm` zgvazpg` {wkkg{{ ai En`aii{ lmyg{pegmp

    {pznpgolg{ dlelpg` pbg pznm{vnzgmk| ai pbg LN Jw{lmg{{ pa vza{vgkplyg lmyg{paz{ vnzplkwdnzd| mam%

    lm{plpwplamnd kdlgmp{-

    Amkg n kw{paegz n{ oznmpg` gmpz| lmpa pbg LN Jw{lmg{{ {pnm`nz` nkkawmp avgmlmo

    vzakg`wzg{ iaddag`- Wm`gz {pnm`nz`lxg` zlppgm nozggegmp{ kw{paegz{ zgdlm~wl{bg` ndd

    lmyg{pegmp nwpbazlp| pa En`aii nozgglmo pbnp

    SlUm ndd {wkb vwzkbn{g{ {ndg{ az pzn`g{ - - - SEn`aiiU l{ nwpbazlxg` pa nkp iaz pbgwm`gz{lomg` nm` lm pbg wm`gz{lomg`{ jgbndi lm pbg {neg enmmgz nm` lpb pbg{neg iazkg nm` giigkp n{ pbg wm`gz{lomg` elobp az kawd` `a lpb zg{vgkp pa {wkbvwzkbn{g{ {ndg{ az pzn`g{ n{ gdd n{ lpb zg{vgkp pa ndd apbgz pblmo{ mgkg{{nz| azlmkl`gmpnd pa pbg iwzpbgznmkg az kam`wkp ai {wkb vwzkbn{g{ {ndg{ az pzn`g{- Nddvwzkbn{g{ {ndg{ az pzn`g{ {bndd jg grgkwpg` {pzlkpd| lm nkkaz`nmkg lpb pbgg{pnjdl{bg` pzn`lmo nwpbazlxnplam `lzgkplyg-

    [gg @gkd- ai Ha{gvb Daaj| lm [wvv- ai Pzw{pgg{ Eaplam "Daaj| @gkd-, np Gr- ;- Kw{paegz{

    zgpnlmg` amd| pbg nwpbazlp| pa `gva{lp kn{b nm` zg~wg{p lpb`znnd{3 ndd apbgz zlobp{ n{{aklnpg`

    lpb pbglz nkkawmp{ lmkdw`lmo pbg njldlp| pa encg lmyg{pegmp `gkl{lam{ gzg kg`g` pa En`aii-

    _lpb ig l{adnpg` grkgvplam{>9 kw{paegz{ `l` map `lzgkp pbg vwzkbn{g az {ndg ai nm| {vgklilk

    {gkwzlp|-

    >9 Pbg Pzw{pgg{ lmyg{plonplam lm`lknpg{ pbnp amg kw{paegz `lzgkpg` pbg vwzkbn{g nm` {ndg ai n ig {vgklilk {gkwzlplg{-Pbl{ l{ grkdw{lyg ai pba{g bad`lmo izlgm`{ nm` ineld| nkkawmp{ {wkb n{ Hgiiz| Vlkagz nm` [pnmdg| Kbnl{ ba nd{a`lzgkpg` {gkwzlplg{ pznm{nkplam{ iaz pbglz nkkawmp{-

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    >:

    J- Pbg ?6; Nkkawmp

    Ndpbawob kw{paegz nkkawmp {pnpgegmp{ zgidgkpg` pzn`lmo nkplylp| iwm`{ gzg egzgd|

    `gva{lpg` lmpa n jnmc nkkawmp np H-V- Eazonm Kbn{g Enmbnppnm Jnmc "Kbn{g Jnmc, Nkkawmp

    Mwejgz >0662>?6; "pbg ?6; Nkkawmp, nm` mgygz lmyg{pg`- N{ En`aii n`elppg` np bl{ vdgn

    bgnzlmo mamg ai pbg vwzvazpg` vwzkbn{g{ ai {gkwzlplg{ nkpwndd| akkwzzg` nm` pbg zgvazpg` onlm{

    gzg gmplzgd| ilkplplaw{- Pbl{ bn{ jggm kamilzeg` j| pbg Pzw{pgg{ lmyg{plonplam blkb zgygnd{

    pbnp lpb pbg grkgvplam ai l{adnpg` lm`lyl`wnd pzn`g{ pbgzg l{ ma zgkaz` ai JDEL[ bnylmo kdgnzg`

    nm| vwzkbn{g az {ndg ai {gkwzlplg{ lm pbg @gva{lpaz| Pzw{p ) Kdgnzlmo Kazvaznplam "pbg @PKK,

    n kw{pa`lnm iaz ea{p {pakc nm` oaygzmegmp `gjp {gkwzlplg{ l{{wg` lm pbg Wmlpg` [pnpg{-

    >?

    Lm{pgn`

    lmyg{paz{ iwm`{ gzg vzlmklvndd| `gva{lpg` lmpa pbg ?6; Nkkawmp blkb n{ dlppdg eazg pbnm n

    {dw{b iwm`- Eamg| n{ el{nvvzavzlnpg` izae pbg ?6; Nkkawmp {adgd| pa gmzlkb En`aii nm` bl{

    lmmgz klzkdg-

    LN Jw{lmg{{ gevda|gg{ vzgvnzg` `nld| zgvazp{ iaz En`aii zgidgkplmo ndd ?6; Nkkawmp

    `gva{lp nm` lpb`znnd nkplylp|- Np pbg kda{g ai gnkb jw{lmg{{ `n| nm| mgp kn{b jndnmkg{ izae

    pbl{ nkkawmp gzg pznm{igzzg` pa niildlnpg` aygzmlobp lmyg{pegmp nkkawmp{ np Kbn{g Jnmc pa jw|

    Wmlpg` [pnpg{ Pzgn{wzlg{ az apbgz {bazp pgze vnvgz wmpld mgkg{{nz| pa iwm` kw{paegz{ lpb`znnd

    zg~wg{p{ JDEL[{ knvlpnd ajdlonplam{ az En`aii{ vgz{amnd l{bg{- Np ndd zgdgynmp pleg{ pbg

    injzlknpg` neawmp{ zgkaz`g` am pbg eampbd| kw{paegz {pnpgegmp{ inz grkgg`g` pbg knvlpnd

    `gva{lpg` lm pbg ?6; Nkkawmp-

    >? Pbg kw{paegz iwm`{ gzg map {gozgonpg` lm n >7k;%; nkkawmp n{ zg~wlzg` j| [GK Zwdg >7k;%;"g, nm` >? K-I-Z-{gkplam :06->7k;%; vzaewdonpg` wm`gz pbg [gkwzlplg{ Grkbnmog Nkp ai >7k;%;n- Pbl{{vgklnd zg{gzyg jnmc nkkawmp l{ {gvnznpg izae nm| apbgz jnmc nkkawmp ai pbg jzacgz az `gndgz nm` l{ zg~wlzg` paenlmpnlm n kgzpnlm elmlewe jndnmkg- L`- JDEL[ enlmpnlmg` n $:6666 jndnmkg izae pbg gm` ai :66: wmpld pbgIldlmo @npg blkb n{ awpznogaw{d| lm{wiilklgmp olygm pbg nvvnzgmp ewdpl%jlddlam `addnz yndwg ai lp{ kw{paegznkkawmp{-

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    K- Pbg [vdlp%[pzlcg Kamygz{lam [pznpgo|

    Pbg yn{p enhazlp| ai JDEL[ kw{paegz nkkawmp{ gzg {wvva{g`d| lmyg{pg` lm pbg {vdlp%

    {pzlcg kamygz{lam {pznpgo| "pbg [vdlp [pzlcg Kamygz{lam [pznpgo|,->2 En`aii awpnz`d|

    nppzljwpg` pbg {wkkg{{ ai bl{ LN Jw{lmg{{ pa pbl{ {pznpgo| blkb nvvgnzg` pa ogmgznpg zgenzcnjd|

    kam{l{pgmp nm` njayg%nygznog zgpwzm{- Wm`gz pbl{ {pznpgo| En`aii vwzvazpg`d| lmyg{pg`

    kw{paegz iwm`{ lm n {wj{gp az jn{cgp ai [pnm`nz` ) Vaaz{ >66 Lm`gr "[)V >66 Lm`gr,

    kaeeam {pakc{ nm` enrlelxg` yndwg j| vwzkbn{lmo jgiazg nm` {gddlmo nipgz vzlkg lmkzgn{g{-

    [gygznd pleg{ vgz |gnz kw{paegz iwm`{ awd` eayg lmpa pbg enzcgp bgzgj| n jn{cgp ai

    {pakc{ n{ {wvva{g`d| vwzkbn{g`- Kw{paegz iwm`{ gzg pbgm eayg` gmplzgd| awp ai pbg enzcgp

    pa lmyg{p lm Wmlpg` [pnpg{ Pzgn{wz| Jldd{ eamg| enzcgp iwm`{ nm` kn{b zg{gzyg{ wmpld pbg mgrp

    pzn`lmo avvazpwmlp|- Pbl{ kamplmwg` wmpld pbg gm` ai gnkb ~wnzpgz bgm ndd jn{cgp{ awd` jg {ad`

    nm` lmyg{pg` lm pbg{g awp ai pbg enzcgp zgva{lpazlg{- Iakw{lmo am dnzog knv {pakc{ pbg

    {pznpgo| gyn`g` lm~wlz| lmpa pbg yadweg ai {pakc{ lm blkb JDEL[ n{ ilkplplaw{d| pzn`lmo-

    En`aii{ ~wnzpgz%gm` dl~wl`nplam ai pbg {vdlp%{pzlcg {gkwzlp| jn{cgp va{lplam{ gmnjdg` ble pa nyal`

    `l{kda{wzg ai pbg g~wlplg{ lm pbg jn{cgp{ zg~wlzg` j| [GK Iaze >;I->< JDEL[ nd{a `gyl{g` n

    bg`olmo {pznpgo| pa vwzkbn{g nm` {gdd [)V >66 Lm`gr avplam kampznkp{ kazzg{vam`lmo pa pbg

    {pakc{ lm pbg jn{cgp{- Pbl{ nddag` En`aii pa nvvgnz pa enmnog pbg `am{l`g zl{c n{{aklnpg`

    lpb va{{ljdg wminyaznjdg vzlkg kbnmog{ lm pbg jn{cgp{ nm` dlelp vzailp{ n{{aklnpg` lpb lmkzgn{g{

    lm wm`gzd|lmo {pakc vzlkg{-

    >2 Ndpbawob pbg [vdlp [pzlcg Kamygz{lam [pznpgo| n{ knzzlg` awp j| En`aii @lVn{kndl nm` pbg gevda|gg{ baazcg` iaz pbge @lVn{kndl bn` vzlenz| zg{vam{ljldlp| iaz pbg kw{paegz nkkawmp{-

    >< Lm{plpwplamnd lmyg{pegmp enmnogz{ ba grgzkl{g lmyg{pegmp `l{kzgplam aygz $>66 elddlam az eazg lm [gkplam >;"i,{gkwzlplg{ ew{p zgvazp pbglz bad`lmo{ am [GK Iaze >;I- Pbl{ iaze zg~wlzg{ `l{kda{wzg pa pbg [GK ai pbg mneg{ aipbg lm{plpwplamnd lmyg{pegmp enmnogz{ pbg mneg{ ai pbg {gkwzlplg{ pbg| enmnog nm` pbg kdn{{ ai {gkwzlplg{ pbg KW[LVmwejgz pbg mwejgz ai {bnzg{ amg` nm` pbg papnd enzcgp yndwg ai gnkb {gkwzlp|- [gg >? K-I-Z- :06->;i%>-

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    >0

    En`aii mgygz grgkwpg` bl{ {vdlp%{pzlcg lmyg{pegmp nm` bg`olmo {pznpgolg{ nm` kawd` map

    va{{ljd| bnyg `amg {a- Ilz{p pbg kw{paegz iwm`{ gzg mgygz nkpwndd| lmyg{pg` lm pbg enzcgp az

    awp ai pbg enzcgp `g{vlpg kw{paegz {pnpgegmp{ pa pbg kampznz|- Lm zgndlp| iwm`{ gzg

    enlmpnlmg` lm pbg ?6; Nkkawmp np Kbn{g Jnmc- [gkam` nkkaz`lmo pa pbg Pzw{pgg{ lmyg{plonplam

    nm wmzgndl{plk mwejgz ai avplam pzn`g{ awd` bnyg jggm mgkg{{nz| pa levdgegmp pbg [vdlp [pzlcg

    Kamygz{lam [pznpgo| jgknw{g pbgzg gzg lm{wiilklgmp vwp nm`!az kndd avplam kampznkp{ nynldnjdg np

    pbg Kblknoa Janz` Avplam{ Grkbnmog pa vzavgzd| bg`og pbg yadweg ai {gkwzlplg{ va{lplam{

    zgidgkpg` am pbg kw{paegz{ {pnpgegmp{- Lm n``lplam amg ai pbg eamg| enzcgp iwm`{ lm blkb

    kw{paegz zg{awzkg{ gzg nddgog`d| lmyg{pg` pbzawob JDEL[ n{ zgidgkpg` am kw{paegz

    {pnpgegmp{ n{ Il`gdlp| Jzacgznog [gzylkg{ DDK{ Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg|

    Enzcgp Iwm`- Il`gdlp| Jzacgznog [gzylkg{ DDK bagygz bn{ nkcmadg`og` pbnp lp `l` map

    gygm aiigz lmyg{pegmp avvazpwmlplg{ lm nm| {wkb eamg| enzcgp iwm` izae :667 iaznz`-

    \gp En`aii {wkkg{{iwdd| kzgnpg` pbg lddw{lam pbnp bl{ pzn`lmo nkplylp| n{ dgolplenpg nm`

    bl{ [vdlp [pzlcg Kamygz{lam [pznpgo| n{ giigkplyg- Lm az`gz pa `a {a En`aii nm` n {gdgkp ozawv

    ai gevda|gg{ n{{gejdg` bl{pazlknd vzlkg nm` yadweg `npn iaz gnkb {pakc lpblm pbg jn{cgp- W{lmo

    pbl{ `npn pbg| {pznpgolkndd| {gdgkpg` {pakc{ nipgz pbg inkp np inyaznjdg vzlkg{ pa gm{wzg vzael{g`

    kam{l{pgmp nmmwnd zgpwzm{ ai jgpggm >6%>?'- Pbg| eamlpazg` pbg jn{cgp{ pa encg kgzpnlm pbnp

    pbg {gdgkpg` {pakc{ |lgd`g` zgpwzm{ pbnp gzg mglpbgz njayg maz jgda pbg `g{lzg` znmog- Pbl{

    vznkplkg ai jnkc`nplmo nddag` En`aii pa gmolmggz pzn`g{ am pbg vgzigkp `npg{ np pbg jg{p

    nynldnjdg vzlkg{ pa ownznmpgg {wkb zg{wdp{- Kam{g~wgmpd| ndd `akwegmpnplam zgdnpg` pa pbl{

    {pznpgo| lmkdw`lmo az`gz plkcgp{ pzn`g{ nm` kw{paegz {pnpgegmp{ gzg mgkg{{nzld| kamkakpg` j|

    En`aii- Lm inkp pbg Pzw{pgg{ lmyg{plonplam zgygndg` enm| akkwzzgmkg{ bgzg vwzvazpg` pzn`g{

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    gzg awp{l`g pbg grkbnmog{ vzlkg znmog iaz pbg pzn`g `npg-:6 Np jappae pbg JDEL[ kw{paegz

    {pnpgegmp{ gzg jaow{ nm` zgidgkpg` En`aii{ inmpn{| azd` ai pzn`lmo nkplylp| zgvdgpg lpb

    iznw` nm` `gyal` ai nm| kammgkplam pa enzcgp vzlkg{ yadweg{ az apbgz zgndlplg{-

    @- Mam%[vdlp%[pzlcg Kamygz{lam Kw{paegz Nkkawmp{

    _bldg pbg enhazlp| ai kw{paegz{ gzg {wvva{g`d| lmyg{pg` lm pbg [vdlp [pzlcg Kamygz{lam

    [pznpgo| n{ ai pbg Ildlmo @npg pbgzg gzg iggz pbnm :07 nkplyg mam%{vdlp {pzlcg kamygz{lam

    JDEL[ kw{paegz nkkawmp{ "pbg Mam%[vdlp [pzlcg Nkkawmp{, az zawobd| 7' ai papnd nkplyg

    JDEL[ nkkawmp{- Pbg Mam%[vdlp [pzlcg Nkkawmp{ gzg bgd` j| `gyapg` kw{paegz{ {wkb n{

    [pnmdg| Kbnl{ Hgiiz| Vlkagz nm` En`aii ineld| egejgz{ nm` gevda|gg{ nm` zgvazpg`

    wmw{wndd| blob znpg{ ai zgpwzm lm grkg{{ ai pbg kam{l{pgmp >6%>?' ogmgznpg` iaz [vdlp [pzlcg

    Kamygz{lam [pznpgo| nkkawmp{- Iaz grnevdg pbg Pzw{pgg nddgog{ pbnp Kbnl{{ ineld| nm`

    kazvaznpg nkkawmp{ ogmgznpg` nmmwnd zgpwzm{ n{ blob n{ ;66' nm` Vlkagz{ ogmgznpg` nmmwnd

    zgpwzm{ n{ blob n{

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    >9

    dlelpg` mwejgz ai {gkwzlplg{ gmpzw{pg` pa JDEL[ j| kgzpnlm kw{paegz{ pzn`lmo lm pbg Mam%[vdlp

    [pzlcg Nkkawmp{ `l` map pncg vdnkg-

    G- Pbg N[!066 Kaevwpgz [|{pge

    Pa enmnog vwzvazpg` {vdlp%{pzlcg pzn`g nkplylp| pbg LN Jw{lmg{{ w{g` nm nzkbnlk kaevwpgz

    {|{pge pbg N[!066 kam{l{plmo ai nm LJE kaevwpgz nm` kw{pae {aipnzg `nplmo pa pbg gnzd|

    > @PKK zgkaz`{ izae :66:%:662 gzg en`g nynldnjdg pa pbg Pzw{pgg-

    :: Pbg Pzw{pgg{ lmyg{plonplam lm`lknpg{ pbnp JDEL[ vzayl`g` kw{paegz {pnpgegmp{ lm gdgkpzamlk iaze pa amd| pa ailp{ pbaw{nm`{ ai kw{paegz{ zgvzg{gmplmo amd| {lr nkkawmp{- Gygm pbawob pbg{g {pnpgegmp{ gzg gdgkpzamlk pbg|

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    kw{paegz{ nddag` JDEL[ n``lplamnd pleg pa kamkakp pzn`lmo zgkaz`{ nm` `gdn| pbg `gdlygz| ai

    lmiazenplam pbgzgj| inkldlpnplmo En`aii{ {kbgeg-

    LLL- KDN[[LILKNPLAM AI KDNLENMP[

    Wm`gz pbg Pzw{pgg{ Mgp G~wlp| kndkwdw{ pbg Ajhgkplmo Kdnlenmp{ indd lmpa pbzgg

    kdn{{lilknplam{ nkkaz`lmo pa pbglz zg{vgkplyg `gva{lp nm` lpb`znnd bl{pazlg{-:; Pbg ilz{p ozawv ai

    Ajhgkplmo Kdnlenmp{ lpb`zg iwm`{ izae JDEL[ lm nm neawmp pbnp grkgg`{ pbglz lmlplnd

    lmyg{pegmp{ nm` {wj{g~wgmp `gva{lp{ "pbg Mgp _lmmgz{,- N kw{paegz lm pbl{ knpgoaz| zgkglyg`

    n iwdd zgpwzm ai bl{ vzlmklvnd n{ gdd n{ {aeg vzailp blkb kam{l{pg` lm zgndlp| ai apbgz

    kw{paegz{ lmyg{pegmp{- Wm`gz pbg Mgp Lmyg{pegmp Egpba` pbg{g kw{paegz{ bnyg xgza Mgp

    G~wlp| nm` pbw{ ma nddag` kdnle{-

    N {gkam` knpgoaz| ai kw{paegz{ lpb`zg dg{{ eamg| izae JDEL[ pbnm pbg| `gva{lpg`

    lpb mgp lmyg{pegmp neawmp{ aygz pbg $766666 {pnpwpaz| dlelp "Aygz pbg Dlelp{ Mgp Da{gz{,-

    Nkkaz`lmo pa pbg Pzw{pgg{ Mgp Lmyg{pegmp Egpba` nm Aygz pbg Dlelp{ Mgp Da{gz bn{ va{lplyg

    Mgp G~wlp| nm` pbw{ nm nddag` kdnle iaz pbg neawmp lmyg{pg` dg{{ pbg neawmp lpb`znm- Pbg

    Aygz pbg Dlelp{ Mgp Da{gz{ ldd zgkglyg iwdd $766666 n`ynmkg{ izae [LVK n{ pbglz zg{vgkplyg

    vza znpn {bnzg{ ai kw{paegz vzavgzp| ldd jg lm{wiilklgmp pa {npl{i| pbglz Mgp G~wlp| kdnle{-

    N pblz` knpgoaz| ai kw{paegz{ {leldnzd| lpb`zg dg{{ eamg| pbnm pbg| `gva{lpg` lpb

    mgp lmyg{pegmp neawmp{ wm`gz pbg $766666 {pnpwpaz| dlelp "Wm`gz pbg Dlelp{ Mgp Da{gz{,

    "paogpbgz lpb Aygz pbg Dlelp{ Mgp Da{gz{ Mgp Da{gz{,- Nm Wm`gz pbg Dlelp{ Mgp Da{gz

    zgkglyg{ n [LVK n`ynmkg nonlm{p bl{vza znpn {bnzg ai kw{paegz vzavgzp| lm pbg neawmp ai bl{ mgp

    lmyg{pegmp- Pbl{ l{ {a gygm pbawob bl{ Maygejgz ;6pb

    [pnpgegmp en| zgidgkp n jndnmkg blobgz

    kam{l{pg` egzgd| ai `npn ildg{- Ma JDEL[ kw{paegz bn` zgnd%pleg nkkg{{ pa bl{ nkkawmp lmiazenplam nm` pzn`lmo`npn n{ ma {wkb lmiazenplam az `npn grl{pg` jgknw{g ma pzn`lmo nkpwndd| paac vdnkg-

    :; Iaz vwzva{g{ ai pbl{ `gkl{lam pbg Kawzp ldd n`avp pbg Pzw{pgg{ maegmkdnpwzg lpb zgonz` pa bl{ kdn{{lilknplam aikdnlenmp{-

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    pbnm $766666- Pbg{g kw{paegz{ nzg map gmplpdg` pa n iwzpbgz `l{pzljwplam izae pbg iwm` ai

    kw{paegz vzavgzp| jgknw{g pbglz Mgp G~wlp| kdnle{ ldd jg iwdd| {npl{ilg` j| pbg [LVK n`ynmkg-

    Lm ogmgznd Mgp _lmmgz{ ldd jg kamkgmpznpg` neamo gnzd| lmyg{paz{ bldg n kzlplknd en{{ ai Mgp

    Da{gz{ ldd jg iawm` neamo dnpgz lmyg{paz{-:0

    @L[KW[[LAM

    L- PBG BL[PAZ\ AI [LVN

    N- Ogmgzndd|

    N{ n jnkc`zav iaz pbg Kawzp{ zgylg ai pbg Mgp G~wlp| l{{wg lm pbl{ [LVN vzakgg`lmo n

    jzlgi aygzylg ai pbg bl{paz| nm` vwzva{g ai pbg {pnpwpg ldd vzayl`g bgdviwd kampgrp- Kamozg{{

    gmnkpg` [LVN lm >

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

    19/53

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :6

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

    21/53

    :>

    nd{a Kamm- Mnp- Jnmc y- Ogzenlm 76; W-[- :0>, "gevbn{l{ n``g`,-

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    ::

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :;

    dnmownog ai pbg [LVN {pnpwpg {wvvazp{ n`avplam ai pbg Mgp Lmyg{pegmp Egpba` lm `l{pzljwplmo

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    :0

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  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

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    Klz- >

  • 8/14/2019 Judge's Ruling in Favor of Trustee's Plan to Repay Madoff Victims

    26/53

    :9

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    :?

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    zgkglyg` izae pbg @gjpaz{- L`- np 202? "SPUbg vzgel{g wm`gzd|lmo pbg [gzlg{ 766 Zwdg{%pbnp n

    kw{paegz{ dgolplenpg grvgkpnplam{ jn{g` am zlppgm kamilzenplam{ ai pznm{nkplam{ awobp pa jg

    vzapgkpg`%{wvvazp{ pbg [GK{ lmpgzvzgpnplam ai {gkplam S?2iii%;"n,">,U-,- Eazgaygz pbg kawzp

    bgd` pbnp lp{ zwdlmo vzaeapg` [LVN{ oand ai vzayl`lmo lmyg{paz vzapgkplam- L`- np 2;20-

    Bagygz n{ pa pbg Mgp G~wlp| l{{wg pbg [gkam` Klzkwlp zgygz{g` pbg @l{pzlkp Kawzp{

    bad`lmo- Lm{pgn` pbg kawzp wvbgd` pbg halmp va{lplam ai pbg [LVN pzw{pgg [GK nm` [LVK pbnp

    kw{paegz kdnle{ {bawd` jg jn{g` wvam pbg mgp kn{b lmyg{pg` lm pbg {kbgeg map pbg ilkplplaw{

    lmpgzg{p az `lyl`gm` zglmyg{pegmp{ zgidgkpg` am pbg kdnlenmp{ nkkawmp {pnpgegmp{- L`- np 2?22-

    Pbg kawzp nozgg` pbnp pbg neawmp{ am pbg nkkawmp {pnpgegmp{ gzg nzjlpznz| nm` jn{lmo Mgp

    ;: Pbg{g zwdg{ nvvd| pa `gpgzelmg bgpbgz n {gkwzlplg{ pznm{nkplam olyg{ zl{g pa n kdnle iaz kn{b az n kdnle iaz{gkwzlplg{ am pbg ildlmo `npg ai n [LVN dl~wl`nplam vzakgg`lmo- [gg >? K-I-Z- ;66-766%;66-76;-

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    :2

    G~wlp| kdnle{ am pbge awd` jg lzznplamnd nm` wmazcnjdg-;;L`- np 22- Nkkaz`lmod| pbg

    [gkam` Klzkwlp iawm` pbnp pbg yndwg ai pbg kdnlenmp{ Mgp G~wlp| kdnle{ n{ pbg mgp kn{b lmyg{pg`

    lm pbg {kbgeg-

    Lm n {wj{g~wgmp `gkl{lam l{{wg` lm pbg Mg Pleg{ [LVN dl~wl`nplam Mg Pleg{ LL n

    `liigzgmp [gkam` Klzkwlp vnmgd grvdnlmg` pbg kawzp{ bad`lmo lm Mg Pleg{ Llpb zg{vgkp pa pbg

    Mgp G~wlp| kndkwdnplam l{{wg- Pbg Mg Pleg{ LLkawzp blobdlobpg` pbg nj{wz`lp| nm` lmbgzgmp

    wminlzmg{{ pbnp awd` zg{wdp izae zgd|lmo am pbg ilkplplaw{ nkkawmp {pnpgegmp{ bgm ma {wkb

    {gkwzlplg{ grl{pg` nm` grvdnlmg` pbnp zglejwz{lmo kw{paegz{ lpb nkpwnd {gkwzlplg{ az pbglz enzcgp

    yndwg am pbg ildlmo `npg n{ leva{{ljdg- Mg Pleg{ LL 09; I-;` np >::, lpb zgonz` pa bgpbgzkdnlenmp{ bn` kdnle{ iaz kn{b az iaz {gkwzlplg{ pbg kawzp iawm` lm n dgmopb| `l{kawz{g pbnp pbg [GKn{ gmplpdg` pa n`gozgg ai `gigzgmkg n `gdljgznplyg inkpaz map da{p am pbg Kawzp- [gg Mg Pleg{ L ;?> I-;` np 2:%2;-

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    : I-;` np 22 "~waplmo Jz- iaz Nelkw{ Kwznlg [GK np >9,- Lm n``lplam pbg kawzp

    zgkaomlxg` pbg vapgmplnd nj{wz`lplg{ kzgnpg` j| zgdlnmkg am pbg gmplzgd| nzplilklnd mwejgz{- Mg

    Pleg{ L ;?> I-;` np 22- Pa n`avp pbg Dn{p [pnpgegmp Egpba` lm pbl{ kn{g awd` jg pa dlcgl{g

    jn{g zgkaygz| am za{| nkkawmp {pnpgegmp{ dgn`lmo pa pbg nj{wz`lp| ai `wvg` lmyg{paz{

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    nkkawmp {pnpgegmp{ bnyg ma zgdnplam pa zgndlp|- Mg Pleg{ L ;?> I-;` np 22- Ndpbawob pbg

    {gkwzlplg{ pbnp En`aii nddgog`d| vwzkbn{g` gzg l`gmplilnjdg lm mneg pbg {gkwzlplg{ va{lplam{

    zgidgkpg` am kw{paegz nkkawmp {pnpgegmp{ gzg nzplilklndd| kam{pzwkpg`- J| jnkc`nplmo pzn`g{ pa

    vza`wkg vzg`gpgzelmg` inyaznjdg zgpwzm{ En`aii dlcg pbg iznw`{pgz lm Mg Pleg{ g{{gmplndd|

    vwddg` pbg ilkplplaw{ neawmp{ izae pblm nlz- Pbg zg{wdplmo {gkwzlplg{ va{lplam{ am kw{paegz{

    Maygejgz ;6pb [pnpgegmp{ gzg pbgzgiazg gmplzgd| `lyazkg` izae pbg wmkgzpnlmp| nm` zl{c ai

    nkpwnd enzcgp pzn`lmo- Lm inkp np kgzpnlm pleg{ En`aii kw{paegz{ dlcg pbg Incg [gkwzlplg{

    Kdnlenmp{ bgd` np dgn{p amg lenolmnz| {gkwzlp|-;0

    ;0 N{ `l{kw{{g` {wvzn np Inkpwnd Bl{paz| {gkplam LL vnzp K Il`gdlp| [vnzpnm W-[- Pzgn{wz| Eamg| Enzcgp Iwm`n{ zgidgkpg` am kw{paegz nkkawmp {pnpgegmp{ np pleg{ bgm Il`gdlp| Jzacgznog [gzylkg{ DDK n{ map aiigzlmovnzplklvnplam lm nm| {wkb iwm` iaz lmyg{pegmp-

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    ;6

    Pbg Ajhgkplmo Kdnlenmp{ nzg nd{a kdgnzd| `l{plmowl{bnjdg izae pbg Zgnd [gkwzlplg{

    Kdnlenmp{ lm pbgMg Pleg{ dl~wl`nplam- Pbg Zgnd [gkwzlplg{ Kdnlenmp{ lmlplnd lmyg{pegmp{ gzg

    {wiilklgmp pa nk~wlzg pbglz {gkwzlplg{ va{lplam{ nm` pbg kazzg{vam`lmo vnvgz gnzmlmo{ elzzazg`

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    L ;?> I-;` np ?0 "~waplmo Jz- iaz Nvvgddnmp{ Hneg{ _- Ol``gm{ nm` [LVK np ? m-9,- Lm kampzn{p

    pbg En`aii kw{paegz{ lmlplnd lmyg{pegmp{ gzg lm{wiilklgmp pa nk~wlzg pbglz vwzvazpg` {gkwzlplg{

    va{lplam{ blkb gzg en`g va{{ljdg amd| j| ylzpwg ai ilkplplaw{ vzailp{- Znpbgz pbnm elzzazlmo

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    pzn`g `npg{ ai pba{g {gkwzlplg{- N{ {wkb pbg Ajhgkplmo Kdnlenmp{ {bawd` map jg pzgnpg` dlcg pbg

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    Nkkaz`lmod| n knzgiwd zgylg ai Mg Pleg{ Lnm` LL kamylmkg{ pbg Kawzp pbnp pbg

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    dgolplelxg pbg vbnmpae azd` kzgnpg` j| En`aii bgm `gpgzelmlmo Mgp G~wlp|- [gg Mg Pleg{

    L ;?> I-;` np 22- Pbg Mgp Lmyg{pegmp Egpba` l{ nvvzavzlnpg jgknw{g lp zgdlg{ {adgd| am

    ;7 Pbg Kawzp l{ nd{a vgz{wn`g` j| pbg zgn{amlmo lm Iakbp y- Npbgm{ "Lm zg Ad` Mnvdg{ [gk{-$ Lmk-, ;>> J-Z-96? "E-@- Idn- :66:,- Lm zg Ad` Mnvdg{ n{ n [LVN dl~wl`nplam lmyadylmo n Vamxl {kbgeg lm blkb pbgkawzp n`avpg` pbg Mgp Lmyg{pegmp Egpba` lm {npl{i|lmo kdnle{ iaz kn{b8

    Nkkaz`lmo pa pbg Pzw{pgg vnzplklvnmp{ lm n Vamxl {kbgeg {wkb n{ pbnp lmyadyg` bgzg nzg gmplpdg`amd| pa zgkglyg pbglz mgp da{{ az pbg neawmp lmyg{pg` dg{{ nm| vn|egmp{ zgkglyg`-

    - - -

    SVUgzelpplmo kdnlenmp{ pa zgkaygz map amd| pbglz lmlplnd knvlpnd lmyg{pegmp jwp nd{a pbg vbam|lmpgzg{p vn|egmp{ pbg| zgkglyg` nm` zaddg` lmpa nmapbgz pznm{nkplam l{ lddaolknd- Ma amg `l{vwpg{pbnp pbg lmpgzg{p vn|egmp{ gzg map lm inkp lmpgzg{p np ndd jwp gzg egzgd| vazplam{ ai apbgz ylkple{/

    knvlpnd lmyg{pegmp{- Li pbg Kawzp gzg pa nozgg lpb pbg Npbgm{ kdnlenmp{ pbg iwm` awd` dlcgd|gm` wv vn|lmo awp eazg eamg| pbnm n{ lmyg{pg` lm Xleegzenm/{ Vamxl {kbgeg- Pbl{ zg{wdp l{map kam{l{pgmp lpb pbg oand{ ai [LVN blkb `ag{ map vwzvazp pa encg ndd ylkplelxg` lmyg{paz{badg jwp amd| pa vnzplndd| negdlaznpg pbg da{{g{ ai kgzpnlm kdn{{g{ ai lmyg{paz{-

    Lm zg Ad` Mnvdg{ ;>> J-Z- np 9>9>?- [aeg ai pbg Ajhgkplmo Kdnlenmp{ nppgevp pa l{plmowl{b Ad` Mnvdg{am pbg ozawm`{ pbnp pbg kdnle{ lm pbnp kn{g gzg iaz kn{b "$>66666 [LVK n`ynmkg, nm` map iaz {gkwzlplg{"$766666 [LVK n`ynmkg,- Pbl{ vwzvazpg` `l{plmkplam bagygz n{ lzzgdgynmp pa pbg Mgp G~wlp| bad`lmo-_bgpbgz pbg kdnle{ gzg iaz kn{b az {gkwzlplg{ pbg inkp zgenlm{ pbnp pbg Ad` Mnvdg{ kawzp iawm` pbnp lpawd` jg lddaolknd pa zgd| am ilkplplaw{ lmpgzg{p vn|egmp{ lm `gpgzelmlmo Mgp G~wlp| kdnle{- L`- np 9>?-

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    ;>

    wmenmlvwdnpg` lpb`znnd{ nm` `gva{lp{ nm` zgiw{g{ pa vgzelp En`aii pa nzjlpznzld| `gkl`g ba

    lm{ nm` ba da{g{- Olygm pbg wppgz `l{kammgkp jgpggm pbg {gkwzlplg{ va{lplam{ am kw{paegz

    nkkawmp {pnpgegmp{ nm` enzcgp pzn`lmo zgndlp| pbg Kawzp ilm`{ pbnp pbg Ajhgkplmo Kdnlenmp{ nm`

    pbg Incg [gkwzlplg{ Kdnlenmp{ nzg {leldnzd| {lpwnpg` nm` {bawd` pbgzgiazg jg niiaz`g` pbg {neg

    pzgnpegmp- N{ {wkb pbg vzavgz n| pa `gpgzelmg Mgp G~wlp| l{ j| n`avplmo pbg Mgp Lmyg{pegmp

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    {gkwzlplg{ va{lplam{ {bam am kw{paegz{ dn{p nkkawmp {pnpgegmp{-

    Y- G^WLP\ NM@ VZNKPLKNDLP\ INYAZ PBG MGP LMYG[PEGMP

    EGPBA@

    _bldg pbg Kawzp zgkaomlxg{ pbnp pbg awpkaeg ai pbl{ `l{vwpg ldd lmgylpnjd| jg wmvndnpnjdg

    pa amg vnzp| az nmapbgz maplam{ ai inlzmg{{ nm` pbg mgg` iaz vznkplkndlp| nd{a {wvvazp pbg Mgp

    Lmyg{pegmp Egpba`-

    N{ `l{pzljwplam ai kw{paegz vzavgzp| pa pbg g~wndd| lmmakgmp ylkple{ ai En`aii{ iznw`

    l{ n xgza%{we oneg;9

    g~wlp| `lkpnpg{ pbnp pbg Kawzp levdgegmp pbg Mgp Lmyg{pegmp Egpba`- [gg

    Kwmmlmobne y- Jzam :97 W-[- > >; ">

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    ;:

    b|vapbgplknd-;? Lmyg{paz > lmyg{pg` $>6 elddlam enm| |gnz{ noa lpb`zg $>7 elddlam lm pbg

    ilmnd |gnz ai pbg kaddnv{g ai En`aii{ Vamxl {kbgeg nm` bl{ ilkplplaw{ dn{p nkkawmp {pnpgegmp

    zgidgkp{ n jndnmkg ai $:6 elddlam- Lmyg{paz : lmyg{pg` $>7 elddlam lm pbg ilmnd |gnz ai pbg kaddnv{g

    ai En`aii{ Vamxl {kbgeg lm g{{gmkg iwm`lmo Lmyg{paz >{ lpb`znnd nm` bl{ ilkplplaw{ dn{p

    nkkawmp {pnpgegmp zgidgkp{ n $>7 elddlam `gva{lp- Kam{l`gz pbnp pbg Pzw{pgg l{ njdg pa zgkaygz $>6

    elddlam lm kw{paegz iwm`{ nm` pbnp pbg En`aii {kbgeg `zg lm 76 lmyg{paz{ ba{g ilkplplaw{ dn{p

    nkkawmp {pnpgegmp{ zgidgkpg` jndnmkg{ papndlmo $>66 elddlam jwp ba{g mgp lmyg{pegmp{ papndg`

    amd| $76 elddlam-

    Wm`gz pbg Dn{p [pnpgegmp Egpba` Mgp G~wlp| kdnle{ awd` jg iwdilddg` jn{g` am n >6'

    zgkaygz| "$>6 elddlam zgkaygzg` $>66 elddlam lm ilkplplaw{ nkkawmp jndnmkg{,- Lmyg{paz > awd`

    jg gmplpdg` pa >6' ai bl{ $:6 elddlam nkkawmp jndnmkg nm` n $766666 [LVK n`ynmkg az $:-7

    elddlam `g{vlpg bl{ zgkgmp lpb`znnd ai $>7 elddlam izae pbg {kbgeg- Pbg papnd zgkaygz| awd`

    jg $>?-7 elddlam am nm lmlplnd lmyg{pegmp ai $>6 elddlam az n $?-7 elddlam vzailp- Lmyg{paz :

    awd` jg gmplpdg` amd| pa >6' ai bl{ $>7 elddlam nkkawmp jndnmkg nm` n $766666 [LVK

    n`ynmkg az $: elddlam ai bl{ $>7 elddlam lmyg{pegmp zg{wdplmo lm n $>; elddlam da{{- Pbgzgiazg

    gygm pbawob Lmyg{paz : lmyg{pg` eazg eamg| pbnm Lmyg{paz > nm` gygm pbawob Lmyg{paz :{

    eamg| n{ w{g` pa iwm` Lmyg{paz >{ lpb`znnd Lmyg{paz : {pnm`{ pa da{g {lomlilknmpd| eazg

    eamg|- Gevda|lmo pbg Dn{p [pnpgegmp Egpba` awd` |lgd` n oza{{d| lmg~wlpnjdg awpkaeg-

    Lm kampzn{p wm`gz pbg Mgp Lmyg{pegmp Egpba` Lmyg{paz > awd` map bnyg n Mgp G~wlp|

    kdnle nm` awd` map jg gmplpdg` pa n [LVK n`ynmkg jgknw{g bg ndzgn`| lpb`zg eazg pbnm bg

    `gva{lpg`- Lmyg{paz : bagygz awd` zgkaygz :6' "$>6 elddlam zgkaygzg` $76 elddlam lm

    papnd mgp lmyg{pegmp, ai bl{ $>7 elddlam mgp lmyg{pegmp vdw{ n $766666 [LVK n`ynmkg papndlmo

    $;-7 elddlam n {lomlilknmpd| eazg hw{p zg{wdp-

    ;?[gg Pzw{pgg{ Zgvd| Jz- lm [wvv- ai pbg Eaplam np >2>

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    ;;

    Pbl{ b|vapbgplknd `geam{pznpg{ pbnp li pbg Dn{p [pnpgegmp Egpba` gzg w{g` Mgp

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    grvgm{g ai Mgp Da{gz{ ba zgkaygzg` dlppdg az mapblmo izae En`aii nm` ba{g lmyg{pegmp{

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    g~wlp|- Kwmmlmobne :97 W-[- np >;-

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    pa `gva{lp{ nm` lpb`znnd{ pbnp lm zgndlp| akkwzzg`- Pa pbg grpgmp va{{ljdg vzlmklvnd ldd zlobpd|

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    pa pbglz va{lplam{ vzlaz pa En`aii{ {kbgeg lm nm giiazp pa encg pbge badg-;2

    _lpb zgizg{blmo kdnzlp| [leam Hnkaj{ "Hnkaj{, ble{gdi n ylkple ai En`aii{ iznw`

    encg{ pbl{ ygz| valmp lm bl{vza {g dgppgz jzlgi8

    Lm n Vamxl {kbgeg pbg vgzvgpznpaz pncg{ lm eamg| izae lmyg{paz{ vzael{lmo n zgpwzm pbnpl{ badd| ilkplplaw{ nm` lm{pgn` vn|{ kn{b zgpwzm{ pa gnzd| lmyg{paz{ lpb kn{b kaddgkpg`izae dnpgz lmyg{paz{- Pbl{ egnm{ pbnp nm| kn{b zgpwzmg` pa nm lmyg{paz n{ glpbgz bl{ amaz eazg dlcgd|$ n{ pncgm izae nmapbgz dnpgz lmyg{paz- Ma eamg| l{ nkpwndd| lmyg{pg` iazglpbgz onlm az da{{- Eamg| l{ {levd| eayg` j| pbg vgzvgpznpaz izae amg lmyg{paz panmapbgz-

    - - -

    [wkb kn{b pbnp SMgp _lmmgz{U lpb`zg lm grkg{{ ai pbglz `gva{lp{ n{$ j| `gilmlplam$ kn{b

    pbnp apbgz kw{paegz{ vwp lm$ MAP n zgpwzm am pbglz vwzvazpg` lmyg{pegmp {lmkg pbgzg n{ma lmyg{pegmp en`g nm` bgmkg ma zgpwzm-

    ;2 Kaevgm{nplmo En`aii lmyg{paz{ am pbg jn{l{ ai ilkplamnd nkkawmp {pnpgegmp{ dgn`{ pa nm n``lplamnd lmg~wndlp| n{ lpgmnjdg{ pbg pblgi pa `lkpnpg ba zgkglyg{ n dnzogz vzavazplam ai pbg n{{gp{ kaddgkpg` j| pbg Pzw{pgg- En`aii {bawd`map jg gmplpdg` pa nnz` pa g~wndd| `g{gzylmo kdlgmp{ blobgz nm` dagz zgpwzm{ jn{g` {adgd| am bl{ ble-

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    ;0

    - - -

    Pbg l`gn pbnp jgknw{g En`aii n{ n jzacgz `gndgz pbg n{{gp{ zgkaygzg` j| pbg pzw{pgg{bawd` jg zgpwzmg` pa lmyg{paz{ lm vzavazplam pa pbglz dn{p eampbd| {pnpgegmp awd`giigkplygd| encg pbg pzw{pgg vgzvgpznpg bl{ am Vamxl {kbgeg$ jgknw{g pbg mgp lmmgz{awd` nonlm zgkglyg eamg| vwp lmpa pbg {kbgeg j| pbg mgp da{gz{- Pbl{ l{ {a jgknw{g nm|

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    onlm {pldd iwzpbgz-

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    !{! Jwzpam Z- Dlidnm`WMLPG@ [PNPG[ JNMCZWVPK\ HW@OG

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