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6 min read The Dime

The Dime💰 - Bankruptcy Lessons

"The end? It's planned bankruptcy. Hey, you're not the first guy to get 'busted out.' This is how a guy like me makes a living: this is my bread and butter." - Tony Soprano

The Dime💰 - Bankruptcy Lessons

I'm not a bankruptcy attorney, but a friend of mine is one at Kirkland & Ellisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ƒķ †ķ †‚ķ „Ģķ …‡ķ „ī¸‚ķ „‰ķ …ļķ …›ķ „´ķ „Šķ …´ķ …ĩī¸„ķ „Ļķ „šķ ‡ķ „šķ †˜ķ „ķ „‘ķ ‡›ķ ‡Žķ ‡‡ķ „œķ …šķ „ ķ „Ēķ †ąķ …ķ …Ēķ ‡’ķ ‡Ąķ „„ī¸€ķ „šķ †„ķ †Šķ „š. So every time I think about catching up with him, I read a few bankruptcy cases to carry a conversation for our catch upķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †žķ …Ŋķ …Œķ …Žķ …ķ …–ķ …¸ķ …ąķ …‘ķ †´ķ ‡¨ķ ‡…ķ …ƒķ ‡Žķ †ķ „„ķ „œķ †ŧī¸‚ķ „ģķ †Ąķ †ŋķ †Ŧķ †ķ …Žķ …–ķ †Ļķ ‡˜ķ †ēķ …ķ …šķ „ķ …Šķ †ƒķ †Ÿķ „Ĩķ „‘ī¸ķ „‚ķ „Ŧ. One bankruptcy was really interesting this yearķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ˆķ „Šķ †Ÿķ „ķ …˜ķ †ˇķ †Ŧķ ‡ƒķ …’ķ …‡ķ †Šķ …°ķ †˛ķ …ŋķ „–ķ …ķ „°ķ ‡‘ķ „œķ „ķ …œķ „“ķ ‡Ēķ …ĸķ „”ķ †Ļķ …Ģķ „ķ †ķ ‡•ķ „ķ …šķ „šķ …™ķ „žķ ‡€ķ … ķ †ĩķ †ēķ †Ē and I learned some stuff about it which I felt would be fun to share.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ ‡Žķ „›ķ ‡€ķ „†ķ „Ŋķ …™ķ †Ŋķ …­ķ †’ķ …žķ „›ķ …•ķ …Šķ …Ŧķ …›ķ „Œķ †ķ „ƒķ „ąķ ‡Žķ ‡Œķ ‡›ķ … ķ †Ĩķ „Ŧķ … ķ ‡ķ †˜ķ …•ķ †…ķ †–ķ „Ŧķ †€ķ „‘ķ †Ŧķ †‹ķ …‰ķ ‡Ĩķ ‡ŽFood52 filed for bankruptcyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †°ķ „Ŋķ …ķ …šķ „Ŧķ †›ķ „’ķ ‡Ēķ ‡€ī¸Šķ …Ŧķ ‡‚ķ … ķ †‡ķ ‡¤ī¸ķ †€ķ „–ķ „¯ķ ‡ĸķ …ķ †Ļķ „Ĩķ ‡¯ķ …Žķ …ķ …ēķ ‡ķ †Ēķ †Ļķ †‡ķ …­ķ …Ŗķ …ĩķ …§ķ „ķ †­ķ …§ķ „œķ †ŧ. The brand you probably know from those beautiful kitchen photos and the cookware you bookmarked but never boughtķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˜ķ †ŧķ †‰ķ „„ķ †ˇī¸ķ …Œķ „¨ķ „…ķ ‡„ķ †„ķ „‡ķ „•ķ …‚ķ „‡ķ …œķ …ķ ‡‹ķ „ķ †Šķ „†ķ …†ķ ‡—ķ †Œķ …ģķ †ŧķ …ƒķ …™ķ …›ķ …ķ „‚ķ †Ŗķ …—ķ „‡ķ „¤ķ …žķ …“ī¸„ķ …‘ķ †ģ. Yeah, themķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †°ķ ‡•ķ †Ąķ ‡…ķ „‘ķ …ģķ „ˇķ „¸ķ †–ķ †¯ķ ‡Žķ „žķ „ˇķ …Ŗķ „Ŗķ …¯ķ ‡‹ķ „–ķ …‡ķ …’ķ ‡Ŗķ ‡“ķ „”ķ †ķ …Ÿķ ‡Ąķ …ķ …ƒī¸„ī¸Œķ „Ŧķ †ĩķ …˛ķ ‡…ķ …´ī¸ˆķ „Œī¸‚ķ „€ķ ‡. They filed for Chapter 11 in January of this year and needed money to keep the lights on while they figured out their next moveķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …•ī¸Œķ †…ķ †Žķ …§ķ „‚ķ „’ķ †‘ķ ‡Ąķ „ēī¸‹ī¸†ķ …Ēķ †–ķ †œķ „Œķ „Ąķ ‡ī¸†ķ …žķ …‚ķ ‡–ķ † ķ …‘ķ …–ķ …¨ķ „˜ķ „Žķ †ķ †Ŋķ †ķ „›ķ …˛ķ †‚ķ …œķ †ķ „šķ …ƒķ „…ķ †Ŋ. That money is called DIP financing, and the way they structured this particular deal is what caught my eye.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †˛ķ †Ŗķ …Œķ †ķ †’ķ †Žķ ‡Ÿķ ‡Žķ …ļķ „ģķ …„ķ †šķ †ˆķ „ ķ ‡‰ķ †¯ķ ‡§ķ ‡Šķ …ķ …Ÿķ †Ąķ …ŧķ „´ķ †Šķ „ŋķ †šķ „Žķ …Ĩķ ‡ˆķ …Ÿķ „›ķ †¯ķ „ķ „Ÿķ †ˇķ …ąķ „ąķ ‡…ķ †¨ī¸„Let's get into itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „—ķ …ķ …Šķ „žī¸‰ī¸†ķ …Ŗķ „Šķ ‡ĸķ †ķ …ī¸‰ķ †‘ī¸‚ķ …Œķ †­ķ „ēķ …Ēķ †˛ķ „ŋķ „¸ķ †ˆī¸Šķ †‡ķ ‡šķ „“ķ †ģķ …‚ķ …ŗķ „˜ķ „˜ķ †Ŋķ †šķ †ˆķ ‡”ķ „ŧķ „¤ķ „Ŋķ …˜ķ „¨. Here's this week's edition of The Dime💰.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ ‡‹ķ †Ģķ „‰ķ ‡Ąķ …ˇķ …žī¸Œī¸‹ķ †ķ ‡Šķ †˜ķ „¯ķ ‡žķ †Œķ †ĩķ †­ķ „‚ī¸€ķ …ƒķ …†ķ „Ŧķ …—ķ ‡™ķ „—ķ …„ķ …„ķ „ ķ „ĩķ †˜ķ „€ķ †‹ķ …¤ķ †ŋķ †œķ †žķ „ąķ …ĩķ „¨ķ ‡ĄFirst, What the Hell is DIP Financing?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ …Ŧķ „•ķ ‡Šķ ‡ ķ …ˇķ …Ŗķ „¸ķ ……ķ †ķ ‡€ķ …Ĩķ „›ķ …ķ ‡€ķ ‡™ķ †Ąķ „¤ķ „Šķ ‡Šķ ‡ĸķ „§ķ †¨ķ †ģķ „™ķ „Ŗķ „˜ķ †§ķ †Žķ „Ÿķ ‡Œķ „ˇķ „˜ķ „†ķ ‡Žķ …ķ …œķ „ŧķ …ēķ †ēDIP stands for Debtor-In-Possessionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŋķ „›ķ †¤ķ †˛ī¸‰ķ …–ķ †žķ ‡œķ …Ēķ …Ļķ …°ķ „‹ķ †™ķ ‡Žķ …žķ ‡”ķ …šķ „ī¸‰ķ „šķ „ķ †¤ķ †ī¸„ķ †šķ ‡ķ …Ŋķ …¨ķ „Žķ ‡‡ķ „Ąķ „ˇķ †Ĩķ …¨ķ „Ĩķ …–ķ „¸ķ „˛ķ ‡™ķ …Ŧ. When a company files for Chapter 11 bankruptcy, they don't just close up shopķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ēķ †„ķ „Ģķ †”ķ „°ķ „…ķ †Žķ ‡ķ „™ķ …€ķ „ŧķ „–ķ …ąķ ‡Ÿķ „ģī¸Šķ …´ķ …ķ „Ŗķ …šķ †‚ķ …žķ †ĸķ „ķ …ƒķ …‘ķ †ēķ ‡Ĩķ …„ķ „žķ ‡ķ †Šķ ‡†ķ †Ģķ †ļķ …‘ķ †¸ķ ‡Šķ „¤ķ ‡‹. They keep operating, keep the staff working, keep the website running, all while trying to restructure their debts and get a plan togetherķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ÿķ …†ķ ‡ƒķ ‡Ļķ †ķ „Ŋķ „‘ķ ‡’ķ ‡ĸķ †ķ …‚ķ …§ķ „Žķ ‡§ķ …Šķ †“ķ †Ŧķ † ķ ‡¤ķ ‡„ķ …ŧķ ‡“ķ †ģķ …ķ ‡Šķ ‡ķ †§ķ „Ŗķ …Œķ „Ŧķ ‡­ķ „ĸķ …Ÿķ „˜ķ …Ēķ „Žķ „¤ķ ‡†ķ …Žķ †ŧ. But here's the problem: they're brokeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ģī¸ķ †´ķ †ƒķ „Ŗķ …˛ķ †šķ †´ķ …ķ …•ķ †…ķ „Ÿķ †ķ … ķ ‡™ķ „ļķ …„ķ …ķ †‰ķ „žķ …ŋķ …‹ķ †§ķ ‡‰ķ ‡Ĩķ ‡­ķ …ģķ ‡‰ķ …†ķ …Ēķ „ī¸Žķ †Šķ „€ķ †ķ … ķ „Œķ †žķ „œķ „›. Or at least they're in a situation bad enough to need court protectionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‹ķ …„ķ ‡˜ķ …§ķ †‘ī¸‚ķ „˜ķ †Ŋķ „žķ …Ģķ ‡“ķ †žķ ‡˜ķ ‡Ĩķ ‡“ķ ‡Ŧķ ‡Ÿķ „‚ķ „œķ †Ąķ ‡­ķ …Ļķ ‡Ēķ …­ķ „Ļķ …ģķ ‡ˆķ †žķ †Ēķ …ĸķ …ĩķ ‡‹ī¸ķ „Ŗķ †€ķ …’ķ †ēķ ‡ķ „Žķ †ˆ. So how do they keep the lights on?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †­ķ †ˆķ …Žī¸ķ …­ķ ‡Ÿķ …Žķ „ķ †Ŧķ „™ķ …ķ …Ģķ „ŗķ …ŋķ …ēķ …”ķ ‡„ķ ‡Ąķ …“ķ †¤ķ ‡Ĩķ ‡–ķ „—ķ ‡–ķ †Ąķ …‰ķ †Ēķ …ˇķ „•ķ ‡§ķ ‡Ŧķ „’ķ …ˆķ †ˇķ …Žī¸ƒķ „ēķ „ŋķ ‡ŠThey borrow more money.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¨ķ †ķ ‡ĸķ †€ī¸€ķ †šķ †„ķ ††ķ „Ļķ …­ķ †ēķ †Ĩķ ‡ƒķ ‡§ķ „ķ „’ķ „¸ķ †­ķ „Ĩķ ‡žķ „˜ķ …¨ī¸‚ķ …–ķ ‡ķ …ˆķ „ŋķ …†ķ …„ķ †Ŋķ „‡ķ …‡ķ „žķ †Ēķ †ķ …Ĩī¸‡ķ „Ŗķ „‘ķ „‰Wild, rightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‰ķ …†ķ †Žķ „…ī¸ķ …ēķ …Œķ „Žķ „‹ķ …ŗī¸Œķ „œķ †›ķ „ˆķ ‡žķ …žķ „ļķ …ēķ ‡’ķ „—ķ †“ķ …Œķ ‡‚ķ „¨ķ …¨ķ †ˇķ …´ķ …˛ķ „›ķ „Ļķ ‡ķ ……ķ „Ŧķ †ĩķ …Œķ †ķ †˜ķ „˜ķ „”ķ „Š? A company that can't pay its bills goes out and gets a new loanķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „šķ „°ķ „ˆī¸‡ķ „ĩķ …Ŗķ „ ķ ‡Šķ ‡„ķ „žķ ‡ķ †Œķ †Ÿķ ‡ ķ „žķ „ļķ ‡ķ „™ķ †Ŋķ †žķ …ƒķ ‡Ēķ ‡Šķ †Ēī¸ķ „˛ķ …”ķ „“ķ †—ķ …Ŋķ †‚ķ „‡ķ …Ŋķ …–ķ „¯ķ †™ī¸‹ķ †žķ †…ķ †Ž. But this is actually one of the most powerful and protected types of loans in all of financeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ …Ģķ …´ķ †Šķ †‰ķ „ķ ‡…ķ …ķ „Žķ †„ķ ‡Žķ †Ŧķ ‡…ķ „ķ ‡ƒķ …ƒķ †Žķ ‡¤ķ „žķ „ŗķ „Šķ „ķ …Ŋķ †˜ķ †Ÿķ „Ÿķ ‡ĸķ ‡ˆķ „‹ķ ‡˜ķ †¤ķ ‡§ķ „¯ķ †”ķ ‡Ÿķ ‡•ķ „¨ķ †ŋķ †ˇķ †Ē. DIP lenders get what's called super-priority status, which means if this company liquidates, the DIP lender gets paid back before almost everybody elseķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †–ķ †ƒķ †ąķ †Šķ ‡Šķ †Ÿķ …ī¸ķ „‹ķ ‡Žķ …€ķ ‡Ŗķ …Žķ †“ķ ‡ķ „‰ī¸„ķ †•ķ †Ĩķ …‰ķ ‡Ĩķ †”ķ …ģķ ‡Ļķ …´ķ †™ķ ‡€ķ †’ķ „¨ķ „ī¸‰ķ †ĸķ …ēķ †Œķ „Ģķ „Ĩķ †‚ķ „†ķ †žķ †•. Before the old creditorsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Šķ „—ķ …¤ķ †¤ķ ‡Ÿķ …Œķ „“ķ „­ķ …¤ķ †’ķ †Ĩķ †‰ķ „’ķ …Œķ ‡Ÿķ …ŋķ ‡–ķ …’ķ ‡€ķ †“ķ †ƒķ …‰ķ †Ĩķ …—ķ „ąķ ‡€ī¸‡ķ †™ķ †’ķ „ ķ ‡Ģķ „ķ „Ąķ „ ķ „ˆķ …˛ķ …€ķ …šķ …†ķ †Š. Before the vendorsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Œķ †šķ ‡‘ķ „Ĩķ „œķ †Žķ ‡Žķ „Žķ „‰ķ …¯ī¸ƒķ ‡¨ķ …™ķ „†ķ …ĩķ †ĩī¸‰ķ …ŋķ „Ÿķ †™ķ „˜ķ ‡“ķ ‡„ķ †ķ „Ļķ …¯ķ „ķ „Ŋķ ‡ˆķ ‡‹ī¸ķ †ķ †¨ķ ‡‰ķ …¤ķ …˜ķ …°ķ †ēķ ‡€ķ …Ž. Before a lot of people who are already mad they're owed money.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „™ķ †ĩķ ‡Šķ †„ķ …’ķ †ˇķ …™ķ …’ķ ‡„ķ …žķ ‡ķ †ƒķ †ŋķ „Žķ „ĩķ †ķ „Ąī¸ƒķ „Ÿķ ‡ˆķ …­ī¸‚ķ …¸ķ ‡§ķ „­ķ „Ēķ ‡ķ …‡ķ ‡†ķ …€ķ ‡§ī¸ķ ……ī¸„ķ †Šķ ‡€ķ ‡…ķ …›ķ ‡…ķ …¸Think of it like thisķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¨ķ †Žķ „¸ī¸‚ķ ††ķ „Šķ „šķ „‹ķ †ˇķ ‡•ķ …˜ķ …‹ķ †Ŧķ …Ŧķ †ģķ †ļķ …ķ †‹ķ …ŋķ …Œķ †„ķ „œķ …šķ …ŗķ „Ŧķ …ķ †ˆķ †‡ķ ‡ķ ‡”ķ …ŧķ ‡¯ķ …Ŋķ „¨ķ ‡žķ ‡Ŗķ „Ŗķ ‡Ÿķ …”ķ ‡­. Imagine your homie owes ten people money and then tells you "hey, I need to borrow $50 so I can get to workķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸ƒķ ‡Ŗķ …›ķ …ķ …Ÿķ ‡˜ķ …ģķ †ˆķ „–ķ …§ķ ††ķ ‡Ģķ …Šķ ‡ķ …ŧķ †¯ķ „ĸķ …ķ …ŗķ †¨ķ †ŋķ „§ķ …ŧķ ‡œķ …ļķ †ĸķ „‡ķ ‡Œķ „´ķ „žķ †•ī¸†ķ …‹ķ ‡’ķ †§ķ …žķ „•ķ †žķ ‡’ķ …Ļ." If you loan him that $50, you're saying "I'll help you, but I get paid back FIRST before anyone else gets a dimeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „…ķ …ēķ ‡‰ķ …˜ķ „†ķ …Šķ „ēķ „˜ķ †°ķ …ēķ „šķ …Ēķ „ˆķ „Ēķ …œķ †ēķ †™ķ †”ķ †™ķ …Ļī¸ˆķ „¯ķ …ģķ „–ķ „ģķ ‡‹ķ …›ķ …Ąķ ‡ķ …ķ ‡‘ķ †ķ †Šķ …ŋķ …”ķ †Ēķ ‡Šķ †Ÿķ ††ķ †—." That's the DIP lender.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ƒī¸ķ ‡Žķ …™ī¸ķ ‡™ķ „ļķ †ēķ „­ķ ‡™ķ †‰ķ ‡Ÿķ ‡ķ †ēķ …ĩķ ‡‡ķ ‡–ķ „šķ …žķ †¯ķ „Šķ †˜ķ „¯ķ †ˇķ †Šķ „˜ķ „žķ …™ķ †—ķ ‡‡ķ …Šķ †˛ķ …°ķ †ķ †ķ †¸ķ ‡­ķ …˛ķ „•ķ „So Who Loaned Food52 the Money?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˇķ …“ķ ‡ķ „—ķ †…ķ ‡¤ķ †„ķ „žķ …ĩķ ‡Œķ †•ķ ‡ĸķ ‡“ķ …˜ķ †ēķ „´ķ †Ŧķ „Ŋķ ‡Ĩķ …­ķ †›ī¸ˆķ „ĩķ …ķ ‡Šķ †¸ķ †ˆķ „‰ī¸ƒī¸„ķ „ĸķ …Ŧķ †…ķ …ēķ „ŧķ †ˆķ ‡€ķ „¤ķ ‡‡ķ „žThis is where it gets really interesting.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‹ķ …Œķ †Žķ †ķ …¯ī¸ķ …˜ķ „’ī¸‹ķ †ąķ „Œķ ‡‰ķ †°ī¸‚ķ „¤ķ „‡ķ †›ī¸Œķ „­ķ ‡ĸķ …“ķ ‡Ąī¸ķ …Žī¸Šķ …ēķ …ļķ †žķ †ī¸†ķ „•ķ ‡ķ „Œķ †ƒķ …‘ķ †ąķ †ķ „ēķ ‡Šķ †ŗThe loan didn't come from a bankķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ˆķ †ąķ †ķ „ķ …ŋķ ‡–ķ ‡Ÿķ …ķ …ƒķ ‡­ķ †„ķ †ˆķ ‡™ķ „‹ķ ‡Ļķ „ķ ††ķ ‡ĸķ …Œķ ‡ķ †žķ …­ķ ‡Žķ …—ķ …‡ķ †ĸķ …ĸķ …Ŧķ †ķ ‡ĸķ „šķ ‡Šī¸‰ķ …­ķ †ļķ …ķ „œķ ‡–ķ †‡ķ …ƒ. It came from F52, LLC, which is an entity controlled by TCG, short for The Chernin Groupķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ ‡­ķ †ˇķ „ˆķ ‡ķ ‡”ķ „—ķ ‡Žķ …šķ †›ī¸Žķ „›ķ …•ķ †ĸķ ‡¯ķ „Šķ †Šķ …Ŗķ ‡žķ „‹ī¸€ķ „ķ …Ĩķ „˜ķ †ŋķ †…ķ †’ķ †Ąķ „Ŋķ …šķ †žķ †¸ķ ‡”ķ ‡ĸī¸„ķ ‡Ŧķ „žķ „žķ ‡Ļī¸‡. If you don't know Chernin, they're a media and consumer investment firmķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‰ķ ‡Žķ †šķ ‡¤ķ ‡‘ķ „šķ †Ēķ ‡¤ķ †ķ …ģķ …Ļķ …ˆķ †‘ķ „°ķ ‡—ī¸„ķ †Žķ „Ąķ …§ķ „§ķ ‡Ēķ ‡Šī¸€ķ †šķ †Ŧķ „›ķ …Ģķ ‡‡ķ †ąķ …œķ ‡™ķ „ąī¸ķ ‡žķ ‡™ķ ‡­ķ †—ī¸‚ķ †œķ „ž. They were already an existing investor in Food52 before the bankruptcyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …˛ķ †œķ …Žķ ‡Ģķ ‡‡ķ †—ķ † ķ …Ąķ ‡—ķ „Šķ †šķ †‰ķ †‹ķ „Žķ †‹ķ …”ķ †ļķ …Žķ †ģķ …Ģķ †“ķ ‡‚ķ „Ŧķ …˛ķ †‘ķ „Œķ …›ī¸Žķ …Ąķ …§ķ †ģķ †¤ķ „‹ī¸†ķ †ķ †Ļķ ‡Ģķ ‡ĸķ ‡Œī¸‹. This is someone who was already in the building, knew exactly what was going on, and decided to keep betting.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „–ķ „›ķ †Ĩķ ‡¯ķ …ēķ …ķ „¯ķ …Œķ ‡Ļķ ‡“ķ † ķ †Œķ †ēķ „ŋķ „ĩķ …ˆķ †ˇķ …—ķ …Šķ „Šķ „ķ †šķ „šķ …Šķ ‡šķ †°ķ ‡ķ …‡ī¸‰ķ †ŧī¸‹ķ „Ĩķ †‘ķ „‰ķ †ģķ „’ķ †€ķ …Ēķ „œķ †ĢThe amount? $3 millionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ „Ŗķ „§ķ ‡˜ķ †‰ķ ‡“ķ „ķ ‡¯ķ „ķ …Ŗķ „ķ ††ķ …Ļķ †ˆķ †¸ķ †¯ķ ‡Ÿķ „Ŧķ ‡¤ķ ‡Ģķ ‡ˆī¸ķ „Ŧķ „‡ķ …ķ †—ķ „œķ „Œķ †‚ķ ‡šķ „§ķ „žķ †Ēķ „œķ †žķ „Ģķ †Ŧķ …ˇķ „¨ķ …–. And that $3 million came with a very specific set of terms that are worth understanding.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …„ķ †—ī¸€ķ …žķ †ī¸†ķ †ŧķ †¤ķ „Ģķ ‡ˆī¸‡ķ „Ļķ „Ŗķ …ĸķ „‹ķ „ēķ †•ķ †ļķ …¤ķ „–ķ „Œķ ‡ˆķ †ˇķ …ĩķ „Šķ ‡—ķ …ģķ „˛ķ †ˆķ „ˆķ †Ąķ †ĩķ „”ī¸ķ †˜ķ „ŧķ †‘ķ †”ķ „¯ķ „The Part That Really Got My Attention: The Roll-Up

Here's the move I want you to understand, because it shows up in bankruptcy deals all the time and most people have never heard of it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ …Ąķ †˛ķ …ƒķ „­ķ †ąķ ‡¤ķ ‡’ķ †Œī¸‡ķ „€ķ …°ķ „‰ķ …„ķ †ˇķ †Œķ „¨ķ †Ēķ „™ķ „Ąķ ‡Ŗķ …€ķ …ķ „•ķ ‡Šķ †–ķ †’ķ ‡Ąķ „ģķ †Ēķ ‡ķ „‚ķ „¨ī¸ķ ‡•ķ „„ķ †Žķ …Ĩķ „˛ķ ‡‚In this term sheet, F52, LLC had what's called a "roll-upķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ … ķ …“ķ ‡¤ķ ‡ķ …ļķ …ķ †Ŗķ †‹ķ †œķ …“ķ ‡ķ †ķ …€ķ …Žķ „žķ …ķ †Žķ „¨ķ …‚ķ ‡§ķ †¸ķ …ƒķ †ļķ †ķ ‡Œķ …—ķ †Ÿī¸ķ ‡Ŧī¸‚ķ „­ķ „Ŋķ ‡‰ķ †“ī¸ķ †ķ ‡¤ķ …ķ „Šķ „š." That means the lender had pre-existing debt that Food52 owed them, and as part of the DIP loan agreement, that old debt gets "rolled up" into the new DIP loanķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Žķ …‰ķ …ŋķ …„ķ …¨ķ †šķ „Žķ „‚ķ ‡Ŧķ …˛ī¸ˆķ †™ķ …‰ķ „Ÿķ †ī¸ķ ‡™ķ ‡„ķ ‡€ķ †‡ķ ‡ƒķ …›ķ …Ąķ ‡ˆķ …ŧķ „†ķ …ļķ †žķ †ģķ ‡Žķ „Ļķ ‡ˆķ …˛ķ …ˆķ „Šķ †žķ „˛ķ „Œķ …‰ķ †. So now all of it, the old stuff AND the new $3 million, sits together under the super-priority DIP umbrella.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ „Žķ „”ķ …ƒķ †—ķ ‡­ķ …ƒķ †”ķ ‡¨ķ „Žķ ‡ķ „ŗķ †–ķ †ĩī¸Šķ ‡ķ „”ķ „šķ „…ķ „œķ …Ĩķ „´ķ †ƒķ †Šķ †ļķ ‡ķ „ŗķ …Ÿķ „Šķ †‚ī¸‹ķ †–ķ †ąķ „ĸķ ‡Ąķ „€ķ …—ī¸‚ķ …Žķ „Why does this matterķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ ķ „°ķ …ļķ ‡ķ ‡€ķ ‡Ēķ …“ķ †¯ķ ‡ķ …ĸķ ‡’ķ ‡‚ķ †ļķ †ķ „¤ķ ‡¤ķ „˛ķ †°ī¸Žī¸Œķ „¯ķ †Ēķ …‡ķ „„ķ …›ķ …ēķ …Ąķ …Žķ † ķ †ŗķ ‡†ķ †ģķ „šķ „Ŗī¸Žķ „Ģķ „ķ „šķ „Ēķ †ƒ? Because now that pre-petition (before bankruptcy) debt, which would have been at the back of the line with everyone else fighting for crumbs, suddenly jumps to the front of the lineķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Ēķ ‡˜ķ „šķ ‡Šķ ‡™ī¸‚ķ †ĩķ †…ķ …¨ķ ‡¯ķ ‡ķ …­ķ ‡‚ī¸„ķ „¤ķ ‡€ķ „‡ķ †´ķ …ēī¸ˆķ ‡€ķ ‡ĸķ †šķ ‡‚ķ ‡ķ „“ķ …€ķ …ķ ‡žķ ‡œķ ‡Ļī¸„ķ „Ģķ †¸ķ †šķ „ˆķ †ŗķ ‡ĸī¸†ķ ‡. It gets super-priority protection.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „žī¸‚ķ „Ģī¸ķ ‡ī¸ˆķ †…ķ …Ŗķ …ēķ „™ķ „ķ …•ķ …Ŧķ …˛ķ „ģķ …ķ †˜ķ „ƒķ „‡ķ „Šķ „Ģķ „­ķ …ĩķ „Ŋķ …Œķ „ļķ …ļķ …ī¸†ķ …‡ķ ‡Ÿķ ‡Ŗķ „ĩķ †‰ķ †Ąķ †‡ķ ‡•ķ ‡ƒķ „Ēķ …¤Let me say that again differentlyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡§ķ …‘ķ †…ķ …ĩī¸…ķ ‡ķ ‡—ķ †—ķ †Ĩķ …Ŧķ „ŋķ ‡™ķ …—ķ †Ŋķ …‘ķ …–ķ „ķ …˜ķ „ŧī¸„ķ „ķ ‡žķ …Ŗķ …‚ķ ‡•ķ †‘ķ …¯ķ †˜ķ …°ķ †Œķ „šķ ‡–ķ ‡™ķ …Œķ „ĩķ ‡‰ķ †­ķ …“ķ „†ķ †ŋ. If you're owed money by a bankrupt company and you loan them even more money during the bankruptcy, you can sometimes get your OLD debt treated as new super-priority debtķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „–ķ …ąķ …„ķ „Ąķ ‡Ŗī¸ķ …Œķ ‡™ķ …ķ †‘ķ „ąķ …Šķ ‡­ķ †ŗķ †‚ķ ‡Ĩķ „ĩķ …Œķ …ķ †Ēķ †¨ķ †¸ķ †•ķ „‹ķ …ĩķ …ķ …˜ķ †Ŋķ ‡Ŗķ „—ķ …ąķ †™ķ „Ŋķ ‡ķ ‡’ķ „Ēķ …Ŋķ „€ķ „ēķ „…. You essentially get to cut the line.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‰ķ „ĸķ „‰ķ ‡Šķ ‡Šķ …ģķ „‰ķ „ķ ‡­ķ †šķ †žķ …Šķ †¤ķ …ķ ‡ķ †ģķ …´ķ … ķ „ŗķ …Ŗķ †ļķ ‡‡ķ …ƒķ †Ģķ ‡Ĩķ „“ķ …™ķ …¤ķ …‹ķ ‡Ŧķ †—ķ …Ĩķ ‡Ļķ „ēķ †ĸķ …‘ķ …ķ „¨ķ „ƒķ „ĨThe Interest Rate and Fees (It Ain't Cheap)

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „“ķ †žķ „˛ķ ‡‡ķ „¤ķ †‡ķ „§ķ ‡–ķ …Ąķ …“ķ †ŗķ †‘ķ …ŧķ …¯ķ †’ķ „’ķ †ī¸ķ ‡“ķ …Ŋķ †‹ķ „¤ķ „Šķ „”ķ ‡ķ ‡Šķ …ƒķ ‡Œķ „…ķ „šķ …Žķ ‡ķ ‡šķ …’ī¸‰ķ „˜ķ ‡‚ķ …¨ķ †Ĩķ †›You think your credit card rate is wildķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ †¯ī¸‰ķ „Žķ †Šī¸Šķ „Ŋķ …ĩķ ‡Ąķ ‡—ķ „ģķ …‰ķ †¨ķ …†ķ …ŧķ †¤ķ …Œķ †Ģķ ‡Ēķ ‡Ąķ ……ķ †ˆī¸‰ķ …Žķ „šķ †Ŋķ †Ģķ „ģķ …žķ …›ķ ‡‹ī¸‚ķ ‡˜ķ …žķ †ĩķ †ēķ …ķ ‡šķ †¤ķ …ˇ? DIP loans operate in a different universe.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „šķ ‡ķ †ķ †ŋķ †‹ķ †ķ …ˆķ …Ĩķ †¨ķ †Ēķ ‡§ķ „ˇķ †Šķ ‡ƒķ ‡†ķ †˛ķ ‡ī¸‡ķ „ķ „ģķ ‡›ķ …ĸķ …Ŧķ ‡ķ …¸ķ „Ąķ ‡—ķ †ˆķ …­ķ †˛ķ …ąķ †žķ „œķ ‡—ķ ‡Ģķ ‡”ķ †“ķ …¸ķ …ĸķ …­Food52's DIP loan had an interest rate of SOFR plus 8.5%ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „°ķ „­ī¸Šī¸ķ †„ķ †•ķ †™ķ ‡Šķ „žķ †Žķ †ˆķ …˛ķ „…ķ †§ķ „‚ķ †Ąķ …´ķ „°ķ †Žķ „ƒķ †ģķ …žķ †’ķ ‡–ķ †›ķ „­ķ …Žķ †ķ …Ĩķ †ĸķ …Ēķ …¸ķ †Ÿķ †ĩķ …§ķ †ąķ „ƒķ †˛ķ „“ī¸‰. SOFR, which stands for Secured Overnight Financing Rate, is basically the benchmark rate that replaced LIBOR (you may have heard of LIBOR, the old standard that banks got caught manipulating, which is a whole other storyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †°ķ „’ķ „‰ķ †‹ķ „˜ī¸‡ķ „Ÿķ …‹ķ …’ķ „´ķ „ŗķ …–ķ „¨ī¸ķ †ƒķ …ˆķ „ŧķ †ˇķ ‡‚ķ …Šķ ‡Œķ …‰ķ ‡ƒķ …Ŧķ „žķ †§ķ †Ŗķ ‡€ķ †°ķ …ĸķ †Šķ †™ķ „ŧķ …ķ „žī¸ˆķ „šķ †Ŧķ †Ĩķ †). Think of SOFR as the base rate, kind of like the floor, and then the lender stacks their margin on top.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡žķ †¯ķ ‡„ķ †ķ †›ķ ……ķ †™ķ …ķ …ēķ „¸ķ …§ķ …Žķ „’ķ ‡ķ †–ķ †Ĩķ „–ķ †šķ „Ŗķ …˜ķ ‡ĸķ …‹ķ …ķ †–ķ „ŧķ †°ķ ‡ķ †…ķ †‡ķ „˛ķ †‹ī¸Šķ †ķ …ŧķ †ĩķ ‡Šķ †ķ …Ģķ ‡Ÿķ …ĨSo if SOFR is sitting around 4-5%, you're looking at an all-in interest rate somewhere in the low-to-mid teensķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ģī¸ķ …ķ ††ķ „žķ „šķ „¤ķ …“ķ „Ŋķ „Ēī¸†ī¸ƒķ „ąķ …Žķ …‘ķ …ēī¸ī¸„ķ ‡†ķ †›ķ „ˇķ …–ķ ‡‰ī¸ˆķ †ˇķ „‹ķ ‡Ĩķ „’ķ „Šķ …Œķ „’ķ ‡ķ „’ķ „Ĩķ †¨ķ ‡­ķ „žķ †ģķ ‡„ķ …ž. On top of thatķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …•ķ †Ÿī¸Œķ …­ķ „Œķ „‰ķ „œķ …ķ ‡Ąķ …šķ †…ķ …ķ …ķ †‚ķ † ķ †Ļī¸€ķ †ķ …’ķ …°ķ „ ķ …§ķ †¸ķ ‡€ī¸‹ķ ‡¯ī¸ī¸ķ „Ąķ …”ķ „ĸķ †Ļķ †™ķ „ķ …›ķ …Šī¸ķ †‡ķ ††ķ ‡¨? There was an origination fee and an exit feeķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „†ķ „šī¸€ķ „Ŋķ ‡Ąķ †ķ „Žķ …ŧķ ‡Ÿķ …ŋķ ‡Ŧķ …žī¸‰ķ „†ī¸Žķ …Ĩķ †Ąķ †Šķ †”ķ †ĩķ …‰ķ „Žķ †Œķ ‡‡ķ ‡ķ „”ķ …ŧķ †•ķ …Šķ ‡…ķ „ąķ „ēķ †Žķ ‡Ŗķ ‡€ķ …ķ ‡—ķ …ĩķ …†ķ „“. You pay to get in, and you pay to get outķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸Žķ ‡‰ķ †•ķ ‡ĸķ †Ĩķ ‡‹ī¸Šķ ‡Žķ †‚ķ „„ķ …œķ ‡€ķ „Ļķ †Ŋķ ‡ ķ ‡Ļķ †Ģķ †ˇķ „ĩķ …Ŗķ „Ŧķ ‡Ĩķ ‡Ÿķ ‡ķ †Ŗķ ‡­ķ …Žķ „ļķ †§ķ †œķ „›ķ „¯ķ „ī¸‚ķ „¯ķ „Ģķ †Ĩķ …ķ ‡Ĩķ „’. That's the price of money when you're a distressed borrowerķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡¯ķ †Ąķ †žķ ‡ˆķ †‚ķ „Ēķ „Žķ …ƒķ ‡Ÿķ „‚ķ ‡Ąķ ‡—ķ …›ī¸‹ķ „¨ķ †›ķ „ķ ‡¤ī¸‹ķ ‡–ķ †Šķ „ķ ‡“ķ …ī¸Šķ †¤ķ …‡ķ „Žķ †‡ķ …Ģķ †™ķ †Ąķ †”ķ †Ąķ ‡…ķ †™ķ „ĸķ †œķ …°ķ †Œ. Nobody's doing you any favors hereķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ķ †­ķ „„ķ ‡†ī¸€ī¸„ķ †šķ †Ÿķ …ĩķ „Ŗķ ‡šķ …Žī¸‚ķ …Ŋķ „‰ķ …Ĩķ „‰ķ …Ēķ †Ŗī¸‰ķ †§ī¸‚ķ ‡ķ †Ąķ „ ķ ‡ƒķ †§ķ …’ķ …žķ „ĸķ ‡’ķ …˜ķ „šķ †ŋķ …ķ …ŋķ …ˇķ „°ķ †¨ķ …¨. The DIP lender is taking a risk, and they're getting compensated for it.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ ‡’ķ †¯ķ …„ķ …ēķ …Ÿķ …ēķ ‡ķ …ĩķ „œķ …žķ …œķ …Ŗķ †ķ …šķ …ļķ †Ļķ …Ŗī¸€ķ „ƒķ †“ķ …ˆķ ‡Ĩķ …‘ķ †Ĩķ „Ēķ ‡Ŧķ … ķ ‡Ŧķ „Ŋķ „ŧķ †•ī¸Šķ †Ąķ ‡šķ ‡Ąķ „‡ķ „œķ …˜ķ „›The Collateral: They Put Everything on the Table

To secure this $3 million, Food52 had to pledge basically every asset they hadķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ „Šķ „ķ ‡•ķ „ķ „†ķ †­ķ ‡Œķ „ķ …ķ †­ķ ‡—ī¸„ī¸ķ …œķ ‡ķ ‡‚ķ …ķ „ķ ‡€ķ ‡Ļķ ‡Šķ „•ķ …‰ķ ‡›ī¸ķ „“ķ †ĸķ ‡„ķ „ƒī¸‹ķ …Ŧķ †žķ …ķ ‡™ķ …”ķ „¯ķ †œķ „ĸķ ‡Ÿ. We're talking a first-priority lien on all assets of the borrowersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‰ķ ‡ˆķ „Ŋķ …Ļķ ‡‡ī¸„ķ †¯ķ †˜ī¸…ķ „˜ķ „‚ķ †‹ķ †šķ …ˆķ †•ķ †§ķ „ŋķ †œķ …´ī¸Šķ …Ŧķ ‡ ķ …Ŧķ „ķ †ī¸‚ķ †ķ †Ŋķ ‡Šķ „Œķ …Ģķ ‡Šķ „´ķ …Šķ †˜ķ …ŗķ †‹ī¸Žķ „‡ī¸‰. That includes:

Accounts receivable (money people owe them), inventory, intellectual property, equipment, cash, all of itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡“ķ †Žķ †Ģķ ‡Ÿķ †Ŧķ ††ķ †žķ …ķ „ ķ „žķ ‡–ķ „šķ …†ķ …°ķ †¤ķ †˜ķ †Ĩķ …•ķ …ķ „ķ …Ŧķ ‡ˆķ ‡ķ …Ŧķ …ķ †›ķ „›ķ …¯ķ „Ĩķ ‡„ķ †Ąķ „Žķ ‡”ķ ‡ķ ‡ķ „…ķ ‡€ķ „”ķ †‚ķ …„. The lender gets a security interest in the whole thingķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸„ī¸†ķ …Ļķ ‡­ķ …Ļķ †Ŧķ „šķ „Ąķ …Ŧķ „Ēķ ‡¨ķ ‡’ī¸‹ķ †–ķ …ŋķ ‡œķ „ļķ „Šķ †ŋķ „ĸķ ‡›ķ „„ķ ‡ƒķ ‡Žķ „Ÿķ „žķ †ŋķ „Ŋķ …ģķ „˛ķ †„ķ „ēķ …’ķ †Ģķ „Ģķ …Šķ †œķ „˛ķ …Žī¸…. If Food52 can't perform under this loan, the DIP lender has the right to step in and take control of those assets.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ŗķ „’ķ †˜ķ …‚ķ …ķ „§ķ †¸ķ „ĩķ †“ķ … ķ †ēķ „ķ „›ķ „Ŧķ ‡ˆķ „ˆķ „šķ „Ģķ † ī¸ķ ‡§ķ „ĩķ †›ķ …ĸķ „Ŧķ †€ķ †´ķ …ēķ …Ļķ …‡ķ …§ķ †¤ķ ‡ķ „œķ †Œī¸‡ī¸€ī¸Œī¸€ķ †ŸThe Milestones: Borrow the Money but You Better Move Fast

Here's something that separates DIP loans from regular loansķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …´ķ †¯ķ ‡Ļķ „¯ķ ‡œī¸ķ „˛ī¸‹ķ „°ķ „¨ķ …›ķ ‡’ķ „ĸķ …’ķ „˛ķ ‡”ķ „´ķ …ķ „Žķ „ēķ †Ÿī¸ķ …—ķ „°ķ …°ķ ‡Ĩķ †§ķ „•ķ †¤ķ …Ļķ ‡’ī¸ķ „¤ķ …´ķ †Žķ …¸ī¸Œķ „…ķ †¯ķ …ž. DIP lenders don't just hand over the money and say "figure it outķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ģķ †›ķ †ƒī¸Šī¸†ķ †Œķ „‘ķ …›ķ †‡ķ …˛ķ ‡ˆķ †‹ķ †“ķ „ēī¸ķ …ĩķ †­ķ †žķ „Ģķ „ŧķ †ĩķ †…ķ †’ķ ‡•ķ „ƒķ …Ŋķ „ķ „‰ķ „ĸķ …Ļķ „ŋķ †›ķ ‡˜ķ …ąķ …¨ķ ‡Œķ …‚ķ †ŋķ „¤ķ ‡ƒ." They set milestones, which are basically deadlines baked into the loan agreementķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ĩķ „ŗķ ‡Ÿķ …–ķ „ķ „–ķ „žķ „žķ …Ŧķ …Œķ „‹ķ …ŗķ ‡ķ „•ī¸Œķ …¨ķ ‡”ķ „’ķ ‡‹ķ …‹ķ „ŗķ …’ķ „ķ „ļķ …œķ † ķ …ķ „ģķ †Šī¸‰ķ †ēķ †ˆķ ‡Ĩķ …‰ī¸‡ķ „—ķ „˛ķ …šķ ‡›ķ …–. Miss a milestoneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ģķ ‡Œķ ‡Ąķ „Ŧķ ‡•ķ ‡Ģķ ‡§ķ ‡Ŗķ †ķ …œķ ‡ĸķ †šķ „žķ †Ļķ …˛ķ †´ķ …ķ …›ķ †Žķ „‰ķ …ēķ †žķ …°ķ ‡‚ī¸ƒķ …˛ķ †“ķ ‡“ķ †–ķ …‰ķ „Ÿķ †›ķ …Ąķ …Ŗķ ‡­ķ ‡§ķ …‚ķ …šķ †Ēķ †Ŗ? That can be an event of default, meaning the lender can potentially pull the plug on the whole thing.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „„ķ ‡•ķ †Ŗķ ‡‹ķ …°ķ …˜ķ ‡¤ķ ‡Ÿķ †ĩķ „Žķ †Žķ „ˆķ ‡‘ķ ‡¨ķ „…ķ ‡“ķ „…ķ †ļķ … ķ „ķ ‡™ķ ‡‹ķ ‡ķ …Ŧķ ‡„ķ ‡ˆķ ‡Ļķ …ąķ …¯ķ …‘ķ …Šī¸ķ „¯ķ …­ķ …ŗķ †‘ķ „Ļķ …ĸķ †ƒķ …ŸIn Food52's case, the term sheet laid out a tight timeline around getting a sale process doneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …€ķ †ąķ †šķ „Œķ † ķ „Žķ …¨ķ „¸ķ ‡›ķ „§ķ …œķ †¸ķ …Œķ „ĸķ †‰ķ ‡”ķ ‡Ĩķ „‚ī¸ƒķ †žķ …žķ ‡†ī¸Œķ „Ŧķ …ąķ …ąķ †…ķ …´ķ „–ķ †ąī¸Šķ „‚ķ „˛ķ „ķ ‡Ąķ …ĩķ „…ķ †ąķ …‘ķ …€. The expectation was a structured sale under Section 363 of the Bankruptcy Code, which is the part of the law that lets a bankrupt company sell assets relatively quickly and with fewer complications than a normal saleķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ÿķ …“ķ †•ķ †Šķ †žķ …ŗī¸‚ķ „ ķ †¤ķ …€ķ „ ķ …–ķ „ēķ …§ķ …—ķ …˜ķ †–ķ †¤ķ …§ķ „›ķ †Šķ ‡ķ „“ķ †˛ķ …Ģķ …Ļķ †‚ī¸†ķ „Ŋķ †Žķ †‚ķ „¤ķ †Ēķ †Šķ …Ŧķ ……ķ „–ķ ‡™ķ †ˆķ „†. Buyers actually like 363 sales because they typically get to buy the assets "free and clear" of most liabilities and claims.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ˆķ †ŋķ †˜ķ „ķ „ķ … ķ „Ĩķ †ŋķ …–ķ „•ķ …šķ †€ķ „ŗķ …›ķ †ŋķ …–ķ …Ēķ „ļķ …Žī¸†ī¸‡ķ …‹ķ „ŗķ …‚ķ †ķ †”ķ „Ĩķ ‡œķ †‘ķ „Ÿķ ‡•ķ †¯ķ „Ÿķ ‡ī¸Œķ †Žķ …†ķ „Ŋķ „ĸī¸„So the clock was ticking from day oneķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸„ķ †Žķ ‡Ĩķ „‰ķ „Ŧķ …žķ †­ķ ‡¤ķ †•ī¸‹ķ „ƒķ ‡˜ķ …Ēķ †Ĩķ „šķ ‡Žī¸ķ ‡„ķ …Ēķ ‡ƒķ …„ķ „ķ …šķ †–ķ †‚ķ „¸ķ ‡¤ķ †Šķ …ąķ †ķ ‡‹ī¸Žķ „Ŋķ „¨ī¸€ķ †›ķ †Œķ …Ļķ …™ķ „ē. Get the financing approvedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †—ķ ‡—ķ …›ī¸†ķ †¤ķ †˛ķ †œķ „­ķ †Ŋķ ‡Ēķ †žķ ‡”ķ ‡ķ †ķ „œķ …žķ „Šķ …–ķ …œķ …ŗķ ‡Ēķ †”ķ „ĩķ „†ķ „Ąķ …ąī¸…ī¸…ķ „ļķ †ķ „Žķ „§ķ ‡Žķ „‰ķ „‚ķ ‡†ķ „‡ķ ‡™ķ „¯ķ ‡‹. Get the sale process runningķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ģī¸‹ķ †Žķ „Ēķ ‡šķ „§ķ †ķ …ēķ …´ķ „ąķ †˛ķ „•ķ …Ĩķ †ģķ „€ķ „§ķ †Ŋķ „ ķ „Ŗķ ‡†ķ …ķ …˛ķ †žķ ‡Ģķ …—ķ ‡‰ķ …Šķ „Ąķ †šķ †‡ķ ‡Žķ „’ķ …Šķ „‡ķ „žķ …¸ķ ‡™ķ ‡‹ķ „ģķ „¯. Close a dealķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …­ķ ‡Šķ „Žķ †Žķ …Ąī¸ƒķ ‡ķ „ŧķ …Ąķ ‡•ķ „˛ķ „ĸķ †„ķ „¨ķ …Ŧķ †…ķ †™ķ „ģķ †šķ „Šķ „Ĩķ ‡ķ „ķ „Ģķ ‡–ķ „Ąķ „Œķ †¨ķ „šķ „ŋķ ‡ī¸ķ „Œķ „ģķ …ąķ †ēķ „žķ …”ķ †˜ķ ‡œ. All of this had to happen within a very specific window.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ˆķ „¤ķ †ŗķ ‡Ĩķ ‡œķ †¸ķ †Ģķ „—ķ †¨ķ …§ķ ‡ĸķ ‡Ģķ …œķ ……ķ †Ļķ †¯ķ †ŋķ …‹ķ …ŗķ …Žķ †ī¸‚ķ †‘ķ „˛ķ †´ķ †’ķ „ƒķ †ĸī¸Šķ …ƒķ „ŋķ ‡§ķ „˛ķ ‡Œķ …Ÿķ †žķ ‡ķ „Ēī¸…ķ „ĻWhat Happens to the Employees and Vendors in All of This?

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „˛ķ ‡Ŧķ ‡Ŗķ „”ķ …ŧķ …—ķ ††ķ …ķ ‡‰ķ „­ķ „™ķ ‡ķ …šķ „ķ …Ēķ ‡§ķ …Žķ „‚ķ †„ķ ‡Ēķ †…ķ †‹ķ ‡Ĩķ „ŋķ …ˆķ …‡ķ †Šķ †ģķ „Ēķ …–ķ †ˆķ …•ķ …ˆķ ‡ˆķ …ķ †Ģķ †Ģķ „‘ķ …Žķ †–This is the hard part of any bankruptcy storyķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ģķ „˜ķ ‡¯ķ „šķ †ĩķ ‡“ķ …ķ †”ķ …´ķ †¸ķ ‡Ģķ „’ķ †Ļķ ‡Ÿķ …„ķ †Šķ …Ĩķ …Ŋķ „Ļķ †Ŋķ „ģķ …žķ †ąķ †ķ †ķ ‡…ķ ‡¤ķ †´ķ ‡Œī¸‹ķ „šķ „Œķ ‡Žķ „°ķ „Ĩķ †ĸķ †Ŋķ ‡§ķ …€ķ „‰. The sophisticated financial structure we just talked about exists in large part to benefit the people at the top of the capital stackķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „¨ķ ‡­ķ ‡‰ķ …ģķ …­ķ ‡ķ „­ķ †…ķ „ŗķ †’ķ „ķ †žķ ‡Šķ „›ķ †¤ķ „…ķ …šķ …™ķ „ķ ‡…ķ ‡ˆķ †ˆķ ‡Šķ †Ąķ †ąķ †‰ī¸‰ķ †­ķ „Ģķ †›ķ „Ŋķ ‡†ķ …ķ ‡Ŧķ „ķ …–ķ …ģķ „ĩķ …ķ ‡œ. The DIP lenderķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …—ķ ‡ ķ …‘ķ †”ķ …“ķ …Ąķ ……ķ †ŧķ „—ķ †“ķ †ˇķ …ŋķ †¨ķ †¤ī¸Žķ „Žķ …‚ķ …‡ķ …’ķ †Šķ †€ķ †Žķ …ķ …ŋķ „—ķ †šķ †ļķ „Ēķ „‘ķ ‡„ķ „¤ķ †—ķ ‡ķ †˛ķ …™ķ †ˆķ „¸ķ ‡‹ī¸„ķ „›. The secured creditorsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡“ķ †ķ …ĸķ „…ķ ‡Ļķ …Ÿķ ‡œī¸„ķ „ŗķ ‡‹ķ …ŗķ ‡ ķ „Ļķ ‡ķ †‹ķ …Žķ „ ķ †ŋķ †ŧķ „ķ „Ģķ …‰ķ ‡ ī¸Žķ ‡‹ķ ‡ķ …´ķ †‘ķ „–ķ †ąķ †Ąķ „Ĩī¸€ķ †ƒī¸ķ „„ķ „—ķ †ļķ „ķ „…. Those folks have protections.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †¸ķ …”ķ „œķ ‡šķ „¯ķ ‡†ķ ‡˜ķ ‡ķ …’ķ ‡ĸķ „€ķ „Šķ †°ķ †‘ķ †˜ī¸„ķ †¨ķ ‡¤ķ „ģķ …Ŧķ ‡€ķ ‡€ķ „ĩķ †ģķ „–ķ …†ķ „Ģķ †šķ †žķ …‹ķ …›ķ …‘ķ ‡’ķ …šķ „”ķ †˛ķ …žķ „¸ķ †Ŗķ †The vendors who shipped Food52 product and are waiting on invoices, the employees hoping their last few paychecks clear, the landlords, they're all in a very different positionķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †‘ķ …‡ķ ‡”ķ ‡”ķ …ŧķ …›ķ „ƒķ „’ķ …“ķ †­ķ „ĸķ †ĸķ †€ķ †ĩķ †šķ †“ķ †ƒķ †˛ķ †Ąķ „’ķ „´ķ …¨ķ †ģķ †Ĩķ „°ķ „†ķ ‡Ŗķ „Ĩķ …šķ ‡§ķ †’ķ †˛ķ †ķ ‡Šķ …­ķ „œķ „¤ķ „™ķ „¸ķ …ž. Chapter 11 gives the company breathing room to try to reorganize or sell in a way that hopefully takes care of more people than a straight liquidation wouldķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Šķ „¨ķ …”ķ ‡ķ †ēķ …ķ „°ķ †—ķ ‡•ķ † ī¸ƒķ †Ŧķ †ŗī¸‡ķ ‡Ēķ †ķ ‡“ķ „™ķ …¸ķ ‡‘ķ „œķ „ķ †•ķ †’ķ †¸ķ …žķ …˛ķ †€ķ †ķ …Ÿī¸†ķ „žķ †‰ķ …„ī¸Šķ ‡œķ „Œķ …ģķ „ĩķ „‚. But there are no guarantees.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …¤ķ „˛ķ …–ī¸‰ķ „ēķ …•ķ „šķ „ķ †‚ķ „Žķ †ŧķ „…ķ „žķ „ķ …ĸķ …œķ ‡Ŧķ †¸ķ „Ģī¸‹ķ †Ŧķ †–ī¸†ķ †¤ķ …—ķ ‡‚ķ …ļķ ‡¤ķ …ĩķ „‚ķ …˛ķ …“ķ ††ķ †’ķ ‡”ķ …“ķ ‡…ķ ‡’ķ †‚ķ „The whole reason DIP financing exists is to try to preserve value during the processķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ąķ †™ķ †”ķ „ļķ …ķ „Ŗī¸ƒķ †Ÿķ …„ķ „ķ …¤ķ …Žķ „ŧķ ‡ķ †™ķ …ĩķ …´ķ ‡Žķ †ŋķ …™ķ „œķ †œķ †‘ķ …Ģķ „›ķ …Ÿķ ‡Ģķ „¯ķ …•ķ ‡‘ķ „”ķ ‡ĸķ ‡Šķ ‡Ĩķ ‡‹ķ …ŗķ ‡–ķ ‡ķ †„ķ †—. A going-concern sale, meaning someone buys the business as a running operation rather than just auctioning off the furniture, usually results in better outcomes for more stakeholdersķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †€ķ …›ķ …‹ķ …ˆī¸‡ķ …‰ķ …Œķ „”ķ †Ąķ …’ķ „ˇķ „Ēķ ‡ĸķ „Ŋī¸„ķ „§ķ …‹ķ †ĩķ †˛ķ †ŗķ ‡˜ķ …˛ķ …ˇķ †‡ķ …‡ķ …ķ †‘ķ …ķ †ķ †”ķ „–ķ …„ķ „ŋķ †ŋķ ‡ ķ „Žķ …˜ķ ‡§ķ …ŋķ ‡Ē. That's the theory at least.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „‡ķ ‡Ÿķ †¨ķ …Œķ ‡™ī¸ķ „˜ķ „”ī¸ˆķ † ķ †ļķ †Ļķ …°ķ …–ķ ‡¨ķ ‡‘ķ „—ķ „Ļķ „’ķ „Œķ †Ÿķ ‡Šķ „ ķ †ī¸€ī¸ķ ‡™ķ „ķ „Ąķ †¸ķ „‰ķ ‡‰ķ „ƒķ …ķ †Ļķ …­ķ †œķ †‡ķ †ķ ‡¨The Lesson

Here's what I want you to walk away understanding.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡„ķ …°ī¸ī¸‰ķ ‡†ķ „ĸķ ‡Žķ ‡ķ …‚ķ †­ķ ‡Ēķ …—ķ †”ķ „˜ķ „ŧķ ‡„ķ †˛ķ …ŋķ „Ŋķ …ƒķ ‡šī¸„ķ ‡ ī¸…ķ …°ķ „œķ „“ķ …ģķ … ķ ‡˜ķ „ ķ „Šī¸„ķ „žķ …œķ †°ķ „“ķ ‡‚ķ …˜ķ „ When a company files for bankruptcy, it doesn't disappear overnightķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡Ĩķ „‹ķ †Œķ …Ŋī¸ˆķ „ŋķ ‡¯ķ „Ēķ „ēķ …Ĩķ „˛ķ †Ÿķ †‘ķ ‡¯ķ …ŧķ †Ąķ ‡ƒķ †Šķ †ķ †ķ ‡‚ķ †Ÿī¸…ķ „­ķ †¨ķ †—ķ ‡”ķ „†ķ „¤ķ …Ĩķ „§ķ †Ēķ „´ķ ‡ī¸†ķ …ķ ……ķ †ļķ „ŧķ ‡Œ. There is an entire financial ecosystem that kicks in to manage that processķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ ķ ‡‰ķ „ķ † ķ „ŗķ „ŗķ …™ķ †ēķ …ķ „†ķ †„ķ †Ŋķ †‡ķ „Šķ ‡ĸķ †•ķ …Žķ †Žķ †¯ķ „ŋķ †Žķ …ŋķ …ŗķ †’ī¸Šķ †„ķ †žķ ‡Ąķ ‡Ŧķ …ƒķ „Ÿķ ‡¨ķ †’ķ †˛ķ ‡„ķ ‡ ķ ‡¨ķ …ąķ …ŗķ †Ļ. DIP lenders provide the liquidity to keep things runningķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡”ķ „žī¸‚ķ „‡ķ … ķ †›ķ †Ŧī¸‡ķ †°ķ …žī¸‚ķ „™ķ …™ķ †•ķ †Ąķ „ķ †˛ķ ‡†ķ …ļķ …ŧķ ‡—ķ †‚ķ ‡Ēķ †ļķ †’ķ †”ķ …Œķ „‘ķ †„ķ „ģķ …’ķ ‡ ķ †ĸķ ‡—ķ †Ŋķ „­ķ „ēķ ‡Ēķ …ˇķ „‰. They take super-priority positions, charge high rates, and set tight timelinesķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ †‘ķ …ļķ „Ŧķ …ļķ †žķ „›ķ …šķ ‡Ģķ ‡Ēķ „•ķ ‡ĸķ „—ķ „‰ķ ‡˜ķ …“ķ „ģķ †Ÿķ ‡Ŗķ …–ķ „Œķ ††ķ †ēķ „ģķ …žķ …–ī¸ķ …œķ „ˇķ …´ķ †™ķ †¨ķ †Žķ ‡§ķ „”ķ ‡ī¸ķ †ŧī¸Œķ …ŋ. Existing investors sometimes use these moments to strengthen their position through roll-up mechanicsķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ÿķ „Ļķ †’ķ †ˆķ …™ķ „‹ķ …¸ķ …œķ †Ēķ „­ķ †„ķ …šķ ……ķ „§ķ †Ŗķ ‡¯ķ †ķ †ƒķ †…ķ …°ķ …Ŧķ †’ķ „ƒķ „¤ķ …ģķ „–ķ „“ķ „ĩķ …€ķ †›ķ ‡Ÿķ †›ķ …‘ķ †ķ …ēķ †“ķ …Ģķ „§ķ „ƒķ …ŋ. Assets get pledged as collateralķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „Œķ …€ķ ‡†ķ „ĩķ ‡”ķ …šķ ‡‘ķ †ƒķ …ˇķ „¸ķ „ŋķ †‚ķ „¯ķ „“ķ †Ŗķ †Ēķ „ķ …šķ …˛ķ „ˆķ †šķ ‡¤ķ †ŧķ †Šķ „Ĩķ …Ŋķ †¨ķ „Žķ „ķ „ģķ †”ķ …ļķ „Ŧķ ‡Ŗķ …Žķ „‰ķ „Ŋķ †ļķ „Ļķ †‚. And everything is court-supervisedķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ķ …Ÿķ ‡Ĩķ †ķ …ŧķ „ķ †ķ „…ķ „—ķ †›ķ „žķ „Žķ ‡Žķ †ŗķ ‡¯ķ †´ī¸‹ķ …ķ ‡¯ķ ‡‰ī¸€ķ †Ŗķ …¤ķ „†ķ ‡ī¸ˆķ †ēķ † ķ …Šķ …Ąķ †Šķ „­ķ ‡‘ķ „–ķ …ķ †œķ †¤ķ †‰ķ „ķ †­. This is how Wall Street profits from distressed companies and possibly how you should think about these software companies that are walking down this path.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …Ąķ ‡ķ „Žķ ‡„ķ †´ķ †­ķ ‡Ģķ „Ĩķ ‡ķ †§ķ †‰ķ ‡ĸķ „Ąķ ‡ ķ …žī¸…ī¸Œķ ‡Ąķ ‡Ģķ †Ēķ …˜ķ †–ķ ‡ĸķ †šķ …Ģķ „›ķ …Ĩķ †Ÿī¸…ī¸‹ķ …¤ķ „„ķ †žī¸‰ķ … ķ ‡„ķ †Ģī¸Œķ †›ī¸…Food52 was trying to use this process to get to a 363 sale, find a buyer, and hopefully preserve some version of the brand and business.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †ķ „Ģķ ‡”ķ „Ąķ †´ķ †ēķ ‡‡ķ …´ķ ‡œķ ‡‘ķ †Ŗķ †‚ķ †ģķ …ĸķ †žķ „”ķ †‹ī¸Žķ †­ķ „ŧķ ‡”ī¸Žķ †Ļķ …šķ …ĩķ …‡ķ †…ķ ‡‚ī¸ī¸Œķ ‡Ēķ …ąķ …€ķ … ķ ‡…ķ ‡ˆķ …™ķ ‡Ĩķ †•ķ ‡ĒWhether that worked outķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …ķ „šķ †Ÿķ „›ķ †Šķ †Ŋķ „’ķ „ģķ ‡™ķ ‡Ŗķ …ŋī¸ķ ……ķ †žķ ‡ķ ‡Ĩī¸…ķ ‡§ķ …“ķ †ķ ‡–ķ ‡˜ķ …Ÿķ ‡’ķ †„ķ …—ķ „ˆķ ‡ķ …Šķ „šķ „‰ķ „ļķ …ŗķ …‡ķ †­ķ „…ķ †…ķ …¤ķ … ķ ‡? That's a story still being written.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸī¸‡ķ ‡•ķ †–ķ †ŗķ …žķ ‡¯ķ ‡Ēķ ‡†ķ „…ķ „°ķ †ģķ †Ąķ ‡Ąķ …´ķ †¸ķ „ķ †ĸķ „”ķ …˜ķ ‡ ķ „†ķ „Žķ ‡˜ķ „ēķ ‡­ķ …Šķ …˜ķ ‡‰ķ „Ĩķ ‡›ķ …°ķ ‡Ŧķ „¤ķ †…ķ „†ķ …ąķ ‡Ÿķ †•ī¸„ķ „ĄBut the financing structureķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ēķ †Ēķ …Ĩķ „ēķ ‡‘ķ †Œķ ‡Œķ †ˆķ „™ķ ‡Šī¸€ī¸‹ķ „ķ ‡“ķ …€ķ †ąī¸Œī¸ķ „§ķ „ąķ †ēķ „šķ …¨ķ …ķ …”ķ †Žķ ‡Ŗķ ‡Ĩķ †¤ķ …Ļķ ‡“ī¸…ī¸„ķ …Žķ †‰ķ „ģķ †„ķ …„ķ †¨ķ …š? Now you understand itķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …‚ķ ‡žķ …Œķ †šķ …Ŧķ ‡…ķ „Šķ …ŗķ „ ī¸ƒķ …Ĩķ …¨ķ …‘ķ „‡ķ „Ŋķ „–ķ „–ķ „Ÿī¸…ī¸‰ķ ‡Ąķ „¨ķ …šķ †ķ „ēķ …€ķ „„ķ …ķ …•ķ „‚ķ ‡ˆķ „ķ …•ķ ‡‡ķ †ŧķ †Ŗī¸ƒī¸ƒķ …Œķ „Ž. And understanding how money moves in situations like this is exactly the kind of knowledge that makes you sharper about how businesses actually live, die, and sometimes get resurrected.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡ˆķ „Ŋķ … ķ †ķ „‡ķ …‹ķ ‡’ķ „Ąķ †Ļķ „˛ķ …€ķ †„ķ ‡Ŗķ ‡ķ ‡Šķ †Œķ ‡ˆķ …Šķ „ˇķ „°ķ …€ķ †Ŧķ „ĸķ ‡™ķ †šķ …“ķ †”ķ „ŗķ †šķ „˛ķ „°ķ „šķ †ķ …ķ †ģķ …Ŗī¸€ķ „ˆķ …ķ †Don't be stingy with the 🏀ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ ‡…ķ …’ķ …ēķ ‡ķ ‡…ī¸†ķ „ ķ …­ķ „ĩķ „ķ „•ķ …šķ ‡“ķ „Ąķ ‡Ļķ …ķ „ˆķ †Ĩķ …ˆķ …ļķ †Šķ „€ķ „¤ķ „ēķ ‡¤ī¸ķ „Œķ „ŧķ †Šķ …œķ ‡ ķ ‡›ķ …“ķ …¸ķ ‡­ķ …•ķ „‘ķ „¸ķ †ŧķ „”. Pass this to a friend.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ †Ŋķ †€ķ …‰ķ …Œķ „ģķ ‡‡ķ †ƒķ ‡‹ķ …Ŧķ †™ķ „‰ķ ‡‰ķ ‡„ķ …‚ķ …Ÿķ †šķ ‡ķ †›ķ ‡¤ķ ‡˜ķ „‹ķ „ƒķ ‡Ģķ „•ķ „ēķ †ƒķ ††ķ †“ķ „ķ ‡Šķ ‡‡ķ ‡ķ †ˇķ „Žķ †Šķ †ĸķ „ļķ „¸ķ …Ĩķ ‡’See y'all next week.

ķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ „ī¸ķ †ŋķ „Žķ †”ķ †Ēķ „°ķ ……ķ „–ķ ‡Œķ „ąķ „†ķ „ŋī¸„ķ †ŋķ …™ķ …™ķ „›ķ †šķ †Œķ ‡Œķ †Œķ …¤ķ …‘ķ …žķ „Šķ ‡ķ ‡­ķ †˜ķ †‹ķ †œķ †šķ ‡Žķ …ŋķ ‡Ĩķ …ķ †ŗī¸ˆķ †¨ķ ‡“CJBķ ‡Ÿķ ‡ ķ ‡Ąķ ‡ĸķ …—ķ „Ąķ †šķ †ģķ ‡Ēķ „´ķ „Ļķ …ķ †šķ †•ķ †¨ķ …”ķ „ĩķ „Ĩķ †ŋķ †›ķ „ŗķ „ŧķ ‡¤ķ ‡›ķ „ŋķ ‡„ķ †Ÿķ ‡ķ …žķ „œķ †˜ķ ‡¯ķ †¸ķ …¸ķ „­ķ …°ī¸ķ …ķ ‡€ķ „Šī¸ˆķ †ēķ …‡ķ ‡‹īģŋķ „ŗķ „ĸķ …€ķ „ąķ …„ķ …ˆķ …„ī¸€ī¸ī¸€ī¸€ķ „Šķ †“ī¸€ī¸€ķ „Šķ †“ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „Žķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ … ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ī¸€ī¸€ī¸€ķ „Šķ …­ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ˇķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …ķ …‘ī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …’ķ „Ŗķ …“ķ „Ĩķ …–ķ „ ķ „Šķ …‘ķ „ķ „§ķ „Ĩķ …•ķ …•ķ „ķ „¤ķ …’ķ „Ļķ „ĸķ „ķ …‘ķ „¨ķ „ĸķ „ĸķ „ķ „ĸķ „ ķ …”ķ „§ķ …”ķ …“ķ …‘ķ „¤ķ „Ŗķ „Ĩķ „ ķ „ ī¸€ī¸€ī¸€ī¸†ķ „ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …‘ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗī¸€ī¸€ī¸€ī¸ķ „Ēķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „™ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸī¸€ī¸€ī¸€ī¸ī¸‰ķ …“ķ …’ķ …Ÿķ …ĸķ †‘ķ …—ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …˛ķ †“ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ ķ „§ķ …„ķ „Ąķ „Ąķ „Ēķ „¤ķ „¤ķ „Ēķ „ ķ „Šķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …§ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ĩķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ „ąķ …€ķ „šķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …›ķ …“ķ „ĸķ … ķ …‘ķ „žķ …•ķ …”ķ …™ķ …¤ķ …•ķ …”ķ †”ķ …–ķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ļķ …“ķ „ĸķ … ķ …‘ķ „žķ …§ķ …‘ķ …¤ķ …•ķ …ĸķ …ķ …‘ķ …ĸķ …›ķ …•ķ …”ķ „žķ …’ķ …Ÿķ …Ĩķ …žķ …”ķ …”ķ …§ķ …˜ķ …•ķ …žķ …¤ķ „ĸķ „ ķ „ĸķ „Ļķ „ķ „ ķ „Ĩķ „ķ „ ķ „§ķ …„ķ „Ąķ „Ąķ „Ēķ „¤ķ „¤ķ „Ēķ „ ķ „Šķ …Šķ …ķ …Ŗķ …Ÿķ …–ķ …¤ķ …§ķ …‘ķ …ĸķ …•ķ „ąķ …—ķ …•ķ …žķ …¤ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …›ķ …”ķ …•ķ …Ŗķ …“ķ …ĸķ …™ķ … ķ …¤ķ …™ķ …Ÿķ …žķ …¨ķ „Ÿķ …„ķ …•ķ …¨ķ …¤ķ „ķ …•ķ …ķ …’ķ …•ķ …”ķ …”ķ …•ķ …”ķ „ķ …§ķ …™ķ …¤ķ …˜ķ „ķ ……ķ …žķ …™ķ …“ķ …Ÿķ …”ķ …•ķ „ķ …Ļķ …‘ķ …ĸķ …™ķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ „ķ …Ŗķ …•ķ …œķ …•ķ …“ķ …¤ķ …Ÿķ …ĸķ …Ŗķ „žī¸€ī¸€ī¸ķ „™ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „—ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ī¸€ī¸€ī¸€ī¸€ķ ‡Ēķ …“ķ …’ķ …Ÿķ …ĸķ †•ķ …˜ķ „°ķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …ĸķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ŗķ …“ķ …˜ķ …•ķ …ķ …‘ķ „žķ …Ÿķ …ĸķ …—ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŗķ …ĸķ …•ķ …‘ķ …¤ķ …™ķ …Ļķ …•ķ …‡ķ …Ÿķ …ĸķ …›ķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ „Šķ …–ķ …“ķ „Ŗķ „Ŗķ „Ļķ „Šķ „Ļķ „ ķ „Ŗķ …•ķ „¨ķ …”ķ „ ķ „ ķ „ ķ „Ąķ „Ŗķ …–ķ „Ļķ …–ķ …–ķ …“ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „¨ķ „Ąķ „Ĩķ „¤ķ „ĸķ „¤ķ „¨ķ …ķ „Ŗķ „Ļķ …–ķ „ĸķ …“ķ „Ŗķ …–ķ …–ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „¨ķ …—ķ …˜ķ …Ÿķ …Ŗķ …¤ķ …ķ … ķ …Ÿķ …Ŗķ …¤ķ …ķ „Ļķ „Šķ …–ķ …“ķ „Ŗķ „Ŗķ „Ļķ „Šķ „Ļķ „ ķ „Ŗķ …•ķ „¨ķ …”ķ „ ķ „ ķ „ ķ „Ąķ „Ŗķ …–ķ „Ļķ …–ķ …–ķ …“ķ …ķ …Ļķ „Ąķ „§ķ „§ķ „¨ķ „Ąķ „Ĩķ „¤ķ „ĸķ „¤ķ „¨ķ …ķ „Ŗķ „Ļķ …–ķ „ĸķ …“ķ „Ŗķ …–ķ …–ķ …™ķ … ķ …Ĩķ …’ķ …œķ …™ķ …Ŗķ …˜ķ …•ķ …ĸķ †’ķ …•ķ „°ķ …¤ķ …Šķ … ķ …•ķ …œķ „ŋķ …ĸķ …—ķ …‘ķ …žķ …™ķ …Ēķ …‘ķ …¤ķ …™ķ …Ÿķ …žķ …šķ …™ķ …”ķ …•ķ …žķ …¤ķ …™ķ …–ķ …™ķ …•ķ …ĸķ …¤ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ī¸€ī¸€ī¸€ķ †Šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗī¸€ī¸€ī¸€ī¸€ķ …´ķ …“ķ …’ķ …Ÿķ …ĸķ †’ķ …¤ķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „ŗķ …ĸķ …•ķ …”ķ …•ķ …žķ …¤ķ …™ķ …‘ķ …œķ …¨ķ …€ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …Ļķ …•ķ …ĸķ …™ķ …–ķ …Šķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „Ÿķ …Ļķ „Ąķ „Ÿķ …œķ …™ķ …Ŗķ …¤ķ …Ŗķ „Ÿķ „¤ķ „Šķ „§ķ …‘ķ „Ŗķ „¨ķ …–ķ „Šķ „ķ „Šķ „§ķ …’ķ …–ķ „ķ „¤ķ …–ķ …’ķ „ ķ „ķ „¨ķ „ĸķ „§ķ „¨ķ „ķ …•ķ „Ąķ „¤ķ …”ķ …’ķ „¤ķ …–ķ „Ĩķ …’ķ „Ąķ „Ĩķ „Ĩķ …Ÿķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ „ŧķ …™ķ …Ŗķ …¤ķ „šķ …žķ …”ķ …•ķ …¨ķ …“ķ „ĸķ „¤ķ „ ī¸€ī¸€ī¸€ķ ‡˜ķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „ ķ …šķ …Ĩķ …ķ …”ķ …“ķ …’ķ …Ÿķ …ĸī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąī¸€ī¸€ī¸€ī¸€ķ † ķ …“ķ …’ķ …Ÿķ …ĸķ †”ķ …™ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …˜ķ …‘ķ …Ŗķ …˜ķ …¨ķ „°ķ „Ĩķ „Šķ „Šķ …•ķ „ĸķ …’ķ …–ķ …”ķ „Ŗķ „ĸķ „§ķ …”ķ „ĸķ „¤ķ „Šķ …“ķ „§ķ „ĸķ „¤ķ „Ļķ „¤ķ „ĸķ …•ķ „Šķ …‘ķ …–ķ „¨ķ „¨ķ „Ļķ „Ļķ „Ąķ …”ķ „¤ķ …“ķ …–ķ …“ķ …–ķ …•ķ „Ĩķ „Ĩķ „Šķ „Ļķ „Ļķ …’ķ „ĸķ …•ķ „¤ķ „Šķ …”ķ „Šķ „Ļķ „Šķ …”ķ „Ŗķ …•ķ „Ļķ „§ķ „¤ķ „Šķ „Ŗķ „Ĩķ „Ĩķ …•ķ „ ķ …žķ …¤ķ …Ÿķ …¤ķ …‘ķ …œķ …ķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …Ŗķ „ˆķ …Ÿķ …—ķ …ĸķ …Ÿķ …Ÿķ …¤ķ …ķ …™ķ …”ķ …¨ķ „”ķ …’ķ „Ļķ …•ķ „§ķ „§ķ …‘ķ …‘ķ …–ķ „ķ „¨ķ „ ķ „Šķ …–ķ „ķ „¤ķ „ ķ „Šķ „ĸķ „ķ …‘ķ …’ķ …“ķ „ ķ „ķ „ĸķ …“ķ „¤ķ „§ķ „¤ķ …’ķ „Ąķ …–ķ …•ķ „ ķ „Šķ …‘ķ …ĸķ …Ŗķ …•ķ …—ķ …ķ …•ķ …žķ …¤ķ …‘ķ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‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †Ģķ „ķ …­ķ †™ķ „€ķ †ĸķ …€ķ †¸ķ ‡ƒķ „’ķ „Ÿķ „œķ „”ķ …Šķ „šķ „‘ķ „’ķ …‚ī¸ˆķ „œķ ‡›ķ …ļķ …ēķ †‘ķ ‡¨ķ †Žķ ‡‡ķ ‡¤ī¸ƒī¸„ķ †­ķ ‡…ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †žķ ‡’ī¸‰ķ „‹ķ „ˇķ ‡žķ …Šķ „˛ķ ‡­ķ …ĩķ „Šķ „´ķ …­ķ ‡’ķ ‡Ŗķ „†ķ ‡‹ķ †Ģķ …ŧķ †‰ķ …‡ķ …ī¸Šķ …Ģī¸ķ ‡ ķ †ˇķ …„ī¸‡ķ …¯ķ ‡ ķ „ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļī¸€ī¸€ī¸ķ †šķ …šķ …Ĩķ …ķ …’ī¸€ī¸€ī¸€ķ „˜ķ …šķ …Ĩķ …ķ …”ķ …“ķ „ĸķ …“ķ …Ŗī¸€ķ „ī¸€ķ „€ķ …°ī¸€ī¸€ķ †šī¸€ķ „¨ķ †‹ķ …Ąī¸ƒķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ī¸€ī¸€ī¸€ī¸ķ …Ēķ …“ķ …’ķ …Ÿķ …ĸķ …´ķ „´ķ †‘ī¸ķ „¨ķ „’ķ †‘ķ „ˆķ „‘ķ …ŗķ …‰ī¸ƒķ †´ķ „ ķ …˛ī¸ƒķ †°ķ „ ķ …˛ī¸ƒķ „ĩķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „„ķ †žķ †Ŗķ „Šķ †ąķ †ƒķ „Ŗķ „¤ķ †Ŋī¸‚ķ …Žķ …šķ „œķ ‡“ķ †Šķ …˜ķ ‡ ķ ‡—ķ …ķ „Žķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ŗķ „ ķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „‡ī¸ķ „ĸķ „§ķ „ ķ „Ĩķ „ ķ „Ąķ „Ąķ „¤ķ „¤ķ „ ķ „ ķ „Ļķ …Šķ „ ķ „ģķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „Ąķ „ķ „ ķ „‹ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „„ķ …Ÿķ …ĸķ …—ķ …ķ „Ŗķ …•ķ „Ĩķ …“ķ „§ķ „Šķ „Ąķ „¨ķ „§ķ „Šķ „§ķ „ĸķ …–ķ …–ķ …”ķ „§ķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ …šķ ‡Šķ †‘ķ „Ŗķ …’ķ …¯ķ †˜ķ ‡™ķ †ķ †ļķ …„ķ „ķ ‡šķ †ŗķ †ķ …ķ †›ķ ‡‹ķ „Ŗķ …‘ķ …Ŧķ „Šķ „šķ †Šķ …šķ ‡˜ķ †ŧķ †ˇķ ‡‰ķ „¤ķ ‡™ī¸ķ „Žī¸Œķ „—ķ „ķ † ķ „‡ķ ‡†ķ ‡ķ …’ķ …ēķ †¨ķ …šķ …Œķ …°ķ †Ļķ †ŋķ …ĩķ †ŋķ …Ģī¸ˆķ †ļķ ‡ī¸‡ķ „Ēķ ‡’ķ …›ķ ‡Ąķ „Žķ ‡Šķ ‡Ąķ …ķ „‹ķ ‡‡ķ …ĩķ …‰ķ †Ŗķ ‡§ķ …žķ … ķ „Žķ „ąķ ‡…ķ ‡˜ķ „Žķ „„ķ …§ķ ‡Ģķ †‡ķ „‹ķ †‡ķ †ŧķ …‡ķ ‡Ēķ †´ķ †Ļķ †¨ķ †ēķ …žķ †Ēķ ‡‹ķ ‡Ļķ …ŧķ …‚ķ „ ķ †“ķ …˛ī¸ķ †‘ķ „ ķ …˛ī¸ķ †ķ „ ī¸Œī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸‚ķ „ ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸†ķ †°ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡™ķ ††ķ …Ŗķ †šķ †ļķ ‡Žķ …ŗķ ‡…ķ „Ÿķ †ēķ †ļķ „Ÿķ …Ģķ …’ķ …šķ …ķ …‹ķ ‡Šķ †žķ ‡‘ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „Ēī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „Ŗķ „ ķ „Ąķ „ ķ „Ÿķ †ķ „ķ †ķ „›ķ …ļķ „™ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ķ „‰ī¸†ī¸‰ķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸„ī¸Œī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ƒī¸Šķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Ŧķ …ĩķ ‡Šķ „Šķ ‡€ķ †‚ķ ‡‚ķ „™ķ „Ąķ …–ķ …ˆī¸ķ „šķ …ˆķ ‡‚ķ „ĸķ †Ļķ „ŗķ ‡Ģī¸‰ķ ‡–ķ ‡–ķ …ąķ †ƒķ „ˆķ †Šķ …Ļķ „§ķ †ī¸Œķ …ˇķ †šķ …‘ķ „ ķ „¤ķ „Ŧķ …Žķ †°ķ …ŋķ „™ķ †”ķ ‡Ŗī¸ķ †°ķ †šķ ‡Žī¸Žķ ‡ī¸‚ķ „Ąī¸€ķ †žķ †–ķ ‡Šķ …˜ķ ‡‘ķ „„ķ ‡Ŧķ ††ķ …”ķ †”ķ †šķ †§ķ …ąķ „ ķ †¨ķ …Ŋķ †Ŗķ …‹ķ ‡¤ī¸Šķ †´ķ …šķ †˛ķ „—ķ „Ŋķ …Žī¸ķ †§ķ …“ķ †Šķ …‡ķ †šķ †šķ †ˇķ †…ķ ‡‹ķ …Ŗķ ‡Ĩķ ‡¯ķ …Ÿķ ‡Ģķ ‡Šī¸‰ķ …Ÿķ ‡ķ …¤ķ …¸ķ †ƒķ …‰ī¸ƒķ ‡Ÿķ „ ķ …˛ī¸ƒķ ‡›ķ „ ķ …˛ī¸ƒķ …Ąķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ī¸ƒķ „Šķ …žķ „¯ķ †¨ķ „˜ķ †ī¸‹ķ ‡Žķ „—ķ †ĸķ …ķ †‡ķ …Ēķ †ĩķ †ķ „Ÿķ †ąķ „¨ķ ‡ĸķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „‡ī¸ķ „Ŗķ „Ąķ „ ķ „¤ķ „Ąķ „Ļķ „Ąķ „¤ķ „Ąķ „Ąķ „¤ķ „Šķ …Šķ „ ķ …ąķ †ķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „–ķ „ ķ „”ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „ķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ „šķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ ‡Ŗķ …†ķ …Šķ …¤ķ †´ķ …Žķ ‡’ķ „žķ †™ķ …‹ķ †•ķ ‡Žķ †€ķ †Šķ ‡ķ ‡’ī¸ƒķ „•ķ †‘ī¸†ķ „Šķ „€ķ „ģķ †Ąķ „Ģķ …‹ķ …¸ķ †§ķ ‡ ķ †€ķ ‡Ŧķ „ķ †ēķ †Ŗķ ‡Ēķ „ķ ‡ˆķ …ēķ ‡›ķ …Žķ …¸ķ †ĩķ …ķ „Ŋķ †ąī¸€ķ †Šķ ‡¯ī¸€ī¸ƒķ †šķ ‡ˆķ …‘ķ ‡—ķ …ąķ ‡Ēķ …€ķ †´ķ …´ķ …—ķ …‚ķ †šķ „žķ ‡‹ī¸€ķ †—ķ …€ķ „žķ „Šķ ‡Ļķ †œķ „ŧī¸ķ „œī¸Žķ …Ēķ „•ķ †‰ī¸ķ „Ŋķ †Ēķ †ŧī¸‰ķ ……ķ „šķ †¨ķ …Œķ †ēķ †•ī¸‹ķ „†ķ ‡šķ †Ĩķ …‘ķ ‡¤ķ …ŗķ †“ķ …˛ī¸ķ …šķ „ ķ …˛ī¸ķ …ĩķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸€ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „•ī¸„ķ „‰ķ „ ķ „‡ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸‚ī¸ī¸†ī¸‰ķ „šķ …ļķ „¸ķ …ļķ ‡§ķ „Ÿī¸ī¸ī¸…ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ ‡šķ †ĸķ †…ķ „ķ ‡ĸķ †Ģķ …‡ķ „ķ †ŋķ „Ŧķ †Ģķ …Ŗķ †žķ ‡›ķ „˜ķ „¸ķ ‡Šķ …€ī¸…ķ „„ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „§ī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ ķ „ ķ „žķ „ ķ „œķ †ķ „šķ †ķ „˜ķ …ļķ „–ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …“ķ …ĸķ …œķ „Ÿķ …ĸķ …Ÿķ …Ÿķ …¤ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …œķ „ ķ …Ĩī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸ī¸ī¸„ķ …™ķ „ ķ …—ķ „ ķ „—ī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸ķ …ļķ „‹ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …Ÿķ …“ķ …Ŗķ … ķ „ ķ „Ŧī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ķ „ ī¸‚ķ …ļķ „ ķ …˜ķ …¤ķ …¤ķ … ķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …™ķ …Ŗķ …Ŗķ …Ĩķ …™ķ …žķ …—ķ „ķ …“ķ …‘ķ „žķ …“ķ …ĸķ …¤ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …˜ī¸€ķ „ ķ …•ī¸‚ķ „ ķ „ˆī¸ƒķ „Žķ …´ķ „†ķ …ŧī¸„ķ „Ēķ …ģķ „°ķ †ļķ †´ķ †“ī¸Žķ †›ķ „Ēķ …ŗķ …Ĩķ …“ķ ‡œķ ‡ķ „Ąī¸ķ …‘ķ „žķ †€ķ …›ī¸„ķ †„ķ ‡”ī¸„ķ …•ķ †Ąķ †œķ …ŋķ †€ī¸‰ķ †­ķ †‹ķ †žķ „„ķ ‡ ķ …‚ī¸Œķ †Ÿķ ‡ķ †ąķ „•ī¸‚ķ „Ąī¸€ķ …žķ ‡’ķ †™ķ … ķ †—ī¸‡ķ …‡ķ „šķ †Ļķ „€ķ †ĸķ …ķ …—ķ ‡ ķ „¨ķ †ŧķ „ģķ †€ķ † ķ „ĩķ ‡€ķ †„ķ †Ąķ „žķ ‡Šķ …Œķ †ķ †Ŧķ ‡”ķ „‰ī¸‰ķ …­ķ „ŧķ ‡Ēķ †‚ķ …Žķ …Ŧķ †´ī¸Šķ …Šķ …¸ķ „¨ķ …ˇķ †§ķ †Ēķ ‡ƒī¸‰ķ †ˆķ …‰ī¸ƒķ „‰ķ „ ķ …˛ī¸ƒķ „…ķ „ ķ …˛ī¸‚ķ †Šķ †ī¸ƒī¸‚ī¸ī¸‚ī¸‚ķ „„ķ „žķ …Žī¸„ķ †Ĩķ ‡›ī¸ˆķ …ķ ‡‚ķ …—ī¸ˆķ ‡“ķ …ķ „‰ķ …´ķ „žķ …ĩķ …˜ķ †ˇķ †ĩķ †Ŧķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ „Žķ „‡ī¸ķ „ĸķ „Ļķ „ ķ „¤ķ „Ąķ „Ĩķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „‡ī¸ķ „¤ķ „Ļķ „ ķ „¤ķ „Ąķ „ ķ „Ąķ „¤ķ „Ąķ „Ąķ „ĸķ „¤ķ …Šķ „ ķ …ąķ …žķ „Ąī¸‹ķ „ ī¸‰ī¸†ī¸ƒķ ……ī¸„ī¸†ķ „ƒī¸‚ķ ……ķ …ƒķ „Ąķ „ƒķ „ ķ „ī¸†ī¸ƒķ ……ī¸„ī¸ˆī¸Œī¸Šķ „ŗķ …‘ķ …œķ …™ķ …–ķ …Ÿķ …ĸķ …žķ …™ķ …‘ķ „Ąķ „†ķ „ ķ „„ī¸†ī¸ƒķ ……ī¸„ī¸‡ī¸Œī¸ķ …ƒķ …‘ķ …žķ „ķ „ļķ …ĸķ …‘ķ …žķ …“ķ …™ķ …Ŗķ …“ķ …Ÿķ „Ąķ „‡ķ „ ķ „…ī¸†ī¸ƒķ ……ī¸„ī¸Šī¸Œī¸Žķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ …Ÿķ …ĸķ … ķ „žķ „Ąķ „„ķ „ ķ „‚ī¸†ī¸ƒķ ……ī¸„ī¸‹ī¸Œī¸‹ķ „ŗķ „ąķ „ķ „´ķ …™ķ …Ļķ …™ķ …Ŗķ …™ķ …Ÿķ …žķ „Ąķ „“ķ „ ķ „‘ī¸†ī¸ƒķ ……ī¸„ī¸ƒī¸Œķ „Šķ „ĩķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ „ŗķ „ĸķ …€ķ „ąķ „ķ …‚ķ …Ÿķ …Ÿķ …¤ķ „ķ „ŗķ „ąķ „ķ „ĸķ „ ķ „ĸķ „Ļķ „ ķ …Ļķ „ ķ „€ī¸†ī¸‡ķ „šķ …ļķ „¸ķ †žķ „­ī¸‚ī¸ī¸†ī¸…ķ „›ķ …ąī¸„ī¸€ķ „’ī¸ƒķ …’ī¸€ī¸„ķ †ĸķ „œķ „Ļķ „ĸķ …‘ķ „ĩķ „ēķ ‡Šķ „Ēķ „Ŧķ …”ķ …Ģķ „ąķ †­ķ „ķ ‡™ķ †‰ķ ‡ķ „ˆī¸Šķ † ķ „¤ī¸Žķ †—ī¸„ķ ‡œķ ‡ķ ‡ ķ „’ķ …šķ †™ķ ‡–ķ †Ģķ …Ļķ …Šķ …Ŗķ „ ķ ‡Ēķ …Ąķ „ ķ …Ŧķ †Œķ †­ķ „“ķ „Ģķ ‡’ķ …žķ …šķ …œķ „­ķ …ˆķ „Žķ †›ķ …ĩķ †šķ „ēķ †Žķ „ŋķ †ģķ ‡ƒķ ‡Ŗķ ‡ˆķ „ąķ †”ķ …¯ķ †–ķ †˛ķ … ķ …œķ …›ķ …Šķ „€ķ …ąķ †Šķ †Šķ …™ķ ‡ƒķ „“ķ ‡šķ †šķ †“ķ ‡ķ …€ķ …Šķ …Œķ ‡ķ „žķ „­ķ „šķ „ģķ „ƒķ ‡‡ī¸ķ …¤ķ ‡§ķ …ķ †“ķ …ąķ †Ļķ „ ķ …ąķ †Ŗķ „ ķ „‚ī¸†ī¸ƒķ ……ķ „ķ „ƒī¸ī¸ķ ‡¯ī¸„ī¸ˆķ „ ī¸†ī¸ī¸ķ ‡¯ī¸‚ī¸ī¸ķ „ ī¸Žī¸†ī¸ƒķ ……ķ „ī¸ī¸ī¸ķ ‡¯ī¸„ī¸„ī¸ƒī¸‚ī¸ī¸†ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ī¸Žī¸„ķ „†ī¸„ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „ī¸†ī¸ƒķ ……ķ „ķ „“ī¸„ķ „ˆķ „ ķ „†ķ …°ķ „„ķ „‰ķ ‡§ķ …Šķ „¨ķ …Šķ †¨ķ †§ķ „šķ …’ķ …Œķ †Ēķ ‡ķ ‡Ģķ ‡§ķ „˛ī¸ˆķ „”ī¸†ī¸ķ ‡˜ķ „ ķ „Ŋī¸†ī¸ƒķ ……ķ „ķ „ī¸„ķ „ļķ „ ķ „´ķ „ ķ „˛ī¸†ī¸Šķ „›ī¸†ī¸ī¸„ī¸ķ …ŗķ ‡˜ķ …Žī¸ī¸ķ „ ķ „¤ķ „ ķ „ĸī¸†ī¸ˆķ „›ī¸†ī¸ī¸…ī¸…ī¸‡ī¸‚ī¸ķ „†ķ „–ķ …˜ķ …¤ķ …¤ķ … ķ …Ŗķ „Ēķ „Ÿķ „Ÿķ …“ķ …‘ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …ķ „Ÿķ …ĸķ …•ķ … ķ …Ÿķ …Ŗķ …™ķ …¤ķ …Ÿķ …ĸķ …Šķ „Ÿķ …“ķ … ķ …Ŗķ „ ī¸Šī¸†ī¸ˆķ „šķ …ļķ „¸ķ †žķ „­ī¸„ī¸ƒī¸ƒī¸ƒķ …™ī¸€ķ „ ķ …–ī¸‚ķ „Ąī¸€ķ †Žķ †‚ķ „ƒķ †Šķ †Ĩķ ‡§ķ …ƒķ †§ķ †Šķ „ŧķ †ĸķ ††ķ „Ĩī¸Žķ …‡ķ „”ķ „ķ „¸ī¸ķ …Šķ †‘ķ ‡›ķ †Žķ †ˇķ †—ķ „œķ „Ÿķ †¸ķ „‹ķ †…ķ ‡¤ķ …Žķ „šķ ‡ ķ …ĸī¸ˆķ ‡Šķ „ĸķ …–ķ ‡Ēķ ‡ķ „’ī¸ƒķ ‡†ī¸ˆķ ‡•ķ †ŗķ †Ĩī¸‚ķ „Ąī¸€ķ †Šķ …›ķ …Ÿķ …Ŧķ ‡Žķ …ĸķ †‘ī¸ī¸ķ „žķ ‡Žķ †ķ †‰ķ †Œķ ‡…ķ „ąķ „Ŗķ ‡Ÿķ ‡„ī¸‚ķ …Ēķ „ķ …°ķ ‡¤ķ †ŋķ †­ķ „ŗķ ‡Ÿī¸‚ķ †—ķ †œķ …’ķ „‘ķ „œķ …€ķ …™ī¸‚ī¸‹ķ …žķ †¯ķ „ķ †ĸķ †œī¸ķ „ŗī¸‡ķ „‘ķ „Ŋķ …‰ī¸„ķ „žķ †•ķ …šķ …™ķ …žķ …Ŗķ …¤ķ …‘ķ …žķ …“ķ …•ķ „šķ „´ķ …¨ķ „ķ …Ĩķ …ĸķ …žķ „Ēķ …Ĩķ …Ĩķ …™ķ …”ķ „Ēķ …•ķ „§ķ „Ąķ „Ŗķ „ĸķ „Šķ …’ķ „¤ķ „ķ „¤ķ „§ķ …‘ķ …‘ķ „ķ „¤ķ …‘ķ „Šķ „ ķ „ķ …’ķ „¨ķ …“ķ …”ķ „ķ …’ķ „Šķ …‘ķ …“ķ …’ķ …’ķ „¨ķ „¨ķ „Ąķ …–ķ …“ķ …•ķ …¤ķ …“ķ …œķ …‘ķ …™ķ …ķ …ķ …—ķ …•ķ …žķ …•ķ …ĸķ …‘ķ …¤ķ …Ÿķ …ĸķ …ķ …™ķ …žķ …–ķ …Ÿķ †“ķ …”ķ …žķ …‘ķ …ķ …•ķ …¨ķ „ķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „ķ …•ķ …žķ …¤ķ …•ķ …ĸķ … ķ …ĸķ …™ķ …Ŗķ …•ķ „ķ …‘ķ … ķ …™ķ „Ÿķ „ĸķ „žķ „ ķ „žķ „ ķ …—ķ …Ļķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „Ąķ „žķ „ ķ …›ķ …Ŗķ … ķ …•ķ …“ķ …†ķ …•ķ …ĸķ …Ŗķ …™ķ …Ÿķ …žķ …“ķ „ĸķ „žķ „¤ķ …™ķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …¨ķ „ˇķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …Ĩķ …ĸķ …žķ „Ēķ …“ķ „ĸķ … ķ …‘ķ „Ēķ …’ķ „Ŗķ …“ķ „Ĩķ …–ķ „ ķ „Šķ …‘ķ „ķ „§ķ „Ĩķ …•ķ …•ķ „ķ „¤ķ …’ķ „Ļķ „ĸķ „ķ …‘ķ „¨ķ „ĸķ „ĸķ „ķ „ĸķ „ ķ …”ķ „§ķ …”ķ …“ķ …‘ķ „¤ķ „Ŗķ „Ĩķ „ ķ „ ķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …™ķ …—ķ …žķ …‘ķ …¤ķ …Ĩķ …ĸķ …•ķ …ĸķ …“ķ …ĸķ …•ķ …‘ķ …¤ķ …•ķ …”ķ …ķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ …¸ķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „šķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …“ķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „žķ …Ļķ „ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †Ĩī¸‚ķ †…ķ „•ķ „—ķ ‡•ķ …Ŗī¸ķ „Ŧķ „´ķ †Žķ †Šī¸Žķ †—ķ †…ķ †‰ķ …Ģķ †’ķ „ƒķ „–ķ …†ķ †‘ķ ‡§ķ ‡Ļķ …ĸķ „ ķ ‡žķ …•ķ ††ķ ‡–ķ ‡ƒķ …šķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „˜ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …ķ …•ķ …¤ķ …‘ķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „…ķ †™ķ †ŋķ …¤ķ ‡Žķ †§ķ …Ļķ ‡ƒķ †ķ „°ķ †šķ ††ķ …ƒķ ‡¤ķ …“ķ …Œķ …ŗķ ‡—ķ …Žķ ……ķ „°ķ „Žķ „„ķ ‡Ēķ †°ķ …ŗķ †´ķ ‡ˆķ ‡Ÿķ †‹ķ ‡Ÿķ ‡‚ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …Ÿķ …ĸķ …—ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …¤ķ …‘ķ …¤ķ …Ĩķ …Ŗķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ ‡Ĩķ …§ķ ‡‹ķ †•ķ †Ĩķ ‡ˆķ …ī¸ī¸Œķ …˛ķ ‡…ķ „–ķ „ˇķ „ˆķ „§ķ „ĩķ ‡¨ķ „ģķ ‡“ķ …˛ķ „Žķ †‹ķ †žķ „œķ „ŋķ ‡Ģķ …ˇķ †Ąķ ‡ĸķ ‡‡ķ †Ŗķ „Ÿķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ąķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …ķ …•ķ …ĸķ …›ķ …œķ …•ķ „žķ …Ļķ „Ąķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ „šķ „…ķ „Ŧķ …¯ķ †žķ ‡Ąī¸‡ķ ‡œķ †’ķ …ķ …€ķ ‡ĸķ …—ķ ‡Ąķ „˛ķ …ˇķ „ļķ ‡Œī¸†ķ „‚ķ †Žķ ‡Œķ ‡Ēķ …†ķ ‡™ķ „ķ …Žķ ‡”ķ †ĩķ †€ķ „Žķ †™ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „žķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …Ŗķ …™ķ …—ķ …žķ …•ķ …ĸķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †­ķ ‡Ŧķ †­ķ „ēķ ‡Œķ †šķ „¤ķ …ŗķ …ŗķ „ŧķ „‚ķ …ąķ …”ķ ‡Žķ †šķ ‡‡ķ †§ķ ‡žķ †Žķ †ŋķ …šķ †ēķ „„ķ ‡Žķ †¤ķ ‡Žķ …°ķ ‡ˆķ †’ķ „˛ķ †Ēķ †˛ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „Ÿķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ …Ÿķ …ķ „žķ …•ķ …žķ …“ķ …Šķ … ķ …˜ķ …•ķ …ĸķ „žķ …“ķ …Ÿķ …žķ …¤ķ …•ķ …¨ķ …¤ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ …ķ „—ķ „”ķ ……ķ „‘ī¸‰ķ ‡‰ķ †Šķ †Žķ ‡‘ķ …Ģķ ‡§ķ „´ķ †­ķ …‹ķ ‡‹ķ …šķ ‡”ī¸ķ †ŋķ †Ļķ ‡ķ †‚ķ „Ąķ †Žķ ‡¨ķ †’ķ ††ķ †Ģķ ‡Ŧķ …ģķ „’ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „™ķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …˜ķ …‘ķ …Ŗķ …˜ķ „žķ …”ķ …‘ķ …¤ķ …‘ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †Ģķ „ķ …­ķ †™ķ „€ķ †ĸķ …€ķ †¸ķ ‡ƒķ „’ķ „Ÿķ „œķ „”ķ …Šķ „šķ „‘ķ „’ķ …‚ī¸ˆķ „œķ ‡›ķ …ļķ …ēķ †‘ķ ‡¨ķ †Žķ ‡‡ķ ‡¤ī¸ƒī¸„ķ †­ķ ‡…ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ †“ķ …“ķ …Ĩķ …ĸķ …œķ …¨ķ „œķ …Ŗķ …•ķ …œķ …–ķ „“ķ …šķ …Ĩķ …ķ …’ķ …–ķ „­ķ …“ķ „ĸķ … ķ …‘ķ „žķ …‘ķ …Ŗķ …Ŗķ …•ķ …ĸķ …¤ķ …™ķ …Ÿķ …žķ …Ŗķ „Ÿķ …“ķ „ĸķ … ķ …‘ķ „žķ …Ŗķ …Ÿķ …–ķ …¤ķ „ķ …’ķ …™ķ …žķ …”ķ …™ķ …žķ …—ķ …”ķ …˜ķ …‘ķ …Ŗķ …˜ķ …ˆķ „ķ †žķ ‡’ī¸‰ķ „‹ķ „ˇķ ‡žķ …Šķ „˛ķ ‡­ķ …ĩķ „Šķ „´ķ …­ķ ‡’ķ ‡Ŗķ „†ķ ‡‹ķ †Ģķ …ŧķ †‰ķ …‡ķ …ī¸Šķ …Ģī¸ķ ‡ ķ †ˇķ …„ī¸‡ķ …¯ķ ‡ ķ „ķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …“ķ …‘ķ …œķ …—ķ …–ķ …Ŗķ …˜ķ …‘ķ „ĸķ „Ĩķ „Ļķ …ˆķ …ķ „Ĩķ †Ļķ ‡ƒķ „°ķ „Žķ †Œķ „´ķ …ķ †ķ „Ÿķ „…ķ „…ķ ‡Ŗķ …Žķ †Ŧķ …ˇķ †ķ ‡—ķ †§ķ …‘ķ †˜ķ ‡œķ †‘ķ „ƒķ ‡Ąķ ‡‹ķ …Šķ …ģķ „Ģī¸Šķ „Ŗķ …ķ ‡­ķ ‡ƒķ …°ķ †‡ķ „…ķ …Šķ †ŋķ …ķ †ēķ †¤ķ †Ŧķ „¤ķ ‡ ķ …‘ķ ‡„ķ …Ŋķ †Ŗķ †Šķ …¨ķ † ķ …œķ „ŋķ …˜ķ †ąķ „‡ķ …Ąķ …‡ķ ‡–ķ …°ķ …ļķ „‹ķ ‡”ķ …ąķ ‡œķ …›ķ …´ķ „´ķ ‡Šķ †ķ †°ķ †‘ķ †‹ķ …žķ †Ąķ „¯ķ ‡­ķ …ƒķ ‡œķ …ķ ‡‘ķ ‡–ķ …ķ …Ąķ „´ķ …­ķ ‡‚ķ …•ķ †‡ķ „„ķ ‡…ķ ‡„ķ …œķ „›ķ †¯ī¸€ī¸€ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯ķ ‡¯

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