You are on page 1of 2

13*$#+1$)"$")+"#!1!

%4

!&%*+*+,$F*'"$
42&4(0#
8'$.@%$?-&3.(3%$",$,"-,&(.(/0$
A%3"2%'$2"-%$#(+%'?-%&+$&/+$
.@%$-C)%'$A%3"2%$2"-%$,"-2&)4
.-&(/(/0$A%3"2%'$2"-%$(2?"-.&/.4$
'&*'$617!869$:1;;<!=6>$

># 34565SST5U6;KS4QHQS;Q<6=QHU3S6>#?#

'Art of Forfaiting' Special Conference [June 10].indd 20 04/08/2010 15:01:16


F+
J&.'1+($&')')*+')+J2.(+:$&1('12+&),+0&$52(+1#)M2)('#).+ >;$",)$$'",'%()"#'(/+)'+*#E)%$7'<;--),39'%()9'.",-'%()+$)3C)$'",'*'
'.+.#02(6')*+(6&(+(62+-)(2$)&('#)&/+"#$%&'(')*+F..#1'&('#)+ +*#E)%'G"%(/;%'>/#-)#$'*,-'.*0)-'G"%('%*0E3",1'"$$;)$'%()9MC)',/%'
Q-"FR+6&.+&/@&;.+J22)+522)+(#+#%%2$N+ ),0/;,%)#)-'>)./#)7'T/5).;339&'%()9'.",-'%()'$%))5'3)*#,",1'0;#C)'
:()'2!=M$'$%*%;%)$&'-#*G,';5'",'Ynnn&'-)$0#">)'%()'=$$/0"*%"/,M$' .;,&'*$'G)33'*$'-)+*,-",17'
/>Q)0%"C)$'*$&'*+/,1'/%()#'%(",1$&'H%/'5#/C"-)'$)#C"0)$'*,-'
*$$"$%*,0)'%/'5*#%"0"5*,%$'",'%()'./#.*"%",1'>;$",)$$L&'*,-'%/'5#/+/%)' W%+,2%,#$%+/$6*e2*/*'3
$;0('>;$",)$$7' ='0(*#*0%)#"$%"0'%(*%'2'.",-'*$%/,"$(",1'*+/,1'/. '%(/$)'*%%),-",1'
:()'"$$;*,0)'/. '%()'2!=M$'$)0/,-*#96+*#E)%'F;"-)3",)$'%(),&' /;#'$)+",*#$'"$'(/G'G)33'%()9'-)*3'G"%('./#.*"%",1'0/,0)5%$'",'
%()'2,%#/-;0%"/,'%/'%()'f#"+*#9'!/#.*"%",1'^*#E)%'+/#)'#)0),%39&' 8,13"$(&')C),'%(/;1('"%'+*9',/%'>)'%()"#'+/%()#'%/,1;)7'2%'"$'
*,-'5#/>*>39&'",'.;%;#)&'%()')$%*>3"$(+),%'/. '+/#)'./#+*3'#;3)$' *'.*0%'/. '3".)'%(*%'8,13"$('"$'%()'+%.;(#*/$#.0#'/. '%()'+*#E)%'>;%&'
./#'%()'+*#E)%&'*#)'*3$/'),C"$*1)-'",'%()'$%*%;%)$7':#*",",1'(*$' ,/,)%()3)$$&'+*,9'/. ';$'G/;3-'$%#;113)'". 'G)'G)#)'/>3"1)-'%/'
>)0/+)'",0#)*$",139'#)3)C*,%'*$'%()'+/C)'%/'"+5#/C)-'5#*0%"0)'*,-' G#)$%3)'G"%('=#*>"0&'^*,-*#",&'`;$$"*,&'w*5*,)$)'/#'*,9'/%()#'
1/C)#,*,0)'(*$'*00)3)#*%)-K'./#+*3'#;3)$'#)R;"#)'./#+*3'%#*",",17' 3*,1;*1)'G)'*#)';,.*+"3"*#'G"%(&'*$'G)33'*$'3)*#,",1'%()'.",)#'5/",%$'
=,/%()#'E)9'-#"C)#'(*$'>)),'%()'$5#)*-'/. './#.*"%",1'.*#'>)9/,-' /. './#.*"%",1'*%'%()'$*+)'%"+)7
%()'+*",'8;#/5)*,'.",*,0"*3'0),%#)$'%/'/%()#'*#)*$'/. '%()'G/#3-7':()' S,)'*#)*'/. '%()'>;$",)$$'%(*%'"$'./#)"1,'%/'+*,9'G(/'*%%),-'
."#$%')-;0*%"/,'$)+",*#'%//E'53*0)'",'U/,-/,'",'ZXXY7'<",0)'%(),&' %()$)'0/;#$)$'"$'%()'0/,0)5%'/. '3"R;"-"%97'!/#'>*,E)#$'G(/'(*C)'/,39'
/%()#$'(*C)'>)),'()3-'",'D*(#*",&'D)"Q",1&'B;>*"&':#"5/3"'*,-':;,"$&' >)),'",C/3C)-'",'%*E",1'-)5/$"%$'*,-'3),-",1'+/,)9'%/'3/0*3'03"),%$&'
*$'G)33'*$'",'?*,,)$&'f#*1;)&'`/+)'*,-'p"),,*&'Q;$%'5#"/#'%/'%()'2!=' %()'"-)*'%(*%'"%'"$'5#;-),%'%/'+*E)'$;#)'%(*%'G(*%)C)#'-)*3'9/;'G#"%)'
=,,;*3'?/,.)#),0)7':(/$)'",'p"),,*'*,-'f#*1;)'G)#)'5*#%"0;3*#39' 0*,'>)'$/3-'/,'",'%()'.;%;#)'"$'/.%),'*3"),7'=,-'9)%'". '%#*,$*0%"/,$'
G)33'*%%),-)-'>9'-)3)1*%)$'.#/+'*33'5*#%$'/. '?),%#*3'*,-'8*$%)#,' G)#)',/%'%#*-*>3)&'G)#)',/%'%#*,$.)#*>3)'/#'),-/#$*>3)'G"%(/;%'
8;#/5)&'G("3)'/%()#$'*3$/'$))E",1'*'-))5)#'E,/G3)-1)'/. '%()'+*#E)%' #)0/;#$)'G)'G/;3-,M%'(*C)'*'./#.*"%",1'+*#E)%'*%'*337'=,-'%("$&'
(*C)'*%%),-)-'.#/+'</;%('=+)#"0*&'+*,9'0/;,%#")$'",'%()'!*#'8*$%&' ",'%;#,&'3)*-$'%/'R;)$%"/,$'/. '>)$%'5#*0%"0)'*,-'",%)1#"%97'c#"%",1'
%()'^"--3)'8*$%'*,-'g/#%('=.#"0*&'*,-'%()'2!='"$'0/,%",;*339'*$E)-' *'>*-'-)*3'./#'9/;#'/G,'>//E'"$'/,)'%(",1&'>;%'$)33",1'"%'/,'%/'
%/'5#/C"-)'0/;#$)$'",'/%()#'3/0*%"/,$'*#/;,-'%()'G/#3-7' /%()#$'",'%()'+*#E)%53*0)'a'/#'*%%)+5%",1'%/'-/'$/'a'"$'*,'),%"#)39'

C#8$(#/(62)0$124.$)"#,$"+9#$+4$+8163$3')$)'$3#+(4:$+4.$)+=245$&+()$24$+$0#*24+($
8"#(#$)"#,$/+4$(#"#+(0#$/+0#$0)6.2#0$+4.$)(+.#$2.#+0$20$5(#+)$8+,$'1$.'245$0'$
82)"'6)$/+60245$+4,$.+*+5#;
I*0^3$N20*+#00 -"..)#),%'+*%%)#7'</&'*$'%()'+*#E)%')45*,-$'",%/',)G'1)/1#*5(")$'
='E)9')3)+),%'/. '*33'%()$)'$)+",*#$'"$'#"$E'*$$)$$+),%7':(/$)',)G' *,-',)G'53*9)#$'Q/",&'"%'"$')$$),%"*3'%/'>#",1'%()+';5'%/'$5))-'G"%('
%/'./#.*"%",1'*#)';$;*339'*+*P)-'*%'(/G'0/+53)4'"%'0*,'>)7'2,-))-&' 0/,C),%"/,$'*,-'>)$%'5#*0%"0)'",'-)*3",1'G"%('>/%('5#"+*#9'*,-'
+*,9'$)*$/,)-'./#.*"%)#$'-/,M%'*55#)0"*%)'(/G'G)33'%()"#'/G,'$E"33$' $)0/,-*#9'+*#E)%'%#*,$*0%"/,$7'
(*C)'>)),'(/,)-'%(#/;1('G/#E",1'",'%()'+*#E)%7':()"#'/;%3//E' c"%(/;%')40)5%"/,&')C)#9/,)'G(/'*%%),-$'*,'2!=')-;0*%"/,'
"$'%#;39'13/>*37':()"#'*55#)0"*%"/,'/. '%()'",%)#3/0E",1'/. '5/3"%"0*3' $)+",*#'$*9$'%()9'*55#)0"*%)'/,)'*$5)0%'",'5*#%"0;3*#7'^))%",1'/%()#'
#"$E&'0/#5/#*%)'#"$E&'",%)#)$%'#*%)'#"$E&'5#"0",1'#"$E&'-/0;+),%*#9'#"$E' ./#.*"%)#$&'*,-'1)%%",1'%/'E,/G'5)/53)'.#/+'>*,E$'*,-'>#/E)#$'",'
*,-&'/. '0/;#$)&'*%'%("$'%"+)'",'5*#%"0;3*#&'>*,E'#"$E'"$'$;#5#"$",139' /%()#'0/;,%#")$&'"$'%()'1#)*%'0/33*%)#*3'>),)."%'%(*%'%()$)'0/;#$)$'
$/5("$%"0*%)-7'x)%'%()9'(*,-3)'*33'/. '%()$)'"$$;)$'G"%('$5))-'*,-&' /..)#7':("$'"$')$5)0"*339'$/'*%'%(/$)'$)+",*#$'%(*%'*#)'3",E)-'G"%('
./#'%()'+/$%'5*#%&'#)+*#E*>3)'*00;#*097'g)G'#)0#;"%$'.",-'%()9' 2!=M$'*,,;*3'0/,.)#),0)$&'$"+539'>)0*;$)'$/'+*,9'#)5#)$),%*%"C)$'
(*C)'*,'*G.;3'3/%'%/'3)*#,&'*,-'%*E",1'5*#%'",'*'$)+",*#'G()#)'%()9' .#/+'*0#/$$'%()'./#.*"%",1'+*#E)%'*#)'*#/;,-7':()'E)9'3)$$/,'
0*,'#)()*#$)'0*$)'$%;-")$'*,-'%#*-)'"-)*$'"$'1#)*%'G*9'/. '-/",1'$/' ./#'%(/$)',)G'%/'./#.*"%",1&'G()%()#'%()9'G"33'>)0/+)'>;9)#$'/#'
G"%(/;%'0*;$",1'*,9'-*+*1)7' $)33)#$&'>#/E)#$'/#'0/,$;3%*,%$&'"$'%(*%'%()'#)3*%"C)39'$+*33'*,-'("1(39'
^*,9'/. '%(/$)'G(/'*%%),-'%()'$)+",*#$'0/+)'.#/+' $5)0"*3"$)-'>;$",)$$'/. './#.*"%",1'G/#E$'>)0*;$)'5)/53)'-/'>;$",)$$'
;,0/,,)0%)-'>;$",)$$'*#)*$7':()'+/C)'.#/+&'$*9&'G/#E",1'G"%(' G"%('/%()#'5)/53)7'=,-&'*%'%()'$*+)'%"+)&'%()9'3)*#,'(/G'/5),'
3)%%)#$'/. '0#)-"%&'"$'*,')*$9'$%)5'%/'+*E)7'2,-))-&')45)#"),0)-' %()'+*#E)%'#)*339'"$7'S%()#$'G*,%'%/'-/'>;$",)$$'G"%('9/;7'=,-'
-/0;+),%'0()0E)#$'*#)'G/#%('%()"#'G)"1(%'",'1/3-'",'()35",1' (/5).;339&'>9'%()'),-'/. '*,'2!=')-;0*%"/,'0/;#$)&'5*#%"0"5*,%$'G"33'
%/'*--#)$$'"$$;)$'/. '-/0;+),%*#9'#"$E7'U)*#,",1'-"$0/;,%",1' .))3'%(*%'%()9'*#)'>)%%)#')R;"55)-'%/'%#*,$*0%'*,-'+/#)'0/,."-),%'/. '
%)0(,"R;)$'*,-'(/G'%/'*5539'./#.*"%",1'0*30;3*%"/,'*,-'5/#%./3"/' %#*,$*0%",1'1//-&'5#/."%*>3)'>;$",)$$7'‰
+*,*1)+),%'$/.%G*#)'*#)'*$5)0%$'%(*%'%()9'%),-'%/'.",-'
5*#%"0;3*#39';$).;37' H/0A9,G6W/::EA-,6(1,FE6(/*A6*A-637*-,79*/179:641,+9/*/7L65EE10/9*/176
</+)'*%%),-))$'0/+)'$%#*"1(%'.#/+'./#+*3')-;0*%"/,'a'G"%('/#' *16C,1./G-6*,9/7/7L6*162-2D-,E697G6717\2-2D-,6+/,2E<6/76D1*A6
G"%(/;%'>;$",)$$'/#')0/,/+"0$'>*0E1#/;,-$7'S%()#$'+*9'(*C)'>)),' 1C-7697G6/7\A18E-6018,E-E)641,621,-6/7+1,29*/17<6C:-9E-6E--6
",C/3C)-'",'%#*-",1'/%()#'>*,E",1'5#/-;0%$'/#'-/",1'/,39'-/+)$%"0' ((():17G17*,9G-)01)8F

((()*+,-./-()012 >?

'Art of Forfaiting' Special Conference [June 10].indd 21 04/08/2010 15:01:25

You might also like