The Alberta Securities Commission vs Skymark Research

[Fossil-Fuel]

Here is a case with some striking similarities to the TSHO case with a breach of section 75. Looks like if found guilty they would be facing a sanction(sanctions are usually monetary fines, levied against a party to a lawsuit or his/her attorney, for violating rules of procedure, or for abusing the judicial process). Since the lawsuit is in regards to the best interest of the investors I doubt that they can force TSHO to close up shop and render all shares nil. That would definitaly NOT be in the best interest of the share holders.

This proceeding will therefore move to a second phase, for the determination of whether it is in the public interest for us to make any sanction orders against Wilby or Sirman, and whether to order the payment of any costs of the investigation and hearing. As mentioned, counsel for Wilby has already read into the record a joint proposal, with Staff, for sanctions and costs orders against Wilby, and the evidence includes a written statement that set out some partial agreement between Staff and Sirman as to appropriate sanctions against him. The panel, however, has made no determination on these issues. The parties may reiterate these already-expressed positions, supplement them or, indeed, alter them. Moreover, as this remains a proceeding involving two respondents, Wilby and Sirman are entitled to make submissions in respect of one another.http://www.albertasecurities.com/Enforcement/Enforcement%20Orders/Wilby_Sirman_Hear_Now_Merits_Decision.pdf