Thursday, March 03, 2011 3:21:13 PM
I called them (ASC) earlier today and spoke to the information person there. I asked him the questions about how this works (meaning the hearing) and then asked him to look at the case you posted and the fact it took almost two years and here are the answers I got.
The panel is made up of independent members who hear the evidence from both sides and then make their decision based on the "best interests of the Alberta market.". FYI PBEC did have a lawyer at the hearing, the lawyer for TSHO for whatever reason did not appear and we would have to get answers from the company about that as the ASC cannot speculate as to why no one was there to represent them. So the ASC would present their reasons and I assume some evidence as to why the cease trade order should stay and the lawyers for, at least PBEC, would have the chance to refute the point and ask for it to end. I also asked about why they just don't anounce the decision now and the answer is simply the investigation is on-going and then if there is going to be a hearing both sides have to agree on a date so they can have their lawyers there which is how most of legal matters work. If you get charged with a crime the judge does not give you a sentence without a hearing and you have the right to be heard.
I asked about the example you gave and I was told it was a completely different type of cease trade order. The one you listed was for the company failing to file required financial reports and once the company got this information together and submitted it and it was acceptable the company can then ask for the cease trade order to end as it did. It could have taken the company that long, the two years or less to get their act together before submitting it but ours is a cease trade order put on by their enforcement department which is different. You can get in touch with them by calling and talking directly to them at 1-877-355-4488. They seem pretty approachable about all of this. He also stressed this order only prevents Alberta residents of those with accounts in Alberta from trading this and it would not have an impact on American investors. He would not comment on the SEC but to contact them directly with questions.
The panel is made up of independent members who hear the evidence from both sides and then make their decision based on the "best interests of the Alberta market.". FYI PBEC did have a lawyer at the hearing, the lawyer for TSHO for whatever reason did not appear and we would have to get answers from the company about that as the ASC cannot speculate as to why no one was there to represent them. So the ASC would present their reasons and I assume some evidence as to why the cease trade order should stay and the lawyers for, at least PBEC, would have the chance to refute the point and ask for it to end. I also asked about why they just don't anounce the decision now and the answer is simply the investigation is on-going and then if there is going to be a hearing both sides have to agree on a date so they can have their lawyers there which is how most of legal matters work. If you get charged with a crime the judge does not give you a sentence without a hearing and you have the right to be heard.
I asked about the example you gave and I was told it was a completely different type of cease trade order. The one you listed was for the company failing to file required financial reports and once the company got this information together and submitted it and it was acceptable the company can then ask for the cease trade order to end as it did. It could have taken the company that long, the two years or less to get their act together before submitting it but ours is a cease trade order put on by their enforcement department which is different. You can get in touch with them by calling and talking directly to them at 1-877-355-4488. They seem pretty approachable about all of this. He also stressed this order only prevents Alberta residents of those with accounts in Alberta from trading this and it would not have an impact on American investors. He would not comment on the SEC but to contact them directly with questions.
