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Decisions & Orders
Document Sub-category: Settlements (Without a Hearing)
Document No.: 1993/09/29
Subject: Ernest Thorkell Bergvinson [Sec. 144]
Amendments:
Published Date: 10/01/1993
Effective Date: 09/29/1993
______________________________
Bergvinson (Re)
IN THE MATTER OF the Securities Act, S.B.C. 1985, chapter 83
AND IN THE MATTER OF Ernest Thorkell Bergvinson
Orders Under Section 144
D.E. Holley
September 29, 1993
ORDER:-- WHEREAS an agreed statement of facts and undertaking was executed between Ernest Thorkell Bergvinson ("Bergvinson") and the Superintendent of Brokers (the "Superintendent"), dated September 27, 1993 (the "Bergvinson Agreement"), a copy of which is attached hereto as Schedule "A";
NOW THEREFORE, the Superintendent, considering that it would be in the public interest to do so, orders BY CONSENT that:
1.
pursuant to section 144(1)(c) of the Securities Act, S.B.C. 1985, c. 83 (the "Act"), the exemptions described in sections 30 to 32, 55, 58, 80 and 81 of the Act do not apply to Bergvinson; and
2.
pursuant to section 144(1)(d) of the Act, Bergvinson is prohibited from becoming or acting as a director or officer of any reporting issuer
for a period commencing on the date of these orders and expiring when the sum referred to in paragraph 2(a) of the Bergvinson Agreement and Bergvinson's late fees are paid in full or two years from the date that Bergvinson files the Bergvinson Insider Reports as defined in the Bergvinson Agreement, whichever is later.
D.E. HOLLEY
Superintendent of Brokers
* * * * *
Schedule "A"
Agreed Statement of Facts and Undertakings
The following agreement has been reached between Ernest Thorkell Bergvinson ("Bergvinson") and the Superintendent of Brokers (the "Superintendent"):
1. As the basis for the undertakings and orders referred to in paragraphs two and three of this agreement, Bergvinson acknowledges the following:
(a) Skukum Gold Inc. ("Skukum"), Omni Resources Inc. ("Omni") and Arkona Resources Inc. ("Arkona"), formerly Berglynn Resources Inc., were incorporated in British Columbia under the Company Act, R.S.B.C. 1979, c. 59 and were reporting issuers during all times relevant to this agreement;
(b) Bergvinson was an insider of Skukum, Omni and Arkona throughout the period from May 1, 1990 to April 30, 1991 (the "Relevant Period");
(c) during the Relevant Period, Bergvinson was the principal of four margin accounts in the names of Bergvinson, Berglynn Developments Ltd. and Oriex Holdings Inc. at C.M. Oliver & Company ("CMO") and Brink Hudson & Lefever Ltd. ("Brink Hudson") (the "Accounts");
(d) during the Relevant Period, 309,600 shares of Skukum, 423,500 shares of Omni and 400,500 shares of Arkona which were beneficially owned by Bergvinson were sold through the Accounts (the "Sales");
(e) the Sales were ordered by CMO and Brink Hudson due to Bergvinson's failure to respond to several margin calls;
(f) Bergvinson failed to file insider trading reports for the Relevant Period, (the "Bergvinson Insider Reports") contrary to section 70 of the Securities Act, S.B.C. 1985, c. 83 (the "Act"); and
(g) on May 6, 1985 Bergvinson submitted an undertaking to the Superintendent in which he undertook to make timely filings of insider trading reports with respect to his trading in the shares of Omni.
2. Bergvinson undertakes to:
(a) pay the Minister of Finance and Corporate Relations the sum of $2,000; and
(b) bring his insider filings up to date within thirty days and pay all outstanding late fees.
3. Bergvinson consents to orders (the "Orders") of the Superintendent that:
(a) under section 144(1)(c) of the Act the exemptions described in the sections 30 to 32, 55, 58, 80 and 81 do not apply to him; and
(b) under section 144(1)(d) of the Act he be prohibited from becoming or acting as a director or officer of any reporting issuer
for a period commencing on the date of the Orders and expiring when the sum referred to in paragraph 2(a) of this agreement and his late fees are paid in full or two years from the date that he files the Bergvinson Insider Reports, whichever is later.
4. Bergvinson waives any right he may have, under the Act or otherwise, to a hearing, hearing and review, judicial review or appeal related to, in connection with or incidental to this agreement and the Orders.
DATED at Vancouver, British Columbia, on September 22, 1993.
JOHN PORGES }
1100 - 865 Hornby Street }ERNEST THORKELL BERGVINSON
Vancouver, B.C. }
DATED at Vancouver, British Columbia, on September 27, 1993.
D.E. HOLLEY
Superintendent of Brokers