OSC Wimps our once again - toothless wimps The OSC commssioner James Turner made his decision. See below.
Turner writes...
After considering all of the submissions made to us, we dismiss the application (the “Application”) made by Mercer International Inc. (“Mercer”) for a hearing on the merits before the Ontario Securities Commission based on Mercer’s application dated March 28, 2012. The Bureau de Décision et de Révision (the “Bureau”) is properly seized of matters related to the take-over bids made by AbitibiBowater Inc. (“AbitibiBowater”) and Mercer, respectively, for all of the shares of Fibrek Inc. (“Fibrek”). The Bureau has (i) previously held a hearing on the merits related to the application by AbitibiBowater to cease trade the issue of special warrants by Fibrek to Mercer, and (ii) has scheduled a hearing for 9:30 a.m. on Monday, April 2, 2012 to consider an application by Mercer on substantially the same terms as the Application. While in our view we have jurisdiction to hear the Application on the merits, we do not believe that the public interest is served in these circumstances by holding a simultaneous hearing with the Bureau on the Application.
DATED at Toronto this 30th day of March, 2012.
| " James E. A. Turner"
James E. A. Turner | " Mary G. Condon "
Mary G. Condon |
" Judith N. Robertson "
Judith N. Robertson
Turner is a wimp. He has shirked his duties to upholded the ONTARIO securities act and has decided that the shareholders who reside in Onatrio will be bound by the decision of the Bureau in Quebec. I would argue that this is a rather bold move that may backfire on him should they simply ignore the facts and allegations without investigating the matter. Once agian, the OSC proves it is a toothless tiger. Turner should resign if the Bureau rubber stamps the Resolute takeover.
We have been told that the level of political interference in this case is so high, it is pretty much a foregone conclusion as to how quickly the Bureau will decide this precedent setting case. The implications are significant and the amount of money spent on Lawyers by Resolute, Fairfax and Stealhead would make your head spin. They have so much to lose if the Bureau in Quebec actually decides to protect the intergrity of Onatrio's capital markets. Nice Job OSC, let Quebec make decision for Ontario capital markets.
Canada's finance minsiter Flaherty should be using this as an illustrtion as to why we need one regulator. Bend over OSC, you've been had.