RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Interim CTO will not be extended.........GreatfulDead wrote: Loserboard, I hope you're not suggesting that the fifteen day interim order is the complete and final action by the ASC against SJL. Is that what you're trying to say?
Last week, in one of my telephone conversations with the ASC I was told that the CTO was issued because the stock was still trading well above its levels before the allegedly misleading disclosure was made. As we have seen, the SP has retreated to pretty much where it was before, so maybe they think a CTO is no longer required? But that's only one tiny issue.
Even misleading verbal disclosure violates the Alberta Securities Act, but a series of allegedly misleading press releases simply can't be ignored by the regulators. The punishment can be a fine of not more than $5million, five years in jail, and more. Nor can they ignore the fact that insiders traded when they knew or ought to have known the disclosure was misleading. The Act calls for disgorgement of profits, a fine of triple that amount, plus any other punishment deemed fitting by the Commission.
I've never seen a Securities Commission move very quickly (for example, Panasonic contacted them on March 6, and the Interim Order was issued on the 21st) but you should not assume that the issues are settled just because nothing more happens this week. That's if nothing more happens this week.
GD
Not to forget one other little pesky thing. Shareholders that bought above 10c based on the NR are out about $20,000,000 and I see Ambulance Chasing Lawyers salivating at the VSE doors.