Libel warning silences TSE critic
By DAN WESTELL
The Financial Post Tuesday, June 9, 1998
ÿAn electronic critic of the Toronto Stock Exchange's policies and leadership has been silenced after he was threatened with a libel suit for alleged "defamatory attacks."
ÿPorter Davis, an 18-year veteran of options trading, a member of the board of the Toronto Futures Exchange and a market maker in BCE Inc., Inco Ltd. and Barrick Gold Corp., posted a note on the Internet last week saying, "They win. I quit. Sorry folks. Keep the faith ... I can't jeopardize my family's future in a fight with the TSE."
ÿThe posting, at a chat group on Silicon Investor devoted to Canadian options, was a site where he had often discussed trading, the market, TSE policies and president Rowland Fleming.
ÿ"Can you believe the arrogance of Fleming?" he wrote in one posting. "We need leadership, not posturing."
ÿDavis stopped posting to the site on June 5 after he received a letter from the TSE putting him on notice, "that if you do not stop publishing defamatory material about the exchange and about any of its representatives, legal proceedings will be brought against you" involving "substantial damages."
ÿPorter had been fighting with Fleming since early last year, when he used the Internet to criticize a TSE plan to automate options trading.
ÿSubsequently, he said Fleming had told him he had to resign from various TSE bodies because he had publicly questioned the exchange's plan. He is still a member of the futures exchange board.
ÿMore recently, Davis's postings have taken the TSE to task for electronic trading problems. At one point, he said Fleming should be fired.
ÿThe TSE's letter to Davis, which he posted, drew howls of outrage from U.S. and Canadian net posters, some of whom characterized it as bullying, while others offered to contribute money to a Davis defence fund. Many saw it as an assault on free speech.
ÿThe TSE could not be reached for comment. Davis said his lawyer has told him not to comment.
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Today's edition of the Financial Post contains two articles about corporate entities trying to silence on-line critics. One of the parties is the scandal-plagued Philip Services Corp. and the other body is the scandal-plagued TSE.
As another Canadian would say, isn't it ironic, don't you think?
Who's next? YBM Magnex? |
