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Technology Stocks : Lance B's : Its A Beautiful Thing -- Ignore unavailable to you. Want to Upgrade?

To: Mr Metals who wrote (2688)	1/8/2000 4:55:00 PM
From: Norms	Read Replies (1) \| Respond to of 4792

Metals - CDIK is a definite winner. I will be adding as well. Glad to have you on board. Some of this will find it's way into the IRA for long term. My price valuations still stand short and long term. We will be talking about this next December and smiling :)

To: Mr Metals who wrote (2688)	1/8/2000 11:39:00 PM
From: Jim Bishop	Respond to of 4792

YBM Magnex International Inc - Street Wire YBM men fail to get rid of prosecutor YBM Magnex International Inc YBM Shares issued 44,362,092 May 13/98 close $14.35 Thu 6 Jan 100 Street Wire by Stockwatch Business Reporter Staff of the Ontario Securities Commission have won the first, procedural, round in their effort to punish YBM Magnex International Inc.'s officers, directors, lead underwriters and lawyer for failing to disclose the company was a suspected Russian mob front in a 1997 prospectus. The commission has launched a hearing into the allegations, spending several days before Christmas considering motions from defence lawyers, particularly Alan Lenczner, who represents Bay Street lawyer David Peterson, a former YBM director and former Ontario premier. Mr. Lenczner has already said he will base his defence on proving that the facts about the mob involvement that YBM failed to disclose in a prospectus approved by the OSC on Nov. 20, 1997, were known to OSC staff. He has been arguing for additional disclosure of OSC internal documents. OSC staff have said what they knew was not factual, just rumours or tips from confidential police sources, and was irrelevant to the legal obligation of Mr. Peterson and the other YBM players to make full disclosure. Mr. Lenczner also said that senior OSC prosecutor Jay Naster should be removed, because he was involved with the approval of the prospectus and could be called as a witness in the hearing. (However, both he and OSC staff have said they have no plans to call Mr. Naster.) Yesterday, a panel of three commissioners ruled that Mr. Naster could continue to lead the OSC team. They concluded that there was no legal reason for removing Mr. Naster. The panel made no decision on the disclosure question, delaying that ruling until after it has heard another day of motion arguments, scheduled for Jan. 27. The ruling said Mr. Lenczner had to meet three legal criteria before he succeeded in removing Mr. Naster: he must prove Mr. Naster's evidence would have been relevant, that it was necessary for the prosecutor to testify, and that the motion was not brought prematurely, that is, too early in the proceedings to tell whether Mr. Naster's evidence would have been relevant or necessary. Mr. Lenczner failed on all counts, the panel -- headed by Howard Wetston -- ruled. "We are not persuaded, at this time, that it is probable that Mr. Naster has relevant evidence to give in connection with this matter." Moreover, other OSC staff, especially the director who approved issuing the prospectus, could give evidence, so calling Mr. Naster to testify was not necessary. Finally, it is too early to tell if Mr. Naster has any relevant evidence to give, they ruled. On Jan. 27, the panel will meet and hear more arguments about disclosure and particulars from the lead underwriters -- First Marathon Securities Ltd., now National Bank Financial Corp., and Griffiths McBurney & Partners -- other directors, officers and former YBM lawyer Lawrence Wilder, like Mr. Peterson a partner in Cassels Brock & Blackwell. The OSC staff allege that while they had heard gossip and confidential police tips about YBM's role as a Russian-mob money laundering company, the YBM players had the results of an investigation they had ordered pointing to the same things, and had an obligation to disclose them. When the OSC staff approved the prospectus, which qualified $100 million in stock and convertible debentures, they did not know about the investigation. Six months after the prospectus was approved, the FBI raised YBM's Philadelphia office, and the stock was halted. The company subsequently went into receivership. ************************************************************************* This bulletin is sponsored and has been sent to you for no charge. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! To remove yourself from this mailing list, access this URL: stockwatch.com For more information about this service please contact the advertising department at Stockwatch 800.268.NEWS or 604.687.1500 ************************************************************************a