Proceedings

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IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c.S. 5, AS AMENDED


AND

IN THE MATTER OF
PATRICK FRASER KENYON PIERREPONT LETT,
MILEHOUSE INVESTMENT MANAGEMENT LIMITED,
PIERREPONT TRADING INC.,
BMO NESBITT BURNS INC., JOHN STEVEN HAWKYARD
AND JOHN CRAIG DUNN

REASONS

Application for Severance

Counsel for Staff, counsel for all of the Respondents other than John Craig Dunn have requested that there be a severance of the hearing for those Respondents if the request of Mr. Dunn for an adjournment for medical reasons is granted. Having considered the oral and written submissions of counsel for all parties and having regard to the fact that we are granting the adjournment requested by Mr. Dunn, we are prepared to grant the request for severance.

If we granted severance, the parties requested that the hearing proceed on November 17, 2003. In suggesting that date, they indicated that they were working on an agreed statement of facts which would significantly reduce the time for hearing. At this time, we have no assurance that an agreement will be reached on a statement of facts and we have concern that if the hearing was to commence on November 17, it will not be completed within the allotted time. Accordingly, the hearing will proceed at 10:00 a.m. on November 10, 2003.

DATED this 29th day of October, 2003.


"H. Lorne Morphy, Q.C."
H. Lorne Morphy, Q.C.
"M. Theresa McLeod"
M. Theresa McLeod

"Suresh Thakrar"
Suresh Thakrar