R.S.O. 1990, c. S.5, AS AMENDED (the "Act")
IN THE MATTER OF
DAVID NUNN, MICHAEL M. REDDY, LORNE J. GELLENY AND BARRY J. RACIPPO
WHEREAS it appears to the Ontario Securities Commission (the "Commission") that:
1. Kingscross Communities Incorporated ("Kingscross") is incorporated under the laws of Canada and is a reporting issuer in the Province of Ontario.
2. Each of David Nunn, Michael M. Reddy, Lorne J. Gelleny and Barry J. Racippo (individually, a "Respondent" and collectively, the "Respondents") is, or was during the financial year ended December 31, 1999, a director, officer or significant shareholder (beneficial ownership of 10% or more of the voting rights of Kingscross) or individual that has, or may have, access to material undisclosed information of Kingscross.
3. Kingscross failed to file annual financial statements for its financial year ended December 31, 1999 (the "Financial Statements") on or before May 19, 2000, contrary to subsection 78(1) of the Securities Act (Ontario).
4. As of the date of this order, Kingscross has not filed its Financial Statements.
5. By virtue of his/her/its relationship, each Respondent has, or may have, access to information regarding the affairs of Kingscross that has not been generally disclosed.
AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;
AND WHEREAS the Commission is of the opinion that the length of time required to conclude a hearing could be prejudicial to the public interest;
IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) and subsection 127(5) of the Act that:
A. all trading, whether direct or indirect, by the Respondents in the securities of Kingscross shall cease until two full business days following the receipt by the Commission of all filings Kingscross is required to make pursuant to Ontario securities law; and
B. this order shall take effect immediately and shall expire on the fifteenth day after its making unless extended by the Commission.
June 8th, 2000.