Proceedings

 

IN THE MATTER OF THE SECURITIES ACT
R.S.O. 1990, c. S.5, AS AMENDED (the "Act")

AND

IN THE MATTER OF
DAVID NUNN, MICHAEL M. REDDY, LORNE J. GELLENY AND BARRY J. RACIPPO

ORDER
(Section 127)

WHEREAS on June 8, 2000 the Ontario Securities Commission (the "Commission")made a temporary order pursuant to subsection 127(5) of the Act, that none of theRespondents shall trade in any securities of Kingscross Communities Incorporated ("Kingscross"), subject to the terms set out in the order, for a period of 15 days from the dateof the order;

AND WHEREAS on June 8, 2000 the Commission issued a Notice of Hearingpursuant to subsection 127(9) of the Act;

AND WHEREAS it appears to the Commission that:

1. Kingscross is incorporated under the laws of Canada and is a reporting issuer inthe Province of Ontario.

2. Each of David Nunn, Michael M. Reddy, Lorne J. Gelleny and Barry J. Racippo (the"Respondents") is, or was during the financial year of Kingscross ended December31, 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 endedDecember 31, 1999 (the "1999 Financial Statements") on or before May 19, 2000,contrary to subsection 78(1) of the Act.

4. As of the date of this order, Kingscross has not filed its 1999 Financial Statements.

AND WHEREAS the Commission is of the opinion that it is in the public interest tomake this Order;

IT IS ORDERED pursuant to paragraph 2 of subsection 127(1) of the Act that alltrading by the Respondents in the securities of Kingscross shall cease until:

(a) two full business days following the receipt by the Commission of all filingsKingscross is required to make pursuant to Ontario securities law; or

(b) further order of the Commission.

June 22nd, 2000.

"J. A. Geller"
"Morley P. Carscallen"
"R. Stephen Paddon"