IN THE MATTER OF THE SECURITIES ACT,
RSO 1990, c S.5
- and -
IN THE MATTER OF
NEW SOLUTIONS CAPITAL INC., NEW SOLUTIONS
FINANCIAL CORPORATION, NEW SOLUTIONS FINANCIAL (II) CORPORATION,
NEW SOLUTIONS FINANCIAL (III) CORPORATION, NEW SOLUTIONS
FINANCIAL (IV) CORPORATION and RONALD JAMES OVENDEN
(Subsection 17(1) of the Securities Act)
- on September 5, 2012, the Ontario Securities Commission (the “Commission”) issued an order pursuant to clause 11(1)(a) of the Securities Act (the “Act”), appointing certain members of Staff of the Commission (“Staff”) to investigate and inquire into, among other things, the affairs of New Solutions Capital Inc., New Solutions Financial Corporation, New Solutions Financial (II) Corporation, New Solutions Financial (III) Corporation, New Solutions Financial (VI) Corporation and Ronald James Ovenden;
- Staff’s investigation has concluded and there are no remaining proceedings initiated by Staff in relation to this matter;
- Warren Feldstein and Feldstein LLP apply to the Commission for an order pursuant to subsection 17(1) of the Act authorizing them to make disclosure in relation to certain matters in the context of a proceeding (the “CCAA Proceeding”) under the Companies’ Creditors Arrangement Act, RSC, 1985, c C-36 (“CCAA”), with respect to a plan of compromise or arrangement of New Solutions Financial Corporation, New Solutions Financial (II) Corporation, New Solutions Financial (III) Corporation, New Solutions Financial (VI) Corporation, and 2055596 Ontario Limited, which for greater certainty includes the civil action originally brought by MNP Ltd., acting as the monitor in the CCAA Proceeding, against Warren Feldstein and Feldstein LLP and bearing court file number CV-12-9674-00CL;
- the Commission determined, pursuant to section 5.1 of the Statutory Powers Procedure Act, RSO 1990, c S.22 and Rule 11 of the Ontario Securities Commission Rules of Procedure (2014), 37 OSCB 4168, that this application be heard in writing;
- Staff does not oppose this application; and
- the Commission considers it to be in the public interest to make this Order;
IT IS ORDERED pursuant to subsection 17(1) of the Act that Warren Feldstein and Feldstein LLP are authorized to disclose publicly that:
- in response to a summons dated November 26, 2012, issued by Staff pursuant to subsection 13(1) of the Act, Warren Feldstein, on behalf of Feldstein LLP, produced Feldstein LLP’s audit working papers and other documents requested by Staff with respect to the audit work performed by Feldstein LLP on behalf of New Solutions Financial Corporation and various subsidiaries for the years 2009, 2010 and 2011; and
- in total, Warren Feldstein produced, in response to the summons, approximately 5,000 pages of documents from Feldstein LLP’s audit files.
DATED at Toronto, this 22nd day of November, 2016.
"Timothy Moseley "