YBM hearing delayed until statements completed

Article Abstract:

Pennsylvania-based YBM Magnex International Inc.'s hearing will be delayed until the company has completed audited financial statements for 1997, according to the Ontario Securities Commission. The hearing was postponed after the company's former auditor, Deloitte & Touche, refused to testify. The company has been looking for a new auditor since Deloitte resigned after refusing to sign the company's 1997 financial reports. The company will not be able to resume trading on the Toronto Stock Exchange unless it completes the audited statements.

Comment:

Will not be able to resume trading on the Toronto Stock Exchange unless it completes the audited statements

Other Communication and Energy Wire Manufacturing, Securities issued, listed, Magnet Wire, YBM Magnex International Inc.

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Ban urged for money manager

Article Abstract:

Former Provident Investment Counsel Inc. Head David Andrus should be permanently banned from working in the investment industry and stripped of his personal trading privileges, according to Jay Naster, counsel for Ontario Securities Commission (OSC). Naster urged the three-man panel to make the actions for preying upon the most vulnerable of the victims-the elderly and the infirm. The OSC was looking into charges that Andrus stole around C$800,000 from the trust accounts of three elderly clients and used the money for his personal benefits.

Comment:

Former Head should be permanently banned from working in investment ind & stripped of personal trading rights, OSC counsel says

Executive changes & profiles, Investment Advisory Services, Investment Advice, Investment advisers, Provident Investment Counsel Inc.

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Reichmann tower purchase approved

Article Abstract:

O and Y Properties Corp of Toronto, Ontario, will acquire the First Canadian Place office tower for C$387 million. The proposed purchase was approved by the bondholders and stockholders of First Place Tower Inc, the company that now owns the building. The Reichmann family's Olympia and York Developments Ltd built the prestigious 70-storey office tower in the mid-1970s, but lost it when the company collapsed under heavy debts in 1992. The acquiring O and Y Properties is headed by Philip Reichmann.

Land Subdivision and Land Development, Asset sales & divestitures, Acquisitions & mergers, Office & Commercial Developers, Commercial developers, First Place Tower Inc.

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