Order: In the Matter of Portus Alternative Asset Management Inc. et al

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

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IN THE MATTER OF PORTUS ALTERNATIVE ASSET MANAGEMENT INC.,
PORTUS ASSET MANAGEMENT INC., BOAZ MANOR, MICHAEL MENDELSON,
MICHAEL LABANOWICH AND JOHN OGG

ORDER
(Sections 127 and 127.1)

    WHEREAS on October 5, 2005, the Ontario Securities Commission (the “Commission”) issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) accompanied by a Statement of Allegations issued by Staff of the Commission, in respect of Portus Alternative Asset Management Inc., Portus Asset Management Inc., Boaz Manor, Michael Mendelson, Michael Labanowich and John Ogg (collectively, the “Respondents”);

    AND WHEREAS on October 4, 2005, the Commission authorized the commencement of proceedings against Boaz Manor (“Manor”) in the Ontario Court of Justice pursuant to section 122 of the Act;

    AND WHEREAS on April 20, 2006, the Commission authorized the commencement of proceedings against Michael Mendelson (“Mendelson”) and the laying of additional charges against Manor, in the Ontario Court of Justice, pursuant to section 122 of the Act (collectively, the “Section 122 Proceeding”)

    AND WHEREAS on March 31, 2006, Manor brought an application (the “Application”) requesting the adjournment of the sections 127 and 127.1 proceeding (the “Administrative Proceeding”) against him, pending the conclusion of the Section 122 Proceeding;

    AND WHEREAS on June 16, 2006, each of the Respondents in the Administrative Proceeding consented to the adjournment requested in the Application;

    AND WHEREAS on June 16, 2006, each of the Respondents in the Administrative Proceeding requested that the Commission grant an adjournment of the Administrative Proceeding against them pending the conclusion of the Section 122 Proceeding;

    AND WHEREAS on June 16, 2006, Staff consented to the granting of an adjournment of the Administrative Proceeding against each of the Respondents pending the conclusion of the Section 122 Proceeding;

    AND WHEREAS on June 16, 2006, the Commission ordered that the Administrative Proceeding be adjourned against each of the Respondents pending the conclusion of the Section 122 Proceeding and that Staff and the Respondents appear before the Commission within 8 weeks of judgment being rendered in the Section 122 Proceeding;

    AND WHEREAS on November 19, 2007, Mendelson was convicted of a charge under the Criminal Code of Canada before the Ontario Court of Justice and was sentenced to two years in jail and three years probation;

    AND WHEREAS on May 25, 2011, Manor was convicted of two charges under the Criminal Code of Canada before the Superior Court of Justice (Ontario) and was sentenced to four years in jail;

    AND WHEREAS the convictions registered against Manor and Mendelson under the Criminal Code of Canada were for acts related to the Administrative Proceeding and the Section 122 Proceeding;

    AND WHEREAS on July 13, 2011, the Section 122 Proceeding was concluded before the Ontario Court of Justice;

    AND WHEREAS on August 4, 2011, a Notice of Hearing was issued by the Commission, giving notice that the Administrative Proceeding would continue on August 8, 2011;

    AND WHEREAS on August 8, 2011, Staff informed the Commission that each of the Respondents acknowledged either personally or through their counsel that they were aware of the continuation of the Administrative Proceeding on August 8, 2011;

    AND WHEREAS on August 8, 2011, Staff and counsel for Manor attended before the Commission and requested that the Administrative Proceeding be adjourned to Thursday, October 13, 2011 at 10:00 a.m.;

    AND WHEREAS the Commission is of the opinion that it is in the public interest to make this order;

    IT IS ORDERED that the Administrative Proceeding is adjourned to Thursday, October 13, 2011 at 10:00 a.m. or to such other date or time as set by the Office of the Secretary and agreed to by the parties.

    DATED at Toronto this 8^th day of August, 2011.