Temporary Order: In the Matter of New Hudson Television Corporation et al.

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

- AND -

IN THE MATTER OF
NEW HUDSON TELEVISION CORPORATION, NEW HUDSON TELEVISION L.L.C. & JAMES DMITRY SALGANOV

TEMPORARY ORDER
(Subsections 127(1) and 127(8) of the Securities Act)

 

 

WHEREAS on June 8, 2011, the Ontario Securities Commission (the “Commission”) issued a temporary cease trade order pursuant to subsections 127(1) and 127(5) of the Securities Act, R.S.O. 1990, c. S.5, as amended (the “Act”) ordering: that all trading in New Hudson Television Corporation (“NHTV Corp.”) securities and New Hudson Television L.L.C. (“NHTV LLC”) securities shall cease; that NHTV Corp. and NHTV LLC and their representatives cease trading in all securities; and that any exemptions contained in Ontario securities law do not apply to NHTV Corp. and NHTV LLC (the “Temporary Order”);

 

 

AND WHEREAS on June 8, 2011, the Commission ordered that the Temporary Order shall expire on the fifteenth day after its making unless extended by order of the Commission;

AND WHEREAS on June 16, 2011, the Commission issued a Notice of Hearing to consider, among other things, the extension of the Temporary Order to be held on June 22, 2011 at 9:00 a.m. (the “Notice of Hearing”);

AND WHEREAS the Notice of Hearing set out that the Hearing was to consider, inter alia, whether, in the opinion of the Commission, it was in the public interest, pursuant to subsections 127(7) and (8) of the Act, to extend the Temporary Order until the conclusion of the hearing, or until such further time as considered necessary by the Commission;

AND WHEREAS Staff of the Commission (“Staff”) had served NHTV Corp., NHTV LLC and James Dmitry Salganov (“Salganov”) (collectively, the “Respondents”) with copies of the Temporary Order and the Notice of Hearing, as evidenced by the Affidavit of Charlene Rochman, sworn on June 20, 2011, and filed with the Commission;

AND WHEREAS on June 22, 2011, Staff appeared before the Commission, but no one attended on behalf of any of the Respondents;

AND WHEREAS on June 22, 2011, Staff informed the Commission that Salganov was the sole Director of NHTV Corp. and NHTV LLC and that he consented to a further extension of the Temporary Order in an email dated June 20, 2011;

AND WHEREAS on June 22, 2011, Staff sought to amend the Temporary Order to include Salganov, thereby making Salganov subject to the Temporary Order;

AND WHEREAS on June 22, 2011 it was ordered that:

(i) The Temporary Order was amended to provide that pursuant to clause 2 of subsection 127(1) of the Act, Salganov shall cease trading in securities of NHTV Corp. and NHTV LLC;

(ii) Pursuant to subsection 127(8) of the Act, the Temporary Order as amended by (i), above (the “Amended Temporary Order”) be extended to December 20, 2011; and,

(iii) The hearing to consider any further extension of the Amended Temporary Order be held on December 19, 2011 at 9:00 a.m.;

AND WHEREAS on December 19, 2011, Staff appeared before the Commission to request an extension of the Amended Temporary Order, but no one attended on behalf of any of the Respondents;

AND WHEREAS on December 19, 2011, Staff informed the Commission that the Respondents consent to a further extension of the Amended Temporary Order for six months;

AND WHEREAS on December 19, 2011 it was ordered that:

(i) Pursuant to subsection 127(8) of the Act, the Amended Temporary Order be extended to June 25, 2012; and

(ii) The hearing to consider any further extension of the Amended Temporary Order be held on June 22, 2012 at 10:00 a.m.;

AND WHEREAS on June 22, 2012, Staff appeared before the Commission to request an extension of the Amended Temporary Order, but no one attended on behalf of any of the Respondents;

AND WHEREAS the Commission was satisfied that the Respondents had been served with copies of the Order of the Commission dated December 19, 2011 and notice of that hearing;

AND WHEREAS Staff informed the Commission that the Respondents consented to a further extension of the Amended Temporary Order for six months;

AND WHEREAS on June 22, 2012 it was ordered that:

(i) Pursuant to subsection 127(8) of the Act, the Amended Temporary Order be extended to December 21, 2012; and

(ii) The hearing to consider any further extension of the Amended Temporary Order be held on December 20, 2012 at 10:00 a.m., or such other date and time as set by the Office of the Secretary;

AND WHEREAS on October 9, 2012, the Commission issued a Notice of Hearing pursuant to sections 127 and 127.1 of the Act, accompanied by a Statement of Allegations dated October 9, 2012, issued by Staff with respect to NHTV LLC and Dmitry James Salganov, hereafter known as James Dmitry Salganov (defined above as “Salganov”);

AND WHEREAS on December 20, 2012, Staff appeared and Salganov appeared on his own behalf and on behalf of NHTV Corp. and NHTV LLC and made submissions, and all parties consented to the extension of the Amended Temporary Order to June 13, 2013, and adjournment of the hearing to consider any further extension of the Amended Temporary Order to June 6, 2013 at 10:00 a.m., or such other date and time as set by the Office of the Secretary;

AND WHEREAS on December 20, 2012, the Commission ordered that the Amended Temporary Order be extended to June 13, 2013 at 10:00 a.m., and the hearing to consider any further extension of the Amended Temporary Order be held on June 6, 2013 at 10:00 a.m., or such other date and time as set by the Office of the Secretary;

AND WHEREAS on June 6, 2013, Staff appeared and Salganov appeared on his own behalf and on behalf of NHTV Corp. and NHTV LLC and made submissions, and all parties consented to the extension of the Amended Temporary Order for a further six months to December 6, 2013 at 10:00 a.m., or such other date and time as set by the Office of the Secretary;

AND WHEREAS on June 6, 2013, the Commission ordered that:

(i) Pursuant to subsection 127(8) of the Act, the Amended Temporary Order be extended to December 6, 2013 at 10:00 a.m.; and

(ii) The hearing to consider any further extension of the Amended Temporary Order be held on December 4, 2013 at 10:00 a.m., or such other date and time as set by the Office of the Secretary;

AND WHEREAS on October 1, 2013, Staff filed an Amended Statement of Allegations, which added the respondent NHTV Corp.;

AND WHEREAS on October 17, 2013, the Commission approved a settlement agreement between Staff and Salganov, NHTV Corp. and NHTV LLC;

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

IT IS HEREBY ORDERED that:

(i) The Order dated June 6, 2013 extending the Amended Temporary Order to December 6, 2013 at 10:00 a.m. is hereby rescinded; and,

(ii) The hearing to consider any further extension of the Amended Temporary Order to be held on December 4, 2013 at 10:00 a.m., or such other date and time as set by the Office of the Secretary, is hereby vacated.

 

DATED at Toronto this 17th day of October, 2013.