Finkelstein says that there was an innocent explanation
for him accessing these Dynatec documents and complains that
the Panel did not make reference to the evidence underlying
that innocent explanation. The Panel is not obliged to refer to
every piece of evidence that it hears. In any event, the Panel did
deal with the proffered innocent explanation. And further, the
fact that Finkelstein might have had an innocent reason for
accessing the documents, does not preclude a finding that he
also gained material non-public information as a result of that
access, and then passed it along to others. A person can have
more than one purpose for doing something.
 The fact that Finkelstein possessed material non-public
information on April 18, the fact that he spoke multiple times
with Azeff on April 18, the same day that he accessed documents
that contained that material non-public information, the fact
that Azeff told others the material non-public information, and
the fact that those others made significant purchases of Dynatec
shares renders the Panel’s conclusion, that Finkelstein tipped
Azeff about the Dynatec transaction, not only probable, it is
 Once again, there is no basis for questioning the reasonableness of the Panel’s conclusion that Finkelstein “tipped” Azeff.
AAA. Finkelstein — Legacy
 Legacy was a Canadian Real Estate Investment Trust
that owned landmark hotels. It was a reporting issuer in Ontario
during the period from June 1, 2007 to August 31, 2007.
Between November 2006 and January 2007, the expected sale of
Legacy had been prominently reported in the press. On March 1,
2007, Legacy issued a press release announcing that it was
exploring strategic alternatives that analysts reported meant a
sale or restructuring, but there were no further announcements.
 On April 12, 2007, Davies was retained by a joint venture
of Cadbridge Investors LP & Innvest REIT, who wanted to purchase Legacy. Finkelstein was the primary lawyer assigned to
handle the transaction. He was the one who carried the process
through to its public announcement on July 12, 2007.
 As the Legacy deal firmed up, there were many calls
between Finkelstein and Azeff on July 4 and 5, 2007. On July 4,
there were six calls between the two — three from Azeff’s work
and three from Azeff’s home. On July 5, there were five calls
between the two — one from Azeff’s home, three from Azeff’s
work and one from Finkelstein’s work. Not all of these calls can
be seen to have led to actual contact given the short duration of
the calls. However, the length of the three work calls on July 4,