Pinnacle Business Management, Inc. - more recently known as Serac Holdings, Inc. (Pink Sheets: SRCI) - has given up the ghost. The Company romanced investors with tales of its plan to build a profitable business around a used car dealership called the All-Pro Auto Mall, which would be spun-off as a separate public company and listed on the American Stock Exchange. Pinnacle also claimed that it would spin-off a separate real estate venture to shareholders. Unfortunately, the Company never delivered on its promises. See 3 E International Corp. - From All Pro To All That Dough.
Instead, All-Pro reverted to its original owners, the real estate project failed to materialize, and the Securities and Exchange Commission sued Pinnacle, claiming that it issued false and misleading press releases concerning the proposed All-Pro spin-off. Update: Pinnacle Business Management, Inc. - Trading, No. Fraud Claims, Yes. On December 15, 2003, Pinnacle agreed to an Order enjoining the Company from future violations of the securities laws. All-Pro's fate has not been much more encouraging. Late last month the All-Pro Auto Mall burned to the ground. Investigators suspect arson. Update: Pinnacle Business Management, Inc. N/K/A Serac Holdings, Inc. - Fire Sale.
On July 6, 2004, the other shoe dropped on Pinnacle. The SEC issued an Order revoking the registration of Pinnacle's stock, citing the Company's failure to file periodic reports for over three years. The SEC noted that Pinnacle has not filed an Annual Report on Form 10-K since April 17, 2001, when it filed its annual report for the year ended December 31, 2000, or quarterly reports on Form 10-Q for any fiscal period subsequent to its fiscal quarter ending June 30, 2001. Pinnacle's last filing, a Form 8-K dated August 4, 2003, disclosed that "the company has no assets, no operating business and no sources of revenue."
The big losers, of course, are investors who bought into the Company's unfulfilled promises, and are left with worthless stock certificates.
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