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UPDATE: PINNACLE BUSINESS MANAGEMENT, INC. N/K/A SERAC HOLDINGS, INC. (Pink Sheets: SRCI) - FIRE SALE
June 29, 2004
A fire at an auto dealership in Pennsylvania hardly seems like a national business news story, but investors in a company once known as Pinnacle Business Management, Inc. would probably disagree. The All-Pro Auto Mall, which was destroyed by fire last week, once served as the focal point of a stock scheme that caused small investors to lose a bundle.
In other words, hundreds of people who invested in Pinnacle Business Management, Inc. know what it is like to be burned.
In early 2001, Pinnacle agreed to acquire the All-Pro Auto Mall and related businesses in Western Pennsylvania from Vincent and Kim LoCastro. A used car dealership in Canonsburg was central to those All-Pro Ventures. See 3 E International Corp. - From All Pro To All That Dough. Pinnacle indicated that it would make the All-Pro operations the focal point of its business. Those who relied upon Pinnacle's promises were destined to be disappointed when the Company failed to perform and the Securities and Exchange Commission came knocking on the door. See Update: Pinnacle Business Management, Inc. - Trading, No. Fraud Claims, Yes.
In consideration for the All-Pro "empire," Pinnacle gave the LoCastros 83.3 million shares of Pinnacle common stock and a promissory note for more than $6.6 million to the LoCastros. The catch was simple. If Pinnacle failed to pay the note when it came due, the LoCastros would get their business back. See Update: 3 E International Corp. and Pinnacle Business Management, Inc. - Less Than Meets The Eye.
Which is precisely what happened - but not before Pinnacle touted plans to spin-off the All-Pro operations as a separate public company. See Update: Pinnacle Business Management, Inc. - No Pro And No Dough. Those promises caused the SEC to file a suit charging Pinnacle, Vincent LoCastro and Pinnacle's Chief Executive Officer, Jeffrey Turin, with issuing false and misleading press releases.
Back in the hands of the LoCastros, the All-Pro Auto Mall now has a new share of woes. According to published reports, the fire at the dealership probably was started intentionally on Wednesday. Employees apparently put out Wednesday's fire, but the local assistant fire chief, Tim Solobay, says it reignited the next day, either on its own or through the efforts of the same culprit.
Vincent LoCastro, who is now barred from serving as an officer of a public company by virtue of the SEC's case against Pinnacle, informed local reporters that the corporation hoped to rebuild within six months. While the fire destroyed ten cars, another 100 cars in a separate lot were unharmed.
Pinnacle, which changed its name to Serac Holdings, Inc. (Pink Sheets: SRCI) in April 2004, has not issued any comment.
http://www.stockpatrol.com/schlock/doghouse/u_pinnacle5.html
©2004 Stock Patrol.com. All rights reserved.
WE'RE BACK ON PATROL
Geez.
Educated? Have you ever read any of his posts? Standard English they ain't.
Why do you say that?
Sterling, you seem to be reasonably intelligent.
LOLOLOLOLOLISSIMO!!
Sterling has no doubt law firm knows valuation of CMKX. Knows that CMKX has potential to be Fortune 500 company.
You need to keep the players straight. FinancialWire/Investrend pretty much invented the GetShorty campaign.
That isn't the original headline. FinancialWire changed it.
You can start with the headline.
Yup. Both Slurp and All*n have been pumping OMOG. Not coincidentally, perhaps, they've both also pumped SRCI, ECNC, and CMKX.
This isn't the OMOG thread. Go there and ask the "bashers".
Not personally. I know what they are.
Urbie's name isn't "on the company" anymore. It's now CMKX Diamonds, Inc.
So much for that theory. Not a very good one, either.
I'm sure he made out very well.
I wonder how he feels about his investment now?
At the moment, he's busy pumping CMKX, OMOG, and others.
Because they're right.
Janice why are you defending these people ?
Very simple, really.
Of what? Everything Stock Patrol wrote is publicly documented.
What, exactly, are you trying to challenge?
lol, yes. His fifteen minutes.
Yes.
Are we supposed to take comfort in your not seeing any "lies or misrepresentations"?
Zen mentioned Forbes and Barron's. Neither normally deals with penny stocks. Back in 1998 they did do one on MTEI, though. Biggest penny scam of that year.
Did they? Why don't you just read the damned article?
Well, if they presented info that was not valid...
I don't see any lies or misrepresentations.
I believe it was Sterling. Who else?
who the heck started all this trillion share naked float b.s.?
Yes, in a way. FinancialWire grabs a lot of its information from elsewhere, and then runs it all together with its own GetShorty stuff. The results are often very nearly incomprehensible.
The name of the company is CMKM Diamonds Inc. CMKM used to be their ticker, too.
Investrend runs FinancialWire. Investrend is a promotional outfit, and they're pretty sleazy. In my opinion, they're almost single-handedly responsible for the GetShorty movement.
The original was from last Friday, with a different title:
http://www.stockpatrol.com/schlock/doghouse/u_cmkm.html
I sent it to Stock Patrol, so if they want, they can deal with it. I should think it's some kind of copyright violation to reprint and distribute articles without the author's permission.
Actually there IS something fishy about it. It was circulated by FinancialWire/Investrend, the sleazy promoters.
Once again they're claiming that Stock Patrol is one of their "partners". And that's a lie. They did this once before, and Stock Patrol complained. But I guess they didn't learn their lesson.
Actually it was about a week ago. Or less.
Zeninvestor said this would happen a long time ago.
And he thought CMKX would be dumped on by Barrons, lol. THAT ain't gonna happen.
You'd do best not to post this kind of bs. Some may actually believe it.
You've "mentioned" that many times before. Too bad it's pure invention.
hmmmm....that'd be good...
Another yawn. As I said, people have been threatening me with "exposure" for six years.
And one after another has discovered that there's nothing to expose.
Yawn. People like you have been saying that for more than six years.
Stock Patrol has been wrong on a few occasions; not very many. They don't deliberately print lies.
But it's fun to be a smartass. Don't you have a sense of humor? Apart from that, the China comment did really put the amount of authorized in perspective.
On the contrary, Stock Patrol has an excellent track record. I wonder if they've kept a record of how many of the companies they've profiled were subsequently investigated or sued by the SEC.
LOLOL!! I'd love to see you attempt to prove that.
Becasue initially MMs simply have no knowledge of what a company does. They just short it regardless because it is Pink".
In reality, the vast majority of Pink issues trade "normally", with no suggestion of manipulation by MMs, much less of naked shorting by MMs.
Why "unprofessional"? It's commentary, not a "news" article.
Sure it is. But the IR person's proper role is to point shareholders, or potential shareholders, to public sources of information, not to hand out insider info or gossip.
Actually, talking to the I.R. person is perfectly acceptable, it's what they're there for.
Gump on naked shorting:
I think we are now going to watch it finally come to the fore .. lead by issuers like CMKX, GMXX, and JGMHA.
I've never denied that GMXX was shorted naked; that has, I believe, been proved. It occurred at a time when GMXX's float was genuinely low, and the short wasn't all that large in terms of total shares.
JGMHA (now JAGHV) is attempting to show in court that it's been shorted naked. So far the judge has asked it to amend its complaint twice because it failed to demonstrate the short.
At least these two companies have officially claimed that they have or had a naked short position. Neither ever issued or authorized excessive amounts of stock. CMKX is, in both respects, entirely different. There's been no official proclamation of an alleged naked short, and we all know that the company has authorized an absolutely ridiculous amount of stock.
Yes, it's interesting, but it's not entirely accurate.
Besides its extremely interesting to see what the bulk of the volume has been traded at.
For example, if you look at time and sales in real time, you may see a couple trades at 0.0005, and then another trade at 0.0005. But this last is marked as a "downtick". Why's that? Because the trade actually went off somewhere between 0.00045 and 0.0005. Might be a buy, might be a sell.
Works the same way in the opposite direction.
Here's why I don't call the company: Because the company should OFFICIALLY release ALL information they want the public to know, either in the form of PRs or SEC filings.
Actually....why don't you call the company, or the proper source with ALL of your questions. You do have a lot of them.
Are you familiar with Reg FD? It requires all issuers to make all material information available to all shareholders simultaneously.
Management and IR should not be gassing on the phone--or gossiping at the races--with individuals.