SEC Halts GMCC and Institutes Administrative Proceedings
The SEC News Digest for 2006-03-08 shows that they halted trading in GMC Holding Corp (GMCC).
The Commission announced the temporary suspension of trading in the securities of GMC Holding Corporation, a Florida corporation based in Casselberry, Fla., at 9:30 a.m. EST on March 8, 2006, and terminating at 11:59 EST on March 21, 2006.
The Commission temporarily suspended trading in the securities of GMC because of questions that have been raised about the accuracy and adequacy of publicly disseminated information concerning, among other things, the proposed sale of GMC's alternative energy technology referred to as REMAT and the company's financial condition and because GMC is delinquent in its periodic filing obligations under Securities Exchange Act Section 13(a). This order was entered pursuant to Exchange Act Section 12(k). GMC, a non-reporting issuer, is quoted on the Pink Sheets under the ticker symbol GMCC. snip (Rel. 34-53442)
They also announced proceedings.
SEC INSTITUTES ADMINSTRATIVE PROCEEDINGS AGAINST GMC HOLDING CORPORATION FOR FAILURE TO MAKE REQUIRED PERIODIC FILINGS
On March 8, the Commission issued public administrative proceedings against GMC Holding Corporation to determine whether the registration of each class of its securities should be revoked or suspended for failure to file required periodic reports. In the Order, the Division of Enforcement alleges that GMC is delinquent in its required filings with the Commission. The Division of Enforcement also alleges that the common stock of GMC is quoted on the Pink Sheets.
Based on the above, a hearing will be scheduled before an administrative law judge to determine whether the allegations contained in the Order are true, to provide GMC an opportunity to dispute these allegations, and to determine whether it is necessary and appropriate for the protection of investors to suspend or revoke the registrations of GMC Holding Corporation's securities.
The Commission directed that an administrative law judge shall issue an initial decision in this matter no later than 120 days from the date of service of the Order. (Rel. 34-53448; File No. 3-12232)
More detail should be available tomorrow at http://sec.gov/news/whatsnew/wn030806.shtml, including that the SEC tried to mail GMCC a delinquent filings notice in 2004, but the notice was returned since the company address had changed. So adding .pk to the ticker symbol doesn't grant a permanent get out of filing free card?