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Shell Summary for April 16, 2019

2019-04-16 20:47 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 8.85 points to 609.97 Tuesday. David Rosenkrantz has listed his first and second capital pool shells, Pinehurst Capital I Inc. (PHT) and Pinehurst Capital II Inc. (PINH), each with a $300,000 initial public offering at 10 cents. The IPO agent of both shells was M Partners Inc. Not unusually for a shell, neither Pinehurst I nor Pinehurst II traded today.

Mr. Rosenkrantz, 60, is an engineer in Toronto. Since the 1990s, he and lawyer David Prussky have been running a financial consulting firm called Patica Corp. One of Patica's clients was Carfinco Financial Group Inc., a car loan provider that traded from 1997 to 2015. Mr. Rosenkrantz and Mr. Prussky each took a turn as Carfinco's chairman. Over the years, as Carfinco's stock rose to about $12.80 from about $1.60, Patica's consulting fees likewise rose to $35,000 a month from $1,000. Carfinco was acquired in 2015 by Banco Santander SA for $11.25 cash per share or $297.8-million in total. Patica then received a sweet parting gift (technically a termination fee) of $400,000.

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