01:28:16 EDT Tue 23 Oct 2018
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Shell Summary
Symbol C : *MKTSHEL
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Shell Summary for Oct. 10, 2018

2018-10-10 20:07 ET - Market Summary

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by Stockwatch Business Reporter

The TSX Venture Exchange fell 10.39 points to 692.57 Wednesday. David Rosenkrantz has filed two preliminary prospectuses to list his first and second capital pool shells, Pinehurst Capital I Inc. and Pinehurst Capital II Inc. Each shell plans to sell a $200,000 initial public offering at 10 cents through M Partners Inc.

Pinehurst I sold two million escrow shares at five cents in August. Its six directors and officers bought all the escrow shares. Mr. Rosenkrantz, 60, is an engineer in Toronto. Since the 1990s, he and lawyer David Prussky have been managing a merchant bank called Patica Corp. Mr. Rosenkrantz, Mr. Prussky and Patica are perhaps best known for their involvement with Carfinco Financial Group Inc., a car loan provider that went public in 1997. At the time, Patica was providing financial consulting services to Carfinco for $1,000 a month, and Carfinco was trading under 75 cents. Sixteen years later, in 2013, Mr. Rosenkrantz and Mr. Prussky had both taken turns as Carfinco's chairman; Patica was receiving $35,000 a month; and Carfinco was trading up to $12.98. In 2014, Carfinco received a takeover offer of $11.25 cash per share or a total of $297.8-million from Banco Santander SA. The deal closed in 2015. Patica received a termination fee (for its consulting services) of $400,000.

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