SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
December 29, 1999
Date of Report (Date of earliest event reported)
PMCC FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 1-7614 11-3404072
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
3 Expressway Plaza
Roslyn Heights, NY 11577
(516) 625-3000
(Registrant's telephone number, including area code)
Page 1 of 2 Pages
Exhibit Index Appears at Page 2
<PAGE>
Item 5. Other Events
Reference is made to the Company's press release attached
hereto as Exhibit 99.01 and incorporated by reference herein (including, without
limitation, the information set forth in the cautionary statement contained in
the press release).
Item 7. Financial Statements, Pro Forma Financial Statements and Exhibits
Exhibit 99.01 Press Release issued December 29, 1999.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
PMCC FINANCIAL CORP.
Date: January 3, 2000
By: /s/ Keith Haffner
-----------------
Name: Keith Haffner
Title: Chief Executive Officer
Exhibit 99.01
FOR IMMEDIATE RELEASE
CONTACT: Jeffrey Volk
Stephen D. Axelrod, CFA
. Wolfe Axelrod Weinberger Assoc.
(212) 370-4500; (212) 370-4505 fax
e-mail: [email protected]
PMCC FINANCIAL CORP. ANNOUNCES INTERIM MANAGEMENT CHANGES
ROSLYN HEIGHTS, NY, December 30, 1999 -- PMCC Financial Corp. (AMEX: PFC), a
full service mortgage banking company, today announced the interim appointment
of two executives, Mr. Andrew Soskin as its new interim President, Mr. Keith
Haffner as its new interim Chief Executive Officer, and the appointment of Mr.
Stanley Kreitman as the interim Chairman of the Board of Directors. Mr. Soskin
was also appointed as a Director. Mr. Soskin has served as the Company's
Executive Vice President of Operations and Sales since its inception, Mr.
Haffner has served as the Company's Executive Vice President since 1996 and has
been a Director of the Company since September 1999, and Mr. Kreitman has been a
Director of the Company since February 1998.
Related to the appointment of these individuals, the Company announced that it
is negotiating with its warehouse bank and other financing sources to meet the
funding needs of the Company.
PMCC's Board of Directors has retained the services of Spectrum Financial
Consultants, Inc., and its principals, Jonah L. Goldstein and Cheryl P. Carl, to
maintain existing relationships with its current lenders and to continue to
expand new relationships with funding sources. The Board of Directors has
announced that a committee of outside directors has been formed to retain
another consultant to conduct an investigation into the Company's operations.
Also, the Company announced that Ronald Friedman, its former Chairman, President
and Chief Executive Officer, has taken a leave of absence from his duties. Mr.
Friedman's decision will allow him to focus on resolving recent allegations
against him by HUD.
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PMCC Financial Corp. is a specialty consumer financial services company
providing a wide range of residential mortgage products to all types of
borrowers. Since 1996, the Company has expanded and diversified its mortgage
banking activities by establishing a program to provide short-term financing for
one-to-four family residential rehabilitation properties, opening a fully
staffed wholesale division and expanding geographically into selected markets.
Certain statements contained herein are "forward-looking" statements within the
meaning of Section 27A of the Securities Act of 1933 and Section 21E of the
Securities Act of 1934, as amended. Actual results could differ materially from
those based on such statements due to a variety of factors, including but not
limited to, changes in the national or industry economic conditions; competitive
products and pricing; changes in the market for such products or timing; and
other factors generally understood to affect the real estate mortgage markets.
For more information on PMCC Financial Corp., please contact Jeffrey Volk, at
212-370-4500.
