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
September 18, 2000
Date of Report (Date of earliest event reported)
PMCC FINANCIAL CORP.
(Exact name of Registrant as specified in its charter)
Delaware 0-7614 11-3404072
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification Number)
3 Expressway Plaza
Roslyn Heights, New York 11577
(516) 625-3000
(Registrant's telephone number, including area code)
Page 1 of 3 Pages
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Item 5. Other Events
I. In a continuing effort to reduce the Company's overhead and expenses and
achieve profitability, PMCC Mortgage Corp. at its Board of Directors
meeting on September 18, 2000 has determined that on or about October 1,
2000, it will permanently close its office in Roslyn Heights, NY. PMCC
Mortgage Corp. and PMCC Financial Corp. will relocate their corporate
offices to the location of the existing branch office and former corporate
office at 1767 Morris Avenue, Union, NJ 07083. In conjunction with this
closing, the Company is in the process of negotiating with its landlord at
3 Expressway Plaza to terminate the remaining 4.5 years of its lease at
that location. PMCC's business strategy continues to be to stabilize and
strengthen its remaining areas of business. The Company has added new
account executives in both New Jersey and Florida. More than 90% of
mortgage loan applications taken by the Company in the last three months
were through its wholesale operations. The cost for terminating employees
and the lease in Roslyn is anticipated to be approximately $300,000,
however, after all reductions noted herein, it is anticipated that the
Company will experience annualized cost savings of approximately $1.5
million.
To maintain a presence in New York State, the Company will occupy office
space of approximately 1,000 square feet on Long Island apart from its
present location.
Also part of this change is the termination of Keith Haffner, the Company's
Interim Chief Executive Officer and Secretary. The Board has approved the
appointment of Andrew Soskin, the Company's Interim President, to the
additional position of Interim CEO and the appointment of Stephen Mayer,
the Company's Chief Financial Officer, to the additional position of
Secretary.
The Company anticipates that the transition period for this action will be
approximately 90 days.
II. On September 22, 2000, PMCC Financial Corp. was advised by the American
Stock Exchange that it is the intention of the Exchange to proceed with the
filing of an application with the Securities and Exchange Commission to
strike the Company's common stock from listing and registration on the
Exchange.
On September 26, 2000, the Company exercised its right to appeal the
decision of the Exchange. A formal hearing is expected to be held by the
Exchange's Committee on Securities as soon as practicable.
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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: September 29, 2000
By: /s/ Stephen J. Mayer
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Name: Stephen J. Mayer
Title: Chief Financial Officer
