Pacesetter Business Properties Company

Pacesetter Trading to Cease: Pacesetter Business Properties said Friday that the Pacific Stock Exchange will no longer allow trading of its stock after Monday. The financially ailing firm's stock is listed in the National Quotation Bureau Pink Sheets. Pacesetter Business Properties, based in Newport Beach, develops commercial and industrial buildings in Southern California. Like other commercial developers, it has been hit hard by the recession, which has stymied business expansion.

Three real estate and financial services companies, spun off from American Pacesetter almost five years ago, are seeking court protection while they reorganize their debts, the companies said Friday. Commercial developer Pacesetter Business Properties, residential developer Pacesetter Homes and American Pacesetter, a bank holding company, filed Thursday in U.S. District Court in Santa Ana for protection under Chapter 11 of the U.S. Bankruptcy Code. All three share a major investor, John H. Klug.

Pacesetter Business Properties, a small developer, said Wednesday that it lost $4.3 million on revenue of $8.5 million last year and has stopped developing new projects. Losses in 1989 were $3.5 million on revenue of $8.5 million. During the fourth quarter, the company lost $2.4 million on revenue of $1.6 million, compared to a 1989 fourth-quarter loss of $930,000 on revenue of $2.1 million.

Three real estate and financial services companies, spun off from American Pacesetter almost five years ago, are seeking court protection while they reorganize their debts, the companies said Friday. Commercial developer Pacesetter Business Properties, residential developer Pacesetter Homes and American Pacesetter, a bank holding company, filed Thursday in U.S. District Court in Santa Ana for protection under Chapter 11 of the U.S. Bankruptcy Code. All three share a major investor, John H. Klug.

Pacesetter Trading to Cease: Pacesetter Business Properties said Friday that the Pacific Stock Exchange will no longer allow trading of its stock after Monday. The financially ailing firm's stock is listed in the National Quotation Bureau Pink Sheets. Pacesetter Business Properties, based in Newport Beach, develops commercial and industrial buildings in Southern California. Like other commercial developers, it has been hit hard by the recession, which has stymied business expansion.

Pacesetter Business Properties, a small developer, said Wednesday that it lost $4.3 million on revenue of $8.5 million last year and has stopped developing new projects. Losses in 1989 were $3.5 million on revenue of $8.5 million. During the fourth quarter, the company lost $2.4 million on revenue of $1.6 million, compared to a 1989 fourth-quarter loss of $930,000 on revenue of $2.1 million.

Steven Strauss couldn't believe it--his company's stock price jumped 59% on Wednesday and has more than doubled since Friday, when Pacesetter Business Properties reported a hefty third-quarter loss. "It did what!" he exclaimed when informed of the unusual activity. "That's rather amazing. . . . It's hard for me to believe it did that. I'll have to check to see if it isn't a mistake." It wasn't.

Steven Strauss couldn't believe it--his company's stock price jumped 59% on Wednesday and has more than doubled since Friday, when Pacesetter Business Properties reported a hefty third-quarter loss. "It did what!" he exclaimed when informed of the unusual activity. "That's rather amazing. . . . It's hard for me to believe it did that. I'll have to check to see if it isn't a mistake." It wasn't.