Stocks Suspended: The common stock of two...
Stocks Suspended: The common stock of two Newport Beach-based companies, American Pacesetter and Pacesetter Homes Inc., is suspended from trading on the Pacific Stock Exchange beginning Monday , officials of the the San Francisco-based exchange said Wednesday.
The companies failed to meet the regional exchange’s minimum asset requirements. Although separate entities, the companies share a major shareholder, John W. Klug, who serves as chairman of both firms. The stock of a third Klug-controlled company, Pacesetter Business Properties Inc., was dropped from trading on the Pacific Stock Exchange last month.
American Pacesetter is a holding company that had owned San Clemente Savings & Loan Assn. until June 12, when it was declared insolvent and seized by federal regulators. Pacesetter Homes is a residential builder.
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