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Red Ink Flows at Pinnacle Holdings

SARASOTA, FL-The locally based developer-operator of wireless communications towers accrues $19.5 million in nonrecurring charges on a decision to halt acquisition or construction on certain tower assets and the costs from an SEC investigation. Sarasota is 170 miles northwest of Miami.

By David R. Corder | Updated on April 19, 2001

SARASOTA, FL-Pinnacle Holdings Inc. closed the year 2000 with $124.3 million in net losses and mounting legal problems on allegations it overstated prior financial statements. Sarasota is 170 miles northwest of Downtown Miami.

Several more legal claims for separate class-action damages have emerged since GlobeSt.com reported in late March that the developer-operator of wireless communications towers overstated its financials on a $26 million deal to acquire the antenna-site business from Motorola Corp.

Under a review by the Securities and Exchange Commission, the company disclosed it now expects to expense about $8.3 million of the acquisition at the time the deal transpired.

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