Seaway Valley De-Registers Common Stock

ALBANY—Seaway Valley Capital Corporation, the struggling company controlled by Assemblywoman Dede Scozzafava’s brother Tom, has de-registered its common stock with the Securities and Exchange Commission, according to a filing the company submitted earlier this month.

The de-registration exempts Seaway Valley Capital Corp., the holding company of a hardware chain and several restaurant companies, from sending quarterly and annual filings to the SEC. It also prevents the company’s common stock from being traded on any national exchanges or the OTC Bulletin Board.

Tom Scozzafava, the company’s CEO, could not be reached for comment. The filing says that SVCC’s board of directors “determined that it was in the best interest of the company to temporarily suspend its filings as a reporting company.”

Dede Scozzafava, the Republican candidate to replace John McHugh in Congress, has distanced herself from her brother’s company, calling herself a “passive investor” but noting that she served as an officer of a company that was eventually subsumed by SVCC. She also exchanged her common stock in the company for a debt obligation earlier this year.

Matt Burns, a spokeswoman for the Dede’s campaign, referred comment to the company.

The de-registration was allowed after Tom Scozzafava filed a certification with the SEC that SVCC had fewer than 300 investors; the filing claimed it had 124.

 

Seaway Valley De-Registers Common Stock