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Trading of Brooke, based in Overland Park with its roots in Phillipsburg, has been struggling at best, with low volumes and prices that have ranged from 1 to 3 cents a share. Brooke Corp. trades on NASDAQ.
In Friday's SEC filing, the report simply stated that trading would be halted Monday after a review of the company determined that it was no longer eligible. Brooke did not appeal that determination.
Brooke and its sister company, Brooke Capital Corp., have both filed for Chapter 11 bankruptcy.
Brooke Capital Corp. continues to trade on the American Stock Exchange, although its trading is conditional because of the bankruptcy filing. It has been trading at about 15 cents a share, well below the 40 cents it was trading at prior to bankruptcy.
Brooke Investments, another in a series of companies created by Brooke Corp., also has filed bankruptcy.
Additional subsidiaries are expected to file bankruptcy as well.
The bankruptcy petitions were filed in the wake of a series of lawsuits filed against Brooke by Wall Street bankers.
As the bankruptcy petitions were filed, there had been a breath of hope when two Kansas investors had indicated they would purchase Brooke Insurance.
Less than a week later, however, they called off the deal, saying the company failed to meet the criteria to make it financially feasible. While Brooke Insurance at one time had about 900 agents, at the time of the purchase agreement, that number had dropped to about 250.
When that purchase fell through, special master and bankruptcy trustee Albert Riderer laid off most of the remaining employees in both Overland Park and Phillipsburg. Only skeleton crews remain to handle ongoing affairs.
Two other Brooke entities are struggling as well.
Aleritas Capital Corp., a finance company that specializes in insurance-related lending, trades over the counter, and its stock price dropped to 6 cents a share Friday.
Generations Bank, a $130 million savings and loan in Phillipsburg, is still under regulatory order to find a buyer by Dec. 15.
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