The SPAC Report - November 2007

SPACs Fight Back, Boost Shareholder Veto Thresholds

Bulldog Investors, a hedge fund based in Saddle Brook, N.J., may frequently bare its teeth as a power player in special-purpose acquisition companies. The company, founded by Philip Goldstein, has taken stakes in Dekania Corp., InterAmerican Acquisition Corp., and Paramount Acquisition Corp., among other SPACs. Full Story

At least two major shareholders of TransCommunity Financial Corp. have told the company's board of directors they intend to vote against its pending acquisition by Community Bankers Acquisition Corp.

Special purpose acquisition companies have gained traction since their rebirth a mere four years ago. The viability of these investment vehicles continues to be proven by their robust merger activity, but questions remain about how SPACs perform after acquisitions. Full Story

• Fortune Sends $200M After Alternative Assets
• I-Flow Salvages Acquisition by HAPC by Buying 15%
• Paramount Clinches ChemRx Merger
• Distressed-debt Firm Starts $250M SPAC
• SPAC Targets Vietnam
• SPAC Seeks Insurance Co. Target for $38M
• Oceanaut Floats Nine More Boats
• Shareholders Choke on $280M Merger Price
• Phoenix India Plans to Buy Source Global
• JK Managers Put $400,000 Personal Funds into SPAC
• Lazard Plunks $500M into Sapphire SPAC
• ATS Gobbles Up Software Consultant for $36M
• Alsius Shares Plunge on Sales Shortfall
• Hirings & Firings

• SPAC Tracker
• SPAC IPOs in Registration