Asia Special Situation Acquisition Co. (AMEX: CIO) completed its last-second merger to become a reinsurer and owner of several investment firms last week with the help of Victory Park Capital Advisors, taking its warrants from the bargain bin and catapulting their value. Since then, the company’s shares have traded down nearly 20%, however.

ARMOUR Residential REIT Inc. (ARR) was de-listed from the AMEX after attempting to appeal the exchange’s initial ruling. In 2009, the exchange told ARMOUR it had too few shareholders—as it warned several companies brought public via SPAC. ARMOUR was brought public via Enterprise Acquisition Co.; that SPAC was helped past the finish line (as several blank checks were last year) by Victory Park. The company has applied to have its shares traded on NASDAQ.

BPW Acquisition Co. (AMEX: BPW) will have its vote date on Feb. 24 for its common shareholders who will decide whether or not the SPAC provides ailing retailer The Talbots Inc. (NYSE: TLB). Its warrant vote is expected to be held separately from the common vote; SPACupdate.com is carrying exclusive news on the SPAC’s warrant vote.

Ultimate Escapes (AMEX: UEI) might not remain on the AMEX for so long. The resort operator brought public via Secure America Acquisition Co. (and, again, helped to the finish line by Victory Park) was rapped with a second de-listing threat from the exchange recently. Several other SPACs were given de-listing threats by the AMEX in 2009; it remains to see how several of those will play out.

With more merger votes coming soon, SPACupdate.com will continue to monitor blank checks and their ongoing deal situations.

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One SPAC that completed a merger with a real estate angle drifted off course and ran aground; Ultimate Escapes Inc. (AMEX: UEI) was notified by AMEX officials that the company, brought public by the Secure America Acquisition blank check, will be de-listed for failing to maintain mandatory shareholder minimums. If the de-listing goes through, the vacation rental property company will trade on the OTCBB.

ARMOUR Residential REIT Inc. (ARR) joined Ultimate Escapes, the company reported late Friday. The REIT was given a de-listing notification and has applied to trade on the NASDAQ, according to ARMOUR’s statement. ARMOUR was brought public by Enterprise Acquisition Co.

Atlas Acquisition Co. (AMEX: AXG) has an $840 million deal to provide a Santa Barbara, Calif., company with a capital injection. Koosharem Corp., a HR and staffing services firm, which operates Select Staffing, is looking to retire $200 million in debt. Standard & Poor’s Ratings Services lowered Koosharem Corp.’s corporate credit rating to CCC from B-. Koosharem is carrying about $540 million in debt, the September 2009 S&P report stated. The SPAC already wants to trade its shares for outstanding warrants—instead of buying them back, it is offering slightly less than one share for every 12 warrants.

Overture Acquisition Co. (AMEX: NLX) is working to bring a subsidiary of Jefferson National Life Insurance Co. public, the SPAC announced. The target will contribute to buybacks of close to 25% of Overture’s shares to get its deal done; the SPAC looks to overcome a 30% redemption threshold and get its merger completed by Jan. 30, 2010. Overture aims to reinsure a portion of Jefferson National Life’s annuity policies by forming an entity in Bermuda.

Both Atlas and Overture have investment vehicles controlled by Israel Englander with big stakes in their warrants; the Englander funds have substantial stakes in both SPACs, so it will be in the investor’s interest that—should he not outright vote for the AXG and NLX deals—his stakes are at least sold to affiliates of each SPAC.

BPW Acquisition Co. (AMEX: BPW) is structuring a unique deal with women’s clothing retailer Talbots (NYSE: TLB) in which the SPAC will merge into the NYSE-listed entity while it simultaneously uses capital to oust its majority equity holder. Under the terms of the deal, BPW will merge into Talbots and the retailer will simultaneously accept a $200 million credit facility from GE Capital to buy out majority shareholder AEON Inc. The SPAC is looking to trade for half of its outstanding warrants with shares of the company post-merger on a 10-for-1 basis.

United Refining Energy (AMEX: URX) saw its deal with Chaparral Energy terminated by shareholders who refused to sell shares back to the SPAC; there currently is no timetable for its liquidation.

For more on these deals, and other blank check news, please visit www.SPACupdate.com.