On Jan. 15, Sports Properties Acquisition Co. (NYSE: HMR) will convene shareholders to vote on its deal to become a taxicab medallion manager and to change its title to Medallion Management. The SPAC has set out on multiple buyback campaigns, but its warrants have not taken a price spike that would signal investor confidence. However, the SPAC’s shares are trading well beneath their redemption value; Sports Properties is one of the biggest remaining blank checks awaiting a deal vote, so we suspect more buybacks will be necessary.

Stunningly, Asia Special Situation Acquisition Co. (AMEX: CIO) has cobbled together a last-second deal pitch on the heels of its first merger attempt’s failure. The SPAC wants to acquire an 81.5% stake in Allied Provident Insurance Co., a reinsurance company, and the assets of hedge funds Stillwater Funds, Wimbledon Financing Master Fund and Wimbledon Real Estate Financing Fund. The SPAC also plans to buy Northstar Group, which operates two insurance entities in Bermuda and Ireland. The merged entities’ name will change to Gerova Capital Corp. Asia Special Situation warrants are selling for around $0.40 and its shares are trading more than $0.50 off their redemption value. These facts aside, we predict it will be difficult for the SPAC to wrap a brand new deal in just 12 short days—although the SPAC’s management team has earned praise for hastily trying to save their blank check’s future in short order. The SPAC will have its merger vote on Jan. 19.

Plenty more action lies ahead this month for blank checks so SPACupdate.com will continue to weigh on 247WallSt.com with the latest breaking news.

HICKS ACQUISITION (NYSE: REN): The SPAC’s deal with Graham Packaging on life support, dealmaker Thomas O. Hicks rejuvenated his $550 million SPAC with a new target, Resolute Energy Corp. Investors including SPO Advisory piled on and the merger pulled through, taking warrants that were worth $0.08 just weeks away from the SPAC’s deadline and inflating their value to $2.17 on Dec. 18. Since the IPO, units are up more than 30 percent.

TM ENTERTAINMENT (AMEX: CCME): The Ted Green-led SPAC went from, in March, being sued by Bulldog Investors to liquidate early, to finding a winning target in China MediaExpress. The $82 million SPAC went on a successful warrant buyback campaign after the deal was completed, buying nearly 2 million warrants at $0.50 a pop. The company’s revenues grew 65% last quarter and net income was up 43 percent. The SPAC’s units have more than doubled in value from their worth at the time of the IPO, making this deal one of the best SPACs of the recession.

SPRING CREEK ACQUISITION (NASDAQ: AUTC): The Mighty Mouse of this year’s SPACs at $41 million, Spring Creek brought AutoChina International public in April 2009 and almost immediately began working to sell the company’s dealership business to focus on auto financing. The result was an explosion of value that investors have been riding for eight months. Target managers who decided to buy warrants prior to the deal’s vote saved a mint in cash and dilution. Warrants went from trading for pennies to hitting an eye-popping $20 each as they became eligible for redemption and the SPAC’s units are up a mind-boggling 400%-plus. Yes: four hundred percent.

Losers:

GLOBAL CONSUMER ACQUISITION (WLBC): First, the SPAC sought to bring public some assets of Colonial Bank, but that target failed and was bought by an owner who then refused to sell to the SPAC. Not being short on banks desperate for a capital injection, management arranged a new merger to bring Service1st Bank of Nevada and 1st Commerce Bank public. It worked—until it didn’t. Days after the deal’s completion in October, AMEX officials notified the merged entity, now called Western Liberty Bancorp, it would be de-listed for not maintaining enough shareholders. 1st Commerce then dissolved its merger agreement, leaving Global Consumer and Service1st looking for a new exchange to trade on (it is trying to get onto NASDAQ) as well as a new target. The SPAC’s units are trading 15% below their IPO value now—but the blank check’s management at least succeeded in getting a deal done.

ASIA SPECIAL SITUATION (AMEX: CIO): In March 2009, Asia Special Situation announced a deal to buy White Energy, an Australia-based energy supplier for Korea. Months dragged on until July, when the SPAC amended its agreement to offer the target more cash. As the vote date drew closer, the target got cold feet and in November instead opted to accept a $100 million capital injection from an outside investor. The SPAC—which might have had success had it sped its deal vote’s arrival—will liquidate, more than nine months after its merger was first revealed.

PINPOINT ACQUISITION (PPAC): In May, Pinpoint Acquisition announced a deal had not materialized sufficiently and that it would liquidate, retaining only a few thousand dollars and remaining a shell company in search of SPAC-capital. After holding onto shareholders’ redemption checks for up to seven months following the liquidation announcement, the SPAC found a new way to raise funds. It sued former target Elbit Systems for bad faith for a deal that had fallen apart months earlier. That suit has yet to proceed.

Other SPACs getting high marks for 2009 include GHL Acquisition Co. (NASDAQ: IRDMU), 2020 ChinaCap (NASDAQ: EDS) and China Opportunity (GGEEF). More blank checks that ran into difficulty after the merger include Triplecrown (OTC: CAGZ), InterAmerican (IAQG), and Alyst (OTC: CNWHF). 2010’s SPAC deals already have investors buzzing; the BPW-Talbots (AMEX: BPW) deal pushed the SPAC’s shares past redemption value almost immediately. Chardan 2008 China (AMEX: CACA) reversed course; that SPAC has sized up a Florida-based company that processes property bankruptcies for a deal. That blank check, too, is currently seeing its shares trade above trust. New SPAC GSME Acquisition Co. (OTC: GSMEF) priced late this year, marking the first post-recession blank check to emerge and 57th St. Acquisition Co. continues to raise capital. Smaller and boutique banks keep working to connect SPAC sponsors with management teams and in Toronto, the TSX awaits its first blank check.

For more on these and other SPACs, please visit www.SPACupdate.com.

As of August 25, 2009, Arrowgrass Capital Partners announced an 8.4% stake in Secure America Acquisition Co. (AMEX: HLD). The SPAC is yet to identify a target.  Weiss Capital stated in a 13G it has a 1.8% stake in China Fundamental Acquisition Co. (OTC: CFQCF). The SPAC is yet to identify a target.  Weiss Capital sold its stake in Chardan China 2008 Acquisition Co.; previously it held a 5.7% stake (NASDAQ: CACA). The SPAC is yet to identify a target.

As of August 19, 2009, HBK nearly doubled its stake in Westway Group, the company brought public via Shermen WSC Acquisition Co., to 17.4% (OTC: WTWG).

As of August 18, 2009, Victory Park Capital Advisors sold a stake of about 8.5% in AutoChina Intl., the company brought public via Spring Creek Acquisition Co. (OTC: AUCUF). Integrated Core Strategies, the investment arm of Israel Englander, reduced 11% to 2% its holdings in Global Consumer Acquisition Co. (AMEX: GHC).  The SPAC is currently having difficulty securing assets it planned to buy from Colonial BancGroup after that entity failed and was absorbed into BB&T.

As of August 17, 2009, Integrated Core Strategies, took a 5.5% stake in CS China Acquisition Co. (OTC: CSAQF). The SPAC, which has until 2011 to declare a target, has not yet done so.

As of August 14, 2009, Integrated Core Strategies, revealed in a 13D it has a stake of nearly 50% in Westway Group (OTC: WTWG).

As of August 12, 2009, Integrated Core Strategies, reduced its stake in Ideation Acquisition Co. (AMEX: IDI) to 3.3%. A 2007 filing by the investor revealed an 8% stake. The SPAC aims to bring public SearchMedia, a China-based advertiser, by this November.

SPACUpdate also welcomes tips on smaller stake buys at tips@SPACupdate.com.

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