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.

Correction: “You are reporting that shareholders of Capitol Acquisition Corp., which is merging with the new Pine River Capital-backed REIT Two Harbors, are voting on the deal today. Today is actually just the shareholder record date and the vote has not yet been.”

GHL Acquisition Co. (AMEX: GHQ) will have its vote Wednesday, Sept. 23, to bring Iridium Holdings, a satellite company, public. Although the SPAC has until 2010 to complete its merger vote, multiple sources have indicated that, after a lengthy wait for federal approval, the blank check has secured enough votes to complete the deal. GHL’s warrants, now trading at around $3.30, support this.

Hicks Acquisition Co. (AMEX: TOH) will have its vote  Thursday, Sept. 24; the SPAC recently moved its merger vote back by one day. As its vote to bring Resolute Natural Resources public nears, the blank check has increasingly sought out investors to support its deal. Ever since Hicks Acquisition dumped target Graham Packaging, investors SPO Advisory (22.5%) and Advisory Research Fund (5.56%) have taken stakes in the SPAC sources say will be voted in favor of its deal. The blank check has until Sept. 28 to complete its deal. Hicks may be closing in on getting sufficient shareholder support; more than 13 million shares of the SPAC have traded at or around its trust value since Sept. 15. Warrants are trading at around $0.56.

Capitol Acquisition Co. (AMEX: CLA), a $323 million SPAC, will have its vote Thursday, Sept. 24, to bring REIT Two Harbors Investment Corp. public. Monday, the SPAC’s shares briefly traded above trust value, signifying that Two Harbors owner Pine River Capital Management may still be buying shares. Nearly three million shares of the SPAC have been sold since Sept. 15.

Ultimate Escapes Holdings, the resort company to be acquired by Secure America Acquisition Co (AMEX: HLD) added to its portfolio 49 new club properties from smaller competitor Private Escapes appraised at around $50 million. Secure America still needs to execute buybacks to complete its deal deadline of late October, sources said. With a redemption value of $7.94 per share, the SPAC’s shares are trading at $7.88 and warrants are selling for $0.15.

Two SPACs announced deal vote dates last week: Global Consumer Acquisition Co. (AMEX: GHC) will have its shareholders meet to vote on its bank capital injection deal on Oct. 7; SP Acquisition Co. (AMEX: DSP) will meet with shareholders on Oct. 8 to bring Frontier Financial public.

To read more about any of these deals, please visit www.SPACupdate.com.

NRDC Acquisition Co. (AMEX: NAQ) broke this painful streak for blank check management teams. Oddly, it is the only SPAC approaching a deal vote that does not have a specific target in mind.  NRDC simply aims to convert itself to REIT status and begin buying up distressed property. The SPAC’s shares traded up to $10.00 each at the close of trading Monday; recently, warrants sold at around $0.77, marking a substantial rebound. The SPAC’s per-share redemption value is $9.91. NRDC’s vote date comes in mid-October.

NRDC is not the only blank check pursuing real estate investments. Capitol Acquisition Co. (AMEX: CLA) has paired up with Pine River Capital Management’s Two Harbors Investment Corp.  The SPAC’s deal vote must come by early November.

As you will see below, there are many more recent developments in other SPACs and overlapping SPACs that will be coming front and center in the coming weeks.

Elsewhere, GHL Acquisition Co. (AMEX: GHQ) continues to execute buybacks as it approaches its Sept. 23 deal vote date.  Last week came word that Weiss Multi-Strategy Advisers took a stake of 6% in NRDC Acquisition Co. (AMEX: NAQ).  Also last week, Azimuth Opportunity LTD sold out of its stake in 2020 ChinaCap Acquiro Inc. (AMEX: TTY). Previously, it held a 5.6% stake.

Pine River Capital Management last week took a stake of 10% in Si Mei Te Food Co., the company brought public via China Discovery Acquisition Co. (CADUF). The investor, which looks to have affiliate Two Harbors Investment Corp. bought by SPAC Capitol Acquisition Co., has increasingly been buying into companies that were brought public, and lost value, in 2009.

Global Consumer Acquisition Co. (AMEX: GHC) has a new bank to buy, after its deal to buy assets from Colonial Bank fell apart with that target’s collapse. Now—along with 1st Commerce Bank—the SPAC will buy Service1st Bank of Nevada. The new entity will still be known as Western Liberty Bancorp and Service1st executives will mostly populate its top ranks. The SPAC has until late November to complete the deal.

Prospect Acquisition Co. (AMEX: PAX) has a deal to bring public a real estate investment firm with operations in the U.S. and Japan. The $248 million SPAC will buy Kennedy Wilson Inc.; it is requiring redemption of at least half of its warrants at $0.55 each. Warrants that are not redeemed will be subject to higher strike prices and a longer expiration date.  In a statement, the SPAC’s target highlighted distressed opportunities in California, where up to $10 billion in newly-constructed real estate is set to re-price to meet market conditions. The SPAC’s deal deadline comes in November.

Triplecrown Acquisition Co. (AMEX: TCW) is looking to buy Cullen Agricultural Technologies Co., which is rolling out Natural Dairy, a milk-processing optimizer, across the Southeast U.S. The target will eventually also buy up farmland along the Eastern Seaboard, where it looks to bring more efficient processing to the dairy industry. Triplecrown shareholders will wind up with 78% of the company going public; warrant strike prices and expiration dates have both been adjusted up to support the transaction. The SPAC’s deal deadline comes next month.

InterAmerican Acquisition Group (OTC: IAQGU) and China New Cities Development successfully merged, the blank check revealed. The SPAC’s shareholders who supported the transaction will be redeemed $4.85 per share. In days leading up to the SPAC’s deal deadline, the blank check repurchased about $24 million from would-be dissenting voters. The SPAC’s shares traded down more than 33% on the news.

-Brought to us exclusively by the SPACUpdate.com team.

GHL Acquisition Co. (AMEX: GHQ) has plans to issue more shares of its stock to execute warrant buybacks, the SPAC revealed. Last week, the SPAC announced buybacks of more than 10 million shares to complete its merger with Iridium Holdings. Sources familiar with the situation say the SPAC will ultimately get its deal completed.

InterAmerican Acquisition Co. (OTC: IAQGU) has its vote date set for Sept. 8, after multiple delays. The blank check could still push the vote date back as far as Sept. 10, but no further, as Thursday is its deal deadline. Despite buybacks of $24 million, sources say the blank check still had more work as of Friday to complete its merger.

Hicks Acquisition Co. (AMEX: TOH) has a potential ally as it looks to bring public Resolute Natural Resources. SPO Advisory, a California-based energy investor, has amassed a stake in the SPAC amounting to more than 22 percent. The blank check’s warrants have traded up substantially since Hicks Acquisition backed out of its deal with Graham Packaging and signed its merger agreement with Resolute. The SPAC’s deal vote date is Sept. 22…

2020 ChinaCap Acquisition Co. (AMEX: TTY) has a new investor; Keywise Greater China Opportunities Fund revealed a stake buy of 6% and Israel Englander’s Integrated Core Strategies also reported holdings in the SPAC’s warrants that amounted to nearly 3 million warrants. Integrated has minimal holdings in the SPAC’s stock, as well.

North Shore Acquisition Co. (OTC: NSAQ), the SPAC that recently saw Tremisis Energy Acquisition Co. II CEO Sang Chul-Kim take its helm, also has a new investor: Tiger Europe Master Fund Ltd. filed at 13G with the SEC revealing it has a 5.5% stake.

-The SPACUpdate Staff
SPACUpdate.COM

SEPTEMBER 8, 2009

The goal here is to significantly reduce the number of fully diluted GHL Acquisition shares outstanding after the acquisition of Iridium is completed. This merger is still subject to FCC approval and subject to GHL Acquisition shareholder approval.

After today’s agreement and after prior agreements, Greenhill’s stake in GHL Acquisition after the merger will include approximately 6.9 million GHL Acquisition common shares received for founding GHL Acquisition and making an $8 million equity investment, approximately 1.9 million GHL Acquisition common shares resulting from conversion of its $22.9 million convertible note investment in Iridium, and 4 million GHL Acquisition warrants with an out-of-the-money strike prices.

More details about the shares and warrants on a post-merger basis can be seen in the company’s release.

GHL Acquisition expects that today’s agreement will be the last adjustment of valuation terms and other terms.  It currently expects that a shareholder vote on the Iridium buyout will take place in September 2009.  After this, Iridium will be a public satellite phone company… Again.

Jon C. Ogg
July 29, 2009

Greenhill owns roughly 17.5% of GHL Acquisition. It will make a cashinfusion to help fund the deal.  Iridium’s current holderswill receive roughly $100 million in cash and 36 millionshares of the combined operation.  GHL will ultimately have about a 55% controlling interest in the company.

Iridium has more than 300,000 global wireless satellite voice and datacustomers.  This isn’t its first pony ride as a public company.  Thisused to trade as Iridium under various tickers on NASDAQ asits status changed and changed before its ultimate bankruptcy.

We have followed this company along with competitor Globalstar Inc.(NASDAQ: GSAT).  Unfortunately, it has been a horrible post-IPO performance sincetrading above $15.00 in late 2006. Iridium now trades as a $2.00+ stock. It has been on our "IPO-Watchlist" of private companies whichmay need to come public to fund further growth.  Skyterra Communications(OTCBB-SKYT) and Inmarsat plc (London-traded) are also in this space.

You can see the full details on the Iridium page provided here.

Jon C. Ogg
September 23, 2008

The SPAC’s initial public offering was February 21, 2008, and holders may elect to trade the common stock and warrants separately commencing on March 20, 2008.  This is an elective event rather than a mandatory event.  Units notseparated will continue to trade on the American Stock Exchange underthe symbol "GHQ.U".

The common stock will trade on the American Stock Exchange under the "GHQ" ticker, and the warrants will trade under the "GHQ.WS" ticker.

We had previously noted that this one was affiliated with Greenhill & Co. (NYSE: GHL).

Jon C. Ogg
March 19, 2008

Banc of America is the listed underwriter.  A company called Greenhill & Co. (NYSE:GHL) is the founding shareholder and it has purchased 8 million warrants at $1.00 per warrant.  GHL has the proposed AMEX stock ticker of "GHQ" and ultimately its warrants will trade separately.

It is a truly open-ended blank check company, but there is a back-door play here:  Our efforts in identifying a prospective target business will not be limited to a particular industry. Instead, we will focus on industries and target businesses in the United States and Europe that may provide significant opportunity for growth. We do not currently have any specific initial business combination under consideration….. We will seek to capitalize on the significant investing experience and contacts of our Chairman and Chief Executive Officer, Scott L. Bok, our Senior Vice President, Robert H. Niehaus, and our Chief Financial Officer, John D. Liu.  Mr. Bok has over 20 years of experience advising on mergers, acquisitions and restructurings and investing in private equity.  Mr. Niehaus has over 20 years of experience investing in private equity and sourcing, evaluating, structuring and negotiating control or significant minority investments in businesses.  Mr. Liu has 14 years of experience advising on mergers, acquisitions and restructurings.  Each of our executive officers has significant networks of contacts throughout the investment community and with a variety of sources of potential targets, including Greenhill’s managing directors and senior advisors.

So, Greenhill & Co. (NYSE:GHL) is the back door play here into the IPO.  Its shares are up about 3% to $74.56 today, and the 52-week trading range is $47.14 to $77.00.  Greenhill & Co.’s market cap is $1.99 Billion.  We will be reviewing this for our Special Situation Investing Newsletter, where we cover back door plays into IPO’s, spin-offs, break-ups, buyout candidates, reorganizations, and more.

We also preview certain data on these to our own open email distribution list.

Jon C. Ogg
November 30, 2007