24/7 Wall St.

We’ve seen another blank check company IPO called OVERTURE ACQUISITION CORP. that has filed to come public via an IPO in a usual $10.00 per share/unit with an offering of 15 million units on the offering and atfer the overallotment making a total of 17.25 million units. Each unit will be one share of common stock and 1 warrant with a $7.50 strike price.  JPMorgan and Lazard Capital Markets have been listed initially as the underwriters.  Overture has taken the proposed stock ticker of NLX.U on AMEX.

Overture was formed in September 2007 in the Cayman Islands and while it says that it has not identified companies or sectors to merge with or acquire, it sure seems like it will be a resort or similar type of property.  Here is the self description:  Our efforts in identifying a prospective target business will not be limited to a particular industry or geography, although we initially intend to leverage the respective industry knowledge, operating experience and relationships of our officers, directors and special advisor in a range of luxury and lifestyle sectors. We will seek to capitalize on the unique combination of operating, private investing and transactional experience of our officers, directors and special advisor.

• John Hunt, Chairman & CEO has founded and invested in The Seattle Coffee Company (acquired by Starbucks-SBUX in England) and Obango (payment processing firm acquired by AOL Time Warner-TWX).
• Mark Blazer, its President & Treasurer, was most recently the Global Head of Investment Banking at Cantor Fitzgerald.
• Lawton Fitt is a director, and she is currently a director on the boards of Ciena Corporation, Citizens Communications Company, and Reuters Group PLC and has served as a senior advisor to GSC Group, Inc., an alternative asset investment management firm since October 2006. From October 2002 to March 2005 Ms. Fitt served as Secretary (Chief Executive) of the Royal Academy of Arts in London. From 1979 to October 2002 Ms. Fitt worked at Goldman, Sachs, becoming a partner in 1994.
• And guess who else is in here.  Paul Pressler is a sponsor & director, formerly head of Gap Inc. (NYSE:GPS), and he was one of 24/7 Wall St.’s Top 10 CEO’s that need to go.  He is not CEO here and this doesn’t have the sound of a "retail clothing empire" so we won’t be passing any judgement here on this since he was actually well respected in his 15 years at Disney.

Full details in the SEC Filing can be seen in the filing here. A free email list sign-up can be accessed here for ealier coverage of IPO’s, buyouts, and other special situation ideas and commentary from 24/7 Wall St.

Jon C. Ogg
October 26, 2007

Jon Ogg is the editor of the 24/7 Wall St. Special Situation Investing Newsletter; he does not own securities in the companies he covers.