Happy Fourth of July

Jul 3, 2018 INTEL by Kristi Marvin

“I have never found any blank-check investment vehicle attractive. No matter what the reputation or what the sponsor might be. . . . They are the ultimate in terms of lack of transparency.”

— Arthur Levitt, former SEC Chairman

That’s a great quote…and it’s especially ironic given that Arthur Leavitt is currently Senior Advisor to the Carlyle Group, which is the Sponsor of Regalwood Global Energy. Oops.

I cannot tell you how many times I’ve seen or heard negative quotes like that about SPACs. Mostly, they are from people who aren’t that well informed about the product. Or, as is the case with Arthur Leavitt, he’s referring to a time when Blank Check Companies actually were a terrible product. (To be fair, that quote from Arthur is very old.)

However, SPACs have since evolved. Bigger, better, more badass now.

So for fun, I found some old articles from back in the day that shows how the product (and the reporting) have changed over the years. Here’s hoping that one day in the near future, financial reporters will stop referencing SPACs from “the bad old days”. (Seriously, it’s a different product now. Please find a new angle.)

Note: It’s July 4th tomorrow and unless something crazy gets filed or there’s a major news announcement Thursday or Friday, we won’t be back until Monday.