Goldman Sachs Files SPAC, Smugly Claims Moral High Ground

Gee thanks, Lloyd. We all knew the product needed to evolve, but we just couldn't bring ourselves to leap blindly into the unknown. Glad you had the co-jones.

Anyhow, Goldman has finally released the terms of their latest SPAC, filing a $350 million IPO for Liberty Lane Acquisition Corp, helmed by two veteran Private Equity guys, Paul M. Montrone and Paul M. Meister (A.K.A. "The Pauls"), who currently run Liberty Lane Partners LLC

Here's what you, dear SPAC aficionado, need to know:

• First, and gaspingly foremost, Goldman is cutting its fee to 6%. i-bankers everywhere are wringing their hands in distress
• Second, The Pauls are only investing about $3.5 million in the business (1%), but in return will only get a 7.5% promote, far less than the typical management team.

A harbinger of things to come? Further legitimization of the product? You decide.

Here's the SEC Filing