TM Entertainment & Media, Inc., an $82 million SPAC priced in October 2007, is engaged in a proxy battle with Opportunity Partners L.P., a stockholder of the SPAC, to seek the written consent of the holders of the Company’s shares of to adopt an amendment to the SPAC’s bylaws to:

• increase the number of directors constituting the Board of Directors from four to nine;
• and to fill the resulting vacancies with directors that will take prompt action to dissolve the Company

TM Entertainment is asking shareholders to either not execute any consent solicitation cards they may receive from Opportunity Partners or revoke any consent solicitation cards previously executed and delivered to Opportunity Partners. Furthermore, the SPAC believes that it can complete a business combination by October 17, 2009, the second anniversary of the SPAC’s initial public offering, contrary to the assertions of Opportunity Partners and claims they are actively evaluating several merger candidates.

The SPAC has retained Pali Capital, Inc., the representative of the underwriters of the Company’s initial public offering, as financial advisor in this proxy fight.

This is the first time we’ve seen a proxy battle to get a SPAC to dissolve prior to its deadline, which is over 10 months away. We’ll see how this pans out.

Click here for the proxy