Santa Monica Media Corp, a $100 million SPAC priced in March 2007, has run out of time and money:

“We have depleted the funds from the interest on the trust account available to us, and do not believe we have sufficient funds for all costs associated with implementing our plan of dissolution and liquidation as well as payments to any creditors.”

The SPAC has announced that it will not move forward with its planned acquisition of NUI LLC, a “healthy kids lifestyle” company. The company was to have completed the acquisition of NUI by April 1st, 2009. The SPAC has approximately $8.07 in trust that it will distribute to shareholders.

Read the annual report here
Read the liquidation release here