SPAC Info

Gabelli Entertainment & Telecommunications Acquisition Corp filed to withdraw the registration statement for its 125 million dollars offering of the company’s securities. The company and the underwriters, Ladenburg Thalmann & Co. Inc., have determined that at this time they will not proceed with the registration and sale of the units as contemplated in the Form S-1 Registration Statement.

The SPAC, headed by well known fund manager Mario Gabelli, initially planned to raise 200 million dollars through Initial Public Offering. In November 2008, the company then reduced the target by nearly 38%.

Gabelli Entertainment & Telecommunications Acquisition Corp was founded as a blank check company which planned to engage in a merger or acquisition with company in media, entertainment, telecommunications, or financial services industries.

After this withdrawal, Mario Gabelli still has one SPAC in registration, Greenwich PMV Acquisition Corp, which also planned to raise $200 million.

Click here for the release

$100 million SPAC Transforma Acquisition Group Inc. (NYSE Alternext US: TAQ), that priced on December 19, 2006 and included John Sculley, the former chief executive officer of Apple Computer, Inc. and Pepsi-Cola Company, announced today that its board of directors has determined that the company will not consummate a business combination by its December 26, 2008 deadline under its charter to do so, and that it is advisable that the corporation be dissolved.

As a result, Transforma intends to convene a special meeting of its stockholders on December 22, 2008 to vote on a plan of liquidation and dissolution of the company.

The definitive proxy for the dissolution vote was filed December 12, 2008.

Click here for the release

Churchill Ventures Ltd. (AMEX: CHV), a $108 million SPAC priced February 28, 2007 on the AMEX, has announced that in light of market conditions it was suspending its business combination activity and would commence the process of liquidating and distributing its trust fund proceeds to its shareholders. Additionally, the company had been unable to find a suitable acquisition target.

According to the company:

“Churchill’s founders have a stellar reputation for delivering value to investors in our past activities, and we would rather close our doors and return our investors’ capital than pursue a business combination in these market conditions,” said Christopher Bogart, Churchill’s Chief Executive Officer. “SPACs like Churchill rely on the availability of leverage and the receptivity of institutional equity investors, neither of which is present in capital markets today. Churchill’s founders will lose money personally by taking this decision – and our shareholders will actually turn a profit on their investment in Churchill – but we believe strongly that it is the right thing to do rather than bringing a questionable transaction to the market,” Bogart added.

The stockholders meeting to vote on the dissolution of the company will take place on December 19, 2008.

Click here for the release