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.

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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.

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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.

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