We are seeing more and more deal news in the land of special purpose acquisition companies and in blank check companies.  Some is good, while some is not.  SPACUpdate.com sent us some exclusive coverage in BPW Acquisition Co. (AMEX: BPW), Talbots (NYSE: TLB), Hambrecht Asia Acquisition Co. (OTC: HMAQF), BBV Vietnam SEA Acquisition Co. (OTC: BBVVF), Western Liberty Bancorp (AMEX: WLBC), Ultimate Escapes Inc. (OTC: ULEI), and China Fundamental Acquisition Co. (OTC: CFQCF).

BPW Acquisition Co. (AMEX: BPW) shareholders overwhelmingly approved the SPAC’s deal to merge with Talbots (NYSE: TLB) with a 91% approval. The SPAC’s warrants traded up, to about $1.40, and common shares remained above trust at the close of trading Wednesday. However, BPW is not yet out of the woods: its deal also hinges on a warrant holder conversion vote. The SPAC is has amended its warrants so that only half of them would need to agree to a restructuring, instead of 90 percent.

Hambrecht Asia Acquisition Co. (OTC: HMAQF) now has a deal to buy LCD maker Guanke (Fujian) Electron Technological Industry Co. and the SPAC seeks to now extend its deal deadline. Despite having little volume recently, the SPAC’s management is committed to completing its deal and SPACupdate.com anticipates the blank check’s deadline delay will be approved, paving the way for a lengthy buybacks campaign. The SPAC’s warrants traded up immediately, to $0.55.

BBV Vietnam SEA Acquisition Co. (OTC: BBVVF) has been besieged by shareholders intent on buying up shares to withhold from the SPAC until it agrees to buybacks. Victory Park Capital Advisors, a hedge fund that has typically worked with SPACs to sell shares back above trust value, took a stake in the blank check; its warrants have seen value slide as nervous investors have begun dumping their positions. BBV warrants were recently being offered in the $0.16 range. In 2009, BBV announced plans to buy Migami Inc., which sells cosmetic products and licenses drug-delivery systems and technologies to pharmaceutical companies.

Both Western Liberty Bancorp (AMEX: WLBC) and Ultimate Escapes Inc. (OTC: ULEI) announced exchanges would be de-listing them. Western Liberty, which has a re-scheduled vote date to bring public a portion of its initial target, will try to appeal the exchange’s final decision, but Ultimate Escapes is already trading Over-The-Counter.

China Fundamental Acquisition Co. (OTC: CFQCF) completed its deal to bring public Beijing Wowjoint Machinery Co. Ltd.; since then, the SPAC’s shares have faltered, slightly losing value.

While the US SPAC pipeline remains clogged, in Korea, blank checks are being welcomed there by investors. Mirae Asset Securities, Hyundai Securities, Tong Yang Investment Bank and Daewoo Securities are all in the process of having SPACs listed on the Korean Stock Exchange. Most of the SPACs are about $20 million in size, aside from Daewoo’s, worth about $75 million.

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