We have yet another blank check company or SPAC (special purpose acquisition company) that has filed to come public via an IPO. United Services Management has filed for an initial public offering of up to 16 million units, or a total of 18.4 million units if overallotment is taken, at the traditional $10.00 unit price. Each unit will consist of one share of common stock and a warrant with a strike price of $7.50.
United Services Management Corporation is a newly organized blank check company formed for the purpose of acquiring (or merging, etc.) with one or more businesses or assets. It noted that prospective target businesses will not be limited to a particular industry or to any geographic location, although it intends to focus initial efforts to a company that provides services to the government and commercial markets, with a particular emphasis on communications, information technology, or IT, and consulting.
No stock ticker has been taken, although Citigroup is listed as the underwriter for the IPO.
Its chairman and CEO is Joseph Wright, who is Chairman of Board of Intelsat Ltd. He was CEO of PanAmSat from 2001 until selling that business in 2004. In 2005, he led the company with its IPO and it noted that this combined of Intelsat/PanAmSat operation was acquired by BC Partners for some $16.5 Billion this month. Other officers are listed as follows:
- Mr. Bernikow was Deputy Chief Executive Officer at Deloitte & Touche;
- Peter A. Cohen, founded Ramius Capital Group, LLC, a privately owned investment management firm that manages approximately $12 billion of assets;
- James A. Mitarotonda, is Chairman of the Board, President and Chief Executive Officer of Barington Capital Group, L.P., an investment firm that he co-founded in November 1991;
- Jerry Markowitz, is currently a partner in Conifer Securities, a supplier of infrastructure for investment managers.
Jon C. Ogg
February 28, 2008
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