Liberty Lane Acquisition Corp. was going to be the first real special purpose acquisition company, or SPAC or blank check company, from Goldman Sachs Group Inc. (NYSE: GS). The key word in there is "WAS."
After the close of trading today, Liberty Lane announced that it decided it would not proceed with its planned IPO at this time. You can guess the reason: due to market conditions. We covered Liberty Lane as "Goldman Sachs’ first real SPAC IPO" in full detail on its filing date.
The flow of SPAC IPO’s has dried up significantly, and some are even closing and returning funds. But there was another issue in the Liberty Lane SPAC IPO. Goldman Sachs has a premium name, and it wanted premium terms. Each unit was "one share and a half of a warrant," which is less than the traditional "one share and one warrant" per unit in almost every other SPAC out there.
It would have been nice to see how this was going to pan out, although this one had the odds stacked against it after such a large amount of SPAC’s are still in the hopper and as many are having a hard time getting to market because of current conditions.
You can join our open email distribution list to hear about other issues IPO’s, SPAC’s, in secondary offerings, private equity, and special financings.
Jon Ogg
May 28, 2008
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