Blank Check IPO Filing: Triplecrown Acquisition Corp. (EDA)

Triplecrown Acquisition Corp. has filed to come public as a ‘blank check’ or SPAC (special purpose acquisition company).  Triplecrown is a newly organized blank check company formed for the purpose of acquiring one or more operating businesses in the financial services industry.

The company is selling 40,000,000 units in a deal valued at $400 million, or $10.00 per unit.  Each unit will represent one share and one warrant, and underwriters have been allocated a 6 million shares over-allotment.  Citigroup is listed as the lead underwriter, with Jefferies, Ladenburg Thalman, and Broadband Capital Management involved in the deal.

Here is the deal.  Eric Watson, chairman and treasurer of Endeavor Acquisition (AMEX:EDA) and soon-to-be AMERICAN APPAREL, is the chairman and treasurer here.  He also has had ties to Elle Macpherson Intimates.  Not all of his ventures have been winners as one of the related companies PowerHouse was placed under administration in the U.K.  He was also issued a cease and desist order by the SEC in 2001 in connection with certain purchases and sales made by Mr. Watson of shares of McCollam Printers, Ltd., a company U.S. Office Products was seeking to acquire while Mr. Watson was executive chairman of Blue Star Group and acting as chief negotiator for U.S. Office Products.

Either way, the AMERICAN APPAREL deal is the one that will get this one some coverage.

Jon C. Ogg
July 13, 2007

Jon Ogg can be reached at [email protected]; he does not own securities in the companies he covers.