Legal Law

Effectively, I Guess Anybody Can Run A SPAC

There’s never been a better time to launch a blank-check company. Jeff Smith is doing it. The Moneyball guy is doing it. Bill Ackman’s doing the biggest one ever. Everyone is doing it, and we do literally mean everyone and anyone.

Paul Ryan… will serve as chairman of a vehicle known as Executive Network Partnering Corp., which will seek to raise roughly $300 million in an initial public offering, people familiar with the deal said…. ENPC, which will serve as the new vehicle’s ticker symbol, will be a twist on the traditional SPAC, with longer-term incentives for its backers and potentially slimmer fees for underwriters, the people said.

That’s right, the former Speaker of the House and failed vice presidential candidate, a man whose entire experience in business consists of a lucrative board seat at—you guessed it—Fox, wants you to put up $300 million so he and his buddies can buy whatever they want. What does he bring to the table? Why, a congressman’s knack for an awkward and not-as-clever-as-he-thinks acronym, for one.

In documents set to be filed with the Securities and Exchange Commission in the next few days, ENPC will outline its structure, the people said. It will be called CAPS, an acronym for “capital which aligns and partners with a sponsor”—or SPAC in reverse.

Anyway, if you’re looking for a proper way to thank the former speaker for all of those millions or billions in tax savings beyond a couple of nice bottles of wine, maybe throw some of those dollars ENPC’s way.

Former House Speaker Paul Ryan Starts Black-Check Company [WSJ]Wall Street holds the cards as Main Street chases blank-check deal frenzy [Reuters]

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