SPACInsider Logo
Law Firm White & Case Fires Shots Across the Bow
by Kristi Marvin on 2021-08-25 at 11:48am

Posts a takedown of the recent lawsuits brought by former SEC Commissioner and Law Professor

In the ongoing saga surrounding the recent lawsuits brought by former SEC commissioner and current NYU Law professor Robert Jackson and Yale Law School professor John Morley, against Pershing Square Tontine Holdings, and more recently, GO Acquisition Corp. and E.Merge Technology, the global law firm White & Case posted a statement on their site this morning disputing the suits’ claims.  More importantly, they quite strongly say that these lawsuits are unlikely to win.

Throughout the post, White & Case’s SPAC lawyers, breakdown why the claims brought by the plaintiffs are “meritless”, but they start with a bang by stating upfront that the suits “contain no novel arguments or revelations….and should fail“:

“The claim that SPACs are investment companies is meritless, as it is based on a flawed portrayal of both the purpose of SPACs as well as the applicable provisions of the ICA. As the SEC has recognized for decades, a SPAC is a blank check company whose primary purpose, during its limited corporate lifespan, is to engage in a business combination with an operating company, and therefore is not an investment company governed by the ICA. The lawsuits, which contain no novel arguments or revelations that would affect that treatment, should fail.”

After running through exactly how and why these cases are meritless, the likes of which are probably better explained by reading it and which you can find HERE, the lawyers really let you know how they feel about the matter by saying, “It is unfortunate that the lawyers are concocting spurious claims as a means of pursuing their agenda“.

Shots fired, indeed. These are no small things to say from a law firm that ranked as the 11th highest grossing law firm in the world in 2020, according to the 2020 Global 200 survey.

Joel Rubinstein, a partner in White & Case’s Capital Markets group said, “We thought it was important to take an unequivocal stand against these claims, which appear to be agenda-driven and without a legal basis. It is manifestly clear that the business purpose of a SPAC is to identify and combine with an operating business, not to serve as a vehicle for investments in government securities.”

We may be heading into Fall, but things are heating up in SPAC Land…we’ll have to see what else develops.

 

 

 

 

Recent Posts
by Marlena Haddad on 2023-06-05 at 5:45pm

Latest Non-Redemption Agreements:  EVe Mobility EVe Mobility Acquisition Corp. (EVE) Adds Non-Redemption Agreement On June 5, 2023, EVe Mobility Acquisition Corp. (NYSE:EVE) and the Sponsor entered into non-redemption agreements with unaffiliated third party investors, pursuant to which the Investors have, in connection with the Extension Meeting, agreed not to redeem, or to reverse and revoke any prior...

by Marlena Haddad on 2023-06-05 at 5:44pm

Latest SPAC Liquidations: ST Energy Transition I, MELI Kaszek Pioneer Corp. ST Energy Transition I Ltd. (STET) to Liquidate on June 7 ST Energy Transition I Ltd. (NYSE:STET) announced today that the Board of Directors has elected to dissolve and liquidate the company. Net of taxes and dissolution expenses, the per-share redemption price for the...

by Marlena Haddad on 2023-06-05 at 5:43pm

Worldwide Webb Acquisition Corp. (NASDAQ: WWAC) announced this afternoon that it has secured a $5 million PIPE for its proposed merger with consultancy firm Aeries Technology. While most PIPEs are priced at $10 per share, Worldwide Webb’s $5 million subscription agreement was executed at just $4.48 per share in a private placement to be completed concurrently...

by Marlena Haddad on 2023-06-05 at 5:42pm

Metals Acquisition Corp. (NYSE: MTAL) announced this afternoon that its shareholders have approved its acquisition and business combination with the CSA Copper Mine from Glencore (LON:GLEN) at a special meeting held earlier today. The business combination and merger were overwhelmingly approved as both proposals received 27,538,130 shares in favor of it and just 455,506 shares against it. In...

by Marlena Haddad on 2023-06-05 at 12:39pm

Power & Digital Infrastructure II (NASDAQ: XPDB) has entered into a definitive agreement to combine with water harvesting company Montana Technologies at a pro forma enterprise value of approximately $500 million. Ronan, Montana-based Montana Technologies manufactures a dual-chamber design intended for a water harvesting process to solve legacy thermal constraints. The parties expect to close the deal in...

Privacy Policy|Terms Of Use
Copyright © 2023 SPACInsider, Inc. All Rights Reserved