By Pete Gallo
New York-based Satellite Asset Management, the
multibillion-dollar distressed-and-credit shop started by
former Soros star Lief Rosenblatt, is on a SPAC buying
Special purpose acquisition companies, also known as
blank check companies, are essentially publicly
listed shell corporations created with the sole purpose of
buying up distressed or emerging companies. The American Stock
Exchange is heavy with SPACs these days. A third of all of the
initial public offerings listed so far in 2007 fall into this
category, according to Dealogic. And a notable number are
winding up in Satellite Asset Managements portfolio.
Other hedge funds, such as Prentice Capital Management,
Magnetar Capital Partners, Sowood Capital Management, DKR
Capital Partners, Steel Partners II and SAC Capital Advisors,
have also been on a SPAC spree.
But Satellite has been far more aggressive, investing in 18
SPACs, six of...