Another blank check company, Bank Street Telecom Funding Corp., has filed an S-1. The deal is being underwritten by CRT Capital Group LLC. The company is going to focus its acquisition efforts on acquiring an operating company in the communications industry.
Bank Street Telecom Funding Corp. – STILL IN REGISTRATION
Number of units being offered: 11,000,000
Proposed price per unit: $8.00
Terms of deal: One share of common stock and a warrant to purchase one share of common stock at $6.00 per share.
Underwriters: CRT Capital Group LLC
Proposed ticker symbols
Common stock: Not known
Warrants: Not known
Units: Not known
Common shares to be outstanding subsequent to IPO: 13,750,000
Shares to be held by public shareholders: 11,000,000
Shares held by insiders: 2,750,000
Percentage held by public shareholders: 80.0%
Gross proceeds being raised: $88,000,000
Net proceeds to be held in escrow: $79,320,945
Escrowed proceeds per share applicable to future public shareholders: $7.21
Date of IPO: N/A
Date of original filing: August 5, 2005
Current stock price
Common stock: N/A
Warrants: N/A
Units: N/A
Insider shares: 2,750,000 shares purchased at $.007 per share. Total proceeds: $20,000.
Restrictions on insider shares: The shares will remain in escrow until six months after the consummation of an acquisition.
Other insider requirements: The principals have agreed to purchase up to 833,333 warrants at a price not to exceed $1.20 per warrant within 40 days from the date that the warrants begin trading independently of the units.
Description of business: We are a recently organized blank check company formed for the purpose of acquiring through a merger, capital stock exchange, asset acquisition, stock purchase or other business combination transaction one or more operating businesses within the communications industry.
Biographical information for significant officers: Richard S. Lukaj - Chief Executive Officer and Director - Mr. Lukaj has been our Chief Executive Officer since inception. Mr. Lukaj has been an investment banker since 1991, having executed corporate finance transactions for companies primarily in the telecommunications, media and technology sectors. Mr. Lukaj began his career at Bear, Stearns & Co. Inc., an investment banking firm, in July 1991 and was ultimately promoted to Senior Managing Director and head of the Global Emerging Communications Group, a position that he held for three years before departing the firm in June 2002. In June 2002, Mr. Lukaj founded and served as the Managing Member of Bank Street Holdings LLC, a merchant banking practice primarily focused on advising and consulting to the communications, media and technology industries. In June 2004, Bank Street Holdings LLC purchased control of The Bank Street Group LLC, a U.S. broker/dealer registered with the NASD and SIPC. Mr. Lukaj assumed his current role as Managing Member of The Bank Street Group LLC in early 2005. The Bank Street Group LLC is a private investment banking firm providing financial advisory, mergers and acquisitions and capital raising services, primarily to middle market companies. Mr. Lukaj founded and serves as President of the Lukaj Foundation, Inc., a charitable organization which supports various other charitable organizations. Mr. Lukaj was appointed Honorary Consul to the Republic of Albania by the U.S. Department of State and the Ministry of Foreign Affairs in Albania in 2002.
James H. Henry - Chief Financial Officer, Treasurer and Director - Mr. Henry has been our Chief Financial Officer and Treasurer since inception. Mr. Henry is a Founder and Managing Director of The Bank Street Group, LLC since its inception in June 2004. Between January 2003 and June 2004, Mr. Henry was a Managing Director of Bank Street Holdings LLC and its predecessor companies. Mr. Henry has served as an analyst and portfolio manager following the communications industry for the past 10 years. Prior to joining Bank Street, Mr. Henry was the Managing Director of Greenfield Hill Capital LLC from April 2001 to December 2002. Greenfield Hill was a hedge fund focused on making investments in the communications industry. Between February 1997 and April 2001, Mr. Henry was a Senior Managing Director at Bear, Stearns & Co. Inc. covering the telecom and internet services sectors. Mr. Henry focused on the competitive local exchange carriers (CLECs), internet service providers (ISPs), and web hosting companies. Mr. Henry was ranked 2nd by Institutional Investor Magazine's All American Research Team Survey in 1999 and 2000. Mr. Henry has spoken at telecom industry conferences, testified before Congress on telecom industry matters, and been quoted in national publications such as Business Week and The Wall Street Journal.
Kyong K. ("Steve") Lee - Senior Vice President – Corporate Finance - Mr. Lee has been our Senior Vice President – Corporate Finance since inception. From January 2005 to present, Mr. Lee has been a Vice President of The Bank Street Group LLC. Mr. Lee is also the Chief Executive Officer and President of FTC Trinity LLC, an importer/exporter of specialty chemicals primarily serving the coatings industry, which he founded in February of 2003. Between March 2002 to January 2003, Mr. Lee served as a Senior Associate in the High Yield Capital Markets group at Banc of America Securities LLC, an investment banking firm. From June 2000 to March 2002, Mr. Lee was an Associate in the Global Leveraged Finance group at Merrill Lynch & Co., an investment banking firm, focusing on high yield bond origination and leveraged loan syndication. Mr. Lee began his career as a corporate attorney at the law firm of Fried, Frank, Harris, Shriver & Jacobson, LLP.
SEC filings: sec.gov |
