Within three weeks of terminating its agreement to acquire Asset Alliance, Tailwind Financial (stock symbol: [t]TNF[/t] ) signed a letter of intent to acquire 20 dry bulk vessels. That transaction has now been terminated.
Tailwind Financial Inc. Signs Letter of Intent to Acquire 20 Dry Bulk Vessels
Wednesday August 27, 11:02 am ET
TORONTO and NEW YORK, NY--(MARKET WIRE)--Aug 27, 2008 -- Tailwind Financial Inc. ("Tailwind") (AMEX:TNF - News) (TNFU - News) (TNFWS - News), a special purpose acquisition company, today announced that it has signed a letter of intent with GrandUnion Inc ("GrandUnion"), a shipping company headquartered in Piraeus, Greece, contemplating the acquisition by Tailwind of 20 vessels operating in the dry bulk industry, including nine newbuildings to be delivered in 2010 and 2011. Subject to the completion of the acquisition, the fleet will be composed of approximately 2.0 million DWT, making it one of the leading publicly traded dry bulk shipping operators. The acquisition of the eleven existing vessels is valued in excess of $600 million and will result in a fully integrated dry bulk shipping company generating EBITDA anticipated to be in excess of $113 million for 2009.
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Tailwind Financial Inc. Announces Termination of Letter of Intent
Tuesday October 28, 12:47 pm ET
TORONTO and NEW YORK, Oct. 28 /PRNewswire-FirstCall/ -- Tailwind Financial Inc. ("Tailwind") (Amex: TNF; TNF.U; TNF.WS), a special purpose acquisition company, today announced that the previously-announced letter of intent signed between Tailwind and GrandUnion Inc. on August 26, 2008 has terminated in accordance with its terms effective October 25, 2008.
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