PROFILES OF COMPANIES FORCED TO LIQUIDATE – NOVEMBER 23, 2007
China Mineral Acquisition Company (stock symbol: CMAQ), which raised $24 million when it went public on August 30, 2004, announced on February 23, 2006, that it was acquiring Sunwing Energy, Ltd., the China-based oil and gas subsidiary of Ivanhoe Energy. The company failed to close on the acquisition and announced on November 28, 2006 that its shareholders had approved the liquidation of the company. It also announced that the shareholders would receive a distribution approximately $5.45 per share. The units were originally priced at $6.00.
Millstream II Acquisition (stock symbol: MSMA), which raised $27.6 million when it went public on December 23, 2004, announced on June 12, 2006 that it was acquiring Specialty Surfaces International (d/b/a Sprinturf), a manufacturer of synthetic turf systems. The company failed to close on the acquisition and announced on April 17, 2007 that its shareholders had approved the liquidation of the company. The units were originally priced at $6.00. The founder of Millstream II Acquisition, Arthur Spector, took another blank check company, Millstream Acquisition, public on August 23, 2004, raising gross proceeds of $24.15 million. Millstream Acquisition was the first blank check company to go public, and the first blank check company to complete an acquisition.
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Coastal Bancshares Acquisition Corp. (stock symbol: CBAS), which raised $33.12 million when it went public on February 14, 2005, announced on April 6, 2006, that it was acquiring Intercontinental Bank Shares Corporation, a bank holding company with three branches in San Antonio, Texas and an office in Mexico City. On October 26, 2006, the company announced that its shareholders had not approved the transaction, and that its board of directors was recommending that the company be liquidated. In March 2007, the company distributed $5.50 to each of its non-insider shareholders and terminated its registration with the SEC. The securities have ceased trading. The units were originally priced at $6.00.
TAC Acquisition Corp. (stock symbol: TACA), which raised $132 million when it went public on June 29, 2005, announced on June 12, 2006 that it had reached an agreement to acquire AVIEL Systems, Inc., a provider of IT and management consulting solutions to the federal government in areas critical to national security, transportation and defense. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. In February 2007, the company distributed $5.6941 to each of the non-insider shareholders. When it went public, the company indicated that it was going to focus its efforts on acquiring a company in the technology industry. The units were originally priced at $6.00.
Cold Spring Capital, Inc. (stock symbol: CDS), which raised $120 million when it went public on November 11, 2005, announced on November 3, 2006 that it had reached an agreement to acquire Sedona Development Partners LLC, a specialty real estate developer. The shareholders did not approve the acquisition and subsequently voted to liquidate the company. On May 10, 2007, the company distributed $5.74 to each of the non-insider shareholders. When it went public, the company indicated that it intended to focus on acquiring a company in the financial or real estate industries. The securities have ceased trading. The units were originally priced at $6.00.
Key Hospitality Acquisition Corporation (stock symbol: KHPA), which raised $51.6 million when it went public on October 24, 2005, announced on March 27, 2007 that it had reached an agreement to acquire Cay Clubs LLC, "...a developer and operator of premier destination resorts and properties." On October 3, 2007, the company announced that it was terminating the agreement because of the deterioration in the mortgage market and that the company would be liquidated. The shareholders will vote on the liquidation proposal on December 11, 2007. When the company went public, it disclosed that it intended to focus its efforts on acquiring a company in the hospitality industry. The units were originally priced at $8.00.
Oracle Healthcare Acquisition Corp. (stock symbol: OHAQ,which raised $120 million when it went public on March 2, 2006, announced on September 8, 2007 that it had singed a letter of intent to acquire a company that it never identified. On October 22, 2007, it announced that it had terminated the letter of intent and that the company was going to liquidate. When it went public, the company indicated that it intended to focus on acquiring a company in the healthcare industry. The units were originally priced at $6.00.
Good Harbor Partners Acquisition Corp. (stock symbols: GHBAA and GHBBB), which raised $58,316,500 when it went public on March 10, 2006, announced on September 14, 2007 that it had signed a letter of intent to acquire a company that it never identified. On November 15, 2007, the company announced that it had terminated the letter of intent and that the company was going to liquidate. When it went public, the company disclosed that it intended to focus its efforts on acquiring a company in the security industry. The Class A and Class B units were originally priced at $8.50 and $10.10, respectively. |
