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Technology Stocks : Blank Check IPOs (SPACS) -- Ignore unavailable to you. Want to Upgrade?

To: Glenn Petersen who wrote (2029)	10/8/2009 8:02:37 AM
From: Glenn Petersen	Respond to of 3862

The shareholders of Inter-Atlantic Financial, Inc. (stock symbol: [t]IAN[/t]) have rejected the company's proposal to acquire Patriot Risk Management. The company will be liquidated. Inter-Atlantic Financial, Inc. Shareholders Vote Against Proposed Business Combination with Patriot Risk Management, Inc. Press Release Source: Inter-Atlantic Financial, Inc. On 4:26 pm EDT, Wednesday October 7, 2009 NEW YORK--(BUSINESS WIRE)--Inter-Atlantic Financial, Inc. (NYSE Amex: IAN) (“Inter-Atlantic”), a special purpose acquisition company, today announced that a majority of its shareholders voted against the proposed business combination with Patriot Risk Management, Inc. (“Patriot”). As a result, the stock purchase agreement will be terminated and pursuant to the terms of its amended and restated certificate of incorporation, Inter-Atlantic’s corporate existence will cease on October 9, 2009. The trustee will commence liquidating the investments constituting the trust account and distribute the proceeds to the public stockholders of Inter-Atlantic in accordance with Inter-Atlantic’s amended and restated certificate of incorporation, the Investment Management Trust Agreement and applicable Delaware law. Public shareholders are expected to receive approximately $7.96 per share upon liquidation. In accordance with Inter-Atlantic’s amended and restated certificate of incorporation and the terms of its initial public offering, no payments will be made with respect to Inter-Atlantic’s outstanding warrants (which will expire worthless) or to any of Inter-Atlantic’s initial stockholders with respect to the shares owned by them prior to the initial public offering. In addition, the underwriters of Inter-Atlantic’s initial public offering will forfeit any rights or claims to their deferred underwriting discounts and commissions held in the trust account. Andrew Lerner, Chief Executive Officer of Inter-Atlantic commented that “while we are disappointed that our shareholders voted against the transaction with Patriot, we respect that each shareholder had the option to choose whether or not to exercise its redemption rights. Our shareholders are expected to receive approximately 99.5% of the price paid per unit in our 2007 IPO, during a period when broad-based financial services stock indices have fallen in excess of 50%.” As a result of the termination of the proposed transaction, the NYSE Amex is expected to suspend the trading of Inter-Atlantic’s units, common stock and warrants. Any further questions regarding Inter-Atlantic’s liquidation should be directed to Shareholder Services at American Stock Transfer & Trust Company at (718) 921-8124. <snip> finance.yahoo.com