To: Glenn Petersen who wrote (2306 ) 3/8/2012 6:12:46 PM From: Glenn Petersen Respond to A second liquidated SPAC has risen from the dead. Good Harbor Partners Acquisition Corp. , which raised $58,316,500 when it went public on March 10, 2006, announced on November 15, 2007 that it was not going to be able to complete an acquisition within its allotted time period and that the company was going to liquidate. On February 7, 2008, the company distributed $5.36 per share to the Class B shareholders and cancelled the Class A shares (those shares that were sold to the public). After the cancellation of the Class A shares, there were 1,150,100 shares outstanding, all held by the original insiders. The company continued its existence as a shell. Over the course of the next two years, 36,000,000 shares were sold for a total of $300,000, an average of $.00833 per share. On June 18, 2010, control of the shell changed hands when the insiders sold 35,095,100 shares (approximately 95.6% of the total) for $450,000. The company then executed a one-for-ten reverse split, raised $1 million through the sale of 50 million shares at $.02 each and changed its name to UAN Cultural & Creative Co, Ltd. (stock symbol: UCCC). The company owns and operates an art gallery in Taiwan. The common shares, which are very thinly traded, recently traded at $2.90 ($.29 split adjusted). The Class A and Class B units (which included two Class B shares) were originally priced at $8.50 ($85.00 split adjusted) and $10.10 ($101.00 split adjusted), respectively. Based on an extrapolation of the interim results, for the year ending December 31, 2011, the company probably generated sales of approximately $2.6 million and recorded net earnings of approximately $325,000, yet the market cap approximates $155.7 million.
