SPAC Listings Slow to a Crawl With Bankers Buried in Paperwork [Bloomberg]
Since the start of last week, four deals have been postponed…. The SEC’s processing of SPAC documentation is taking longer than it previously did. In some cases, agency staff have warned lawyers that it may take a full 30 days to review paperwork and to expect an additional two weeks to hear back on changes or amendments, according to people familiar with the situation.
One problem, another person said, is that more filings are arriving incomplete or containing errors. The agency is also contending with a barrage of phone calls from lawyers asking questions on their deals. To handle the deluge, the SEC expanded the unit that reviews SPAC filings, the people said.
Frontier Airlines raises $570 million in IPO, starts trading today [CNBC]
The Denver-based budget carrier said late Wednesday it sold 30 million shares that priced at $19 apiece, the low end of the target range, which gave it a valuation of about $4 billion.
SoftBank-Backed Real Estate Firm Compass Cuts IPO by Half [Bloomberg]
The New York-based company, led by former Goldman Sachs Group Inc. banker Robert Reffkin, said in a filing that it now plans to seek as much as $475 million by offering 25 million shares at $18 to $19 a share.
That’s a sharp drop from the $936 million It had targeted in its earlier marketing of 36 million shares at $23 to $26 each, giving the company less new capital to spend on research and development, sales and marketing, and potential acquisitions.
Elliott’s Former Hong Kong Head Preps London Hedge Fund Startup [Bloomberg]
[James] Smith is setting up his multi-strategy investment firm Palliser Capital in London…. Similar to Elliott, one of the most-feared activist investors in the world, Palliser will seek changes at companies, bet on mergers and acquisitions and also invest in distressed securities and market dislocation.
Palliser is expected to start with about $750 million in initial capital at launch…. Smith is starting the firm with three other former Elliott colleagues, the person said asking not to be identified because the information is private. They are Paul Reid, who will head trading at the new fund, as well as Armenio Keusseyan and Jason Chang.
Swiss Regulator Lifts FIFA-Related Acquisition Ban on Julius Baer [WSJ]
A Finma spokesman on Wednesday said the regulator and the independent auditor it had appointed would continue to closely monitor Julius Baer until the bank had fully implemented the imposed measures…. The lifting of the ban comes as Julius Baer prepares to settle charges in the U.S. related to its role in the corruption scandal surrounding FIFA.
N.Y. Seeks Trump Insider’s Records, in Apparent Bid to Gain Cooperation [NYT]
Allen H. Weisselberg…, who has not been accused of wrongdoing, has overseen the Trump Organization’s finances for decades and may hold the key to any possible criminal case in New York against the former president and his family business…..
The prosecutors have also questioned Mr. Weisselberg’s former daughter-in-law, Jennifer Weisselberg, she has said. Ms. Weisselberg has been enmeshed in a bitter divorce with Mr. Weisselberg’s son, Barry, who manages the Trump Wollman Rink in Central Park.
Ms. Weisselberg said in an interview that prosecutors have asked her about a number of gifts that Mr. Trump and his company gave the Weisselberg family over the years.