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Mudrick SPAC-Topps Deal Collapses After Losing MLB Card Deal [Bloomberg via Yahoo! Finance]
The deal to go public was ended by mutual agreement after notification from MLB and its players association that they wouldn’t renew their agreements with Topps when the pacts expire in the coming years, Mudrick said Friday in a statement. The league agreed to a new deal with Fanatics Inc., a rapidly growing sports apparel and collectibles retailer…. Topps now risks being largely edged out of the burgeoning trading card market, which has exploded in popularity as sports memorabilia gains traction as a legitimate alternative asset class.

Ackman Says He’ll Return SPAC Funds If New Vehicle Approved [Bloomberg via Yahoo! Finance]
“While we have been working diligently to identify and close a transaction, and we have begun discussions with potential merger candidates, our ability to complete a transaction in the required time frame has been impaired by the lawsuit,” Ackman said in the letter…. Ackman said he was prepared to return the capital to his SPAC’s investors if the U.S. Securities and Exchange Commission approves a new investment vehicle -- known as a special purpose acquisition rights company, or SPARC -- that would allow him to continue to pursue a deal without holding investors’ capital. If the SPARC is approved, Pershing Square Tontine holders would receive $20 in cash and one SPARC warrant for each share they own, he said….
“If you find yourself in a leaky boat, often times you are better off switching boats than patching leaks to complete the mission,” he wrote on Twitter.

Beijing unexpectedly postpones vote on adding anti-sanctions legislation to Hong Kong’s Basic Law [SCMP]
While the business community is nervous about being caught in the crossfire after the city adopts the law, the sudden U-turn by the central government has raised eyebrows, coming just after Tam Yiu-chung, Hong Kong’s sole delegate to the National People’s Congress (NPC) Standing Committee, predicting earlier this week that the “urgent and necessary” resolution was very likely to be approved.

China Passes One of the World’s Strictest Data-Privacy Laws [WSJ]
The national privacy law, China’s first, closely resembles the world’s most robust framework for online privacy protections, Europe’s General Data Protection Regulation, and contains provisions that require any organization or individual handling Chinese citizens’ personal data to minimize data collection and to obtain prior consent.
However, unlike in Europe, where governments face more public pressure over data collection, Beijing is expected to maintain broad access to data.

Bain to Start Long-Short Hedge Fund Focused on Green Investing [Bloomberg]
The firm, which already has a private strategy that makes impact investments, expects to launch the fund by October… The fund will avoid investing in energy-intensive industries, aiming to run a low-carbon portfolio, according to a person familiar with the matter. It will have a daily redemption period and initially charge a management fee of 0.9% and a performance fee of 12.5% -- less than the traditional 2-and-20 hedge fund model.

Anthony Scaramucci’s SALT conference suffering low ticket sales [Page Six]
The networking event has sold about 1,000 tickets this year, down from the usual 2,000, a source exclusively told us. And things are so dire, we’re told, that Scaramucci tried to pull out of the event’s venue Javits Center Expansion, but wasn’t able to….
Our insider tells us there are several factors leading to the down numbers, one being COVID. But also, “The speakers aren’t that interesting. Less political speakers than usual….”
“Unfortunately, I can’t book Jesus, he hasn’t been resurrected,” the Mooch cracked. “When we have congressional midterms and a presidential year we will have more names. We’re reflecting the zeitgeist of what is happening….”
Scaramucci figures, “It’s nice to have haters. It means you’re breaking enough china, you know what I mean?”


By AntanaCoins (Own work) [CC BY-SA 3.0], via Wikimedia Commons

Opening Bell: 10.13.20

Fodder for China virus conspiracy theories; not-so-Perfect Home for sale; SPACs SPACs SPACs SPACs; and more!


Opening Bell: 8.25.21

Dr. D-Sol will see you; TPG goes IPO; SPAC lawsuits soar; and more!


Opening Bell: 12.21.21

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Opening Bell: 2.2.21

Here’s hoping this SPAC doesn’t crash; Ackman down; Robbins up; rotten Apple; and more!

It's morning again in America. CC BY-SA 2.5], via Wikimedia Commons

Opening Bell: 6.22.21

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Opening Bell: 10.1.20

The excised Elect; London losses; Playboy goes public (via SPAC, obviously); when bread is not bread; and more!

charles scharf

Opening Bell: 10.8.20

Charlie’s lament; Ackman SPAC-ing; TikTok twist; we couldn’t be more proud; and more!

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Opening Bell: 11.19.20

A SPAC-tacular scam; funding for Christmas; AQR’s crash diet; negative rates in China; and more!