Ackman's Firms Fire Back At Challenge To Legality Of SPACs

By Dean Seal (November 5, 2021, 5:52 PM EDT) -- Hedge fund titan Bill Ackman's special purpose acquisition company asked a New York federal judge to dismiss litigation being co-led by a former U.S. Securities and Exchange Commission commissioner that lobs a "fundamentally mistaken" challenge to the legality of so-called blank-check companies.

Pershing Square Tontine Holdings Ltd., along with four of its directors and related entities including Ackman's hedge fund, said Thursday that the suit from a sole Pershing Square investor erroneously asks the court to find that SPACs are investment companies despite the fact that the SEC has not viewed them that way since it started approving the investment vehicles...

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