The Joy of SPACs

Some people are so smart, you just want to give them a bunch of money and say, "I have no idea what you're going to do with this, but I'm sure you'll make me a fortune."

Such was the genius of Nathan Leight and Jason Weiss of Terrapin Partners. Their brilliance shone like the sun.

Fortunately, a new investment vehicle allows mere mortals to give their money to gods like Leight and Weiss. That vehicle is the Special Purpose Acquisition Company, or SPAC. In June of 2007, Leight and Weiss formed a company called Aldabra 2 Acquisition Corp, and did an IPO with no business. People bought $400 million worth of this nonexistent business, with the knowledge that one day Leight and Weiss would figure out something genius to do with the money.

They did not have to wait long. In February of 2008, Leight and Weiss decided to buy a dying paper company and infuse it with their magical awesomeness. Brilliant! Ladies and gentlemen, I give you the new Boise Corp:



I can't wait for the IPO of Aldabra 3!

boise inc. bz