Bill Ackman’s SPAC told a judge that proposed rules for blank-check vehicles support its defense against a lawsuit alleging it is acting illegally as an investment company, Bloomberg reports.
In a letter to the court filed today, lawyers for Ackman’s Pershing Square Tontine Holdings Ltd. said the recent plan by the Securities and Exchange Commission “does not state that all SPACs are — or any existing SPAC is — an investment company” as defined under U.S. securities law.
Plaintiffs’ case against the SPAC hinges on the allegation that PSTH is operating as an investment firm — a claim Ackman denies. Read more.
