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My understanding is that the series of events went down like this: @BillAckman lands Deal, Vets deal with NYSE, moves forward with legal work, announces DA. At this point it appears the SEC see ambiguity in SPAC rules, squashes deal, Bill is now rushed to close UMG w/ other.
Investors as he has an obligation to close UMG deal. I spoke with someone familiar with securities and they indicated that even if Bill wanted to give us UMG through his fund, it is likely not possible because only certain entities are qualified to hold shares in a trust.
I for one loved UMG, hated the european exchange, was dissapointed in the lockup but that was just a technicality. I am optimistic that I can get $UMG on listing day for close to Bill's price. Here to crossing your fingers.
It's also my understanding that The terms we received with UMG were the same terms Pershing received and that even PSH warrants lost a lot of their appeal. SPARC was a way of sweetening the deal for investors as there is likely more deals coming down the pipe.
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