do you know what a SPAC is?

Special purpose acquisition companies, or SPACs, sell units, usually one share of common stock and one warrant, and use the money to buy a closely held company. They're also called blank- check companies because they don't disclose targets before their IPOs. One recently created by investor Thomas Hicks is buying 66% of Graham Packaging Holdings Co. from the Blackstone Group. This type of transaction is new to Wall Street but allows investors in LBO's (leveraged buyouts) to exit their investment. Typically this is done in an IPO but that market is dead now.