The United States has long been a global leader in technological innovation, which has fueled its explosive economic growth of the past two centuries from the Industrial Revolution in the 19th century to the mobile revolution in the 21st century. As economists and historians have explained, a key factor in this meteoric economic growth has been the U.S. patent system the reliable and effective property rights secured in new inventions.
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(Bloomberg) Former Brigade Capital Management partner Carney Hawks is planning to raise money for a blank-check firm that will target distressed companies, according to people with knowledge of the matter.
Hawks will be chief executive officer and chairman of the special purpose acquisition company, which is seeking to raise $150 million and $200 million to invest in troubled companies, said the people, who asked not to be identified because the plans are private.
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The SPAC will target businesses that are emerging from or going through reorganizations or are otherwise disrupted by the pandemic, the people said. Targets may also include heavily-indebted companies that could cut obligations by merging.