What Ever Happened To Dan Quayle
Welcome To The Blank Check Shell Company
Former Vice President Dan Quayle and ex-Notre Dame football coach Lou Holtz are joining with the chief executive of K2 Inc. in a bid to raise as much as $500 million in the second-largest initial public offering of a “blank check” shell company. Palm Desert-based Heckmann Corp., which has no operations, plans to sell 62.5 million units for $8 each, according to a Securities and Exchange Commission filing Tuesday. Each unit is made up of a common share and a warrant that gives the holder the right to purchase a share for $6.Shares of blank-check firms, which have no operations, are sold to the public to finance a merger or acquisition that the executives haven’t yet identified. Quayle and Holtz are directors of both Heckmann Corp. and K2 but plan to resign from K2’s board. Quayle, 60, was vice president under the first President Bush. He joined private equity firm Cerberus Capital Management in 1999 and serves as chairman of its global investment unit. Holtz, 70, coached football at the University of South Carolina as well as Notre Dame.
