HFs take the long-term, contrarian view on SPACs

Pagaya Technologies will be going public through a SPAC. The deal, announced Wednesday, Sept. 15, values Pagaya, a financial tech startup that operates an AI network to make lending transactions more efficient, at about $9 billion.

The shell company involved in the deal is EJF Acquisition Corp. (EJFA), a blank check company sponsored by EJF Capital LLC and affiliates and formed for this purpose.

This deal may illustrate a point . . .

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Christopher Faille

Christopher Faille has written on a variety of legal, regulatory, and financial issues for decades. He is the author of "The Decline and Fall of the Supreme Court" (1995), for example, and the coauthor, with David O'Connor, of "Basic Economic Principles" (2000). He was an early reporter with Lipper HedgeWorld and has contributed to Forbes and to the Hedge Fund Law Report.

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