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SPACs Are Bonds, Actually | Louis Camhi
Forward Guidance
The Rise of Sponsors and the Excise Tax
The Delaware buyback tax was supposed to start January 1. Instead, it's been pushed forward by a lot of Delaware spats that should have liquidated in Q1,. And now you're still seeing elevated liquidations, at least relative to in boom times, right? In 2020, there were no liquidations. We saw this huge surge, right? And the first was driven by fear, right? Sponsors knew they couldn't get a deal down there, licking their wound and they're like, I'm not getting taxed twice."
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