What are some of your proudest achievements from the past year? During the last year, despite unprecedented obstacles, the entire Cadwalader team worked seamlessly to help a number of forward-thinking clients achieve their business objectives. Whether the matter involved Pershing Square’s largest SPAC ever (at $4 billion), or the Thoma Bravo largest first SPAC without warrants, or the beginning of the development of a new type of blank check acquisition company (a SPARC), as well as a variety of other ground-breaking SPAC, private equity and corporate control matters, there was one common element: the Cadwalader culture. As we advised on important work on behalf of our clients, we received incredible support from lawyers in various practice groups who contributed in innumerable ways as we successfully helped consummate important, market-leading transactions for our clients.
What, if any, obstacles stood in the way of your innovation, and how did you overcome them? We knew that we were challenging conventional thinking and breaking new ground for our clients. Doing so required a comprehensive understanding of SPAC and other transactional structures and a high degree of coordination with other participants in SPAC transactions—financial consultants, auditors, underwriters, securities exchanges and regulators—to ensure that the implications of changes to traditional structures were understood and any follow-on issues from those changes were identified and addressed. 2020 was absolutely “The Year of the SPAC,” and we think the future is bright for bold organizations committed to conceiving and leading innovative, challenging transaction structures to accomplish client objectives.