Aubrey McClendon’s New “Blank Check Company” Looks to Raise $200M

signed blank checkEver hear of a special-purpose acquisition company, or SPAC? How about a “blank check company”? No, neither had we. The man who once described himself as the biggest fracker in the world, Aubrey McClendon, filed paperwork with the Securities and Exchange Commission (SEC) on April 7 to float an initial public offering (or IPO) for a company called Avondale Acquisition Corp., which describes itself in the filing as a “newly organized blank check company” that will “focus on potential mergers or other deals with existing businesses in the onshore U.S. oil and gas sector.” It is, in a sense, just a different pocket being sewn onto Aubrey’s trousers from which he can dip his hand in and pull out money placed there by other people–to buy more leases and operations in places like the Utica and Marcellus. How much money does Aubrey hope to find in that pocket? About $200 million…

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