Blank check companies or SPACS (special-purpose acquisition companies) are formed with the express intent of acquiring another company. They usually have no operations and are founded around one or a few dealmakers with a track history of identifying promising companies. Once a SPAC goes public, the cash and shares are expected to be used to fund the acquisition plan. SPACs usually have 12-to-18 months to acquire a company. If the money isn't spent, it is returned to the investors.

Blank check companies were popular a few decades ago but fell out of favor after a few spectacular flops and subsequent lawsuits. These shell companies are more stringently regulated now, offering more protection for investors. Hedge funds especially desire SPACS because they offer liquidity as well as compelling avenues for arbitrage and private equity-like investments.

Behind some SPACS, there are quite a few big names, looking for sleeper deals in the tech landscape. Here are a few of note. If you're sitting on a hot property and looking for a smart exit, feel free to contact one of these fine folks:

• Former CIA director George Tenet sits on the board of Granahan McCourt Acquisition Corp., a Princeton N.J.-based SPAC targeting the media and telecommunications. "We believe that there are significant investment opportunities in industries where dramatic technological or regulatory events are transforming the business landscape," says the firm in its brochure. David C. McCourt, former RCN chairman and CEO, is chairman of the board. To date, the company has made no acquisitions.
• Former White House National Security Adviser Richard Clarke founded Good Harbor Partners Acquisition Corp. It seeks to acquire companies developing solutions for national defense security issues. "Corporations and governments seek new technologies and solutions to engage in the spectrum of effective security risk management, including the deterrence, prevention, mitigation and recovery from security threats and attacks," according to the firm's site. "Although we plan to focus on target businesses in the security industry because our management has significant relationships and expertise in this industry, we are not required to limit our search to any particular target or industry.
• Apple Computer founder Steve Wozniak's Acquicor Technology raised $172 million in March. Wozniak and his partners are looking for "one or more domestic and/or foreign operating businesses in the technology, multimedia and networking sectors, specifically on businesses that develop or provide technology-based products and services in the software, semiconductor, wired and wireless networking, consumer multimedia and information technology-enabled services segments."

  Link to Teitelman segment on blank-check IPOs

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