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2021-12-27
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Colin Kaepernick SPAC Deal Collapses, Testing Celebrity Halo<blockquote>科林·卡佩尼克SPAC交易失败，考验名人光环</blockquote>
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The California le","content":"<p>The Change Co. seemed like the perfect company for Colin Kaepernick’s SPAC to buy. The California lender focuses on minority borrowers underserved by traditional banks, a snug fit with the former National Football League star’s social-justice activism.</p><p><blockquote>The Change Co.似乎是Colin Kaepernick的SPAC收购的完美公司。这家加州银行专注于传统银行服务不足的少数族裔借款人，这与这位前国家橄榄球联盟球星的社会正义行动主义非常契合。</blockquote></p><p> But a deal ran aground last week over a peculiar issue: Mr. Kaepernick’s reluctance to stump for the merger on live television, people familiar with the matter said.</p><p><blockquote>但知情人士称，上周一项交易因一个特殊问题而搁浅：卡佩尼克不愿在电视直播中为合并进行游说。</blockquote></p><p> Mr. Kaepernick balked at requests from Change Co. executives that he sit for an appearance with George Stephanopoulos on “Good Morning America” and declined to participate in interviews as part of the rollout, according to an internal document.</p><p><blockquote>根据一份内部文件，卡佩尼克拒绝了Change Co.高管要求他与乔治·斯蒂芬诺伯罗斯一起出现在《早安美国》节目中的要求，并拒绝参加作为推出一部分的采访。</blockquote></p><p> The deal is now dead, these people said.</p><p><blockquote>这些人说，这笔交易现在已经胎死腹中。</blockquote></p><p> “The Change Company would proudly consider a partnership with Mr. Kaepernick—yesterday, today, or tomorrow,” the lender’s chief executive, Steven Sugarman, said in a written statement on Thursday that praised the former quarterback’s commitment to racial justice.</p><p><blockquote>该银行首席执行官史蒂文·舒格曼(Steven Sugarman)在周四的一份书面声明中表示：“The Change Company将自豪地考虑与卡佩尼克先生建立合作伙伴关系——无论是昨天、今天还是明天。”该声明赞扬了这位前四分卫对种族正义的承诺。</blockquote></p><p> A spokesman for Mr. Kaepernick’s Mission Advancement Corp. said that the company operates “with the highest ethical standards” and will “continue our work while we look for a great fit to merge with in 2022.”</p><p><blockquote>Kaepernick先生的Mission Advancement Corp.的发言人表示，该公司“以最高的道德标准”运营，并将“继续我们的工作，同时寻找最适合在2022年合并的公司”。</blockquote></p><p> Special-purpose acquisition companies, or SPACs, are blossoming. There are artificial-intelligence SPACs, green-energy SPACs and even at least two SPACs doing deals with sellers of outdoor cooking equipment. Celebrity SPACs are especially fertile. Shaquille O’Neal, Sammy Hagar, Alex Rodriguez, restaurateur Danny Meyer, and former House Speaker Paul Ryan each has a SPAC. The pitch to investors is that their star power, social-media following and financial contacts will help the company succeed.</p><p><blockquote>特殊目的收购公司（SPAC）正在蓬勃发展。有人工智能SPAC、绿色能源SPAC，甚至至少有两家SPAC与户外烹饪设备卖家进行交易。名人SPAC尤其肥沃。沙奎尔·奥尼尔、萨米·哈加尔、A·罗德里格兹、餐馆老板丹尼·迈耶和前众议院议长保罗·瑞安都拥有SPAC。向投资者推销的是，他们的明星影响力、社交媒体追随者和财务联系将帮助公司取得成功。</blockquote></p><p> The high-wattage fundraising is controversial; Securities and Exchange Commission chief Gary Gensler called out celebrity endorsements in a critique of SPAC marketing earlier this month and cautioned against “misleading hype.”</p><p><blockquote>高瓦数募资引争议；美国证券交易委员会主席加里·詹斯勒(Gary Gensler)本月早些时候在批评SPAC营销时呼吁名人代言，并警告不要“误导性炒作”。</blockquote></p><p> Mission Advancement went public in March and raised $345 million to acquire a company with a socially conscious bent. Mr. Kaepernick, who became a leader of the racial-justice movement since he went unsigned by National Football League teams after kneeling during the national anthem to protest issues such as police brutality, is Mission’s co-chairman along with Jahm Najafi, who runs a private-equity fund and is a minority owner in the National Basketball Association’s Phoenix Suns.</p><p><blockquote>Mission Advancement于3月份上市，筹集了3.45亿美元收购了一家具有社会意识的公司。卡佩尼克在国歌期间下跪抗议警察暴行等问题，没有得到国家橄榄球联盟球队的签名，此后成为了种族正义运动的领导人。他与经营一家私募股权基金的贾姆·纳杰菲(Jahm Najafi)是Mission的联合主席，也是美国国家篮球协会菲尼克斯太阳队的少数股东。</blockquote></p><p> Like all SPACs, Mission searches for a target with which it will merge, effectively taking that company public. By early fall, it had homed in on Change and by mid-December was on the cusp of a deal valuing the lender at about $1.1 billion, according to the people familiar with the matter and investor documents reviewed by The Wall Street Journal.</p><p><blockquote>与所有SPAC一样，Mission会寻找与之合并的目标，从而有效地使该公司上市。据知情人士和《华尔街日报》查阅的投资者文件透露，到初秋，该银行已将目光投向变革，到12月中旬，该银行即将达成一项估值约为11亿美元的交易。</blockquote></p><p> But the two sides found themselves at odds over whether and how Mr. Kaepernick would tap his celebrity status to promote it. When Change executives tried to schedule a sit-down with “Good Morning America,” where Mr. Kaepernick would likely have been pressed both about the business and on the protests that made him a controversial figure and stymied his NFL career, Mission executives pushed back.</p><p><blockquote>但双方发现自己在卡佩尼克是否以及如何利用他的名人地位来推广它的问题上存在分歧。当变革高管试图安排与“早安美国”（Good Morning America）坐下来谈时，卡佩尼克可能会受到有关业务和抗议活动的压力，这些抗议活动使他成为一个有争议的人物，并阻碍了他的NFL职业生涯，Mission高管拒绝了。</blockquote></p><p> Such an appearance would have been out of character for Mr. Kaepernick, who has never spoken about the issue in such a forum and has granted few interviews. Instead, he has cultivated his image through his social-justice initiatives and scripted appearances, most notably an advertising campaign withNikeInc.and a six-part documentary about his childhood that ran onNetflixInc.this fall.</p><p><blockquote>这样的露面不符合卡佩尼克的性格，他从未在这样的论坛上谈论过这个问题，也很少接受采访。相反，他通过社会正义倡议和照本宣科的露面来塑造自己的形象，最著名的是与耐克公司合作的广告活动，以及今年秋天在NetflixInc.播出的一部关于他童年的六集纪录片。</blockquote></p><p> Change is what is known as a community development financial institution, a special regulatory designation for firms that lend to minority groups, rural residents and other communities that have trouble getting access to mainstream banking products. CDFIs receive financial support from the U.S. Treasury and often partner with big commercial banks. Many are nonprofits; Change isn’t.</p><p><blockquote>Change就是所谓的社区发展金融机构，这是一种特殊的监管名称，适用于向少数群体、农村居民和其他难以获得主流银行产品的社区提供贷款的公司。CDFI获得美国财政部的财政支持，并经常与大型商业银行合作。许多是非营利组织；改变不是。</blockquote></p><p> Change was founded in 2017 and is run by Mr. Sugarman, a former executive at the Banc of California. He left that company in an acrimonious dispute with the board.</p><p><blockquote>Change成立于2017年，由加州银行前高管舒格曼先生经营。他在与董事会激烈争执中离开了公司。</blockquote></p><p> Change originated $7 billion in loans in 2020 and booked $113 million in profits, according to documents shown to prospective investors.</p><p><blockquote>根据向潜在投资者展示的文件，Change在2020年发放了70亿美元的贷款，并记录了1.13亿美元的利润。</blockquote></p><p> When SPACs make an acquisition, they typically also raise new money from private investors, which validates the transaction and gives the company cash to fund its growth.</p><p><blockquote>当SPAC进行收购时，它们通常还会从私人投资者那里筹集新资金，从而验证交易并为公司提供现金来资助其增长。</blockquote></p><p> Mission, Change and their bankers fanned out to more than 100 potential investors, firms that might want a piece of a socially conscious deal or celebrities who might kick in their own fame and money. Mission executives often referred to Mr. Kaepernick as a once-in-a-generation cultural icon; both sides hoped his star power would bring in investors and corporate partners.</p><p><blockquote>Mission、Change及其银行家向100多名潜在投资者、可能想要从具有社会意识的交易中分一杯羹的公司或可能利用自己的名誉和金钱的名人展开了讨论。使团高管经常将卡佩尼克先生称为一代人一次的文化偶像；双方都希望他的明星效应能带来投资者和企业合作伙伴。</blockquote></p><p></p><p> Actor Tyler Perry agreed to invest, one of the people familiar with the matter said, and the Atlanta firm that manages his money made a $1 million commitment, the documents show. Mr. Kaepernick’s cachet helped land more investors—WNBA stars Diana Taurasi and Maya Moore, music producer J. Cole, and rappers Quavo and Nas were in, according to the documents. But the commitments weren’t large, and some of the celebrity investors expected to be paid for any promotional efforts.</p><p><blockquote>文件显示，一位知情人士称，演员泰勒·佩里同意投资，管理他资金的亚特兰大公司承诺投资100万美元。文件显示，卡佩尼克的声望帮助吸引了更多投资者——WNBA明星戴安娜·陶拉西(Diana Taurasi)和玛雅·摩尔(Maya Moore)、音乐制作人J.科尔(J.Cole)以及说唱歌手夸沃(Quavo)和纳斯(Nas)都参与其中。但承诺并不大，一些名人投资者预计任何促销活动都会得到报酬。</blockquote></p><p> The sponsor group, Messrs. Kaepernick and Najafi, were set to contribute $10 million. Had the deal been completed, they would have received founder shares in the combined company worth about $80 million, according to the SPAC’s public filings. Mr. Kaepernick and the sponsor group also were going to donate up to one million shares, with a value near $10 million, to down-payment assistance efforts to support Black homeownership.</p><p><blockquote>赞助团体Kaepernick先生和Najafi先生将捐款1000万美元。根据SPAC的公开文件，如果交易完成，他们将获得合并后公司价值约8000万美元的创始人股份。Kaepernick先生和赞助团体还将捐赠最多100万股股票，价值近1000万美元，用于支持黑人住房所有权的首付援助工作。</blockquote></p><p> But big names on Wall Street, includingBlackRockInc.,Fidelity Investments and T. Rowe Price GroupInc.,which are among the most active SPAC investors, said no, according to the people familiar with the matter and documents reviewed by the Journal. The three declined to comment.</p><p><blockquote>但华尔街的大公司，包括贝莱德、富达投资和T。据知情人士和《华尔街日报》查阅的文件显示，SPAC最活跃的投资者之一Rowe Price GroupInc.拒绝了。三人拒绝置评。</blockquote></p><p> Serena Williams’s venture fund passed, according to those documents. So did Oprah Winfrey’s money manager. Nike and venture firm Andreesen Horowitz, whose co-founder is listed on Mission’s website as an adviser, also looked at the deal and didn’t commit, the documents say.</p><p><blockquote>根据这些文件，塞雷娜·威廉姆斯的风险基金通过了。奥普拉·温弗瑞的资金经理也是如此。文件称，耐克和风险投资公司安德森·霍洛维茨（Andreesen Horowitz）也关注了这笔交易，但没有做出承诺。安德森·霍洛维茨的联合创始人在Mission的网站上被列为顾问。</blockquote></p><p> ‘There is a real question about whether there is [a] halo effect that translates into investor dollars. We need to question that assumption.’</p><p><blockquote>“一个真正的问题是，是否存在转化为投资者资金的光环效应。我们需要质疑这一假设。”</blockquote></p><p> — Steve Sugarman, The Change Co. chief executive</p><p><blockquote>——Steve Sugarman，The Change Co.首席执行官</blockquote></p><p> The week before Thanksgiving, executives from Mission and Change met with executives from Netflix. The streaming giant had just aired the Kaepernick documentary, and the year earlier it had moved $10 million of its cash holdings to Change as part of a pledge to support small lenders serving Black communities.</p><p><blockquote>感恩节前一周，Mission and Change的高管会见了Netflix的高管。这家流媒体巨头刚刚播出了Kaepernick纪录片，一年前，它已将其持有的1000万美元现金转移到Change，作为支持为黑人社区服务的小型贷款机构承诺的一部分。</blockquote></p><p> By the time the deal fell apart, Netflix hadn’t committed. Netflix declined to comment.</p><p><blockquote>当交易破裂时，Netflix还没有做出承诺。Netflix拒绝置评。</blockquote></p><p> Mission ultimately had commitments for about two-thirds of the $100 million it was targeting, most of it from a pair of real-estate investment firms, Angelo Gordon and MFA FinancialInc.,the people familiar with the matter said.</p><p><blockquote>知情人士称，Mission最终承诺了1亿美元目标中的约三分之二，其中大部分来自两家房地产投资公司Angelo Gordon和MFA FinancialInc.。</blockquote></p><p> “There is a real question about whether there is [a] halo effect that translates into investor dollars,” Mr. Sugarman wrote in an email this month to Mission executives. “We need to question that assumption.”</p><p><blockquote>舒格曼在本月给Mission高管的一封电子邮件中写道：“光环效应是否会转化为投资者的资金，这是一个真正的问题。”“我们需要质疑这个假设。”</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Colin Kaepernick SPAC Deal Collapses, Testing Celebrity Halo<blockquote>科林·卡佩尼克SPAC交易失败，考验名人光环</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nColin Kaepernick SPAC Deal Collapses, Testing Celebrity Halo<blockquote>科林·卡佩尼克SPAC交易失败，考验名人光环</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">WSJ</strong><span class=\"h-time small\">2021-12-27 07:52</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The Change Co. seemed like the perfect company for Colin Kaepernick’s SPAC to buy. The California lender focuses on minority borrowers underserved by traditional banks, a snug fit with the former National Football League star’s social-justice activism.</p><p><blockquote>The Change Co.似乎是Colin Kaepernick的SPAC收购的完美公司。这家加州银行专注于传统银行服务不足的少数族裔借款人，这与这位前国家橄榄球联盟球星的社会正义行动主义非常契合。</blockquote></p><p> But a deal ran aground last week over a peculiar issue: Mr. Kaepernick’s reluctance to stump for the merger on live television, people familiar with the matter said.</p><p><blockquote>但知情人士称，上周一项交易因一个特殊问题而搁浅：卡佩尼克不愿在电视直播中为合并进行游说。</blockquote></p><p> Mr. Kaepernick balked at requests from Change Co. executives that he sit for an appearance with George Stephanopoulos on “Good Morning America” and declined to participate in interviews as part of the rollout, according to an internal document.</p><p><blockquote>根据一份内部文件，卡佩尼克拒绝了Change Co.高管要求他与乔治·斯蒂芬诺伯罗斯一起出现在《早安美国》节目中的要求，并拒绝参加作为推出一部分的采访。</blockquote></p><p> The deal is now dead, these people said.</p><p><blockquote>这些人说，这笔交易现在已经胎死腹中。</blockquote></p><p> “The Change Company would proudly consider a partnership with Mr. Kaepernick—yesterday, today, or tomorrow,” the lender’s chief executive, Steven Sugarman, said in a written statement on Thursday that praised the former quarterback’s commitment to racial justice.</p><p><blockquote>该银行首席执行官史蒂文·舒格曼(Steven Sugarman)在周四的一份书面声明中表示：“The Change Company将自豪地考虑与卡佩尼克先生建立合作伙伴关系——无论是昨天、今天还是明天。”该声明赞扬了这位前四分卫对种族正义的承诺。</blockquote></p><p> A spokesman for Mr. Kaepernick’s Mission Advancement Corp. said that the company operates “with the highest ethical standards” and will “continue our work while we look for a great fit to merge with in 2022.”</p><p><blockquote>Kaepernick先生的Mission Advancement Corp.的发言人表示，该公司“以最高的道德标准”运营，并将“继续我们的工作，同时寻找最适合在2022年合并的公司”。</blockquote></p><p> Special-purpose acquisition companies, or SPACs, are blossoming. There are artificial-intelligence SPACs, green-energy SPACs and even at least two SPACs doing deals with sellers of outdoor cooking equipment. Celebrity SPACs are especially fertile. Shaquille O’Neal, Sammy Hagar, Alex Rodriguez, restaurateur Danny Meyer, and former House Speaker Paul Ryan each has a SPAC. The pitch to investors is that their star power, social-media following and financial contacts will help the company succeed.</p><p><blockquote>特殊目的收购公司（SPAC）正在蓬勃发展。有人工智能SPAC、绿色能源SPAC，甚至至少有两家SPAC与户外烹饪设备卖家进行交易。名人SPAC尤其肥沃。沙奎尔·奥尼尔、萨米·哈加尔、A·罗德里格兹、餐馆老板丹尼·迈耶和前众议院议长保罗·瑞安都拥有SPAC。向投资者推销的是，他们的明星影响力、社交媒体追随者和财务联系将帮助公司取得成功。</blockquote></p><p> The high-wattage fundraising is controversial; Securities and Exchange Commission chief Gary Gensler called out celebrity endorsements in a critique of SPAC marketing earlier this month and cautioned against “misleading hype.”</p><p><blockquote>高瓦数募资引争议；美国证券交易委员会主席加里·詹斯勒(Gary Gensler)本月早些时候在批评SPAC营销时呼吁名人代言，并警告不要“误导性炒作”。</blockquote></p><p> Mission Advancement went public in March and raised $345 million to acquire a company with a socially conscious bent. Mr. Kaepernick, who became a leader of the racial-justice movement since he went unsigned by National Football League teams after kneeling during the national anthem to protest issues such as police brutality, is Mission’s co-chairman along with Jahm Najafi, who runs a private-equity fund and is a minority owner in the National Basketball Association’s Phoenix Suns.</p><p><blockquote>Mission Advancement于3月份上市，筹集了3.45亿美元收购了一家具有社会意识的公司。卡佩尼克在国歌期间下跪抗议警察暴行等问题，没有得到国家橄榄球联盟球队的签名，此后成为了种族正义运动的领导人。他与经营一家私募股权基金的贾姆·纳杰菲(Jahm Najafi)是Mission的联合主席，也是美国国家篮球协会菲尼克斯太阳队的少数股东。</blockquote></p><p> Like all SPACs, Mission searches for a target with which it will merge, effectively taking that company public. By early fall, it had homed in on Change and by mid-December was on the cusp of a deal valuing the lender at about $1.1 billion, according to the people familiar with the matter and investor documents reviewed by The Wall Street Journal.</p><p><blockquote>与所有SPAC一样，Mission会寻找与之合并的目标，从而有效地使该公司上市。据知情人士和《华尔街日报》查阅的投资者文件透露，到初秋，该银行已将目光投向变革，到12月中旬，该银行即将达成一项估值约为11亿美元的交易。</blockquote></p><p> But the two sides found themselves at odds over whether and how Mr. Kaepernick would tap his celebrity status to promote it. When Change executives tried to schedule a sit-down with “Good Morning America,” where Mr. Kaepernick would likely have been pressed both about the business and on the protests that made him a controversial figure and stymied his NFL career, Mission executives pushed back.</p><p><blockquote>但双方发现自己在卡佩尼克是否以及如何利用他的名人地位来推广它的问题上存在分歧。当变革高管试图安排与“早安美国”（Good Morning America）坐下来谈时，卡佩尼克可能会受到有关业务和抗议活动的压力，这些抗议活动使他成为一个有争议的人物，并阻碍了他的NFL职业生涯，Mission高管拒绝了。</blockquote></p><p> Such an appearance would have been out of character for Mr. Kaepernick, who has never spoken about the issue in such a forum and has granted few interviews. Instead, he has cultivated his image through his social-justice initiatives and scripted appearances, most notably an advertising campaign withNikeInc.and a six-part documentary about his childhood that ran onNetflixInc.this fall.</p><p><blockquote>这样的露面不符合卡佩尼克的性格，他从未在这样的论坛上谈论过这个问题，也很少接受采访。相反，他通过社会正义倡议和照本宣科的露面来塑造自己的形象，最著名的是与耐克公司合作的广告活动，以及今年秋天在NetflixInc.播出的一部关于他童年的六集纪录片。</blockquote></p><p> Change is what is known as a community development financial institution, a special regulatory designation for firms that lend to minority groups, rural residents and other communities that have trouble getting access to mainstream banking products. CDFIs receive financial support from the U.S. Treasury and often partner with big commercial banks. Many are nonprofits; Change isn’t.</p><p><blockquote>Change就是所谓的社区发展金融机构，这是一种特殊的监管名称，适用于向少数群体、农村居民和其他难以获得主流银行产品的社区提供贷款的公司。CDFI获得美国财政部的财政支持，并经常与大型商业银行合作。许多是非营利组织；改变不是。</blockquote></p><p> Change was founded in 2017 and is run by Mr. Sugarman, a former executive at the Banc of California. He left that company in an acrimonious dispute with the board.</p><p><blockquote>Change成立于2017年，由加州银行前高管舒格曼先生经营。他在与董事会激烈争执中离开了公司。</blockquote></p><p> Change originated $7 billion in loans in 2020 and booked $113 million in profits, according to documents shown to prospective investors.</p><p><blockquote>根据向潜在投资者展示的文件，Change在2020年发放了70亿美元的贷款，并记录了1.13亿美元的利润。</blockquote></p><p> When SPACs make an acquisition, they typically also raise new money from private investors, which validates the transaction and gives the company cash to fund its growth.</p><p><blockquote>当SPAC进行收购时，它们通常还会从私人投资者那里筹集新资金，从而验证交易并为公司提供现金来资助其增长。</blockquote></p><p> Mission, Change and their bankers fanned out to more than 100 potential investors, firms that might want a piece of a socially conscious deal or celebrities who might kick in their own fame and money. Mission executives often referred to Mr. Kaepernick as a once-in-a-generation cultural icon; both sides hoped his star power would bring in investors and corporate partners.</p><p><blockquote>Mission、Change及其银行家向100多名潜在投资者、可能想要从具有社会意识的交易中分一杯羹的公司或可能利用自己的名誉和金钱的名人展开了讨论。使团高管经常将卡佩尼克先生称为一代人一次的文化偶像；双方都希望他的明星效应能带来投资者和企业合作伙伴。</blockquote></p><p></p><p> Actor Tyler Perry agreed to invest, one of the people familiar with the matter said, and the Atlanta firm that manages his money made a $1 million commitment, the documents show. Mr. Kaepernick’s cachet helped land more investors—WNBA stars Diana Taurasi and Maya Moore, music producer J. Cole, and rappers Quavo and Nas were in, according to the documents. But the commitments weren’t large, and some of the celebrity investors expected to be paid for any promotional efforts.</p><p><blockquote>文件显示，一位知情人士称，演员泰勒·佩里同意投资，管理他资金的亚特兰大公司承诺投资100万美元。文件显示，卡佩尼克的声望帮助吸引了更多投资者——WNBA明星戴安娜·陶拉西(Diana Taurasi)和玛雅·摩尔(Maya Moore)、音乐制作人J.科尔(J.Cole)以及说唱歌手夸沃(Quavo)和纳斯(Nas)都参与其中。但承诺并不大，一些名人投资者预计任何促销活动都会得到报酬。</blockquote></p><p> The sponsor group, Messrs. Kaepernick and Najafi, were set to contribute $10 million. Had the deal been completed, they would have received founder shares in the combined company worth about $80 million, according to the SPAC’s public filings. Mr. Kaepernick and the sponsor group also were going to donate up to one million shares, with a value near $10 million, to down-payment assistance efforts to support Black homeownership.</p><p><blockquote>赞助团体Kaepernick先生和Najafi先生将捐款1000万美元。根据SPAC的公开文件，如果交易完成，他们将获得合并后公司价值约8000万美元的创始人股份。Kaepernick先生和赞助团体还将捐赠最多100万股股票，价值近1000万美元，用于支持黑人住房所有权的首付援助工作。</blockquote></p><p> But big names on Wall Street, includingBlackRockInc.,Fidelity Investments and T. Rowe Price GroupInc.,which are among the most active SPAC investors, said no, according to the people familiar with the matter and documents reviewed by the Journal. The three declined to comment.</p><p><blockquote>但华尔街的大公司，包括贝莱德、富达投资和T。据知情人士和《华尔街日报》查阅的文件显示，SPAC最活跃的投资者之一Rowe Price GroupInc.拒绝了。三人拒绝置评。</blockquote></p><p> Serena Williams’s venture fund passed, according to those documents. So did Oprah Winfrey’s money manager. Nike and venture firm Andreesen Horowitz, whose co-founder is listed on Mission’s website as an adviser, also looked at the deal and didn’t commit, the documents say.</p><p><blockquote>根据这些文件，塞雷娜·威廉姆斯的风险基金通过了。奥普拉·温弗瑞的资金经理也是如此。文件称，耐克和风险投资公司安德森·霍洛维茨（Andreesen Horowitz）也关注了这笔交易，但没有做出承诺。安德森·霍洛维茨的联合创始人在Mission的网站上被列为顾问。</blockquote></p><p> ‘There is a real question about whether there is [a] halo effect that translates into investor dollars. We need to question that assumption.’</p><p><blockquote>“一个真正的问题是，是否存在转化为投资者资金的光环效应。我们需要质疑这一假设。”</blockquote></p><p> — Steve Sugarman, The Change Co. chief executive</p><p><blockquote>——Steve Sugarman，The Change Co.首席执行官</blockquote></p><p> The week before Thanksgiving, executives from Mission and Change met with executives from Netflix. The streaming giant had just aired the Kaepernick documentary, and the year earlier it had moved $10 million of its cash holdings to Change as part of a pledge to support small lenders serving Black communities.</p><p><blockquote>感恩节前一周，Mission and Change的高管会见了Netflix的高管。这家流媒体巨头刚刚播出了Kaepernick纪录片，一年前，它已将其持有的1000万美元现金转移到Change，作为支持为黑人社区服务的小型贷款机构承诺的一部分。</blockquote></p><p> By the time the deal fell apart, Netflix hadn’t committed. Netflix declined to comment.</p><p><blockquote>当交易破裂时，Netflix还没有做出承诺。Netflix拒绝置评。</blockquote></p><p> Mission ultimately had commitments for about two-thirds of the $100 million it was targeting, most of it from a pair of real-estate investment firms, Angelo Gordon and MFA FinancialInc.,the people familiar with the matter said.</p><p><blockquote>知情人士称，Mission最终承诺了1亿美元目标中的约三分之二，其中大部分来自两家房地产投资公司Angelo Gordon和MFA FinancialInc.。</blockquote></p><p> “There is a real question about whether there is [a] halo effect that translates into investor dollars,” Mr. Sugarman wrote in an email this month to Mission executives. “We need to question that assumption.”</p><p><blockquote>舒格曼在本月给Mission高管的一封电子邮件中写道：“光环效应是否会转化为投资者的资金，这是一个真正的问题。”“我们需要质疑这个假设。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/colin-kaepernick-spac-deal-collapses-testing-celebrity-halo-11640373559?mod=markets_lead_pos5\">WSJ</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/colin-kaepernick-spac-deal-collapses-testing-celebrity-halo-11640373559?mod=markets_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1117475975","content_text":"The Change Co. seemed like the perfect company for Colin Kaepernick’s SPAC to buy. The California lender focuses on minority borrowers underserved by traditional banks, a snug fit with the former National Football League star’s social-justice activism.\nBut a deal ran aground last week over a peculiar issue: Mr. Kaepernick’s reluctance to stump for the merger on live television, people familiar with the matter said.\nMr. Kaepernick balked at requests from Change Co. executives that he sit for an appearance with George Stephanopoulos on “Good Morning America” and declined to participate in interviews as part of the rollout, according to an internal document.\nThe deal is now dead, these people said.\n“The Change Company would proudly consider a partnership with Mr. Kaepernick—yesterday, today, or tomorrow,” the lender’s chief executive, Steven Sugarman, said in a written statement on Thursday that praised the former quarterback’s commitment to racial justice.\nA spokesman for Mr. Kaepernick’s Mission Advancement Corp. said that the company operates “with the highest ethical standards” and will “continue our work while we look for a great fit to merge with in 2022.”\nSpecial-purpose acquisition companies, or SPACs, are blossoming. There are artificial-intelligence SPACs, green-energy SPACs and even at least two SPACs doing deals with sellers of outdoor cooking equipment. Celebrity SPACs are especially fertile. Shaquille O’Neal, Sammy Hagar, Alex Rodriguez, restaurateur Danny Meyer, and former House Speaker Paul Ryan each has a SPAC. The pitch to investors is that their star power, social-media following and financial contacts will help the company succeed.\nThe high-wattage fundraising is controversial; Securities and Exchange Commission chief Gary Gensler called out celebrity endorsements in a critique of SPAC marketing earlier this month and cautioned against “misleading hype.”\nMission Advancement went public in March and raised $345 million to acquire a company with a socially conscious bent. Mr. Kaepernick, who became a leader of the racial-justice movement since he went unsigned by National Football League teams after kneeling during the national anthem to protest issues such as police brutality, is Mission’s co-chairman along with Jahm Najafi, who runs a private-equity fund and is a minority owner in the National Basketball Association’s Phoenix Suns.\nLike all SPACs, Mission searches for a target with which it will merge, effectively taking that company public. By early fall, it had homed in on Change and by mid-December was on the cusp of a deal valuing the lender at about $1.1 billion, according to the people familiar with the matter and investor documents reviewed by The Wall Street Journal.\nBut the two sides found themselves at odds over whether and how Mr. Kaepernick would tap his celebrity status to promote it. When Change executives tried to schedule a sit-down with “Good Morning America,” where Mr. Kaepernick would likely have been pressed both about the business and on the protests that made him a controversial figure and stymied his NFL career, Mission executives pushed back.\nSuch an appearance would have been out of character for Mr. Kaepernick, who has never spoken about the issue in such a forum and has granted few interviews. Instead, he has cultivated his image through his social-justice initiatives and scripted appearances, most notably an advertising campaign withNikeInc.and a six-part documentary about his childhood that ran onNetflixInc.this fall.\nChange is what is known as a community development financial institution, a special regulatory designation for firms that lend to minority groups, rural residents and other communities that have trouble getting access to mainstream banking products. CDFIs receive financial support from the U.S. Treasury and often partner with big commercial banks. Many are nonprofits; Change isn’t.\nChange was founded in 2017 and is run by Mr. Sugarman, a former executive at the Banc of California. He left that company in an acrimonious dispute with the board.\nChange originated $7 billion in loans in 2020 and booked $113 million in profits, according to documents shown to prospective investors.\nWhen SPACs make an acquisition, they typically also raise new money from private investors, which validates the transaction and gives the company cash to fund its growth.\nMission, Change and their bankers fanned out to more than 100 potential investors, firms that might want a piece of a socially conscious deal or celebrities who might kick in their own fame and money. Mission executives often referred to Mr. Kaepernick as a once-in-a-generation cultural icon; both sides hoped his star power would bring in investors and corporate partners.\nActor Tyler Perry agreed to invest, one of the people familiar with the matter said, and the Atlanta firm that manages his money made a $1 million commitment, the documents show. Mr. Kaepernick’s cachet helped land more investors—WNBA stars Diana Taurasi and Maya Moore, music producer J. Cole, and rappers Quavo and Nas were in, according to the documents. But the commitments weren’t large, and some of the celebrity investors expected to be paid for any promotional efforts.\nThe sponsor group, Messrs. Kaepernick and Najafi, were set to contribute $10 million. Had the deal been completed, they would have received founder shares in the combined company worth about $80 million, according to the SPAC’s public filings. Mr. Kaepernick and the sponsor group also were going to donate up to one million shares, with a value near $10 million, to down-payment assistance efforts to support Black homeownership.\nBut big names on Wall Street, includingBlackRockInc.,Fidelity Investments and T. Rowe Price GroupInc.,which are among the most active SPAC investors, said no, according to the people familiar with the matter and documents reviewed by the Journal. The three declined to comment.\nSerena Williams’s venture fund passed, according to those documents. So did Oprah Winfrey’s money manager. Nike and venture firm Andreesen Horowitz, whose co-founder is listed on Mission’s website as an adviser, also looked at the deal and didn’t commit, the documents say.\n‘There is a real question about whether there is [a] halo effect that translates into investor dollars. We need to question that assumption.’\n— Steve Sugarman, The Change Co. chief executive\nThe week before Thanksgiving, executives from Mission and Change met with executives from Netflix. The streaming giant had just aired the Kaepernick documentary, and the year earlier it had moved $10 million of its cash holdings to Change as part of a pledge to support small lenders serving Black communities.\nBy the time the deal fell apart, Netflix hadn’t committed. Netflix declined to comment.\nMission ultimately had commitments for about two-thirds of the $100 million it was targeting, most of it from a pair of real-estate investment firms, Angelo Gordon and MFA FinancialInc.,the people familiar with the matter said.\n“There is a real question about whether there is [a] halo effect that translates into investor dollars,” Mr. Sugarman wrote in an email this month to Mission executives. “We need to question that assumption.”","news_type":1,"symbols_score_info":{"MACC":0.9}},"isVote":1,"tweetType":1,"viewCount":2328,"commentLimit":10,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"symbols":[],"verified":2,"subType":0,"readableState":1,"langContent":"CN","currentLanguage":"CN","warmUpFlag":false,"orderFlag":false,"shareable":true,"causeOfNotShareable":"","featuresForAnalytics":[],"commentAndTweetFlag":false,"andRepostAutoSelectedFlag":false,"upFlag":false,"length":12,"xxTargetLangEnum":"ZH_CN"},"commentList":[],"isCommentEnd":true,"isTiger":false,"isWeiXinMini":false,"url":"/m/post/698750628"}
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