Former NBA player and congressman Tom McMillen is trying to go two-for-two in homeland defense plays.
A month ago, Fortress America Acquisition (FAACU.OB:OTCBB - news - research - Cramer's Take), a so-called blank-check company dreamed up by McMillen, raised $42 million in an initial public offering. The Bethesda, Md., start-up, whose only products are the resumes of its politically connected board, hopes to use those funds to buy a company that "contracts directly with the government on homeland security projects."
After the IPO, McMillen, Fortress America's chairman, owns 6.6% of its stock. In the offering, Fortress America priced its shares at $6. Buyers into the IPO also got warrants to buy two additional shares.
***************READ HERE ***************************************** The money raised in the IPO is being held in an interest-bearing bank account until Fortress America finds a company in the homeland defense space as a merger partner. But even as that search goes on, McMillen stands to score again with another homeland defense firm he helped found.
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