Fir Tree and GLG Initiate Global Eagle Acquisition Corp Position Too

We just reported that Empyrean Capital’s $12 Million investment in Global Eagle Acqusition Corp’s IPO. Fir Tree and GLG also disclosed large investments in this IPO in 13G filings. Jeffrey Tannenbaum’s Fir Tree spent $15,750,000 on 7.4% of Global Eagle and Noam Gottesman’s GLG invested $20 Million. These three hedge funds collectively bought 25% of the acquisition company.

Harry Sloan, former head of MGM, and Jeff Sagansky, formerly at CBS and Sony Pictures, formed Global Eagle Acquisition Corp  (EAGLU) with the intention to acquire media investments. They have two years to make their first acquisition. They are expected to make superior deals using their connections and inside information about the media and entertainment industry. EAGLU shares closed at $10.03 per share today. So investors who would like to imitate these three hedge funds’ transactions can do so at a very small premium over what they paid.