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SPAC Recovery Co. Announces $590 Million Lawsuit Against Blackstone Products, Nomura Securities, Franklin Square, Oaktree and Others for Alleged Fraudulent Scheme
SPAC Recovery Co., formerly Ackrell SPAC Partners I Co., (the “Company” or “Plaintiff”) filed on May 13th a major lawsuit in the Supreme Court of the State of New York, seeking over $590 million in damages against various defendants jointly and severally. The defendants include North Atlantic Imports, LLC (d/b/a Blackstone Products, Nomura Securities International, Inc., FS Credit Opportunities Corp. and related entities, Oaktree Capital Management LP and related entities , and individuals, including Blackstone’s CEO Roger Dahle and employees of other defendants. The litigation complaint alleges a coordinated scheme by defendants (collectively the “Cabal”) to undermine the Plaintiff’s acquisition of Blackstone Products, a leading manufacturer of outdoor cooking products. Blackstone Products was acquired in May 2025 by its leading industry competitor, Weber-Stephens Products, LLC, which is owned by the private equity firm BDT & MSD Partners . The Company’s lawsuit, SPAC Recovery Co versus North Atlantic Imports, LLC et al, was filed on May 13, 2025 in the Supreme Court of the State of New York, County of New York, and the case index number is 652916/2025 https://iapps.courts.state.ny.us/nyscef/DocumentList?docketId=9WzEDH461bLKqpx4OmhPsA==.
The complaint describes other alleged members of the Cabal, who are not included as defendants in the initial filed complaint, including: Ackrell Capital LLC, its’ owner Michael Ackrell and the law firm of O’Melveny & Myers (“OMM”). The Company is currently engaged in FINRA arbitration against Ackrell Capital covering the same allegations. During the acquisition transaction, OMM provided legal advice to the Plaintiff also well as certain members of the Cabal, namely defendant Blackstone Products, Ackrell Capital and Michael Ackrell.
“SPAC Recovery Co. was betrayed by a deliberate scheme that materially harmed our investors,” said a company spokesperson. “We are committed to holding all of the defendants accountable for their actions and securing justice for our stakeholders.”
The lawsuit accuses the defendants of breaching contractual and fiduciary duties by misusing confidential information and orchestrating an alternative transaction to exclude SPAC Recovery Co. which closed in December 2022. The complaint alleges numerous unlawful acts committed by the Cabal, led by (i) non-defendant Michael Ackrell (then Chairman of SPAC Recovery Co.’s board and owner of Ackrell Capital, which was also engaged as financial advisor to Blackstone Products) and (ii) defendant Roger Dahle (founder and CEO of Blackstone Products), including:
- Breaching the Business Combination Agreement, Confidentiality Agreement, and Nomura and FS engagement agreements.
- Sharing confidential information to facilitate a transaction intended to harm the Company and benefit Blackstone Products and the Cabal.
– The complaint alleges that Nomura, which was engaged by the Company to be its advisor, misled the Company’s Board of Directors during the period of the fraud. While Nomura claimed to the Company’s board that its’ efforts were focused solely on closing the acquisition transaction, instead it was allegedly collaborating with the Cabal in furtherance of the fraud, in violation of Nomura’s professional duties to the Company. Specifically, it is alleged that Nomura assisted Michael Ackrell and Roger Dahle to convince investors FS and Oaktree, to participate in the competing transaction, in violation of various agreements, which caused the demise of the Company’s intended acquisition.
Bolstering the plaintiff’s allegations of unethical and unlawful conduct by Nomura, are the recent history of regulatory and litigation issues, including: A $50 million SEC penalty in 2022 for off-channel communications; a $35 million penalty in 2023 for residential mortgage-backed securities fraud; and multiple fines in 2025 for naked short selling in South Korea.
The Company asserts 12 causes of action against defendants, including breach of contract, intentional interference, aiding and abetting fiduciary breaches, and respondeat superior, and is seeking: (i) $54 million in compensatory damages, (ii) $537 million in punitive damages, (iii) Specific performance to enforce the BCA, requiring Blackstone Products to sell 18% of its equity to the Company, (iv) Appointment of a receiver to oversee Blackstone Product’s financial activities during litigation, and (v) Reimbursement of attorney fees and costs.
The Company is asking for any individuals with first-hand knowledge of the actions described above, which inflicted the material financial damage on the Company, to please email the Company, or via legal counsel, to discuss in confidence their possible assistance.
About SPAC Recovery Co. – The plaintiff is a Delaware corporation originally formed to pursue a merger or acquisition of an operating business, and had raised approximately $138 million for such purpose. As a consequence of the alleged fraud, the Company is now solely dedicated to protecting the financial interest of its creditors and investors. The Company has secured funded litigation financing which it believes is sufficient to fully prosecute its’ case against all Defendants.
For press inquiries, contact the Company via: [email protected]
The Press Release SPAC Recovery Co. Announces $590 Million Lawsuit Against Blackstone Products, Nomura Securities, Franklin Square, Oaktree and Others for Alleged Fraudulent Scheme appeared first on Pinion Newswire.
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Olu of Warri, Queen Consort Unveil Initiative to Unite Itsekiri People Worldwide
Lagos, NigeriaHis Majesty Ogiame Atuwatse III, the Olu of Warri, and Her Majesty Olori Atuwatse III, Mama Iwere, have spearheaded a cultural identity movement and digital platform known as Iam Itsekiri, aimed at uniting Itsekiri people and their friends across the world around a shared heritage and sense of belonging. The initiative, set to be launched […]
Lagos, Nigeria
His Majesty Ogiame Atuwatse III, the Olu of Warri, and Her Majesty Olori Atuwatse III, Mama Iwere, have spearheaded a cultural identity movement and digital platform known as Iam Itsekiri, aimed at uniting Itsekiri people and their friends across the world around a shared heritage and sense of belonging.

The initiative, set to be launched soon under the authority of the Palace of the Warri Kingdom, is designed to connect Itsekiris at home and in the diaspora through a media-driven cultural campaign and a dedicated mobile application that serves as a digital gathering place for members of the community.
Speaking on the vision behind the project, His Majesty said the movement is built around a central truth that the name Itsekiri means “blessing surrounds us,” adding that the platform seeks to strengthen identity, pride, and unity among the people while extending that sense of belonging to friends and allies of the kingdom.
According to them, the initiative redefines Itsekiri identity beyond geography and population size, stressing that history has shown that communities driven by a strong idea can grow into influential movements.
“To say ‘I am Itsekiri’ is to make an active declaration that one belongs to a people that blessing follows,” His Majesty stated.
Their Majesties explained that the movement welcomes three groups into one community: those born Itsekiri, those who became part of the family through marriage, and friends of Itsekiri who identify with the values and ideals of the people.
The approach, they noted, broadens participation while preserving the cultural pride and heritage of the kingdom.
Their Majesties further disclosed that the Iam Itsekiri application functions as a digital village where users can access updates from the Palace and the kingdom, connect with fellow Itsekiris across the globe, and engage with cultural content that promotes language, traditions, customs, and indigenous cuisine. The app will soon be available on both the Apple App Store and Google Play Store.
They added that the movement is being amplified through the #IAmItsekiri Challenge, which encourages participants to share personal stories, testimonies, and experiences that reflect the Itsekiri identity.
According to His Majesty Ogiame Atuwatse III, the Olu of Warri, the initiative is “not nostalgia, but strategy,” aimed at preserving Itsekiri heritage, strengthening community bonds, and projecting the blessings and values of the Itsekiri people onto the global stage.
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Ragland Farms Releases Public Statement Calling for Stable U.S.-China Agricultural Trade
MAGNOLIA, KentuckyKentucky farming operation says temporary soybean purchase commitments provide short-term support but do not resolve tariff disparities and long-term market uncertainty Ragland Farms, a family-owned agricultural operation producing soybeans, corn, and winter wheat, today released a public policy statement calling for more stable and predictable agricultural trade between the United States and China. Caleb Ragland, […]
MAGNOLIA, Kentucky
Kentucky farming operation says temporary soybean purchase commitments provide short-term support but do not resolve tariff disparities and long-term market uncertainty
Ragland Farms, a family-owned agricultural operation producing soybeans, corn, and winter wheat, today released a public policy statement calling for more stable and predictable agricultural trade between the United States and China.
Caleb Ragland, a ninth-generation farmer based in Magnolia, said recent Chinese commitments to purchase American agricultural products have provided needed short-term demand. However, he cautioned that negotiated purchase targets do not fully address the tariff disparities, pricing pressures, and loss of market share affecting U.S. soybean producers.
According to U.S. Department of Agriculture reporting, China committed under a late-2025 agricultural purchase arrangement to acquire 12 million metric tons of American soybeans, followed by at least 25 million metric tons annually from 2026 through 2028. China subsequently met the initial purchase target.
Ragland said the commitments are important for American producers but remain dependent on government negotiations and do not restore the broader commercial conditions that existed before U.S.-China trade tensions intensified in 2018.
“Temporary purchase agreements can provide meaningful support, but farmers also need reliable access to markets that is not dependent on repeated political negotiations,” Ragland said. “Planting, financing, equipment, and land-management decisions often have to be made months or years in advance.”
Market Conditions Affecting American Soybean Producers
Ragland Farms identified several continuing challenges affecting the competitiveness of American soybeans in the Chinese market.
Declining U.S. Market Share
Before trade tensions intensified, the United States supplied a significantly larger percentage of China’s imported soybeans. Public trade data indicates that the American share declined substantially by 2024 as Brazil expanded production capacity and strengthened its commercial relationships with Chinese purchasers.
Ragland said rebuilding market share will require more than temporary purchasing targets because importers also consider price, availability, shipping costs, tariffs, and the reliability of long-term supply relationships.
Tariff Disparities
U.S. Department of Agriculture reporting published in March 2026 indicated that American soybeans were subject to a 13% Chinese import tariff, compared with approximately 3% for Brazilian soybeans.
Ragland said the difference places American producers at a commercial disadvantage, particularly when Chinese processors can purchase lower-priced soybeans from South American suppliers.
Seasonal Pricing Pressure
Brazilian soybeans are often competitively priced during important purchasing periods. This can encourage private Chinese processors to favor Brazilian supplies even when government-directed commitments support additional purchases from the United States.
Ragland said predictable tariff and market-access policies would allow American farmers to compete more effectively on price, quality, reliability, and long-term supply capacity.
Agricultural Trade and National Security
The statement also addresses the growing policy debate surrounding foreign ownership of American agricultural land.
In 2023, Arkansas ordered a Chinese-controlled subsidiary of Syngenta Seeds to divest agricultural property in the state. In July 2026, North Carolina enacted the Farmland and Military Protection Act, with certain provisions scheduled to take effect in April 2027.
Ragland said government review of foreign acquisitions near military installations and other sensitive locations can be appropriate. However, he encouraged policymakers to distinguish between legitimate national security concerns and ordinary agricultural commerce.
“Protecting strategically sensitive property and maintaining agricultural trade are separate policy issues,” Ragland said. “The shipment of soybeans through established commercial channels should not be treated in the same way as the acquisition of land near critical infrastructure.”
Call for Predictable Agricultural Trade Policy
Ragland Farms is calling on policymakers in Washington and Beijing to pursue a more stable agricultural trading framework that reduces tariff disparities and limits the use of farm products as leverage during broader political disputes.
The company said predictable trade conditions would help family farms make informed decisions regarding planting, financing, staffing, equipment purchases, land management, and long-term investment.
In an April 2025 public appeal, Ragland warned that prolonged trade uncertainty could threaten the survival of multigenerational American farms.
“Trade policy may be written in government offices, but its consequences are felt on farms,” Ragland said in the earlier statement. “All our blood, sweat, and toil could vanish with the stroke of a pen.”
Ragland said agricultural trade does not require the United States and China to resolve every political disagreement. Instead, both countries can recognize the economic value of maintaining reliable commercial relationships for essential agricultural products.
“Farmers are prepared to compete in global markets,” Ragland said. “What they need is a stable framework that allows commercial decisions to be based on supply, quality, price, and long-term demand.”
About Ragland Farms
Ragland Farms is a multigenerational family farming operation based in Magnolia, Kentucky. Led by ninth-generation farmer Caleb Ragland, the farm produces soybeans, corn, and winter wheat. Ragland Farms supports agricultural policies that promote predictable market access, economically sustainable farming operations, and the long-term viability of American family farms.
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KeyState Recruits Trusted Community Bank Advisor to Deepen Relationships with Community Banks
LAS VEGAS, NVKeyState is pleased to announce that Patrick Mulloy has joined the firm as Senior Vice President – Business Development. With more than 25 years of experience serving financial institutions, Mulloy will help expand KeyState’s relationships with community banks by introducing the firm’s innovative tax, investment, and strategic solutions. Mulloy joins KeyState from RSM, where he […]
LAS VEGAS, NV
KeyState is pleased to announce that Patrick Mulloy has joined the firm as Senior Vice President – Business Development. With more than 25 years of experience serving financial institutions, Mulloy will help expand KeyState’s relationships with community banks by introducing the firm’s innovative tax, investment, and strategic solutions.

Mulloy joins KeyState from RSM, where he served as a partner in the firm’s Financial Services practice and led the national Financial Institutions industry. Throughout his career, he has advised financial institutions ranging from approximately $100 million to more than $100 billion in assets, including banks, credit unions, mortgage companies, specialty finance organizations, trusts, investment companies, private equity firms, and hedge funds.
A certified public accountant, Mulloy is widely recognized as a leader in the financial services industry. He has served as President of the Financial Managers Society’s Philadelphia Chapter and has been active with the Pennsylvania Institute of Certified Public Accountants, the American Institute of Certified Public Accountants, and numerous nonprofit and academic organizations.
“Patrick brings exceptional industry expertise, credibility, and trusted relationships within the community banking industry,” said JD David, EVP – Strategy & Growth of KeyState. “His experience advising financial institutions and understanding the challenges bank leaders face make him an outstanding addition to our team. Patrick will help more community banks discover how KeyState’s solutions can strengthen earnings, improve tax efficiency, and support long-term strategic growth.”
In his new role, Mulloy will work closely with community bank executives nationwide, advising them on renewable energy tax credit investments, investment subsidiary structures, and other strategic solutions designed to enhance earnings, improve tax efficiency, and create long-term shareholder value.
“I’m excited to join KeyState and introduce more community banks to the firm’s innovative solutions,” said Patrick Mulloy. “Community banks have an opportunity to be far more intentional about managing their tax liability, and I’m excited to help more institutions understand how renewable energy tax credit investments can increase annual earnings while supporting investments in the communities they serve. KeyState has built an exceptional platform and team, and I look forward to helping more financial institutions unlock new opportunities for growth.”
About KeyState
KeyState provides community banks and middle market companies with independent and innovative investment and insurance structures that have a meaningful impact on earnings. KeyState manages over $22 billion in bond portfolios for community banks, and KeyState’s SOLCAP renewable energy tax credit platform has raised and deployed over $1 billion financing over 200 renewable energy projects across the US. Founded in 1991, KeyState serves over 140 community banks and over 200 companies across the country. Based in Las Vegas, NV, KeyState has additional offices in Wilmington, DE; Denver, CO; and Burlington, VT.
For more information, visit www.key-state.com.
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