UNITED STATES
                                        SECURITIES AND EXCHANGE COMMISSION
                                               Washington, DC 20549

FORM 10-Q

(Mark One)

|[X] |  | QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|--- |  | ---------------------------------------------------------------------------------------

For the quarterly period ended
September 30, 2007.

or

|[_] |  | TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
|--- |  | ----------------------------------------------------------------------------------------

For the transition period from
____________ to ____________

Commission
file number 001-33629

ALTERNATIVE ASSET
MANAGEMENT ACQUISITION CORP.(Exact Name of Registrant as Specified in Its Charter)

Delaware
      20-8450938(State or Other Jurisdiction of
      (I.R.S. EmployerIncorporation or Organization)
      Identification No.)


590 Madison Avenue,
35th Floor, New York, NY 10022 (Address of Principal
Executive Offices) (Zip Code)




(212)
409-2434(Registrants Telephone Number, Including Area Code)N/AFormer Name, Former Address and Former Fiscal year, if Changed Since Last Report

Indicate by check mark  whether  the
 registrant:  (1) has filed all reports  required to be filed by Section 13 or 15(d) of
the  Securities  Exchange Act of 1934 during the preceding 12 months (or for such shorter
 period that the registrant was required to file such reports),  and (2) has been subject
to such filing  requirements  for the past 90 days.

Yes |X|         No
|_|


Indicate  by  check  mark  whether
 the  registrant  is a large  accelerated  filer,  an  accelerated  filer,  or a
non-accelerated  filer.  See definition of  accelerated  filer and large  accelerated
 filer in Rule 12b-2 of the Exchange Act.  (Check one):

Large accelerated filer |_|
      Accelerated filer |_|
      Non-accelerated filer
|X|


Indicate by check mark whether the
registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes |X|         No
|_|


As of  November  14, 2007 there were
 51,750,000  shares of common  stock,  par value  $.0001 per share,  issued and
outstanding.




---



ALTERNATIVE ASSET MANAGEMENT ACQUISITION CORP.


FORM 10-Q

FOR THE QUARTER
ENDED SEPTEMBER 30, 2007

INDEX

PagesPART I.  Financial Information
      3ITEM 1. Financial Statements
      3Condensed Balance Sheet at September 30, 2007 (unaudited)
      3Condensed Statements of Operations (unaudited) for the three months endedSeptember 30, 2007 and the period January 26, 2007 (inception) throughSeptember 30, 2007
      4Condensed Statements of Stockholders Equity (unaudited) for the period January 26,2007 (inception) through September 30, 2007
      5Condensed Statements of Cash Flows (unaudited) for the period January 26, 2007(inception) through September 30, 2007
      6Notes to Unaudited Condensed Interim Financial Statements
      7ITEM 2. Managements Discussion and Analysis of Financial Condition and Results of Operations
      13ITEM 3. Quantitative and Qualitative Disclosures about Market Risk
      15ITEM 4. Controls and Procedures
      15PART II.  Other Information
      16ITEM 1. Legal Proceedings
      16ITEM 1A. Risk Factors
      16ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds
      16ITEM 3. Defaults Upon Senior Securities
      17ITEM 4. Submission of Matters to a Vote of Security Holders
      17ITEM 5. Other Information
      17ITEM 6. Exhibits
      17 Signatures   i  Forward-Looking Statements This report, and the information incorporated by reference in it, include forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act). Our forward-looking statements include, but are not
limited to, statements regarding our or our managements expectations, hopes, beliefs, intentions or strategies
regarding the future. In addition, any statements that refer to projections, forecasts or other characterizations
of future events or circumstances, including any underlying assumptions, are forward-looking statements. The
words anticipates, believe, continue, could, estimate, expect, intends, may, might, plan,
possible, potential, predicts, project, should, would and similar expressions may identify
forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking.
Forward-looking statements in this report may include, for example, statements about our:


- ability to complete our initial business combination;
- success in retaining or recruiting, or changes required in, our officers, key employees or directors
              following our initial business combination;
- officers and directors allocating their time to other businesses and potentially having conflicts of
              interest with our business or in approving our initial business combination, as a result of which
              they would then receive expense reimbursements;
- potential ability to obtain additional financing to complete our initial business combination;
- pool of prospective target businesses;
- the ability of our officers and directors to generate a number of potential investment opportunities;
- potential change in control if we acquire one or more target businesses for stock;
- our public securities potential liquidity and trading;
- listing or delisting of our securities from the American Stock Exchange or the ability to have our
              securities listed on the American Stock Exchange following our initial business combination;
- use of proceeds not held in the trust account or available to us from interest income on the trust
              account balance; or
- financial performance.

The
forward-looking statements contained or incorporated by reference in this report are
based on our current expectations and beliefs concerning future developments and their
potential effects on us and speak only as of the date of such statement. There can be no
assurance that future developments affecting us will be those that we have anticipated.
These forward-looking statements involve a number of risks, uncertainties (some of which
are beyond our control) or other assumptions that may cause actual results or performance
to be materially different from those expressed or implied by these forward-looking
statements. These risks and uncertainties include, but are not limited to, those factors
described under the heading Risk Factors(refer to Part II, Item IA).  Should one or
more of these risks or uncertainties materialize, or should any of our assumptions prove
incorrect, actual results may vary in material respects from those projected in these
forward-looking statements. We undertake no obligation to update or revise any
forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable securities laws.

References
in this report to we, us or our company refer to Alternative Asset Management
Acquisition Corp.  References to public stockholders refer to purchasers of our
securities by persons other than our founders in, or subsequent to, our initial public
offering.

| | ii | 
| | -- | 

---

PART I.
                                           FINANCIAL INFORMATION

ITEM 1.  Financial
Statements.

Alternative Asset
Management Acquisition Corp. 
                                                                                      (a
development stage company)

Condensed Balance
Sheet (unaudited)
                                                                                                 September
30, 2007

|                                                                                    | 
|----------------------------------------------------------------------------------- | 
|Assets                                                                              | 
|Current assets:                                                                     | 
|Cash                                                                                | 
|Cash held in trust fund, restricted                                                 | 
|Cash held in trust fund, interest and dividend income available for                 | 
|working capital                                                                     | 
|Prepaid expenses                                                                    | 
|                                                                                    | 
|                                                                                    | 
|Total assets                                                                        | 
|                                                                                    | 
|Total assets                                                                        | 
|                                                                                    | 
|Liabilities and stockholders equity                                                | 
|Current liabilities:                                                                | 
|Accrued expenses                                                                    | 
|Income taxes payable                                                                | 
|                                                                                    | 
|                                                                                    | 
|Total liabilities                                                                   | 
|                                                                                    | 
|Common stock subject to possible conversion (12,419,999 shares at conversion value) | 
|                                                                                    | 
|                                                                                    | 
|                                                                                    | 
|Commitments and contingencies                                                       | 
|                                                                                    | 
|                                                                                    | 
|Stockholders equity(1)                                                             | 
|Preferred stock, $0.0001 par value, authorized                                      | 
|1,000,000 shares; none issued                                                       | 
|Common stock, $0.0001 par value; authorized                                         | 
|120,000,000 shares; issued and outstanding                                          | 
|51,750,000 shares (less                                                             | 
|12,419,999 subject to possible conversion)                                          | 
|Additional paid-in capital                                                          | 
|Earnings accumulated during development stage                                       | 
|                                                                                    | 
|Total stockholders equity                                                          | 
|                                                                                    | 
|Total liabilities and stockholders equity                                          | 
|                                                                                    | 

|(1) |  | Share
amounts and per share data have been retroactively restated to reflect the effect of a
stock dividend      issued on July 5, 2007 of 0.226667 shares per share of outstanding
common stock, the effect of a stock      dividend issued on July 27, 2007 of 0.5 shares
per share of outstanding common stock and the effect of a      stock dividend issued on
August 1, 2007 of 0.2 shares per share of outstanding common stock (See Note 7).
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes
are an integral part of these financial statements.

| | 3 | 
| | - | 

---

Alternative Asset
Management Acquisition Corp. 
                                                                                      (a
development stage company)

Condensed Statements
of Operations (unaudited)

|                                             |  | July 1, 2007 
through 
September 30,
2007 |   | January 26, 2007 
(inception)
through 
September 30,
2007 |  
|-------------------------------------------- |  | ----------------------------------------- | - | --------------------------------------------------------- | -
|Formation and operating costs                |  | $      130,238                            |   | $      131,238                                            |  
|                                             |  |                                           |   |                                                           |  
|Loss from operations                         |  | (130,238                                  | ) | (131,238                                                  | )
|                                             |  |                                           |   |                                                           |  
|Interest and dividend income                 |  | 2,961,914                                 |   | 2,961,914                                                 |  
|                                             |  |                                           |   |                                                           |  
|Net income before provision for income taxes |  | 2,831,676                                 |   | 2,830,676                                                 |  
|Provision for income taxes                   |  | 1,296,472                                 |   | 1,296,472                                                 |  
|                                             |  |                                           |   |                                                           |  
|Net income                                   |  | $   1,535,204                             |   | $   1,534,204                                             |  
|                                             |  |                                           |   |                                                           |  
|                                             |  |                                          
|Weighted average number of common shares     | 
|outstanding  basic and diluted(1)           |  | 30,510,001                                |   | 18,667,130                                                |  
|                                             |  |                                           |   |                                                           |  
|Basic and diluted net income per share(1)    |  | $            0.05                         |   | $            0.08                                         |  
|                                             |  |                                           |   |                                                           |  



|(1) |  | Share
amounts and per share data have been retroactively restated to reflect the effect of a
stock dividend      issued on July 5, 2007 of 0.226667 shares per share of outstanding
common stock, the effect of a stock      dividend issued on July 27, 2007 of 0.5 shares
per share of outstanding common stock and the effect of a      stock dividend issued on
August 1, 2007 of 0.2 shares per share of outstanding common stock (See Note 7).
|--- |  | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes
are an integral part of these financial statements.

| | 4 | 
| | - | 

---

Alternative Asset
Management Acquisition Corp.
                                                                                       
  (a
development stage company)

Condensed Statements
of Changes in Stockholders Equity (unaudited)
                                             
  For the Period January 26, 2007 (inception)
through September 30, 2007

|                                   | Common Stock(1) |  |  |           
|---------------------------------- | --------------- |  |  | ----------
|
|Balance, January 26, 2007          |                 |  |  |           
|(inception)                        |                 |  |  |          
|                                   |                 |  |  |           
|                                   |                 | 
|Issuance of stock to               |                 | 
|initial stockholders(1)            |                 |  |  | 10,350,000
|                                   |                 |  |  |           
|                                   |                 | 
|Sale of 41,400,000 units,          |                 | 
|net of underwriters               |                 | 
|discount and offering              |                 |  |  |           
|expenses                           |                 |  |  |           
|(includes12,419,999 shares subject |                 | 
|to possible conversion)            |                 |  |  | 41,400,000
|                                   |                 |  |  |           
|                                   |                 | 
|Proceeds subject to                |                 | 
|possible conversion of             |                 | 
|12,419,999 shares                  |                 |  |  |           
|                                   |                 |  |  |           
|                                   |                 | 
|Proceeds from issuance of          |                 | 
|sponsors warrants                 |                 |  |  |           
|                                   |                 |  |  |           
|                                   |                 | 
|Net income for the period          |                 | 
|January 26, 2007                   |                 | 
|(inception) through                |                 | 
|September 30, 2007                 |                 |  |  |           
|                                   |                 |  |  |           
|Balance, September 30,             |                 | 
|2007                               |                 |  |  | 51,750,000
|                                   |                 |  |  |           

|(1) |  | Share
amounts have been retroactively restated to reflect the effect of a stock dividend issued
on July 5,      2007 of 0.226667 shares per share of outstanding common stock, the effect
of a stock dividend issued on July      27, 2007 of 0.5 shares per share of outstanding
common stock and the effect of a stock dividend issued on      August 1, 2007 of 0.2
shares per share of outstanding common stock (See Note 7).
|--- |  | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

The accompanying notes
are an integral part of these financial statements.

| | 5 | 
| | - | 

---

Alternative Asset
Management Acquisition Corp.
                                                                                      (a
development stage company)

Condensed Statements
of Cash Flows (unaudited)

|                                                                    | Period from
      January 26, 2007
      (inception) through
      September 30, 2007
|------------------------------------------------------------------- | -------------------------------------------------------------------------------------
|Cash Flows from Operating Activities                                |                                                                                      
|Net income                                                          |                                                                                      
|                                                                    |                                                                                      
|Adjustments to reconcile net income to net cash                     |                                                                                      
|provided by operating activities:                                   |                                                                                      
|Changes in operating assets and liabilities:                        |                                                                                      
|Accrued expenses                                                    |                                                                                      
|Prepaid expenses                                                    |                                                                                      
|Income taxes payable                                                |                                                                                      
|                                                                    |                                                                                      
|Net cash provided by operating activities                           |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Cash Flows from Investing Activities                                |                                                                                      
|Cash held in trust fund                                             |                                                                                      
|Cash held in trust fund, interest and dividend income available for |                                                                                      
|working capital                                                     |                                                                                      
|                                                                    |                                                                                      
|Net cash used by investing activities                               |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Cash Flows from Financing Activities                                |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Proceeds from issuance of initial public offering                   |                                                                                      
|Proceeds from notes payable, stockholders                           |                                                                                      
|Repayment of notes payable, stockholders                            |                                                                                      
|Proceeds from issuance of stock to initial stockholders             |                                                                                      
|Proceeds from issuance of sponsors warrants                        |                                                                                      
|Payment of offering costs                                           |                                                                                      
|                                                                    |                                                                                      
|Net cash provided by financing activities                           |                                                                                      
|                                                                    |                                                                                      
|Net increase in cash                                                |                                                                                      
|Cash at beginning of the period                                     |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Cash at end of the period                                           |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Supplemental disclosure of non-cash transactions:                   |                                                                                      
|Accrual for deferred offering costs:                                |                                                                                      
|Deferred offering costs                                             |                                                                                      
|Accrued expenses                                                    |                                                                                      
|                                                                    |                                                                                      
|                                                                    |                                                                                      
|Total                                                               |                                                                                      
|                                                                    |                                                                                      

The accompanying notes are an integral part of these financial statements. 6  ALTERNATIVE
ASSET MANAGEMENT ACQUISITION CORP.                  
                              (a
development stage company)                              
                       September 30,
2007                      
               Notes To Condensed Financial Statements (Unaudited) 1.  Interim Financial
Information These
unaudited condensed financial statements as of September 30, 2007 and for the periods
from July 1, 2007 through September 30, 2007 and from January 26, 2007 (inception)
through September 30, 2007, have been prepared in accordance with accounting principles
generally accepted in the United States of America for interim financial information and
with the instructions to Form 10-Q.  Accordingly, they do not include all of the
information and footnotes required by accounting principles generally accepted in the
United States of America for complete financial statements.  In the opinion of
management, all adjustments (consisting of normal recurring accruals) considered
necessary for a fair presentation have been included.  Operating results for the interim
period presented are not necessarily indicative of the results to be expected for any
other interim period or for the full year. These
unaudited condensed financial statements should be read in conjunction with the financial
statements and notes thereto for the period ended August 7, 2007 included in Alternative
Asset Management Acquisition Corp.s Form 8-K filed on August 8, 2007.  The accounting
policies used in preparing these unaudited condensed financial statements are consistent
with those described in the August 7, 2007 financial statements. 2. Organization,
Business Operations and Significant Accounting Policies Alternative
Asset Management Acquisition Corp. (the Company) was incorporated in Delaware on
January 26, 2007 as a blank check company formed for the purpose of acquiring through a
merger, capital stock exchange, asset acquisition, stock purchase, reorganization or
similar business combination, one or more businesses or assets in the alternative asset
management sector or a related business (a Business Combination). On February 22, 2007,
the Company changed its name from Hanover Group Acquisition Corp. to Hanover-STC
Acquisition Corp. On July 6, 2007, the Company changed its name from Hanover-STC
Acquisition Corp. to Alternative Asset Management Acquisition Corp. The
Companys financial statements have been retroactively restated to reflect the effect of
a stock dividend of 0.226667 shares of common stock per share of outstanding common stock
issued on July 5, 2007, the effect of a stock dividend of 0.5 shares of common stock per
share of outstanding common stock issued on July 27, 2007 and the effect of a stock
dividend of 0.2 shares of common stock per share of outstanding common stock issued on
August 1, 2007 (See Note 7). All
activity from January 26, 2007 (inception) through August 7, 2007 relates to the Companys
formation and the initial public offering (the Offering) described below.  Since August
8, 2007, the Company has been searching for a target company to acquire. The Company has
selected December 31 as its fiscal year-end. The
registration statement for the Companys Offering was declared effective on August 1,
2007. The Company consummated the Offering on August 7, 2007 and received net proceeds of
$397,661,527, which is net of offering costs of $16,338,473, and $4,625,000 from the sale
of the sponsor warrants on a private placement basis (see Note 3). The Companys
management has broad discretion with respect to the specific application of the net
proceeds of the Offering, although substantially all of the net proceeds of the Offering
are intended to be generally applied toward consummating a Business Combination. There is
no assurance that the Company will be able to successfully effect a Business Combination.
An amount of $402,425,000, or approximately $9.72 per Unit of the net proceeds of the
Offering and the sale of the sponsor warrants (see Note 3), was placed in a trust account
(Trust Account) and was invested in United States government securities within the
meaning of Section 2(a) (16) of the Investment Company Act of 1940 having a maturity of
180 days or less or in money market funds meeting certain conditions under rule 2a-7
promulgated under the Investment Company Act of 1940 until the earlier of (i) the
consummation of its first Business Combination and (ii) liquidation of the Company. The
placing of funds in the Trust Account may not protect those funds from third party claims
against the Company. Although the Company will seek to have all vendors, prospective
target businesses or other entities it engages, execute agreements with the Company
waiving any right, title, interest or claim of any kind in or to any monies held in the
Trust Account, there 7  is no guarantee that they will
execute such agreements. Two of the Companys officers, have agreed that they will be
personally liable under certain circumstances to ensure that the proceeds in the Trust
Account are not reduced by the claims of target businesses or vendors or other entities
that are owed money by the Company for services rendered, contracted for or products sold
to the Company. However, the agreement entered into by two of the Companys officers
specifically provides for two exceptions to this indemnity: there will be no liability
(1) as to any claimed amounts owed to a third party who executed a waiver (even if such
waiver is subsequently found to be invalid and unenforceable) or (2) as to any claims
under our indemnity of the underwriters of the Offering against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. However, there can be
no assurance that they will be able to satisfy those obligations. The remaining net
proceeds of the Offering (not held in the Trust Account) may be used to pay for business,
legal and accounting due diligence on prospective acquisitions and continuing general and
administrative expenses. Except with respect to interest income that may be released to
the Company of (i) up to $3,500,000 of the interest accrued on the amounts held in the
Trust Account (net of tax, if any, payable by the Company with respect to such interest)
will be released to the Company in monthly installments to fund expenses related to
investigating and selecting a target business or businesses and the Companys other
working capital requirements and (ii) any additional amounts needed to pay income or
other tax obligations, provided, however, that the aggregate amount of all such
distributions for working capital and tax payments shall not exceed the total interest
income earned; the proceeds of the Offering held in trust will not be released from the
Trust Account until the earlier of the completion of a Business Combination or the Companys
liquidation. As of September 30, 2007, none of the interest income earned in the Trust
Account has been released to the Company for working capital purposes. Although $2,961,914 of interest has been earned, $1,296,472 is included in the Cash held in trust, restricted; to be used for income tax payments as needed, and only the balance of $1,665,442 is shown as available for working capital (other than income taxes). The
Company, after signing a definitive agreement for a Business Combination with a target
business or businesses, is required to submit such transaction for stockholder approval.
In the event that the stockholders owning 30% or more of the shares sold in the Offering
vote against the Business Combination and exercise their conversion rights described
below, the Business Combination will not be consummated. All of the Companys
stockholders prior to the Offering, including all of the officers and directors of the
Company (Initial Stockholders) have agreed to vote all of their founders common stock
(the Founders Common Stock) in accordance with the vote of the majority in interest of
all other stockholders of the Company (Public Stockholders) with respect to any
Business Combination. After consummation of a Business Combination, these voting
safeguards will no longer apply. The
Hanover Group or one of its affiliates, STC Investment Holdings LLC, an entity affiliated
with Michael J. Levitt, our chairman of the board, and Solar Capital, LLC, an entity
affiliated with Michael S. Gross, one of our directors, have entered into agreements (the
Buyback Agreements) with Citigroup Global Markets Inc., in accordance with Rule 10b5-1
under the Securities Exchange Act of 1934, pursuant to which they will each place limit
orders for up to $10,000,000 of our common stock, or $30,000,000 in the aggregate,
commencing on the later of ten business days after we file our Current Report on Form 8-K
announcing our execution of a definitive agreement for an initial business combination
and 60 days after termination of the restricted period in connection with this offering
under Regulation M of the Exchange Act and ending on the business day immediately
preceding the record date for the meeting of stockholders at which such initial business
combination is to be approved, or earlier in certain circumstances (the Buyback Period).
These limit orders will require the stockholders to purchase any of our shares of common
stock offered for sale at or below a price equal to the per share amount held in our
Trust Account as reported in such Form 8-K, until the earlier of the expiration of the
Buyback Period or until such purchases reach $30,000,000 in total. The purchase of such
shares will be made by Citigroup Global Markets Inc. or another broker dealer mutually
agreed upon by Citigroup Global Markets Inc. and these stockholders. It is intended that
such purchases will comply with Rule 10b-18 under the Exchange Act and the brokers
purchase obligation is otherwise subject to applicable law. Each of these stockholders
may vote these shares in any way they choose at the stockholders meeting to approve our
Business Combination. As a result, the Hanover Group, STC Investment Holdings LLC and
Solar Capital, LLC may be able to influence the outcome of a vote on our Business
Combination. However, these stockholders will not be permitted to exercise conversion
rights in the event they vote against a Business Combination that is approved; provided
that these stockholders will participate in any liquidation distributions with respect to
any shares of common stock purchased by them following consummation of the Offering,
including shares purchased pursuant to such limit orders, in the event we fail to
complete a Business Combination. In addition, these stockholders have agreed that they
will not sell or transfer any shares of common stock purchased by them pursuant to these
agreements until one year after the Company has completed a Business Combination.  The
stock purchases made pursuant to the limit orders described above are not anticipated to
have any effect upon the Company or its financial statements. 8  With
respect to a Business Combination that is approved and consummated, any Public
Stockholder who voted against the Business Combination may demand that the Company
convert his or her shares into cash from the Trust Account. The per share conversion
price will equal the amount in the Trust Account, calculated as of two business days
prior to the consummation of the proposed Business Combination, divided by the number of
shares of common stock held by Public Stockholders at the consummation of the Offering.
Accordingly, Public Stockholders holding up to 30% of the aggregate number of shares
owned by all Public Stockholders (minus one share) may seek conversion of their shares in
the event of a Business Combination. Such Public Stockholders are entitled to receive
their per share interest in the Trust Account computed without regard to the shares held
by Initial Stockholders. The
Companys Certificate of Incorporation was amended on August 1, 2007 to provide that the
Company will continue in existence only until 24 months from the effective date of the
registration statement relating to the Offering (Effective Date), or August 1, 2009. If
the Company has not completed a Business Combination by such date, its corporate
existence will cease except for the purposes of liquidating and winding up its affairs.
In the event of liquidation, it is possible that the per share value of the residual
assets remaining available for distribution (including Trust Account assets) will be less
than the initial public offering price per Unit in the Offering. Income Per Share: The
Company follows the provisions of Statement of Financial Accounting Standards (SFAS)
No. 128, Earnings Per Share. In accordance with SFAS No. 128, earnings per common share
amounts (Basic EPS) is computed by dividing earnings by the weighted average number of
common shares outstanding for the period. Common shares subject to possible conversion of
12,419,999 have been excluded from the calculation of basic earnings per share since such
shares, if redeemed, only participate in their pro rata shares of the trust earnings.
Earnings per common share amounts, assuming dilution (Diluted EPS), gives effect to
dilutive options, warrants, and other potential common stock outstanding during the
period. SFAS No. 128 requires the presentation of both Basic EPS and Diluted EPS on the
face of the statements of operations. In accordance with SFAS No. 128, the Company has not considered the effect of its outstanding Warrants in the calculation of diluted earnings per share since the exercise of the Warrants is contingent upon the occurrence of future events. Income Taxes: Deferred
income taxes, if applicable, are provided for the differences between the basis of assets
and liabilities for financial reporting and income tax purposes. A valuation allowance is
established when necessary to reduce deferred tax assets to the amount expected to be
realized. On
January 26, 2007, the Company adopted the provisions of Financial Accounting Standards
Board (FASB) Interpretation No. 48, Accounting for Uncertainty in Income Taxes  an
interpretation of FASB Statement No. 109(FIN 48). FIN 48 clarifies the accounting for
uncertainty in income taxes recognized in an enterprises financial statements in
accordance with SFAS No. 109, Accounting for Income Taxes, and prescribes a recognition
threshold and measurement process for financial statement recognition and measurement of
a tax position taken or expected to be taken in a tax return. For those benefits to be
recognized, a tax position must be more-likely-than-not to be sustained upon examination
by taxing authorities. FIN 48 also provides guidance on derecognition, classification,
interest and penalties, accounting in interim period, disclosure and transition. The
Company has identified its federal tax return and its state and city tax returns in New
York as major tax jurisdictions, as defined. Based on the Companys evaluation, it has
been concluded that there are no significant uncertain tax positions requiring
recognition in the Companys financial statements. Since the Company was incorporated on
January 26, 2007 the evaluation was performed for the 2007 tax year. The Company believes
that its income tax positions and deductions would be sustained on audit and does not
anticipate any adjustments that would result in a material change to its financial
position. No liability for unrecognized tax benefits was required to be reported at
September 30, 2007. The
Companys policy for recording interest and penalties associated with audits is to record
such items as a component of income tax expense. There were no amounts accrued for
penalties or interest as of or during the period from January 26, 2007 (inception)
through September 30, 2007. The Company does not expect its 9  unrecognized tax benefit position to
change during the next twelve months. Management is currently unaware of any issues under
review that could result in significant payments, accruals or material deviations from
its position.      The adoption of the provisions of FIN 48 did not have a material
impact on the Companys financial position, results of operations and cash flows. Use of Estimates: The
preparation of financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the
reported amounts of expenses during the reporting period. In determining its quarterly
provision for income taxes, the Company used an estimated annual effective tax rate,
which is based on expected annual income. Certain significant or unusual items (if
applicable) are separately recognized in the quarter in which they occur and can be a
source of variability in the effective tax rates from quarter to quarter. Actual results
could differ from those estimates. Cash and Cash
Equivalents: The
Company considers all highly liquid investments purchased with an original maturity of
three months or less to be cash equivalents. Cash equivalents are carried at cost, which
approximates fair value. SFAS
No. 105, Disclosure of Information about Financial Instruments with Off-Balance Sheet
Risk and Financial Instruments with Concentration of Credit Risk, requires disclosure of
significant concentrations of credit risk regardless of the degree of risk. At September
30, 2007, financial instruments that potentially expose the Company to credit risk
consist of cash. The Company maintains its cash balances in a major financial
institution. Management believes the risk of loss to be minimal since it only invests in
or through that institution. 3. Initial Public
Offering The
registration statement for the Offering was declared effective on August 1, 2007. The
Company consummated the Offering on August 7, 2007 and received net proceeds of
$397,661,527 and $4,625,000 from the sale of the sponsor warrants on a private placement
basis. The Company sold 41,400,000 Units, including 5,400,000 Units pursuant to the
underwriters over-allotment option, at the offering price of $10.00 per Unit. Each Unit
consists of one share of the Companys common stock and one Redeemable Common Stock
Purchase Warrant (Warrant).  Each Warrant entitles the holder to purchase from the
Company one share of common stock at an exercise price of $7.50 commencing the later of
the completion of a Business Combination or fifteen months from the Effective Date and
expiring five years from the Effective Date.  The Company may redeem the Warrants, at a
price of $0.01 per Warrant upon 30 days notice after the Warrants become exercisable,
only in the event that the last sale price of the common stock is at least $14.25 per
share for any 20 trading days within a 30 trading day period ending on the third day
prior to the date on which the notice of redemption is given.  In accordance with the
warrant agreement relating to the Warrants, the Company is only required to use its best
efforts to maintain the effectiveness of the registration statement covering the
Warrants. The Company will not be obligated to deliver securities, and there are no
contractual penalties for failure to deliver securities, if a registration statement is
not effective at the time of exercise.  Additionally, in the event that a registration is
not effective at the time of exercise, the holder of such Warrant shall not be entitled
to exercise such Warrant an in no event (whether in the case of a registration statement
not being effective or otherwise) will the Company be required to net cash settle the
warrant exercise.  Consequently, the Warrants may expire unexercised and unredeemed. The
Company entered into an agreement with the underwriters of the Offering (the Underwriting
Agreement). The Underwriting Agreement required the Company to pay 3.75% of the gross
proceeds of the Offering as an underwriting discount plus an additional 3.25% of the
gross proceeds only upon consummation of a Business Combination. The Company paid an
underwriting discount of 3.75% of the gross proceeds ($15,525,000) in connection with the
consummation of the Offering and has placed 3.25% of the gross proceeds ($13,455,000) in
the Trust Account. The Company did not pay any discount related to the warrants sold in
the private placement. The underwriters have waived their right to receive payment of the
3.25% of the gross proceeds upon the Companys liquidation if it is unable to complete a
Business Combination. 10  Pursuant
to a Sponsors Warrants Securities Purchase dated July 6, 2007, certain of the Initial
Stockholders have purchased from the Company, in the aggregate, 4,625,000 warrants for
$4,625,000 (the SponsorsWarrants). The purchase and issuance of the Sponsors Warrants
occurred simultaneously with the consummation of the Offering on a private placement
basis. All of the proceeds the Company received from these purchases were placed in the
Trust Account. The Sponsors Warrants are identical to the Warrants included in the Units
sold in the Offering, except that (i) the Sponsors Warrants are non-redeemable so long
as they are held by any of the sponsors or their permitted transferees and (ii) they will
not be exercisable while they are subject to certain transfer restrictions. If the
Company does not complete a Business Combination then the $4,625,000 paid in
consideration for the Sponsors Warrants will be part of the liquidating distribution to
the Companys public stockholders, and the Sponsors Warrants will expire worthless. The
purchasers of the Sponsors Warrants have agreed that the Sponsors Warrants will not be
sold or transferred by them until after the Company has completed a Business Combination. Pursuant
to a Registration Rights Agreement dated August 1, 2007, the Initial Stockholders,
holders of the Sponsors Warrants (or underlying securities) and holders of shares
purchased in accordance with to Rule 10b5-1 under the Securities Exchange Act of 1934
during the Buyback Period will be entitled to registration rights with respect to the
Founders Common Stock, Sponsors Warrants (or underlying securities) and the shares of
Company common stock purchased pursuant to the Buyback Agreements, as the case may be.
The holders of the majority of the Founders Common Stock are entitled to elect to
exercise these registration rights at any time commencing three months prior to the date
on which the Founders Common Stock is to be released from escrow. The holders of the
Sponsors Warrants (or underlying securities) are entitled to demand that the Company
register such securities at any time after the Company consummates a Business
Combination. The holders of shares purchased pursuant to the Buyback Agreements are
entitled to demand that the Company register such securities commencing nine months after
the Company consummates a Business Combination. In addition, the Initial Stockholders and
holders of the Sponsors Warrants (or underlying securities) have certain piggyback registration
rights on registration statements filed after the Companys consummation of a Business
Combination. 4. Note Payable,
Stockholder On
February 23, 2007, the Company borrowed $175,000 and issued an unsecured promissory note
to Mark Klein, the Companys Chief Executive Officer, President and a Director. The note
was non-interest bearing and was payable upon the consummation of the Offering. The note
was repaid in August 2007. 5. Commitments and
Contingencies The
Company presently occupies office space provided by an affiliate of one of the Companys
executive officers. Such affiliate has agreed that, until the Company consummates a
Business Combination, it will make such office space, as well as certain office and
secretarial services, available to the Company, as may be required by the Company from
time to time. The Company has agreed to pay such affiliate $10,000 per month for such
services commencing on August 1, 2007. Pursuant
to letter agreements dated July 31, 2007 with the Company, the Initial Stockholders have
waived their right to receive distributions with respect to the Founders Common Stock
upon the Companys liquidation. They will participate in any liquidation distribution
with respect to any shares of common stock acquired in connection with or following the
Offering. 6. Preferred Stock The
Company is authorized to issue 1,000,000 shares of preferred stock with such
designations, voting and other rights and preferences as may be determined from time to
time by the Board of Directors. The Companys certificate of incorporation prohibits it, prior to a Business Combination, from issuing
preferred stock which participates in the proceeds of the Trust Account or which votes as a class with the Common
Stock on a Business Combination   11   7. Common Stock On
July 27, 2007, the Companys Certificate of Incorporation was amended to reflect an
increase in the authorized shares of common stock from 60,000,000 shares of common stock
to 120,000,000 shares of common stock. All references in the accompanying financial
statements as of September 30, 2007 and for the period January 26, 2007 (inception)
through September 30, 2007 to the number of shares of common stock have been
retroactively restated to reflect this transaction. On
February 25, 2007, the Company issued 10,350,000 shares of common stock to its initial
stockholders (after giving effect to stock dividends of 0.226667 shares per share of
outstanding common stock issued on July 5, 2007, 0.5 shares per share of outstanding
common stock issued on July 27, 2007 and 0.2 shares per share of outstanding common stock
issued on August 1, 2007), for $25,000 in cash, at a purchase price of approximately
$0.002 per share. 12  ITEM 2.  Managements
Discussion and Analysis of Financial Condition and Results of Operations. The
following discussion should be read in conjunction with our Condensed Financial
Statements and footnotes thereto contained in this report. Forward Looking
Statements All
statements other than statements of historical fact included in this Form 10-Q including,
without limitation, statements under Managements Discussion and Analysis of Financial
Condition and Results of Operations regarding our financial position, business strategy
and the plans and objectives of management for future operations, are forward looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995,
Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. When used in this Form 10-Q, words such as anticipate, believe, estimate, expect, intend and
similar expressions, as they relate to us or our management, identify forward looking
statements.  Such forward looking statements are based on the beliefs of management, as
well as assumptions made by, and information currently available to, our management.
 Actual results could differ materially from those contemplated by the forward looking
statements as a result of certain factors detailed in our filings with the Securities and
Exchange Commission (the SEC).  All subsequent written or oral forward looking
statements attributable to us or persons acting on our behalf are qualified in their
entirety by this paragraph. Overview and Initial
Public Offering We
are a blank check company, formed on January 26, 2007, to effect a merger, capital stock
exchange, asset acquisition, stock purchase, reorganization or similar business
combination with one or more businesses or assets in the alternative asset management
sector or a related business. We intend to effect this Business Combination using cash
from the proceeds of our recently completed Offering and the private placements of the
Sponsors Warrants, our capital stock, debt or a combination of cash, stock and debt. The
registration statement for the Offering was declared effective on August 1, 2007. We
consummated the Offering on August 7, 2007 and received net proceeds of $397,661,527 and
$4,625,000 from the sale of the sponsor warrants on a private placement basis. We sold
41,400,000 Units, including 5,400,000 Units pursuant to the underwriters over-allotment
option, at the offering price of $10.00 per Unit. Each Unit consists of one share of our common stock and one Warrant.  Each Warrant entitles the holder to purchase from us
one share of common stock at an exercise price of $7.50 commencing the later of the
completion of a Business Combination or fifteen months from the Effective Date and
expiring five years from the Effective Date.  We may redeem the Warrants, at a price of
$0.01 per Warrant upon 30 days notice after the Warrants become exercisable, only in the
event that the last sale price of the common stock is at least $14.25 per share for any
20 trading days within a 30 trading day period ending on the third day prior to the date
on which the notice of redemption is given.  In accordance with the warrant agreement
relating to the Warrants, we are only required to use our best efforts to maintain the
effectiveness of the registration statement covering the Warrants. We will not be
obligated to deliver securities, and there are no contractual penalties for failure to
deliver securities, if a registration statement is not effective at the time of exercise.
 Additionally, in the event that a registration is not effective at the time of exercise,
the holder of such Warrant shall not be entitled to exercise such Warrant and in no event
(whether in the case of a registration statement not being effective or otherwise) will
we be required to net cash settle the warrant exercise.  Consequently, the Warrants may
expire unexercised and unredeemed. Pursuant
to a Sponsors Warrants Securities Purchase dated July 6, 2007, certain of the Initial
Stockholders have purchased from us, in the aggregate, 4,625,000 Sponsors Warrants for
$4,625,000. The purchase and issuance of the Sponsors Warrants occurred simultaneously
with the consummation of the Offering on a private placement basis. All of the proceeds
we received from these purchases were placed in the Trust Account. The Sponsors Warrants
are identical to the Warrants included in the Units sold in the Offering, except that (i)
the Sponsors Warrants are non-redeemable so long as they are held by any of the sponsors
or their permitted transferees and (ii) they will not be exercisable while they are
subject to certain transfer restrictions. If we do not complete a Business Combination
then the $4,625,000 paid in consideration for the Sponsors Warrants will be part of the
liquidating distribution to our public stockholders, and the Sponsors Warrants will
expire worthless. The purchasers of the Sponsors Warrants have agreed that the Sponsors Warrants
will not be sold or transferred by them until after we have completed a Business
Combination. 13  We
entered into an Underwriting Agreement with the underwriters of the Offering. The
Underwriting Agreement required us to pay 3.75% of the gross proceeds of the Offering as
an underwriting discount plus an additional 3.25% of the gross proceeds only upon
consummation of a Business Combination. We paid an underwriting discount of 3.75% of the
gross proceeds ($15,525,000) in connection with the consummation of the Offering and have placed 3.25% of the gross proceeds ($13,455,000) in the Trust Account. We did not pay any
discount related to the Sponsors Warrants sold in the private placement. The
underwriters have waived their right to receive payment of the 3.25% of the gross
proceeds upon the our liquidation if we are unable to complete a Business Combination. Pursuant
to a Registration Rights Agreement dated August 1, 2007, the Initial Stockholders,
holders of the Sponsors Warrants (or underlying securities) and holders of shares
purchased in accordance with to Rule 10b5-1 under the Securities Exchange Act of 1934
during the Buyback Period will be entitled to registration rights with respect to the
Founders Common Stock, Sponsors Warrants (or underlying securities) and the shares of
common stock purchased pursuant to the Buyback Agreements, as the case may be. The
holders of the majority of the Founders Common Stock are entitled to elect to exercise
these registration rights at any time commencing three months prior to the date on which
the Founders Common Stock is to be released from escrow. The holders of the Sponsors Warrants
(or underlying securities) are entitled to demand that we register such securities at any
time after we consummate a Business Combination. The holders of shares purchased pursuant
to the Buyback Agreements are entitled to demand that we register such securities
commencing nine months after we consummate a Business Combination. In addition, the
Initial Stockholders and holders of the Sponsors Warrants (or underlying securities)
have certain piggyback registration rights on registration statements filed after our
consummation of a Business Combination. We
intend to utilize cash derived from the Offering, our capital stock, debt or combination
of cash, capital stock and debt, to effect a Business Combination. Results of Operations
and Known Trends or Future Events For
the three months ended September 30, 2007 and for the period from January 26, 2007
(inception) to September 30, 2007, we had net income of $1,535,204 and $1,534,204
respectively.  Our income was all derived from interest and dividends on the net proceeds
of the Offering. We incurred $130,238 and $131,238 in formation and operating costs
during the three months ended September 30, 2007 and for the period from January 26, 2007
(inception) to September 30, 2007. Approximately $70,000 of those costs consisted of
legal and accounting, $22,000 for director and officer insurance, $20,000 for rent and
administrative services, and the balance of $19,000 for other miscellaneous expenses. All
activity from January 26, 2007 (inception) through August 7, 2007 relates to our
formation and the Offering described above.  Since August 8, 2007, we have been searching
for a target company to acquire. We believe that we have sufficient funds available to
complete our efforts to effect a Business Combination with an operating business within
the required 24 months from the date of the Offering. Liquidity and Capital
Resources As
of September 30, 2007, we had cash of $405,394,875 of which $405,386,914 was held in a
trust account. Until the Offering, as described above, our only source of liquidity was
the proceeds from the initial private sale of our stock and the subsequent loan made by a
stockholder. As of September 30, 2007, we had repaid this loan. Since the Offering, our
only source of revenue has been from the interest and dividends earned on our cash
accounts. As of September 30, 2007, we had not made a withdrawal of any of the interest
and dividends earned on the funds held in our trust account. Pursuant to the terms of our
trust agreement governing our trust account, we are entitled to use up to $3,500,000 of
the earnings (subject to restrictions for monies needed to pay income tax liabilities)
for working capital, provided, however, that the aggregate amount of all such
distributions for working capital and income tax payments shall not exceed the total
earnings. Therefore, up to $3,500,000 is still to be remitted, for working capital
purposes, to our operating account which had a balance of $7,961 as of September 30,
2007. Consequently, there is $1,665,442 of interest earned which has not yet been
distributed to our operating account but is available to be used for working capital
(after reserving $1,296,472 for tax liabilities) and we will be entitled to use another
$1,834,558 of future earnings (subject to additional limitations for tax liabilities
generated by our additional earnings). Our liabilities are all related to costs
associated with operating as a public company and 14  searching for an acquisition target.
We believe our working capital will continue to be sufficient to fund our operations
until a target is acquired. Off-Balance Sheet
Financing Arrangements We
have no obligations, assets or liabilities which would be considered off-balance sheet
arrangements. We do not participate in transactions that create relationships with
unconsolidated entities or financial partnerships, often referred to as variable interest
entities, which would have been established for the purpose of facilitating off-balance
sheet arrangements. We
have not entered into any off balance sheet financing arrangements, established any
special purpose entities, guaranteed any debt or commitments of other entities, or
entered into any non-financial assets. Contractual Obligations We do not have any long-term debt, capital lease obligations, operating lease obligations or long-term
liabilities. ITEM 3.  Quantitative
and Qualitative Disclosures about Market Risk. As
of September 30, 2007, our efforts were limited to organizational activities, activities
relating to the Offering and activities involving searching for an acquisition target; we
had neither engaged in any income producing operations nor generated any revenues other
than the interest earned on the proceeds of the Offering. Market
risk is a broad term for the risk of economic loss due to adverse changes in the fair
value of a financial instrument. These changes may be the result of various factors,
including interest rates, foreign exchange rates, commodity prices and/or equity prices.
 $402.4 million of the net Offering proceeds (which includes $13.5 million of the
proceeds attributable to the underwriters deferred discount from the Offering) has been
placed in a trust account at JPMorgan Chase Bank, N.A., with the Continental Stock
Transfer & Trust Company as trustee. As of September 30, 2007, the balance of the trust
account was $405,386,914. The proceeds of the Offering held in trust have only been
invested in U.S. government securities having a maturity of 180 days or less or in money
market funds which invest principally in either short-term securities issued or
guaranteed by the United States having the highest rating from a recognized credit rating
agency or tax exempt municipal bonds issued by governmental entities located within the
United States or otherwise meeting the conditions under Rule 2a-7 under the Investment
Company Act.  Thus, we are currently subject to market risk primarily through the effect
of changes in interest rates on short-term government securities and other highly rated
money-market instruments. As of September 30, 2007, the effective annualized interest
rate payable on our investment was approximately 4.88%. Assuming no other changes to our
holdings as of September 30, 2007, a 1% decrease in the underlying interest rate payable
on our investment as of September 30, 2007 would result in a decrease of approximately
$1.0 million in the interest earned on our investment for the following 90-day period,
and a corresponding decrease in our net increase in stockholders equity resulting from
operations, if any, for that period. We do not believe that the effect of other changes,
such as foreign exchange rates, commodity prices and/or equity prices currently pose
significant market risk for us. We
have not engaged in any hedging activities since our inception. We do not currently
expect to engage in any hedging activities. ITEM 4.  Controls and
Procedures. Disclosure
controls and procedures are controls and other procedures that are designed to ensure
that information required to be disclosed in company reports filed or submitted under the
Securities Exchange Act of 1934 (the Exchange Act) is recorded, processed, summarized
and reported, within the time periods specified in the SECs rules and forms. Disclosure
controls and procedures include, without limitation, controls and procedures designed to
ensure that information required to be disclosed in company reports filed or submitted
under the Exchange Act is accumulated and communicated to management, including our chief
executive officer and treasurer, as appropriate to allow timely decisions regarding
required disclosure. 15  As
required by Rules 13a-15 and 15d-15 under the Exchange Act, our chief executive officer
and chief financial officer carried out an evaluation of the effectiveness of the design
and operation of our disclosure controls and procedures as of September 30, 2007. Based
upon their evaluation, they concluded that our disclosure controls and procedures (as
defined in Rules 13a-15 (e) and 15d-15 (e) under The Exchange Act) were effective. Our
internal control over financial reporting is a process designed by, or under the
supervision of, our chief executive officer and chief financial officer and effected by
our board of directors, management and other personnel, to provide reasonable assurance
regarding the reliability of our financial reporting and the preparation of our financial
statements for external purposes in accordance with generally accepted accounting
principles (United States). Internal control over financial reporting includes policies
and procedures that pertain to the maintenance of records that in reasonable detail
accurately and fairly reflect the transactions and dispositions of our assets; provide
reasonable assurance that transactions are recorded as necessary to permit preparation of
our financial statements in accordance with generally accepted accounting principles
(United States), and that our receipts and expenditures are being made only in accordance
with the authorization of our board of directors and management; and provide reasonable
assurance regarding prevention or timely detection of unauthorized acquisition, use or
disposition of our assets that could have a material effect on our financial statements. During
the most recently completed fiscal quarter, we hired KGS LLP to act as our internal
accounting and financial reporting department. KGS LLP is registered with the PCAOB. The
firm reports to our chief executive officer and chief financial officer who review the
information and reports submitted. We believe that the use of KGS LLP as our accounting
and financial reporting department complies with the policies and procedures mentioned
above. Other
than the hiring of KGS LLP, there has been no change in our internal control over
financial reporting that has materially affected, or is reasonably likely to materially
affect, our internal control over financial reporting  during the most recently completed
fiscal quarter. PART II.
                                            OTHER INFORMATION ITEM 1.  Legal
Proceedings. None. ITEM 1A. Risk Factors. Factors
that could cause our actual results to differ materially from those in this report are
any of the risks described in our prospectus dated August 1, 2007 filed with the SEC. Any
of these factors could result in a significant or material adverse effect on our results
of operations or financial condition. Additional risk factors not presently known to us
or that we currently deem immaterial may also impair our business or results of
operations. As
of September 30, 2007, there have been no material changes to the risk factors disclosed
in our prospectus dated August 1, 2007 filed with the SEC, except we may disclose changes
to such factors or disclose additional factors from time to time in our future filings
with the SEC. ITEM 2.  Unregistered
Sales of Equity Securities and Use of Proceeds. On
February 25, 2007, we issued 10,350,000 shares of our common stock (after giving effect
to our stock dividends that occurred on July 5, 2007, July 27, 2007 and August 1, 2007)
to the family trust of one of our executive officers for $25,000 in cash, at a purchase
price of $0.002 per share. On March 22, 2007, the purchaser transferred at cost an
aggregate of 9,366,750 of these shares to certain of our directors and various entities
affiliated with certain of our directors. On July 2, 2007 the family trust referenced
above transferred at cost 51,750 of our issued and outstanding shares to a new director
and on July 6, 2007 Hanover Overseas Limited transferred at cost 970,312 of our issued
and outstanding shares to one of our executive officers. Such shares were issued on
February 25, 2007 in connection with our organization pursuant to the exemption from
registration contained in Section 4(2) of the Securities Act as they were sold to
sophisticated, accredited, wealthy individuals and entities. These shares included an
aggregate of 1,350,000 shares of common stock subject to forfeiture by these stockholders
to the extent 16  that the underwriters over-allotment
is not exercised in full so that they collectively own 20% of the issued and outstanding
shares of common stock after the Offering; however, as the underwriters did exercise
their over-allotment option, no shares were forfeited. On
August 7, 2007, we closed our initial public offering of 41,400,000 units, including
5,400,000 units subject to the underwriters over-allotment option, with each unit
consisting of one share of our common stock and one warrant, each to purchase one share
of our common stock at an exercise of $7.50 per share. The units from the Offering
(including the over-allotment option) were sold at an offering price of $10.00 per unit,
generating total gross proceeds of $414,000,000.  Citigroup Global Markets Inc., acted as
sole bookrunning manager and representative of Lazard Capital Markets LLC (together, the Underwriters).
The securities sold in the Offering were registered under the Securities Act of 1933 on a
registration statement on Form S-1 (No. 333-141593). The SEC declared the registration
statement effective on August 1, 2007. We
incurred a total of $15,525,000 in underwriting discounts and commissions and $813,473
for other costs and expenses related to the Offering and the over-allotment option. We
also consummated the simultaneous private sale of 4,625,000 Sponsors Warrants at a price
of $1.00 per Warrant (for an aggregate purchase price of $4,625,000). The Sponsors Warrants
were purchased by Hanover Overseas Limited, STC Investment Holdings LLC, Solar Capital,
LLC, Jakal Investments, LLC, Mark Klein and Steven Shenfeld. These issuances were made
pursuant to the exemption from registration contained in Section 4(2) of the Securities
Act. After
deducting the underwriting discounts and commissions and the Offering expenses, the total
net proceeds from the Offering  and the sale of the Sponsors  Warrants were $402,286,527, which includes $138,534 of accrued expenses  and an amount of $402,425,000 (or
approximately $9.72 per unit sold in the initial public offering) was placed in trust. For
a description of the use of proceeds generated in the Offering, see Part I, Item 2 of
this Form 10-Q. ITEM 3.  Defaults Upon
Senior Securities. None. ITEM 4.  Submission of
Matters to a Vote of Security Holders. On
July 2, 2007 we submitted a proposal to our stockholders to amend and restate our
certificate of incorporation to increase the number of authorized shares available for
issuance. The proposal was approved by unanimous written consent of all seven of our
stockholders. On
July 6, 2007 we submitted a proposal to our stockholders to amend and restate our
certificate of incorporation to change our name from Hanover-STC Acquisition Corp. to
Alternative Asset Management Acquisition Corp. The proposal was approved by unanimous
written consent of all nine of our stockholders. On
July 27, 2007 we submitted a proposal to our stockholders to amend and restate our
certificate of incorporation. The proposal was approved by unanimous written consent of
all nine of our stockholders. On
July 31, 2007 we submitted a proposal to our stockholders to amend and restate our
certificate of incorporation to provide for the corporate existence of the company to
cease upon the twenty-four month anniversary of the effective date of our registration
statement. The proposal was approved by unanimous written consent of all nine of our
stockholders. ITEM 5.  Other
Information. None. ITEM 6.  Exhibits. (a)
Exhibits: 17  31.1
 Section 302 Certification by Chief Executive Officer and President  31.2
 Section 302 Certification by Chief Financial Officer and Treasurer  32.1
 Section 906 Certification by Chief Executive Officer and President  32.2
 Section 906 Certification by Chief Financial Officer and Treasurer   18  SIGNATURE Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned thereto duly authorized. ALTERNATIVE ASSET MANAGEMENT
ACQUISITION CORP. Dated:  November 14, 2007
      
      
      By:
      /s/ Mark D. KleinMark D. Klein
                                                                
        Chief Executive Officer and President 
        (Principal
                                                                Executive Officer)By:
      /s/ Paul D. LappingPaul D. Lapping
                                                                
        Chief Financial Officer, Treasurer and Secretary
                                                                
        (Principal Financial and Accounting Officer)    EXHIBIT INDEX EXHIBIT NO. 31.1

Certification
of Chief Executive Officer, pursuant to Rule 13a-14 and 15d-14 of the
                       Securities Exchange Act of 1934.  31.2

Certification
of Chief Financial Officer, pursuant to Rule 13a-14 and 15d-14 of the
                       Securities Exchange Act of 1934  32.1

Certification
of Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted
                       pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.  32.2

Certification
of Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted
                       pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.