William Birdthistle: Well, the problem being alleged in the lawsuit is that SPACs are operating as something called investment companies. There's a third security statute that most people don't know much about, called the Investment Company Act of 1940. And what it says is that if you're operating something that is legally an investment company, then you have to register it or have an applicable exemption from it.
And the lawsuit is saying that what a SPAC is, or at least what Bill Ackman's SPAC is ... is an investment company and he hasn't registered. So that's the easiest, simplest legal problem facing him right now.