Chris Bryant, Columnist

A $33 Billion SPAC Deal Looks Even Stranger Up Close

It’s one of the biggest blank-check transactions ever, and there are plenty of reasons to be skeptical.

November 17, 2021 at 12:00 PM UTC

Chris Bryant is a Bloomberg Opinion columnist covering industrial companies in Europe. Previously, he was a reporter for the Financial Times.

Going to Miami.
Photographer: Joe Raedle/Getty Images North America

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Before property developer Ophir Sternberg began exploring a $33 billion deal to take trial lawyer John H. Ruiz’s health-care litigation firm MSP Recovery public, the pair discussed a very different transaction: the purchase of Sternberg’s condo at the Ritz-Carlton Residences, Miami Beach.

The terms of the real estate sale they agreed on, which include a possible exchange of MSP shares for monies Ruiz owes to Sternberg, are detailed in a prospectus published last week by Sternberg’s special purpose acquisition company, Lionheart Acquisition Corp II, ahead of its merger with MSP.12