The blank-check company backed by billionaire Thomas Barrack withdrew its application for an initial public offering Friday, just days after the 74-year-old was arrested and charged with seven felony counts.
Falcon Acquisition, the New York based-SPAC led by Barrack, filed for a $250 million IPO in March this year with the goal of targeting tech-driven businesses. Falcon Acquisition was founded in 2020.
In a letter to the Securities and Exchange Commission dated July 23, the company only said, “it has elected to abandon the transactions subject thereto.”
On July 20, Barrack, the chairman of Donald Trump’s inaugural fund, was accused of illegally lobbying the Trump administration on behalf of the United Arab Emirates.
Barrack was charged along with Matthew Grimes and Rashid Sultan Rashid Al Malik Alshahhi.
The billionaire’s spokesperson told Insider that Barrack, founder and former executive chairman of the investment-management firm Colony Capital, would plead not guilty.
Barrack was arrested in Sylmar, California, and has been held in a federal jail in Los Angeles since then. He is scheduled to appear before a federal judge in Los Angeles on Friday.
Sources told the outlet that if chosen, Michelle Brané, director of migrant rights and justice programs at the Women’s Refugee Commission, would oversee the task force’s day-to-day operations as it works to reunite nearly 550 children who were separated from their parents at the US southern border under the Trump Administration in 2018 and in pilot programs preceding the short-lived policy’s implementation.
Brané’s organization, the Women’s Refugee Committee is already part of a steering committee that a federal judge has tasked with finding the parents of the hundreds of children still separated from their families.
Brané would be a welcome leader to the inter-agency task force which is mostly made up of government officials, NBC News reported.
Around 2,000 kids separated under the formal policy have already been reunited with their parents, and 600 more are either with sponsors in the US or have already reached legal age, Felipe De La Hoz reported for Insider.
Though Trump ended his “zero-tolerance” policy in June 2018 after public outcry, the Biden Administration has inherited the court-ordered effort to reunify those still separated nearly three years later.
The process of reunifying families is tedious and delicate work, requiring a combination of combing through government data and deploying on-the-ground connections, De La Hoz wrote for Insider.
One source familiar with the matter told NBC News that Brané’s role would be “essential to the success of the task force,” which is chaired by Homeland Security Secretary Alejandro Mayorkas.
“Michelle Brané is widely recognized as a leading expert on protection of at risk children and families displaced by violence and persecution in Central America. I can’t imagine anyone else who would be better for the job of leading the effort to right the wrongs inflicted on families separated at the border by the Trump administration,” Wendy Young, president of Kids in Need of Defense told NBC News.