MSNBC – Gregg Eisenberg is betting big that investors will want to bet on him.
The former chairman and president of Maverick Tube Corp. is making a comeback with Boomerang Holdings Inc., a Chesterfield-based blank-check company formed to acquire one or more businesses in the oilfield services industry.
Boomerang expects to raise $120 million from hedge funds and other investors in exchange for 15 million units, which include one share and one warrant each. But with no assets or definedacquisition targets, investors will be evaluating Boomerang’s offering based on Eisenberg’s track record.
“This is nothing more than people betting on management,” Eisenberg said. “My pitch is, ‘Hey, guys, I’ve done good things with your money in the past. I know what I’m doing. Trust me. I’ve done well with companies in the past and think I can again.”
Eisenberg, 56, is putting nearly $2.4 million of his own money on the line. He is investing $30,300 for stock shares, and another $2.33 million for more than 2.9 million warrants that can be converted into shares at a later date.
