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The Spac machine sputters back to life

Critics say insiders are still the big winners

Before Marc Bell went into business launching satellites, he enjoyed a lucrative career at the outer reaches of professional finance.

Over 30 years, he has bought stakes in pornographic magazines and pizza parlours, produced Tony Award-winning musicals and earned enough money that he once lived in a Florida mansion whose lavish decor included a full-scale replica of the bridge of the Starship Enterprise.

Last month Bell struck a $1.6bn deal to publicly list Terran Orbital, an operator of small observation satellites he founded eight years ago. To do so, it will merge with a special-purpose acquisition company, or Spac — a shell company that has raised money to complete a transaction.

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