Greg Scholl
Replay Acquisition Corp
SPACs Launched
3
Total Raised
$900.0M
Avg Investor Return
-72.0%
Bankruptcies
1
Summary
Replay Acquisition's merger with Finance of America resulted in catastrophic losses as the mortgage company's business collapsed amid rising rates. The stock fell over 95% from its SPAC price, making it one of the worst-performing SPAC deals of all time.
SPAC Track Record
The Sponsor Economics
As a SPAC sponsor, Greg Schollreceived a "promote" — typically 20% of the post-merger company's shares — for a nominal investment of roughly $25,000. Across 3 SPACs raising $900.0M, the promote shares were worth hundreds of millions at IPO prices, regardless of whether the merged companies performed well for public investors.
While investors saw an average return of -72.0%, the sponsor structure ensured that Greg Scholl profited from the deals regardless of outcome — a fundamental misalignment of incentives that defined the SPAC era.