Company tied to football Hall of Fame embraced SPACs and NFT. A tale of two bubbles?
CBSN
A company with ties to the Pro Football Hall of Fame in Canton, Ohio, benefited from not only one apparent investment bubble, but from two. Now the air is leaking fast.
Hall of Fame Resort & Entertainment went public in July through what is known as a reverse merger with a "blank check," or special purpose acquisition company (SPAC), allowing the company to quickly raise $75 million in capital. Investing in SPACs has been a hot trend on Wall Street over the past year, opening the door to hundreds of companies going public. The resort and media company also hopped on another recent bandwagon: It announced in March that it was getting into non-fungible tokens, or NFTs — unique digital assets that have spawned a boom in so-called digital collectibles. CEO Michael Crawford said NFTs would allow the company to "unlock additional value" and that it was going to focus on the growing digital collectibles market.The Consumer Federal Protection Bureau last week launched an inquiry into what the agency is calling "junk fees in mortgage closing costs." These additional fees, involving home appraisal, title insurance and other services, have spiked in recent years and can add thousands of dollars to the final cost of buying a home.
Retired Maj. Gen. William Anders, the former Apollo 8 astronaut who took the iconic "Earthrise" photo showing the planet as a shadowed blue marble from space in 1968, was killed Friday when the plane he was piloting alone plummeted into the waters off the San Juan Islands in Washington state. He was 90.