https://finance.yahoo.com/news/drained-cash-buffalo-bills-owner-142011416.html
So if I understand this story correctly, Terry Pegula formed a SPAC (Special Purpose Acquisition Corporation) and had been looking for profitable ventures to partner with or acquire.
After looking around he found a partner in a company called Abacus that buys life insurance policies. But it seems Terry's SPAC investors, 90% apparently, decided to cash out before the Abacus deal was consummated.
So how do I read this story? Is it just business as usual, or an early indicator that Terry might be going through a cash flow problem, or worse?