Who says there isn't a god?

Those of you old enough to remember Molycorp, have been delivered a gift this morning.

$FVAC is buying the Mountain Pass rare earths mine that was the primary asset of Molycorp ($MCP).

2/ $MCP went public in 2010 amidst the last panic over Chinese control of much of the world’s rare earth supply. It proceeded to raise and destroy about $4B in the process of trying to make Mountain Pass a functional source of rare earths.

3/ They never succeeded. The processing portion of the mine was gripped by one snafu after another, and never produced product of sufficient quality to send to the downstream portions of $MCP’s product operations.

4/ $FVAC is now the next iteration of $MCP. The co's CEO will be a hedge fund guy who hails from Fortress. Its board will feature a former advertising executive, a retired general, another Fortress guy as well as a guy that ran $DB ‘s internal hedge fund unit back in the day.

5/ This SPAC boom is going to produce some incredible shorts when the hysteria subsides. This is one to put at the top of your list of names to watch.

A great review of the $MCPIQ fiasco can be found on @thecreditbubble ‘s blog here: http://www.creditbubblestocks.com/search/label/MCP

6/ At one point, $MCPIQ had a market cap of $6.6B.

Trade carefully.

7/ It's worth noting that as recently as 3 years ago, the then CEO of Mountain Pass was at the White House begging for the company to be taken over by the government.

Seems like they've been looking to add a patsy to the poker table for a while.

The Mountain Pass facility has not successfully processed ore since 1998. Note the CEO's comments in this piece from last year that the processing facility needs to be "completed" https://www.scmp.com/business/commodities/article/3011687/caught-between-trump-and-its-biggest-market-americas-sole-rare