SPACs are mostly finished. If you still hold them, why?One user summarized the problem well, below:I’ve been recently doing a deep dive DD on several SPAC’s because I liked theirbusiness models. While I have a lot more DD to do, to better wrap my head around the ones I’m “ at least” interested in buying, today’s announcement by SKillz gives me more than significant reason to hit the pause button. The only SPAC that I currently own in the portfolios I manage is PAYA.It’s in the Fintech sector. It’s has a real business that is growing witha great biz model/ niche. Not a theoretical, future development Company, etc.This past Monday, PAYA also announced the exact same type of secondary equity offering as SKillz did today. Mirroring, SKillz announcement, an “ insider” also declared, “they too were offering millions of new shares as well as the company.”In the case of PAYA, the new equity shares being offered, are offered about 12% below the previous day closing share price.Whoa.What is troubling in my reasoning eyes, is most of these SPAC’s have been very recently brought to market. Keeping that in mind, I would have to assume, the SPAC company, its founders, investors, and insiders should have already had a recent BIG pay day.This SKillz offering ( PAYA as well) smacks of greed entering the picture by the folks in charge. Having been a swing trader/ investor for 5 decades, I’ m not naive about greed. It’s insatiable... can never be satisfied.And that’s just not restricted to money as well.As a mentor of mine said to me 40 years ago, “ when he sees pure greedenter the picture, he gets away from it as fast as possible.” If indeed, the SPAC truly needs to raise new money for “ general Corporatepurposes”...excellent acquisition opportunity??? then I feel, they had very poor forward thinking on money management, so early in the game. This by extension makes me question their business managers.Additionally, doing current deeper dive DD is far more problematic because they are SPAC’s.With a pattern now emerging of an expectation of SPACs’s to early on dumpnew shares into the market, it’s a clear indication to me, that as many “ Street” experts have warned about SPAC,’s, one needs to be very careful. Because, by my nature, our portfolios tend to be “narrow and deep”.In other words, we buy much larger positions in fewer names.Typically less than 15-20 holdings, with 6-8 having 7-10% weighting, andcoupled with the fact I had decided to devote perhaps 20% of our portfoliosinto SPAC’s, that is now history. Not a chance near term. I had made a small buy of a few thousand shares as a tracking position in PAYA,before doing a major buy for our portfolios. I’m still retaining it to Track the company. I was getting ready to do the same for SKillz.However, forget that after today’s announcement...while I like the biz model,I’m staying away until there’s far more transparency, and the dust settles.Worse case, I just want to make sure, shareholders are not being thought of as essentially “ marks” at this stage.