Nicholas Schorsch Jr., the heir to a Jenkintown metals business and former real estate mogul, is looking to raise $230 million from a “blank check” initial public stock offering, writes Joseph N. DiStefano for The Philadelphia Inquirer.

Schorsch built a $30 billion real estate empire from his Montgomery County offices before an accounting scandal that sent one of his lieutenants to prison buried him in expensive legal settlements. Now, he is back on Wall Street with G&P Acquisition Corp. and a fresh IPO for Special Purpose Acquisition Companies.

SPACs, or “blank check” companies, promise to either buy or build new businesses with the money entrusted to them by investors.

With SPACs,  investors are expressing faith that the people that are in charge will be able to turn the invested dollars into more dollars faster than it could be done through ordinary stocks.

Schorsch’s G&P does not provide many details about his plans. According to the prospectus, he is seeking $230 million for “investment opportunities in the leisure, craft brewing and distilling, automotive and distribution sectors.”

Read more about Nicholas Schorsch Jr. at The Philadelphia Inquirer by clicking here.