By late spring 2021, the merger was on life support. The SPAC market was cooling off from its Q1 frenzy, and regulatory scrutiny was rising. The drop-dead date passed. The deal died.
Some claims suggested that Ferrum Capital representatives forged signatures or altered documents to make it appear as though loans were secured by specific properties when, in fact, the collateral either did not exist or was already leveraged by another lender. ferrum capital lawsuit 2021
The most explosive allegation was that the defendant had knowingly misrepresented the status of the underlying litigation. Ferrum claimed that the defendant had provided forged "case status reports" showing the case was still in discovery when, in fact, settlement negotiations had already concluded. Ferrum argued it would never have advanced the funds had it known the true timeline. By late spring 2021, the merger was on life support
: In May 2021, Willy allegedly advised clients to invest $500,000 into a new Ferrum entity. The deal died
