Billionaire Bill Ackman’s pitch to create a new class of special purpose acquisition companies faces hurdles in trying to woo the skeptical SEC, including with Goodwin partner Jocelyn Arel, who leads the firm’s SPAC practice. “It is time consuming and I don’t expect this to be a short process given the level of scrutiny of SPACs,” Arel said. “A lot of our clients have looked at the two-year limitation to do a transaction as adding additional challenge and pressure on transactions.” Read the Bloomberg Law article here.