AXH
Industrial Human Capital, Inc.
stock NYSE

If so, it will likely lead to litigation.
[Bulldog Investors Sues To Prevent “Claw Back” Lawsuits Against Public Stockholders of Bankrupt SPAC](https://www.globenewswire.com/news-release/2024/02/16/2830818/0/en/Bulldog-Investors-Sues-To-Prevent-Claw-Back-Lawsuits-Against-Public-Stockholders-of-Bankrupt-SPAC.html)
"SADDLE BROOK, N.J., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Bulldog Investors, LLP (“Bulldog”) announced that it has filed a lawsuit against the bankruptcy trustee for Industrial Human Capital, Inc. (the “SPAC”) (former ticker: AXH) to declare that public stockholders are not required to return funds previously held in trust and properly distributed to stockholders after the redemption of the SPAC’s Class A common stock. In letters to stockholders, the bankruptcy trustee has stated an intent to pursue such funds to satisfy claims of creditors of the SPAC. **The lawsuit seeks a judgment from the U.S. Bankruptcy Court for the Southern District of Florida declaring that the trust fund was never subject to creditor claims and, in any event, public stockholders are protected by law from “claw back” lawsuits.**

Phillip Goldstein, a managing partner of Bulldog, stated: “**Investors need assurance that a SPAC’s trust fund, which is a critical component of its structure, is protected from creditor claims caused by the SPAC’s managers**. We hope this lawsuit will provide that assurance to the market.”
Rose Hill is a Cayman Island corporation, so not sure if the ruling in the AXH case ( if it is in shareholders' favor ) would apply.
However, Continental Trust, who held the trust funds, [refused to allow the Rose Hill liquidators](https://www.spacinsider.com/news/spacinsider/continental-intervenes-rose-hills-efforts-to-dip-into-trust-money) to access the trust money, which was returned to shareholders.
"Nonetheless, the Rose Hill team went so far as to bring on a liquidator to try and pierce the trust. Continental, which is the Trustee for approximately 95% of the SPAC market and has been working with SPACs since the beginning of SPAC-time, effectively shut that process down by instructing DTC to return money to shareholders last week. "

If so, it will likely lead to litigation.
[Bulldog Investors Sues To Prevent “Claw Back” Lawsuits Against Public Stockholders of Bankrupt SPAC](https://www.globenewswire.com/news-release/2024/02/16/2830818/0/en/Bulldog-Investors-Sues-To-Prevent-Claw-Back-Lawsuits-Against-Public-Stockholders-of-Bankrupt-SPAC.html)
"SADDLE BROOK, N.J., Feb. 16, 2024 (GLOBE NEWSWIRE) -- Bulldog Investors, LLP (“Bulldog”) announced that it has filed a lawsuit against the bankruptcy trustee for Industrial Human Capital, Inc. (the “SPAC”) (former ticker: AXH) to declare that public stockholders are not required to return funds previously held in trust and properly distributed to stockholders after the redemption of the SPAC’s Class A common stock. In letters to stockholders, the bankruptcy trustee has stated an intent to pursue such funds to satisfy claims of creditors of the SPAC. **The lawsuit seeks a judgment from the U.S. Bankruptcy Court for the Southern District of Florida declaring that the trust fund was never subject to creditor claims and, in any event, public stockholders are protected by law from “claw back” lawsuits.**

Phillip Goldstein, a managing partner of Bulldog, stated: “**Investors need assurance that a SPAC’s trust fund, which is a critical component of its structure, is protected from creditor claims caused by the SPAC’s managers**. We hope this lawsuit will provide that assurance to the market.”
Rose Hill is a Cayman Island corporation, so not sure if the ruling in the AXH case ( if it is in shareholders' favor ) would apply.
However, Continental Trust, who held the trust funds, [refused to allow the Rose Hill liquidators](https://www.spacinsider.com/news/spacinsider/continental-intervenes-rose-hills-efforts-to-dip-into-trust-money) to access the trust money, which was returned to shareholders.
"Nonetheless, the Rose Hill team went so far as to bring on a liquidator to try and pierce the trust. Continental, which is the Trustee for approximately 95% of the SPAC market and has been working with SPACs since the beginning of SPAC-time, effectively shut that process down by instructing DTC to return money to shareholders last week. "