Tom McMillen's Slam Dunk

The bursting of the bubble in shares of stun-gun maker Taser International(TASR Quote) has stilled some of the mania in homeland defense stocks.

But the 64% plunge in Taser this year hasn't deterred everyone looking for a way to pocket some of the money federal and state governments are lavishing on domestic protection. A case in point is Fortress America Acquisition Corp., a Bethesda, Md., start-up whose only products are the resumes of its politically connected board and backers.

The six-month-old concern, which recently filed plans for an initial public offering, hopes to raise $42 million so it can purchase a company that "contracts directly with the government on homeland security projects." ...