Tom McMillen Really Likes Wall Street

Former NBA player and congressman Tom McMillen is trying to go two-for-two in homeland defense plays.

A month ago, Fortress America Acquisition(FAACU.OB Quote), a so-called blank-check company dreamed up by McMillen, raised $42 million in an initial public offering. The Bethesda, Md., start-up, whose only products are the resumes of its politically connected board, hopes to use those funds to buy a company that "contracts directly with the government on homeland security projects."

After the IPO, McMillen, Fortress America's chairman, owns 6.6% of its stock. In the offering, Fortress America priced its shares at $6. Buyers into the IPO also got warrants to buy two additional shares. ...