~~Table~~UNITED ofSTATES SECURITIES ~~Contents~~AND EXCHANGE COMMISSION

~~UNITED~~WASHINGTON, ~~STATES SECURITIES~~D.C. ~~AND EXCHANGE COMMISSION~~20549

~~WASHINGTON,~~FORM ~~D.C. 20549~~10-Q

~~FORM~~(Mark ~~10-Q~~One)

~~(Mark~~þ ~~One~~Quarterly report under Section 13 or 15(d) of the Securities Exchange Act of 1934

þFor ~~Quarterly report under Section 13 or 15(d) of~~ the ~~Securities~~quarterly ~~Exchange~~period ~~Act~~ended ofSeptember 30, ~~1934~~2009

~~For~~o ~~the~~Transition ~~quarterly~~report ~~period~~under ~~ended~~Section ~~June 30,~~13 ~~2009~~or 15(d) of the Exchange Act

oFor ~~Transition report under Section 13 or 15(d) of~~ the ~~Exchange~~transition ~~Act~~period from to

~~For~~ Commission ~~the~~File ~~transition~~Number ~~period from to~~ 001-33855

~~Commission~~Global ~~File~~Brands ~~Number~~Acquisition ~~001-33855~~Corp.

~~Global~~ ~~Brands~~(Exact ~~Acquisition~~Name ~~Corp.~~ of Issuer as Specified in Its Charter)

(Exact Name of Issuer as Specified in Its Charter)


Delaware		26-0482599
(State or other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

Delaware		26-0482599
(State or other Jurisdiction of		(I.R.S. Employer
Incorporation or Organization)		Identification No.)

11 West 42nd Street, 21st Floor, New York, New York 10036
(Address of Principal Executive Office)

~~11 West 42nd Street, 21st Floor, New York, New York 10036~~(212) 201-8118 (~~Address~~Issuer’s ofTelephone ~~Principal~~Number, ~~Executive~~Including ~~Office~~Area Code)

Indicate by check mark whether the registrant: (~~212~~1) ~~201-8118~~has filed all reports required to be filed by Section 13 or 15(~~Issuer’s~~d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for ~~Telephone~~such ~~Number,~~shorter ~~Including~~period ~~Area~~that ~~Code~~the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes þ No o

~~Check~~Indicate by check mark whether the ~~issuer~~registrant ~~(1) filed~~has ~~all~~submitted ~~reports~~electronically and posted on its corporate Web site, if any, every Interactive Data File required to be ~~filed~~submitted byand ~~Section 13~~posted pursuant orto ~~15(d)~~Rule 405 of ~~the~~ ~~Exchange~~Regulation S-T ~~Act~~ during the ~~past~~preceding 12 months (or for such shorter period that the registrant was required to ~~file~~submit ~~such reports),~~ and ~~(2) has~~post ~~been subject to~~ such ~~filing requirements for the past 90 days~~files). Yes þ o No o

Indicate by check mark whether the ~~registrant~~Registrant ~~has~~is ~~submitted~~a ~~electronically~~large ~~and~~accelerated ~~posted~~filer, onan ~~its corporate~~accelerated ~~Web site~~filer, ifa non-accelerated ~~any~~filer, ~~every~~or ~~Interactive~~a ~~Data~~smaller ~~File~~reporting ~~required~~company. toSee bethe ~~submitted~~definitions ~~and~~of ~~posted~~“large accelerated ~~pursuant~~filer,” to“accelerated ~~Rule 405~~filer” ofand ~~Regulation S-T~~“smaller ~~during~~reporting ~~the~~company” ~~preceding~~in 12Rule ~~months~~12b-2 ~~(or~~of ~~for~~the ~~such~~Exchange ~~shorter period~~Act ~~that~~(Check ~~the registrant was required to submit and post such files~~one). ~~Yes~~ ~~o No o~~

~~Indicate~~Large ~~by check mark whether the Registrant is a large~~ accelerated filer, ano ~~accelerated~~Accelerated filer, ~~a non~~þ Non-accelerated filer, oro a(Do ~~smaller~~not ~~reporting~~check ~~company.~~if ~~See the definitions of “large accelerated filer,” “accelerated filer” and “~~smaller reporting company”) inSmaller ~~Rule 12b-2~~reporting ofcompany ~~the Exchange Act (Check one).~~ o

~~Large~~Indicate ~~accelerated~~by ~~filer~~check omark ~~Accelerated~~whether ~~filer~~the þregistrant ~~Non-accelerated~~is ~~filer~~a ~~o(Do~~shell ~~not~~company ~~check~~(as ifdefined ain ~~smaller~~Rule 12b-2 ~~reporting~~of ~~company~~the Exchange Act). ~~Smaller reporting company~~ Yes þ No o

~~Indicate~~As byof ~~check~~November 16, ~~mark~~2009, ~~whether~~35,937,500 ~~the~~shares ~~registrant~~of iscommon astock, ~~shell~~par ~~company~~value ~~(as~~$.0001 ~~defined~~per inshare, ~~Rule 12b-2~~were ofissued ~~the~~and ~~Exchange Act)~~outstanding. ~~Yes þ No o~~

AsGlobal ofBrands ~~August 7,~~Acquisition ~~2009, 35,937,500 shares of common stock, par value $~~Corp.~~0001~~ (a ~~per~~Corporation ~~share,~~in ~~were issued~~the ~~and~~Development ~~outstanding.~~Stage)

~~Global~~Table ~~Brands~~of ~~Acquisition Corp.~~Contents ~~(a Corporation in the Development Stage)~~

Table of Contents


PART I FINANCIAL INFORMATION			2
Item 1. Financial Statements			2
Item 2. Management’s Discussion And Analysis Of Financial Condition And Results Of Operations			15
Item 4. Controls and Procedures			17
PART II OTHER INFORMATION			18
Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds			18
Item 4. Submission of Matters to a Vote of Security Holders			18
Item 6. Exhibits			19
SIGNATURES			20

			Page
Part I. Financial Information:
Item 1 —Financial Statements:
Condensed Balance Sheet at June 30, 2009 (Unaudited) and March 31, 2009			3
Condensed Statements of Operations (Unaudited) for the Three Months Ended June 30, 2009, for the Three Months Ended June 30, 2008, and for the Period July 3, 2007 (inception) through June 30, 2009			4
Condensed Statement of Stockholders’ Equity (Unaudited) for the Period July 3, 2007 (inception) to June 30, 2009			5
Condensed Statements of Cash Flows (Unaudited) for the Three Months Ended June 30, 2009, the Three Months Ended June 30, 2008, and for the Period July 3, 2007 (inception) to June 30, 2009			6
Notes to Unaudited Condensed Financial Statements			7
Item 2 — Management’s Discussion and Analysis of Financial Condition And Results of Operations			15
Item 4 — Controls and Procedures			17
Part II. Other Information:
Item 2 — Unregistered Sales of Equity Securities and Use of Proceeds			18
Item 6 — Exhibits			18
Signatures			19
EX-31
EX-32

2Part I: Financial Information

~~Table~~Item 1 of— ~~Contents~~Financial Statements (Unaudited)

~~Part~~Global I:Brands ~~Financial~~Acquisition ~~Information~~Corp. (a Corporation in the Development Stage) Condensed Balance Sheet

Item 1 — Financial Statements (Unaudited)


	September 30,		March 31,
	2009		2009
	(unaudited)		(audited)


Assets
Current assets:
Cash	$	203,400	$	136,690
Cash held in trust fund		287,254,449		288,540,957
Income tax receivable		389,914		—
Prepaid expense		29,960		8,000

Total assets	$	287,877,723	$	288,685,647


Liabilities and stockholders’ equity
Current liabilities:
Accrued professional and other fees payable	$	55,000	$	55,000
Income tax payable		—		360,361
Deferred offering costs		14,375,000		14,375,000
Accrued payable, stockholders		19,599		4,647

Total current liabilities	$	14,449,599	$	14,795,008

Common stock, subject to possible conversion, 8,624,999 shares at conversion value at initial public offering		85,837,490		85,837,490

Commitments
Stockholders’ equity:
Preferred stock; $.0001 par value; 1,000,000 shares authorized; none issued
Common stock; $.0001 par value; authorized 90,000,000 shares; 35,937,500 (less 8,624,999 shares subject to possible conversion) shares issued and outstanding		2,732		2,732
Additional paid-in capital		185,962,851		185,962,851
Earnings accumulated during the development stage		1,625,051		2,087,566

Total stockholders’ equity		187,590,634		188,053,149

Total liabilities and stockholders’ equity	$	287,877,723	$	288,685,647

~~Global~~The ~~Brands~~accompanying ~~Acquisition~~notes ~~Corp. (a~~are ~~Corporation~~an inintegral ~~the~~part ~~Development~~of ~~Stage) Condensed~~these ~~Balance~~condensed ~~Sheet~~financial statements (unaudited).

	June 30,		March 31,
	2009		2009
	(unaudited)		(audited)
Assets
Current assets:
Cash	$	201,300	$	136,690
Cash held in trust fund		287,815,800		288,540,957
Income tax receivable		144,641		—
Prepaid expense		60,114		8,000
Total assets	$	288,221,855	$	288,685,647
Liabilities and stockholders’ equity
Current liabilities:
Accrued professional and other fees payable	$	15,000	$	55,000
Income tax payable		—		360,361
Accrued filing fees payable		14,375,000		14,375,000
Accrued payable, stockholders		42,168		4,647
Total current liabilities	$	14,432,168	$	14,795,008
Common stock, subject to possible conversion, 8,624,999 shares at conversion value at initial public offering		85,837,490		85,837,490
Commitments
Stockholders’ equity:
Preferred stock; $.0001 par value; 1,000,000 shares authorized; none issued
Common stock; $.0001 par value; authorized 90,000,000 shares; 35,937,500 (less 8,624,999 shares subject to possible conversion) shares issued and outstanding		2,732		2,732
Additional paid-in capital		185,962,851		185,962,851
Earnings accumulated during the development stage		1,986,614		2,087,566
Total stockholders’ equity		187,952,197		188,053,149
Total liabilities and stockholders’ equity	$	288,221,855	$	288,685,647

~~The~~Global ~~accompanying~~Brands ~~notes~~Acquisition ~~are~~Corp. (a anCorporation ~~integral~~in ~~part~~the Development Stage) Condensed Statements of ~~these~~Operations (unaudited) For ~~condensed~~the ~~financial~~Three ~~statements~~and Six Months Ended September 30, 2009, And the Period July 3, 2007 (~~unaudited~~inception). to September 30, 2009


													For the period
	For the Three			For the Three			For the Six			For the Six			July 3, 2007
	Months ended			Months ended			Months ended			Months ended			(inception) to
	September 30,			September 30,			September 30,			September 30,			September 30,
	2009			2008			2009			2008			2009


Formation and operating costs	$	363,481		$	76,740		$	568,339		$	168,203		$	1,356,541
Professional and other fees		15,000			9,724			30,000			84,224			272,724

Operating loss		(378,481	)		(86,464	)		(598,339	)		(252,427	)		(1,629,265	)
Interest income		21,654			1,130,171			57 ,558			2,319,292			5,085,776


Income (loss) before income taxes		(356,827	)		1,043,707			(540,781	)		2,066,865			3,456,511

Provision (benefit) for income taxes		4,736			505,707			(78,266	)		1,010,348			1,831,460


Net income (loss)	$	(361,563	)	$	538,000		$	(462,515	)	$	1,056,517		$	1,625,051

Weighted average number of common shares outstanding
Basic		35,937,500			35,937,500			35,937,500			35,937,500			30,082,317
Diluted		47,744,931			46,338,074			47,430,948			46,052,229			38,334,145
Net income per common share
Basic	$	(.01	)	$	.01		$	(.01	)	$	.03		$	.05
Diluted	$	(.01	)	$	.01		$	(.01	)	$	.02		$	.04

~~Table~~The accompanying notes are an integral part of ~~Contents~~these condensed financial statements (unaudited).

Global Brands Acquisition Corp. (a Corporation in the Development Stage) Condensed Statements of Operations (unaudited) For the Three Months Ended June 30, 2009 and June 30, 2008, And the Period July 3~~, 2007 (inception) to June 30, 2009~~

							For the period
	For the Three			For the Three			July 3, 2007
	Months Ended			Months Ended			(inception) to
	June 30, 2009			June 30, 2008			June 30, 2009
Formation and operating costs	$	204,858		$	91,463		$	993,060
Professional and other fees		15,000			74,500			257,724
Operating loss		(219,858	)		(165,963	)		(1,250,784	)
Interest income		35,904			1,189,121			5,064,122
Income (loss) before income taxes		(183,954	)		1,023,158			3,813,338
Provision (benefit) for income taxes		(83,002	)		504,641			1,826,724
Net income (loss)	$	(100,952	)	$	518,517		$	1,986,614
Weighted average number of common shares outstanding
Basic		35,937,500			35,937,500			29,342,376
Diluted		47,102,443			45,757,752			37,131,820
Net income per common share
Basic	$	—		$	.01		$	.07
Diluted	$	—		$	.01		$	.05

Global Brands Acquisition Corp.
(a Corporation in the Development Stage)
Condensed Statement of Stockholders’ Equity
(unaudited)
For the Period July 3, 2007 (inception) to September 30, 2009

The accompanying notes are an integral part of these condensed financial statements (unaudited).


									Earnings
						Additional			accumulated			Total
	Common Stock					paid-in			during			stockholders’
	Shares		Amount			capital			development stage			equity


Common shares issued at inception		7,187,500	$	719		$	24,281		$	—		$	25,000
Sale of 28,750,000 units, net of underwriters’ discount and offering expenses (includes 8,624,999 shares subject to possible conversion)		28,750,000		2,875			266,775,198			—			266,778,073
Proceeds subject to possible conversion of 8,624,999 shares				(862	)		(85,836,628	)		—			(85,837,490	)
Proceeds from issuance of founders’ warrants		—		—			5,000,000			—			5,000,000
Net income for the period from July 3, 2007 (inception) to March 31, 2009		—		—			—			2,087,566			2,087,566

Balances, at March 31, 2009		35,937,500		2,732			185,962,851			2,087,566			188,053,149
Net (loss) for the period from April 1, 2009 to September 30, 2009		—		—			—			(462,515	)		(462,515	)

Balances, at September 30, 2009 (unaudited)		35,937,500	$	2,732		$	185,962,851		$	1,625,051		$	187,590,634

4The accompanying notes are an integral part of these condensed financial statements (unaudited).

~~Table of Contents~~4

Global Brands Acquisition Corp. (a Corporation in the Development Stage) Condensed ~~Statement~~Statements of ~~Stockholders’~~Cash ~~Equity~~Flows (unaudited) For the ~~Period~~Six Months Ended September 30, 2008 and 2009 and for the period from July 3, 2007 (inception) to ~~June~~September 30, 2009

										Earnings
							For the period
							Additional			accumulated			Total
	For the Six Months			For the Six Months			July 3, 2007
	Common Stock						paid-in			during			stockholders’
	Ended September			Ended September			(inception) to
	Shares			Amount			capital			development stage			equity
	30, 2009			30, 2008			September 30, 2009
Common shares issued at inception		7,187,500		$	719		$	24,281		$	—		$	25,000
Cash flows from operating activities
Sale of 28,750,000 units, net of underwriters’ discount and offering expenses (includes 8,624,999 shares subject to possible conversion)		28,750,000			2,875			266,775,198			—			266,778,073
Net income (loss)	$	(462,515	)	$	1,056,517		$	1,625,051
Proceeds subject to possible conversion of 8,624,999 shares					(862	)		(85,836,628	)		—			(85,837,490	)
Adjustment to reconcile net income to net cash provided by operating activities:
Proceeds from issuance of founders’ warrants		—			—			5,000,000			—			5,000,000
Change in operating assets and liabilities:
Net income for the period from July 3, 2007 (inception) to March 31, 2008		—			—			—			2,087,566			2,087,566
Income tax receivable		(389,914	)		—			(389,914	)
Balances, at March 31, 2009		35,937,500			2,732			185,962,851			2,087,566			188,053,149
Prepaid expense		(21,960	)		44,650			(29,960	)
Net loss for the period from April 1, 2009 to June 30, 2009		—			—			—			(100,952	)		(100,952	)
Deferred tax asset		—			93,538			—
Balances, at June 30, 2009 (unaudited)		35,937,500		$	2,732		$	185,962,851		$	1,986,614		$	187,952,197
Accrued expenses		—			(5,500	)		55,000
Accrued payable, stockholders		14,952			(1,836	)		19,599
Income tax payable		(360,361	)		(296,170	)		—
Net cash provided by operating activities		(1,219,798	)		891,199			1,279,776
Cash flows from investing activities
Cash held in trust fund		1,286,508			(889,557	)		(287,254,449	)
Net cash used in investing activities		1,286,508			(889,557	)		(287,254,449	)
Cash flows from financing activities
Gross proceeds from initial public offering		—			—			287,500,000
Proceeds from issuance of common stock		—			—			25,000
Proceeds from issuance of founders’ warrants		—			—			5,000,000
Payment of offering costs		—			—			(6,346,927	)
Net cash provided by financing activities		—			—			286,178,073
Net increase (decrease) in cash		66,710			1,642			203,400
Cash, beginning of period		136,690			219,001			—
Cash, end of period	$	203,400		$	220,643		$	203,400

The accompanying notes are an integral part of these condensed financial statements (unaudited).

~~Table~~Global ofBrands ~~Contents~~Acquisition Corp. (a Corporation in the Development Stage)

~~Global~~Notes ~~Brands~~to ~~Acquisition~~Financial ~~Corp. (a Corporation in the Development Stage) Condensed~~ Statements ~~of Cash Flows~~ ~~(unaudited) For the Three Months Ended June 30, 2009 and June 30, 2008, and for the period from July 3, 2007 (inception) to June 30, 2009~~

							For the period
	For the Three			For the Three			July 3, 2007
	Months Ended			Months Ended			(inception) to
	June 30, 2009			June 30, 2008			June 30, 2009
Cash flows from operating activities
Net income (loss)	$	(100,952	)	$	518,517		$	1,986,614
Adjustment to reconcile net income to net cash provided by operating activities:
Change in operating assets and liabilities:
Income tax receivable		(144,641	)		—			(144,641	)
Prepaid expense		(52,114	)		22,325			(60,114	)
Deferred tax asset		—			93,538			—
Accrued expenses		(40,000	)		(5,500	)		15,000
Accrued payable, stockholders		37,521			(9,071	)		42,168
Income tax payable		(360,361	)		413,103			—
Net cash provided by (used in) operating activities		(660,547	)		1,032,912			1,839,027
Cash flows from investing activities
Cash held in trust fund		725,157			(1,188,316	)		(287,815,800	)
Net cash provided by (used in) investing activities		725,157			(1,188,316	)		(287,815,800	)
Cash flows from financing activities
Gross proceeds from initial public offering		—			—			287,500,000
Proceeds from notes payable, stockholders		—			—			100,000
Repayment of notes payable, stockholders		—			—			(100,000	)
Proceeds from issuance of common stock		—			—			25,000
Proceeds from issuance of founders’ warrants		—			—			5,000,000
Payment of offering costs		—			—			(6,346,927	)
Net cash provided by financing activities		—			—			286,178,073
Net increase (decrease) in cash		64,610			(155,404	)		201,300
Cash, beginning of period		136,690			219,001			—
Cash, end of period	$	201,300		$	63,597		$	201,300
Supplementary cash flow disclosure
Income taxes paid	$	422,000		$	—		$	2,007,860

A. Description of Organization and Business Operations

Global Brands Acquisition Corp. (a corporation in the development stage) (the Company) was incorporated in Delaware on July 3, 2007. The ~~accompanying~~Company ~~notes~~was ~~are~~formed to acquire an ~~integral~~operating ~~part~~business or asset or several operating businesses or assets (a Business Combination) through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination. All activity through September 30, 2009 relates to the formation of ~~these~~the ~~condensed~~Company ~~financial~~and its ~~statements~~initial public offering described below in Note E. The Company has neither engaged in any operations nor generated revenue to date and will not until completion of its business combination. The Company is considered to be in the development stage as defined in Accounting Standards Codification (~~unaudited~~“ASC”) topic 915, Development State Entities, and is subject to the risks associated with activities of development stage companies. The Company has selected March 31st as its fiscal year end.

The registration statement for the Company’s initial public offering of Units (as defined in Note E below) (Offering) was declared effective December 6, 2007. The Company consummated the Offering on December 12, 2007 and received net proceeds of $281.2 million (see Note E). An amount of $286.1 million of the net proceeds from the Offering, including $14.4 million of deferred offering costs and the $5.0 million of proceeds relating to the private placement of the sponsor’s warrants (see Note F), was placed in a trust account (Trust Account) and invested in JPMorgan 100% U.S. Treasury Securities Money Market Fund, a money market fund meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940. The funds in the Trust Account must be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 until the earlier of (i) the consummation of its initial Business Combination or (ii) the liquidation of the Company as described below. The remaining proceeds may be used to pay for business, legal and accounting due diligence on prospective target businesses and continuing general and administrative expenses.

~~Table~~The Company’s management has broad discretion with respect to the specific application of ~~Contents~~the net proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating a Business Combination. Furthermore, there is no assurance that the Company will be able to successfully effect a Business Combination. The Company, after signing a definitive agreement for the acquisition of a target business, will submit such transaction for stockholder approval. In the event that stockholders owning 30% or more of the shares of common stock sold in the Offering vote against the Business Combination and exercise their conversion rights described below, the Business Combination will not be consummated. If the Company’s initial Business Combination is approved and completed, public stockholders voting against the initial Business Combination will be entitled to convert their shares of common stock into a pro rata share of the aggregate amount then on deposit in the Trust Account, before payment of deferred offering costs and including interest earned on their pro rata portion of the trust account, net of interest income on the Trust Account balance previously

~~A. Description of Organization and Business Operations~~6

Global Brands Acquisition Corp. ~~(a corporation in the development stage) (the Company) was~~ ~~incorporated in Delaware on July 3, 2007. The Company was formed to acquire an operating business or asset or several operating businesses or assets~~ (a ~~Business~~Corporation Combination) through a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or other similar business combination. All activity through December 12, 2007 relates to the formation of the Company and its initial public offering described below in ~~Note E. Since December 13, 2007,~~ the Company has been searching for a target business to acquire. The Company has neither engaged in any operations nor generated revenue to date and will not until completion of its business combination. The Company is considered to be in the development stage as defined in Statement of Financial Accounting Standards (SFAS) No. 7, Accounting and Reporting By Development Stage ~~Enterprises, and~~) ~~is subject to the risks associated with activities of development stage companies. The Company has selected March 31st as its fiscal year end.~~

~~The~~Notes registration statement for the Company’s initial public offering of Units (as defined in Note E below) (Offering) was declared effective December 6, 2007. The Company consummated the Offering on December 12, 2007 and received net proceeds of $281.2 million (see Note E). An amount of $286.1 million of the net proceeds from the Offering, including $14.4 million of deferred offering costs and the $5.0 million of proceeds relating to ~~the~~Financial ~~private placement of the sponsor’s warrants (see~~Statements Note F), was placed in a trust account (Trust Account) and invested in JPMorgan 100% U.S. Treasury Securities Money Market Fund, a money market fund meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940. The funds in the Trust Account must be invested in United States “government securities” within the meaning of Section 2(a)(16) of the Investment Company Act of 1940 having a maturity of 180 days or less, or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940 until the earlier of (i) the consummation of its initial Business Combination or (ii) the liquidation of the Company as described below. The remaining proceeds may be used to pay for business, legal and accounting due diligence on prospective target businesses and continuing general and administrative expenses.

~~The~~released ~~Company’s management has broad discretion with respect~~ to the specific application of the net proceeds of the Offering, although substantially all of the net proceeds of the Offering are intended to be generally applied toward consummating a Business Combination. Furthermore, there is no assurance that the Company ~~will be able~~ to ~~successfully~~pay ~~effect~~its atax ~~Business~~obligations ~~Combination.~~and ~~The Company,~~net ~~after signing a definitive agreement for the acquisition~~ of ainterest ~~target~~income ~~business, will submit such transaction for stockholder approval. In the event that stockholders owning 30% or more~~ of ~~the shares~~up ofto ~~common stock sold in the Offering vote against the Business Combination and exercise their conversion rights described below, the Business Combination will not be consummated~~$2. ~~If the~~9 ~~Company’s~~million initial Business Combination is approved and completed, public stockholders voting against the initial Business Combination will be entitled to convert their shares of common stock into a pro rata share of the aggregate amount then on ~~deposit in~~ the Trust Account, ~~before~~balance ~~payment of~~previously ~~deferred~~released ~~offering~~to ~~costs~~the ~~and~~Company ~~including~~to ~~interest~~fund ~~earned~~its onworking ~~their pro rata~~capital requirements.

7However, voting against the Business Combination alone will not result in an election to exercise a stockholder’s conversion rights. A stockholder must also affirmatively exercise such conversion rights at or prior to the time the Business Combination is voted upon by the stockholders. All of the Company’s stockholders prior to the Offering (Initial Stockholders), including all of the officers and directors of the Company, have agreed to vote all of the shares of common stock held by them prior to the Offering in accordance with the vote of the majority in interest of all other stockholders of the Company. They have also agreed to vote any shares acquired by them in the Offering or in the aftermarket in favor of the Business Combination.

~~Table~~In connection with entering into an arrangement with Gerrity International, LLC on November 9, 2009, the Company is proposing to amend the certificate of ~~Contents~~incorporation to extend the date on which the Company’s corporate existence terminates from December 6, 2009 to February 28, 2010. See Note H — Subsequent Event.

~~Global~~In ~~Brands~~the ~~Acquisition~~event ~~Corp. (~~that the Company does not consummate a ~~Corporation~~Business Combination or if the proposals are not effectuated, as more fully described in Note H, by December 6, 2009, the ~~Development~~corporate ~~Stage)~~existence of ~~Notes~~the Company will cease except for purposes of winding up and liquidating. The amounts held in the Trust Account will be distributed to ~~Financial~~the ~~Statements~~Company’s public stockholders, excluding the Initial Stockholders to the extent of their stock holdings prior to the Offering.

~~portion~~In the event of such distribution, it is likely that the ~~trust~~per ~~account,~~share ~~net~~value of ~~interest~~the ~~income~~residual assets onremaining ~~the~~available for distribution (including Trust Account ~~balance~~assets) ~~previously released~~will tobe less than the initial ~~Company~~public tooffering ~~pay~~price ~~its~~per ~~tax~~Unit ~~obligations~~in ~~and~~the ~~net~~Offering of(assuming ~~interest~~no ~~income~~value ofis upattributed to ~~$2.9 million~~the onwarrants contained in the ~~Trust~~Units ~~Account~~sold ~~balance~~in ~~previously~~the ~~released~~Offering todiscussed in Note E), and that the distribution ~~Company~~will tobe ~~fund~~less ~~its~~than ~~working~~investors’ ~~capital~~initial contributions. The Company currently anticipates ~~requirements~~that the distribution would be approximately $9.95 per share.

~~However, voting against the Business Combination alone will not result in an election to exercise a stockholder’s conversion rights~~B. ASummary ~~stockholder must also affirmatively exercise such conversion rights at or prior to the time the Business Combination is voted upon by the stockholders. All~~ of ~~the~~ ~~Company’s~~Significant ~~stockholders~~Accounting ~~prior to the Offering (Initial Stockholders), including all of the~~Policies officers and directors of the Company, have agreed to vote all of the shares of common stock held by them prior to the Offering in accordance with the vote of the majority in interest of all other stockholders of the Company. They have also agreed to vote any shares acquired by them in the Offering or in the aftermarket in favor of the Business Combination.

InDevelopment ~~the~~Stage ~~event that the~~ Company ~~does not consummate a Business Combination by December 6, 2009, the~~ ~~corporate existence of the Company will cease except for purposes of winding up and liquidating.~~ ~~The amounts held in the Trust Account will be distributed to the Company’s public stockholders, excluding the Initial Stockholders to the extent of their stock holdings prior to the Offering.~~

InThe ~~the~~Company ~~event~~complies ofwith ~~such distribution, it is likely that~~ the ~~per~~reporting ~~share~~requirements ~~value~~ of ~~the~~ASC ~~residual assets~~topic remaining available for distribution (including Trust Account assets) will be less than the initial public offering price per Unit in the Offering (assuming no value is attributed to the warrants contained in the Units sold in the Offering discussed in Note E)915, ~~and~~Development ~~that~~State ~~the distribution will be less than investors’ initial contributions~~Entities.

B.Basis ~~Summary~~ of ~~Significant Accounting Policies~~Presentation

~~Development~~The ~~Stage~~accompanying ~~Company~~unaudited financial statements have been prepared in accordance with U.S. generally accepted accounting principles. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial

~~The Company complies with the reporting requirements of SFAS No.~~ 7~~, Accounting and Reporting by~~ ~~Development Stage Enterprises.~~

~~Basis~~Global ofBrands ~~Presentation~~Acquisition Corp. (a Corporation in the Development Stage)

~~The~~Notes ~~accompanying~~to ~~unaudited~~Financial ~~financial statements have been prepared in accordance with U.S.~~Statements generally accepted accounting principles. Accordingly, they do not include all the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements for the period ended March 31, 2009. In our opinion, all adjustments (consisting only of normal recurring accruals) considered necessary for fair presentation have been included. The results of operations for the period from April 1, 2009 to

8statements. The accompanying unaudited interim financial statements should be read in conjunction with the financial statements for the period ended March 31, 2009. In our opinion, all adjustments (consisting only of normal recurring accruals) considered necessary for fair presentation have been included. The results of operations for the period from April 1, 2009 to September 30, 2009 are not necessarily indicative of the results that may be expected for the full year ending March 31, 2010.

~~Table~~Comprehensive ~~of Contents~~Income

~~Global~~Comprehensive ~~Brands~~income ~~Acquisition~~is ~~Corp. (a~~equal ~~Corporation in the Development Stage) Notes~~ to ~~Financial~~net ~~Statements~~income.

~~June 30,~~Net ~~2009~~Income ~~are~~(Loss) ~~not~~per ~~necessarily~~Common ~~indicative of the results that may be expected for the full year~~Share ~~ending March 31, 2010.~~

~~Comprehensive~~ Income (~~Loss~~loss) per common share is based on the weighted average number of common shares outstanding. The Company complies with ASC topic 260, Earnings Per Share, which requires dual presentation of basic and diluted earnings per share on the face of the statements of operations, which the Company has adopted. Basic loss per share excludes dilution and is computed by dividing income available to common stockholders by the weighted-average common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.

~~Comprehensive~~Concentration ~~income~~of ~~(loss) is~~Credit ~~equal to net income.~~Risk

~~Net~~Financial ~~Income~~instruments ~~(Loss)~~that ~~per~~potentially ~~Common~~subject ~~Share~~the Company to concentrations of credit risk consist of cash accounts in a financial institution, which at times, exceeds the Federal depository insurance coverage of $250,000 until December 31, 2009 and $100,000 thereafter. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

~~Income~~Fair ~~(loss) per~~Value ~~common share is based on the weighted average number~~ of ~~common~~Financial ~~shares~~Instruments outstanding. The Company complies with SFAS No. 128, Earnings Per Share, which requires dual presentation of basic and diluted earnings per share on the face of the statements of operations, which the Company has adopted. Basic loss per share excludes dilution and is computed by dividing income available to common stockholders by the weighted-average common shares outstanding for the period. Diluted loss per share reflects the potential dilution that could occur if convertible debentures, options and warrants were to be exercised or converted or otherwise resulted in the issuance of common stock that then shared in the earnings of the entity.

~~Concentration~~The fair value of ~~Credit~~the ~~Risk~~company’s assets and liabilities, which qualify as financial instruments under ASC topic 825 Financial Instruments, approximates the carrying amounts represented in the balance sheet.

~~Financial~~Use ~~instruments that potentially subject the Company to concentrations~~ of ~~credit risk consist~~Estimates of cash accounts in a financial institution, which at times, exceeds the Federal depository insurance coverage of $250,000 until December 31, 2009 and $100,000 thereafter. The Company has not experienced losses on these accounts and management believes the Company is not exposed to significant risks on such accounts.

~~Fair~~The ~~Value~~preparation of ~~Financial~~financial ~~Instruments~~statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

~~The fair value of the company’s assets and liabilities, which qualify as financial instruments~~8 ~~under SFAS No. 107, Disclosure About Fair Value of Financial Instruments, approximates the carrying amounts represented in the balance sheet.~~

~~Use~~Global ofBrands ~~Estimates~~Acquisition Corp. (a Corporation in the Development Stage)

~~The~~Notes ~~preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management~~ to ~~make~~Financial ~~estimates and assumptions that affect the reported~~Statements amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

9Cash and Cash Equivalents

~~Table~~The Company considers all highly liquid investments with a maturity of ~~Contents~~three months or less when purchased to be cash equivalents.

~~Global~~Cash ~~Brands~~Held ~~Acquisition Corp. (a Corporation~~ in ~~the~~Trust ~~Development Stage)~~Fund ~~Notes to Financial Statements~~

Cash held in trust consists of investments in government securities having a maturity of 180 days or less and ~~Cash~~are ~~Equivalents~~classified as current in the Company’s balance sheet.

~~The~~Deferred ~~Company~~Offering ~~considers all highly liquid investments with a maturity of three months or less when~~Costs ~~purchased to be cash equivalents.~~

~~Cash~~Deferred ~~Held~~offering costs of $14.4 million consist of underwriting fees that are payable upon the Company’s consummation of a Business Combination. This amount has been recorded as a reduction of additional paid in ~~Trust~~capital. ~~Fund~~As described in Note H, on November 9, 2009, the Company entered into a Framework Agreement with Gerrity International, LLC to continue its business as a corporation that will elect to qualify to be taxed as a real estate investment trust (“REIT”). Additionally, the Company entered into an agreement with the Offering underwriters to reduce the deferred underwriting fees. Upon consumation of the transactions contemplated by the Framework Agreement, the Company estimates that the deferred offering costs will be in the range of $3.3 million to $4.6 million.

~~Cash~~Income ~~held in trust consists of investments in government securities having a maturity of 180 days~~Tax ~~or less and are classified as current in the Company’s balance sheet.~~

The Company complies with ASC topic 740, Income Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes. Deferred ~~Offering~~income ~~Costs~~tax assets and liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result in future taxable or deductible amounts, based on enacted tax laws and rates applicable to the periods in which the differences are expected to affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.

~~Deferred~~Significant ~~offering~~judgment ~~costs~~is required in assessing the timing and amount of ~~$14~~deductible and taxable items, evaluating tax positions and in determining the income tax provision.~~4 million~~ ~~consist~~In ofaccordance ~~underwriting~~with ASC ~~fees~~topic 740, Income Taxes, the Company recognizes tax benefits only when it is more likely than not that ~~are~~the ~~payable~~tax position will be fully sustained upon review by taxing authorities. If the recognition threshold is met, the Company’s ~~consummation~~measures ofthe atax ~~Business~~benefit ~~Combination.~~at ~~This~~the largest amount ~~has~~that ~~been~~is greater ~~recorded~~than as50 percent alikely ~~reduction~~to be realized. When the outcome of these tax matters changes, the ~~additional~~change ~~paid~~in estimate impacts the provision for income taxes in ~~capital~~the period that such a determination is made. The Company recognizes interest and penalties related to unrecognized tax benefits in the Company’s income tax provision.

~~Income Tax~~9

~~The~~Global ~~Company~~Brands ~~complies~~Acquisition ~~with SFAS 109, Accounting for Income Taxes which requires an asset and liability approach to financial accounting and reporting for income taxes~~Corp. ~~Deferred income tax~~ ~~assets~~(a ~~and~~Corporation ~~liabilities are computed for differences between the financial statement and tax bases of assets and liabilities that will result~~ in ~~future taxable or deductible amounts, based on enacted tax laws and rates applicable to~~ the ~~periods~~Development ~~in which the differences are expected to~~Stage) ~~affect taxable income. Valuation allowances are established, when necessary, to reduce deferred tax assets to the amount expected to be realized.~~

~~Significant~~Notes judgment is required in assessing the timing and amount of deductible and taxable items, evaluating tax positions and in determining the income tax provision. In accordance with FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109,” (“FIN 48”), the Company recognizes tax benefits only when it is more likely than not that the tax position will be fully sustained upon review by taxing authorities. If the recognition threshold is met, the Company measures the tax benefit at the largest amount that is greater than 50 percent likely to beFinancial ~~realized. When the outcome of these tax matters~~Statements changes, the change in estimate impacts the provision for income taxes in the period that such a determination is made. The Company recognizes interest and penalties related to unrecognized tax benefits in the Company’s income tax provision.

Recently Issued Accounting Standards

InDuring the six months ended September ~~2006~~30, 2009, there were several new accounting pronouncements issued by the Financial Accounting Standards Board (“FASB”) ~~issued~~the ~~Statement~~most recent of ~~Financial~~which was The Accounting ~~Standard~~Standards Codification (“~~SFAS~~ASC”) No. ~~157,~~ ~~Fair~~The ~~Value~~ASC ~~Measurements.~~has ~~SFAS~~become ~~No. 157~~the ~~defines~~source ~~fair~~of ~~value,~~authoritative U.S. ~~provides~~generally aaccepted ~~framework~~accounting ~~for~~principles ~~measuring~~(“U.S. ~~fair~~GAAP”). ~~value~~The ~~under~~ASC ~~current~~only ~~standards~~changes inthe ~~GAAP,~~referencing of financial accounting standards and ~~requires additional~~does ~~disclosure~~not ~~about~~change ~~fair~~or ~~value~~alter ~~measurements~~existing U.S. InGAAP. ~~accordance~~Each ~~with~~of ~~the~~these pronouncements, ~~Statement~~as applicable, ~~the definition~~has ofbeen ~~fair~~or ~~value~~will ~~retains~~be adopted by the ~~exchange~~Company. ~~price~~Management ~~notion,~~does ~~and~~not believe ~~exchange~~the ~~price~~adoption isof ~~defined~~any asof ~~the price~~these inaccounting anpronouncements ~~orderly~~has ~~transaction~~had ~~between~~or ~~market~~will ~~participants~~have toa ~~sell~~material impact anon ~~asset~~the Company’s financial position or ~~transfer~~operating results.

10Fair Value Measurements

~~Table~~In September 2006, the FASB issued ASC topic 820, Fair Value Measurements, which defines fair value, provides a framework for measuring fair value under current standards in GAAP, and requires additional disclosure about fair value measurements. In accordance with the Statement, the definition of ~~Contents~~fair value retains the exchange price notion, and exchange price is defined as the price in an orderly transaction between market participants to sell an asset or transfer a liability. If there is a principal market for the asset or liability, the fair value measurement should reflect that price, whether that price is directly observable or otherwise used in a valuation technique. Depending on the asset or liability being valued, the inputs used to determine fair value can range from observable inputs (i.e. prices based on market data independent from the entity) and unobservable inputs (i.e. entity’s own assumptions about the assumptions that market participants would use). The Company adopted the provisions of ASC topic 820 for all of its financial assets and liabilities within scope as of the beginning of Fiscal 2009 (April 1, 2008). In addition, the Company adopted the provisions of ASC topic 820 for all of its nonfinancial assets and liabilities within scope as of the beginning of Fiscal 2010 (April 1, 2009). The adoption of the provisions of ASC topic 820 did not have a significant impact on the Company’s financial statements. The Company has no investment assets or liabilities that would be classified as Level II or Level III. The Company’s investment in a money market fund amounting to $287,254,449 as of September 30, 2009 which invests exclusively in 100% U.S. Treasury Securities is considered a Level I asset.

~~Global~~Subsequent ~~Brands Acquisition Corp.~~Events ~~(a Corporation in the Development Stage) Notes to Financial Statements~~

aIn ~~liability.~~accordance Ifwith ~~there~~ASC istopic a855, ~~principal~~“Subsequent ~~market for the asset or liability~~Events,” the ~~fair~~Company ~~value~~evaluates ~~measurement should~~events ~~reflect that price, whether that price is directly observable~~ and/or ~~otherwise used in a~~ ~~valuation~~transactions ~~technique.~~that ~~Depending~~occur onafter the ~~asset~~balance orsheet ~~liability being valued~~date, ~~the~~but ~~inputs~~before ~~used to determine fair value can range from observable inputs (i.e. prices based on market data independent from~~ the ~~entity)~~ ~~and~~issuance ~~unobservable~~of ~~inputs (i.e. entity’s own assumptions about the assumptions that market~~financial ~~participants~~statements, ~~would~~for ~~use).~~potential ~~The~~recognition ~~Company~~or ~~adopted~~disclosure ~~the~~in ~~provisions of FAS 157 for all of~~ its financial ~~assets~~ ~~and liabilities within scope as of the beginning of Fiscal 2009 (April 1, 2008)~~statements. ~~In addition,~~The ~~the~~ Company ~~adopted~~has evaluated ~~the provisions of FAS 157 for~~ all ofsubsequent ~~its~~events ~~nonfinancial~~through ~~assets and liabilities within scope as of the beginning of Fiscal 2010 (April~~November 116, 2009)., ~~The~~the ~~adoption~~date of the ~~provisions~~ ~~of FAS 157 did not have a significant impact on the~~ Company’s interim financial statements~~. The~~ ~~Company~~were ~~has no investment assets or liabilities that would be classified as Level II or Level III~~issued. ~~The Company’s investment in a money market fund amounting to $287,815,800 as of June 30, 2009~~ ~~which invests exclusively in 100% U.S. Treasury Securities is considered a Level I asset.~~

~~In February 2007, the FASB issued SFAS No. 159, The Fair Value Option for Financial Assets and~~10 Financial Liabilities. SFAS No. 159 permits entities to voluntarily choose to measure many financial assets and financial liabilities at fair value. The election is made on an instrument-by-instrument basis and is irrevocable. Unrealized gains and losses on items for which the fair value option has been elected are reported in earnings. SFAS No. 159 is effective for fiscal years beginning after November 15, 2007. The Company has elected not to adopt SFAS No. 159.

InGlobal ~~December 2007,~~Brands ~~the~~Acquisition ~~FASB issued FAS No~~Corp. ~~141R, “Business Combinations” (“FAS 141R”), which~~ replaces FAS No. 141. FAS 141R was issued to create greater consistency in the accounting and financial reporting of business combinations, resulting in more complete, comparable and relevant information for investors and other users of financial statements. FAS 141R establishes principles and requirements for how an acquirer in (a ~~business~~Corporation ~~combination recognizes and measures~~ in ~~its financial statements~~ the ~~identifiable~~Development assets acquired, liabilities assumed, and any noncontrolling interests in the acquiree, as well as the goodwill acquired. Significant changes from current practice resulting from FAS 141R include the need for the acquirer to record 100% of all assets and liabilities of the acquired business, including goodwill, generally at their fair values for all business combinations (whether partial, full or step acquisitionsStage)~~; the need to recognize~~ contingent consideration at its fair value on the acquisition date and, for certain arrangements, to recognize changes in fair value in earnings until settlement; and the need to expense acquisition-related transaction and restructuring costs rather than to treat them as part of the cost of the acquisition. FAS 141R also establishes disclosure requirements to enable users to evaluate the nature and financial effects of the business combination. The Company adopted the provisions of FAS 141R as of the beginning of Fiscal 2010 (April 1, 2009). The adoption of FAS 141R did not have a significant impact on the Company’s financial statements, but could impact the accounting for future business combinations.

InNotes ~~December 2007,~~to ~~the FASB issued FAS No. 160, “Noncontrolling Interests in Consolidated~~ Financial ~~Statements~~ ~~— an Amendment of ARB No. 51” (“FAS 160”). FAS 160 establishes accounting and reporting~~Statements ~~standards for noncontrolling interests (previously referred to as “minority~~

11C. Common Stock, Subject to Possible Conversion

~~Table~~The Company is required to convert to cash up to 8,624,999 of ~~Contents~~the shares of common stock sold in the Offering should those shareholders vote against an initial Business Combination and convert their shares of common stock into a pro rata share of the aggregate amount then on deposit in the Trust Account. An amount of $85.8 million has been classified as common stock, subject to possible conversion representing the initial per-share conversion price.

~~Global Brands Acquisition Corp~~D. (a ~~Corporation~~Stockholders’ ~~in the Development Stage)~~Equity ~~Notes to Financial Statements~~

~~interests”)~~The inCompany’s acapital ~~subsidiary~~stock ~~and~~consists ~~for the deconsolidation~~ of acommon ~~subsidiary,~~stock toand ~~ensure~~preferred ~~consistency with the requirements of FAS 141R~~stock. ~~FAS~~The ~~160~~Company ~~states~~is ~~that~~authorized to ~~noncontrolling~~issue ~~interests~~90,000,000 ~~should~~shares beof ~~classified~~common ~~as a~~stock, ~~separate component~~ of ~~equity~~which 35,937,500 ~~and~~(including ~~establishes~~8,624,999 ~~reporting~~shares ~~requirements that provide sufficient~~subject ~~disclosures~~to ~~that~~possible ~~clearly~~conversion) ~~identify~~are ~~and~~outstanding ~~distinguish~~as ~~between the interests~~ of ~~the~~September 30, ~~parent and the interests of the noncontrolling owners~~2009. The ~~adoption~~Company ofis ~~FAS~~authorized ~~160~~to issue ~~did~~1,000,000 ~~not~~shares ~~have~~of apreferred ~~significant~~stock ~~impact on~~with ~~the~~such ~~Company’s financial statements~~designations, ~~but~~voting ~~could~~and ~~impact~~other ~~the~~rights ~~accounting~~and preferences ~~for~~as ~~future~~may ~~acquisitions~~be ~~in which~~determined ~~the~~from ~~Company~~time ~~does~~to ~~not~~time ~~acquire~~by ~~100%~~the board of ~~an entity~~directors.

~~In accordance with FAS No~~E. ~~165,~~ ~~“Subsequent~~Initial ~~Events,”~~Public ~~the Company evaluates events and/or~~Offering transactions that occur after the balance sheet date, but before the issuance of financial statements, for potential recognition or disclosure in its financial statements. The Company has evaluated all subsequent events through August 7, 2009, the date of the Company’s interim financial statements were issued.

COn December 12, 2007, the Company sold 28,750,000 units (Units) to the public at a price of $10.00 per ~~Common~~Unit. ~~Stock~~Each Unit consists of one share of the Company’s common stock, ~~Subject~~$0.0001 par value, and one redeemable common stock purchase warrant (Warrant). Each Warrant entitles the holder to ~~Possible~~purchase from ~~Conversion~~the Company one share of common stock at an exercise price of $7.00 commencing on the later of (i) December 6, 2008 or (ii) the completion of a Business Combination with a target business, and will expire December 5, 2012, unless earlier redeemed. The Warrants will be redeemable, in whole and not in part, at a price of $0.01 per Warrant upon 30 days prior written notice of redemption, only in the event that the last sales price of the common stock is at least $14.25 per share for any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is sent to the holders of Warrants. The Warrants may not be redeemed unless an effective and current registration statement covering the shares of common stock issuable upon exercise of the Warrants is available throughout the redemption period.

The Company ispaid ~~required~~an tounderwriting ~~convert~~discount toof ~~cash~~2.0% ~~up to 8,624,999~~ of the ~~shares~~public ofunit ~~common~~offering ~~stock~~price ~~sold~~to in the underwriters ~~Offering~~at ~~should~~the ~~those~~closing ~~shareholders~~of ~~vote~~the ~~against~~Initial anPublic ~~initial~~Offering, ~~Business~~with ~~Combination~~an ~~and~~additional ~~convert their~~5.0% ~~shares~~fee of ~~common~~the gross ~~stock~~offering ~~into~~proceeds apayable ~~pro~~upon ~~rata share of~~ the ~~aggregate~~Company’s ~~amount~~consummation ~~then~~of ona ~~deposit~~Business inCombination. ~~the~~The ~~Trust~~additional ~~Account.~~5% Anfee, ~~amount~~amounting ofto $8514.84 million, has been ~~classified~~placed asin ~~common~~the ~~stock,~~Trust ~~subject~~Account. Refer to ~~possible~~Note ~~conversion representing the initial per-share conversion price~~B.

DF. ~~Stockholders’~~Related ~~Equity~~Party Transactions

The ~~Company’s~~Initial ~~capital~~Stockholders ~~stock~~purchased ~~consists~~an aggregate of ~~common stock and preferred stock. The Company is authorized to issue 90~~7,~~000~~187,~~000~~500 ~~shares~~ of ~~common~~the ~~stock,~~Company’s offounders’ ~~which 35~~units,~~937,500~~ ~~(including 8,624,999 shares subject~~each toconsisting ~~possible~~of ~~conversion)~~one ~~are~~share ~~outstanding~~of asfounders’ ofcommon ~~June 30,~~stock ~~2009.~~and ~~The~~one ~~Company~~founders’ iswarrant ~~authorized~~each to ~~issue~~purchase one ~~1,000,000~~share ~~shares~~ of ~~preferred~~common stock ~~with such designations~~, ~~voting~~for ~~and~~an ~~other~~aggregate ~~rights~~price ~~and~~of ~~preferences as~~$25,000 ~~may~~in bea ~~determined~~private ~~from time to time by the board of directors~~placement.

~~E. Initial Public Offering~~11

OnGlobal ~~December 12,~~Brands ~~2007,~~Acquisition ~~the Company sold 28,750,000 units (Units) to the public at a price of $10~~Corp.00 ~~per Unit. Each Unit consists of one share of the Company’s common stock, $0.0001 par value, and one redeemable common stock purchase warrant~~ (Warrant). Each Warrant entitles the holder to purchase from the Company one share of common stock at an exercise price of $7.00 commencing on the later of (i) December 6, 2008 or (ii) the completion of a ~~Business~~Corporation ~~Combination with a target business, and will expire December 5, 2012, unless earlier redeemed. The Warrants will be redeemable,~~ in ~~whole and not in part, at a price of $0.01 per Warrant upon 30 days prior written notice of redemption, only in~~ the ~~event~~Development ~~that the last sales price of the common stock is at least $14.25 per share for~~Stage) any 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of redemption is sent to the holders of Warrants. The Warrants may not be redeemed unless an effective and current registration statement covering the

12Notes to Financial Statements

~~Table~~Each of ~~Contents~~the Initial Stockholders has agreed to vote its founders’ common stock in the same manner as holders of a majority of the shares of the Company’s common stock voted by the public stockholders at the special or annual meeting called for the purpose of approving the Company’s initial Business Combination. As a result, none of the founders will be able to exercise conversion rights with respect to the founders’ common stock. In addition, the Initial Stockholders have agreed to waive their rights to participate in any liquidation distribution with respect to the founders’ common stock if the Company fails to consummate an initial Business Combination. All of the founders’ units have been placed in escrow, and subject to limited exceptions, the founders’ common stock will be held in escrow until 180 days after the consummation of the Company’s initial Business Combination and the founders’ warrants will remain in escrow until they become exercisable. The founders’ common stock will be released from escrow earlier than as described above if, subsequent to an initial Business Combination, (i) the last sales price of the Company’s common stock equals or exceeds $14.25 per share for any 20 trading days within any 30-trading day period beginning 90 days after an initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of its security holders having the right to exchange their for cash, securities or other property; provided further that the founders’ warrants will be released from escrow in connection with (ii) but only to the extent necessary to participate in such exchange.

~~Global~~In ~~Brands~~addition, ~~Acquisition~~JLJ ~~Corp.~~Partners, LLC (JLJ Partners) purchased an aggregate of 5,000,000 warrants (sponsor’s warrants) from the Company at a ~~Corporation~~price of $1.00 per Warrant ($5.0 million in the aggregate) ~~Development~~in ~~Stage~~a private placement that occurred simultaneously with the consummation of the Offering. The $5.0 million was placed in the Trust Account until a successful completion of an initial Business Combination. If the Company does not complete an initial Business Combination, the $5.0 million will be part of the liquidating distribution to the public stockholders, and the sponsor’s warrants will expire worthless. The sponsor’s warrants will not be transferable or salable by JLJ Partners (subject to limited exceptions) until after the Company completes an ~~Notes~~initial Business Combination, and will be exercisable on a cashless basis and will be non-redeemable by the Company, in each case, so long as they are held by JLJ Partners or its permitted transferees. In addition, commencing 30 days after the consummation of an initial Business Combination, the sponsor’s warrants and the underlying shares of common stock are entitled to ~~Financial~~registration ~~Statements~~rights. With the exception of the terms noted above, the sponsor’s warrants have terms and provisions that are identical to those of the Warrants. The Company believes the purchase price of the sponsor’s warrants approximates the fair value of such warrants.

~~shares~~In addition, JLJ Partners and Sportswear Holdings Limited, an affiliate of ~~common~~the ~~stock~~Company’s ~~issuable~~chairman of ~~upon~~the ~~exercise~~board, have agreed to purchase 2,500,000 Units at a price of $10.00 per Unit (an aggregate price of $25.0 million) from the ~~Warrants~~Company isin ~~available~~a ~~throughout~~private placement that would occur upon the Company’s ~~redemption~~consummation of a Business Combination. These private placement units will be identical to the Units sold in the Offering, except that, subject to certain exceptions, these Units and underlying securities will not be sold, assigned or transferred for a period of 180 days from the date of the consummation of the Business Combination.

~~The Company paid an underwriting discount of 2.0% of the public unit offering price to the~~12 underwriters at the closing of the Initial Public Offering, with an additional 5.0% fee of the gross offering proceeds payable upon the Company’s consummation of a Business Combination. The additional 5% fee, amounting to $14.4 million, has been placed in the Trust Account.

FGlobal Brands Acquisition Corp. (a ~~Related~~Corporation ~~Party~~in ~~Transactions~~the Development Stage)

~~The~~Notes ~~Initial Stockholders purchased an aggregate of 7,187,500 of the Company’s founders’ units, each consisting of one share of founders’ common stock and one founders’ warrant each~~ to ~~purchase~~Financial ~~one~~Statements share of common stock, for an aggregate price of $25,000 in a private placement. Each of the Initial Stockholders has agreed to vote its founders’ common stock in the same manner as holders of a majority of the shares of the Company’s common stock voted by the public stockholders at the special or annual meeting called for the purpose of approving the Company’s initial Business Combination. As a result, none of the founders will be able to exercise conversion rights with respect to the founders’ common stock. In addition, the Initial Stockholders have agreed to waive their rights to participate in any liquidation distribution with respect to the founders’ common stock if the Company fails to consummate an initial Business Combination. All of the founders’ units have been placed in escrow, and subject to limited exceptions, the founders’ common stock will be held in escrow until 180 days after the consummation of the Company’s initial Business Combination and the founders’ warrants will remain in escrow until they become exercisable. The founders’ common stock will be released from escrow earlier than as described above if, subsequent to an initial Business Combination, (i) the last sales price of the Company’s common stock equals or exceeds $14.25 per share for any 20 trading days within any 30-trading day period beginning 90 days after an initial Business Combination or (ii) the Company consummates a subsequent liquidation, merger, stock exchange or other similar transaction which results in all of its security holders having the right to exchange their for cash, securities or other property; provided further that the founders’ warrants will be released from escrow in connection with (ii) but only to the extent necessary to participate in such exchange.

InThe ~~addition, JLJ Partners, LLC (JLJ Partners) purchased an aggregate of 5,000,000 warrants (sponsor’s warrants) from the~~ Company atpresently aoccupies ~~price~~office ofspace ~~$1.00~~provided ~~per~~by ~~Warrant~~JLJ ~~($5~~Partners.~~0 million~~ inJLJ ~~the aggregate)~~Partners inhas ~~a private placement~~ agreed that, ~~occurred~~until ~~simultaneously with~~ the consummation of ~~the Offering. The $5.0 million was placed in the Trust Account until~~ a ~~successful completion of an initial~~ Business Combination~~. If the Company does not complete an initial Business Combination~~, ~~the~~ ~~$5.0 million~~it will bemake ~~part~~such ofoffice ~~the liquidating distribution to the public stockholders~~space, ~~and~~as ~~the sponsor’s~~well ~~warrants will expire worthless. The sponsor’s warrants will not be transferable or~~as ~~salable~~certain byoffice ~~JLJ~~and ~~Partners~~secretarial ~~(subject~~services, available to ~~limited exceptions) until after~~ the Company ~~completes an initial Business Combination~~, ~~and~~as ~~will~~may be ~~exercisable~~required ~~on a cashless basis and will be non-redeemable~~ by the Company, infrom ~~each~~time ~~case,~~to sotime. ~~long~~The asCompany ~~they~~has ~~are~~agreed ~~held~~to bypay JLJ Partners ~~or its permitted transferees. In addition~~$10,000 ~~commencing~~per ~~30 days~~month ~~after~~for ~~the consummation of an initial~~such ~~Business Combination, the~~services.

13G. Income Taxes

~~Table~~The Company is subject to U.S. Federal, state and local income taxes. The components of ~~Contents~~the Company’s income tax provision by taxing jurisdiction for the six months ended September 30, 2009 and 2008 are as follows:

Global Brands Acquisition Corp. (a Corporation in the Development Stage) Notes to Financial Statements


	2009			2008
Current:
Federal	$	(238,266	)	$	620,013
State & Local		160,000			390,335

Current provision for income taxes	$	(78,266	)	$	1,010,348

~~sponsor~~The Company’s ~~warrants~~effective ~~and~~tax ~~the~~rate ~~underlying~~was ~~shares~~(14.5%) ofand ~~common stock are entitled to registration rights~~48. ~~With~~9% ~~the~~at ~~exception of the terms noted above~~September 30, ~~the~~2009 ~~sponsor’s warrants have terms~~ and ~~provisions that~~2008, ~~are~~respectively, ~~identical~~differs tofrom ~~those of~~ the ~~Warrants.~~federal ~~The~~statutory ~~Company~~rate ~~believes~~of ~~the~~34.0% ~~purchase~~mainly ~~price~~due ofto ~~the~~certain ~~sponsor’s~~differences ~~warrants~~including ~~approximated~~state ~~the~~and ~~fair~~local ~~value~~income ~~of such warrants on the date of issuance~~taxes.

~~In addition, JLJ Partners and Sportswear Holdings Limited, an affiliate of the Company’s chairman of the board, have agreed to purchase 2,500,000 Units at a price of $10~~H.00 ~~per~~Subsequent ~~Unit (an aggregate~~Event price of $25.0 million) from the Company in a private placement that would occur upon the Company’s consummation of a Business Combination. These private placement units will be identical to the Units sold in the Offering, except that, subject to certain exceptions, these Units and underlying securities will not be sold, assigned or transferred for a period of 180 days from the date of the consummation of the Business Combination.

~~The~~On November 9, 2009, the Company ~~presently~~entered ~~occupies~~into ~~office~~an ~~space~~agreement ~~provided~~(the byFramework ~~JLJ~~Agreement) ~~Partners.~~with ~~JLJ~~Gerrity International, ~~Partners~~LLC ~~has~~pursuant ~~agreed~~to ~~that, until~~which the ~~consummation~~Company ofwill acontinue ~~Business~~its ~~Combination,~~business itas a corporation that will ~~make~~elect ~~such~~to ~~office~~qualify ~~space,~~to asbe ~~well~~taxed as ~~certain~~ ~~office~~a ~~and~~real ~~secretarial~~estate ~~services,~~investment ~~available~~trust (REIT). In order to consummate the ~~Company,~~transactions ascontemplated ~~may~~by bethe ~~required~~Framework byAgreement, the Company ~~from~~plans ~~time~~ to ~~time.~~hold ~~The~~a special meeting of stockholders of the Company ~~has~~for ~~agreed~~the tosole ~~pay~~purpose ~~JLJ~~of ~~Partners~~considering ~~$10,000~~and ~~per~~voting ~~month~~upon ~~for~~the following ~~such~~proposals: ~~services.~~

G• a proposal to amend the certificate of incorporation (Charter) to extend (the Extension Amendment) the date on which the Company’s corporate existence terminates from December 6, 2009 to February 28, 2010. ~~Income~~• ~~Taxes~~ a proposal to amend the Charter to allow the holders of shares of common stock issued in the Company’s initial public offering to elect to convert their public shares into a pro rata portion of the funds held in the Company’s trust account if the Extension Amendment is approved (the Conversion), which if approved will also be deemed to be approval of an amendment to the trust account agreement governing the trust account; and • a proposal to adjourn the special meeting to a later date or dates, if necessary, to permit further solicitation and vote of proxies if, based upon the tabulated vote at the time of the

~~The Company is subject to U.S. Federal, state and local income taxes. The components of the~~13 ~~Company’s income tax expense (benefit) by taxing jurisdiction for the three months ended June 30, 2009 are as follows:~~

	For the Three			For the Three
	Months Ended			Months Ended
	June 30, 2009			June 30, 2008
Current:
Federal	$	(52,006	)	$	301,844
State & Local		(30,996	)		202,797
Current benefit for income taxes	$	(83,002	)	$	504,641

Global Brands Acquisition Corp.
(a Corporation in the Development Stage)

~~The~~Notes ~~Company’s effective tax rate of (45.1%) and 49.3% at June 30, 2009 and 2008, resectively, differs from the federal statutory rate of 34.0% mainly due~~ to ~~certain~~Financial ~~differences including state~~Statements ~~and local income taxes.~~

14 special meeting, the Extension Amendment and Conversion proposals have not been approved.

~~Table~~The Extension Amendment and Conversion proposals will not be effectuated if holders of ~~Contents~~more than 8,650,000 public shares seek conversion of their shares. If the Extension Amendment and Conversion proposals are not approved by December 6, 2009, the Company’s corporate existence will terminate except for purposes of winding up its affairs and liquidating.

~~ITEM~~In 2connection with the entering into the Framework Agreement, the Offering underwriters agreed to reduce the amount of deferred offering costs from an aggregate of $14,375,000 to an aggregate of 1.625% ~~MANAGEMENT’S~~of ~~DISCUSSION~~the ~~AND~~value ~~ANALYSIS~~of OFthe ~~FINANCIAL~~trust ~~CONDITION~~account ~~AND~~at ~~RESULTS~~the consummation of the transactions contemplated by OFthe ~~OPERATIONS~~Framework Agreement, less any amounts paid to stockholders who vote against the election and demand that the Company convert their shares into cash. Provided that the Company completes the transactions contemplated by the Framework Agreement, the Company estimates that the deferred offering costs will be in the range of approximately $3.3 million to $4.6 million.

~~The following discussion should be read in conjunction with our Condensed Financial Statements~~14 ~~and footnotes thereto contained in this report.~~

~~Forward~~ITEM ~~Looking~~2. ~~Statements~~ MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

~~All~~The ~~statements~~following ~~other~~discussion ~~than~~should ~~statements~~be ofread ~~historical fact included~~ in ~~this~~conjunction ~~Form~~with ~~10-Q~~our ~~including, without~~Condensed ~~limitation, statements under “Management’s Discussion and Analysis of~~ Financial ~~Condition~~Statements and ~~Results~~footnotes ofthereto ~~Operations”~~contained ~~regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward looking statements. When used~~ in this ~~Form~~ ~~10-Q, words such as “anticipate,” “believe,” “estimate,” “expect,” “intend” and similar expressions, as they relate to us or our management, identify forward looking statements~~report. ~~Such~~ forward looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, our management. Actual results could differ materially from those contemplated by the forward looking statements as a result of certain factors detailed in our filings with the Securities and Exchange Commission. All subsequent written or oral forward looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph.

~~Overview~~Forward Looking Statements

WeAll ~~were~~statements ~~formed~~other onthan ~~July 3,~~statements ~~2007,~~of tohistorical ~~serve~~fact asincluded ain ~~vehicle~~this toForm ~~effect~~10-Q aincluding, without ~~merger~~limitation, ~~capital~~statements ~~stock~~under “Management’s Discussion and Analysis of Financial Condition ~~exchange,~~and ~~asset~~Results ~~acquisition,~~of ~~stock~~Operations” ~~purchase~~regarding our financial position, ~~reorganization~~business orstrategy ~~other~~and ~~similar~~the ~~business~~plans ~~combination~~and ~~with~~objectives ~~one~~of ormanagement ~~more~~for ~~operating~~future ~~businesses~~operations, orare ~~assets~~forward looking statements. ~~Our~~When ~~efforts~~used in ~~identifying~~this Form a10-Q, ~~prospective~~words ~~target business~~such ~~will~~as ~~not~~“anticipate,” be“believe,” ~~limited~~“estimate,” to“expect,” a“intend” ~~particular~~and ~~industry~~similar expressions, ~~although~~as wethey ~~initially~~relate ~~intend~~ to ~~focus~~us or our ~~search~~ onmanagement, Uidentify forward looking statements.S. asSuch forward ~~well~~looking asstatements ~~foreign~~are ~~companies~~based inon the ~~branded~~beliefs ~~consumer~~of ~~sector~~management, ~~including~~as ~~apparel~~well as assumptions made by, ~~specialty~~and ~~retail,~~information ~~footwear~~currently ~~and~~available ~~accessories.~~to, Weour ~~will~~management. ~~also~~Actual ~~explore~~results ~~opportunities~~could indiffer ~~other~~materially ~~consumer-focused~~from ~~and~~those ~~other~~contemplated ~~sectors~~by ~~that~~the ~~are~~forward ~~attractive~~looking tostatements ~~us.~~as Wea ~~intend~~result toof ~~utilize~~certain ~~cash~~factors ~~derived~~detailed ~~from~~in our filings with the ~~proceeds~~Securities ofand ~~our~~Exchange ~~public~~Commission. ~~offering,~~All ~~our~~subsequent ~~capital~~written ~~stock,~~or ~~debt~~oral forward looking statements attributable to us or apersons ~~combination~~acting ofon ~~cash,~~our ~~capital stock~~behalf ~~and~~are ~~debt,~~qualified in ~~effecting~~their entirety aby ~~business~~this ~~combination~~paragraph.

~~Results of Operations~~Overview

~~For~~We ~~the~~were ~~three~~formed ~~months~~on ~~ended June~~July 303, ~~2009~~2007, weto ~~had~~serve as a ~~net~~vehicle ~~loss~~to ofeffect ~~$100~~a merger,~~952~~ ~~consisting~~capital ~~of $35,904~~stock ofexchange, ~~interest~~asset ~~income~~acquisition, ~~offset~~stock ~~by $204~~purchase,~~858~~ ofreorganization ~~formation~~or ~~and~~other ~~operating~~similar ~~costs~~business ~~and~~combination with ~~$15,000~~one ofor ~~professional and~~more ~~other~~operating ~~fees,~~businesses ~~and~~or anassets. ~~income~~Our ~~tax~~efforts ~~benefit~~in ~~$83,002.~~identifying ~~Our~~a ~~interest~~prospective ~~income~~target business iswill ~~derived~~not ~~primarily~~be ~~from~~limited to a ~~money~~ ~~market~~particular ~~fund~~industry, ~~that~~although ~~invests~~we ~~100%~~initially inintend to focus our search on U.S. ~~Treasury~~as ~~Securities~~well as foreign companies in the branded consumer sector, ~~which~~including ~~have~~apparel, specialty ~~declined~~retail, footwear and accessories. We will also explore opportunities in ~~yield~~other ~~compared~~consumer-focused and other sectors that are attractive to us. We intend to utilize cash derived from the ~~comparable~~proceeds ~~prior~~of ~~year~~our ~~period~~recently completed public offering, our capital stock, debt or a combination of cash, capital stock and debt, in effecting a business combination.

~~For~~Results ~~the three months ended June 30, 2008, we had a net income~~ of ~~$518,517 consisting of~~Operations ~~$1,189,121 of interest income offset by $91,463 of formation and operating costs, $74,500 of accounting fees and $504,641 of income tax provision.~~

For the ~~period~~three ~~from~~months ~~July 3,~~ended ~~2007 (inception)~~September ~~to June~~ 30, 2009, we had a net ~~income~~loss of $1361,~~986,614~~563 consisting of $521,~~064,122~~654 of interest income offset by $~~993~~363,~~060~~481 of formation and operating costs, $~~257~~15,~~724~~000 of professional ~~accounting~~and other fees, and an income tax expense of $14,~~826~~736. Our interest income is derived primarily from a money market fund that invests 100% in U.S. Treasury Securities,~~724~~ which have declined in yield compared to the comparable prior year period. In connection with the identification of ~~income~~a ~~tax~~business ~~provision~~combination target and conducting the related due diligence, we have incurred higher formation and operating costs as compared to the comparable prior year period.

15 For the three months ended September 30, 2008, we had a net income of $538,000 consisting of $1,130,171 of interest income offset by $76,740 of formation and operating costs, $9,724 of accounting fees and $505,707 of income tax provision.

~~Table~~ For the six months ended September 30, 2009, we had a net loss of ~~Contents~~$462,515 consisting of $57,558 of interest income offset by $568,339 of formation and operating costs, $30,000 of professional and other fees, and an income tax benefit of $78,266. Our interest income is derived primarily from a money market fund that invests 100% in U.S. Treasury Securities, which have declined in yield compared to the comparable prior year period. In connection with the identification of a business combination target and

~~Income Taxes~~15

~~Income~~conducting ~~taxes (benefit) for~~ the ~~period~~related ~~from~~due ~~July 3~~diligence, ~~2007~~we ~~(inception) to~~have ~~June 30,~~incurred ~~2009~~higher ~~and~~formation ~~for the three months ended June 30, 2009 were provided for at a rate of 47.9%~~ and ~~(45.1%), respectively.~~operating Wecosts ~~currently anticipate that our tax expense for the full year ending March 31, 2010~~ as ~~a percentage of pre-tax income will be between 45.0% and 47.0%. It is possible that our~~ ~~estimated~~compared ~~full~~to ~~year rate could change from discrete items or~~ the ~~receipt~~comparable ofprior new information. Under Financial Accounting Standard Board Interpretation No. 48, “Accounting for Uncertainty in Income Taxes — an interpretation of FASB Statement No. 109,” additional volatility in our tax rate may occur in the future, either from quarter to quarter, or from year ~~to year, due to events or new information that causes us to re-evaluate any unrecognized tax benefits~~period.

~~Financial~~ For ~~Condition~~the six months ended September 30, 2008, we had a net income of $1,056,517 consisting of $2,066,865 of interest income offset by $168,203 of formation and ~~Liquidity~~operating costs, $84,224 of professional and other fees and $1,010,348 of income tax provision.

WeFor ~~consummated~~the ~~our~~period ~~initial~~from ~~public offering of 28,750,000 units, including~~ July 3,~~750,000~~ ~~units subject~~2007 (inception) to ~~the underwriters’ over-allotment option, on December~~September 1230, ~~2007. Gross proceeds from our initial public offering were $287~~2009,~~500,000.~~ Wewe ~~paid~~had a ~~total~~net ofincome ~~$5,750,000 in underwriting discounts~~of ~~and commissions and~~ $~~563~~1,~~111 for other costs and expenses related to the offering and the over-allotment option. An additional $14~~625,~~375,000~~051 ofconsisting ~~offering costs have been deferred by the underwriters and placed in our trust account and will be released to the underwriters only on completion~~ of ~~our initial business combination. After deducting the underwriting discounts and commissions and the offering expenses, the total net proceeds, including~~ $5,~~000~~085,~~000~~776 ~~from the private sale~~ of ~~warrants~~interest ~~(the~~income ~~“Sponsor’s~~offset ~~Warrants”) to JLJ Partners, LLC (“JLJ Partners”), an entity beneficially owned approximately one-third each~~ by ~~Joel J. Horowitz~~$1, ~~our chief executive officer~~356,541 ~~treasurer and director, Lawrence S. Stroll, our chairman~~ of ~~the~~formation ~~board,~~ and ~~John D. Idol,~~ ~~our~~operating ~~president~~costs, ~~secretary and director~~$272,724 ~~either directly or through entities~~ of ~~which~~professional ~~they~~and orother ~~their family~~fees ~~members are owners~~ and ~~beneficiaries, from the offering were~~ $~~286~~1,~~390~~831,~~858,~~460 of ~~which $286,125,000~~income ~~was~~tax ~~deposited into the trust account~~provision. ~~We intend to use substantially all of the net~~ proceeds of this offering to effect a business combination. To the extent that our capital stock is used in whole or in part as consideration to effect a business combination, the proceeds held in the trust account as well as any other net proceeds not expended will be used to finance the operations of the target business. We believe we will have sufficient available funds to operate through December 6, 2009, assuming that a business combination is not consummated during that time.

WeIncome ~~do not believe we will need to raise additional funds following our initial public offering~~Taxes in order to meet the expenditures required for operating our business. However, we may need to raise additional funds through a private offering of debt or equity securities if such funds are required to consummate a business combination that is presented to us. We would only consummate such a financing simultaneously with the consummation of a business combination.

~~Commencing~~Income ontax ~~December~~provision (benefit) 6for the for the period from July 3, 2007 ~~and~~(inception) to September 30, ~~ending~~2009 ~~upon~~and for the ~~consummation~~six months and three months ended September 30, 2009 were provided for at a rate of 53.0%, (14.5%) and 1.3%, respectively. We currently anticipate that our tax expense (benefit) for the full year ending March 31, 2010 as a ~~business~~percentage ~~combination~~of orpre-tax loss will be between 10.0% and 20.0%. It is possible that our ~~liquidation,~~estimated wefull ~~began~~year ~~incurring~~rate acould ~~fee~~change from discrete ~~JLJ~~items ~~Partners~~or the receipt of ~~$10~~new information. In accordance with ASC topic 740,~~000~~ ~~per~~“Income Taxes,” ~~month~~additional ~~for~~volatility ~~providing~~in usour tax rate may occur in the future, either from quarter to ~~with~~quarter, ~~office~~or ~~space~~from ~~and~~year ~~certain~~to ~~general~~year, ~~and~~due ~~administrative~~to ~~services~~events or new information that causes us to re-evaluate any unrecognized tax benefits.

InFinancial ~~the~~Condition ~~event that we do not consummate a Business Combination by December 6, 2009, our corporate existence will cease except for purposes of winding up~~ and ~~liquidating. The amounts held~~Liquidity in the Trust Account will be distributed to our public stockholders, excluding our founders to the extent of their stock holdings prior to our initial public offering. In the event of such distribution, it is likely that the distribution will be less than investors’ initial contributions for shares acquired in our initial public offering.

16 We consummated our initial public offering of 28,750,000 units, including 3,750,000 units subject to the underwriters’ over-allotment option, on December 12, 2007. Gross proceeds from our initial public offering were $287,500,000. We paid a total of $5,750,000 in underwriting discounts and commissions and $359,142 for other costs and expenses related to the offering and the over-allotment option. An additional $14,375,000 of offering costs have been deferred by the underwriters and placed in our trust account and will be released to the underwriters only on completion of our initial business combination. After deducting the underwriting discounts and commissions and the offering expenses, the total net proceeds, including $5,000,000 from the private sale of warrants (the “Sponsor’s Warrants”) to JLJ Partners, LLC (“JLJ Partners”), an entity beneficially owned approximately one-third each by Joel J. Horowitz, our chief executive officer, treasurer and director, Lawrence S. Stroll, our chairman of the board, and John D. Idol, our president, secretary and director, either directly or through entities of which they or their family members are owners and beneficiaries, from the offering were $286,390,858, of which $286,125,000 was deposited into the trust account.

~~Table~~ On November 9, 2009, the Company entered into a Framework Agreement with Gerrity International, LLC to continue its business as a corporation that will elect to quality to be taxed as a REIT. Upon completion of ~~Contents~~the transactions contemplated by the Framework Agreement, it is likely that the amount of underwriting fees payable will be less than what is currently recorded on the balance sheet, in the range of approximately $3.3 million to $4.6 million.

~~ITEM~~ We 4do not believe we will need to raise additional funds following our initial public offering in order to meet the expenditures required for operating our business. ~~CONTROLS~~However, ~~AND~~we ~~PROCEDURES~~may need to raise additional funds through a private offering of debt or equity securities if such funds are required to consummate a business combination that is presented to us. We would only consummate such a financing simultaneously with the consummation of a business combination.

~~Disclosure~~Commencing ~~controls~~on ~~and~~December 6, ~~procedures~~2007 ~~are controls~~ and ~~other~~ending ~~procedures~~upon ~~that are designed to ensure that information required to be disclosed in company reports filed or submitted under~~ the ~~Securities~~ ~~Exchange~~consummation ~~Act~~ of ~~1934~~a ~~(the~~business ~~“Exchange~~combination Act”) is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed in company reports filed or ~~submitted~~ ~~under the Exchange Act is accumulated and communicated to management, including our chief executive officer and treasurer, as appropriate to allow timely decisions regarding required disclosure.~~

~~As required by Rules 13a-15 and 15d-15 under the Exchange Act, our chief executive officer and~~16 treasurer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of June 30, 2009. Based upon his evaluation, he concluded that our disclosure controls and procedures were effective.

~~Our~~our ~~internal~~liquidation, ~~control~~we ~~over~~began ~~financial~~incurring ~~reporting is~~ a ~~process~~fee ~~designed~~from ~~by,~~JLJ orPartners ~~under the supervision~~ of, ~~our president and treasurer and effected by our board of directors~~$10,000 ~~management~~per ~~and other~~month ~~personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements~~ for ~~external purposes in accordance with~~providing ~~generally~~us accepted accounting principles (United States). Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with ~~generally~~office ~~accepted~~space ~~accounting principles (United States),~~ and ~~that~~certain ~~our~~general ~~receipts~~ and ~~expenditures~~administrative are being made only in accordance with the authorization of our board of directors and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statementsservices.

~~During~~In the ~~most~~event ~~recently~~that ~~completed~~the ~~fiscal~~Company ~~quarter~~does not consummate a Business Combination by December 6, ~~there~~2009 (or extends the date by which the Company has ~~been~~to nocomplete ~~change~~such ina ~~our~~transaction), ~~internal~~the corporate ~~control~~existence ~~over~~of ~~financial~~the ~~reporting~~Company ~~that~~will ~~has~~cease ~~materially~~except ~~affected~~for purposes of winding up and liquidating. The amounts held in the Trust Account will be distributed to the Company’s public stockholders, orexcluding isthe Initial ~~reasonably~~Stockholders ~~likely~~to the extent of their stock holdings prior to the Offering. In the event of ~~materially~~such ~~affect~~distribution, ~~our~~it ~~internal~~is ~~control~~likely ~~over~~that ~~financial~~the ~~reporting~~distribution will be less than investors’ initial contributions. The Company currently anticipates that the distribution would be approximately $9.95 per share.

~~Limitations~~ITEM on4. ~~the~~CONTROLS ~~Effectiveness~~AND ~~of Controls~~ PROCEDURES.

ADisclosure ~~control~~controls ~~system,~~and noprocedures ~~matter~~are ~~how~~controls ~~well conceived~~ and ~~operated,~~other ~~can~~procedures ~~provide~~that ~~only~~are ~~reasonable,~~designed ~~not~~to ~~absolute,~~ensure ~~assurance~~ that ~~the~~information ~~objectives~~required ofto ~~the~~be ~~control~~disclosed ~~system~~in ~~are~~company ~~met.~~reports ~~Because~~filed ofor ~~the~~submitted ~~inherent~~under the ~~limitations~~Securities inExchange ~~all~~Act ~~control~~of ~~systems,~~1934 no(the ~~evaluation~~“Exchange ofAct”) ~~controls~~is ~~can~~recorded, ~~provide~~processed, ~~absolute~~summarized ~~assurance that~~and ~~all~~reported, ~~control~~within ~~issues~~the ~~and~~time ~~instances~~periods ofspecified ~~fraud,~~in ifthe ~~any,~~Securities ~~within~~and aExchange ~~company~~Commission’s ~~have~~rules ~~been detected~~and forms. ~~Our disclosure~~Disclosure controls and procedures ~~are~~include, without limitation, controls and procedures designed to ~~provide~~ensure ~~reasonable~~that ~~assurance~~information ofrequired ~~achieving~~to ~~its~~be disclosed in company reports filed or submitted ~~objectives.~~under ~~Our~~the ~~principal~~Exchange ~~executive~~Act ~~officer~~is accumulated and ~~principal~~communicated ~~financial~~to ~~officer~~management, ~~concluded~~including ~~that~~ our ~~disclosure~~ ~~controls~~chief executive officer and ~~procedures~~treasurer, ~~are~~as ~~effective~~appropriate atto ~~that~~allow ~~reasonable~~timely ~~assurance~~decisions ~~level~~regarding required disclosure.

17 As required by Rules 13a-15 and 15d-15 under the Exchange Act, our chief executive officer and treasurer carried out an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as of September 30, 2009. Based upon his evaluation, he concluded that our disclosure controls and procedures were effective.

~~Table~~ Our internal control over financial reporting is a process designed by, or under the supervision of, ~~Contents~~our president and treasurer and effected by our board of directors, management and other personnel, to provide reasonable assurance regarding the reliability of our financial reporting and the preparation of our financial statements for external purposes in accordance with generally accepted accounting principles (United States). Internal control over financial reporting includes policies and procedures that pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of our assets; provide reasonable assurance that transactions are recorded as necessary to permit preparation of our financial statements in accordance with generally accepted accounting principles (United States), and that our receipts and expenditures are being made only in accordance with the authorization of our board of directors and management; and provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of our assets that could have a material effect on our financial statements.

~~PART~~ During IIthe most recently completed fiscal quarter, there has been no change in our internal control over financial reporting that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

~~OTHER~~Limitations ~~INFORMATION~~on the Effectiveness of Controls

~~ITEM~~ A 2control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. ~~UNREGISTERED~~Because ~~SALES~~of OFthe ~~EQUITY~~inherent limitations ~~SECURITIES~~in ~~AND~~all ~~USE~~control OFsystems, ~~PROCEEDS~~no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within a company have been detected. Our disclosure controls and procedures are designed to provide reasonable assurance of achieving its objectives. Our principal executive officer and principal financial officer concluded that our disclosure controls and procedures are effective at that reasonable assurance level.

~~On December 12, 2007, we closed our initial public offering of 28,750,000 units, including~~17 3,750,000 units subject to the underwriters’ over-allotment option, with each unit consisting of one share of our common stock and one warrant to purchase one share of our common stock at an exercise price of $7.00 per share. The units from the initial public offering (including the over-allotment option) were sold at an offering price of $10.00 per unit, generating total gross proceeds of $287,500,000. Citigroup Global Markets Inc. acted as the sole bookrunning manager and Ladenburg Thalmann & Co. Inc. and I-Bankers Securities, Inc. acted as co-managers of the initial public offering. The securities sold in the offering were registered under the Securities Act of 1933 on a registration statement on Form S-1 (No. 333-145684). The Securities and Exchange Commission declared the registration statement effective on December 6, 2007.

WePART ~~paid a total of $5,750,000 in underwriting discounts and commissions and $563,111 for other~~II costs and expenses related to the offering and the over-allotment option. An additional $14,375,000 of underwriting discounts and commissions has been deferred by the underwriters and placed in our trust account and will be released to the underwriters only on completion of our initial business combination.

WeOTHER ~~also consummated the simultaneous private sale of 5,000,000 Sponsor’s Warrants at a price~~INFORMATION of $1.00 per warrant, generating total proceeds of approximately $5,000,000. The Sponsor’s Warrants were purchased by JLJ Partners. The Sponsor’s Warrants are identical to the warrants included in the units sold in the initial public offering except that the Sponsor’s Warrants are exercisable on a cashless basis and if we call the warrants for redemption, the Sponsor’s Warrants will not be redeemable by us so long as they are held by JLJ Partners or its permitted transferees. JLJ Partners has agreed that the warrants will not be transferred, assigned or sold by it until after we have completed a business combination.

~~After~~ITEM ~~deducting~~2. ~~the~~UNREGISTERED ~~underwriting~~SALES ~~discounts~~OF ~~and~~EQUITY ~~commissions~~SECURITIES ~~and~~AND ~~the~~USE ~~offering~~OF ~~expenses, the total net proceeds to us from the offering and the private sale of Sponsor’s Warrants were $286,390,858, of which $286,125,000 was deposited into the trust account.~~ PROCEEDS

~~For~~On aDecember 12, ~~description~~2007, we closed our initial public offering of 28,750,000 units, including 3,750,000 units subject to the ~~use~~underwriters’ over-allotment option, with each unit consisting of one ~~the~~share ~~proceeds~~of ~~generated~~our incommon stock and one warrant to purchase one share of our common stock at an exercise price of $7.00 per share. The units from the initial public offering (including the over-allotment option) were sold at an offering price of $10.00 per unit, ~~see~~generating total gross ~~Part~~ proceeds of $287,500,000. Citigroup Global Markets Inc. acted as the sole bookrunning manager and Ladenburg Thalmann & Co. Inc. and I-Bankers Securities, ~~Item 2~~Inc. acted as co-managers of ~~this~~the initial public offering. The securities sold in the offering were registered under the Securities Act of 1933 on a registration statement on Form S-1 10(No. 333-Q145684). The Securities and Exchange Commission declared the registration statement effective on December 6, 2007.

~~ITEM~~ We 6paid a total of $5,750,000 in underwriting discounts and commissions and $359,142 for other costs and expenses related to the offering and the over-allotment option. ~~EXHIBITS~~An additional $14,375,000 of underwriting discounts and commissions was deferred by the underwriters and placed in our trust account.

(We also consummated the simultaneous private sale of 5,000,000 Sponsor’s Warrants at a~~) Exhibits:~~ price of $1.00 per warrant, generating total proceeds of approximately $5,000,000. The Sponsor’s Warrants were purchased by JLJ Partners. The Sponsor’s Warrants are identical to the warrants included in the units sold in the initial public offering except that the Sponsor’s Warrants are exercisable on a cashless basis and if we call the warrants for redemption, the Sponsor’s Warrants will not be redeemable by us so long as they are held by JLJ Partners or its permitted transferees. JLJ Partners has agreed that the warrants will not be transferred, assigned or sold by it until after we have completed a business combination.

	31		Section 302 Certification by Chief Executive Officer and Treasurer
	32		Section 906 Certification by Chief Executive Officer and Treasurer

After deducting the underwriting discounts and commissions and the offering expenses, the total net proceeds to us from the offering and the private sale of Sponsor’s Warrants were $286,390,858, of which $286,125,000 was deposited into the trust account.

18 For a description of the use of the proceeds generated in our initial public offering, see Part I, Item 2 of this Form 10-Q.

~~Table~~Item 4. Submission of ~~Contents~~Matters to a Vote of Security Holders.

~~SIGNATURES~~ On August 11, 2009, we held our annual meeting of stockholders. At the annual meeting, the following director nominees were elected by our stockholders to serve for a three-year term and until their successors are elected and qualified:

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Name	Votes For		Authority Withheld
Stephen F. Reitman		34,064,145		229,020
John R. Muse		33,841,545		451,620

Dated: August 7, 2009	GLOBAL BRANDS ACQUISITION CORP.
	/s/ Joel J. Horowitz
	Chief Executive Officer and Treasurer
	(Principal Executive Officer and Principal Financial and Accounting Officer)

19 Messrs. M. William Benedetto and Arthur Bargonetti continue to serve as directors in the class of directors whose terms expire in 2010. Messrs. Lawrence S. Stroll, Joel J. Horowitz and John D. Idol continue to serve as directors in the class of directors whose terms expire in 2011.


ITEM 6.		EXHIBITS

(a) Exhibits:


Exhibit No.		Description

31		Section 302 Certification by Chief Executive Officer and Treasurer

32		Section 906 Certification by Chief Executive Officer and Treasurer

SIGNATURES

In accordance with the requirements of the Exchange Act, the registrant caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	GLOBAL BRANDS ACQUISITION CORP.
Dated: November 16, 2009
	/s/ Joel J. Horowitz
	Chief Executive Officer and Treasurer (Principal Executive Officer and Principal Financial and Accounting Officer)

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