By Joseph A. Giannone

NEW YORK, May 28 (Reuters) - Goldman Sachs' (GS.N: Quote, Profile, Research) efforts to launch a new kind of "blank-check" company, Liberty Lane Acquisition Corp LLACU.O, is getting the cold shoulder both from hedge funds that had snapped up these takeover vehicles and from the traditional stock buyers they hoped to win over.

The initial pricing of Liberty Lane shares has been postponed twice, first last week and again on Tuesday night, as Goldman struggles to fill out its order book. Goldman, the sole underwriter, was still marketing some 35 million units at $10 a unit on Wednesday.

Experts on the blank-check market, saying they are reluctant to bet against a powerhouse like Goldman, said a deal could still get done Wednesday night.

Even so, the delays show that Liberty Lane's unique terms have made it a tough sell, even with Goldman's endorsement -- especially in a SPAC (special purpose acquisition company) market that has cooled in the past year.

"The delay may be a sign of a tepid investor response to the revised structure," said Linda Killian, manager of Renaissance Capital's IPO Plus fund. "It's also not exactly a great time to launch a deal."

A Goldman spokeswoman declined immediate comment.

SPACs are shell companies that raise money and hunt for takeovers. They pay a rich dividend and have to liquidate after a specified period -- usually two years -- if they do not identify an acquisition that wins shareholder approval.

Last year, Wall Street managed offerings for 60 special purpose acquisition companies, or SPACs, raising more than $12 billion last year, or a quarter of domestic IPO activity. But recently the market has cooled off.