• Subscribe
  • Magazines
  • About
  • Contact
  • Advertise
Tuesday 5 August 2025
  • zh-hant 中文
  • ja 日本語
  • en English
IAG
Advertisement
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
    • Africa
    • Australia
    • Cambodia
    • China
    • CNMI
    • Europe
    • Hong Kong
    • India
    • Japan
    • Laos
    • Latin America
    • Malaysia
    • Macau
    • Nepal
    • New Zealand
    • North America
    • North Korea
    • Philippines
    • Russia
    • Singapore
    • South Korea
    • Sri Lanka
    • Thailand
    • UAE
    • Vietnam
  • Events
  • Contributors
  • SUBSCRIBE FREE
No Result
View All Result
IAG
No Result
View All Result

26 Capital backer seeking to remove Jason Ader as principal following failed Okada Manila merger

Newsdesk by Newsdesk
Fri 3 Nov 2023 at 06:08
Life of luxury
74
SHARES
1.8k
VIEWS
Print Friendly, PDF & Email

A key investor in special purpose acquisition company 26 Capital Acquisition Corp is reportedly seeking to oust the SPAC’s principal Jason Ader, following its failed merger deal with the operating entities of Philippines integrated resort Okada Manila.

Bloomberg revealed this week that Zama Capital Master Fund is seeking a court order to have Ader removed as managing member of 26 Capital Holdings, which oversaw the failed deal following a high-profile dispute between the merger partners.

This follows law firm Schulte Roth & Zabel’s separate US$2 million claim against 26 Capital, filed in September, for work it did in relation to the merger deal before its collapse. Schulte Roth & Zabel was granted a temporary restraining order at the time preventing 26 Capital from dissolving until a hearing is held.

The previously planned merger between 26 Capital and the Okada Manila entities, first announced in October 2021, had been part of the latter’s efforts to secure a NASDAQ-listing.

However, after multiple delays to the merger being consummated, Ader in February filed a lawsuit against Okada Manila entities with the Delaware Court of Chancery alleging they had breached their obligations under the merger agreement to consummate the merger promptly. The lawsuit also called on the court to order the consummation to take place.

In response, the Okada Manila entities officially terminated the merger agreement as of 30 June 2023 citing “various material breaches of the merger agreement and fraudulent conduct by 26 Capital … that were discovered in the litigation process.”

The Delaware court ultimately ruled in early September that there was no requirement for the merger to proceed.

Among the reasons given were that 26 Capital had never disclosed to TRLEI that its main advisor to the merger, Zama Capital hedge fund founder Alex Eiseman, also owned more than 60% of a 26 Capital affiliate. The judge described Eiseman’s involvement as “a conspiracy to mislead Universal”.

26 Capital announced its intention to liquidate on 22 September.

RelatedPosts

In the crosshairs

Fitch: No clear near-term recovery path for Philippines integrated resort Okada Manila

Wed 30 Jul 2025 at 06:08
GLI set to be acquired by private equity firm CVC Capital Partners

GLI set to be acquired by private equity firm CVC Capital Partners

Wed 23 Jul 2025 at 11:35
Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Genting presents New York casino proposal to Community Advisory Committee, described as state’s largest IR

Tue 22 Jul 2025 at 05:21
Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Ainsworth shareholder Kjerulf Ainsworth questions valuation of company property under Novomatic takeover deal

Mon 21 Jul 2025 at 05:41
Load More
Tags: 26 CapitalJason AderNorth AmericaOkada Manila
Share30Share5
Newsdesk

Newsdesk

The IAG Newsdesk team comprises some of the most experienced journalists in the Asian gaming industry. Offering a broad range of expertise, their decades of combined know-how spans multiple countries across a variety of topics.

Current Issue

Editorial – Better late than never

Editorial – Better late than never

by Ben Blaschke
Thu 31 Jul 2025 at 07:13

Inside Asian Gaming has in recent weeks been hearing increasing chatter around a possible move by Vietnamese authorities to introduce...

Angel’s Yasushi Shigeta

Angel’s Yasushi Shigeta

by Ben Blaschke
Thu 31 Jul 2025 at 07:08

Yasushi Shigeta, Chairman and owner of one of the world’s largest gaming industry suppliers, Angel Group, sits down with Inside...

The Magic Number

The Magic Number

by David Bonnet
Thu 31 Jul 2025 at 06:41

In this in-depth deep dive into the evolution of the Asian gaming landscape, David Bonnet argues that many regional jurisdictions...

Rashid Suliman – A road well traveled

Rashid Suliman – A road well traveled

by Ben Blaschke
Thu 31 Jul 2025 at 02:45

Rashid Suliman, Vice President of Global Gaming Asia-Pacific for casino solutions provider TransAct Technologies, provides some insight into his unique...

Evolution Asia
Your browser does not support HTML5 video.
Aristocrat
GLI
Nustar
SABA
Mindslot
Solaire
Hann
Tecnet
HKUST
NWR

Related Posts

Vietnam gaming

Vietnam to introduce casino entry fee in place of financial capacity requirement under revamped pilot program for locals

by Ben Blaschke
Tue 5 Aug 2025 at 19:02

A revamped pilot program allowing locals to gamble in some Vietnam casinos under certain conditions will introduce an entry fee in place of a requirement to prove financial capacity as part of a plan put forward by the Ministry of...

MGTO to launch 10-day market in Macau’s NAPE to help area transform ahead of pending satellite casino closures

MGTO to launch 10-day market in Macau’s NAPE to help area transform ahead of pending satellite casino closures

by Pierce Chan
Tue 5 Aug 2025 at 14:59

The Macau Government Tourism Offic e(MGTO) plans to hold a food and cultural market in Zona Nova de Aterros do Porto Exterior (NAPE) in mid-August, aimed at promoting the transformation of an area that has expressed concern over the impact...

Delta Corp to acquire 45% stake in shipyard that built “Casino Royale” floating casino

Gaming sector shows strength as India’s Delta Corp reports income of US$22 million in June 2025 quarter

by Newsdesk
Tue 5 Aug 2025 at 05:58

India’s leading casino and online gaming operator Delta Corp has reported gross income from operations of Rs 195.84 crores (US$22.3 million) for the three months to 30 June 2025, up 2.6% year-on-year and down by less than 1% compared with...

First auction of Imperial Pacific gaming equipment postponed

IPI’s abandoned Saipan hotel and casino building shows signs of wear and tear but no immediate danger ahead of planned sale

by Newsdesk
Tue 5 Aug 2025 at 05:34

The Department of Public Works of the CNMI has found that Imperial Pacific International’s unfinished hotel and casino building in Garapan, Saipan, is showing signs of wear and tear some five years after construction was halted but does not pose...

Your browser does not support the video tag.


IAG

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • SUBSCRIBE FREE
  • NEWSFEED
  • MAG ARTICLES
  • VIDEO
  • OPINION
  • TAGS
  • REGIONAL
  • EVENTS
  • CONSULTING
  • CONTRIBUTORS
  • MAGAZINES
  • ABOUT
  • CONTACT
  • ADVERTISE

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Subscribe
  • Newsfeed
  • Mag Articles
  • Video
  • Opinion
  • Tags
  • Regional
  • Events
  • Contributors
  • Magazines
  • Advertise
  • Contact
  • About
  • Home for G2E Asia

© 2005-2025
Inside Asian Gaming.
All rights reserved.

  • English