Jason Ader SPAC at Center of Philippines Casino Controversy Files for Bankruptcy
Posted on: September 2, 2025, 09:00h.
Last updated on: September 2, 2025, 09:19h.
- The SPAC filed for Chapter 11 bankruptcy protection in Delaware in July
- Ader’s investment vehicle previously attempted to acquire Okada Manila, a Philippine casino hotel
- He reportedly owes $370K to American Express
Jason Ader’s 26 Capital Acquisition Corp., the special purpose acquisition company (SPAC) that traded under a ticker that spelled the hedge fund boss’s last name, filed for Chapter 11 bankruptcy protection in Delaware in July, and the financier reportedly owes American Express $370K.
The filing arrived nearly two years after the blank-check company told investors it would liquidate after efforts to acquire Okada Manila, a casino located in the Philippines, soured, leading to a protracted legal battle between the SPAC and Universal Entertainment, the owner of the gaming venue.
In October 2021, 26 Capital reached a deal to take Okada Manila public on a US exchange in a reverse merger valuing the Philippine integrated resort operator at $2.6 billion. There’s no uniform timeline on which blank-check deals reach the finish line, but the Okada Manila marriage apparently took too long for Ader’s liking, while Japan-based Universal claimed the hedge fund owner rushed things.
The Japanese company claimed the SPAC sold $25 million in stock to Rimu Capital, resulting in a need to expedite the combination with Okada Manila because proceeds from the share sale went into Ader’s personal bank account.
American Express Adds to List of Suits Faced by Ader
Ader, the chief executive officer of Spring Owl Asset Management, is already facing lawsuits from disgruntled clients and his own mother. The latter wants $13 million from him due to a mortgage on a New York City townhouse he defaulted on.
American Express is adding to the 57-year-old’s legal woes. The New York Post reported Monday that Ader may have blown as much as $370K on an assortment of American Express cards, including the coveted Black card. The card issuer is suing the financier to recoup those losses.
Perhaps making matters worse for Ader as it relates to the litigation brought by American Express is that the investor and his girlfriend Hana were previously open about their glitzy travel, including trips to the Bahamas, Miami, and the South of France. Those vacations were documented on a now-private Instagram account.
Ader told The Post he hasn’t been served with any legal paperwork by American Express, emphasizing that he’s only recently seen the complaint and that no financial judgment has been made against him.
Ader Well Known in Gaming Industry
Ader’s ties to the gaming industry run deep. Before starting his own shop, he was a casino analyst at Bear Stearns, where his work received industry accolades. He also served as a member of the Las Vegas Sands (NYSE: LVS) board of directors from 2009 to 2016.
He’s also credited with engineering the takeover of online gaming firm Bwin.party by the company now known as Entain Plc. In 2018, Ader’s SpringOwl Asset Management took a stake in gaming software provider Playtech prior to that firm becoming an oft-mentioned takeover target.
His experience in the gaming industry dates back to the 1980s. While at Bear Stearns, he learned under CEO Ace Greenberg, who provided capital to some Atlantic City casinos.
No comments yet