Content Writer: Janice Chew • Thursday, 25/09/2025 - 22:52:16 - PM
Jason Ader, a former Wall Street hedge fund manager and ex-board member of Las Vegas Sands, once had bold ambitions of bringing Okada Manila—the Philippines’ crown jewel casino resort—to the U.S. stock market. Through his SPAC, 26 Capital Acquisition Corp., Ader announced in 2021 a deal that would value Okada Manila at around US $2.6 billion and list it on the Nasdaq. Investors were promised a lucrative opportunity to ride the growth of one of Asia’s most prominent integrated resorts, with 26 Capital committing its US $275 million trust fund to back the transaction.
Those ambitions unraveled quickly. By early 2023, Universal Entertainment, Okada Manila’s Japanese parent company, accused Ader’s SPAC of “material breaches” and “fraudulent conduct,” ultimately terminating the merger agreement in June that year. A Delaware court later refused to force the merger, citing jurisdictional concerns and conflicts of interest, including revelations that one of Okada’s advisors had secretly invested in Ader’s SPAC. The once-celebrated tie-up turned into a bitter legal standoff, leaving Okada Manila to focus on its operations while Ader’s credibility suffered.
The fallout proved devastating for 26 Capital. On July 11, 2025, the SPAC filed for Chapter 11 bankruptcy, weighed down by unpaid debts to law firms, accountants, tax authorities, and PR agencies. Even Ader’s own companies—26 Capital Holdings and SpringOwl Asset Management—appeared on the creditor list, claiming US $14 million in fees. While Ader insisted he had safeguarded investors by returning more than US $275 million in trust funds, a U.S. bankruptcy judge stripped him of control in August 2025, appointing a trustee to oversee the process.
Adding to the turmoil, Ader faces lawsuits from American Express over US $370,000 in unpaid charges and a separate US $13 million mortgage dispute with his mother. These personal and professional crises have underscored the dramatic collapse of his once-promising SPAC venture. For Okada Manila, the saga highlights the risks of SPAC-driven deals and the resilience required to chart an independent path after a failed U.S. listing.