A blank-check company that tried to buy Manila’s largest luxury casino was temporarily blocked from dissolving after being sued by its former attorneys, who say they’re owed $1.9 million in legal fees over the failed deal, Bloomberg reports.
Delaware Judge Vice Chancellor J. Travis Laster issued a temporary restraining order Wednesday, saying it would expire Oct. 11, two days before the alleged liquidation deadline set by 26 Capital Acquisition. Laster also said he would fast-track the case and hold a hearing before then.
The ruling comes a day aftrr followed a day after Schulte Roth & Zabel filed suit against the SPAC, claiming they’re owed nearly $2 million for mergers and acquisitions work tied to the $2.6 billion busted deal aimed at purchasing the Okada Manila resort.
26 Capital announced its liquidation last week, after a Delaware court ruled against the SPAC’s petition to compel the casino owners to follow through with the deal.
In announcing liquidation, 26 Capital said it would “vigorously” pursue all available remedies against Universal Entertainment, which owns the Phillipines resort, including damages.
Okada Manila is the only Japanese owned and operated casino in the world. Plans to take the business public had been lurching along for two years. Read more.
