Zama Capital Master Fund is suing the sponsor of a failed blank-check deal for Manila’s largest luxury casino, looking to oust the principal architect of the busted $2.6 billion transaction.
The hedge fund sued Jason Ader late Tuesday, seeking a court order declaring it validly remove the casino industry veteran as managing member of 26 Capital Holdings, which engineered the unsuccessful merger between owners of the Okada Manila resort and 26 Capital Acquisition, a SPAC.
Although a public filing outlined the dispute in broad terms, further details weren’t available, Bloomberg reports.
Law firm Schulte Roth & Zabel in September filed suit against 26 Capital, claiming they’re owed nearly $2 million for mergers and acquisitions work tied to the failed deal. Read more.
