In a surprising turn of events following the unsuccessful merger, an investor in special purpose acquisition company (SPAC) 26 Capital is reportedly attempting to remove Jason Ader, the SPAC’s principal. This comes after the merger between 26 Capital and the operating entities of Okada Manila, a Philippines integrated resort, fell through. The investor, Zama Capital Master Fund, is seeking a court order to have Ader removed from his position as the managing member of 26 Capital Holdings, the entity overseeing the merger. This development follows multiple delays in the merger process and a subsequent lawsuit filed by Ader against the Okada Manila entities. In response, the Okada Manila entities terminated the merger agreement, claiming various breaches and fraudulent conduct by 26 Capital. A Delaware Court ruled in September that the merger was not required to proceed, as it was revealed that Zama Capital hedge fund’s founder, Alex Eiseman, owned over 60% of a 26 Capital affiliate, which had not been disclosed. The aftermath of the failed merger also includes a law firm’s claim against 26 Capital for work related to the merger. Schulte Roth & Zabel filed a $2m claim, resulting in a temporary restraining order preventing the dissolution of 26 Capital until a hearing takes place.

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