Jason Ader’s 26 Capital Collapses into Bankruptcy After Failed Okada Manila Deal

Wall Street investor Jason Ader, well-known for his high-profile ventures into the gaming sector, has placed 26 Capital Acquisition Corp, his special purpose acquisition company (SPAC), into Chapter 11 bankruptcy. The filing marks a dramatic fall from grace for a company that once aimed to bring one of Asia’s largest integrated resorts, Okada Manila, onto the NASDAQ.

The Failed Deal Had Long-Lasting Repercussions

Ader’s two firms, SpringOwl Asset Management and 26 Capital Holdings, have been flagged as creditors for a combined $14 million, a surprising detail in the July 11, 2025, bankruptcy filing in Delaware. The Chapter 11 proceedings also include a list of unpaid debts to public relations agencies, translators, accountants, tax authorities, law firms, and other parties, with claims ranging from six to seven figures. 

The downfall of 26 Capital can be linked to the failure of its planned acquisition of Okada Manila in early 2023. Attempts to close the deal, which was worth $2.5 billion and would have secured a Nasdaq listing for the Philippine resort, ultimately failed. The operators of Okada Manila branded 26 Capital’s actions as “material breaches” and even “fraudulent conduct,” leading to a bitter breakup.

Throughout this process, I took extreme care to ensure that not a single public shareholder lost any money.

Jason Ader

It was not long before lawsuits followed. Schulte Roth & Zabel, a New York law firm that advised 26 Capital during merger talks, pursued nearly $2 million in unpaid fees. Other professional service providers also started staking their claims after the deal fell apart. Ader has maintained his innocence, insisting that he took great care to protect public shareholders and returned over $275 million in trust proceeds after the Okada deal collapsed.

Ader Faces Significant Personal Troubles

Despite Ader’s claims that he would ensure the resolution of all disputed invoices and creditor claims, the courts ultimately decided to step in. In a ruling dated August 22, a bankruptcy judge removed Ader from the process and gave control of the case to a US Trustee due to potential conflicts of interest and transparency issues. 

The bankruptcy is only one of several legal difficulties facing Ader. American Express has sued him for $370,000 in unpaid credit card charges, which they claim he ran up while purchasing luxury goods and traveling during a period of mounting debt. In addition, a family conflict continues in New York, where Ader’s mother filed a lawsuit against him in connection with the repayment of a $13 million mortgage tied to the estate of his deceased father.  

In the case of the 26 Capital collapse, the shutdown is more than just a failed merger by a man who once positioned himself as a bridge between Wall Street capital and the global casino industry. It highlights how quickly a high-flying financial vehicle can unravel amid litigation, unpaid debts, and rising scrutiny from creditors and regulators.