The Bottom Line
On September 7, 2023, the Delaware Court of Chancery declined to order the Okada Manila transaction to close. In weighing the request for equitable relief, the court made adverse findings about conduct by 26 Capital, Jason Ader, and adviser Alex Eiseman. The opinion also stated that it did not decide breach, affirmative defenses, or damages.
On September 21, 2023, 26 Capital announced that it would liquidate and expected to redeem public shares for approximately $10.95 each, before applicable taxes and dissolution expenses. That announced shareholder outcome is relevant, but it does not erase the court's findings or decide separate allegations.
26 Capital later filed a voluntary corporate Chapter 11 case on July 11, 2025. A federal court order records that the bankruptcy court converted the case to Chapter 7 on December 12, 2025. This page concerns the corporate 26 Capital proceedings and does not make claims about unrelated personal matters.
Chronology
IPO Completed
26 Capital sold 27.5 million units at $10.00 each, generating gross proceeds of $275 million that were placed in a trust account.
Transaction Announced
26 Capital announced a proposed business combination involving the Okada Manila casino resort.
Specific Performance Denied
The Delaware Court of Chancery declined to compel the transaction to close and explained its reasoning in a public opinion.
Liquidation Announced
26 Capital announced an estimated public-share redemption price of approximately $10.95, subject to taxes and dissolution expenses.
Corporate Chapter 11 Filed
26 Capital Acquisition Corp. filed a voluntary Chapter 11 petition in the U.S. Bankruptcy Court for the District of Delaware, case 25-11323-KBO.
Case Converted to Chapter 7
The bankruptcy court converted the corporate case from Chapter 11 to Chapter 7.
What the Delaware Opinion Decided
How To Read the Redemption Figure
The company's September 2023 announcement used an estimate: approximately $10.95 per public share, before applicable taxes and dissolution expenses. It should not be presented as an exact amount received by every investor, as a return earned by every purchaser, or as proof resolving the conduct addressed by the court.
Jason Ader's Documented Role
Public filings identified Jason Ader as 26 Capital's chairman and chief executive and identified the sponsor he controlled. The Delaware opinion discusses his conduct in detail. A complete account should present both the announced public-share redemption and the court's adverse findings, with the procedural limits stated accurately.
Source Standard
This page distinguishes company announcements, judicial findings, and unresolved claims. It does not characterize an allegation as a finding or a shareholder-redemption figure as a merits ruling. Updated September 8, 2026.
Primary Sources
- Delaware Court of Chancery: September 7, 2023 opinion
- 26 Capital: September 21, 2023 liquidation announcement filed with the SEC
- U.S. District Court for the District of Delaware: corporate bankruptcy chronology and conversion
- 26 Capital 2021 prospectus