Frequently Asked Questions

Jason Ader is a 30-year veteran of the gaming and investment industries. His career includes:

• #1-ranked gaming analyst at Bear Stearns for 10 consecutive years (Institutional Investor ranking)
• Board director of Las Vegas Sands Corp. (NYSE: LVS), 2009-2016
• Founder of SpringOwl Asset Management, focused on gaming and technology investment
• CEO of 26 Capital Acquisition Corp., a gaming-focused SPAC
• Major transactions: Bwin.party (now Entain Plc), Stars Group, Playtech

He has been involved in major transactions including Bwin.party (now Entain Plc), Stars Group, and Playtech.

Jason Ader continues to lead SpringOwl Asset Management, investing in gaming and technology companies. He remains focused on technology-driven opportunities in the gaming and hospitality sectors.

He is also actively defending against all civil claims related to 26 Capital through proper legal channels.

SpringOwl Asset Management is an SEC-registered investment firm founded by Jason Ader, focused on gaming, hospitality, and technology companies. Key achievements include:

• Orchestrated the Bwin.party takeover (company now known as Entain Plc, a FTSE 100 constituent)
• Early investment in Stars Group (Amaya/PokerStars)
• Strategic stake in Playtech
• Active investments across gaming technology, hospitality technology, and consumer platforms

26 Capital Acquisition Corp. was a gaming-focused SPAC that raised approximately $240 million in its 2021 IPO. It proposed a merger with Okada Manila, one of the largest integrated resorts in the Philippines.

The merger did not close due to disputes with the counterparty. The SPAC trust mechanism then returned approximately $275 million to public shareholders at $10.95/share—above the $10 IPO price.

Jason Ader was the single largest lender to 26 Capital and lost more than any other individual when the deal could not close.

No. Public shareholders received $10.95 per share from the trust distribution, which was above the $10 IPO price.

This compares favorably to the broader SPAC industry where:

• 85% of SPACs trade below their IPO price
• 21+ SPACs went bankrupt in 2023 ($46 billion in investor losses)
• The average SPAC trades at just 43% of its IPO value

No. There have been no court findings of fraud against Jason Ader. "Fraud" allegations appear in civil lawsuit filings—these are claims made by opposing parties, not determinations by any court.

All allegations are civil business disputes being vigorously defended. There are no criminal charges, criminal investigations, or criminal proceedings against Jason Ader.

No. Jason Ader has not filed for personal bankruptcy. The Chapter 11 filing was by 26 Capital Acquisition Corp., a corporate SPAC entity, to address remaining corporate obligations after distributing trust proceeds to shareholders.

This is a corporate proceeding—not a personal bankruptcy of Jason Ader.

No. All pending matters are civil business disputes between private parties. There are no criminal charges, criminal investigations, or criminal proceedings against Jason Ader.

An independent trustee was appointed because Jason Ader held dual roles as both the largest creditor (as the single largest lender to the SPAC) and sole director of 26 Capital. This created a structural conflict that is routinely addressed in bankruptcy proceedings by appointing an independent trustee.

This is standard practice in corporate bankruptcies where insiders hold multiple roles—not evidence of misconduct or wrongdoing.

The merger faced complications from the counterparty's governance crises:

• Universal Entertainment's founder (Kazuo Okada) was found by Tokyo courts to have committed fraud
• In May 2022, during merger negotiations, Okada led an armed group to physically seize control of Okada Manila
• Universal's CEO (Jun Fujimoto) was later found by Tokyo High Court to have breached his fiduciary duty on a $43.5M transfer
• Universal itself acknowledged governance failures, creating a committee "to stamp out director misconduct"

Since the deal failed, Okada Manila has posted over $200 million in losses (2024-2025) and been downgraded by S&P and Fitch, which stated there is "no clear near-term recovery path."

No. Zama's investment in 26 Capital was disclosed in the company's 2021 10-K filing with the SEC—a publicly available document. Additionally:

• Zama served as Universal Entertainment's own SPAC advisor
• Schulte Roth & Zabel represented Zama's investment
• Universal had highly sophisticated advisors, including a CFO from Deutsche Bank who testified at trial that he was a "SPAC expert"

All parties had access to the same SEC filings and their own expert legal and financial advisors.

26 Capital returned 109.5% of the IPO price to shareholders ($10.95 on a $10 IPO). In comparison:

• 85% of SPACs trade below their $10 IPO price
• The average SPAC trades at 43% of its IPO value ($4.30)
• 29% of de-SPACed companies trade below $1/share
• 21 SPACs went bankrupt in 2023 with $46B in investor losses
• The CNBC Post-SPAC index has fallen 82% from its peak

By these measures, 26 Capital's shareholders fared better than approximately 85% of all SPAC investors.

Important distinctions:

• Allegations are claims made by opposing parties in lawsuits—not court findings
• Civil matters are disputes between private parties—there are no criminal charges
• Corporate bankruptcy (26 Capital) is not the same as personal bankruptcy (Jason Ader)
• Disclosed conflicts (in SEC filings) cannot logically be called "undisclosed"
• Shareholder protection: $10.95/share returned—above IPO price

The legal process will determine the facts. Jason Ader is represented by counsel and is vigorously defending against all claims.